Federal Reserve Bulletin, 1923-04

FEDERAL RESERVE BULLETIN (FINAL EDITION) ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON APRIL, 1923 WASHINGTON GOVERNMENT PRINTING OFFICE 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD. Ex offlcio members: , Governor. A. W. MELLON, EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman. ADOLPH 0. MILLER. D. R. CRISSINGER, CHARLES S. HAMLIN. Comptroller of the Currency. JOHN R. MITCHELL. W. W. HOXTON, Secretary. WALTER WYATT, General Counsel. W. L. EDDY, Assistant Secretary. WALTER W. STEWART, W. M. IMLAY, Fiscal Agent. Director, Division of Analysis and Research. J. F. HERSON, M. JACOBSON, Statistician. Chief, Division of Examination and Chief Federal E. A. GOLDENWEISER, Associate Statistician. Reserve Examiner. E. L. SMBAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL. (For the rear 1923.) District No.1 (BOSTON) ALFRED L. AIKEN. District No.2 (NEW YORK) .'. PAUL M. WARBURG, Vice President. District No.3 (PHILADELPHIA) L. L. RUE, President. District No.4 (CLEVELAND) C. E. SULLIVAN. District No.5 (RICHMOND1) JOHN M. MILLEB, Jr. 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. IT Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Chairman. Governor. Deputy governor. Cashier. j Boston Frederic H. Curtlss. W. P. G. Harding. C. C. Bullen W. Willett. W. W. Paddock... N»wYork.. PlerreJay Ben]. Strong J. H. Case: L. H. Heudrlcks.1 L. F. Sailer J. D. Higgins. i G. L. Harrison A. W. Gllbart. > E. R. Kernel Leslie R. Rounds. > J. W.Jones.» G. E.Chapln.' Philadelphia R. L.Austin George W.Norris. Wm. H. Hutt.jr... W. A. Dyer. Cleveland D. C. Wills E. R. Fancher M.J.Fleming Frank J. Zurlinden. Richmond.. Caldwell Hardy. George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus.... A. S. Johnstone1... JohnS. Walden'... Atlanta Joseph A. McCord M.B. Wellborn. L. C. Adelson M. W. Bell. J.L.Campbell Chicago Wm.A. Heath J. B. McDougal. C. R. McKay W.C.Baehman.> John H.Blair...... K. C. Childs. i J. H. Dillard. > D.A.Jones." O. J. Netterstrom.» Clark Washburne.' St. Louis Wm. McC. Martin.. D.C. Biggs O. M. Attebery J. W. White. Minneapolis J John H. Rich R. A. Young W. B. Geery B. V. Moore. S. S.Cook Frank C. Dunlopi. Kansas City... Asa E. Ramsay. W. J. Bailey C. A. Worthington. J. W. Helm. Dallas Lynn P. Talley. B. A. McKinney. R.G.Emerson R. R. Gilbert. San Francisco. JohnPerrin J.U. Calkins Wm.A. Day W. N. Ambrose. Ira Clerk.s L. C. Pontious' 'Controller. • Assistant to governor. . • Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANES. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch Geo. DeCamp. 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 Heard. 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: I Salt Lake City branch R. B. Motherwell. Detroit branch W. R. Cation, acting. Seattle branch C. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch J. J. Heflin. Little Rock branch... A. F. Bailey. SUBSCRIPTION PRICE .OF BULLETIN. The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It is printed in two editions, of which the first contains the regular official announcements, the national review of business conditions, and other general matter, and is distributed without charge to the member banks of the Federal Reserve System. Additional copies may be had at a subscription price of J1.50 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 seta of the BULLETIN for 1915,1916,1917, or 1918 are available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. General summary: Page. Review of the month—Gold, bank credit, and the reserve ratio 409 Business conditions in the United States 415 Special articles: The gold situation 433 Member bank acceptances in 1922 436 An index of wholesale trade 439 Cotton financing (III) 442 The Bank of Latvia 454 Condition of State banks and trust companies on June 30 and Dec. 29, 1922 455 Official: Rulings of the Federal Reserve Board—Nonmember bank balances 428 Law department—Federal reserve act as affected by agricultural credits act 429 State banks admitted to system 461 Fiduciary powers granted to national banks 461 Charters issued to national banks 461 Business and financial conditions abroad 462-484 Trend of business abroad—Statistical summary 463 United Kingdom and France—Recent price movements 464-475 Germany—Temporary stabilization of the mark; gold and commodity loans 475 Chile—Economic conditions during 1922 481 Price movement and volume of trade: International wholesale price index—United States, England, France, Canada, and Japan 486 Wholesale prices of individual commodities in the United States 488 Comparative wholesale prices in principal countries 490 Comparative retail prices and cost of living in principal countries 493 Indexes of industrial activity—United Kingdom, France, Germany, Sweden, Canada, and Japan 496 Foreign trade of principal countries 499 Foreign trade index 501 Ocean freight rates 502 Report of associated knit underwear manufacturers of America 502 Production and shipments of finished cotton fabrics 503 Physical volume of trade 504 Building statistics 509 Wholesale and retail trade 510 Commercial failures 501 Banking and financial statistics: Domestic— Discount and open-market operations of Federal reserve banks 513 Condition of Federal reserve banks 517 Federal reserve note account 520 Condition of member banks in leading cities 521 Savings deposits 501 Bank debits 524 Operations of the Federal reserve clearing system 528 Gold settlement fund 529 Gold and silver imports and exports 530 Money in circulation 529 Discount rates approved by the Federal Reserve Board '. 530 Discount and interest rates in various centers 531 Foreign exchange rates 532 Foreign—England, France, Italy, Germany, Sweden, Canada, Argentina, and Japan Charts: Gold movement and reserves 410 Index of production in basic industries and wholesale prices in the United States 415 Bank credit 416 Wholesale trade and prices 439 Sales of shoes, by districts 440 Sales of dry goods and hardware 441 International price index, gold basis, for United States, England, and France 465 The pound sterling—Exchange value and parity of purchasing power , 466 Board of Trade price index for United Kingdom 468 Prices in France and the United States 470 The French franc—Exchange value and parity of purchasing power 473 Exchange value of the German mark 476 International wholesale price index—Federal Reserve Board 486 Volume of domestic business 504 Monthly sales of chain stores 510 Foreign exchange index 533 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 9 APRIL, 1923. No. 4 REVIEW OF THE MONTH. member banks. From the point of view of the Federal reserve banks, however, it is not During recent months the reserves of the so important to know whether bank credit Federal reserve banks, in consequence of conwould have expanded to the same extent had tinued gold imports, have there been no gold imports, as it is to realize Gold and credit. j reache( the highest figure gince clearly that, if member banks had not rethe establishment of the system. Member- ceived a steady stream of gold from abroad, bank reserves at the Federal reserve banks are they could not have extended the additional also the highest on record. Reserve banks and credit granted by them during 1922 without member banks, however, have utilized these applying for a larger amount of accommodareserves during the past year in altogether tion at the Federal reserve banks. different degrees. Measured by total loans The growth of deposit liabilities of member and investments the volume of reserve-bank banks at a rate approximately tenfold the credit is smaller than a year ago, while memincrease in their reserve balances is in accordber-bank credit has increased more than ance with experience which shows that their $2,000,000,000. In fact, the aggregate amount actual reserves never greatly exceed the of member-bank credit now in use is approxilegally required minimum. This is in striking mately as large as at the peak of credit ex- contrast to the Federal reserve banks which pansion in 1920. Member banks have ex- for more than a year have maintained a tended this credit without obtaining from the reserve ratio of over 75 per cent to deposit reserve banks an amount of accommodation and note liabilities combined. Thus the inflow even approaching the volume of their bor- of gold in 1922 has maintained the ratio of rowings in 1920. This large volume of mem- reserve bank reserves to their increasing ber-bank credit is the result of increased credit liabilities at a relatively constant and high demands which began early in 1922 and became level, and the utilization of the reserve balmore marked during the second half of that ances arising out of this gold has enabled year. This expansion in member-bank credit member banks to extend their loans and to without a corresponding growth in Federal maintain their reserve requirements without reserve bank accommodation has been made additional borrowing from the reserve banks. possible by a continued flow of gold from Figures which have recently become availabroad. This gold was deposited by member able showing the condition of all member banks banks with the reserve banks and was thus of the reserve system at the end of December, the basis of additional credit extended to bor- 1922, show that total loans and investments rowers. The inflow of gold of over $200,000,000 of these banks at the end of 1922 were $25,during 1922 corresponds roughly to the in- 700,000,000, indicating but little reduction crease in the reserves of the reserve banks from the total of $26,100,000,000, shown at and also in the reserve balances of member the peak of expansion in November, 1920. banks. During this period the total of de- During the same period, total earning assets mand and time deposits of members increased of the reserve banks, which measure the total $2,800,000,000. It is impossible to deter- volume of reserve-bank credit in use, declined mine the extent to which the influx of gold from $3,400,000,000 to $1,300,000,000, and has stimulated the extension of credit by constituted at the end of 1922, 5 per cent of 409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 FEDERAL RESERVE BULLETIN. APRIL, 1923. member-bank credit, compared with 13 per indicates changes in^the reserves of Federal cent in 1920. This change in the proportion reserve banks. During the 15 months precedof reserve-bank credit to the total volume of ing the present gold inflow the United States bank credit reflects the effect of the billion lost over $400,000,000 in gold to South Ameridollars of gold imported since the autumn of can and oriental countries which had accumu- 1920. lated balances during the war and withdrew The use made by member banks of gold them after the removal of the embargo. This Gold imports received from abroad has de- outflow is reflected in the decline of the reand the credit pended upon the character of serves. The chart clearly brings out the fact situation. the business and credit situa- that the heavy gold imports, which began in tion in the United States at the time. Thus the last quarter of 1920 and continued through the effect upon credit of the present gold move- 1921,raised thereserves of the reservebanks to a ment which began in September, 1920, may be high level. The gold reaching this country from marked off into two distinct periods. During abroad was taken to the reserve banks and there the first period, which continued until the liquidated a corresponding amount of memberclose of 1921, gold was chiefly used to liquidate bank indebtedness. During 1922, however, borrowings by member banks at Federal re- when member banks were receiving little accommodation from the reserve banks, gold GOLD MOVEMENT AND RESERVES imports, which continued, though in reduced ( IN MILLIONS OF DOLLARS) IMPORTS AND EXPORTS volume, were used largely as a basis for the extension of new credit. During the first period of the present gold movement, when the gold inflow amounted to $845,000,000, liquidation of credit in the United States was under way, the demand for credit was relatively small, prices were declining, business activity was at low ebb, and the member banks utilized the gold obtained from abroad to reduce their indebtedness at the reserve banks and thus to strengthen their own position. This use of the foreign gold representing the liquidation of debts owed to America by foreigners accelerated the reduction of bank loans which was proceeding independently as the result of domestic conditions. The reduction in Federal reserve bank assets from their peak in October, 1920, to their lowest point in the summer of 1922, was due 1919 1921 1922 approximately to the same extent to the Bars above the zero line at the right of the chart indicate imports and liquidation of domestic and of foreign loans. bars below represent exports. The solid black portions of the bars represent net imports or exports. The black line shows changes in The former is roughly measured by the reducthe reserves of the twelve Federal reserve banks combined. tion in Federal reserve note circulation and the serve banks, while in the second period, with latter by the net imports of gold. the revival of business activity and the in- The second period in the gold movement, creased demand for credit, gold was used as a during which net imports totaled $269,000,000, basis of additional lending by member banks. began about the opening of 1922, but particu- The bars on the chart show imports and exports larly after the first quarter of that year. A of gold since the beginning of 1919 and the line large number of member banks, especially in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDEBAL EESERVE BULLETIN. 411 the financial East, had paid off their entire the difference between a period of industrial indebtedness to the reserve banks and the inactivity and of industrial revival. Reservegold imported during this period, when de- bank credit, on the other hand, is resorted to posited with the reserve banks, constituted a at times when the ordinary credit facilities are basis for extension of credit by the member inadequate. When increased credit demands banks. Thus, gold imports during the first can be met only by recourse to the Federal period facilitated liquidation of credit while reserve banks, the volume of reserve-bank during the second period they were used as lending is a sensitive indicator of credit conreserves against new credit. Furthermore, ditions. But when, as has been the case during liquidation the imported gold can- during the last year, the growing demand for celed a corresponding amount of indebtedness, credit has been supported by gold imports, the dollar for dollar, while during the more recent volume of reserve-bank credit is not an adeinflow it supported an approximately tenfold quate indicator of credit trends. This is eviincrease in the deposit liabilities of member dent from the fact that at the present time the banks. This increase was in response to the volume of reserve-bank credit is at about the domestic credit demand, but in the absence same level as a year ago, while the loans and of gold imports member banks would neces- investments of member banks have expanded sarily have borrowed from the reserve banks over $2,000,000,000. to meet their larger reserve requirements. The increase in the volume of member-bank The consequences of any addition to reserve loans and investments has fur- Federal reserve ihed the business community balances, whether they arise from gold imports n s notes and busi- . , , / or from reserve-bank accomness activity. with the credit needed to Reserve bal- iation, are important beances and growth mo( ', , .. ,, , finance the recent increase in of credit. cause of the relation they bear production and trade. Increases in the volume to the lending power of member of credit, however, are invariably followed banks and the growth of credit. The volume by a larger demand for currency. During of member.-bank reserve deposits at Federal the past 12 months a part of this added reserve banks remains fairly steady, but small demand was met by the direct use of gold, changes in these reserves are significant be- as indicated by the fact that the volume of cause of their relation to member-bank deposit gold in circulation increased by $130,000,000. liabilities. Indeed, over longer periods of time But this growth of gold circulation was not the level of reserve deposits at reserve banks sufficient to meet enlarged currency requirechanges less than that of any other big item in the ments and additional supplies of currency statement. Federal reserve notes, for instance, could be secured by member banks only dropped from a peak of $3,400,000,000 at the through borrowing at Federal reserve banks. end of 1920 to a low point of $2,100,000,000 in It is in this way that the increased demand the middle of 1922. During the same period the for credit has led to a demand for additional deposits of Federal reserve banks rose from accommodation at reserve banks, even though $1,800,000,000 to $1,900,000,000. The differ- the reserves against additional credit have ence in the range of fluctuations between the been supplied by the receipt of gold from reserve deposits of member banks and Fed- abroad. It is noteworthy that the increase eral reserve note circulation is a reflection in the earning assets of the Federal reserve of the difference between member-bank and banks since the end of July, 1922, when Federal reserve bank credit. Member-bank the demand for bank credit became more credit represents a large part of the Nation's pronounced, is closely paralleled by the involume of credit, and a relatively small per- crease in Federal reserve note circulation. centage of change in that volume may reflect The increased demand jfor hand-to-hand cur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 FEDERAL, RESERVE BULLETIN. APRIL, 1923. rency which goes with increased employment, exports. The volume of our international balproduction, and credit caused the banks to ance of payments, Government control of gold borrow from the reserve banks in order to movements in most foreign countries, and the secure Federal reserve notes. Furthermore, depreciation-of foreign currencies prevent the when the borrowing is for the purpose of meet- outflow of gold. Since the beginning of 1921 ing reserve requirements the volume of accom- there have been almost no gold exports from modation needed is on the average only the United States. The largest exports for any one-tenth as large as the increased deposit month during the period occurred during Octoliabilities of member banks, but when the ber, 1922, when the Canadian dollar was at a borrowing is for the purpose of obtaining slight premium and Canadian banks withdrew currency it equals the amount of currency balances from New York. A relatively small needed, dollar for dollar. At the present time gold movement corrected the exchange rate the relation between the growth of credit and and the outflow ceased. More recently gold the demand for currency is such that even if exports on a small scale have been made to gold imports continue at a considerable rate the British India, which has had favorable trade need for additional currency will keep the conditions during the past year and has also reserve banks closely in touch with the credit purchased gold in the London market. While situation. moderate outward movements of gold, possibly Business and credit developments in the on a somewhat larger scale, may occur during United States at a time when other leading the present year, net imports will probably concommercial countries are not on tinue. Under such conditions there is little Absence of in- a gold basis are not subject to immediate prospect of international gold moveternational gold ments exercising a corrective influence on our the regulating influences that standard. domestic credit developments. would be operative under an effective international gold standard. Under Large gold reserves, the result of an unexisting world conditions of depreciated cur- precedented inflow of gold due chiefly to conrencies and gold embargoes, differences in the ditions abroad, have increased levels of money rates and prices prevail in various countries without giving rise to corrective reserve banks far beyond the gold movements. In pre-war times an unusual present domestic credit needs. degree of loan activity, accompanied by a rise Consequently the relation of these reserves in prices more rapid in this country than abroad, to the deposit and note liabilities of the reresulted in unfavorable exchange rates and a serve banks as expressed in the reserve ratio consequent outflow of gold. Such an outflow is not now a satisfactory indicator of changes tended to check the increase in the volume of in credit conditions. In fact, since the beginbank credit and to bring international price ning of 1922 the reserve ratio has remained levels and money rates into line. While the relatively constant around 75 per cent, largely United States now has larger gold holdings as the result of offsetting changes in gold reserves and in reserve balances of member than ever in its history and its currency is banks. Gold reserves are now approximately freely convertible into gold for export, this does $200,000,000 above what they were 15 months not constitute an effective gold standard in a ago, and during this same period the deposits regulatory sense. Such a standard presupof reserve banks have increased also by about poses not merely that domestic currency is $200,000,000. Consequently since the opening on a parity with gold but that gold can and of 1922 the effect on the reserve ratio of the does move freely into and out of the country in growth in liabilities has been largely offset by response to business and credit conditions here the increase in gold holdings. Thus the gold and abroad. But present world financial conreceived from abroad in liquidation of foreign ditions act as an effective check upon our gold Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 413 indebtedness has balanced in the reserve ratio Reports received from Federal reserve banks the enlarged volume of deposits which have give the total amount of subscriptions received increased in response to the domestic business on the two new issues as $538,859,000. The situation. Under these circumstances, changes total amount of subscriptions allotted was in the reserve ratio, since they are the result $475,451,000, of which $36,272,650 represent of diverse and unrelated influences, do not allotments on subscriptions for which Victory reflect the developments in the domestic credit notes, Treasury certificates maturing March 15, and business situation. or 1918 war savings certificates were tendered in payment. These exchange subscriptions were allotted in full. Allotments on other subscrip- TREASURY FINANCE. tions, aggregating $439,178,350, were made on Fiscal operations during March centered as a graduated scale as follows: All subscriptions usual about the 15th of the month, when the up to amounts not exceeding $100,000 for any first installment of income and profits taxes be- one subscriber were allotted in full; subscripcame payable. On the same date semiannual tions over $100,000 but not exceeding $500,000 interest on the third Liberty loan fell due, were allotted 80 per cent, but not less than which, with other interest payments, involved $100,000 on any one subscription; subscriptions the disbursement of about $135,000,000. There over $500,000 but not exceeding $1,000,000 also became payable on the same date about were allotted 75 per cent, but not less than $400,- $366,000,000 of Treasury tax certificates, issued 000 on any one subscription;, subscriptions on March 15 and on December 15 of last year. over $1,000,000 were" allotted 60 per cent but To meet these disbursements and to cover not less than $750,000 on any one subscription. its other current requirements the Treasury The distribution of amounts subscribed and expected to raise about $400,000,000, the esti- allotted, by Federal reserve districts, is shown mated proceeds of the income and profits taxes in the following table: collectible on March 15, and another $400,000,- SUBSCRIPTIONS RECEIVED. 000 or thereabouts from the issue on March 15 Treasury Treasury of two series of Treasury tax certificates, one Federal reserve district. c s e e r r t i i e f s i c T at S e 2 s - , c s e e r r t i i e f s i c T at M es - , Total. bearing \\ per cent interest and maturing in 1923. 1924. six months and the other bearing 4J per cent Boston $11,951,500 $20,119,000 $32,070,500 New York 80,992,500 123,319,500 204,312,000 interest and maturing in one year. In an- Philadelphia 9,548,500 35,160,500 44,709,000 Cleveland 14,807,500 30,927,000 45,734,500 nouncing these two issues on March 8 the Sec- Richmond 4,745,500 11,639,500 16,385,000 Atlanta 7,240,500 12,500,500 19,741,000 retary of the Treasury discussed the situation Chicago 14,862,000 37,632,500 52,494,500 St. Louis 4,794,000 16,502,500 21,296,500 as follows: Minneapolis 4,893,000 8,496,500 13,389,500 Kansas City 6,608,500 14,104,500 20,713,000 Dallas 9,337,500 17,148,000 26,485,500 The present offering of certificates is intended, with the San Francisco 18,162,000 23,366,000 41,528,000 balances already on hand, to provide for the payments Total. 187,943,000 350,916,000 ; 538,859,000 coming due in March over and above tax receipts, and at the same time to cover the Treasury's further cash require- SUBSCRIPTIONS ALLOTTED. ments between now and the middle of May, when the unc th a e ll r e d fi n V an ic c t i o n r g y a n t o t t h es a t m ti a m tu e r , e o . f T co h u e r r s e e , w t i o l l r e h f a u v n e d to m a b t e u r f i u n r g - Fede d r i a s l t r r i e c s t. erve c s e e T r r r t i e e if s a i c s T u a S t r e y 2 s - , I i s c e T e r r r i t e e if s a i s c T u a M t r e y s - , Total. ( i E t b n o x o c t c l t a h u h l d a a e s n l e d l g o r e i i t e n s - s notes, but the amount involved has already been reduced 1923. i 1924. ments). to manageable proportions, and it will be still further re- Boston $10,366,000 $18,042,000 $28,408,000 $1,584,500 duced between now and then by exchanges and advance New York... 62,789,000 118,685,500 181,474,500 I 15,265,000 Philadelphia. 8,001,000 30,284,500 38,285,500 788,550 redemptions out of the proceeds of the current offering. Cleveland 10,817,500 26,687,000 37,504,500 2,622,500 Richmond... 4,495,500 11,269,500 15,765,000 715,000 This offering of certificates, therefore, will contribute ma- Atlanta 6,390,500 11,395,500 17,788,000 265,000 terially to the successful refinancing of the Victory Lib- Chicago 14,005,000 34,777,500 48,782,500 5,486,250 St. Louis 4,049,000 14,999,500 19,048,500 1,465,200 erty loan, and when the March operations are completed Minneapolis.. 4,893,000 8,496,500 13,389,500 1,419,500 Kansas City.. 5,683,500 12,497,500 18,181,000 2,742,000 will still leave outstanding but little more than $1,000,- Dallas 8,187,000 14,353,500 22,540,500 1,357,150 000,000 of Treasury certificates—a remarkably low total San Francisco.. 14,575,000 19,710,500 34,285,500 2,562,000 for this stage of the Government's postwar financing. Total 154,252,000 321,199,000 475,451,000 36,272,650 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 FEDERAL RESERVE BULLETIN. APRIL, 1923. NOTES. Commission to investigate gold and silver situation. Death of Mr. Campbell. The Senate prior to adjournment adopted a Mr. Milo D. Campbell, of Michigan, member resolution creating a commission of five Senators of the FederalJReserve Board since March 13, to study the causes for the continued decrease in 1923, died suddenly on March 22. the production of gold and silver and of the depressed condition of the gold and silver Governors' conference. On March 26-29 was held the semiannual industry in the United States. This commisconference of the governors of the 12 Federal sion is to report to the Senate on January 1, reserve banks. In addition to meetings of the 1924. Following are the members appointed governors among themselves, conferences were to serve on the commission: Senators Nicholson held with members of the Federal Reserve of Colorado, Oddie of Nevada, Gooding of Board and with members of the Farm Loan Idaho, Walsh of Montana, and Pittman of Board. During this conference the Federal Nevada. The recent death of Senator Nich- Reserve Board discussed with the governors olson, who had been designated as chairman, many matters of operation, including the leaves a vacancy on the commission. amendments to the Federal reserve act con- State bank membership in reserve system. tained in the agricultural credits act, changes The agricultural credits act provides for the in the board's regulations made necessary by creation of a joint congressional committee to these amendments, the open-market operations investigate the reasons why eligible State of the system, and many matters of a routine banks and trust companies fail to join the nature. The board also discussed with the reserve system and the effect of this failure governors general economic and financial con- upon financial conditions in the agricultural ditions, the conditions of the reserves, open- sections of the United States. The membermarket rates for various classes of paper, the ship of the committee is as follows: Senademand for credit and the volume of credit tors Glass, Weller, and McLean; Represenin use, and gold movements, present and pros- tatives McFadden, Dale, Strong, Wingo, and pective. Steagall. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

415 APRIL, 1923. FEDERAL, RESERVE BULLETIN. BUSINESS CONDITIONS IN THE UNITED STATES. Continued active business is indicated by the maintenance of a high rate of industrial production, increases in freight traffic and employment, and a large volume of retail and wholesale trade. Production.—The Federal Reserve Board's index of production in basic industries for February was at the same high level as in January. The index number for these industries is now approximately equal to the highest point reached in the past. Since the low point in July, 1921, there has been an increase of 63 per cent. The volume of new building projected in February was exceptionally large for the season, particularly in western districts. Railroad freight shipments have been increasing, and the shortage of box cars, which was somewhat relieved in December and January, became more marked in recent weeks. A continued increase in industrial employment has been accompanied by further advances in wage rates in a number of industries. Many New England woolen mills announced a wage increase of 12J per cent, effective April 30. A shortagejtof women workers has been reported in the textile, rubber, and garment industries, and there is a shortage of unskilled labor in many industrial centers. Trade.—Wholesale and retail distribution of goods continued at a high level during February. Sales of both wholesale and retail concerns reporting to the Federal reserve banks were well above those of a year ago, but the increase was relatively more pronounced in wholesale trade. Mail-order and chain-store business was almost as large in February as in January, despite the shorter month, and sales of [5-and-10-cent stores were "actually"larger than in January. INDEX OF PRODUCTION IN BASIC INDUSTRIES PRICES COMBINATION OF 22 INDIVIDUAL SERIES CORRECTED FOR SEASONAL VARIATION INDEX NUMBERS OF WHOLESALE PRICES PER CENT ( 1319 = 100 ) PER CENT U. S. BUREAU OF LABOR STATISTICS 160 160 PER CENT ( 1313 *tOO BASS ADOPTED BY BUREAU ) PER CENT 300 140 250 250 / v v \ 200 V 200 v \ 80 80 ISO 150 60 60 100 100 40 40 50 SO 20 • 20 LATtST FIGURE EBRUARY LATEST FIGUREFEBRUARY o n 1919 1920 1921 1922 1923 1919 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 FEDERAL RESERVE BULLETIN. APRIL. 1923. BANK CREDIT BANK CREDIT 800 MEMBER BANKS IN LEADING CITIES ALL FEDERAL RESERVE BANKS BILLIONS OF DOLLARS BILLIONS OF DOLLARS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 16 16 40001 '4000 *». LOANS ADh 12 \DISCOUtITS 12 3000 3000 DEMAND DEPOSITS/* 1 1500 1500 EARNING I ASSETS 1 INVEST*ENTSf'"'"' }*S^,— TIME • i •• DEPOSITS^, •> 500 500 LATEST FIGRE MAR.1<t LATEST flGURE MAR 21 0 0 1919 1920 1921 1922 1923 1919 1920 1921 1922 1923 Wholesale prices.—The Bureau of Labor Statistics index of wholesale prices advanced slightly during February. Prices of metals, building materials, and clothing increased, while prices of fuels and farm products declined. Building materials and metals during the past year have advanced more than any other groups of commodities and are now about 25 per cent higher than in March, 1922. Bank credit.—Recent increases in industrial and commercial activity have been reflected in a larger volume of loans by member banks for commercial purposes, especially in the New York, Chicago, and San Francisco districts. Loans of this character by reporting member banks are now approximately $500,000,000 larger than at the end of December. This increase has been accompanied by a reduction in holdings of ^investments; so that there has been only a moderate net increase in total loans and investments. The larger demand for funds has not led to any increase during the past month in the total volume of credit extended by the reserve banks. Total earning assets and loans to member banks on March 21 were approximately the same as four weeks earlier. Borrowings by member banks in the interior increased, particularly in the Chicago district, but borrowings byjmember banks in the New York district decreased. Since the end of February there has been a small decline in the volume of Federal reserve note circulation,£which is now at approximately the same level as six months ago. Other forms of currency in circulation, however, have recently increased. The market rates on commercial paper advanced further to a range of 5 to 534 Per cent, and the rate on bankers' acceptances remained steady at about 4 per cent. There has been a slight increase in the yield of short-term Treasury certificates as well as of Government and other high-grade bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL, RESERVE BULLETIN. 417 AGRICULTURE. wheat was 205,159,000 bushels on March 3, 1923, compared with 203,590,000 bushels the Although the mild weather which persisted previous month and 177,096,000 bushels a year generally in the agricultural regions during the ago. early winter months was broken by cold waves The estimates of grain reserves on farms on inJFebruary, the early weeks of March were March 1 show increases in stocks of wheat, oats, accompanied by higher temperatures and and barley, but decreases in stocks of corn as general precipitation, both of which were compared with stocks on March 1, 1922. Favorable to the agricultural and live-stock Prices on March 1, as compared with prices on sections of the country. Throughout all disthe same date for the two previous years, were tricts the crop outlook has greatly improved, higher for corn, oats, and barley, but lower for and rapid progress is being made in the prepawheat. Detail figures for the three years, ration for spring planting. In the Chicago, 1921, 1922, and 1923, are shown in the follow- St. Louis, Kansas City, Dallas, and San ing table: Francisco districts the condition of the fall and winter sown grains showed continued improvement, and is reported to have come through STOCKS AND PKICES OP GRAIN ON FABMS MARCH 1, the winter in much better condition than was 1921, 1922, AND 1923. anticipated. The growth of winter grains was retarded by freezes in Indiana and by Stocks (000 omitted). Price per bushel. cold weather and continued droughts in California. In the districts of Richmond, 1921 1922 1923 1921 1922 1923 Atlanta, Dallas, and St. Louis the agricultural conditions are generally good. Tobacco lands Corn 1,564,832 1,305,559 1,087,412 64. S 54.8 74.3 Wheat 217,037 134,253 153,134 147.2 116.9 105.1 are in good shape; beds have been prepared and Oats 683,759 411,934 421,511 41.9 36.6 43.1 many planted. Preparation of the fields for Barley 65,229 42,294 43,592 56.8 49.6 57.4 corn planting is maldng rapid progress, and planting has made considerable advancement Cotton. in Louisiana, Florida, southern Georgia, Missis- The final figures of 1922 indicate a cotton sippi, and Alabama. The cold weather near crop of 9,761,817 bales—a reduction of 202,183 the middle of March was a retarding factor to bales from the estimate of 9,964,000 bales made farm work in these States, as well as doing in December. As compared with the two some damage to the fruit and truck crops of preceding crops, the 1922 crop was greater Georgia and Texas. than that of 1921, but considerably smaller With the recent upward movement in the than the crop of 13,439,603 bales in 1920. As price of sugar, coupled with the unsatisfactory compared with the 10-year (1911-1920) average experiences of potato growers during the past production, the 1922 crop was smaller by season, an increase in the sugar-beet acreage approximately 2,500,000 bales. Stocks at mills is indicated for the Kansas City and San and warehouses on February 28 amounted to Francisco districts, although contracts for this 6,006,000 bales, compared with 5,469,000 on year's acreage have not been signed. January 31, an increase of 537,000 bales. An increase in stocks of 196,000 bales as compared Grain. with February one year ago is also indicated, The movement of grain during February the increase being in mill stocks, as there was within the United States, as indicated by a slight decrease in stocks in warehouses. receipts at 17 interior centers, was considerably Although exports during February were slightly less than in January and in February, 1922. Re- larger than in the same month in 1922, the total ceipts of all grains were 77,002,000 bushels in exports for the seven months ending February February, compared with 111,081,000 in Jan- 28 were 3,739,000 bales, as compared with uary and 105,278,000 in February, 1922. 3,923,000 bales for the corresponding period Declines were noted in all grains, but the of last year* The decline in total exports is greatest decreases in receipts were noted for due largely to decreased shipments to Japan, wheat. The export situation continues un- caused by higher prices as well as the Japanese favorable for wheat, as the Southern Hemi- economic situation and lower prices at which sphere, particularly Argentina and Australia, Indian cotton has been obtainable. Since is supplying the European markets at prices the beginning of the year the price of upland somewnat lower 6han American. The Amer- cotton at New York has continued the upward ican, Canadian, and British visible supply of movement which began in the early fall, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL, RESERVE BULLETIN. APRII/, 1923. reaching 31.20 cents, its highest point, on small factories it varies from 50 to 100 per cent March 14. Weather conditions, with few of capacity. Prices of most cigars and cigarexceptions, have been generally favorable in ettes are unchanged, although in some lines all districts for the planting of the new crop. some concessions were noted in order to induce In the Atlanta district planting is reported to sales. be active in southern Georgia and Florida, while in the Dallas district some planting has Fruit. been done in southern Texas. The cold As the apple season is drawing to a close in weather in late February and in the middle of most sections of the country, the movement March, although it was unfavorable to early of apples to market during February was planting and Killed some early cotton, has smaller than in January, but was greater further reduced the potential damage by the than in February one year ago. The moveboll weevil. ment during February was 6,257 cars, compared with 8,171 in the preceding month and 4,683 Tobacco. in February, 1922. The prices paid to the The marketing season for tobacco is almost growers have not been satisfactory, and as a completed, and on the whole the season has result the holdings of apples in storage in the been a successful one for the growers. The San Francisco district on March 1 were 167 quality and yields have been good and prices per cent greater than on that date last year. have been higher than in the preceding season. The total movement of oranges and grape- Although during February many markets fruit in Florida to March 1 was greater than were closing, the producers' sales in Virginia during the preceding season, amounting to markets were 3,633,000 pounds of bright 28,329 cars, or an increase of 4,451 cars over tobacco, compared with 5,029,000 pounds sold the same period one year ago. Increases in January and 10,644,000 pounds in February, were noted for both oranges and grapefruit 1922; and 5,541,000 pounds of dark tobacco, shipments, but the increase in orange shipments compared with 6,294,000 pounds sold in Jan- was considerably greater that for grapefruit. uary and 6,217,000 pounds sold in February, It is estimated that about 30 or 32 per cent 1922. The decrease in bright tobacco sales of the crop is yet to be moved. Further from February, 1922, is due in part to the improvement of the orange crop in California exclusion of sales of cooperative warehouses, was noted during February and the estimate which were not in operation a year ago. of the crop has been increased approximately Average prices for bright tobacco in the Vir- 4£ per cent, indicating a yield of 9,260,000 ginia markets were §26.17, compared with boxes. The lemon crop, on the other hand, $29.02 in January and $13.98 in February, has deteriorated and as the early season 1922. The lower prices in February, as com- estimates have been reduced the total probable pared with January, were due to the fact that yield is now placed at4,166,000 boxes. Advancin the closing periods the grades of tobacco ing prices for oranges have stimulated the handled were generally inferior, as the good marketing of that fruit, whereas lower prices, coupled with unfavorable weather for picking, frades continued to demand higher prices, have reduced lemon shipments. The ship- 'he season's sales in North Carolina were ments for the season from the San Francisco 200,403,000 pounds at an average price of district amounted to 14,405 cars of oranges, $22.87, as compared with an average price of compared with 11,506 during the preceding $14.83 in the previous season. In the St. Louis season; and 2,113 cars of lemons, compared district sales were on an enormous scale and with 2,324 cars for the same period one year prices were hi the main satisfactory. Production of cigarettes, manufactured tobacco, and cigars, was smaller in February than in January. The production of small cigars Live stock. and manufactured tobacco was slightly smaller The marketing of live stock, as indicated by than in February, 1922, but cigarettes and receipts of 57 markets during February, delarge cigars increased. In the Philadelphia creased as compared with January, but condistrict the dull season of the year in the cigar tinued greater than in the corresponding industry is drawing to a close, and orders are period of last year. The marketing of live reported larger than they were a year ago. stock has been heavy during the fall and winter The demand is excellent, and sales are greater months, the monthly receipts averaging more than during March, 1922. Production in the than 8,000,000 head, but the February receipts large factories is near capacity, while in the were smaller than any month since August, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDEBAL RESERVE BULLETIN. 419 1922. The decline was due in part to fewer February totaled 7,773,000 tons, which was days in February, but it was also seasonal. about 1,000,000 tons less than in January, but Decreases were indicated for all animals, as over 1,000,000 tons more than in February of compared with the preceding month, but last year. Despite the decline in bituminous increases were noted as compared with the prices, steam sizes of anthracite have been same month one year ago. Detail figures for moving well and there has been no slackening February, 1923, January, 1923, and February, in demand for domestic sizes. Prices have re- 1922, are given in the table on page 506. mained unchanged since early in the winter, al- Pasture and range conditions showed con- though a few operators have recently shaded siderable improvement in the Dallas and their quotations on certain steam sizes. Kansas City districts. Heavy rains and snows The price of foundry coke advanced slightly relieved the drought that was prevalent during March, as a result of the heavy demands throughout the Southwest during the greater of the iron industry and an increase in exports. part of the winter months. All stock is re- Coke sales to householders have now practically ported to have wintered better than usual on ceased. Production of by-product coke deaccount of the mild weather and abundance creased 11 per cent in February, while beehive of feed, and with the progress of the ranges the output showed a slight increase. outlook is promising for the 1923 season. Conditions were not so favorable in the San Petroleum. Francisco district. Severe storms in the inter- Advances in crude petroleum prices, which mountain States and a protracted drought in began late last fall, were checked during the California were the retarding factors during latter part of February, and during March the February and early March. Prior to this tune only increase was one of 25 cents upon Gulf the weather was generally favorable and, coast oil. Prices of refined products have reunless the cold and drought continue, but cently been fairly firm, and scattered advances little permanent injury will be done. Lamb- upon gasoline have been announced, but large ing is m progress in all districts under favorable stocks have held back any substantial increases, conditions, and some spring lambs have already despite the higher quotations upon crude oil. reached the California markets. Average dauy production of crude petroleum continues to increase, and each week sets a new high record. Although February output to- MINING. taled less than in January, the rate of produc- Coal. tion was greater, and stocks on hand at the end Production of coal and coke continue to be of February were larger than they were a month maintained at a high level, although prices of previous. The number of new wells completed bituminous coal have shown a steady down- during February fell off and was the smallest ward trend since the first week of January. since November, 1921. An average of the prices of 14 important grades The greatest increase in production during of bituminous coal (prepared by the Coal Age) recent months has taken place in the California in the week ending March 19 was 9 per cent less fields, and California oil is now being shipped than in the week ending February 17 and 30 east as a substitute for oil from Mexico, where per cent less than in the week ending January 6. the output is declining. The rate of produc- Production of bituminous coal totaled 42,130,tion in Oklahoma and Kansas was also greater 000 tons in February, which was 16 per cent less during February than in the preceding month, than in January, but 3 per cent more than in but output in Texas and Louisiana fell off dur- February, 1922. Export demand for gas coal ing the later month. Weather conditions also has shown considerable improvement, as a reretarded drilling operations in Texas, resulting sult of the curtailment of production in the in a decrease in new completions. Ruhr and the consequent shortage throughout central and northern Europe. Domestic busi- Metals. ness has been inactive in the Middle West and Production of all nonferrous metals decreased Northwest, but New England industrial con- moderately during February, but the reduction cerns have made heavy purchases. Commer- was largely due to the decrease in number of cial stocks of coal have shown a steady accu- working days as compared with January. mulation since September 1, 1922, and aggre- Prices, which rose sharply in February, made gated 38,000,000 tons on February 1. more moderate advances during the first three Operations at anthracite coal mines are still weeks of March. The price of refined elecat nearly a maximum rate, and production in trolytic copper delivered at New York was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 FEDERAL RESERVE BULLETIN. APEII,, 1923. 17.375 cents per pound on March 21, as com- pared with 52.2 per cent and 62.8 per cent in pared with 16.75 cents on February 28 and 15 the respective districts in February, 1922. cents on January 31. Decrease in domestic The domestic flour business continued dull demand in the first two weeks of March was throughout the latter part of February, but offset by an increase in foreign orders. The some signs of improvement were noted in the Copper Export Association has reduced the first weeks of March through the bookings of stock of copper which it is holding and new orders. Shipments continued slow. Exfinancing from 400,000,000 pounds to about port demand, although quiet in the latter part 50,000,000 pounds during the last two years, of February, seemed to improve early in March, as well as marketing a substantial percentage but was mainly from countries outside of of the current production in that period. It Europe. is estimated that the association handles about Owing to. the shortness of the month the 80 per cent of the copper exports of the United number of animals slaughtered decreased dur- States. Mine production of copper amounted ing February, as compared with the preceding to 102,515,000 pounds in February, which was month, but considerable increase was shown 9 per cent less than in January, but was almost over the corresponding month one year ago. three times as large as a year ago. The number of animals slaughtered under Zinc shipments totaled 48,153 tons in Feb- Federal inspection was 5,997,000, compared ruary, which was slightly larger than in Janu- with 7,252,000 in January and 5,104,260 in ary and twice as large as in February, 1922. February, 1922. Decreases in slaughter of all As production only amounted to 42,443 tons kinds of animals were noted in February, as stocks were reduced 5,710 tons, or about 34 per compared with January, but those for cattle cent. Stocks of slab zinc on March 1 were were slightly greater than for other animals. only, about one-sixth as large as a year previous Thirty-eight meat packing companies in the and are equivalent to less than one week's United States reported to the Chicago reserve supply at the present rate of consumption. bank an increase of 6 per cent in dollar sales The large demand for zinc has resulted in an over February, 1922, but a decrease of 4.5 per increase in the price at St. Louis from 7.30 cent from the preceding month. The produccents per pound on February 21 to 8 cents on tion of butter during February increased March 21. Lead prices at New York increased slightly as compared with January, and was between these same dates from 8 cents a pound greater than in February one year ago. to 8.25 cents. February production of lead Consumption of meats per capita in the was 10 per cent less than in January, but 9 United States in 1922 was somewhat larger per cent more than in February, 1922. Shipthan in 1921 and in 1920, but exports of meat ments of zinc and lead ores from the Joplm products have been seriously affected by addistrict increased during February, as a result verse condition of foreign exchange and reof a further increase in ore prices. duced purchasing power of European countries. Silver production declined 9 per cent during Lard exports, due largely to the reentry of February, but was 22 per cent larger than a Germany into the market since the war, conyear ago. Deliveries of tin to factories were tinued in large volume in 1922, falling short of about twice as large as in February, 1922. the record established in 1921 by little more than 100,000,000 pounds. Storage holdings of MANUFACTURES. meats on February 28 amounted to 805,523,000 pounds, an increase over both the previous Food products. month and February a year ago. Prices for The production of wheat flour during Februpork products remained steady, while beef and ary was somewhat smaller than in January, Iamb prices showed a tendency to decline, due due mainly to two less working days in the to an oversupply resulting from heavy marmonth, as the mills operated at slightly more keting of live stock. than one-half of capacity, approximately the same operating ratio as in January. Although Textiles. the production amounted to only 9,425,000 barrels in February as compared to 10,137,000 Manufacturing activity in practically all barrels in January, there was an increase of textile industries was maintained at close to 193,000 barrels over February, 1922. Activ- capacity during February and March. A ity in the milling industry varied from 49.6 slight between-season lull in buying was noted per cent of capacity in the Chicago district to among some lines early in March, but shipments 55.3 per cent in the Kansas City district, com- and production continued at the same rate in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 421 order to fill orders previously received. Price relatively quiet during March, as manufacadvances for finished goods were numerous, turers are fairly well supplied for present needs. following the trend of raw materials. Demands Reports from western growing centers indicate for wage increases have been made by workers that prices demanded for the new clip are in most textile industries and advances have higher than those prevailing in the eastern been announced in many lines. markets. The Textile World index numbers Mill consumption of cotton during February for February indicated continued advances in exceeded all previous records for that month, the prices of raw wool and of yarn and cloths and the number of cotton spindles active was to levels respectively 33, 25, and 17 per cent the largest ever reported. Operations are at above those prevailing a year ago. close to capacity in practically all producing Activity among silk manufacturers continued centers, and the volume of unfilled orders is at a high rate during February, and deliveries of large. The cotton goods market in the Phila- raw silk to mills, despite the shortness of the delphia Federal reserve district was reported month, reached a total exceeded in the past to be generally more active in March than in three years only by that of last October. Loom February, altnough staple cloths were some- activity at Paterson also attained the highest what duller. Many mills in the Richmond percentage reached within the past two years. district found night operations necessary in The rate of production, however, declined in order to keep up with orders, and business was the North Hudson section late in January, and still being booked for several months in ad- also fell off slightly in Paterson during the first vance. Production and shipments of cloth week in March, but later recovered. Mills in and yarns by certain manufacturers in the the Philadelphia Federal reserve district report Atlanta district during February were about that the recent improvement in business con- 20 per cent greater than a year ago, and unfilled tinued into March, and that looms, with the orders on hand had increased 70 per cent. exception of ribbon looms, were running at 75 Finishers of cotton fabrics reported seasonal de- per cent of capacity. clines in business during February as compared Men's clothing sales by wholesalers in the with the preceding month. Raw cotton has New York Federal reserve district during Febcontinued to advance in price, but most of the ruary exceeded those of January by 84 per cent mills are now fairly well supplied. A number and were 73 per cent greater than during last of advances occurred in yarn quotations during February. Sales of women's clothing in- March, although the market for yarns has not creased 10 per cent. Reports from the Chicago been particularly active. According to the district also indicate increased activity in men's Textile World index numbers, February cloth clothing, and returns from certain tailors to the prices were 3 per cent higher than in January trade showed increases of 65 per cent in orders, and over 20 per cent above those of a year production, and shipments, as compared with previous, and yarn prices had advanced 5 per last year. In the St. Louis district a vigorous cent since January and nearly 50 per cent demand was noted for medium-priced spring within the past year. garments, particularly from the cotton sections. Fall orders for woolen and worsted goods An important event in the clothing industry have been practically all placed, and buying was the opening early in March of fall lines by during March and late February was upon a one of the largest manufacturers of ready-made limited scale. Manufacturers had, however, men's clothing, with no change in prices on during previous weeks booked sufficient orders some lines and small advances on others. to enable them to continue operations at Production and shipments of knit underwear close to capacity for some months, and some were less in February than in January, and have withdrawn certain lines from the market. ordei'3 booked fell off over 50 per cent, leaving Production consequently continued during a lessened volume of unfilled orders on hand at February at about the same rate prevailing the end of the month. These developments in the previous month. Activity among woolen were largely seasonal. Shipments continued spindles increased slightly during February, to exceed production by a substantial margin, whereas active worsted spindle hours fell off but new orders received were smaller than prosome, and the per cent of loom hours active was duction. Summer underwear production exalso smaller. Consumption of wool by mills ceeded that of winter garments. Total output during February totaled about 7 per cent less during February was somewhat less than durthan in January, which decline may be attrib- ing February, 1922. March sales of underwear uted to the shortness of the later month. by producers in the Philadelphia Federal re- Both the yarn and the raw-wool markets were serve district were rather small, as the bulk of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

422 FEDERAL, RESERVE BULLETIN. APRIL, 1923. the spring business had been previously placed. previous months except June, 1922. This Prices of raw materials continued upward, and rate of production appears particularly high some advances were made on finished products. when the facts that February has fewer According to reports from the Philadelphia working days than any other month and that district, the hosiery trade has not experienced the automobile industry in past years has the same improvement in demand noted by always shown a low rate of output throughout other textile industries. Although some mills the winter months are considered. Truck were working at capacity, others were only op- production was increased 13 per cent during erating at from 30 to 50 per cent. Statistics of February, but is still at a considerably lower production showed adeclinesince lastFebruary, level than that which prevailed during 1920. but shipments, orders booked, and unfilled Reports from the Chicago district indicate orders on hand were substantially larger. that orders to manufacturers for cars are at a Manufacturers of cotton hosiery, however, in high level and that deliveries to consumers the Atlanta district reported that business was are substantially larger than at this season considerably better than last year, although last year. In order to stimulate the demand seasonal declines were noted as compared with for used cars, many dealers are having the January. cars which they buy or receive in trade thoroughly overhauled and are giving a Iron and steel. guarantee against mechanical defects when they sell them. Average daily production of pig iron increased considerably during February, while Tire factories in the Cleveland district are there was a slight reduction in the output of now working three shifts, and many plants steel ingots. Prices of pig iron and of various report new production records. A shortage of kinds of finished steel registered further ad- labor has developed at Akron and wages have vances during the first three weeks of March, been advanced. Most of the larger companies and a composite of the prices of 14 products have also announced another 10 per cent (prepared by the Iron Trade Eeview) was increase in tire prices. 6 per cent higher on March 21 than on February Leather and shoes. 21. Demand has been very heavy in every About the middle of March the packer hide branch of the steel industry, and reports from market in Chicago became suddenly active, and the Philadelphia district state that some sales of 300,000 hides were effected. Earlier in companies which manufacture bars, plates, March and during February markets had been and shapes have already filled their order relatively inactive. Prices during February books for the second quarter of 1923. Moreremained practically unchanged, but in March over, the recent increase in building contracts quotations on native hides fell off slightly. awarded has resulted in a large increase of Prices on various grades of hides are now from orders for structural steel. The unfilled orders 25 to 100 per cent above those prevailing a year of the United States Steel Corporation inago. creased about 5 per cent in February and are now higher than at any time in the last two In the Philadelphia district heavy leathers years. As a result of the recent curtailment have been active and prices have advanced. of iron and steel production in Germany, there The demand for the upper leathers during March have been some foreign inquiries for American was centered upon specialties. Tanners in the iron, whereas iron was being imported from Chicago district reported that average daily Great Britain in the fall of 1922. output remained practically unchangea during January and February. Sole-leather produc- This improvement in domestic and foreign tion for the country as a whole, although totaldemand has resulted in a further increase m ing less in February, because of the shorter blast-furnace capacity. Sixteen additional month, was at the same rate as in January, but furnaces were blown in during February, and less than that prevailing a year ago. preparations are being made to start other The decline in the production of shoes befurnaces which have been idle for over two tween January and February was so slight as to years. be negligible, and, in fact, increases were noted in some centers. Shipments, according to re- Automobiles. ports to the Federal Reserve Banks of Boston, Production of passeng cr automobiles totaled Philadelphia, and Chicago, were larger than in 259,383 during February, which was 16 per January, but orders fell off. Production, shipcent more than in January and exceeded all ments, and orders all exceeded the correspond- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDEBAL EESEBVE BULLETIN'. 423 ing items for February, 1922, but stocks on lumber from producing to consuming points. hand were smaller except in the Boston dis- Prices on practically all grades of lumber have trict. Manufacturers in the Philadelphia dis- been steadily advancing for several weeks. trict reported a decline in demand during March, Composite indexes show that about March 15 as Easter orders had been practically all filled, lumber prices were 2 per cent higher than they and operating schedules were also reduced. were a month previous to that date and 30 per Sales of shoes by wholesalers during February cent above those of March, 1922. Lumber cut were less than during January in the New York, during February by 569 mills reporting to the St. Louis, and Minneapolis districts, but in- National Lumber Manufacturers' Association creased in the other reporting districts. Retail totaled 977,669,000 feet, which was a decline of 5 shoe sales, as reflected by reports of retailers in per cent from the January cut, but an increase the Philadelphia district, and of chain stores, of 26 per cent above that for last February. well distributed throughout the country, were Shipments were also less than in January, smaller during February than in January, and totaling 1,132,320,000 feet. Decreases in the chain-store sales were below those of last orders, shipments, and cut as compared with February. January were reported by the Southern Pine Association. Reports from the St. Louis Paper. Federal reserve district indicate a slackening Demand for paper is good and production is in wholesale buying about the middle of Febwell maintained at high levels. Newsprint out- ruary, with quietness prevailing in the market put during February, although less than in a month later. Production of lumber in the January because of the shortness of the month, Minneapolis district increased during February, exceeded that of any other February within the but manufacturers' stocks declined considerlast six years. The production of book and ably. Output of mills in the San Francisco wrapping papers during January was the largest district was the maximum permitted by log on record. Paper wholesalers reporting to the supply and weather conditions. Production Federal Reserve Bank of Philadelphia indicate and shipments exceeded those of January and that the demand was particularly good for fine, of last February. Orders booked were slightly book, and wrapping papers during March, and less than in January, but unfilled orders insales exceeded those of earlier months. Printers creased. Shipments, many of which go by and publishers in the Philadelphia district re- water, have exceeded production for three ported great activity growing out of an im- months and stocks of all grades were reported proved demand for advertising matter. Stocks to be at low levels. of newsprint increased only slightly during February, although a fairly large increase is cus- BUILDING. tomary at that time of the year. Stocks of JTactically all grades of paper increased during Actual construction has been retarded someanuary, in accordance with the usual seasonal what in the northern parts of the country trend. Both production and consumption of during the past three months on account of wood pulp increased during January, and stocks winter conditions. Plans for new construcheld by producers were enlarged slightly, al- tion, as shown by contracts awarded and perthough they are still very small in comparison mits issued, are very large at the present time. with figures for previous months. The value of contracts let in 10 Federal reserve districts (compiled from statistics collected by Lumber. the F. W. Dodge Co.) totaled $277,380,000 in Lumber manufacturers since the middle of February, which was 14 per cent more than February have reported gradually increasing in January. In seven districts for which comproduction, with declines in the volume of or- parable figures are available February contracts ders received and with shipments continuing were 29 per cent larger than a year ago. The at a steady rate. Mills have an enormous vol- value of awards increased during February in ume of unfilled orders on their books, which all reporting districts except Boston and New accumulated during the winter when produc- York. The largest increase occurred in the tion was curtailed. An unusually large cut Minneapolis district and amounted to 135 per will still be required to fill these orders, cent. Statistics published on page 509 show although the output of mills throughout the that there was also a considerable increase in winter was well above that of the preceding both number and value of building permits year. Transportation conditions were re- at 168 cities in February, as compared with ported to be hindering prompt shipments of January and a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 FEDERAL RESERVE BULLETIN. APRIL, 1023. A large proportion of the new building certain railroad shops. Railroad equipment planned is for business or governmental pur- factories are maintaining close to a maximum poses, as is shown by the Fact that contracts rate of output, yet unfilled orders for locoawarded for residential buildings decreased 26 motives increased from 1,788 to 2,220 during per cent during February, while all other con- February; a total of 25,866 new freight cars tracts increased 55 per cent. The Secretary of were put in service during the first two months Commerce, who has been making a study of of 1923; and there were outstanding orders for this problem, issued a report during March in 102,912 additional cars on March 1. which he recommended that the National, State, and municipal governments initiate no. TRADE. Wholesale trade. new building projects until the present large private demand for construction has slackened. Owing to the fact that February contained The report pointed out that Government agen- fewer business days, wholesale distribution was cies, by postponing construction, might pre- smaller than in the preceding month. Howvent wasteful competition at present and might ever, pronounced increases were noted in all lines later alleviate unemployment. as compared with February, 1922. Although decreases during February were noted in all Prices of building materials continued to lines and in almost all Federal reserve districts, advance during February and were on the the extent of the decreases showed variations in average 24 per cent higher than in March, 1922. all districts. Grocery sales decreased in 6 of the Production of brick and flooring decreased as 11 reporting districts, the decreases ranging from compared with January, while cement production 1.8 per cent in the Philadelphia district to 12 showed a moderate increase. Stocks of cement per cent in New York. The greatest increase and brick showed some further accumulation. was noted in the Kansas City district, being 26.6 TRANSPORTATION. per cent, and the smallest 0.4 per cent in the Increasing traffic and difficulty on the part Dallas district. With the exception of the New of the railroads to keep pace with the demands York and Cleveland districts, dry goods sales of shippers are features of the present railroad decreased in all districts, the decreases ranging situation. Car loadings have shown a definite from 1.8 per cent in Kansas City to 12.8 per upward trend since the beginning of January, cent in St. Louis. Sales of shoes decreased in and reached the highest figures for the current the New York, St. Louis, and Minneapolis disyear in the week ending March 3. Loadings tricts, but increased in all others. Compared for the first two months of 1923 were higher with February, 1922, sales of dry goods and than in the corresponding period of any pre- hardware showed the greatest increases. The vious year. Shipments of forest products, coke, increases in hardware varied from 18 per cent and general merchandise have been exception- in the Minneapolis district to 51.1 per cent in ally heavy, and an unusually large proportion the Cleveland district, while increases in dry of the traffic in February originated in the in- goods sales varied from 16.5 per cent in the dustrial sections of the East and Central West. Kansas City district to 53.1 per cent in the Richmond district. The increases in hardware Freight-car shortage increased steadily dursales reflect the influence of the large amount ing the last three weeks of February, but of building in the process of construction and decreased in the first two weeks of March. increased farm activity, while increased dry The average shortage of all types of cars goods sales reflect the influence of rising costs increased from 70,522 in the week ending of raw materials. Collections were "fair to February 8 to 80,633 in the week ending good" in all districts. The table on page 511 February 28, followed by a reduction to 74,442 gives detailed figures of wholesale trade. in the week ending March 14. During this five-week period the shortage of box cars, which are chiefly used in shipping manufac- Retail trade. tured goods, increased 40 per cent, while the Retail distribution during February was shortage of coal cars decreased 19 per cent. generally smaller than in the preceding month The number of bad-order cars on March 1 in all reporting lines except 5 and 10 cent was 215,552, which was 3 per cent more than chains, but continued greater than during the on February 1, but 35 per cent less than on corresponding month one year ago. Sales March 1, 1922. The increase in bad-order cars by 5 and 10 cent chains increased approxiduring February may be ascribed partly to the mately 2 per cent over January. Although the damage to equipment from snow and ice and shortness of the month, combined with inpartly to the continuance of labor disputes at clement weather in many districts, retarded Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKIL, 1923. FEDEBAL RESERVE BULLETIN. 425 department-store trade during February as smaller groups of commodities, moved as compared with January, increases over Febru- follows: Farm products declined . 1 point, ary, 1922, were noted in all districts. The foods remained unchanged, cloths and clothincreases ranged from 2.4 per cent in the ing increased 3 points, fuel and lighting de- Dallas district to 20.9 per cent in the San creased 6 points, metal products increased 6 Francisco district. In addition to the San points, building materials 4 points, chemicals Francisco district the largest increases were and drugs 1 point, while house furnishings in the industrial districts of Cleveland, Phila- remained unchanged. delphia, and Chicago, reflecting improved employment conditions and continued industrial COMMERCIAL FAILURES. expansion. Commercial failures during February showed Stocks of department stores at the close a decline below the January figures by more of February were greater than at the close than the usual seasonal amount and were of January, due to the receipts of spring fewer iii number than during any month since goods placed in stock during the month. September, 1921. Furthermore, during the Stocks on hand were, moreover, slightly larger first three weeks of March failures totaled than at the close of February, 1922, in all 1,111, a decline of 34 per cent below the districts except Kansas City, where a decrease number reported for the corresponding period of 2.5 per cent was indicated. The increases in March, 1922. Total liabilities involved in varied from 0.4 per cent in the Dallas district February failures were 44 per cent less than to 14.2 per cent in the St. Louis district, the during last February and 54 per cent below average increase for all sections being 6 per the record figure reached in December, 1921. cent. Outstanding orders of department Both number and liabilities, however, were stores decreased in all districts except Clevestill relatively great when compared with land, Chicago, and San Francisco. The table corresponding data during the years prior to on page 511 gives detailed figures of retail trade. 1921. The number of insolvencies involving over $100,000 in liabilities totaled 67 during PRICES. February, as compared with 82 in January Wholesale prices in the United States in- and 87 in February, 1922. The declines in creased during the month of February, the both number and liabilities of February failindex numbers of the Federal Reserve Board ures below the January figures were greater and Bureau of Labor Statistics each advanc- in the case of manufacturing establishments ing 1 point. When the commodities in the than with trading firms. board's index are grouped according to stages The number of defaults was less than durof manufacture, the level of raw materials re- ing last February in all Federal reserve dismained unchanged, producers' goods rose 6 tricts and exceeded those of January only in points, and,consumers' goods declined 2 points. the Kansas City district. Liabilities were Among raw materials, prices of metals con- above the corresponding figures for last tinued the increases of January, while coal February in the Cleveland and San Franprices declined rapidly. Prices of grain in- cisco districts, and were larger than during creased, as they have for the past three months, January in the Boston, Atlanta, Dallas, and and prices of live stock continued their oppo- San Francisco districts, but were smaller in site downward trend. Such producers' goods all other districts. as steel, brick, mineral oils, cotton and woolen yarns show increases, causing the EMPLOYMENT. group as a whole to advance more rapidly than during any month of the past year. Employment increased 2 per cent during Among foods in the consumers' goods group, February, according to reports received by the butter and eggs showed their usual large United States Bureau of Labor Statistics February declines. The increase in sugar from 4,848 industrial establishments in all prices brought the level of that commodity parts of the United States. Plants manufacback to that of the early part of 1921. The turing fertilizer, agricultural implements, and cost is now 7.3 cents a pound, in contrast to automobiles reported the largest increases in 4.9 cents one year ago and 7.1 cents two years number of workers, while meat-packing plants, ago. car shops, and flour mills were the only indus- The groupings of the Bureau of Labor Sta- tries showing any. considerable reductions in tistics index number, showing the trends of forces. A substantial shortage of female Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 FEDERAL EESERVE BULLETIN. APRIL, 1928. workers has developed at textile mills and the number of their employees in the southern garment factories in the Eastern States. Un- part of the district, but mills in Maryland have skilled male labor also is in great demand in slightly reduced operations. There is still a industrial sections, but is still in excess of the surplus of general clerical workers in Washsupply in States west of the Mississippi River. ington, but the demand for male stenographers Almost all wage adjustments continue to be exceeds the supply. The textile, lumber, upward. Many plants manufacturing steel, paper, and printing industries have added lumber, railroad cars, furniture, brick, leather, workers to their pay rolls in the Atlanta disand woolen goods announced wage advances trict. Common labor is still very scarce in in the 30-day period ending February 15. Florida and Mississippi and there is a growing Shortages of both male and female workers shortage of farm workers. are reported from New England. The textile, In the Chicago district the number employed shoe, metal, and machine industries report by 218 firms increased about 1 per cent in Febshortages of skilled male workers, while the ruary, although there was some decrease in textile, rubber, and electrical industries de- the number of man-hours and average earnsire additional female workers. Cotton and ings on account of the decrease in number of woolen mills, brass foundries, and woodworking working days as compared with January. plants are working overtime, while lumber and The largest gains in employment occurred at paper mills are now on part-time schedules. plants manufacturing agricultural machinery, The New York State Department of Labor re- electrical goods, and wearing apparel, while ports that there was an increase of about 1.2 decreases were registered by manufacturers of per cent in industrial employment during heavy machinery, by railway repair shops, February, while average weekly earnings de- and by tanneries. A shortage of building creased 1.3 per cent. Scarcity of female fac- craftsmen is reported from the St. Louis distory workers and domestic workers has de- trict, and there is a large demand for farm veloped in maiiy parts of the New York dis- help and female garment workers. A surplus trict and common labor is in great demand. of both male and female office help exists in Employment at sugar refineries and auto- the city of St. Louis. Steel mills, shoe factomobile plants was substantially increased dur- ries, and lumber mills in the Minneapolis ing February, while iron and steel mills and district increased their forces during February metal plants generally report a shortage of but there is still a surplus of agricultural workers. Reports from about 480 industrial workers. Demand for office help is improving . establishments in the Philadelphia district in the Kansas City district, and calls for farm show an increase of 2 per cent in number of labor are more numerous. Coal mines, soap employees in February as compared with factories, brick yards, and flour mills are operat- January, while the average weekly earnings in- ing on part-time schedules. creased 4 per cent. Unemployment in four The number of employed in the Dallas disimportant cities of eastern Pennsylvania on trict continued practically unchanged during March 15 was 12 per cent less than on Febru- February. Some surplus of machinists and ary 15 and 21 per cent less than on January 1. of common labor is reported. Oil companies Shortages of female workers in the garment are increasing the size of their forces. In the industry and of skilled male workers in the San Francisco district the commencement of metal industries and the meat-packing indusspring farm work has reduced the surplus try are reported, while there is a scarcity of supply of common labor. Iron and steel mills common labor in many sections of the Philaand shipyards are employing additional delphia district. Iron furnaces and steel mills workers. A surplus of common labor and in the Cleveland district report shortages of commercial workers is reported from the common labor and of many types of skilled northern part of the district. labor. Rubber factories in Akron are working three shifts, while other plants in the FOREIGN TRADE. vicinity are working two shifts. Shortages of skilled cutters, loaders, and helpers have de- The preliminary import figures now availveloped at mines in western Pennsylvania. able for December, 1922, indicate the contin- Employment in the food, steel, and lumber uance of our import trade at a relatively high industries continues to increase in all parts of level, even if allowance is made for recent inthe Richmond district, while tobacco factories creases in commodity valuations. With the and coal mines have slightly reduced their single exception of September, 1922, when forces. Textile mills have further increased large quantities of goods were rushed to this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIL, 1923. FEDERAL EESEEVE BULLETIN. 427 country just before the new tariff rates went imported during the month came from Mexico, into effect, the December total of $297,000,000 over 15 per cent from Peru, and about 14 per is the largest in any month since November, cent from Canada. Silver exports for the 1920. For the entire calendar year 1922 im- month, $2,191,000, were largely directed toports were valued at $3,116,000,000, com- ward China, British India, and England, pared with $2,509,000,000 in 1921. these three countries together taking about Exports from the United States declined in 90 per cent of the total silver exports for the value from $336,000,000 in January to $310,- month. 000,000 in February, the most recent month Net silver exports since August 1, 1914, for which total figures have been compiled. totaled $434,756,000, as may be seen from the Allowing for the fewer days in February, the following table: returns for that month average slightly higher per day than do those for January. While [In thousands of dollars.] there has been some falling off in our export t O ra c d to e b e a r s a c n o d m N pa o r v e e d m b w e i r t , h 1 t 9 h 2 e 2 , h t i h g e h r l e e d ve u l c s t io o n f Imports. Exports. E e x x c p e o s r s t s o . t so far has not been sufficient to cause serious concern. 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 Jan. 1 to Dec. 31,1920 88,060 113,616 25,556 Jan. 1 to Dec. 31,1921 63,242 51,575 111,667 GOLD AND SILVER MOVEMENTS. Jan. 1 to Dec. 31,1922 70,807 62,807 18,000 Jan. 1 to Feb. 28,1923 9,617 9,112 •505 Net gold imports for the month of February Total 524,728 959,484 434,756 totaled $6,984,000, compared with $24,348,000 for January. Both imports and exports were 1 Excess of imports. on a substantially lower scale than during the FOREIGN EXCHANGE. preceding months, imports from Europe and Canada showing the largest declines. Gross French francs, which had been declining gold imports for the month under review were since April, 1922, except for a brief rally in $8,383,000. Of this total about 55 per cent, December, continued downward in January, most of it in United States coin, came from February, and the early part of March of this Canada, about 12.5 per cent from the United year. On March 12 the franc stood at 6.03 Kingdom, and slightly less than 12 per cent cents, compared with 9.35 cents on April 24, from France. Over one-half of the total of 1922, the peak figure since 1919. During the $1,399,000 of gold exported during the month latter part of March French exchange was was consigned to Hongkong, Mexico took very active, with a general upward trend, the $546,000, or about 40 per cent of the gold quotation for March 30 being 6.62 cents. exported during the month, while smaller ship- The course of the Belgian franc has been parments were made to Canada, Switzerland, and allel to that of the French franc, while the England. Italian lira has remained fairly steady. Net imports of gold since August 1, 1914, Sterling exchange has moved but little in totalled $1,811,716,000, as shown in the follow- March, with a general downward trend, the ing table: quotation on March 30 being $4.68, compared [In thousands of dollars.] with a peak of $4.72 recorded on February 21. German marks, after being apparently pegged Imports. Exports. Excess of during the last week of February at 0.0044 cent, imports. rose on March 7 to 0.0048 cent, where they were again stabilized for the remainder of the Aug. 1,1914 to Dec. 31,1918 1,776,616 705,210 1,071,406 Jan. 1 to Deo. 31,1919 76,534 368,185 1291,651 month. J J a a n n . . 1 1 t t o o D D e e c c . . 3 3 1 1 , , 1 1 9 9 2 2 0 1 6 4 9 1 1 7 , , 2 0 4 6 8 8 3 2 2 3 2 , , 8 0 9 9 1 1 6 9 6 4 7 , , 9 3 7 5 7 7 Of the South American exchanges, Argen- Jan. 1 to Dec. 31,1922 275,170 36,875 238,295 tine pesos and Brazilian milreis declined some- Jan. 1 to Feb. 28,1923 41,203 9,871 31,332 what, while Chilean pesos advanced consider- Total 3,277,839 1,466,123 1,811,716 ably. In the Orient the Japanese yen and the Indian rupee remained fairly steady, ' Excess of exports. while the Shanghai tael advanced from 71 Silver imports during February, $3,792,000, cents in the middle of February to 76 cents in were lower than any monthly imports since the middle of March. This advance is parallel June, 1921. About 60 per cent of the total to a corresponding rise in the price or silver. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 FEDERAL RESERVE BULLETIN. APRIL, 1923. RULINGS OF THE FEDERAL RESERVE BOARD. Nonmember bank balances. violation of the law, irrespective of whether or There is published herewith the substance of not part of such balance may consist of items a ruling made by the Federal Reserve Board which properly do not represent sums "on upon the question whether certain items should deposit with " the nonmember bank within the be considered as a sum on deposit with a non- meaning of section 19. member bank within the meaning of that por- The further question is raised, however, as to tion of section 19 of theFederalreserve act which whether items sent the nonmember bank provides: "No member bank shall keep on under the circumstances stated and still in deposit with.any State bank or trust company process of collection must be included in the which is not a member bank a sum in excess balance due from the nonmember bank, or, of 10 per centum of its own paid-up capital and in other words, whether the unconnected items surplus." properly should be deemed to constitute " a The facts upon which the ruling was predi- sum on deposit with" the nonmember bank, cated were stated to be as follows: within the meaning of the above quoted pro- A State member bank has been sending to a vision of section 19 of the Federal reserve act. nonmember bank all its foreign items for col- It appears that there is an irreconcilable lection and credit, these items consisting either conflict of legal authority upon the question of checks received as cash items from the whether, under general principles of law, items member bank's customers, or the member forwarded under the circumstances described bank's own drafts on its other correspondent and still uncollected would be held to constibanks. These items are indorsed in blank by tute a deposit, although the better view seems the member bank's customers and by the to be that the member bank would become a member bank with the usual indorsement, general creditor of and depositor in the non- " Pay to the order of any bank, banker, or trust member bank with respect to all such items. company, all previous indorsements guaran- Inasmuch, however, as the question under conteed." They are handled by the nonmember sideration is whether certain items constitute bank as cash items. At times, when large a sum on deposit with a nonmember bank remittances are made, the member bank's books within the meaning of section 19 of the Federal show balances in excess of 10 per cent of its reserve act, the board is not concluded by gencapital and surplus with the nonmember bank, eral rules of law, but may properly look to the but its collected or available balance with the spirit and purpose of this provision of section 19 nonmember bank is at all times within this 10 and so construe and administer it as best to per cent limitation. By collected or available carry out the intention of Congress in enacting balance is meant such portion of the items sent this legislation. the nonmember bank as has been actually col- One purpose of the provision limiting the lected by the nonmember bank and which, amount which a member bank may keep on under an agreement between the member and' deposit with a nonmember bank, and perhaps nonmember bank, may be checked against the primary purpose, is to minimize the risk by the former. It is the practice of the memincurred by a member bank in maintaining a ber bank to charge all items to the nonmember balance with a bank which is not a member bank immediately, and of the nonmember bank and which consequently does not have bank to give immediate credit for the same, the security and protection afforded by memsubject to final payment, but by virtue of the bership in the Federal reserve system. With understanding noted above, the credit thus this purpose in view, the board believes that, created on the books of the nonmember bank in determining whether certain items should may not be checked against until final paybe held to constitute sums on deposit with ment of the items creating the credit has been a nonmember bank within the proper meanreceived. ing of section 19, it should be governed As a matter primarily of bookkeeping, the largely by a consideration of the risk incurred board is of the opinion that a member bank by member banks in handling items through a should not be permitted to show on its books nonmember bank. In view of the uncertainty that it has a balance due from a nonmember as to how the courts would deal with such bank in excess of the 10 per cent limit allowed items in the event of failure of the nonmember by law, for this constitutes prima facie a bank, it would seem that member banks should Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APEII/, 1923. FEDERAL RESERVE BULLETIN. 429 count as part of the permitted balance due with Federal reserve banks shall be defrom a nonmember bank all items which might termined." In construing this provision the reasonably be held to constitute sums on de- board has ruled that in deducting "due posit with such nonmember bank. In this way from" bank balances from "due to" bank member banks would be protected against un- balances in ascertaining the amount against due loss in case of the nonmember bank's insol- which reserves must be carried, out-of-town vency, as was contemplated by Congress. As checks placed in the mail and charged to the seen above, the items under consideration, al- account of a bank's correspondent may be inthough not conclusively established in all juris- cluded as part of the balances " due from " such dictions to constitute deposits under general correspondent. Thus the board has1 held in principles of law, are properly susceptible of another connection that items sent to a corresuch a characterization, and, in. the board's spondent bank and charged to its account conopinion, they should be held to represent sums stitute balances "due from" such co-responon deposit with a nonmember bank within the dent, or, in other words, "a sum on deposit" meaning of section 19 of the Federal reserve act. therewith. This ruling is in accord with previous rulings The board is of the opinion, therefore, that all made by the board in connection with the proitems forwarded to a nonmember bank under vision of section 19 that "In estimating the the circumstances described must be considered balances required by this act, the net difference as sums on deposit with the nonmember bank of amounts due to and from other banks shall within the meaning of section 19, and are acbe taken as the basis for ascertaining the cordingly subject to the 10 per cent limitation deposits against which required balances on nonmemberbankbalances contained therein. LAW DEPARTMENT. Textual Changes in Federal Reserve Act by Agricultural a paid-up, unimpaired capital of at least 60 per centum of the Credit Act and Act of February 6, 1923. amount sufficient to entitle it to become a national banking association in the place where it is situated under the provisions There is published below a compilation of the of the National Bank Act and,under penalty of loss of membertextual changes made in the Federal reserve act ship complies with rules and regulations which the Federal Reserve Board shall prescribe fixing the time -within which and by the recent amendments contained in the act the method by which the unimpaired capital of such bank shall of February 6, 1923, and in the act of March 4, be increased out of net income to equal the capital which would 1923, which is known as the agricultural credits have been required if such bank had been admitted to memberact of 1923. Italics indicate matter inserted by ship under the provisions of clause (a) of this paragraph: Provided, That every such rule or regulation shall require the the new amendments and canceled words show applying bank to set aside annually not less than 20 per old matter stricken out. centum of its net income of the preceding year as a fund exclu- The last paragraph of section 10 of the act of. sively applicable to such capital increase. December 23, 1913, as amended, was further The second paragraph of section 13 of the amended by the act of February 6, 1923, to read act of December 23, 1913, as amended, was as follows: further amended and divided into two para- No Federal reserve bank shall have authority hereafter graphs by the act of March 4, 1923, to read as to enter into any contract or contracts for the erection of follows: any branch bank building of any kind or character, or to authorize the erection of any such building, if the cost of the Upon the indorsement of any of its member banks, building proper, exclusive of the cost of the vaults, permanentwhich shall be deemed a waiver of demand, notice and equipment, furnishings, and fixtures is in excess of $250,000, protest by such bank as to its own indorsement exclusively, without the consent-of OongrcBo -having proviouoly been any Federal reserve bank may discount notes, drafts, and given therefor in cxprcoo tcrma: Provided, That nothing bills of exchange arising out of actual commercial transherein shall apply to any building eew under construction actions; that is, notes, drafts, and bills of exchange prior to June 3, 1922. issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of which have been used, or are The ninth paragraph of section 9 of the act of to be used, for such purposes, the Federal Reserve Board December 23, 1913, as amended, was further to have the right to determine or define the character of the amended by the act of March 4, 1923, to read as paper thus eligible for discount, within the meaning of this Act. Nothing in this Act contained shall be construed to follows: prohibit such notes, drafts, and bills of exchange, secured No applying bank shall be admitted to membership in a by staple agricultural products, or other goods, wares, Federal reserve bank unless (a) it possesses a paid-up, un- or merchandise from being eligible for such discount, impaired capital sufficient to entitle it to become a national and the notes, drafts, and bills of exchange of factors issued banking association in the place where it is situated under as such making advances exclusively to producers of staple the provisions of the National Bank Act, or (b) it possesses agricultural products in their raw state shall be eligible Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 FEDERAL EESERVE BULLETIN. APEIL, 1923. for such discount; but such definition shall not include excess of six months shall not be eligible as a basis for the issunotes, drafts, or bills covering merely investments or ance of Federal reserve notes unless secured by warehouse reissued or drawn for the purpose of carrying or trading ceipts or other such negotiable documents conveying or securin | stocks, bonds, or other investment securities, ex- ing title to readily marketable staple agricultural products or cept bonds and notes of the Government of the United by chattel mortgage upon live stock which is being fattened for States. Notes, drafts, and bills admitted to discount under market. the terms of this paragraph must have a maturity at the That any Federal reserve bank may, subject to regulations time of discount of not more than 90 days, exclusive of and limitations to be prescribed by the Federal Reserve Board, rediscount such notes, drafts, and bills for any Federal Inter- \IttjT3 OT s£l Gv^\s * n \J V tlXt'ltT ^TiTHTo IX U L \JXJ 7 ul TXT TO - wXXLl drawn e* ioaucd ier agricultural purpoaca e? booed ea mediate CreditBank, except that no Federal reserve bank shall rediscountfor a Federal Intermediate Credit Bank any such note tynwtrtt" u'tu net v ing tt innPtirnj jr xttrtj ujv.uvjt/U.Tiig UIAJ l i i u ij or obligation which bears the indorsement of a nonmember t a 3 m "X o Ci u U n SI t V O r e t f 't e e * - l * i ** m 3 ite 0 d 1 t c o rt L a G O p r e H rc X e ttj n ^ ta v g v e d e I f S - C O tf U e H e L C a ! o tt o o x t x s £ e 1 f L I i the State bank or trust company which is eligible for membership Federal rcacrvo feaaky te fee aBecrtainod aad- fixed fey tfee in the Federal reserve system, in accordance with section 9 of this Act. JTpon /fee indorsement of any of its member banks, which Any Federal reserve bank may also buy and sell debentures shall be deemed a waiver of demand, notice, and protest byand other such obligations issued by a Federal Intermediate tuch bank as to its own indorsement exclusively, and subjectCreditBank or by a National Agricultural Credit Corporation, to regulations and limitations to be prescribed by the Federablut only to the same extent as and subject to the same limita- Reserve Board, any Federal reserve bank may discount or tions as those upon which it may buy and sell bonds issued purchase bills-of exchange payable at sight or on demand "under Title I of the Federal Farm Loan Act. which are drawn to finance the domestic shipment of non- Notes, drafts, bills of exchange or acceptances issued or perishable, readily marketable staple agricultural products drawn by cooperative marketing associations composed of and are secured by bills of lading or other shipping documentsproducers of agricultural products shall be deemed to have conveying or securing title to such staples: Provided, That been issued or drawn for an agricultural purpose, within the all such bills of exchange shall be forwarded promptly formeaning of this section, if the proceeds thereof have been or collection, and demand for payment shall be made with are to be advanced by such association to any members thereof reasonable promptness after the arrival of such staples at for an agricultural purpose, or have been or are to be used by their destination: Provided further, That no such bill shall such association in making payments to any members thereof in any event be held by or for the account of a Federal reservoen account of agricultural products delivered by such membank for a period in excess of 90 days. In discounting suchbers to the association, or if such proceeds have been or are to bills Federal reserve banks may compute the interest to be be used by such association to meet expenditures incurred or deducted on the basis of the estimated life of each bill andto be incurred by the association in connection with the gradadjust the discount after payment of such bills to conform to ing, processing, packing, preparation for market, or marketthe actual life thereof. ing of any agricultural product handled by such association for any of its members: Provided, That the express enumera- The fourth paragraph of section 13 of the act tion in this paragraph of certain classes of paper of cooperaof December 23, 1913, as amended, was further tive marketing associations as eligible for rediscount shall not be construed as rendering ineligible any other class of paper amended by the act of March 4, 1923, to read of such associations which is now eligible for rediscount. as follows: The Federal Reserve Board may, by regulation, limit to a percentage of the assets of a Federal reserve^ bank the amount y Federal reserve bank may discount acceptances of of notes, drafts, acceptances, or bills having a maturity in the kinds hereinafter described, which have a maturity at excess of three months, but not exceeding six months, excluthe time of discount of not more than 90 days' tteee months-1 sive of days of grace, which may be discounted by such bank, sight, exclusive of days of grace, and which are indorsed by and the amount of notes, drafts, bills, or acceptances having at least one member bank: Provided, That such acceptancesa maturity in excess of six months, but not exceeding nine if dra wnfor an agricultural purpose and secured at the time oMf onths, which may be rediscounted by such bank. acceptance by warehouse receipts or other such documents conveying or securing title covering readily marketable staples may Paragraph (d) of section 14 of the act of be discounted with a maturity at the time of discount of not December 23, 1913, as amended, was further more than six months' sight exclusive of days of grace. amended by the repeal of the act entitled "An Section 13 of the act of December 23, 1913, act to amend an act approved December 23, as amended, was further amended by the act of 1913, known as the Federal reserve act," ap- March 4, 1923, by adding at the end of the secproved April 13, 1920. The effect of this tion a new section to read as follows: amendment is to make paragraph (d) of sec- SEC. 13a. Upon the indorsement of any of its member banks,tion 14 read as follows: which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, any Federal(d) To establish from time to time, subject to review reserve bank may, subject to regulations and limitations to beand determination of the Federal Reserve Board, rates of prescribed by the Federal Reserve Board, discount notes, dradftiss,count to be charged by the Federal reserve bank for and bills of exchange issued or draionfor an agricultural pur-each class of paper, which shall be_ fixed with a view of pose, or based upon live stock, and having a maturity, at theaccommodating commerce and business aftet-waiefty safelime of discount, exclusive of days of grace, not exceeding nine l i rt dotcrmiaatien of h Fd months, and such notes, drafts, and bills of exduinge may be offered as collateral security for the issuance of Federal reserve b?-aa*tHtat-ot' the advances aud-eliacount aeoom notes under the provisions of section 16 of this Act: Provided, That notes, drafts, and bills of exchange with maturities in wtns; bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL KESER.VE BULLETIN. 431 Section 14 of the act of December 23, 1913, institution, whether direct or contingent (other than as amended, was further amended by the act bona fide deposit liabilities), exceeds the amount of such liability permitted under the laws of the jurisdiction of March 4, 1923, by adding at the end of the creating the same; or exceeds twice the paid in and section a new paragraph to read as follows: unimpaired capital and surplus of such national bank, State bank, trust company, or savings institution. No (/) To purchase and sell in the open'jnarkel, either from paper shall under this section be purchased from or disor to domestic banks, firms, corporations, or individuals, counted for any other corporation engaged in making loans acceptances of Federal Intermediate Credit Banks and of for agricultural purposes or for the raising, breeding, National Agricultural Credit Corporations, whenever the Fed- fattening, or marketing of live stock, if the amount of eral Reserve Board shall declare that'Jhe public interest so such paper added to the aggregate liabilities of such correquires. poration exceeds the amount of such liabilities permitted under the laws of the jurisdiction creating the same; or Section 15 of the act of December 23, 1913, exceeds ten times the paid in and unimpaired capital as amended, was further amended by the act and surplus of such corporation. It shall be unlawful, of March 4, 1923, by adding at the end of the for any national bank which is indebted to any Federal Intermediate Credit Bank upon paper discounted or section a new paragraph to read as follows: purchased under this section, to incur any additional indebtedness, if by virtue of such additional indebtedness The Federal reserve banks are hereby authorized to act as ita aggregate liabilities, direct or contingent, will exceed depositories for and fiscal agents of any National Agricultural the limitations herein contained." Credit Corporation or Federal Intermediate Credit Bank. (c) Loans, advances, or discounts made under this section shall have a maturity at the time they are made Other Provisions of Agricultural! Credits Act^ Affecting or discounted by the Federal Intermediate Credit Bank Federal Reserve 'System. of not less than six months nor more than three years. In addition to those portions ot the agricul- Any Federal Intermediate Credit Bank may in its discretion sell loans or discounts made under this section, tural credits act which make textual changes with or without its indorsement. in the Federal reserve act itself, the following (d) Rates of interest or discount charged by the Federal sections of the act also indirectly amend the Intermediate Credit banks upon such loans and discounts Federal reserve act or otherwise affect the shall be subject to the approval of the Federal Farm Loan Federal reserve system: Board. On the majority vote of the members of the Federal Farm Loan Board any Federal Intermediate Credit Bank shall be required to rediscount the dis- DISCOUNTSJANDJLOANS. counted paper of any other Federal Intermediate Credit Bank at rates of interest to be fixed by the Federal Farm "SEC. 202. (a) That Federal Intermediate Credit Banks, Loan Board. when chartered and established, shall have power, subject solely to such restrictions, limitations, and conditions as TITLE II.—NATIONAL AGRICULTURAL CREDIT may be imposed by the Federal Farm Loan Board not CORPORATIONS. inconsistent with the provisions of this Act,— (1) To discount for, or purchase from, any national bank, and/or any State bank, trust company, agricultural credit SEC. 203. (a) That each National Agricultural Credit corporation, incorporated live-stock loan company, sav- Corporation shall have power, under such rules and reguings institution, cooperative bank, cooperative credit lation as the Comptroller of the Currency may prescribe— or marketing association of agricultural producers, organ- (1) To make advances upon, to discount, rediscount, ized under the laws of any State, and/or any other Fed- or purchase, and to sell or negotiate, with or without its eral Intermediate Credit Bank, with its indorsement, any indorsement or guaranty, notes, drafts, or bills of exnote, draft, bill of exchange, debenture, or other such change, and to accept drafts or bills of exchange, which— obligation the proceeds of which have been advanced or (A) Are issued or drawn for an agricultural purpose, or used in the first instance for any agricultural purpose or the proceeds of which have been or are to be used for an for the raising, breeding, fattening, or marketing of live agricultural purpose; stock; (B) Have a maturity, at the time of discount, purchase, (2) To buy or sell, with or without recourse, debentures or acceptance, not exceeding nine months; and issued by any other Federal Intermediate Credit Bank; (C) Are secured at the time of discount, purchase, or and acceptance by warehouse receipts or other like documents (3) To make loans or advances direct to any cooperative conveying or securing title to nonperishable and readily association organized under, the laws of any State and marketable agricultural products, or by chattel mortgages composed of persons engaged in producing, or producing or other like instruments conferring a first and paramount and marketing, staple agricultural products, or live stock, lien upon live stock which is being fattened for market. if the notes or other such obligations representing such (2) To make advances upon or to discount, rediscount, loans are secured by warehouse receipts, and/or shipping or purchase, and to sell or negotiate with or without its documents covering such products, and/or mortgages on indorsement or guaranty, notes secured by chattel mortlive stock: Provided, That no such loan or advance shall gages conferring a first and paramount lien upon maturing exceed 75 per centum of the market value of the pro- or breeding live stock or dairy herda, and having a maturity ducts covered by said warehouse receipts and/or shipping at the time of discount, rediscount, or purchase not exdocuments, or of the live stock covered by said mortgages. ceeding three years. "(b) No paper shall be purchased from or discounted *' * * I* for any national bank, State bank, trust company, or (8) To issue, subject to such regulations as the Compsavings institution under this section, if the amount of troller of the Currency may prescribe, collateral trust •uch paper added to the aggregate liabilities of such notes or debentures, with a maturity not exceeding three national bank, State bank, trust company or savings years, and to pledge as security for such notes or debentures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 FEDERAL RESERVE BULLETIN. APRIL, 1923. any notes, drafts, bills of exchange, or other securities (c) Corporations with powers limited, as provided in held by the corporation under the terms of this title. this section, shall not be subject to the requirements as The regulations of the Comptroller of the Currency may to deposit of bonds or other obligations of the United prescribe the form of notes or debentures, and of notes, States, as provided in section 208 of this title. drafts, bills of exchange, warehouse receipts, chattel mortgages, or other instruments which may be pledged PERMIT TO BEGIN BUSINESS. as security therefor, the provisions which may be made with regard to release, substitution, or exchange of such SEC. 208. (a) That no National Agricultural Credit securities, and with regard to protection, supervision, Corporation, except corporations with powers limited as inspection, and reinspection of the agricultural commodi- provided in section 207, shall commence business until it ties or live stock pledged or mortgaged as security has deposited with the Federal reserve bank of the district therefor. wherein it has its place of business, bonds or other obliga- (b) The United States Government shall assume no tions of the United States in an aggregate face amount at liability, direct or indirect, for any debentures or other least 25 per centum of its paidin capital stock. Each such obligations issued under this title, and all such debentures corporation shall at all times keep on deposit with such and other obligations shall contain conspicuous and appro- Federal reserve bank an amount of such bonds or other priate language, to be prescribed in form and substance obligations of the United States at least equal in face value by the Comptroller of the Currency and approved by the to 7J per centum of the aggregate indebtedness of such Secretary of the Treasury, clearly indicating that no corporation, direct or contingent, said amount to include such liability is assumed. the 25 per centum deposited as hereinbefore by this sec- (c) Any obligation referred to in paragraphs (1) or (2) tion provided. Except as hereinafter provided, such of subdivision (a) of this section, which is secured by bonds or other obligations shall be held by such Federal chattel mortgage upon live stock of an estimated market reserve bank, subject to the direction and control of the value at least equal to the face amount of such obligation, Comptroller of the Currency, in trust for the equal and may be additionally secured by mortgage or deed of trust pro rata protection and benefit of all holders of notes, upon real estate or by other securities, under such regu- debentures, drafts, bills of exchange, or acceptances upon lations aslnay be made by the Comptroller of the Currency. which such corporation may be directly or contingently liable. Upon receipt of proper evidence that the amount of such bonds or other obligations of the United States so deposited exceeds 7J per centum of such aggregate indebt- REDISCOUNT CORPORATIONS. edness, the Comptroller of the Currency may release such excess, provided that the amount remaining on deposit SEC. 207. (a) That National Agricultural Credit Cor- shall in no event be reduced below 25 per centum of the porations having an authorized capital stock of $1,000,000 paid-in capital stock of such corporation. Under such or over may be organized under the provisions of this title, regulations as the Comptroller of the Currency may preto exercise all the powers enumerated in section 203, ex- scribe, a Federal reserve bank may, upon request of the cept that in lieu of the powers conferred in paragraphs (1) corporation which deposited the same, sell any such bonds and (2) of subdivision (a) of such section, such corpora- or obligations for account of such corporation, and permit tions shall have powers,— such corporation to use the proceeds thereof for the pro- (1) Upon the indorsement of any National Agricultural tection or preservation of any property pledged or mort- Credit Corporation, or of any bank or trust company which gaged as security for obligations owned or indorsed by is a member of the Federal Reserve System, to rediscount the corporation. If by reason of such sale the face amount for such corporation, bank, or trust company, notes, drafts, of such bonds or other obligations of the United States bills of exchange, and acceptances, which conform to the remaining on deposit with such Federal reserve bank shall requirements of paragraphs (1) and (2) of subdivision (a) be less than 7J per centum of such aggregate indebtedness of section 203. Such indorsement shall be deemed to be of the corporation, no further advances shall be made, or a waiver of demand notice and protest by such corporation notes, drafts, or bills of exchange discounted, redisas to its own indorsement exclusively. counted, accepted, or purchased, by such corporation until (2) To discount or purchase notes, drafts, or bills of ex- sufficient additional bonds or other obligations of the change issued or drawn by cooperative associations of pro- United States have been deposited to make good the ducers of agricultural products, provided such notes, deficiency. drafts, or bills of exchange are secured at the time of discount or purchase by warehouse receipts or other like BANKS MEMBERS OF THE FEDERAL RESERVE SYSTEM MAT documents conveying or securing title to nonporishable BECOME STOCKHOLDERS. and readily marketable agricultural products, and have a maturity at the time of discount or purchase not exceed- SEC. 210. That any member bank of the Federal reserve ing nine months. system may file application with the Comptroller of the (3) To sell or negotiate with or without recourse any Currency for permission to invest an amount not exceednote, draft, or bill of exchange discounted or purchased ing in the aggregate 10 per centum of its paid in capital hereunder. stock and surplus in the stock of one or more of the National Agricultural Credit Corporations, and upon approval of (b) National Agricultural Credit Corporations organized such application may purchase such stock. The Compunder the provisions of this section, shall not be subject troller of the Currency shall have discretion to approve or to the limitations contained in section 204, but the Compreject such application in whole or in part. troller of the Currency may, by general regulations, from time to time prescribe the amount of indebtedness, direct or contingent, which such corporations may incur, and ' DEPOSITS. the aggregate amount of paper of different types which SEC. 212. That the moneys of National Agricultural such corporations may rediscount for any one corpora- Credit Corporations may be kept on deposit subject to tion. check in any member bank of the Federal reserve system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1023. FEDERAL RESERVE BULLETIN. 433 THE GOLD SITUATION. before the outbreak of the war; at the end of 1918, after the signing of the armistice; at the Continued gold imports to the United States, end of August, 1920, the close of the period though in reduced volume, and the unprece- when the United States lost gold to other dented total of the gold reserves of the Federal countries after the lifting of the gold embargo, reserve banks make it opportune to review once and at the end of 1922. The percentages that more the general gold situation.1 reserves of each country constituted of the The table below shows the gold reserves of total on each date are shown in the last four the principal countries at the end of 1913, just columns of the table. GOLD RESERVES OF THE PRINCIPAL COUNTRIES. Gold holdings (in thousands of dollars). Percentage distribution. D 1 e 9 c. 1 3 3 . 1, De 1 c 8 . 1 8 3 . 1, Au 19 g 2 . 0 3 . 1, d a a v L t a e a i t l 1 e a 9 s b 2 t l 2 e . D 1 e 9 c. 1 3 3 . 1, D 1 e 9 c 1 . 8 3 . 1, Au 19 g 2 . 0 3 . 1. d a a v L t a e a i t l 1 e a 9 s b 2 t l 2 e . United States 691,514 2,245,720 2,129,941 3,200,372 20.4 35.5 32.1 40.3 Great Britain 170,245 523,632 737,416 751.841 5.0 8.3 11.1 9.5 France .. 678,856 664,017 697,108 708.403 20.0 10.5 10. 5 R.S 64 963 225 821 411,263 608,170 1.9 6.2 7.7 92,490 430,072 473,309 487,278 2.7 6.8 7.1 224,989 269,628 450,057 450.057 6.6 4.3 6.8 5.7 Netherlands.. 60 898 277,155 25.5,80S 233.880 1.8 4.4 3.9 2.9 Germany 27S.6S7 538,861 260,035 227.437 8.2 S. 5 3.9 2.9 Italy .." . 288 103 243,566 203, S34 215,822 8.5 3.9 3.1 2.7 142 517 190 688 172,002 1 180,907 4.2 3.0 2.6 India. 72 780 63,842 126,905 118,341 2.2 1.0 1.9 1.5 Australia 21,899 104,143 112,966 112,04-! .6 1.6 1.7 1.4 Switzerland 32 S01 80,041 104,213 i 103.13S 1.0 1.3 1.6 1.2 27 372 76 532 70,041 73 422 .8 1.2 1.1 .9 19 066 52,159 60,991 61,185 .6 .8 .9 .8 Java.. 10,027 51,600 60,500 61,819 .3 8 .9 .8 39 905 33,579 54,991 74,088 1.2 .8 .9 Belgium 59,131 51,145 51,433 51,901 1.7 .8 .8 .6 12 846 32,691 39,488 39.474 .4 .6 .5 New Zealand 25,306 39,419 37,472 38.127 . 7 .6 .6 .5 Brazil... • 53 202 15,571 19,454 45,119 1.6 .3 .3 .6 Egypt 10,3Sl 16,312 16,614 16,604 .3 .3 .3 .2 12,352 .1 569 12 738 .2 5 211 10 422 11,001 6,06! o .2 .2 .1 Portugal 8,760 9,263 9,266 9.267 .3 .1 .1 6 948 8 290 8 299 i 8,371 .2 .1 .1 .1 Bulgaria.. 10,615 12,352 7,141 7.401 .3 _ 2 .1 .1 Poland. 1,657 8.240 .1 29,242 2 329 7' 585 .9 .1 Hungary | 251,421 53,074 ,. „, ' \ , ( 9.9 . 89 .- .8 .6 I Total 3,390,775 6,319,606 6,629,226 7,941,435 100.0 100.0 100.0 100.0 The increase in the total gold reserves from Between August 31, 1920, and the end of $3,391,000,000 in 1913 to $6,320,000,000 at the 1922 total central gold reserves increased by end of 1918 was due in large part to the concen- over $1,300,000,000. This period is charac- ; tration of gold previously in circulation, while the terized chiefly by the heavy movement of gold increase of gold reserves of the United States to the United States. It was the repayment during that period was due largely to pay- in October, 1920, of the $500,000,000 Angloments to this country for war supplies. The French loan that started this current of gold from next period, ending August 31, 1920, shows a Europe to America. The major part of the further increase to $6,629,000,000, part of gold came from England, France, Sweden, and which was due to further withdrawals from the Netherlands. This movement of gold concirculation and hoards and part to new gold sisted for the most part of the new gold mined produced. During this period the United in the British possessions, but included also gold States lost gold, owing to the fact that several from the German central reserve, paid for food countries of South America and of the Orient supplied by the United States Grain Corporahad gold balances here which could not betion. In addition a large part of the Russian withdrawn until the lifting of the embargo, gold reserve was shipped to various European but which were released at that time. countries, whence equivalent amounts found their way to the United States. The funda- 1 For previous reviews of the gold situation see FEDERAL RESERVE mental cause for this gold movement to the BULLETIN, June, 1921, and June, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FEDEBAL BESEEVE BULLETIN. APRIL, 1923. United States was that the countries of Europe country by economic opportunities here, but were exhausted by war; their productive plant rather was expelled by conditions prevailing in was badly disorganized; their production and the older countries. ability to export goods were, therefore, greatly reduced, and yet they were in need of food and GOLD PEODUOTION. raw materials from America. Prior to 1921 they were able to obtain much of what they Gold production from 1910 to 1923 is shown required in America on credit, first, using the in the table below. the credits authorized by the United States It will be noted that the decline in total Treasury, and later using large amounts bor- production has been constant since the record rowed privately either on open account, or by year 1915. The decrease was due partly to the the flotation of securities. loss of Russian production and partly to the The movement of gold to the United States increased cost of operation with a fixed price was thus not the ordinary movement of funds of the product. The Transvaal output for 1922 to the most profitable channels of investment; was considerably reduced by the Rand strike it was the effect of the efforts of war-stricken of January-March, although Transvaal recountries to obtain goods for reconstruction. turns for the last six months of 1922 amounted The loss of this gold by the countries of Europe, to £19,400,000, as compared with £17,700,000 coupled with the growth of note circulation, for the last six months of 1921. If this rate resulted in the fall of the exchange value of of production in the Transvaal will continue most of their currencies, together with a rapid throughout 1923, it will bring the amount advance in prices. These factors in turn in- produced practically up to its previous maxicreased the difficulty of financing reconstruc- mum. In view of this and other improvetion, of balancing budgets, and of inaugurating ments, British experts believe that the year and enforcing equitable plans of taxation. 1922 saw the end of the decline and that 1923 The distinctive thing about this gold move- will show a marked increase in world producment is that the gold was not attracted to this tion of gold. GOLD PRODUCTION OF THE WORLD. [In thousands of dollars.] 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922.1 United States 96,269 96,890 93,451 88,884 94,532 101,036 92,590 83,751 68,647 60,333 51,187 50,067 49,096 Canada 10,206 9 762 12,649 16,599 15 983 18,978 191235 15,273 14,464 15,850 15,853 19,109 25,800 35,580 32,152 22,199 26,508 28,586 26,323 22,500 18,000 12,000 11,000 1,183 930 South Africa: T R r h a o n d s e v s a i a a l ... j-175,190 191,539 f \ 1 8 1 8 4 ,2 ,2 9 2 3 7 1 1 8 4 1 , , 2 8 7 8 5 5 1 1 7 7 3 , , 6 56 6 0 4 1 1 8 8 8 , , 9 0 1 3 5 3 1 1 9 9 2 , ,1 2 8 3 3 2 1 1 8 7 6 , ,4 2 2 4 7 5 1 1 7 3 4 , , 0 02 5 3 1 1 1 7 2 2 , ,2 2 3 6 0 8 1 1 7 1 2 , , 4 2 3 3 3 1 1 1 6 2 8, , 0 1 3 3 6 2 1 1 4 3 5 , , 6 0 0 0 0 0 Australia: W Ot e h s e t r e r A n u A st u ra s l t i r a alia.. \ 65,471 60,184 / 1 2 2 6 7 , , 5 9 1 9 5 4 2 25 7 , , 9 1 4 6 7 6 2 2 5 2 , , 4 0 8 8 8 1 2 23 5 , , 9 0 7 1 3 5 2 1 1 8 , , 9 53 4 5 1 2 1 0 4 , , 0 34 5 0 8 1 1 8 2 , , 1 6 1 9 9 3 1 11 5 , , 7 1 3 7 7 5 1 9 2 , , 8 7 8 7 0 2 1 6 3 , , 9 7 9 4 1 6 } 17,000 British India 10,718 11,054 11 056 12,178 11,378 11,523 11,209 10,813 10,031 10,486 10,317 9,716 8,800 AUother 61,805 60,359 69,752 66,499 49,806 54,929 56,752 53,515 60,578 • 56,710 52,163 49,188 57,004 Total.. 455,239 461,940 466,136 459,941 439,078 468 725 454 177 419,422 383,606 1 365,789 337,019 329,915 316,300 1 Preliminary estimates: Tor the United States, by;the'Director of the>Mint;'foifother countries, from the'Montagu annual bullion letter, Jan. 1,1923. " GOLD MOVEMENT AND TRADE BALANCES. early part of 1922 remained fairly steady and during the latter part showed a decline, while During February of this year sterling ex- in this country there was a steady advance of change in the New York market rose as high as prices from 142 in January, 1922, to 165 in $4.72, or to within 3 per cent of parity. This February, 1923. It is clear that a decline in' advance from a low point of $3.23 in February, the buying power of the dollar with an increase 1920, measures the extent of England's recov- in that of the pound must diminish the value ery from postwar financial disorganization. of the dollar in terms of the pound. This is The rise in sterling, particularly during the what has occurred in recent months. At the past year, has been ascribed in part to the same time England has continued to send large difference in the movement of price levels in amounts of gold to America, her other exports England and in the United States. In Eng- to the United States have been above the averland the index of wholesale prices during the age and her imports from us have declined, all Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKIL, 1923. FEDEKAL RESEBVE BULLETIN. 435 of which has reduced the net balance in favor oriental countries, Japan also has been reducof the United States. In fact, according to a ing its foreign gold balances in an effort recent estimate of the London Economist, Eng- to help Japanese business to obtain foreign exland had a favorable balance of payments with change bills. Last fall the Japanese Governthe rest of the world in 1922, when account is ment issued a statement to the effect that a taken both of visible and invisible items. The removal of the gold embargo is desirable but figures as published in the Economist are as not yet practicable in view of the disturbed follows: financial conditions, and this position has recently been reaffirmed. Trade conditions in [In millions of pounds.] British India are now favorable and she is a constant bidder for a share of the new gold 1913 1921 1922 offered in the London market. On the continent of Europe, however, although the rates Exports (including gold and silver) as returned 697 882 882 of exchange of all the countries that remained Add invisible exports: neutral during the war are approaching parity, Net income from investments 200 100 100 94 80 94 it is doubtful whether these countries will be Financial and insurance charges 30 50 40 Miscellaneous 20 20 20 active bidders for gold, as their gold reserves are high and their trade balances are not suf- Total visible and invisible exports 1,041 1,132 1,136 ficiently large to demand substantial amounts Imports (including gold and silver) as returned 843 1,145 1,049 of gold in settlement. The currencies of the Add invisible imports 5 50 25 other European countries are far below par Total visible and invisible imports 848 1,195 1,074 Final balance + 193 -63 '+62 and show little or no indication of recovery; these countries can not purchase gold except for use in the arts. In Germany the recent flota- While England's exports of merchandise and tion of a $50,000,000 gold loan indicates that precious metals were on the same level in 1922 the paper mark is rapidly ceasing to be a standas in 1921, her imports were nearly £100,000,ard of value and that much of the domestic 000 smaller, and this, together with some imbusiness and practically all of the foreign trade provement in the invisible balance, resulted in is done in terms of gold. But Germany, for a final estimated favorable balance of £62,000,many years to come, can hardly be expected 000, compared with an unfavorable one of to become a bidder for gold in the world market. £63,000,000 in 1921. In South America, although business and trade This improvement in England's financial conditions are improved as compared with last position raises the question whether a con- year, exchange rates are still relatively low, tinuation of the flow of gold into the United especially in Brazil and Chile, and no demand States, which has been uninterrupted since the for gold can be expected from that quarter. latter part of 1920, may be expected. In With tropical countries the United States has 1921 our net gold imports were $667,000,000; regularly an unfavorable balance of merchanin 1922 they declined to $238,000,000. It has dise trade amounting to as much as $500,been stated that if the tendencies manifest 000,000 a year, resulting from the import of during the past year were to continue at the such commodities as sugar, rubber, tobacco, same rate it would not be long before the United fibers, coffee, fruits, tin, and other products. States would export gold, for not only was But this debit balance is much more than offset the amount of gold imported during 1922 much by the credit balances with other countries, so smaller than in 1921, but exports of gold that the United States can pay for her imports showed a material increase, especially during from the Tropics by her exports to other the fall months. Most of the gold exports countries. went to Canada, which recently has had a favorable trade balance and a consequent Under the present circumstances it seems high rate of exchange. Canadian banks with certain that an unfavorable balance of paybalances in the United States made use of the ments for the United States can be caused only favorable rate to transfer the balances in gold through a large volume of investment by to Canada, where most of the gold was added Americans in foreign securities, by the direct to the reserve against Dominion notes, bringing purchase by American capital of property the ratio of these reserves to the highest abroad or of participations in foreign enterpoint since 1917. Recently, however, much of prises, or by the granting of large loans either the gold has returned to Canada, following public or private for purposes of financial reconthe shift in Canadian exchange. Of the struction. A large volume of investment in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 FEDERAL RESERVE BULLETIN. . 1«23. foreign securities has actually taken place in foreign investment the payment of interest and recent years, foreign securities bought in the installments of principal upon previously con- American market amounting to $576,000,000 in tracted loans. ' 1920, $626,000,000 in 1921, and 1870,000,000 On the basis of this brief survey it appears in 1922. Loans on open account carried for probable that, so long as the dollar remains foreign interests by American banks have at a premium in most countries of the world, been estimated from $1,000,000,000 to $4,000,- and so long as the rest of the world continues 000,000, and while there is no way of ascer- to be heavily in debt to the United States, a taining the extent of direct investment of large part of the annual increase in the world's American capital abroad, it undoubtedly gold supply will continue to find its way to amounts to a great sum in the aggregate. The America. And, although a diminution of recent revival of domestic business activity and America's share of the new gold may be credit demand in this country, however, which expected as the result of the recent unfavorhas been accompanied by a rise in our level of able change in her trade balance, there is little prices and interest rates, has tended to de- likelihood in the immediate future of a sufficient crease the attractiveness of foreign securities demand for gold abroad to cause large net to the American investor. Moreover, there is exports from the United States. constantly at work as an offsetting factor to GOLD IMPORTS INTO AND EXPORTS PROM THE UNITED STATES. [In thousands of dollars.) Total,Nov. 1, 1918-Feb. 2s, 1923. Nov. 1, 1918-Aug. 31, 1920. Sept. 1, 1920-Feb. 28, 1923. Excess Excess Excess Excess Excess Excess Imports. Exports. of im- of ex- Imports.Exports. of im- of ex- Imports. Exports. of im- of exports. ports. ports. ports. ports. ports. 250,987 4 153 246,834 1,744 4,153 2,409 249,243 249,243 32 046 34 32 012 1 162 15 1 147 30 884 19 30,865 3 893 30,530 26,637 29,778 29 778 3,893 752 3,141 101,278 2,722 98,556 1 101,278 2,721 98,557 619,334 2 325 617,009 84,630 2,105 82,525 534,704 220 534,484 150 093 36 635 113 458 76 158 9 483 66 675 73 935 27 152 46 783 4 849 17 4 S32 2 260 17 2,243 2 589 2 589 Salvador 3,457 3,144 313 1,495 3,144 ; 1,649 1,962 1,962 22 384 42 484 20,100 8 328 28,127 19,799 14 056 14 357 301 2 969 146 555 143 586 180 146 555 I Ufi 375 2 789 2 789 29,831 6,469 23,362 3,623 5,969 2,346 26,208 500 25,708 7 089 22 055 14 966 22 055 22 n.->.i 7 089 7 089 Venezuela . 3,352 12,350 8,998 718 12,350 : 11*632 2 634 2 634 27 424 67 746 40,322 1 59 396 59 395 27 423 8 350 19 073 British India 32 010 53 066 21 056 40,804 40 801 32 010 12 262 19 748 Straits Settlements.. 11,093 11,093 10,893 | 10^893 200 200 10 260 19 945 9 685 6,440 19,430 12 900 3 820 3 305 Hongkong 45,886 85,5.83 39,697 40,210 67,030 26,820 5,676 18,553 12,877 Japan 2,208 195 413 193,205 132,856 132 856 2 208 62,557 60 349 \Tew Zealand 8,361 .S,361 2 751 2,751 5 610 5,610 All other count ries 147,216 "23,'222" 123,994 10,167 20,755 10,588 137,049 2,467 134,582 Total 1,504,927 765,541 1,268,731 529,345 239,867 611,916 155,341 I 530,390 1,265,060 150,625 1,188,162 73,727 Excess imports 739,386 1 114 435 £ xcess exports , 375.019 MEMBER BANK ACCEPTANCES IN 1922. showed a small increase to $320,770,000 from $316,755,000 on March 10, 1922. At the close During the second half of the past year the of the year the total had risen to $400,191,000, improvement in the general business situation, compared Math $367,294,000 at the close of and particularly the increase in the value of 1921 and $593,708,000 on December 29, 1920. our foreign trade, was reflected in a consider- While most of the increase for the last six able growth of the volume of member bank months of the past year is shown for the New acceptances, as indicated by the condition York City and Boston banks, substantial reports of all member banks received by the growth of the acceptance business is also Comptroller of the Currency and the Federal reported from Southern centers, viz, New Reserve Board. Following a substantial de- Orleans, Savannah, Atlanta, Dallas, and Richcline in the early part of the year, acceptance mond, apparently in connection with the liabilities of the member banks on June 30 improvement in the cotton trade. More than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKIL, 1923. FEDERAL RESERVE BULLETIN. 437 average increases are also shown for member ACCEPTANCE LIABILITIES OP MEMBER BANKS.—Con. banks on the Pacific coast, especially San Dec. 31, Mar. 10, June 30, Dec. 29, Francisco, Los Angeles, and Portland. 1921. 1922. 1922. 1922. In the following table are shown acceptance State bank and trust company liabilities of all member banks and of national members. and other member banks in selected cities for New York 103,398 91,292 92,798 125,797 call dates between December 31, 1921, and Buffalo 534 399 303 126 Boston 9,402 9,313 8,467 10,755 December 29, 1922, in continuation of similar Providence 353 251 153 1,369 Philadelphia 156 204 80 45 figures published on page 1048 of the Septem- Pittsburgh 100 200 250 302 Cleveland 3,849 4,403 3,577 2,347 ber, 1922, BULLETIN: Detroit 225 Memphis 545 580 180 878 Richmond 3 3 686 ACCEPTANCE LIABILITIES OF MEMBER BANKS. Atlanta 337 252 Savannah 964 764 917 3,459 [In thousands of dollars.] New Orleans 6,714 5,834 1,539 7,670 Chicago 16,697 14,034 19,668 15,420 St. Louis 793 582 414 484 Dec. 31, Mar. 10, June 30, Dec. 29, Kansas City, Mo 979 319 211 1921. 1922. 1922. 1922. Dallas 125 San Francisco 1,499 381 743 2,784 Los Angeles 217 72 153 720 All member banks. Portland 569 419 308 756 All other 2,081 1,592 1,517 3,107 New York 215,122 194,953 190,978 236,545 Buffalo 1,046 740 373 285 Total. 148,358 131,554 131,389 176,716 Boston 44,734 37,652 41,675 54,383 871 361 460 2,495 Philadelphia 10,745 10,350 13,278 14,270 In Great Britain acceptance liabilities of the Pittsburgh. 1,167 899 466 979 principal banks showed a downward trend for Cleveland 4,608 4,979 4,408 3,513 Detroit . 678 703 499 36 the first half of 1922, but a considerable Cincinnati 153 200 30 32 545 580 180 678 recovery for the second half of the year, as 492 478 655 553 may be seen from the following table giving 3,615 1,865 741 1,657 1,812 997 217 263 the average acceptance liabilities of the 10 Atlanta 337 252 750 964 764 917 3,459 London clearing oanks for selected months 7,697 6,755 1,914 8,626 between June, 1921, and December, 1922: Charleston, S. C.. 1,009 890 1 174 833 Chicago 35,279 27,097 38,866 33,005 St. Louis 1,715 823 570 1,046 ACCEPTANCE LIABILITIES OP THE LONDON CLEARING 2,462 2,670 2,304 2,391 350 1,092 319 291 BANKS. Dallas 9 1, , 3 8 0 9 6 2 6,520 8,9 3 5 2 9 5 1 1 2 , , 7 0 8 5 2 7 [In thousands of pounds sterling.) 1,319 847 924 3,313 Portland 1,507 1,123 600 1,288 Seattle. 351 228 307 399 1922 Allother 17,518 12,937 9,631 15,262 Total 367,294 316,755 320,770 400,191 Decem- Decem- June. ber. June. ber. Dec. 31, Mar. 10, June 30, Sept. 15, Dec. 29, 1921. 1922. 1922. 1922. 1922. B Li a v r e c r l p a o y o 's l & Martin's 4 7 , , 3 0 3 2 0 3 5 6, , 2 9 3 2 7 2 4 5, , 8 0 6 6 7 0 5 7 , , 2 1 3 88 5 Courts & Co 410 204 141 56 National banks. Glynn, Mills, Currie & Co 1,050 1,122 1,958 1,821 Lloyds 9,471 9,754 7,742 14,997 New York. 111,724 103,661 98,180 91,645 110,748 London, Joint City & Midland 17,369 I20,304 17,537 25,723 Buffalo 512 341 70 87 159 Westminster 13,472 17,460 13,168 12,207 35,332 28,339 33,208 30,931 43,628 National Provincial & Union 3,385 2,973 4,032 4,834 518 110 306 102 1,126 National 540 501 348 222 Philadelphia 10,589 10,146 13,198 10,059 14,225 Williams Deacon's 1,100 1,313 655 784 Pittsburgh . . . 1,067 699 218 369 677 959 576 831 682 1,196 Total 58,150 j 65,790 55,508 73,067 Detroit 453 703 499 202 38 150 200 30 32 Indianapolis 492 478 855 435 553 FEDERAL RESERVE BANK HOLDINGS OF AC- 3 1 , , 6 8 1 1 5 2 1,8 9 6 9 2 7 7 21 3 7 8 8 3 4 1 5 4 9 2 7 8 1 3 CEPTANCES. Atlanta 38 750 New Orleans 983 921 375 688 958 Federal reserve bank holdings of bankers' Charleston, S. C... 1,009 890 1,174 819 833 acceptances during 1922 showed a general up- 18,582 13,063 19,198 22,377 17,585 St. Louis 922 241 156 128 562 ward trend, which became more pronounced Minneapolis 2,462 2,670 2,304 2,518 2,391 KansasCity, Mo... 350 113 80 during the second part of the year, when open- Dallas 1,181 325 643 1,782 market money rates began to advance. By San Francisco 8,393 6,139 8,216 10,078 9,273 1,102 775 771 2,860 2,593 far the larger part (between 70 and 80 per Portland 938 704 292 752 532 Seattle 351 228 307 402 399 cent) of the acceptances held by the reserve Another 15,440 11,345 8,115 6,610 12,155 banks are based upon foreign trade transac- Total 218,936 185,201 189,381 183,369 223,475 tions, but Federal reserve bank holdings of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 FEDERAL RESERVE BULLETIN. APRIL, 1923. acceptances in the domestic trade show about month of October saw a further increase of the same rate of growth for the year as those these rates, the range at the close of the month of acceptances in the foreign trade. At the and for the rest of the year being between 4 close of the year the reserve banks held under and 4| per cent. London rates on threepurchase or discount a total of $271,274,000 months' bank bills, which had declined below of bank acceptances, compared with 3 per cent early in April, 1922, continued down- $145,383,000 at the close of 1921. Of the ward in May and June and in July fell below 2 larger total $196,121,000, or over 72 per cent, per cent. But in August the rates began to adwas made up of acceptances in the foreign vance and continued to rise during the following trade, $65,410,000, or 24 per cent, of accept- month. In October rates declined slightly, and ances in the domestic trade, and the remainder, during the last two months ranged between 2f $9,743,000, of acceptances to create dollar and 2| per cent. During the entire year rates exchange. were lower in London than in New York, the At the close of 1922 the reserve banks held difference reaching at times nearly 2 per cent. $189,333,000 of bills accepted by member banks, this amount representing 47 per cent HOLDINGS OF BANKERS' ACCEPTANCES BY FEDERAL of the total of such acceptances outstanding RESERVE BANES. on December 29. This proportion is com- [In thousands of dollars.] parable with about 40 per cent on June 30, 1922, and about 30 per cent at the close of Purchased 1921. In addition the reserve banks held at Total acceptances held. acceptthe close of last year $81,941,000 of bills Date. ancesaccepted by nonmember banks, including private banks, agencies of foreign banks and dis- Total. I Foreign. D°m tic e . S- exchange. Total. count corporations, a total to be compared 1921. with $33,281,000 on June 30 of the same year J D u ec n . e 3 3 1 0 1 4 4 8 5 , , 5 3 8 8 6 3 36,249 3 9 4 , , 1 2 6 5 9 0 1 3 1 , , 1 1 6 6 8 4 1 4 4 0 5 , , 1 0 3 4 0 5 and $34,831,000 on December 31, 1921. It 1922. will be noted that the rate of increase during Feb. 28 93.590 67,136 22,612 3,842 93,356 Mar.31 105,287 77,015 22,841 5,431 105,110 the year was much greater in reserve bank June 30 160,413 124,142 31,736 4,535 160,332 holdings of bills accepted by nonmember banks A S u e g p . t. 3 3 1 0 2 1 4 7 2 9 , , 9 3 1 6 7 7 1 1 4 8 3 9 , , 9 6 6 8 3 8 2 46 9 , , 4 5 1 8 5 7 6 5 , , 8 81 1 7 4 2 1 4 7 2 9 , , 8 3 8 2 4 4 than of bills accepted by member banks. Dec. 30 271,274 196,121 65,410 9,743 270,944 There is no evidence to show whether this relative gain of nonmember acceptances in the Purchased acceptances—Contd. Discounted acceptances. reserve bank portfolios has been due to a larger growth of nonmember baDk acceptances, Accepted byas compared with member bank acceptances, or to a preference of investors for member bank acceptances, which would leave a larger Date. m N b e o m e n- r - Branches M b em er - a c A n e c c p - e t- s a a m ble o u f n o t r o p f u b rc il h ls a s a e c c b e y p t t e h d e b r y es n e o rv n e m b e a m n b k e s r . s avail- M ba e n m k b s e . r i b b n a a g a n n n c d k k o s - r- P b r a i n v k a s t . e a f g o a e r o n n ei f d c g i n es Total. a a b c n c a c e n e p k s t . - b o a t o n h f e k r s. pora- banks. tions. OPEN-MARKET RATES. 1921. Open-market rates on prime eligible accept- June 30. 26,787 6,960 3,391 2,992 8,456 6,033 2,423 ances, which had declined to below 3 per cent Dec. 31. 110,264 13,656 12,319 8,806 288 50 about the middle of last year, remained fairly 1922. steady during July, August, and the first half M Feb a . r .3 2 1 8 . . 6 7 9 5 , , 9 9 1 0 5 2 1 8 2 , , 4 67 7 1 0 9 7 , , 7 3 8 7 1 1 7 6, , 7 6 5 0 6 0 2 1 3 7 4 7 2 1 3 7 4 7 of September. At that time advances in call June 30. 127,051 16,960 8,191 8,130 81 81 Aug. 31. 135,947 23,246 12,482 7,649 43 43 money rates were followed by gradual increases Sept. 30. 183,506 27,900 19,139 12,339 33 33 Dec. 30. 189,176 38,036 27,012 16,720 330 157 173 of acceptance rates to 3f-3i per cent. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIL, 1923. FEDERAL RESEBVE BULLETIN. 439 AN INDEX OF WHOLESALE TRADE. ing, millinery, automobile accessories, stationery, jewelry, diamonds, farm implements, and In 1920 the Federal reserve banks, realizing machine tools. The number and distribution of the value to the business community of figures reporting firms in the latest month varies from measuring the volume of wholesale trade, 4 firms m one district in the case of machine offered to compile reports for groups of whole- tools to 362 firms distributed throughout 11 dissale dealers in their respective districts. The tricts in the case of groceries. scope and accuracy of these wholesale reports The following principles were employed in has been steadily improving, so that they now selecting data for inclusion in the index: (1) constitute a fairly representative sample of the Each line of trade must be of importance in all wholesale business of the United States, both sections of the United States; (2) for each line from the standpoint of localities and of com- of business included there must be available modities covered by the figures. The trend of reports from firms doing business in at least wholesale trade since January, 1919, is shown 6 of the 12 Federal reserve districts; (3) for graphically in chart A below, together with a each firm included annual sales must be availcomparison of price changes in the same able for 1919 and monthly sales must be period. received regularly. On this basis it was de- The sources of the data used in constructing cided to include about 700 firms in the index, this index of wholesale trade are the monthly representing 6 lines of wholesale business— reports of individual wholesale dealers to the groceries, meats, dry goods, hardware, shoes, Federal reserve banks, which show their total and drugs. These "firms were located in 10 sales in dollar amounts. Reports are received Federal reserve districts.1 from groups of dealers in the following lines: Groceries, meats, dry goods, shoes, hardware, > No reports from districts No. 1 (Boston) and No. 8 (St. Louis) are drugs, furniture, men's clothing, women's cloth- included, but probably many firms reporting to otber banks do som* business in those districts. WHOLESALE TRADE AND PRICES ( AVERAGE MONTH, 1919 =100 ) PER CENT CENT 130 / \ A hfc I y V \ 100 400 yf / \ - 9JP, f TRADE /I 90 80 V i \ ^f \ A 80 \ _A A \ *•« 1 PRICES 30 30 20 20 10 10 0 J. F. M.A.M.J. J. A. S. 0. N. D. J. E M. A. M. J. J. A. S. 0. N. D. J. E M. A.M. J. J. A.S. 0. N. D. J. F MA-M.J. 0. A. S. 0. N. D. J. f. M AM. J. 0J.. AN..S D. 1919 1920 1921 1922 1923 Chart A Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 FEDERAL RESERVE BULLETIN. APRIL, 1923. Since there are no statistics of total whole- for each line in each district, the question of sale trade and since the reserve banks have the relative importance of each line and of made no effort to secure reports covering a each district presented itself. It was decided specified percentage of each line of business, first to combine the figures by lines, since there was no basis for determining whether there was a remarkable similarity of movethe various groups of firms in different lines in ment for the same line in different districts, the several districts did a similar proportion illustrated in the case of shoe sales by chart B. of the total trade in their line or district. For this purpose the relatives of each district Consequently the absolute amount of sales in were weighted by the number of persons dollars for the group of firms in each line of employed in wholesale trade in that district, business in each district had little significance according to the United States Census of and the figures were, therefore, converted Occupations for 1919. As these figures were into percentages giving the relationship of the not available by lines, it was necessary to sales for a given month to the sales for the assume that each of the six lines of trade base period. Average sales in the year 1919 included varied between different districts were considered 100 for the purpose of calcu- in the same proportion as all wholesale trade. lating the index. The reasons for the selection The district weights applied in calculating index numbers for each line of business are shown in the following table: SALES OF SHOES BY DISTRICTS THOUSANDS OF D0L1ARS THOUSANDS OF DOLLARS 16000 District. Weighti. No. 2—New York 18.0 No. 3—Philadelphia i 5.8 No. 4—Cleveland 9.0 No. 5—Richmond 6.3 No. 6—Atlanta 6.4 No. 7—Chicago IS. 4 No. 9—Minneapolis 5.1 No. 10—Kansas City 6.3 No. 11-Dallas 4.2 No. 12—San Francisco 6.7 In combining the relatives for the different lines of business into one wholesale trade index for the entire United States, the goods handled by each type of wholesaler were analyzed and weighted by the total value of production for each class of goods either from the census of 1919, in the case of manufactured goods, or from the estimates of the Department of Agriculture for 1919, in the case of unmanufactured foodstuffs. This second system of weights is shown below: J. F. M. A. M. J. J. A. S. O. N. 0. J. F. M. A. M. J. J. A. S. 0. N. D. Lines. Weights. 1921 1922 Chart B Groceries. 41 Meats 24 of 1919 as the base period were that it was the Dry goods 18 Shoes 6 first year for which figures were reported; Hardware. 6 that it was a census year for which many other Drugs 5 related statistics are available, and that that year was already used as a base in other These weights were compared with the relaindexes of production and distribution. It tive value of each of these commodities conmust be emphasized, however, that the base sumed by workingmen's families according to period is not intended to represent the normal budget studies, and a close check resulted. value of wholesale trade. A study of the month-to-month changes in In combining the series of relatives repre- sales shows that there are regular seasonal senting monthly changes in the value of trade fluctuations. However, it was not considered Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL. RESERVE BULLETIN. 441 advisable to make any allowance for these WHOLESALE TRADE—Continued. seasonal variations in this index, as it is desirable for many purposes to show the importance Index of these monthly changes in comparing whole- hoes. Hard- Drugs. wh o o f lesale trade with production, retail trade, and goods. ware. sale trade. other related data. It is also doubtful whether statistics are yet available for a sufficient 1921. number of years to determine accurately the January [ 73.4 65.6 ; 64.1 39.0 71.9 94.0 68.7 average size of the seasonal movements. February I 72.6 55.9 80.7 52.3 70.5 89.0 69.5 March i 82.5 51.7 100.7 88.9 93.1 105.8 80.6 To recapitulate: The original series of data April : 74.5 52.8 88.6 72.0 92.1 98.4 73.9 May ! 74.1 53.1 79.1 62.8 84.5 93.5 70.9 were combined into the final index by the fol- June I 77.6 54.0 80.6 62.3 84.8 94.3 72.8 lowing steps: (1) A base was obtained for each July j 77.1 53.6 75.7 47.9 71.5 91.1 71.0 August 72.0 57.9 105.2 73.0 76.5 100.1 80.4 series of data by averaging the monthly whole- September 81.1 54.7 115.2 82.1 80.8 103.5 82.1 sale trade in 1919; (2) the original data were N O o ct v o e b m er b er ' 7 8 6 4 . . 0 8 6 4 1 3 . .1 3 1 7 0 4 4 . . 2 9 6 8 8 2 . . 5 6 8 7 6 8 . . 1 1 1 9 0 4 7 . . 0 1 0 8 8 3 . . 4 8 divided by their respective bases to obtain a December 69.0 45.6 64.9 45.3 68.8 88.0 62.1 series of relatives for each line of trade in each 1922. January 65.6 49.3 ' 81.4 43.5 58.1 94.4 64.2 district; (3) each relative was multiplied by a February 62.2 48.9 80.2 50.0 57.7 94.2 62.9 weight representing the importance of the dis- March 76.3 51.3 88.2 70.4 81.9 113.7 74.3 April 66.2 48.3 < 74.6 65.1 84.6 93.6 65.8 trict; (4) the weighted relatives for each line May 74.1 58.2 79.0 60.5 92.7 96.6 72.8 were totaled and averaged arithmetically; J Ju u l n y e 8 7 2 4 . . 2 5 6 5 2 9 . . 6 2 l , 7 80 8 . . 2 9 5 4 8 5 . . 8 2 9 8 1 1 . . 7 3 9 9 9 3 . . 6 6 7 7 6 2 . . 9 1 (5) the new series of relatives were each multi- August 86.4 55.9 112.7 66.0 89.5 102.9 83.6 September. 90.5 60.5 116.1 77.6 95.1 104.6 88.1 plied by a weight determined by the impor- October 98.7 67.8 108.3 77.2 98.9 111.1 92.4 tance of the line represented; and (6) these November.. 95.8 54.1 94.4 67.4 93.1 102.9 84.0 December.. 85.0 56.8 72.8 57.3 83.1 99.0 75.0 weighted relatives were averaged by the arith- 1923. metic method. The weighted averages ob- January 74.9 59.3 ; 105.4 55.7 87.8 112.0 78.1 tained by these six steps were the final index February 74.9 55.8 : 100.8 56.3 81.5 105.1 75.8 numbers. The weighted relatives for the six lines of trade throughout the United States The similarity between the course of trade and the index numbers for all trade are shown in the same line in different localities has in the following table: already been noted and was illustrated in WHOLESALE TRADE. SALES OF DRYGOODS AND HARDWARE ( AVERAGE MONTH, 1919 = 100 ) PER con [Average monthly sales, 1919=100.] 1160 • DRY GOODS • HARDWARE 1919. January. 82.6 52.0 80.5 .0 78.8 February. 71.1 60.2 78.6 95.1 71.1 March 82.5 76.9 96.5 98.3 79.8 April 87.0 109.4 101.2 95.6 88.4 May 98.8 .1 101.5 94.5 94.5 June 10.5. 7 96.1 105.6 .7 103.4 July 112.1 106.1 99.8 97.4 112.4 August 100.3 133.2 102.5 96.7 110.7 September.. 108.3 151.5 103.3 110.1 114.3 October 117.1 145.2 111.3 122.8 121.4 November 116.1 .1 107.6 99.6 111.0 December 118.8 86.9 111.7 97.2 123.0 1920. 20 January 111.7 150.0 97.0 112.8 115.2 119.9 February i 95.7 125.3 105.4 101.2 117.0 105.3 March ...l 118.3 138.0 136.4 129.0 133.1 126.2 April I 121.2 120.5 106.7 125.5 109.0 119.4 1919 1920 1921 1922 1923 May ! 128.1 102.5 98.1 125.2 106.9 118.0 June | 135.1 114.2 77.3 129.3 115.1 123.8 Chart C July 130.3 139.9 72.1 117.5 108.5 125.5 August 107.4 144.5 96.3 124.7 112.5 117.0 chart B. Comparisons of different lines of September 117.5 123.3 90.9 124.5 116.2 117.2 October 106.4 85.9 75.2 112.4 123.2 100.6 trade also show a certain amount of corre- November ! 99.9 76.9 60.1 100.5 98.1 91.2 spondence in movement as well as certain December ! 84.5 58.4 42.6 84.2 88.6 75.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 FEDERAL RESERVE BULLETIN. APRIL, 1923. marked differences. The main points of simi- in prices have a far greater influence in deterlarity are the long-time trend in the different mining the total value of wholesale trade lines and the seasonal movements within a than do changes in the physical volume of year. Each of the reporting groups of whole- business. In fact, if allowance be made in salers showed an upward movement of sales the trade figures for changes in prices, it in 1919 and the early part of 1920, a down- appears that there has been little variation ward movement in the latter part of 1920 and in the physical volume of wholesale trade throughout most of 1921, and a slight upward since 1918, except for the regular seasonal trend in 1922. Although these general trends swings. correspond for all the lines of trade studied A comparison of wholesale trade with there are marked differences in degree of production and with retail trade indicates movement. that the sales of wholesale dealers have a All the lines of merchandise studied, except much more accentuated seasonal movement meat, showed a general likeness in seasonal than manufacturing output, but have more movement of sales; an expansion in the spring, moderate seasonal fluctuations than sales of a decline in midsummer, a large expansion in retail dealers. For example, sales of departthe late summer and early fall, and a pro- ment stores, music stores, and cigar stores longed period of low sales during the winter. reach a much sharper peak in December than The differences in time and degree of these that attained in any month by wholesale four seasonal movements are illustrated in stores. Stocks of department stores, however, chart C, which compares the sales of dry-goods show about the same month-to-month changes firms with those of hardware firms. It will be as wholesale trade. This is due to the fact noted that the seasonal changes are much that retail dealers increase their stocks and sharper and more irregular in size in case of their purchases from wholesalers in anticidry goods than in case of hardware. The fall pation of heavy seasonal purchases from season of activity is much more important consumers. Consequently seasonal changes than the spring in the dry-goods business, in wholesale trade usually precede seasonal whereas the two seasons are of about equal changes in retail trade and are reflected in the importance for hardware dealers. In the case size of retail stocks. off both hardware and dry goods the winter period of inactivity is more prolonged than that in the summer. Grocery and drug sales are quite similar to hardware sales m the COTTON FINANCING. nature of their seasonal variations. Grocery sales, however, are somewhat more level III. FINANCING THE MARKETING OF COTTON.1 throughout the year than hardware sales, while the peaks and troughs of the drug busi- In previous sections of this study the methness are slightly sharper than those of the ods of financing the growing of cotton were hardware business. Shoe sales also resemble described. Cotton grown under crop liens or hardware, grocery, and drug sales in the regu- crop mortgages is often marketed through the larity of their seasonal changes and the equal same channels that credit passed to the growimportance of the spring and fall seasons, but ers. As the crop is gathered and passed from they bear more resemblance to dry-goods sales the producers into the organized channels of in the sharpness of the peaks and troughs and distribution the problem of financing gradually the wide difference in volume of sales in differ- changes from one of agricultural finance to a ent months. commercial credit problem that involves the financial institutions of the entire commercial It is interesting, also to compare the course world. of wholesale trade as indicated by the index The cotton textile industry has become of with the course of prices, production, and great importance to most of the modern retail trade during the past four years. Wholesale trade is compared with wholesale prices > This is the third of a series of articles describing methods of financing in chart A. While there is some difference the production and distribution of cotton. The preceding article! appeared in the BULLETINS for February and March, 1923, and dealt in the commodities included in these indexes, with the methods of financing the production of cotton. This and the as the price index includes a large number of subsequent articles will deal with the methods used in financing the distribution of cotton. raw materials and producers' goods, yet there Data upon which this study is based were obtained largely through is a very close correspondence of trend between replies to a number of questionnaires which were sent to merchants, banks, mills, and dealers throughout the South and in the principal the two indexes. This indicates'that changes textile centers of the East. To all of the contributors acknowledgment Is due. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1928. FEDERAL RESERVE BULLETIN. 443 nations and the problem of financing cotton exported. The most important cotton conas it passes from the hands of the southern suming sections of the United States are the producer to the consumer is international as New England States and the cotton-producing well as national. It is the purpose of this States of the Southeast. article, and the one following, to analyze the institutions through which raw cotton passes A. THE COTTON DISTRIBUTING SYSTEM. en route to the manufacturer; to describe the financial arrangement that each of these institutions use in marketing the crop under present Methods of marketing cotton have gradually conditions; and thus picture the gradual change changed as the industry has developed and from a domestic agricultural credit problem of expanded. Before the Civil War cotton was the South to a national as well as an inter- grown principally by large planters and marnational credit task. keted througn established agencies known as cotton factors. The factors were located prin- Before attempting to analyze the distributcipally at seaports or at interior points on ing system, it is desirable to study the cotton navigable streams where trading connections markets of the world in order to see the could be established with commercial and problems that confront those who serve as financial interests in other cities or abroad. distributors of this world-wide commodity. Cotton that was not pledged to the factors for Cotton markets can be classified into the advances was often consigned to them to be domestic and the foreign markets. The Bureau sold on commission. The factors disposed of of the Census divided the domestic markets into the cotton directly to northern mills or through two divisions, (1) the cotton-growing States, an intermediary, the cotton broker. The facand (2) all other States. The amount of cottor always charged the planter a commission ton that is consumed in the three markets is for selling the cotton, and when it was sold shown in the following table: through a broker the factor always paid a commission to the broker for his services. CONSUMPTION OP COTTON IN THE UNITED STATES AND EXPORTS 1910-11 TO 1920-21.1 After the war the plantation system was supplanted largely by small farms, while the [In bales. ] local supply merchants grew to fill, in part, the place the factor had formerly held as a money United g C ro o w tto in n g - All other Exports.1 lender. Along with the decline of the factorage States. States. States. system and the growing prevalence of small farms, there came an increase in interior buy- 1910-11 4,498,417 2,249,138 2,249,282 7,781,414 ing. Cotton mills sent buyers into the cotton 1911-12 5,129,346 2,635,878 2,493,468 10,681,758 1912-13. 5,483,321 2,861,743 2,621,578 8,800,966 States to buy cotton directly from the farmers 1913-14 5,577,408 2,925,294 2,652,114 8,654,958 and from the supply merchants. The middle- 1914-15 5,597,362 2,570,393 3,026,969 8,322,688 1915-16 6,397,613 3,527.528 2,870,085 5,895,672 men or cotton merchants also sent their repre- 1 1 9 9 1 1 6 7 - - 1 1 7 8 6 6, , 5 7 6 8 6 8 , , 4 5 8 0 9 5 3 3, , 8 8 6 8 7 8 , , 0 3 9 4 8 8 2 2 , , 9 8 0 6 0 9 , , 1 3 5 9 7 1 4 5 , , 2 3 8 0 8 2 , , 4 8 2 4 0 8 sentatives into the field to buy cotton either 1 1 9 91 1 9 8 - - 2 1 0 9. 5 6 , , 7 4 6 1 5 9 , , 9 7 3 3 6 4 3 3 , , 1 5 9 8 9 2 , , 0 9 2 1 7 9 2 2 , , 5 8 6 3 6 6 , , 9 8 0 1 9 5 5 6 , , 5 5 9 4 2 5 , ,3 3 2 8 6 8 from the farmers, local buyers, or supply 1920-21 4,892,672 2,997,471 1,895,201 5,873,452 merchants. 1921-22 5,909,820 3,729,777 2,810,043 6,184,094 The methods by which a grower disposes of 1 Figures from United States Department of Agriculture Year Book, his cotton are determined by the financial 1921. standing of the grower, the availability of > Linters are included for the years 1910-11 to 1912-13, inclusive, but are excluded for the years 1913H4 to 1921-22. warehouses, the cooperation among the growers, and other factors which vary from year to The average annual export of cotton for the year in each section. In the Eastern States five years 1910-1914 was 62.8 per cent of the annual production.1 Since that time the throughout the old plantation sections it is customary for the small growers and tenants to American consumption has increased while, sell their crop to local buyers or to the landbecause of the European war, the foreign conlords. Some of the cotton is grown under crop sumption has decreased, until to-day approxilien contracts and is sold promptly by the mately one-half of the crop is consumed growers to relieve pressing financial burdens. within the United States and the remainder is The various agencies through which raw cotton may be handled as it passes from the pro- 1 Atlas ot American Agriculture, sec. A, Cotton. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 FEDERAL RESERVE BULLETIN. APRIL, 1923. ducer to the consumer under the present system to study the types of warehouses and their are as follows: location. 1. Producer — supply store — merchant- Warehouses have been built at many local merchant—mill. markets, notably in the Eastern States, and at 2. Producer—local buyer—mill. points of concentration as well as at points of 3. Producer — local buyer — merchant— exportation. In Arkansas, Oklahoma, and merchant—-mill. Texas where much of the cotton is custom- 4. Producer—local buyer—merchant—mill. arily marketed as soon as it is ginned and 5. Producer—factor—merchant—mill. shipped directly to mills or exported, there are 6. Producer—factor—merchant—exporter. few warehouses except at concentration points, 7. Producer—factor—exporter. where cotton is held by merchants. The same 8. Producer—agent—merchant—exporter. conditions are found in Mississippi, western 9. Producer—mill. Tennessee, and Louisiana. In the Eastern States warehouses are usually accessible to the 10. Producer—cooperative mar-f ™™h.ant' farmers.* keting association. imiU The ownership of warehouses is an important feature in determining the value of the ware- B. FINANCING IN THE PRIMARY MARKETS. house receipt. In many primary markets, as well as in concentration centers, the warehouses Financing in the primary markets is the first are owned by cotton buyers, merchants, facproblem that confronts the banking and finantors, and others engaged in the cotton trade. cial institutions in the cotton-growing areas. In the mill centers the mills usually own or As cotton itself is the basis for credit after it control the warehouses in which they store once begins to move, it is necessary at this cotton while awaiting consumption. Other point to discuss the several documents which warehouses may be owned by independent are used as security for cotton loans. warehouse companies and operated under the Warehouse receipts.—Warehouse receipts are laws of the State in which they are located; the first documents that arise in the primary others may be controlled or licensed by the markets. Warehouses are owned by many State. In the State licensed warehouse the institutions and operated under the laws of the receipt is issued according to certain rules and several cotton States. These factors are im- regulations prescribed by the State and has a portant in determining the value of the receipts value that is much more readily known in the as a basis for a loan. An analysis of the ware- banking fraternity than a receipt issued by an house laws has been made and a digest of the independent warehouse whose standing is sections affecting the receipts has been pub- unknown. The following is a copy of a State lished by the Federal Reserve Board (see FED- bonded warehouse receipt: ERAL RESERVE BULLETIN, September, 1915, p. 260). It is only necessary for our purpose here 1 Atlas of American Agriculture, sec. A, Cotton. STATE CERTIFICATE OF WEIGHTS AND MEASURES Farmers & Merchants Bonded Warehouse No. 1 , Texas, , 192. Weighed for of Texas. One bale of cotton consigned to of ., Texas. Bonded Gin No , Gin Bale No , Gin Wt WEIGHERS WEIGHT This is to certify that I have weighed the above cotton and that the weights and conditions, as set forth, are true and correct. By- Deputy. Owner's risk against fire. Storage, lc per day. Certified Public Weigher, Pre. No. 1, Hill Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDEKAL RESERVE BULLETIN. 445 Realizing the wide diversity of warehousing uary 1, 1923), with a storage capacity of conditions existing throughout the country, 2,100,000 bales. The warehouse act is a regu- Congress attempted to remedy the situation by latory statute: It makes for the issuance of passing a warehouse law that would apply to a warehouse receipt or credit instrument posthe entire country. This resulted in the sessing the greatest collateral value. The fol- United States warehouse act, August, 1916. lowing is a copy of a warehouse receipt issued by Since the passage of the act approximately 400 a Federal licensed warehouse: cotton warehouses have become licensed (Jan- LICENSE No. 2-578 Exporters & Traders Compress & Warehouse Company's Warehouse Tag No. 109506 TEXAS Grade and weight determined EXPIRES JULY 31, 192.. Exporters & Traders Compress & Warehouse Company, Praprielors by a classifier and weigher licensed under the United AMOUNT BOND $50,000. INCORPORATED UNDER THE LAWS OF TEXAS. PAID IN CAPITAL $150,900 States Warehouse Act. LICENSED AND BONDED UNDER THE UNITED STATES WAREHOUSE ACT Marks COPY—NOT NEGOTIABLE WAREHOUSE RECEIPT FOR ONE BALE OF COTTON Weight Received for storage from , of the ONE BALE OF COTTON described herein, stored in the above-named warehouse, for which this receipt is issued subject to the United States warehouse act, the regulations for cotton warehouses thereunder and the terms Eeweight.. of this contract. Said cotton is NOT INSURED by the undersigned warehouseman against loss or damage by fire and lightning unless expressly stated otherwise on the face of this receipt, fcaid cotton is accepted for storage for one year only from the date of this receipt but upon surrender by the holder of this receipt may be extended or a new receipt issued as provided in said regulations. The undersigned warehouseman is not the owner, either solely, jointly, *Grade.... or in common with others of the cotton covered by this receipt, unless expressly staled otherwise here Upon the return of this receipt properly endorsed The undersigned warehouseman claims a lien on and the payment of all charges and liabilities due the *Staple... said cotton for charges and liabilities as follows: undersigned warehouseman, as stated herein, said ONE BALE OF COTTON will be delivered to the above Weighing, sampling, assorting, checking, delivery to named depositor or his order. compress and storage first IS days or fractional part Condition. thereof, 25 cents, storage 1 cent per bale per day there- Issued at Hillsboro, Texas, on 192 after.* Miscellaneous—Grading, etc.:^., Exporters & Traders Compress & Warehouse Company, •According to the official *These charges are subject to change on August 1st, Licensed Warehouseman. Cotton Standards of the after the date of this receipt, without notice. United States. By. Such a lack of uniformity makes the task of further compression. In order to secure the loaning on warehouse receipts very difficult. bill of lading so that the cotton can be un- Loans that are made on warehouse receipts loaded, compress receipts are substituted at the representing cotton stored in the warehouse of bank for the bill of lading under which the cotthe owner are more often made on the moral ton is moving. After the cotton is compressed, and financial standing of the borrower rather it is reloaded and a bill of lading presented to than upon the warehouse receipts. Such con- the bank, against which the compress receipts ditions confine loaning on stored cotton to the are released. During the time the cotton is locality in which the cotton dealer is personally being compressed the compress receipts are acknown to those making the advances. cepted by bankers as security for loans. In The conditions under which warehouse re- many cases compresses are storage places for ceipts are issued by dealers and buyers in the large quantities of cotton, serving in the same primary markets are generally understood by capacity as warehouses. The conditions which the local bankers, and the system works fairly afreet the security value of compress receipts smoothly as long as cotton is stored for only are the same as those which govern warehouse a short period. When the marketing channels receipts. become jammed, and local banks as well as Bills of lading.—When cotton is shipped from local dealers have to call on outside agencies the primary markets a railroad bill of lading for loans, the local warehouse receipt becomes becomes the basis for loans. If cotton is sold less important, and some other basis for the loan in the primary market to a foreign consumer, must be found. a "through bill of lading" may be used in lieu Compress receipts.—Compress receipts are of a local bill of lading to the port. documents used to secure loans on cotton in The problem of financing the primary market both primary and central markets. They are involves the task of financing the grower or used generally for short periods. Cotton in planter who desires to warehouse his crop and transit is usually unloaded at the compress for dispose of it when the market is most favorable; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

446 FEDERAL EESEEVE BULLETIN. APBIL, 1923. the local store that accepts or buys cotton from be above or below middling grade, the bank's the growers; the resident buyer; the agent of margin changes accordingly. cotton mills; and the representative buyer of Financing the local buyer.—A local buyer may cotton merchants and exporters. Other cot- be the local ginner, warehouseman, resident ton dealers may operate in the local market, buyer, or the agent of a cotton merchant or but the method of extending funds to them mill. The problem of financing is similar for will not vary from those of financing the local all. and representative buyer. At the opening of the cotton season, gen- The credit structure used in financing the erally from August 15 to September 1 in the marketing of cotton brings into use the entire southernmost sections and from September 1 banking system of the South, and when those to 15 in the northernmost areas, the local banks become burdened, loans from banks in buyer arranges with his local bank for a line the distant cities, such as Boston, New York, of credit which he expects to use in making Chicago, ahd Philadelphia, are obtained. The cotton purchases. If the buyer has some large cotton mills and merchants use the banks capital of his own, he uses that to make his in these cities, while the local buyers rely initial purchases, and after it has been exlargely upon the local banks in the primary mar- hausted he places the receipts, representing kets and concentration centers. The crop can the cotton which he has purchased, with the be marketed without violent interruptions only bank and thereby secures a loan to make when the banking and credit structure works further purchases. Arrangements made by smoothly. other buyers who depend upon the bank to finance the original cotton purchases vary Financing the grower or planter.—If warewith banks in different sections of the Cotton houses are availaWe and the planter does not Belt. Several banks in leading buying centers want to sell his cotton immediately, he stores it. of Texas and Arkansas state that original When he is not in a position to finance himself cotton purchases are made through a demand until the cotton is sold, he goes to his local acceptance agreement. Under this agreement bank and asks for a loan, presenting warethe buyer enters the market and buys cotton house receipts as collateral. Loans of this type from growers at the price agreed upon by the are usually made upon a straight promissory buyer and seller. The former then signs the note given by the planter to the bank and warehouse or compress receipt and at the same secured by the former's warehouse receipts. time states on the receipt or on a separate Although bankers' acceptances offer an attracform the amount that is owed the seller. The tive field for country banks in financing stored seller then takes the signed receipt to the cotton, they have been used very little. buyer's bank which pays the amount stated Loans by the banks on cotton stored by the on the receipt, and at the same time takes the growers are usually made to mature within 60 receipt which is held as collateral against the or 90 days, although in some instances they loan. This process is repeated throughout run 120 days. In many cases demand loans the day, and at the end of the day the buyer are made by banks to growers, the bank may call at the bank and present his demand reserving the right to call the loan if market note for the entire amount that the bank conditions are such that the bank's margin is advanced or the bank may carry the advances reduced. The length of the loan is deteron a strictly open account or acceptance mined in a large measure by the market conbasis, always holding the warehouse or comditions and the financial standing of the grower. press receipts as collateral. In order to keep In order to keep the loans liquid the banks an adequate margin against loans of this type generally extend from 75 to 80 per cent of the the bank usually requires the buyer to pledge market value of the cotton. This, however, stocks and bonds or other collateral that is varies, as loans are extended in most cases on sufficient to secure about 20 or 25 per cent a flat bale basis without regard to the staple, of the loan. The bank holds the receipts and grade, or condition of the cotton. That is to when the buyer has arranged for a sale he is say, if a planter presents a cotton receipt at granted permission to move the cotton to the his local bank and asks for a loan, the bank railway station and receive a bill of lading. will extend usually from 75 to 80 per cent of The buyer, who then becomes the seller, the market value of the cotton offered, the presents the bill of lading at the bank and at amount being determined by the quotation the same time draws a draft on the buyer. for middling cotton in that market on the same The bank deducts the amount it has advanced day. When the cotton is graded and found to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 447 on the cotton, the interest on the loan and the only for the actual period that he used the exchange charge, and credits the account funds. If cotton is stored and warehouse of the local buyer with the remainder. Other receipts are used to secure a loan to finance methods of allowing the local buyer to ship "orderly" marketing, a note of definite maturcotton are reported by several banks. A trust ity is usually given. In the Eastern States receipt is given to the bank against which the loans are made largely on demand notes, warehouse or compress receipts are released while in Texas and Arkansas loans of definite to the buyer. The cotton is then moved from maturity are much used. The following is a the warehouse to the railroad. The shipper or copy or the cotton contract or agreement seller receives a bill of lading, presents it at which is sometimes used by buyers and banks the bank, and liquidates the trust receipt. A in some of the eastern markets of the cotton draft is drawn in the same manner as before. States. The economic and legal aspects of the trust COTTON CONTRACT. receipt have been analyzed and are given in the FEDERAL RESERVE BULLETIN, January, 1922, Whereas , hereinafter called the buyer, is engaged in buying cotton in the city of , and desires to page 32. secure advances from the Bank of , Another form of acceptance agreement used hereinafter called the bank, for the payment of cotton in some of the western markets is one which purchased by the buyer, and desires to draw checks on the bank in payment for cotton purchased; the seller of cotton draws on the buyer and Now, in consideration of advances to be made and the which is accepted by him. The seller then payment of checks drawn from time to time by the buyer presents it at the local bank specified on the on the bank, the buyer hereby contracts and agrees with acceptance and receives payment for the the bank: 1. That all sums so advanced, or any part thereof, cotton. A copy of this document is shown will be repaid by the buyer on demand, together with as follows: interest on the same at the rate of 8 per cent per annum from the date of such advances, respectively. 2. That no check shall be drawn by the buyer on the BILL OFjEXCHANGE. bank except in payment for spot cotton to be actually and at the time delivered, and the expenses of handling Buyer's No. — , Texas 192— the same, and that each check shall show upon the face thereof the number of bales of cotton for the payment of Pay to the order of National Bank, which said check is issued. 3. That all cotton purchased by the buyer and paid , Texas ($ ) DOLLARS, for by checks on the bank will be held by the buyer in account of bales Cotton at , —^— trust for the bank until bills of lading, compress or warehouse receipts, as hereinafter provided, shall be delivered bales cotton at , attached hereto, this to the bank, with the right in the bank at any time to demand and receive said cotton so purchased or any day sold to , which cotton is held for part thereof. 4. That the buyer will turn over and deliver to the account of National Bank, , bank not later than the day upon which the checks, respectively, are presented for payment, railway bills of Texas, and subject to their order. Value lading, warehouse or compress receipts, for all cotton received and charge same to account of purchased and paid for by checks of the buyer on the bank, which bills of lading, warehouse or compress receipts, are to beheld by the bank as collateral security Seller. for advances made, and for any and all other liabilities of the buyer to the bank due or to become due, as well To as any indebtedness theretofore or thereafter contracted or existing, whether incurred directly or indirectly, and including notes, bills of exchange, or other evidences of indebtedness made, indorsed, or accepted by the buyer, The bill of exchange may be used by either and owned or held by the bank. the grower or the buyer who has accumulated 5. In case of a decline in the market price of any cotton held by the bank as security for any indebtedness of the a number of bales and made a sale to a cotton buyer, so that the market value of the cotton pledged merchant or mill representative. This, how- shall be less than $10 per bale more than the amount due ever, is used generally in the local markets by the bank, the buyer shall forthwith make a sufficient the banks that have made loans on the cotton payment on account or pledge additional cotton of sufficient amount, so that the aggregate market value of the under consideration. cotton so pledged shall be at least $10 per bale more Other banks in the Western States report than the amount due the bank at all times. that local buyers are financed either by demand 6. In case of failure of the buyer to maintain the margin notes or notes of definite maturity. As cotton between the market value of the cotton pledged to the bank and the amount of the indebtedness of the buyer is moving rapidly to market the demand note to the bank, as in the last paragraph provided, all advances is generally used, the borrower paying interest made bv the bank to the buyer shall immediately become Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 FEDERAL RESEKVE BULLETIN. APEIL, 1923. due and payable, anything herein or in any note, bill of a few bales at a time. They occasionally go out into the exchange, or other obligation contained to the contrary country and buy lots of twenty to a hundred bales. They notwithstanding, and the bank is hereby given full right, render us a statement several times each week, showing the power, and authority without further demand or any number of bales on hand on the street or have in their notice of any kind to sell or otherwise dispose of the yard, the number of bales in the compress at — , for whole or any part of the cotton pledged by the buyer which they give us the compress receipts. The greater to the bank, or any cotton held in lieu thereof or in addi- part of their cotton is bought and sold the same day, the tion thereto at any cotton warehouse, cotton [mill, factor's only cotton kept and stored being the extremely high or broker's office, at public or private sale, at the option grades, which they sometimes accumulate to the extent of the bank, at any time or times thereafter, without of 40 or 50 bales in order to sell in a lump at a good profit. advertisement or other notice, and with the right to the The margin that we have is always from 20 per cent to bank to become the purchaser thereof at such sale or 50 per cent of the buyer's account. sales, free and discharged from any equity of redemption, or of any other claim of the buyer to said cotton or the Formerly much cotton was paid for in actual proceeds thereof. All interest on the amount advanced cash in the form of coin and currency given by and the costs, charges, and expenses of holding, storing, the buyer to the seller. But with country protecting, and insuring said cotton, and all expenses of banks in nearly all of the principal primary collection, sale, and delivery, including attorney's fees, markets, checks, drafts, and bank credit in if incurred, shall be deducted from the proceeds of the sale of said cotton, and the residue applied on the liability various forms are used almost entirely. With or indebtedness of the buyer to the bank. The overplus, the use of checks the grower builds up his bank if any, shall be paid over to the buyer, except as herein balance in the cotton moving season and provided. If after such sale, and crediting the proceeds withdraws it in the growing period. thereof upon the liability of the buyer to the bank, there should be any deficiency, the buyer hereby promises, In most sections of the Cotton Belt some of contracts, and agrees to pay the same to the bank forth- the cotton is grown under crop liens and with. chattel mortgages. Loans secured in this man- 7. The buyer further authorizes the bank at its option, ner are made to mature in the early fall, just at any time, to appropriate and apply to the payment of any liability of the buyer to the bank, whether now as cotton begins to move. As the banks and existing or hereafter contracted, any and all moneys now others are desirous of having their loans or hereafter in the possession of the bank, on deposit or liquidated at that period, it is necessary for otherwise, to the credit of or belonging to the buyer, the producers to sell their crop rapidly in order whether the said liabilities are by their terms then due or not. to meet their maturing obligations. For this 8. All receipts for bills of lading, and any and all other reason, banks in the primary markets have not collaterals of the buyer, shall be returned by the bank to advanced much money on stored cotton. the buyer upon payment of all indebtedness of the buyer Their advances have been confined largely to to the bank, unless previously sold or held under the procotton that is moving from local markets to visions hereof. 9. All the provisions of this contract shall inure to the interior concentration points or awaiting shipbenefit of the holders or assigns thereof. ment from local markets. In some cases, In witness whereof the buyer has hereunto set his hand however, growers have been able to store their and seal this •—•—— day of , 19—. cotton for regular marketing and banks have loaned to them. Also local dealers who have In addition to the above agreement entered concentrated small lots of cotton have been into by the local buyer and his bank other financed by the local banks on the basis of their methods of handling cotton accounts are used warehouse or compress receipts. In cases by some banks. The method used by a bank where banks have made advances on cotton in an important primary market in Arkansas stored in primary markets, the length of such is shown in the following comment: loans average from 60 to 90 days. If it is We loan money to either the grower, ginner, merchant, stored in either State or Federal licensed wareor cotton buyer, secured by compress receipts for cotton houses or unlicensed warehouses of good standor shippers' b/1 properly indorsed showing that the cotton ing, the banks loan from 75 to 90 per cent of is in transit to a press. Some of the loans are secured by the market value of the cotton, whereas only notes, some by time acceptances, some by demand acceptances, and occasionally for a very few days possibly an 50 to 75 per cent is usually advanced on cotton overdraft. We require at least a margin of 15 per cent; stored in other places. the margin, however, would largely depend on whether the borrower has outside property aside from the cotton that The representative buyer and agent of cotton secures the loan. It must be insured with a loss clause mills who buy from growers and dealers in the attached to the policy, making the policy payable to us. primary markets are financed largely through their head office or banks in distant cities. Another banker comments as follows: The local banks serve only as a disbursing The cotton-buying firms give us indorsed paper each medium for them. As the problem of extendfall at the beginning of the season to make a substantial ing credit to them is largely one of financmargin against their total purchases at their highest point. ing their head office, it is necessary to discuss They buy largely from small fanners on the street, one to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 449 their financial arrangement in connection with Financing the factor.—Factors are found prinfinancing the merchant in the concentration cipally in Memphis, Augusta, New Orleans, center. Savannah, Charleston, Houston, and Galveston, and their methods of/financing are con- C. FINANCING IN THE CENTRAL COTTON fined, with few exceptions, to those cities. As MARKETS. the cotton is picked and ginned the planter consigns it to a factor. Instead of snipping Funds for financing the marketing of cotton the baled cotton to the factor, the planter may are raised largely in the central or concentrastore it in a local warehouse or compress and tion markets, cotton-mill centers, and export send the receipt, with samples from the bales, cities. The local markets finance the initial to the factor. Factors reporting from several movement of cotton, but as banks in the primary of the principal cities estimate that only a markets are burdened with loans to producers, small percentage of the cotton that is handled the available capital is soon exhausted, and the by them is received under contract for adbanks have to call upon their correspondents for vances which were made to the planters in the additional funds. Merchants who are rapidly growing season. Only 25 per cent of the facbuying cotton from the buyers in the smaller tors reporting indicate that more than 75 per points are constantly borrowing from banks in cent is handled under contract for spring adthe centers where they have their head or a vances, while the majority of the reports show branch office; factors are establishing lines in that the percentage averages between 5 and order to meet the demands made on them by the 35 per cent, the remainder being on commisplanters; and mills are borrowing from their sion. If the cotton is shipped to the factor, banks in cities where they maintain offices or he has it warehoused, insured, sampled, and in near-by capital markets. The rapidity with eventually sold. But if only samples are which cotton comes to market makes the shipped, ne handles the cotton on the basis of demand for excessive loans heaviest from the samples which he receives. October to January. The movement of cotton to market and the months in which the move- As soon as the factor gets possession of the ment is most active are shown in the table on warehouse receipts he often presents them to page 453. the bank, pledging them to secure such advances as were made to him. When the cotton The importance of cotton loans by spot and is sold, the factor is reimbursed by draft on the future cotton concerns and the relative imporpurchaser, which is deposited with the bank tance of cities that extend loans on cotton are that holds the warehouse receipt and the loan given in the following table, prepared by the is liquidated. The net proceeds of the sale are Federal Trade Commission, for the three-year credited against the advance which was made to period ending June 30, 1922: the planter in the growing season or at the time when the cotton was consigned to the factor. YEARLY AVERAGE MAXIMUM BORROWINGS OP SPOT AND FUTURE COTTON CONCERNS, BY CITIES, 1919-20 A contract between the planter and factor TO 1921-22. for supplies and money advanced as applying in the upland long-staple cotton areas of Mis- Three-year period ending June 30,1922. sissippi and Arkansas has been given in a previous article of this study. (See FEDERAL City. Rank. Aver m ag u e m maxi- P o e f b r t o o c r e - ta n l t c N o u n m o ce f b r e n r s RE T S h E e R V a E m B o U un L t L E t T h I a N t , F fa e c b t r o u rs a ry w , il 1 l 9 2 a 3 d . v ) ance on borrowings. rowed. bo i r n r g o . w- cotton consigned varies with the different factors and the market conditions at the time New York .. . 1 $46,392,336.86 38.09 83 of the consignment. The advancement is 2 13,063,172.55 10.72 42 either a fixed amount against each bale or a Boston 3 8,357,311.44 6.86 17 4 5,976,637.16 4.91 40 certain percentage of the market price at the Savannah 5 5,852,887.69 4.81 25 St. Louis . 6 4,939,153.79 4.05 13 time the cotton is delivered. If advances are Norfolk 7 3,924,864.27 3.22 14 on a percentage basis, it is usually about 50 to Dallas 8 3,292,163.73 2.70 23 Philadelphia 9 2,890,866.67 2.37 3 75 per cent of the value of the cotton, whereas Galveston. 10 2,153,083.33 1.77 9 if it takes the form of a fixed amount per bale, Total 10 cities 95,842,477.49 79.50 269 it varies from $50 to $75 a bale (1922 cotton All'other cities i 24,967,218.18 20.50 171 prices). Total 121,809,695.67 100.00 440 In order to meet the drafts that are drawn 1 Includes 15,779,147.16 from Japan and England. by the planters the factors usually have to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 FEDEKAL KESEKVE APRIL, 1923. borrow very heavily from the banks. The other firm that maintains offices throughout banks advance funds to factors either upon an the cotton areas in the larger cities estimates unsecured promissory note or on one secured that 90 per cent of its purchases are from by warehouse receipts representing the cotton dealers in the local markets, from 3 to 5 per consigned to them. The degree to which these cent from growers, and the remainder from methods are used varies with the different fac- cooperative marketing associations. Another tors. In many cases the factors are of strong large organization estimates that approxifinancial standing and can borrow on their mately 50, 40, and 10 per cent of its purchases straight promissory note. Others, although are from growers, dealers, and cooperative they do not own the cotton outright, borrow associations, respectively. Other merchants from their bankers and pledge the cotton as who operate one or more offices in several of security. The banks, wnen they know the the primary markets usually deal directly factors, "as a rule do not hesitate to make with the growers in these markets and resell loans, taking the stored cotton as security." to the firms organized in the manner described. Advances to factors by banks on cotton stored An illustration of the method of buying is vary from 60 to 75 per cent of the value of the given by one of the larger firms in the followcotton. Banks, in many instances, attempt ing: to advance only the amount which the factor has advanced to the farmer. When loans are We buy practically no cotton from growers, but buy nearly all from local dealers in the interior markets (pringreater than local banks can support, banks in cipally at compress points); we estimate that about 90 per other cities are called upon to aid in the financ- cent of our cotton is bought in this way, the balance is ing, "and in this case arrangements are usually bought from dealers at ports such as Galveston, Houston, made with the local banks to hold the ware- and New Orleans; we also occasionally buy from cooperative marketing associations, f house receipts in trust to secure the lender." One factor reports that loans are obtained in The merchants use various methods in paying Chicago and New York. for the cotton which they have purchased in the Erimary markets. Growers selling at one of the Financing the cotton merchant.—The process uying offices of the merchant are usually paid of assembling and distributing the greater part by check on a bank in the city in which the of the American cotton crop falls upon the office is located. The usual practice in paying cotton merchant or broker. Banks in the confor other cotton purchases is shown,in the folcentration cities and other financial centers lowing comments: are concerned primarily in extending loans to him. The merchant or broker acts at times in All sellers are paid by draft (with bills of lading attached) the capacity of buyer, at others as a broker, on buyer's head office or other buying office, except on and when he concentrates quantities of cotton purchases made in city of head office or buying office, in which case seller is paid by check on local bank. We have awaiting demands from the mills he is termed a few buyers working for us who buy at interior points and a cotton merchant. The merchant is involved arrange a line of credit with the local bank to pay for their in a cotton transaction at three different stages, purchases and in turn reimburse the local banks with drafts and bills of lading attached on the head office. The (1) buying, (2) assembling and storing, and percentage of cotton bought in this manner is very small, (3) selling. Likewise the problem of financing not over 5 per cent. may be analyzed under these three heads. One large interior firm that sends represent- Buying.—Several methods of buying cotton atives from each buying office into the surare used by the merchants. Many of the large rounding local markets uses the following cotton buying firms have head offices in one of method in financing purchases: the principal southern cities and a number of branch offices in other cities throughout the If we buy direct from the grower we give him a'check Cotton Belt. From the branch offices buyers on a local bank with which we have made arrangements prior to the opening of the season. Every night for cotton are sent into the near-by local markets to buy bought by ourselves the local bank draws on our head concotton from growers and local dealers, or centrating office for the territory under consideration. supply merchants. The extent to which each After assembling all these drafts from different points in of the sources is used to obtain cotton varies their territory, the buying offices draw on our head office for round amounts. They keep their own books, so pracwith the several cotton firms that are organtically each office is run on its own footing, except from ized on an extensive basis. One large firm the financing and selling end. The drafts are then paid operating entirely in Tennessee, Arkansas, and by the banks serving the head office. Oklahoma says that 65 per cent of its cotton In contrast to this method of handling cotton purchases are from local supply stores and 35 purchases several merchants operating in the per cent are from the growers directly. Anwestern sections of the Cotton Belt report the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 451 use of acceptances in their cotton financing. ing is done in New York, both on line of credit and on This has not applied generally, but the following bank acceptances. The bank acceptances are usually example as given by a merchant in Fort Worth made for a period of 90 days and are secured by bills of lading or warehouse receipts as collateral. The acceptis one instance in which the method has been ances are sold to New York banks, sometimes to the acceptemployed and is similar to the plan used by ing bank. These acceptances run in various amounts, other merchants: usually from $10,000 to $100,000 each. The money borrowed by us on our line of credit is also at all times In handling cotton from local dealers we usually pay by secured by bills of lading and warehouse receipts as colacceptances on interior or large banks in Texas, with lateral, either put up with the New York banks in New which we have an arrangement to handle our acceptances. York or being held by local banks for the account of the We purchase cotton from local dealers and make payments New York banks. In addition to secured loans, we usually by draft on the bank we want to handle the transaction. borrow from $1,000,000 to $1,500,000 on unsecured paper. This draft is accepted by us and the bank handles it according to the terms of the agreement, holding the bill of lading Methods of borrowing used by merchants who or warehouse receipts as security. handle cotton in smaller quantities are not at Storing dnd assembling.—As the cotton sea- variance with those to whom we have referred, son progresses, the concentrating merchants except that their borrowings are largely local, accumulate stocks of cotton. While the pur- although in some instances the merchants rechases are being assembled in various centers port banking connections in New York. Loans throughout the cotton belt, the banks which obtained from New York banks are secured by are financing the purchases for the merchants either depositing bills of lading, warehouse or are secured by bills of lading as long as the compress receipts with the New York bank, or cotton is in transit and by warehouse or com- placing them to the credit of the New York press receipts when it is in storage. The mer- bank with its southern correspondent. The chants' demands for funds are heaviest during maturity of the loans is usually determined by this period. Two sources of borrowing are the activity and rapidity with which the crop used, (1) the open market and (2) banks. Of is moved, whereas the denominations of notes these two sources the banks in the concentrat- issued depend upon the financial standing of ing centers support the greater burden. Bor- the merchant and the size of the bank that is rowing in the open market is not general with financing him. Reports from merchants from all cotton merchants as it is used mainly by the 40 leading cotton centers show that the loans large dealers who have been in the cotton busi- are usually made to mature from 15 days to 6 ness for long periods and whose standing is months, the average maturity being near 90 known throughout the entire cotton trade. days. The denominations of notes issued are usually in round numbers and vary from One firm reporting from the interior says $1,000 to $100,000, but one merchant says that that its borrowing is done both in the open notes are made for $250,000. The average market and from its own banks in the city of notes given to banks are between $10,000 and its head office and in New York—about 50 $50,000. per cent from each source. In financing in this manner the firm states that it usually puts The usual period for merchants to begin borout its paper in the open market first, and rowing is between August 15 and September 15. leaves "its bank lines open." Borrowing in The earlier date is used by merchants in the the open market is done in denominations of southernmost areas of the belt, whereas the from $2,500 to $25,000 and usually for a period later date is used by merchants in the northern of six months, whereas the denominations of sections of the Atlantic States. In general, notes used with banks are $100,000 and for a the seasonal bank borrowing follows the cotton shorter period. The latter is usually on un- picking and ginning season. Merchants often secured promissory notes. nave considerable capital and do not rely upon Another merchant who has buying offices in the bank until after it has been used. These several of the larger cities of the cotton belt two factors cause discrepancies between the says that all of his borrowed funds, used to replies of merchants and banks in different buy cotton, are obtained by borrowing from areas, but in general it can be said that the banks in the cities where offices are maintained borrowing to move the cotton crop begins about and in New York. The borrowing is done as September 1 and continues until the peak is follows: reached between December 1 and 15. After December 15 the supply of cotton entering the As the cotton season opens and cotton begins to move, the buying offices borrow from the local banks, keeping market decreases and, with the regular takings the banks supplied with, bills of lading or warehouse or by the cotton mills, the loans are gradually compress receipts as collateral. As the cotton movement liquidated throughout the spring and early gets too heavy for local banks to finance entirely, borrow- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 FEDERAL RESERVE BULLETIN. APRIL, 1923. summer months. In normal years most mer- siderable quantities of their cotton from the chants "clean up" their accounts with banks growers in the local market. The importance before August 1. of local buying is shown by the fact that mills Sales oy merchants.—Merchants make sales reporting from several cities in South Carolina, to cotton mills in the United States and to Spartanburg, Anderson, and Pacolet, estimate foreign buyers. The percentage of cotton that 80, 60, and 30 per cent, respectively, of handled by the different merchants that is sold their cotton is bought directly from growers to domestic consumers and for foreign con- who sell in those markets and through agents umption varies with the merchants. Some who are sent into the markets of the surroundmerchants in the eastern cotton States report ing territory. Some mills in North Carolina, that they deal largely with southern mills, Georgia, Alabama, and Mississippi report that while those from the middle and western areas they buy large quantities of cotton directly estimate that their sales are mainly to northern from the producers within their territories. milk and for export. The remaining cotton is bought'from local When a sale of cotton has been arranged and dealers in the smaller towns and from meragainst which the bank holds the warehouse chants in the concentration centers. receipts, the merchant gives a trust receipt Growers are usually paid by checks on the to the bank which, in turn, releases the ware- local banks in the towns in which their cotton house receipts. The latter are presented to the is sold. If cotton is carried by the producer warehouse and the cotton is delivered to the to the mill, he is given a check on the mill's transportation company. An inland or ocean bank, whereas when the mill sends its reprebill of lading, according to the place of destina- sentatives into the local markets they usually tion, is obtained. "These ladings are then pay the growers by checks on the local banks returned to the bank attached to a sight draft in such markets. drawn upon the consignee, which is usually The arrangement made with the banks is discounted by the bank, and the credit closed. similar to that which is made by agents of cot- Practically all of the sales made to American ton merchants. Dealers and merchants genmills are made on a cash basis, the buyers pay- erally draw on the mills and attach bill of ing either by sight draft or 3 days' sight draft lading as soon as the cotton is shipped. The with bill of lading attached. drafts are discounted by the local bank and Several merchants report sales to mills on forwarded to the mills for collection. Several acceptances, but the percentage of sales thus mills state that when cotton is bought in large made by those reporting is very small. One lots they often give the merchants drafts on merchant, reporting 65 per cent of sales to New York or Boston banks. This, however, northern mills, 25 per cent to southern mills, applies largely to some of the larger textile 10 per cent to foreign buyers, estimates that 70 corporations that maintain selling offices in per cent of total sales to American mills are these cities. for cash, while 30 per cent are on time. The In order to finance their cotton purchases, it time sales are carried on acceptance credits is necessary for many mills to use borrowed and against acceptance by the mill the bills funds. Some mills are able to finance all their of lading are surrendered. cotton purchases, others rely largely on their Financing cotton mill purchases.—The meth- banks, while others borrow in the open market ods used by cotton mills in purchasing raw through note brokers. Loans are usually made cotton vary with the mills in different manufac- to the mills on their unsecured paper, based turing regions of the country. Mills in the upon their financial statement or indorsement South are often located in the primary cotton by members of the corporation. In but few markets or very near large supplies of the com- instances is cotton pledged by the mills as modity. Those in other sections of the coun- security. Payments are usually made in cash try are far distant from the source of supply, for cotton, the funds being obtained in the and the different methods of buying are deter- ways mentioned. In view of the fact that acmined in large measure by this. ceptances are recognized as being commercial Mills in the cotton-growing States.—In the instruments of the highest type, the use that South the manufacturers buy cotton from three has been made of them in financing purchases sources: (1) Growers directly, (2) local dealers, of raw cotton by mills is very limited, for in and (3) cotton merchants. Mills which are only two reports were trade acceptances relocated in the large primary markets buy con- ported to have been used. This is in accord Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 453 with reports from cotton merchants who noted As the purchases of raw material by cotton the use of trade acceptances in only a few mills are normally in accordance with the deinstances. mands which mills have from the consumers of Mills in other States.—The northern mills cotton goods, the problem of financing cotton buy their cotton mainly through cotton mer- purchases is not one of great importance to the chants and brokers. These have offices or mills. Merchants, on delivering the cotton, agents in the principal cotton manufacturing are paid generally by sight drafts on the mijls. centers of the North and East. They obtain If, however, cotton is Tbought for future decotton through buyers and merchants in con- livery, the "cotton mill-sale note," or mill centration centers in the cotton-growing States. acceptance, is often used to finance the merchant Cotton is sold to the mills either on "spot" or until the mill is ready to consume the cotton or, "under contract calling for future delivery of in case of a deferred shipment, until the cotton the total quantity at one specified date or by can be delivered to the mill. The sale note monthly installments." As many mills operate provides a means for the mill to receive indirect plants in both the North and the South, the bank credit through the cotton merchant. The method followed in buying cotton for the south- merchant delivers cotton to the mill, which is ern plants is similar to that used for the north- stored in a warehouse of the mill, and the former ern mill. The cotton is contracted for through is given a seller's warehouse receipt by the a northern broker and is delivered to the treasurer of the mill. This document, which is southern mill by the dealer in the South with evidence of an acceptance of cotton by the mill, whom the broker contracts. The seller on is presented by the merchant to his bank to delivering the cotton to the southern mill obtain credit with which payment is made to draws on the northern office by sight draft. the original seller of the cotton to the New England merchant. As the sale note is used Generally the heaviest buying season by more to finance sales for deferred shipment, the mills is from September to January. Several bill of lading is usually delivered to the treasof the large cotton mill corporations from New urer of the mill against which the combination England state that the proportion of their bill of lading and warehouse receipt is issued. annual consumption purchased during the crop- This, in turn, is presented to the Dank in the moving season averages about 50 per cent of manner described. The following is a copy of the total received. The amount of cotton that the receipt that is commonly used in financing is bought or contracted for by the spinners cotton through the use of the mill sale note:4 during this period is determined largely by the activity of the cotton market, the price at which raw cotton is selling, and the activity of the BILL OF LADING AND WAREHOUSE RECEIPT. cotton goods' market. Yet the monthly con- No. 5689. sumption of cotton by all mills in the United FALL RIVER, MASS., March 10,1921. States is very regular. The movement and Received of Jackson, Johnson & Co., bill of lading for consumption of raw cotton by months are one hundred (100) bales cotton marked " KCB," issued by shown in the following table: B. & M. R. R. No. 676, dated at Boston, March 2, 1921, consigned to Jaztax Cotton Mills, Ipsilanti, Vermont, which cotton is to be stored on arrival and same held for MOVEMENT AND CONSUMPTION OP COTTON. account of and subject only to the order of Jackson, Johnson & Company. Except that any actual payment of freight charges paid Cotton Cotton by Jaztax Cotton Mills shall be a lien on said cotton for the Month. m m e o n v t e . - ' co t n i s o u n m . p- amount paid. This cotton is covered while in store under our open policy of insurance for account of whom it may concern, storage and labor free. Per cent. Per cent. August 1.4 8.3 JAZTAX COTTON MILLS, September. 9.5 8.0 By X. Y. SMITH, Treasurer. October 21.0 8.3 November. 22.2 7.9 Although mills report that they seldom December.. 17.4 8.1 January 8.8 8.7 borrow primarily for the purpose of making February.- 5.6 8.1 March 4.9 8.9 payments against cotton purchased, they indi- April • 3.2 8.3 cate that borrowing is done throughout the May 2.7 8.7 June 1.7 8.5 year in connection with the general operation July 1.6 8.2 of the industry. Credit is obtained principally Total 100.0 100.0 * Ryan, Franklin W., The Cotton Mill-Sale Note. Published by the • Macklin, Efficient Marketing for Agriculture, p. 149. Robert Morris Associates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

454 FEDERAL, RESERVE BULLETIN. APRIL, 1923. from banks and through the sale of commercial legal tender and redeemable in gold upon depaper in the open market. Loans by banks are mand. The notes outstanding are to be made principally on unsecured paper with or covered as follows: without the personal indorsement of the officers (1) Fifty per cent by gold or stable foreign of the mills. The borrowings are often large currencies as long as the total amount of notes in the latter months of the year, although they outstanding does not exceed 100,000,000 lats, may be large in the early months when the the remainder being covered by prime shortmills are carrying large amounts of accounts term bills of exchange. k receivable for their customers. Open-market (2) When the amount of notes outstanding borrowing is usually done in the same manner exceeds 100,000,000 lats, but does not exceed as borrowing from banks or an outside agency. 150,000,000 lats, the amount in excess of 100,000,000 lats is to be covered to the extent of 75 per cent by gold or stable foreign cur- THE BANK OF LATVIA.1 rencies, the rest by short-term bills of exchange. (3) Issues in excess of 150,000,000 lats must Up to November 1, 1922, the Kepublic of be fully covered by gold or foreign currencies. Latvia had no official central bank of issue, the The bank is authorized to engage in the folfunctions of such a bank being performed by lowing operations: the State Savings and Credit Bank. On No- (1) To discount bills and short-term oblivember 1, 1922, this institution was liquidated gations ; and all its functions were taken over by the (2) To open credits and grant short-term Bank of Latvia, a brief summary of whose loans; statutes is presented below. Latvia is one of (3) To receive demand and time deposits; the Baltic States which became separated from (4) To buy and sell bills, drafts, and foreign Russia after the 1917 revolution. It has an exchange; area of about 25,000 square miles and a popu- (5) To issue letters of credit; and lation of about 1,800,000. (6) To carry out all kinds of banking trans- General regulations.—The Bank of Latvia is actions for the Government. a state enterprise and the State is responsible Bills to be eligible^ for discount must have for all the operations of the bank. Its purposes at least two reliable signatures, arise out of a are to regulate the circulation of money, to commercial transaction, and have a maturity promote industry, trade, and agriculture, to not longer than three months. Bills of a longer facilitate cash payments at home and abroad, maturity may be discounted only with special and to act as fiscal agent for the Government. consent of the directors of the bank. All claims of the bank against any of its debtors Short-term loans or advances may be made have precedence over all other claims, state as against sound collateral, including among well as private, with the exception only of others the following types: Certificates of mortfirst mortgage liens. gages on real estate, agricultural and industrial Capital.—The capital of the bank is to be implements, and staple, nonperishable com- 10,000,000 lats (1 gold lat is equal to 1 gold modities. Loans against private or Governfranc). Twenty-five per cent of the net profits ment bonds may be made only with the conof the bank are to be added annually to the sent of the board of directors. In general the capital of the bank until the latter amounts to bank may engage in all kinds of commercial 25,000,000 lats. Further, 10 per cent of the banking transactions and may carry out the net profits are to be used for the creation of a functions of an investment bank as well as reserve. Of the rest of the net profits, 3 per those of a trust company. With the consent cent are to be paid to the administration, 1^ of the board of directors the bank may estabper cent to the council, and 5£ per cent to the lish branches in Latvia and abroad. A branch staff of the bank. In no case, however, shall office, however, may be closed only with the this bonus exceed the annual salaries of the consent of the Minister of Finance. respective recipients. The remainder goes to TTie administration of the hank.—The bank the Government is managed by a board of managers (adminis- Operations of the lank.—The Bank of Latvia tration) and a board of directors (council). has the exclusive right to issue notes, which are The administration consists of the general manager, his deputy, and three managers, who are > This is one of a series ot articles summarizing the laws governing the organization and operation of the banks of issue recently established in not permitted to hold any other salaried posiseveral of the countries of Europe. The new Austrian bank of issue tions. The council consists of the chairman, a was described in the March BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL EESEBVE BULLETIN. 455 vice chairman, and not less than five directors. computation. This was done in the case of The number of the members of the board is all New England States, and the States of determined by the cabinet of ministers. The New York, New Jersey, Pennsylvania, Indiana, general manager and one representative of the Wisconsin, and Minnesota, which together had Ministry of Finance are ex officio members of about 95 per cent of the deposits held on the board. The members of the administration June 30 of last year by all mutual savings and of the council are appointed by the cabinet banks reporting to the Comptroller of the Curof ministers upon the recommendation of the rency. There were also excluded from the Minister of Finance. The council and officers comparative statement data relating to priof the bank are appointed by the Minister of vate banks not under State supervision in the Finance upon recommendation by the council. States of Indiana, Michigan, Iowa, Texas, and The rest of the employees are appointed by the Colorado. The total number of banks for general manager. The actual administration which December figures were compiled was of the bank is directed by the board of man- 19,400 as against a corresponding June total agers, and the general manager bears the of 19,378. It is therefore believed that the responsibility for compliance with the laws figures for the two dates cover practically the and the charter. The members of the council same ground and reflect more or less accuare appointed for three years, but are eligible rately the main changes in the condition of the for reappointment. The decisions of the coun- banks of this country subject to State supercil may be vetoed only by the Minister of vision. The June figures in the following state- Finance. Disagreements between the council ments were taken from data published in the and the Minister of Finance are to be passed annual report of the Comptroller for 1922, upon by the cabinet. while December data are based upon abstracts of reports of condition furnished by the several State banking departments. These reports include data for both member and nonmember banks, and therefore, to a certain extent, over- CONDITION OF STATE BANKS AND TRUST lap the December totals for member banks COMPANIES ON JUNE 30 AND DECEMpublished in the March BULLETIN. BER 29, 1922. To give some idea of the comparative devel- In the following tables are shown compara- opment during the second half of the past year, tive figures of the principal assets and liabilities of the State banks and trust companies which of the State banks and trust companies are not members of the Federal reserve system of 46 States and of the District of Colum- and those that are members of the system, the bia for the middle and the close of last totals of some of the most important items for year. December figures were available for all State bank and trust company members, viz, States except New Hampshire and Missouri, loans and discounts, investments and deposits, and the totals are exclusive of figures for these have been deducted from the corresponding two States. Wherever possible data for mu- totals for all State banks and trust companies, tual savings banks were excluded from the with the following results: [In thousands of dollars.] Total member and nonmember banks. All member banks. State banks and trust companies.' Total. Members. Nonmembers. June 30, Dec. 29, 1922. 1922. 1922. 1922. June 30, Dec. 29, June 30, Dec. 29, June 30, Dec. 29, 1922. 1922. 1922. 1922. 1922. 1922. Number of banks 27,665 27,666 9,892 9,859 19,378 19,400 1,605 1,593 17,773 17,807 Loans and discounts 24,184,455 24,672,156 17,282,290 18,061,459 12,735,448 12,869,314 5,833,283 6,258,617 6,902,165 6,610,697 Investments 9,537,544 , 10,624,626 7,062,071 7,687,716 4,893,018 5,517,374 2,417,545 2,580,464 2,475,473 2,936,910 Total loans and investments 33,721,999 1 35,296,782 24,344,361 25,749,175 17,628,466 18,386,688 8,250,828 8,839,081 9,377,638 9,547,607 Due to banks 3,204,859 3,577,888 3,150,385 3,492,383 661,822 774,467 607,348 688,962 54,474 85,505 Other deposits (exclusive L of U. S. deposits) 31,515,511 32,916,995 22,210,184 23,317,622 17,534,566 18,274,881 8,229,239 8,675,508 9,305,327 9,599,373 1 Exclusive of data for State banks and trust companies in New Hampshire and Missouri. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 FEDERAL EESEBVE BULLETIN. APRIL, 1923. Before an analysis of the member and non- centers, and that the amounts due to other member bank figures is started, it is but banks by the 18,000 State banks and trust proper to state that the grouping and classifi- companies outside the system included in the cation of items in the abstracts of the several tabulation represent out relatively small State banking departments is far from uni- amounts, though the December total for the form and that in several cases, as shown in the nonmember banks is considerably larger than footnotes, the item used as heading is in- the total shown for the earlier date. Other clusive of other items given separately in most deposits of the summary table are made up of of the other State abstracts. Cash on hand," aggregate demand, time, and savings deposits, for instance, in the case of four States includes certified checks, and cashiers' checks, but examounts "due from banks," and "bills pay- clusive in most cases of United States Govable" in a number of cases are shown together ernment deposits. Between the middle and with "notes and bills rediscounted." Figures end of the year member banks increased these for New York State banks and trust com- deposits by $1,108,000,000, or about 5 per cent, Sanies shown under the head of "individual while the nonmember banks report an increase eposits" are inclusive of "certified and of only $294,000,000, or about 3 per cent. cashiers' checks," also of "Government de- Although less than 10 per cent of all State posits." Furthermore, the Federal Reserve banks and trust companies are members of the Board's classification of items for State and Federal reserve system, these members report trust company members differs in some re- between 47 and 48 per cent of the total loans, spects from those followed by the principal State investments, and individual deposits of these banking departments. Some allowance for institutions. Total credit expansion of the these differences should therefore be made, when State bank and trust company members during comparisons are attempted between the figures the six months, as measured by comparative of member and nonmember banks, or between figures of loans and security investments, was the totals by States and geographic sections. about $588,000,000, or 7 per cent, compared It is seen that whereas loans and discounts with about $170,000,000, or less than 2 per of all member banks show an increase of about cent for the nonmember institutions. 4.5 per cent, from $17,282,000,000 to A comparison of the totals of loans and dis- $18,061,000,000, those of nonmember banks counts of all State banks and trust companies declined during the same period about 4.2 per shows some variety of change between the cent, from $6,902,000,000 to $6,611,000,000. two dates for the several geographic sections A somewhat different development is also of the country. Loan liquidation appears to shown for investments in Government, cor- have been largest in the East, particularly in porate, and other securities. While both the States of New York, New Jersey, Pennsylclasses of banks report larger figures at the vania, and Maryland. A small decline in the close of the year than six months before, the total of the loan account is also shown for the member banks show an increase of 8.9 per Western States. The banks increased their cent, from $7,062,000,000 to $7,688,000,000, security investments between June and Dewhile the nonmember banks show an increase cember in all sections of the country, nearly in their investments of 18.7 per cent, from two-thirds of the increase being shown for the $2,475,000,000 to $2,937,000,000. Total loans banks in the Eastern States. Larger deposit and investments of all member banks show an figures for December are shown for all sections increase for the six months of 5.8 per cent, except the Eastern States. The decrease in while those of the nonmember banks show an deposits was especially large in New York increase of 1.8 per cent. State, though it should be noted that figures In the deposit block it was possible to segre- for the New York State banks and trust comgate in most cases amounts due to banks" panies refer to November 15 instead of the From other deposits, including individual and end of the year. As explained above, in many Government deposits. It is of interest to note cases it was impossible to compile fully comthat bank deposits are to a very large extent parable totals for the several items in the held by the member banks, which, as a rule, summary statement and for this reason some are larger in size, and of which a relatively caution in comparing the more detailed figures larger portion is located in the financial should be used. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKIL, 1923. FEDERAL RESERVE BULLETIN. 457 PRINCIPAL RESOURCES AND LIABILITIES OF STATE BANES AND TRUST COMPANIES IN EACH STATE AS OF JUNE 30 AND DECEMBER 29, 1922. [From abstracts of condition reports made to the Comptroller of the Currency and the several State banking departments.') [In thousands of dollars) Number of United States banks Loans and discounts. Overdrafts. Government All other securities. Total investments. reporting. securities. June. *>«*m-\ June. December. June. ! D b ec e e r m . - June. De b c e e r m . - June. D b ec e e r m . - June. D b ec e e r. m- Maine 55 56 65,887 65,364 57 59 6,773 10,821 41,480 39,641 48,253 50,462 Vermont 39 39 47,539 47,022 44 i 42 4,895 5,445 8,460 8,350 13,355 13,795 Massachusetts. 105 101 512,914 551,198 198 ! 205 49,913 101,438 154,328 151,351 154,328 Rhode Island.. 15 15 98,287 101,719 9 17 30,204 34,412 62,315 60,426 92,519 94,838 Connecticut... 78 79 83,877 88,577 87 61 8,094 8,724 80,479 86,557 88,573 95,281 Total New England. i 292| 290 1 808,504 853,880 395 384 99,879 59,402 294,172 349,302 394,051 408,704 New York 336 340 2,404,491 2,332,831 711 i 682 1,198,039 1,299,902 1,299,902 New Jersey 162 i 171 364,087 312,543 44 i 62 66,564 76,943 214,193 284,471 280,757 361,414 Pennsylvania 636 i 649 885,963 829,406 398 i 521 126,982 560,079 875,165 687,061 875,165 Delaware 39 J 41 35,300 38,531 1,350 I 19 5,921 "M96' 27,184 28,034 33,105 34,230 M Di a s r t y ri l c a t n d of Columbia. 1 3 4 5 3 ! 1 3 4 6 5 1 6 6 4 1 , , 2 3 8 3 5 0 1 6 3 8 6 , , 1 7 7 6 9 2 as; 1 4 1 7 6 1 5 8 , , 6 2 7 3 4 1 6 21 6 , , 0 5 9 3 6 9 1 2 1 0 6 , , 6 1 2 2 4 9 2 8 6 4 , , 7 7 7 7 0 0 1 2 1 7 6 , , 0 1 4 2 2 9 41 Total Eastern : 1,351 I 1,382 13,915,456 3,718,252 2,632 | 1,447 223,372 9,557 2,087,130 2,624,325 2,310,502 2,713,882 Virginia 330 i 334 140,680 158,832 153 182 15,899 17,114 15,899 17,114 West Virginia.. 225 224 146,567 156,591 393 395 7,256 7,290 20,251 21,040 27,507 28,330 North Carolina. 496 544 184,403 190,017 403 410 5,478 7,449 7,283 8,265 12,761 15,714 South Carolina. 372 359 114,716 107,962 881 1,015 3,812 4,345 5,045 5,336 8,857 9,681 Georgia 589 599 186,104 192,048 186 461 4,085 4,177 9,927 11,130 14,012 15,307 Florida 218 222 66,677 70,2S6 79 61 15,342 16,701 15,342 16,701 Alabama 249 253 79,044 83,477 106 132 2,031 5,039 8,600 7,070 8,600 Mississippi 319 322 91,040 94,568 1,131 7,014 4,799 4,837 12,992 15,678 17,791 20,515 Louisiana 230 230 198,820 218,431 801 1,289 7,881 11,438 21,360 26,892 29,241 38,330 Texas 983 970 216,580 202,668 1,081 1,283 9,983 5,930 17,890 15,913 17,890 Arkansas 402 402 101,032 106,693 285 509 3,558 4,555 4,589 4,488 8,147 9,043 Kentucky 465 465 153,341 158,328 690 632 32,803 37,319 32,803 37,319 Tennessee 470 467 153,644 166,887 603 042 15,469 17,087 15,469 17,087 Total Southern 5,348 I 5,391 ' 1,832,648 1,912,788 6,792 14,025 44,091 171,929 207,540 220,812 251,631 Ohio 750 752 936,191 970,678 475 650 60,272 80,650 224,432 230,147 284,704 310,797 Indiana 681 i 696 293,368 306,830 575 577 21,954 23,777 47,792 50,123 69,746 73,900 Illinois 1,406 i 1,412 1,178,997 1,236,110 1,331 1,332 149,918 165,302 274,011 280,622 423,929 445,924 Michigan.. 576 581 370,889 347,224 372 2,038 18,413 26,164 439,699 516,013 458,112 542,177 Wisconsin. 841 841 325,296 326,747 534 859 23,219 27,121 57,439 57,950 80,658 85,071 Minnesota. 1,165 1,159 ! 307,110 323,048 1,053 1,248 14,934 12,206 51,244 34,450 66,178 46,656 Iowa 1,332 1,329 i 579,942 594,023 892 1,054 24,731 23,482 567 577 | 25,298 24,059 Total Middle Western 6,751 I 6,770 3,991,793 4,104,660 5,232 7,758 313,441 358,702 1,095,184 1,169,882 (1,408,625 1,528,584 North Dakota. 664 665 106,083 102,567 247 239 929 4,298 6,236 5,227 6,236 South Dakota. 562 561 142,316 145,250 998 721 2,687 2,908 2,687 2,908 Nebraska 970 955 209,352 213,641 1,070 1,130 10,145 10,947 10,145 10,«47 Kansas 1,097 1,084 222,224 222,424 693 852 7,570 12,580 22,216 20,150 22,216 Montana 268 265 72,382 67,521 294 296 1,531 8,002 12,448 9,533 12,448 Wyoming 99 97 19,566 19,495 112 100 1,139 1,287 1,139 1,287 Colorado 235 229 60,829 62,703 154 138 10,004 12,138 14,159 j 14,334 24,163 26,472 New Mexico... 63 64 16,714 16,532 33 40 597 504 949 1,036 1,546 1,540 Oklahoma 486 464 68,947 57,477 330 9,779 10,476 9,779 10,476 Total Western.. 4,444 4,384 917,413 907,610 3,931 3,884 20,631 12,642 : 63,738 81,888 84,369 94,530 Washington. 284 277 90,027 88,340 uiT 57 12,595 18,992 35,249 31,587 35,249 Oregon 181 182 67,002 68,458 121 127 6,663 8,161 15,174 15,594 21,837 23,755 California 429 432 979,012 1,079,970 795 1,296 166,947 394,799 266,655 394,799 433,602 Idaho 119 114 27,024 23,734 47 42 1,735 2,392 4,753 4,127 4,753 Utah 97 97 59,810 63,927 213 268 3,646 8,476 12,827 12,122 12,827 N A e ri v z a o d n a a 2 5 4 8 2 5 4 7 3 1 2 4 , ,3 4 0 5 0 9 1 3 4 3 , , 6 0 4 5 2 3 1 3 3 2 4 1 7 4 0 0 457 1,532 2 7 , , 0 8 0 5 3 4 1 8 , , 9 1 8 9 9 8 2 7 , , 0 8 0 5 3 4 Total Pacific 1,192 1,183 1,269,634 1,372,124 1,455 2,000 25,096 175,108 449,563 344,935 474,659 520,043 Total United States. 19,378 ! 19,400 12,735,448 12,869,314 20,437 29^49? 731,302 739,502 4,161,716 4,777,872 4,893,018 5,517,374 1 December reports not available for New Hampshire', and Missouri. Figures for these States not included in totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 FEDERAL EESEBVE BULLETIN. APEIL, 1923. PRINCIPAL RESOURCES AND LIABILITIES OF STATE BANKS AND TRUST COMPANIES IN EACH STATE AS OF JUNE 20 AND DECEMBER 29, 1922—Continued. Checks and B fu a r n f n k i i x i t n t u u g r r e e , s . and i es O ta t t h e e o r w re n a e l d. Due from banks. Fe R o d t e e h r s a e e l r r v r b e e a s 'w e n r k i v t s e h . or it i e n o h m g t o h s c u e , l s r e i e n a c r c a e i s l x n u h - g d - - Cash on hand. changes. June. ;em De b - er June- icem De b - er. June. De b c e e r. m- June. De b c e e r. m- June. cem De b - er. June. ce D m e b - er. Maine 1,789 1,883 266 I 362 6,853 707 2,921 3,200 Vermont 805 744 145 232 2,827 3,706 184 133 707 : 763 Massachusetts. 14,653 15,163 3,379 ; 514 27,614 22,848 43,718 58,527 23,578 15,313 12,740 13,270 Rhode Island.. 3,422 3,450 135 I 153 16,260 1,181 14,099 2,319 1,823 5,535 6,367 Connecticut... 5,174 5,962 858 | 1,179 2,059 1,633 "16," 656 11,729 2,271 2,063 4,082 I 4,851 Total New England 25,843 27,202 4,783 ! 2,440 I 55,613 30,075 54,374 84,355 28,352 19,332 25,985 \ 28,451 New York 86,375 90,431 99,441 118,790 462,540 429,366 424,111 306,716 65,291 ! 71,778 New Jersey 16,721 17,767 2,660 2,752 33,205 67,556 23,166 6,063 5,069 13,423 ; 15,740 Pennsylvania 63,191 71,663 24,043 19,351 27,863 30,943 127,910 149,463 18,522 16,977 37,282 44,004 Delaware 2 693 2,798 847 800 1,383 2,425 4,358 3,352 660 473 1,023 1,255 Maryland 7,644 7,847 1,136 1,175 16,085 5,635 33,333 32,825 1,076 3,366 4,228 4,833 District of Columbia. 10,410 10,229 372 8,572 8,757 272 205 1,371 1,044 2,362 I 2,752 Total Eastern.. 187,034 200,735 29,058 ! 25,060 186,549 234,106 651,579 451,803 333,645 123,609 : 140,362 Virginia 6,042 1,501 1,559 14,104 19,589 1,304 1,441 3,768 4,768 West Virginia.. 7,563 7,745 930 1,102 21,916 26,969 6,403 1,162 1,701 5,155 North Carolina. 7,592 7,716 1,412 1,720 27,735 37,187 1,834 1,975 5,451 "i, 947 South Carolina. 3,867 3,561 1,377 1,582 13,839 16,727 1,366 1,552 2,193 Georgia 7 873 8,862 2,353 3 262 6,228 8,919 25,244 32,048 2,781 3,479 4,572 6,422 Florida 4,376 4,320 853 1,117 19,422 22,544 829 1,578 3,603 4,122 Alabama 3,505 3,597 1,789 1,920 10,892 ! 27,851 3,835 1,589 3,574 4,737 Mississippi 2,798 2,883 928 1,051 857 32,390 25,496 426 ""738 2,963 4,535 Louisiana 13,822 14,067 2,386 2,267 42,664 54,204 7,617 9,351 7,272 8,515 6,130 6,646 Texas 11,672 16,871 4,021 <4"4 ,382 79,585 7,563 Arkansas 4,544 4,681 1,544 2,067 20,136 2,922 2,346 '32,'407 3,101 6,068 3,317 4,594 Kentucky 5,338 5,517 546 673 23,726 31,048 1,327 2,059 6 891 6,277 Tennessee 6,878 6,905 1,617 1,831 30,315 41,282 4,072 8,213 5,044 »5,269 Total Southern. 85,870 13,223 21,257 20,151 276,216 321,632 64,538 80,209 27,063 116,904 60,224 58,010 Ohio 39,756 41,122 12,454 12,950 29,267 29,157 100,493 110,697 32,295 39,461 29,683 36,157 Indiana 15,095 15,995 2,830 3,181 48,470 52,983 3,211 3,123 11,174 12,916 Illinois 35,890 40,003 6,377 6,061 190,300 254,153 72,095 50 867 85,730 39,833 45,447 Michigan 26,278 27,833 2,025 2,358 3,220 2,764 81,036 16,676 18,149 20,721 23,062 Wisconsin 12 110 12,447 1,375 1,590 1,614 1,626 44,254 50,827 5 778 5,847 9,785 10,846 Minnesota 10,999 11,002 4,702 5,392 38,443 2,078 2,016 3,411 2,438 12,835 46,497 Iowa 18,511 18,626 3,948 5,434 67,634 "66,'95O 14,669 16,870 Total Middle Western.. 158,639 167,028 33,711 36,966 378,948 407,633 299,956 247,421 112,238 154,748 138,700 191,795 North Dakota. 4,006 3,985 3,694 4,490 760 7,099 11,642 403 607 1,528 1,751 South Dakota. 4,915 5,099 2,902 3,825 26,555 797 1,006 3,153 • 27,642 Nebraska 7,123 7,099 2,454 3,514 42,428 "38,'925' 125 181 9,274 9,812 Kansas 7,476 7,760 2,214 2,652 42,441 2,667 3,264 6,896 Montana 3,633 3,627 2,478 2,725 503 12,101 16,487 414 628 2,615 2,872 Wyoming 668 682 318 312 3,472 5,356 182 375 736 841 Colorado 3,005 3,023 535 698 309 530 13,660 "i5,222 1,305 1,106 3,467 3,573 New Mexico... 677 690 291 329 2,318 2,591 128 235 151 524 608 Oklahoma 2,553 2,436 745 925 15,635 17,925 740 2,449 2,566 2,799 Total Western. 34,056 34,401 15,631 19,470 134,144 66,087 32,988 43,351 6,868 9,767 30,759 Washington. 5,950 5,928 1,576 1,406 1,261 1,510 18,201 17,929 1,240* 1,476 4,122 4,379 Oregon 2,400 2,556 964 1,107 5,404 16,012 11,139 2,810 1,362 1,112 4,097 4,624 California... 47,494 53,251 5,429 5,929 99,410 106,887 38,950 45,549 30,280 39,981 38,229 45,832 Idaho 1,340 1,308 857 880 5,080 5,158 641 549 254 217 1,218 1,385 Utah 2,409 1,940 1,205 1,847 9,055 14,023 2,224 695 933 1,171 1,371 Nevada 540 552 90 3,257 3,830 34 178 113 989 1,091 Arizona 2,064 2,167 7,453 11,027 4,726 Total Pacific. 62,197 67,702 10,130 11,259 130,920 158,447 71,189 66,837 34,009 43,832 54,552 58,682 Total United States 553,639 590,291 j 114,570 115,346 1,162,390 1,217,980 1,174,624 1,137,384 [660,333 678,228 433,829 576,196 • Includes other real estate owned. • Includes cash items. • Includes lawful reserve. • Includes items due from banki. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 459 PRINCIPAL RESOURCES AND LIABILITIES OP STATE BANES AND TRUST COMPANIES IN EACH STATE AS OF JUNE SO AND DECEMBER 29, 1922—Continued. res O ou th rc e e r s. Ag a g n re d g l a i t a e b r il e i s t o ie u s r . ces Ca p p a it i a d l i s n t . ock Surplus. U p n r d o i f v i i t d s. ed D b u a e n t k o s . all Decem- Decem- Decem- June. ber. June. ber. June. ber. June. ber. Maine 17,672j 7,339 143,698 129,376 5,165 5,215 Vermont 1,008 j 1,211 66,614 67,648 2,516 2,591 Massachusetts. 11,713 ! 13,083 801,858 844,449 41,668 40,550 Rhode Island.. 1,341 i 2,405 219,827 226,052 9,610 9,611 Connecticut... 483 j 521 198,120 211,857 13,635 14,210 Total New England 32,217 I 24,559 1,430,117 1,479,382 72,594 72,177 New York 219,015 228,780 4,960,014 4,879,276 218,058 223,303 > 300,479 « 322,376 329,81J New Jersey 6,839 6,670 746,965 789,573 36,900 40,575 29,477 29,243 10,007 Pennsylvania 21,688 20,459 1,893,921 2,057,952 147,049 149, 218 203,124 215,828 34,946 Delaware 321 1,059 81,040 84,942 5,444 6,605 5,469 6,157 1,115 Maryland 2,132 3,693 311,822 312,381 19,564 19,940 20,117 21,157 5,958 District of Columbia.. 579 539 115,034 119,776 13,937 14, 210 6,567 6,682 840 Total Eastern.. 250,574 261,200 8,108,796 8,243,900 440,952 453,851 565,233 601,443 76,8 78,734 303,321 382,679 Virginia.. 1,776 4,393 185,227 214,376 23,920 25,935 12,957 14,110 5,506 5,094 2,336 9,547 West Virginia.. 745 739 211,938 229,975 17,840 18,184 11,655 11,974 3,936 5,227 4,153 5,181 North Carolina. 1,975 1,937 243,566 264,623 23,572 22,989 10,304 10,319 4,741 4,861 9,645 13,4?-0 South Carolina. 1,953 2,287 149,049 147,060 17,300 16,534 7,674 7,414 3,315 3,103 1,375 1,772 Georgia 3,489 9,714 252,842 280,522 32,987 31,962 17,083 16,715 7,627 7,302 12,720 19,834 Florida 713 653 111,894 127,382 10,250 11,183 3,321 •4,660 1,474 2,590 3,998 Alabama 325 694 111,729 131,008 11,489 12,245 6,234 8 8,675 2,818 2,975 Mississippi 3,497 • 3,107 146,927 166,801 12,465 12,517 5,994 6,026 2,353 2,760 3,954 '6,424 Louisiana 4,226 11,763 312,979 364,863 22,987 23,228 12,209 12,191 5,320 3,583 26,713 55,120 Texas 9,922 •20.397 311,134 338,694 45,075 44,349 13,877 « 20,194 5,346 9,969 Arkansas 1,246 1,286 145,698 170,270 16,277 16,306 6,228 6,229 2,766 3,830 6,700 14,517 Kentucky 2,033 2,579 226,695 244,432 21,588 21,870 12,767 12,872 2,794 3,316 3,026 2,898 Tennessee 10,459 11,558 228,101 259,674 22,779 22,123 « 13,008 •14,042 Total Southern. 42,359 71,107 2,637,779 I 2,939,680 278,529 279,425 133,311 145,421 47,996 39,076 86,156 112,531 Ohio 16,387 15,515 1,481,705 1,567,184 97,213 98,982 65,313 66,004 20,837 22,219 42,307 49,500 Indiana 49,297 60,249 493,766 529,754 42,241 43,082 15,796 16,390 8,151 5,777 10,205 Illinois.... 43,608 31,583 2,043,227 2,146,343 !142, 412 I144,037 82,999 83,905 56,156 44,782 81,903 82,698 Michigan.. 23,678 20,951 1,003,007 1,070,437 i 62,848 64,325 44,842 45,958 13,081 15,305 12,589 15,800 Wisconsin. 431 1,158 481,835 497,018 34,728 35,309 13,051 13,682 8,999 9,898 8,764 9,387 Minnesota. 5,474 '11,837 452,283 490,134 35,605 35,184 13,787 13,444 3,787 4,754 5,995 6,199 Iowa 2,465 1,696 713,359 728,712 55,915 55,550 25,751 25,668 13,633 12,454 Total Middle Western.. 141,340 142,989 6,669,182 j 6,989,582 470,962 476,499 261,539 265,051 124,644 115,189 160,495 173,789 North Dakota 123,908 132,277 I 11,307 | 11,300 •4,091 4,027 100 290 368 South Dakota 190,135 196,018 i 12,980 12,954 4,342 4,283 4,664 9,729 7,777 7,270 Nebraska. 288,521 292,744 ! 25,255 ; 24,755 7,600 7,449 8,026 8,535 7,638 6,961 Kansas 307,185 310,882 28,541 j 28,051 15, 228 15,015 5,349 5,775 9,196 Montana 104,949 107,093 I 11,595 11,300 3,499 3,221 1,236 1,446 2,331 4,241 Wyoming 26,743 29,343 2,953 2,949 1,168 1,102 903 1,339 431 664 Colorado.. 107, 876 114,229 - 9,532 9,342 4,273 4,208 1,536 1,680 1,329 2,416 New Mexico. 22,652 22, 720 i 2,850 2,765 805 845 146 301 208 181 Oklahoma 101,360 94,946 9,800 9,187 2,089 1,966 613 1,086 2,384 2,220 1, 278,329 1,300,252 114,813] 112,603 43,095 | 42,116 22,473 29,991 31,584 24,331 Washington 156,915 158,254 13,447 13,263 4,827 ! 4,702 1,768 1,663 3,980 4,374 Oregon... 116,056 124,063 9,529 9,934 3,542 I 3,478 2,421 2,600 4,003 4,207 California. 1,657,940 1,838,210 100,065 107,065 43,097 I 46,726 18,003 31,684 35,835 38,122 Idaho. 40,906 38,507 4,185 4,060 1,380 I 1,216 393 396 746 642 Utah 89,720 97,645 7,868 ! 7,992 3,578 3,694 1,265 1,148 2,815 3,685 Nevada. 21,642 22,999 1,761 ! 1,761 550 550 284 766 132 148 Arizona. 54,932 54,171 4,560 i 4,548 1,940 2,098 907 844 1,542 Total Pacific 29,366 j 32,923 2,138, 111 2,333,849 141,415 148,623 | 58,914 1,464 25,041 39,101 49,053 51,178 Total United States 514,026 1555,034 22,262,314 23,286,645 1,519,265 1,184,347 328,419 327,943 661,822 774,467 • Includes undivided profits. ' Includes guaranty fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 FEDERAL RESERVE BULLETIN. APEIL, 1923. PRINCIPAL RESOURCES AND LIABILITIES OF STATE BANKS AND TRUST COMPANIES IN EACH STATE AS OF JUNE 30 AND DECEMBER 29, 1922—Continued. Individual deposits United States Ce c r a ti s f h ie ie d r s a * nd u (i n n p c a lu id d in a g n d d i vi p d o e s n t d a s l de c p lu o s s i i v ts e ( o e f x- N re o d te is s c a o n u d n t b ed il . ls Bills payable. Oth i e t r i e l s ia . bilchecks. savings). postal savings). Decem- Decem- Decem-l Decem- Decem- Decem- June. ber. June. ber. June. ber. June. ber. June. ber. June. ber. Maine 305 396 106,811 109,383 1,022 1,048 3,688 3,810 17,478 477 Vermont 146 217 57,809 58,919 10 149 1,255 928 499 614 Massachusetts. 8,942 641,199 669 798 3,602 9,471 26,337 4,113 7,369 14,151 24,389 Rhode Island.. 1,033 672 185,853 190,470 506 1,060 584 75 1,665 745 5,473 Connecticut... 2,149 1,597 161,170 174,042 463 401 2,335 2,720 1,299 1,598 Total New England. 12,575 2,882 1,152,842 1,202,612 4,108 1,060 11,550 | 27,935 11,466 16,492 34,172 32,551 New York 3,976,435 3,727,174 8,534 12,151 12,366 i,020 186,973 236,439 New Jersey 4,600 4,549 638,054 661,981 1,092 870 956 6,721 15,970 5,784 8,624 Pennsylvania 11,025 10,302 1,377,088 1,528,099 8,173 4,094 547 28,837 32,395 35,137 39,148 Delaware 360 64 164 66,705 405 | 431 665 273 1,193 1,467 Maryland 255,530 250,501 620 872 1,829 3,046 1,712 3,810 District of Columbia 551 440 87 846 90,143 202 ! 431 55 46 701 1,457 865 1,216 Total Eastern. 16,536 15,291 6,399,117 6,324,603 9,872 862 I 14,173 14,572 51,119 81,161 231,664 290,704 Virginia 1,132 1,052 129,156 142,157 2,607 4,277 5,272 6,460 2,341 5,944 West Virginia.. 1,142 2,769 162,637 175,377 2,699 1,830 5,295 6,194 2,581 3,239 North Carolina. 2,705 1,588 170,894 195,904 1,982 2,828 14,834 8,552 4,889 4,152 South Carolina. 421 779 99,459 104,326 2,255 1,716 11,053 6,630 6,197 4 786 Georgia 828 1,615 154,150 171 782 6,788 6,600 15,182 15,509 5,477 9,203 Florida 1,050 1,566 90,278 101,599 466 1,276 • 3,365 1,189 1,011 Alabama 393 81,074 107,656 1,793 4,456 1,826 497 606 Mississippi 313 646 112,202 133,435 1,816 580 5,195 1,868 2,635 2,545 Louisiana 1,604 2,864 231,076 266,674 627 1,100 6,813 3,531 5,630 16,572 Texas 2,456 206,282 262,478 22,018 » 6,507 6,111 5,166 Arkansas 725 1,230 98,852 121,827 3,344 1,218 9,040 3,461 1,766 1.652 Kentucky 1,243 171,007 185,772 ! 785 1,186 4,245 5,910 9,240 9^778 Tennessee 170,126 194,125 9 9,925 '16,065 12,263 13,319 Total Southern. 14,012 14,939 1,877,193 2,163,112 25,162 21,335 114,604 85,878 60,816 77,973 Ohio 9,746 13,020 1,207,968 1,270,215 2,618 5,370 4,918 6,221 11,771 14,794 19,014 20,859 Indiana 2,232 2,020 357,951 377,886 4,690 4,693 6,938 7,598 46,830 62,103 Illinois 21,034 34,745 1,581,884 1,665,110 8,060 5,576 22,391 22,265 46,388 63,195 Michigan.. 4,993 5,998 808,406 864,169 1,856 10,223 5,193 5,470 10,903 17,372 38,296 25,817 Wisconsin. 2,635 3,208 392,574 406,080 290 i 324 3,999 3,693 12,900 10,063 3,895 5,374 Minnesota. 4,415 6,201 366,061 360,997 .11021,121 19,294 1,512 4,061 Iowa 556,126 576,922 > 51,729 49,385 10,205 8,733 Total Middle Western. 45,055 65,192 5,270,970 5,521,379 4,764 15,917 47,981 25,653 116,632 140,771 166,140 190,142 North Dakota. 1,047 1,663 85,435 93,063 589 518 25,720 20,706 429 532 South Dakota. 1,265 1,680 137,329 140,567 3,153 3,693 16.733 14,737 1,892 1,105 Nebraska 225 647 231,793 ' 12,165 11,235 2,190 2,016 2,164 226,794 241,522 10,154 1,617 11,247 8,142 9,272 Montana 639 70,363 76,657 •114,990 10,015 296 213 Wyoming... 19,909 22,643 • 1,379 »646 Colorado 1,637 1,522 86,373 92,578 462 168 ! 1,810 1,455 924 860 New Mexico. 184 16,895 16,931 136 530 668 ! 818 875 80 144 Oklahoma 1,414 74 571 74,574 8,622 3,418 ! 1,777 868 90 113 Total Western. 8,350 6,379 943,316 990,328 136 38,500 8,465 ! 62,019 71,784 14,043 14,255 Washington. 1,373 1,259 124,075 126,770 2,030 1,754 ! 1,893 1,674 3,522 2,795 Oregon 1,198 91,077 98,701 17 53 1,141 461 i 1,567 950 1,561 3,679 California 1,424,865"1,580,435 5,452 6,058 5,254 I 6,435 4,487 18,130 24,437 Idaho 320 470 27,439 28,133 26 1,795 1,060 I 4,420 2,376 202 154 Utah 712 63,067 70,155 1,152 954 ! 2,152 1,803 7,111 8,214 Nevada 283 379 17,920 18,665 269 204 239 730 Arizona 42,269 43,197 1,453 2,054 207 "3,484 Total Pacific 3,S 2,108 1,790,712 1,966,056 5,495 53 13,898 11,290 30,972 43,493 Total United States. 100,414 106,791 17,434,150 18,168,090 24,375 17,892 151,264 107,443 1374,565 649,118 • Total deposits. • Includes rediscounts. 1(1 Includes cashiers' checks. 11 Includes bills payable. 11 Includes United States deposits. >»Includes bills payable and rediscounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 461 State Banks and Trust Companies. Num- Amount Admissions. ber of of banks. capital. The following list shows the State banks and trust companies which were admitted to membership in the New charters issued $2,267,500 Federal reserve system during the month ending March Restored to solvency 0 28, 1923, on which date 1,642 State institutions were Increase of capital approved.. 3,840,000 members of the system: Aggregate of new charters, banks restored to solvency, and banks increasing capital 42 6,107,500 Capital. T so o u ta rc l e r s e . - R Li e q d u u i c d i a n t g io c n a s p ital t.. 4,6 1 9 8 5 5 , , 0 0 0 0 0 0 Total liquidations and reductions of capital. 22 4,880,000 Consolidations of national banks under act of Nov. District No. t. 7,1918 The Watsessing Bank, Bloomfield, N. J. $1,000,000 $1,000,000$1,985,810 Aggregate increased capital for period Reduction of capital owing to liquidations, etc District No. S. Net increase l,227,50« Peoples Trust Co., Philadelphia, Pa 034,450 100,000 3,399,895 District No. i. Fiduciary Powers Granted to National Banks. I Pearl-Market Bank, Cincinnati, Ohio.... 400,000 200,000 7,327,501 During the month ending March 28, the Federal Re- District No. 6. serve Board approved applications of the national banks Hardy County Bank, Moorefleld, W. Va. 50,000 1,850 146,615 listed below for permission to exercise one or more of the fiduciary powers named in section 11 (k) of the Federal District No. 6. reserve act as amended, as follows: Bank of Commerce, Tampa, Fla 200,000 40,000 1,376,154 1. Trustee. 2. Executor. District No. S. j 3. Administrator. 4. Registrar of stocks and bonds. Citizens Bank, Gillett, Ark | 25,000 2,600 27,500 First State Bank, Palmyra, 111 I 25,000 25,000 191,738 5. Guardian of estates. Webster Groves Trust Co., Webster 6. Assignee. Groves, Mo 100,000 25,000 7. Receiver. District No. 11. I 1,380,018 8. Committee of estates of lunatics. 9. In any other fiduciary capacity in which State First State Bank, Sylvester, Tex ; 50,000 800 banks, trust companies, or other corporations which 160,213 come into competition with national banks are permitted to act under the laws of the State in which the Changes. bank is located. The numerals opposite the name of each bank indicate Absorbed by national oamlc.—The Jefferson State Bank, Menan, Idaho. Banks closed.—Walton County Bank, Social Circle, Ga.; First State the power or powers it is authorized to exercise, as given Bank, Malone, Tex.; First Savings Bank, Sutherland, Iowa; Eden State below: Bank, Eden, Idaho. Change of name.—Sus^uehanna Trust & Safe Deposit Co., Williamsp m o e C r n t h , t a o P n , a g C . e , a t o l o i f f . n S , a t u o m s q e U u a e n n h i d t a e n l d o n c a B a t T a io n r n u k . s — t & C S a o T c . r ra u m st e n C t o o . - S o a f n C J a o l a if q o u rn in i a B , a S n an k , F Sa ra cr n a - - Place. t D N ri i o c s . t - Name of bank. g P r o a w nt e e r d s . cisco, Calif. Tr C us o t n s C o o li . d a o t f i o N n e s. w — Y Th o e r k I , r v b i o n t g h B m a e n m k be o r f i N ns e t w it u Y ti o o r n k s , a h n a d v e t h c e o n C s o o l l u id m a b te ia d Caldwell, N. J 2 Citizens National Bank.. Ito8. under the name "Irving Bank-Columbia Trust Co." The Commercial Lynbrook, N. Y 2 Peoples National Bank.. lto9. Bank of San Luis Obispo, Calif., has consolidated with the Pacific Owego, N. Y 2 First National Bank Ito9. Southwest Trust and Savings Bank, Los Angeles, Calif. Owego, N. Y 2 Owego National Bank... Ito9. Converted into national banks.—Fanners and Commercial Savings Bank, Schenectady, N. Y 2 Union National Bank... Ito9. Clayton, Mo.; The First State Bank of Stigler, Okla.; Federal Trust Honeybrook, Pa 3 First National Bank Ito9. Co., Boston, Mass.; Trust Company of Orange, Orange, N. I. Souderton, Pa 3 Union National Bank... Ito9. Reopened.—Evart State Bank, Evart, Mich. Meyersdale, Pa 4 Citizens National Bank- Ito9. Withdrawals.—First State Bank, Prescott, Ark.; State Bank of Wayne, Somerset, Ky 4 First National Bank Ito9. Wayne, Nebr.; Bank of Independence, Independence, Ky.; Penelope Salisbury, N. C 5 First National Bank Ito9. State Bank, Penelope, Tex. Parkersburg, W. Va 5 First National Bank Ito9. Arnbov, 111 7 First National Bank Ito9. Rushville, Ind 7 Peoples National Bank.. Ito9. Sioux City, Iowa 7 Security National Bank. Ito9. Benton Harbor, Mich... 7 American National Bank. Ito9. Evanston, HI 7 City National Bank Ito9. New National Bank Charters. Unionville, Mo Marshall National Bank. 1 to 3, 5 to 7. Dillon, Mont 9 First National Bank 1 to 7 and 9. The Comptroller of the Currency reports the following Oklahoma City, Okla... 10 Tradesmens National 1 to 7 and 9. increases and reductions in the number and capital of Mancos, Colo in First National Bank lto». national banks during the period from February 24 to Albuquerque, N. Mex.. n Citizens National Bank.. Ito9. March 23,1923, inclusive: Colorado, Tex n Colorado National Bank. Ito3,5to7. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 FEDERAL RESERVE BULLETIN. APRIL, 1023. BUSINESS AND FINANCIAL CONDITIONS ABROAD. An important factor in the foreign business situation has been the recent upward movement of prices in nearly all the principal countries of the world. This movement was particularly strong in Germany and France, but in both countries the rapid advance of prices early in the year has been checked recently, as the exchange value of the mark and the franc increased. Index numbers received up to April 10 indicate that in many other countries, including the United States, England, Switzerland, Denmark, Norway, Sweden, and Japan, the upward trend has continued into March. British prices, which had remained steady during the first half of 1922, while American prices advanced, started to rise toward the end of 1922, while the price level in this country remained fairly stable, and have risen more rapidly than American prices in the past two or three months. Thus the Federal Keserve Board's index for England shows an increase of 3 points in February following a 1-point rise in January, while the board's American index rose 1 point in both January and February. These advances are entirely due to higher prices of raw materials and producers' goods in England and in the United States, stimulated by an increased demand resulting from the revival of business. On the other hand, many finished products and consumers' goods, especially foodstuffs, have been either stable or lower in price during the last two or three months. The lag in the rise of British prices compared with American prices corresponds to the later and more gradual recovery of British business. Although business conditions in England are still far from normal, there has recently been growing evidence of somewhat greater industrial activity. The percentage of unemployed workers in insured trades dropped from 12.7 in January to 11.8 in February; the amount of coal mined in that month exceeded that mined in January, despite the shortness of February; pig-iron production also averaged higher per day than during the preceding month; and bank clearings and foreign trade were satisfactory for the season of the year. Both in England and in the United States expanding business activity has been reflected in a growing demand for credit, evidenced by increasing bank loans and a tendency toward higher interest rates. In Germany the temporary stabilization of the mark at about 20,000 to the dollar, or 0.02 per cent of parity, following its extreme depreciation at the end of January, was reflected in a decline in prices during February, which continued into March. The index number of the Federal Statistical Office declined from 5,967 (1913 = 1) at the beginning of February to 4,827 on March 24, a decrease of about 20 per cent. This decrease was largely confined to commodities manufactured from imported raw materials, while prices of domestic commodities in many instances increased and exceeded the prices of similar goods in other countries. The decline of prices and the scarcity of coal and iron, due to the isolation of the Ruhr district from the rest of Germany, have brought about a slackening of business activity in practically all trades. The slowing down of industry, together with the fall in prices, has in turn reduced the demand for bank credit, which is reflected in an easier, money market and somewhat lower interest rates. Notwithstanding the stabilization of the value of the mark abroad, the volume of notes in circulation and the floating debt of the Government have continued to increase rapidly, the floating debt rising from 3,694 billion marks on February 20 to 6,841 billion marks on March 20. In France the revival of business, which set in on a moderate scale a year ago, has necessitated large imports, especially of raw materials, and has had a depressing effect on the exchange value of the franc, with a consequent rise in prices. Both imports and exports have been much higher in recent months than a year ago, but imports continued greatly to exceed exports, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APEIL, 1923. FEDERAL BESEBVE BULLETIN. 463 THE TREND OF BUSINESS ABROAD.1 Items. U K d n o in i m t g e . - d France. m G a e n r y - . S U t n a i t t e e s d . Items. U K d n o in i m t g e . - d France. m G a e n r y - . U St n a i l t e e s d . I. CREDIT.' III. PRODUCTION AND TRADE. COMMERCIAL BANK LOANS: PIG-IRON PRODUCTION (relatives*): 1921—February 1.172 12,955 12,795 1921—February •S4 67 1922—February 1,152 12,822 10,851 1922—February 35 74 64 May 1,061 13,102 10,906 May 48 102 90 August 1,020 13,051 10,761 August 48 103 71 N ovember 1,031 13,265 11,219 November 58 118 111 December 1,031 11,329 December 62 118 121 1923—January 1,046 11,425 1923—January 66 112 126 M February 1,023 11,639 February 64 117 COMMERCIAL BANK DEPOSITS: COAL PRODUCTION (relatives *): 1921—February 1,754 12,856 10,495 1921—February 79 114 77 1922—February 1,802 12,747 | 10,245 1922—February 89 100 103 May 1,745 12,952 11,049 May 87 101 51 August 12,884 10,942 August 87 108 69 November 1,667 13,121 11,094 November 98 110 114 December 1,685 11,255 December 94 112 117 1923—January 1,693 11,537 1923—January 96 126 February 1,614 11,525 February 99 106 CENTRAL BANK DISCOUNTS: UNEMPLOYMENT: • 1921—February 95 2,981 56 2,396 1921—February 10.0 44,525 1922—February 82 2,726 136 i 721 1922—February 15.7 |4,385 90 May 75 2,319 171 I 471 May 13.5 1,636 85 August 76 2,194 271 404 August 12.0 606 89 November 68 2,818 919 614 November 12.4 285 December 78 2,401 1,607 I 630 December 12.2 414 1923—January 66 2,662 2,306 I 597 1923—January 12.7 684 February 79 2,684 4,'77 596 February 11.8 666 101 CENTRAL BANK NOTE ISSUES: BANK CLEARINGS (actuals*): 1921—February 444 37,808 67 3,052 1921—February 2,775 591 70 14,577 1922—February 400 36,151 120 2,197 1922—February 3,088 I 489 110 14,042 May 402 35,982 i 152 2,142 May 3,307 1 454 179 16,322 August 396 36,385 I 238 2,153 August 2,885 j 512 375 15,849 November 390 36,114 j 754 2,330 November 2,989 ! 783 1,464 17,133 December 405 36,359 1,280 2,464 December 2,769 | 630 2,079 19,586 1923—January 381 36,780 1,984 2,204 1923—January 3,262 I 726 3,826 19,666 February 381 37,055 3,513 2,247 February 3,008 | 792 16,905 •CENTRAL BANK DISCOUNT RATE RAILWAY FREIGHT TRAFFIC (actuals'): (per cent): 1922—February 1,363 47,741 2,953 3,043 1921—February 5 7 May 1,379 49,055 3,994 3,522 1922—February 5 August 1,455 50,875 3,864 3,930 May 5 a November 1,568 56,046 3,796 4,105 August 7 4 ! December 55,848 3,635 November 10 4 1923—January 54,432 3,813 December 10 4 j February 3,393 1923—January 12 4 ! VALUE OF EXPORTS (actuals 9): February 12 41| 1921—February 68,222 486,454 March 12 41 1922—February 58,335 250,620 May 58,045 307,569 II. PRICES AND EXCHANGE. [ August 60,032 301,775 N ovember 66,491 380,000 WHOLESALE PRICE INDEX (relatives'):! December 58,883 344,324 1921—February I 226 364 157 1923—January 66,939 335,894 1922—February I 167 283 4,599 146 February 57,510 310,000 May ! 171 302 7,384 158 VOLUME OF EXPORTS (relatives'): August 168 298 13,978 165 1921—February 104 November 165 307 94,492 164 1922—February 83 December 166 315 166,495 164 May 99 1923—January 167 324 205,417 165 August 97 February j 170 354 1715,881 166 N ovember 112 December 97 RET 1 1 A 9 9 IL 2 2 1 2 P — — R F F IC e e E b b r r I u u N a a D r r y y EX (relatives <): 2 1 5 8 1 8 3 30 8 7 2 2 1 , , 2 0 0 3 9 3 1 14 5 2 8 1923— F J e a b n r u u a a ry ry 9 8 6 3 1923— M A N D F J e u o e a a b n c g v y e u r u e u m a m s r a t b y b r e y e r r 1 1 1 1 1 1 8 7 8 7 8 8 1 8 1 7 0 0 3 2 3 3 2 3 1 8 0 0 9 1 7 9 9 5 7 6 2 1 6 4 4 0 3 7 1 0 0 3 , , , , , , 4 0 1 0 4 8 2 4 6 5 0 0 7 6 9 2 0 0 1 1 1 1 1 1 3 4 4 4 3 4 9 7 4 2 9 5 VAL 1 1 U 9 9 E 2 2 1 2 o — — r M A N D F F I u e M o a e e c g v y b b P e u e r r O m u u m s R a a t b b r r T e y y e S r r (actuals»): 9 6 9 8 8 9 7 9 5 8 4 2 , , , , , , 0 3 6 8 9 6 1 7 0 1 1 6 0 5 0 4 2 1 1 1 2 2 1 1 , , , , , , 6 9 3 9 8 8 1 6 4 1 2 4 8 3 4 0 0 7 2 2 2 2 2 2 1 1 8 9 5 9 4 5 1 1 2 3 , , , , , , 5 7 3 9 8 4 3 4 7 0 1 6 0 3 6 6 7 4 FOREIGN EXCHANGE (per cent of par'): 1923—January 99,700 2,144 319,000 1921—February 79.64 37.17 i 6.884 February 83,855 2,343 1922—February 89.63 45.24 j 2.020 VOLUME OF IMPORTS (relatives >): May 91.36 47.25 [ 1.444 1921—February 130 August 91.74 41.23 : .415 1922—February 183 November 92.06 35.54 ! .058 May 178 December 94.73 37.46 .062 August 194 1923—January 95.65 34.60 .031 November 204 February 96.39 31.84 ! .016 December 224 March 96.49 32.77 .020 1923—January 1 A full explanation of this table, including a list of the sources employed, appears in the BULLETIN for February, 1923, pp. 182-185. 1 Amounts stated in millions of pounds sterling, millions of francs, billions of marks, and millions of dollars. • Monthly average in 1913 is taken as 100, except for Germany, where July, 1914, is used. 1 United Kingdom and France—July, 1914=100; Germany—Oct. 15,1913-June 15,1914-100; United Stoics—1913 average-100. • 1913-100. • United Kingdom—percentage of unemployed in insured trades; France—number of unemployed in the city of Paris; Germany—number of applicants for every 100 available positions; United States—an index of employment in 12 representative trades, 1919 being taken as 100. ' United Kingdom—total net ton miles during the month, expressed in millions; France—average daily number of freight car loadings; Germany and United States—total number of freight car loadings during month, expressed in thousands. ' Amounts stated in thousands of pounds sterling, millions of francs, millions of gold marks, and thousands of dollars. • 1913=100. Figures for United Kingdom refer to quarterly period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 FEDERAL RESERVE BULLETIN. APRIL, 1923. causing a decline of franc exchange in January and a corresponding rise in commodity prices. In February, however, the sudden increase in exports, occasioned probably by the extreme decline in the exchange, resulted in virtually balancing the foreign trade. This effectually checked the decline of the exchange, and in the middle of March the franc showed a sharp advance, which brought about declines in the prices of raw materials and in security values. During the period of advancing prices business in France has been very active, and it is too early to determine whether the recent rise of the franc will be reflected in a general decline in prices, and if so whether such a decline would result in a setback to French business. RECENT PRICE MOVEMENTS IN THE for the effect of such barriers as tariffs and UNITED KINGDOM AND FRANCE. transportation costs, an approximate equality of general price levels was commonly attained. The general course of wholesale prices in"the Now that the currencies of most countries United Kingdom and in France since 1920 is have departed more or less widely from the familiar to readers of the BULLETIN. Changes gold standard, the problem of international in the business situation in these countries have price relationships is complicated by the fact also been set forth from time to time in these that prices in different countries are quoted pages. But the departure of the European in a variety of monetary units which are concountries from the gold standard obscures the stantly changing in value with reference to gold relation between British, French, and American and consequently among themselves. The price movements and the connection between enormous gold movements which were taking prices and the business situation. How are place until recent months have acted primarily, paper pound and paper franc prices, gold like other commodity movements, to reduce prices here and abroad, and foreign exchange the adverse trade balances of those countries interrelated ? And what is the bearing of these which exported gold rather than immediately movements upon the business and industrial to reduce their price levels. Gold does not conditions prevailing in each country? These function, as formerly, as a regulator of interare the questions upon which the present national price movements. Prices througharticle will attempt to throw some light. out the world still tend to adjust themselves to a Before the war price levels in different common level of gold prices, but such adjustcountries were kept in close correspondence ments of prices between countries are now efwith one another through the movements of fected through the movement of commodities. gold and commodities between countries. Under present conditions, therefore, it is the Falling prices in one country tended to attract foreign trade in commodities, influenced by buying power in the form of gold from abroad, relative prices in different countries, which leading to increased exports of commodities, tends directly and through the medium of and tending to raise prices by creating short- rates of foreign exchange to bring prices everyages of goods or by bringing about credit ex- where to an equivalent basis. The adjustment pansion based upon the newly imported gold. of international prices to a common gold basis, Conversely, if prices were rising in one coun- however, was only approximate even before the try, it became increasingly profitable to pur- war. Now that such adjustments depend chase goods in foreign markets, thus leading to upon the exchange of certain commodities greater exports of gold and imports of com- between different countries, with all the barmodities, which tended to stop further price riers and delays which hinder the effective opadvances. So long, therefore, as the gold eration of the demand for and the supply of standard was generally maintained, any devi- goods, and upon an exchange market influation of prices in a single country from the enced by innumerable speculative factors, prices at which similar goods could be bought maladjustments of prices and foreign exchange elsewhere soon set in motion forces tending to between countries may be great. Under these bring prices in all countries to the same level conditions the extent of the adjustment bein terms of gold. Just how completely this tween the price levels of any two countries tendency was worked out it is impossible to say depends upon the closeness of their trade relaaccurately, but it is .probable that, allowing tions and the stability of their currencies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 465 WHOLESALE PRICES IN UNITED KINGDOM. CHART I. INTERNATIONAL PRICE INDEX, GOLD BASIS.1 [1913=100.] In the case of the United Kingdom we have 300 a country closely linked to the United States by ties 01 trade and similarity of financial system. How and why, then, has its recent industrial and price history, particularly during the last year, differed from that of this country ? How great has been the actual difference in price levels; to what extent is this responsible for the contrast in business conditions; and what of the relative adjustment of prices within the two price systems? In considering these questions it is proposed first to describe the relative course of prices in the two countries, allowing for the effect of a depreciated currency and fluctuations in exchange; and then 125 to seek an explanation of the recent divergencies of business conditions in the two countries, so far as such an explanation can be found in too 100 the relationships of prices. 1919 1920 1921 1922 The movement of British wholesale prices pound sterling in England is related to its pursince 1919, in terms of the pound sterling, has chasing power in the United States through the been roughly parallel with that of prices in the buying and selling of goods, just as its purchas- United States, but on a much higher level, ex- ing power in terms of gold in the two countries cept for a lag in the decline in 1919 and the ab- is equalized by the buying and selling of stersence of a marked rise during 1922, such as oc- ling or dollar exchange. In so far as the same curred in this country. The Statist, Economist, factors affect these two, the prices of commodiand Board of Trade index numbers agree with ties and the price of gold in terms of pounds, the Federal Eeserve Board index in showing a we can properly compare price levels in the steady and rapid rise of prices from March, two countries by the reduction of the British 1919, to the spring of 1920 (although they differ price index to a gold basis. The index of as to the date of the peak), an equally rapid British gold prices, shown graphically in Chart fall until the spring of 1921, a more gradual fall I, is computed by multiplying the Federal during 1921, and a period of comparative sta- Eeserve Board index for Great Britain by the bility during 1922, with an uneven tendency to rate of sterling exchange expressed as a perrise up to June and then to fall slightly. The centage of par. There is but one difference figures for January and February, 1923, in all between such a comparison and a similar study cases show a definite though slight rise to a of relative prices under pre-war conditions. point near the mid-year peak. Whether this When both countries were on a gold standard, represents a temporary fluctuation or the be- variations between the two price levels were ginning of a longer upward movement of prices due solely to factors affecting prices, while will be determined by the course of business they are now sometimes ascribable to other activity in England, conditions of foreign factors which influence exchange rates directly. trade, and the influence of foreign price move- From the graph of the course of gold prices ments. in Great Britain and the United States since 1919, it may be seen that the British price level has approximated the American during COMPARISON OF BRITISH AND AMERICAN PRICE these years. The chief divergencies are the LEVELS. higher peak of the British curve, its more The way in which price movements in dif- gradual decline, and its lower level after the ferent countries are related to each other in the rise in American prices in 1922. Except for absence of a common gold standard is pointed these and other slighter variations, the flucout above. The purchasing power of any tuations in the exchange rate have just countermonetary unit in different countries is equalized, so far as it is equalized, through the 1 This chart and the four charts following hare all been drawn on movement of commodities, just as its gold the same (logarithmic) scale in such a way that equal vertical distances value is equalized through exchange move- anywhere on any of the five charts represent equal percentual increases or equal percentual decreases. A given slope of line anywhere on any ments. Thus, the purchasing power of the of these charts thus indicates always the same rate of increase, or decrease if the direction of the line is downward* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 FEDERAL RESERVE BULLETIN. APRIL, 1923. acted the depreciation of the pound in terms either English or American prices to account of commodities as compared with the dollar. for it. Such a discrepancy between the ex- They have kept the internal and external ternal and internal value of the pound could value of the pound nearly equal. not continue long, however, and the exchange rate fell as rapidly as it rose until it approxi- PRICES AND EXCHANGE. mately equaled the purchasing power of the The question remains whether the varia- pound in terms of dollars. High exchange tions in the two price levels in terms of gold evidently reacted upon prices during this have been due to actual price movements or period, facilitating the decline of English to exchange movements. One way of deter- prices relative to the American level, but exmining this question is through a comparison change moved upward faster than prices of the actual course of sterling exchange with downward. It is this exchange movement the course of a theoretical exchange rate (the which is responsible for the check in the fall purchasing power of the pound) computed of English gold prices as shown in Chart I, and from relative prices in the two countries and obscures the fact that actual English prices were the par of exchange. Such a comparison is falling relative to American prices at this time. made in Chart II. Until January, 1921, the Similarly, the sharp fall of English gold prices in English price level rose relative to the American February, 1920, as shown on the chart, was due level and since then has been falling relative not to a price but to an exchange movement. to it; while sterling exchange rose and fell simi- On the other hand, the fall of English prices larly until the positions of the two were actually relative to American prices in the third quarter reversed in October, so that sterling exchange of 1922 took place in spite of the stability of would have had to be above par to equalize exchange during this period and is traceable the two price levels. to the diverse influences under which American prices rose and British prices did not. As CHART II. THE POUND STEELING. has been pointed out before in these pages, this divergency is one of the causes of the recent ' EXCHANGE VALUE 1 rise in sterling exchange. In spite of this 5.00 5.00 exchange movement, which would naturally tend to encourage buying in the United States 450 4.50 and discourage buying in England, English prices are now moving upward while American 4JOO 1/ 4.00 prices are remaining fairly stable, and the 350 theoretical rate of purchasing power parity is V 3.50 falling to meet the actual exchange rate. From such instances it would seem that the course 3JD0 1920 1521 1922 '23 of sterling exchange has comparatively slight Up to the beginning of 1921, $4.86 would influence upon prices, but rather is itself have purchased a larger quantity of a general eventually adjusted to the price situation. assortment of commodities in the United Therefore, in order to understand the recent States than in England, but at the average divergencies of the English and American prices of that month that sum would have prices, it is necessary to study the business, purchased more in England. The differences industrial, and trade factors differently affectbetween the actual and theoretical exchange ing them, just as was the case before the war. rates are due either to special influences operat- As a matter of fact, the variations between ing upon the exchange rate and not affecting the two price levels on a gold basis in the last prices, such as political news, or to influences four years do not seem to have been generally affecting prices in one country and not the very much greater than such as occurred other. The relative sharpness and permanence during pre-war cyclical movements, so far as of the movements of exchange and of purchas- previous analyses of these movements show. ing power parity often suggest which set of the It must be remembered that our comparison influences above mentioned is responsible. is based upon the assumption that in 1913 The rapid rise of exchange in the first half the two price levels were nearly identical, an of 1921, for example, from $3.49 to assumption which the facts, so far as known, $3.98, seems to have been dictated by the seem to justify. If this were found to be heavy exports of gold during these months untrue, however, it would be necessary to rather than by commodity price influences, allow for the variation at that time in making v for there was no such sharp movement of later comparisons. Moreover, it must be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 467 remembered that equality of price levels does Stability of price level, of course, does not not mean equality of prices of the same com- necessarily mean stability of the prices or modities or groups of commodities. This last relations between the prices of individual is particularly true when price levels are kept commodities or groups of commodities. The in contact by means of goods rather than gold recent period of a stable price level in England, movements, for a change in one country's as shown by price indexes, has, of .course, been level makes itself felt first and most vigorously a period of continually changing prices. Cotupon the prices of commodities most commonly ton has risen sharply, for example, as have traded in and affects very slowly, if at all, com- rice, rubber, lard, sugar, wool, and sheep; modities produced and marketed locally. So coffee, kerosene, gasoline, brick, and cement, the Federal Reserve Board indexes of cotton among others, have fallen; various other comprices for England and the United States show modities have fluctuated back and forth. In a very nearly perfect correlation, the former so far as the depression of business is related rising proportionately but earlier than the latter to prices, it may be the fault of price movein 1921-22. The prices of steel are much less ments within the price system, as well as of closely correlated, the American price rising general price movements. Profitable business sharply from March, 1922, while the English and active trade require the proper adjustcontinued to fall until December. In the case ment of prices to each other and to interest of sheep, as an example of commodities which rates, wages, and other incomes. Industrial are exported and imported by neither country, inactivity is generally traceable to some malit is difficult to trace any definite relation adjustment of these. between price movements in the two countries. A previous article, in the January issue It is the influence of certain world trade comof the BULLETIN, has examined the relation modities like cotton which gives similar form between prices and certain costs of production, to the general price movements in the two and between wholesale and retail prices. countries, while others more subject to local The present discussion will confine itself to causes account for the differences. To underthe relations between the wholesale prices of stand the significance of these differences, it is certain commodities and groups of commodnecessary to go behind the general price levels ities. In order to reach definite conclusions and observe the relation of actual price movefrom such a study it is necessary to make use ments to business conditions. of some tests or standards of correct price relationships. The only tests available are a comparison of the present situation in this PRICES AND BUSINESS CONDITIONS. regard with previous periods and a com- It is common knowledge that 1922 has been a parison of price changes with movements in period of inactive business and excessive unem- production and trade. The latter is difficult ployment as well as price stability in England, because of the lack of detailed statistical data. while in the United States increasing business As to a standard drawn from pre-war conand industrial activity has preceded and accom- ditions, it is probably inaccurate to assume panied rising prices. The production of basic that normal price relationships now would commodities in Great Britain, the volume of be the same as those of 1913, for example. her internal trade as evidenced by banking Changes in relative costs as well as markets and transportation figures, the profits of busi- have taken place, which may make necessary ness concerns, and the quantity of her foreign an adjustment of industry to a new system of exports and imports have all been far below prices. Nevertheless, some significant obserpre-war standards, and it has been common to vations may be made, first, as to the fluctulink up this situation with the course of Eng- ations which have taken place in the prices lish prices. Yet all reliable evidence goes to of certain groups of commodities relative to show that the decline in the English price level each other, and, second, as to the relations was arrested over a year ago and that a period between these prices and the volume of proof stability, such as is usually considered to be duction and trade. conducive to healthy business and industrial Relative prices of groups of commodities.—• conditions, has ensued. What is there in the The Board of Trade group index numbers, price situation, if anything, to prolong the plotted in Chart III, show that food prices period of business depression in the United were much higher than the general level Kingdom ? One source of difficulty may lie in during the high-price period and other commaladjustment within the price system. modity prices much below it, but that their Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

468 FEDERAL, RESEBVE BULLETIN. APEIL, 192S. positions were reversed after the end of 1920, CHART III. BOARD OP TRADE PRICE INDEX. so that food prices exceeded the general level. [1913-100.] During 1922 food prices fell, however, and other prices rose so that the two groups were 400 practically equal at an index of 157 and 157.3, respectively, in January, 1923. Thus, they 350 s 350 had returned to the 1913 relationship. If that ( constitutes a normal situation under present A 300, conditions, considerable progress was made 300 last year toward a proper price adjustment J between food and other prices. Within the 250 food group, however, there have been wide V fluctuations and the year 1922 ended with the relative prices of meat and fish considerably 200 200 above those of cereals, which had fallen below s\ the general price level. This is the reverse 175 175 of their relation at the time of the 1920 price peak, and accounts for the disadvantageous < position of grain farmers in Great Britain, as 150 150 in the United States. Of the other commodities, not food, textiles MLCOMMODITIES 125 - —- n•UTALfOC were relatively high priced during 1922 as in ~—• n>TAL MO!'•FOOD 1920, and they still remain above the general level with cotton leading. It is the metals and minerals which bring the "other than food" 100 100 1919 1920 1921 1922 '23 index down, with iron and steel lower than other metals and minerals, whereas it far ex- England have risen very sharply. In general, ceeded them before 1922. Iron and steel this comparison indicates that while in some prices have risen definitely in January and respects English prices have tended to return February, but the close approach of the food to their 1913 relation, in many instances they and "other than food" groups to each other, are still far from it, and tend rather to follow which is noticeable since September, results the adjustments which have taken place in the chiefly from the rise of textiles, especially United States. cotton, and the continued fall of cereal prices. Prices and 'production.—In the United States, So long as foreign demand for textiles is it will be remembered, production and general sustained both of these movements are advan- business activity began to improve some time tageous to a country in whose industry textile before prices generally commenced to rise. manufacture plays such a large part, while What reliable information is available as to she must import the greater part of her cereal business conditions in the United Kingdom food. They further aggravate the departure shows that there was some progress toward of these prices from their 1913 relationship, more active business there during 1922 withhowever, and raise the question whether a out any consistent rise in prices. By December return to that relationship is to be expected. the number of insured unemployed had dropped It is notable, in this connection, that according to a quarter of their number a year before and to the group indexes computed by the Bureau bank clearings had increased perceptibly; but of Labor Statistics for the United States, food general prices were still below what they were prices have been continually below the general in June, 1922. In the United States, steel twice level and have risen less rapidly than the prices began to rise about six months after atter, while cloth and clothing prices have pig-iron production began to increase. Iron risen more rapidly; so that the recent relative and steel production in England had been inmovements of these groups of commodities creasing for a year and a half before the recent have been similar to their movements in rise in steel prices. Coal production, inter- England. The prices of metals and metal rupted by the strike in the spring and early products in the United States, unlike the cor- summer, has risen rapidly since August. Unresponding English prices, rose throughout 1922 fortunately, production figures for the most even more than the general price level, but important products of British manufacture are in the last two months iron and steel prices in not available. Since business and industrial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 469 conditions in Great Britain are so peculiarly- in their natural state, such as grains and dependent upon foreign trade, however, the animals. Thus it is apparent that the low relations of the volume of that trade to prices is state of English trade is due chiefly to the low of the greatest significance, and detailed trade state of demand for manufactured goods, on statistics are gathered and published regularly. which her industrial activity so largely de- Prices and foreign trade.—The relation be- pends. From the following analysis it will be tween the depressed character of British trade seen that this diminished demand is due at and the prices of her goods may be seen by the least in part to the disparity in price between following comparison of the relative quantities the articles which Britain sells and the comof certain groups of imports and exports and modities with which her customers must pay. their relative prices as computed by the Board The table below shows the average prices of of Trade Journal. goods entering into British foreign trade during The table below shows the average quanti- 1921 and 1922, relative to their average prices ties of goods entering into British foreign trade in 1913 taken as 100. during 1921 and 1922, relative to the average quantities in 1913 taken as 100. RELATIVE PRICES OF COMMODITIES IMPORTED AND EXPORTED BY THE UNITED KINGDOM. RELATIVE QUANTITIES OF COMMODITIES IMPORTED AND (1913-100.] EXPORTED BY THE UNITED KINGDOM. [1913-100.] Imports. Reexports. Exports. Groups. Imports. Reexports. Exports. 1921 1922 1921 1922 1921 1922 Groups. 1921 1922 1921 1922 1921 1922 Food, drink, and tobacco.. 205.9 160.9 133.1 125.6 225.9 203.5 Raw materials and articles mainly unmanufactured. 154.9 136.7 105.3 101.5 212.9 162.8 Food, drink, and tobacco.. 93.3 99.5 139.8 106.6 48.9 52.7 Articles wholly or mainly Raw materials and articles manufactured 206.5 157.9 168.9 152.0 280.2 207.0 mainly unmanufactured. 64.9 80.8 74.6 85.2 45.1 94.7 Articles wholly or mainly Total 190.3 152.2 124.3 116.2 268.8 199.1 manufactured 59.0 72.4 53.4 59.8 50.7 66.5 Total 74.3 85.8 78.6 81.5 49.8 68.9 This price table shows that the prices of manufactured goods have been generally above In 1921 exports were very much less in pro- the level of the prices of other goods, particportion to their 1913 volume than reexports or ularly raw materials, and that this is most imports and although they gained more than notably the case among exports. It would the latter last year, they were still only 69 per seem that under the character of demand that cent of their pre-war quantity while imports has been existing the prices of these goods have amounted to 86 per cent of the 1913 figure. been much too high. This is quite consistent When we observe the composition of this trade, with the 1922 rise in prices of American we see that the high figures for imports and exports, still chiefly consisting of unmanureexports are due chiefly to the relatively large factured goods, partly in response to a growing quantities of food and of raw materials which foreign demand. Countries impoverished by entered into trade. The quantity of manufac- the war, while unable to buy highly finished tured goods was low throughout. Among ex- articles, still demand the essential foods and ports the volume of food, raw materials, and materials for their own reviving industries. manufactured goods was about equally reduced Under these conditions, it is encouraging for in 1921 but in 1922 raw materials more than British trade that the average 1922 prices of doubled in volume while other commodities manufactured articles showed considerably increased only moderately. Since manufac- more of a decline from the 1921 prices than tured goods make up the bulk of England's those of the other articles of trade, and that the exports (78 per cent in 1913), their small quan- prices of her exports fell in comparison with tity has been the chief factor keeping down the those of her imported goods. The Federal volume of her total exports. Her food exports, Reserve Board index also shows a discrepancy which have also remained small, are them- between the prices of British exported and selves chiefly products of manufacturing pro- imported goods during 1921 and 1922, although cesses, while the food imported and reexported, not to such a marked degree. According to the volume of which has been near or above this index, the prices of imported goods rose their pre-war level, consists largely of products above those of exports in September and the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

470 FEDERAL RESERVE BULLETIN. APRIL, 1923. prices of the two groups are now near their 1913 one month after the American movement began, relationship. This is a movement in theand have since that time risen almost without direction of a more satisfactory adjustment interruption. In February, 1923, the Ameriof prices and one that is aiding toward a can index was one point above the figure of recovery of British trade, judging by the im- July, 1922, the British index was one point provement of its volume in 1922 over 1921. below its July figure, while since that date the Whether a complete return to pre-war con- Federal reserve index for France shows an ditions is possible depends upon the growth advance of 44 points and that of the Statistique of demand for British products which the dis- Ge'ne'rale 97 points. For the first time since turbed state of her markets permits, and the 1915 French prices show a sustained trend reduction in prices which her costs of produc- radically different from those of the United tion will allow. It is evident that the price States. relationships of 1921 and 1922 have had an The study of prices in the United States durunfavorable bearing upon British foreign trade. ing recent years is a study of the relation of The conclusions from this survey of price the value of commodities to gold. In England relations within the English price level during it is the study of the relation of commodities to the last few years are rather indefinite. There a currency which, having left the gold standis a tendency toward an adjustment of prices ard temporarily, has nearly returned to it. on a pre-war basis in some respects, while in In France it is the study of the relation of others the tendency seems to be to approxi- prices to a currency which departed from the mate the American price relationships, which gold standard further than did that of England, are quite different from those of 1913. The and has as yet been unable to make headway very definite improvement in industrial and in returning to it. The index number of combusiness activity in the United Kingdom indi- modity prices in France measures not only the cates that there has been some progress toward an adjustment of prices which will make busi- CHART IV. PRICES IN FRANCE AND THE UNITED STATES. ness again generally profitable. [1913=100.] WHOLESALE PRICES IN FRANCE. 650 600 The movement of French prices, which was 600 /A A parallel to that of England and the United // 550 States from 1915 down to the middle of 1922, 550 // A has since that time shown a tendency distinctly 500 500 divergent from either. French prices have con- \ tinued to rise sharply after British and Ameri- *.5O 7t 1 450 / can prices, especially those of raw materials, <.00 1 400 virtually ceased to advance. \ In both France and the United States prices 350 / 1 350 1 declined for a brief period after the armistice. \ 1 Then, in April, 1919, prices turned upward in 300 \ 300 England and the United States, followed in June by those of France. The upward movement in France continued until April, 1920, 250 250 according to the index of the Statistique G6n- 6rale, or until May, by the Federal Eeserve \ Board index, in which month the peak was , / 200 200 also reached in England and the United States. \ (See Chart IV.) From that date French prices 175 17S fell rapidly to February, 1922, though the low point for the United States had been touched \ eight months before (June, 1921), and was not / 150 ' \ 150 reached in England until eight months later (October, 1922). Prices in the United States started upward in February, 1922, rose steadily 125 12S until July, since when the price level as a whole — U.S.-FEDERAL RESERVEBM/M> 'BOARD has shown almost negligible fluctuations. • * • ••-•— FRANCE - STATISTIQUE GENCRAIE French prices started upward in March, 1922, 100 I II 100 1919 1920 1921 1922 "23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRlb, 1923. FEDERAL RESERVE BULLETIN. 471 depreciation of gold in terms of commodities terms of gold. To put it more concretely, the since 1914 but also the depreciation of the franc world price of raw materials rose in terms of in terms of gold. dollars, and when this advance was arrested in Prices derive their sole significance from their August, 1922, the rise continued in terms of relation to other prices, either within or without francs, because French exchange continued to the country considered. The price of raw decline. materials in France has been and still is above the price of other groups, while the general THE RELATION OF FRENCH PRICES TO WORLD price index, stated on a gold basis, is far below PRICES. the level of world prices. In these two facts are to be found the reasons why the index in Although France, like the United States, and France has continued to rise rapidly in recent unlike Germany and England, is a selfmonths while the price levels of England and contained country, its price movements are the United States have shown only minor controlled by world price movements. As the changes. foreign trade of France is only a minor fraction of its total business, it is necessary to explain in some detail the manner in which world price RELATIVE POSITIONS OF PRICE GROUPS IN movements are communicated to French price FRANCE. movements. The index of the Federal Eeserye Board The prices of the great basic raw materials offers a means of studying the relation of in- are determined in world markets. The price ternal prices to each other, as three of its groups of wheat is fixed in the primary markets of show the prices of commodities at stages of the Chicago and Liverpool; of wool, in Boston and process from production to distribution. The Bradford; of copper, in New York; of cotton, three groups are those of "raw materials," New York and Liverpool; of sugar, New York. "producers' goods," and "consumers' goods." France must purchase all her cotton abroad, Since January, 1920, the " raw materials " index but only a part and often only a small part of has been above the general average, that of her requirements of most other raw materials. "producers' goods" has always been below the The world market sets the price of those general index, while the ''consumers' goods" produced at home as well as those which may have several times crossed the general index, be or must be purchased abroad. For inand have usually tended to remain close to it. stance, wheat is produced all over the world A study of the index numbers for recent and is universally in demand; France raises months shows, as might be expected, that the nearly enough for her needs, though there is raw materials index forecasts by several months usually a marginal requirement to be met the movements of the group of "producers' abroad. If the price of native French wheat goods," while the latter is from four to eight should rise above the level of comparable months ahead of the "consumers' goods." In grades in the world market, the latter would March, 1922, the "raw materials" group, al- be drawn into the country; if French wheat ready considerably above the general index, should drop below the world price, buying began a long rise which still continues. In June from abroad would immediately bid it up this movement had been communicated to the unless the supply of the cheaper French "producers' goods," but not until November wheat should be great enough to depress was its influence shown in "consumers' goods." the world price to its own level. This equal- At present all three groups are moving upward izing process would obtain even if France together. It is the price of "raw materials" raised exactly the amount of wheat, or wool which eventually determines the price of or sugar required by her own needs, provided "producers' goods" and the price of "con- no embargo was laid on the movement of those sumers' goods," and the course of all three to- commodities. This assimilation of the French gether determines the general movement of price of raw materials is no less true of wheat, prices. of which France produces most of her requirements, than it is of cotton, entirely an im- French prices in general have risen, thereported commodity. The situation is quite fore, because of the rise of raw materials in comparable with that of the United States. France, and raw materials prices in France first Only a small percentage of the American rose because their world or gold price rose and ( wheat crop is actually exported, but the price later because since April, 1922, French exchange of that fraction determines the value of the has undergone an almost continuous decline in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

472 FEDERAL, RESERVE BULLETIN. APRIL, 1923. entire crop. There are a few exceptions to exerts its heaviest influence on French prices. this rule in France, as in the case of wine, But the exchange is merely the statement of which France produces in great quantities and the external value of the franc, while the price for which there is no world market, properly index is the expression of its internal value, speaking. The free movement of a heavy reflecting, as was stated above, the depreciation commodity like coal is affected by transporta- of French currency in terms of gold and also tion costs, and in other cases tariff restrictions the depreciation of gold in terms of commodimay be an important factor. But in general ties. The primary cause of the depreciation the basic raw materials tend toward a common of the currency in terms of gold is, as everyone gold price all over the world. A movement in knows, the enormous increase of the note that gold price is almost instantly communi- circulation. But for nearly two years the note cated to the markets of the world in terms of circulation has remained virtually on a level, their various exchanges. and during most of that period the level of A comparison of the indexes of raw materials internal prices showed only moderate fluctuain France and the United States shows their tions. Meanwhile, the external value of the relation distinctly. The price of raw materials franc has gone through a series of very wide began to rise in the United States with Septem- movements. This raises the question of the ber, 1921. The same month the raw material relation of the internal value of the franc to index of France registered an advance. But its external value. In the first place, it may while prices of raw materials in the United be said that the internal value of the franc States continued upward, in France they limits the fluctuations of its external value. inclined downward until February, 1923, after As long as the franc retains, say, one-third of which they too turned upward, parallel with the its pre-war purchasing power at home, franc American movement. But in the United exchange could hardly drop to and remain States raw materials reached their peak in any length of time at 1 cent; nor could it rise August, 1922, since when they show little to and remain even for a brief period at 15 change; while in France they have continued cents, for example. The quantity of French to rise sharply. These movements, apparently purchasing power having remained about contradictory, are easily explained. From constant during the last two years, French August, 1921, to August, 1922, raw materials exchange has during most of the period rewere advancing in their primary markets, but mained in a zone between 6 cents and 9 cents, at almost the same time that raw materials but at no time since 1920 has the exchange were rising the franc began to rise in New York, gone high enough to touch its purchasingand rose even more rapidly, in terms of dollars, power parity. (See Chart V.) This fact than did the price of raw materials. Put forms an interesting contrast to the case of another way, the dollar was declining in terms England, where the exchange has several times of raw materials, but it was declining still crossed its purchasing-power parity, and until more sharply in terms of francs. For several recent months has usually remained above months the rise in the franc, occasioned by it. The situation in France is, rather, comtrade conditions and stimulated by bullish parable to the case of Germany, where the speculation and by the loans floated in New disparity between the internal and external York and London, was able to counteract the value of the mark is a familiar phenomenon. advance in the rising gold prices of raw mate- While the internal value of a currency in rials; and the price of raw materials in France France limits roughly the zone of French actually declined. But by May, 1922, the exchange and the purchasing power parity factors which had moved French exchange indicates the approximate location of this zone, upward had exhausted their power, and the actual rate of exchange will depend entirely French exchange began the long decline, upon the supply of and demand for French which, except for the brief rally in December, bills of exchange. This supply and demand 1922, continued through February, 1923. emanates from five possible quarters—mer- Simultaneously, the price of raw materials in chants or others engaged in actually buying France began to advance. or selling commodities or services, speculators, financial interests desirous of artifically enhancing or depressing the exchange, tourists, and FRENCH PRICES AND EXCHANGE. security holders. Owing to the large trade balance against France, the supply of com- It is through raw materials, whether actually mercial bills has greatly exceeded the demand, produced at home or abroad, that the exchange Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDEBAL BESEBVE BULLETIN. 473 though at certain seasons pressure on the one way or another must be equalized and for exchange from this side is heavier than at every seller of exchange there must be a buyer; others. Speculators buy and sell hoping to exactly as for every stock sold in the security guess the course of a market whose real trend market there is a buyer. The trend is deteris determined by fundamental factors; such mined by the relative insistence of buyer^and operators do not cause movements, but they seller. often exaggerate them. The most conspicu- If the rate of exchange were stable at its ous example of an artificial bolstering of the purchasing-power parity, whether that were exchange occurred during 1918, when it was 3 cents or 16 cents, the American seller and the "pegged" somewhat below par. Another in- French buyer of commodities would be on an stance of interference with the normal trend equality. But with the actual exchange below can probably be found last spring at the time its purchasing-power parity, the French buyer of the large loans floated in England and the in the world market, or specifically, in the United States. Although the main purpose of American market, is at a great disadvantage. these loans was quite different, they actually The course of the price of wheat and cotton imparted to the exchange a brief artificial illustrates concretely the effect of this situation. Wheat is an example of a commodity CHART V. THE FRENCH FRANC whose price in the primary market has changed only slightly in the past year. It is also a cms CENTS commodity, as was mentioned earlier in this article, whose price is set in a world market, 18 18 though most of the wheat consumed in France 16 \ \ \ W UR U . T P Y O V < I *r j-- E B X as C e H d A O N f G S E f V a A t L S U e E n. index 16 i s s h a h rp o l m y e i n g p r r o ic w e n d . uri C n o g t t t o h n e , ye w ar h , ic is h an a e d x v a a m nc p e l d e of a commodity not produced in France. Its price, in France, will therefore illustrate the \ effect both of a rise of the gold price and of the decline of the franc. The price of wheat will, J on the other hand, illustrate the effects of a nearly stable gold price on a home-grown com- V \ s ' " "\ A\ \ modity, in a period of declining exchange. \ P \ As February, 1922, was the last month in which the temporary rise of French exchange J \ \y was powerful enough to counteract the rise in \\ \ the dollar price of raw materials, it will serve V V V as a base. In that month the price of upland middling cotton in New Orleans was $0.1647 a \ pound; in February, 1923, the price was $0.2912. Taking the former figure as 100, the price of cotton in the United States, the pri- 1919 •1920 1921 1922 '23 mary market, rose to 176.8. In the same period at Havre it rose from 246 francs per 50 strength. Tourists are an important source kilos to 572 francs; that is, from 100 to 232.5. of demand for francs and are one of the most Of this advance of 132.5 points, 76.8 may be important factors influencing the exchange, said to represent the decline of the dollar in especially during the spring and summer. terms of cotton and 55.7 points to represent the The necessity of meeting the interest and effect of the decline of the franc in terms of the dividend payments of security holders is dollar. another factor, though the influence of buying The situation of wheat illustrates another or selling for this cause is unascertained. But phase. The price of wheat (No. 2 red winter, the outstanding fact is that the French ex- cash, Chicago market) in February, 1922, was, change since 1920 has always been below its $1.3816 per bushel; in the same month in 1923 purchasing-power parity, and this indicates it was $1.36 per bushel. This represents, in that up to the present the greater insistence the American wheat, a decline from 100 to 98.4, has come from those who supplied French bills a conspicuous drop in view of the general adof exchange than from those who demanded vance in commodities. In the same period them. Of course, in sum, supply and demand French wheat (native, red, Chartres market, a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

474 FEDERAL RESERVE BULLETIN. APRIL, 1923. grade comparable though not identical) rose All of these advantages most French profrom 67.06 francs per 100 kilos to 90.50 francs; ducers lack. Before the war France was not that is, from 100 to 134.95 in terms of francs, a great exporting country, and even at present but exchanged into dollars at the average rate it is a practical question for the average French of the respective months it indicates a real de- producer whether it is worth while to go to the cline from $5.85 per 100 kilos to $5.56, a course expense of holding up an export organization similar to the trend of the grade of American which a movement of the exchange might renwheat compared. der unprofitable almost overnight. But the re- While cotton was advancing from 100 to 232.5 markable increase in French exports in Decemand wheat from 100 to 134.9 the general aver- ber and February shows how quickly French age (on a February, 1922, base) rose only from trade responded to the low exchange rates pre- 100 to 124.7. These figures illustrate how a vailing in November and January. decline of the franc can force above the general While the French export trade has been index not merely the prices of imported raw able to profit considerably from this situamaterials but of home-produced raw materials, tion, domestic business has enjoyed those uneven when the world price has actually de- certain benefits that come in the early stages clined. They further explain why, almost of a rapid upward price movement. Indussolely as a result of the exchange, the price of trial stocks on the Bourse have gone up, comraw materials in France has continued to ad- panies fortunate enough to have accumulated vance for half a year after the raw materials large quantities of raw materials at lower index of the United States stopped rising. levels nave seen their inventories increase in value, and all producing concerns have been EFFECT OF THE CURRENT PRICE MOVEMENT. actively employed. Curiously enough, the French farmer has found his condition im- The initiation of the present price movements proved by the very cause that has marked in France was caused by the rise in the world the disadvantage of the American farmer, price of commodities, especially raw materials. namely, the fact that the price of wheat is set Its continuation and exaggeration in France is in a world market. For while the price of due to the influence of an exchange which has his wheat in dollars has not advanced, the declined so far below its purchasing power depreciation of the exchange has lifted the parity as to make the gold index of France for franc-value of his crop above the general February, 1923, almost 30 per cent lower than price level. the American price level.1 (See Chart I.) It The full effect of this rise in raw materials might be expected that this would occasion a has not yet reached consumers' goods. Except flood of French exports, and, in fact, there has in a few instances, such as sugar and to some been a notable increase in recent months. extent textiles, it is doubtful if it has made Nevertheless, French foreign trade labors under itself felt in retail markets. It remains to be two handicaps, the high cost of raw materials seen whether or not the French public will be bought with depreciated currency, and espeable to purchase freely at such a retail price cially the difficulty of determining costs and level as is indicated by present prices of raw fixing prices in a currency subject to wide and materials. If it can not, in one way or another rapid fluctuations in both directions. prices will settle to a level at which the public French exchange has declined steadily for can buy. nearly 10 months, with only one brief re- The index of raw materials in America covery. In the past these declines have reached its peak in August, 1922; that is, the always been followed by more or less susgold price of the commodities composing it tained advances. A half-cent rise in the has not since risen. But raw materials have franc could change the result of the most continued to advance in France, because the carefully planned transaction between France franc has been continuously declining in gold and America from profit to loss for one value. The recent rise in French raw mateparty or the other. Further, the building up rial prices is almost solely a reflection of the and organizing of a general foreign trade movement of the exchange. The French require considerable time. Connections must index of raw materials will stop rising when the be established, credit facilities arranged, and cause of the rise ceases to operate; that is, the exact nature of the market ascertained. when the decline of the exchange is checked. As long as the world prices of raw materials 1 This calculation assumes that the price levels in France and the remain fairly stable, the French raw material United States were identi in 1913. which is open to question. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Araii,, 1923. FEDERAL RESERVE BULLETIN. 475 index will move almost exactly with the dollar expenditures without further inflation of the in French exchange. If the dollar begins to circulating medium. The external value of the decline—that is, if French exchange begins to franc can not become stabilized until the suprise—raw materials whose prices are set in ply of and demand for French bills of exchange world markets must decline in terms of francs. becomes equalized not only in amount but in In fact, a sudden advance in the franc, if that urgency. Apparently they already are nearly were justified by the condition of the exchange equal in amount, since, for nearly a year France market, would cause so serious a drop in the has met her trade balance and other charges franc prices of raw materials that such a move- without resort to foreign loans and by the shipment would hardly be welcome to those busi- ment of very little gold. To be sure, even after nesses which are carrying large inventories these bills were equal in amount, there would of raw materials or to the banking interests still be a seasonal difference in pressure. In that finance them. the fall France is a heavy purchaser of cotton and other crops; at the holidays and spring the CONCLUSION. luxury goods which France exports are in demand and the requirements of tourists From this analysis of the current price strengthen the exchange. But seasonal fluctumovement in France, two distinct conclusions ations would not necessarily involve the ruinous stand out. The rise was set in motion by the movements to which the exchange is now subadvance in world prices; it has been prolonged jected; being comparatively small, they could by the continuous decline of French exchange. be nearly smoothed out by financial inter- As a result of this decline of the exchange, and vention of the sort suggested by the governor in spite of the recent enormous rise in French of the Bank of France in his annual report. prices, the gold index shows that the purchas- Given the first essential, namely, the internal ing power of the dollar in France is nearly 30 stabilization of the franc, the stabilization of per cent greater than in the United States. the exchange becomes readily practicable, Whether the relation will ultimately be cor- though its perfection would require a little rected by a movement of the exchange or by time. The whole future of French prices and a movement of prices, or by a combination of exchange, therefore, is contingent upon whether the two, it is impossible to predict. or not the French Government can avoid fur- The price level can not be stabilized until the ther increases of its circulating medium. exchange is stabilized and vice versa. Their relation is reciprocal, since both are statements of what is fundamentally the same thing, the GERMANY. value of the franc. It is sometimes stated that the first essential in the stabilization of the TEMPORARY STABILIZATION OF THE MARK. franc is to determine its relation to gold. This would be desirable, but it is difficult to see In a discussion of stabilization of the German how that is possible until the relationship mark it can not be emphasized too much that of the franc to commodities is more posi- final stabilization depends mainly upon the tively defined. The establishment of a fairly settlement of the reparation question, upon the well stabilized goods value for the franc would, balancing of the budget, and upon foreign ipso facto, give the franc an ascertainable gold trade, and that so long as these questions revalue. The free movement of gold would of main unsolved it is impossible to put German course stabilize the exchange, for gold is the currency on a sound basis.1 It is, therefore, one commodity that is always acceptable in the more interesting to study the temporary every country. But it would probably be stabilization of the mark at a time when the possible to achieve a workable stabilization of most important industrial district of Germany both the internal and external value of the is economically severed from the rest of the franc, that is, the price level and the exchange Reich. While it is too early to determine rate, long before France was able to return to the effects of the present currency and exchange the free movement of gold. situation upon the business activity of the country, its effects upon credit and especially There are more immediate obstacles to stabilupon prices are already manifest and will be ization of price levels and exchange rates than analyzed in this article. the gold problem. The internal value of the franc can not come to a level until it appears that the French Government can finance its 1 This matter was discussed in detail in the FEDERAL RESEBVE BULLETIN for January, 1923, p. 61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

476 FEDERAL RESERVE BULLETIN. 1923. The decline of the mark from $1.39 per ten large quantity of marks was accumulated by thousand on January 2, 1923, to 21 cents per representatives of German banks in the most ten thousand on January 31 was followed by a important foreign-exchange centers that the rapid recovery during the first two weeks in Feb- Reichsbank started an active foreign-exchange ruary. (See accompanying chart.) On Feb- policy. ruary 14 the mark was quoted at 44 cents per ten The exact means used by the Reichsbank in thousand, an improvement of about 40 per cent supporting the mark are not known. Sales of in two weeks, and with the exception of slight gold, however, did not take place, for in the fluctuations during the third week in February, weekly statements issued by the Reichsbank it remained stable at this point until March 6. its gold holdings show no decrease. Appar- On this date the mark showed a further im- ently, it sold foreign bills mainly in New York, provement, being quoted at 48 cents per ten though similar transactions took place also in thousand, a rate at which it was maintained Berlin, Amsterdam, and London. The larger until March 29. On March 31 the mark stood supply of foreign bills was first felt in Berlin, at 47 cents per ten thousand. The improve- where the market was almost unable to absorb ment of the mark and its stabilization can be all the bills offered, and an improvement of mark exchange set in almost immediately. Furthermore, the Reichsbank did everything GERMAN MARK RATE in its power to curb the demand for foreign ( CENTS PER 10,000 MARKS ) exchange for speculative purposes. It declined to make advances against foreign bills of exchange and to discount certain finance \ bills. This, combined with the high cost of money (300 per cent per annum was charged for loans intended for foreign exchange specu- \ lation), made speculation in foreign exchange \ w unprofitable and resulted in a slackened demand for foreign currencies. The foreign-ex- Ws / \s change policy of the Reichsbank affected the I 40 value of the mark indirectly as well as directly. • Purchasers of foreign currencies, when the 30 1/ 30 mark was at a lower level, sold them in order to avoid further losses. Thus the supply of foreign bills increased, while the demand for them decreased, for holders of marks were 20 20 unwilling to sell so long as the mark was on the upward swing. The increased demand 15 15 for marks from French sources may also be mentioned as a cause of the recovery of mark exchange. 10 JANUARY FEBRUARY MARCH 1923 FEASIBILITY OF TEMPORARY STABILIZATION. better understood if the causes of its precipi- Temporary stabilization of the mark can be tous fall are first made clear. The deprecia- accomplished by the use of a comparatively tion of the mark during January was not war- small amount of gold, and the Reichsbank has ranted, either by the volume of mark transac- at its disposal more than enough gold for this tions, which was not large, or by any other purpose. On January 1 notes in circulation economic factor. It was the result of a com- amounted to about 1,300,000,000,000 paper paratively small, but very insistent, demand marks, corresponding to approximately 670,for foreign bills in Berlin, and at times of an 000,000 gold marks. At that time the gold absolute lack of supply. In short, it was due reserves of the Reichsbank exceeded the total to a panic among the sellers and a strike value of all its outstanding notes by about among the buyers of German exchange. Un- 334,000,000 gold marks. Under these condider such conditions almost any rate became tions it would not have been difficult for possible, as many holders of marks threw theml the Reichsbank to buy enough mark bills to on the market at any price. It was when prevent the catastrophic decline of the mark mark exchange reached its lowest point and a m January. Therefore, the statement that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 477 foreign holders of mark exchange determine for foreign exchange in Berlin. How great the value of the mark and that the Reichsbank the demand is, even if one disregards reparation would be powerless if the latter should throw payments, may be seen from the fact that their holdings on the market does not seem during 1922 the balance of trade was more to be correct. The amount of marks held than 2,000,000,000 gold marks against Gerabroad, if compared with the total amount of many. These figures are only approximate, notes in circulation at present, is comparatively but they make it clear that in Berlin the desmall and their value in gold almost negligible. mand for foreign bills greatly exceeds the The total amount of German bank notes held supply. This situation is further aggravated abroad and the amount of mark deposits of by the French occupation of the Ruhr region, foreigners with German banks at the end of which forces Germany to import foreign coal 1921 were estimated by the Reichsbank at be- in increasing quantities. Monthly average tween 25 to 30 billion and 35 billion marks, imports of coal from England from July to respectively. No estimates are available as to December, 1922, were estimated at about the amount by which these two items increased 1,300,000 tons. Due to the extreme decline during the past year. In view, however, of of the mark during January, the importation the general attitude of foreigners toward the of British coal during that month decreased mark and German securities during the past to about 600,000 tons, but it increased rapidly year, it is not likely that the total amount of during February, and at present surpasses the notes held abroad and of mark deposits of average monthly imports for the second half of foreigners with German banks would exceed 1922. The larger imports of coal from Great 100 billion paper marks at the end of 1922. Britain into Germany have also increased the Thus, figured at the January 1, 1923, rate, all total value of the trade between the two counmarks owned by foreigners amounted to not tries. During the calendar year 1922 Great more than $14,000,000. Fifty million gold Britain exported to Germany goods representmarks would therefore be sufficient to absorb ing a value of £32,000,000, as compared with practically all the notes offered for sale abroad £18,000,000 in the preceding year. What and the influence of foreigners on the quota- steps the German Government or the Reichstion of the mark could thus be almost entirely bank will take to meet this situation is uneliminated. known. It is worth emphasizing, however, that the large unfavorable balance of trade is, Furthermore, the violent decline of mark aside from the reparation question, the most exchange during January has made the task of difficult problem in the final solution of the stabilizing the mark easier. On January 31, German currency question. 1923, Reichsbank notes in circulation amounted to about 1,900,000,000,000 paper marks, representing a value of about 140,000,000 gold RELATION OF STABILIZATION TO CREDIT AND marks. The total amount of marks held PRICES. abroad, estimated above at 100,000,000,000 paper marks, thus represents a value of about Effects upon credit.—-Despite the tempo- $2,100,000 or about 8,500,000 gold marks, rary stabilization of the value of the mark which, when compared with the gold reserve abroad, domestic currency inflation in Febof the Reichsbank, is insignificant. ruary and March proceeded more rapidly than Although the amount of marks held abroad in previous months. On January 6, 1923, the or for foreign account in Germany is very small total amount of Reichsbank notes in circulain terms of gold, and could readily be bought up tion was 1,336,501,000,000 marks, while on by the Reichsbank, nevertheless under present March 7 it had risen to 3,871,256,000,000, an conditions the Reichsbank can not for long increase of 2,534,755,000,000 marks for the continue its active foreign exchange policy. two months. This rise is due mainly to the For in the long run the exchange value of a rapid increase of discounted private notes currency on a paper basis is determined by the held by the Reichsbank, which during the same demand for and supply of foreign bills. It is period increased by 1,598,859,000,000 marks. true that the Reichsbank is able to absorb all The steady depreciation of the currency and the marks offered for sale abroad, since this the rising price level cause bankers and busiamount increases only comparatively slowly, ness men to borrow increasing amounts from owing to the fact that practically all imports the Reichsbank, for at the time of repayment into Germany are billed in foreign currencies, the value of the liquidated borrowings amounts but this very fact tends to increase the demand only to a fraction of the funds originally bor- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

478 FEDERAL RESERVE BULLETIN. APEU., 1923. rowed. While private banks have been able per cent. As usual, prices of commodities to protect themselves against this deprecia- based upon imports moved automatically with tion by a progressive commission charge or the foreign exchanges, while those of domestic even in some instances by participating in the raw materials and industrial products lagged profits of the borrower, the Reichsbank was considerably behind. The relation between unable to adopt such measures. To curb this prices of domestic and foreign products in a great demand for credit the Eeichsbank raised rising market may be seen from thfe following its discount rate on January 18, 1923, from figures, taken from the Frankfurter Zeitung. 10 to 12 per cent. This increase of the dis- The index of 10 typical domestic products (rye, count rate, however, can have no effect on the potatoes, eggs, hay, hides, alcohol, bricks, demand for credit so long as the open market cement, potash, and industrial alcohol) inrate ranges between 40 and 300 per cent per creased during January from 150,657 to 466,558 annum. Thus, the Reichsbank was forced or about 210 per cent. The index of 10 typical to adopt other means to restrict borrowing. imported commodities (rice, cocoa, coffee, One of them was a careful scrutiny of all bills cotton, jute, rubber, copper, tin, maize, and presented for discount and the adoption of petroleum) increased during the same period the rule that all bills must bear three signatures from 222,115 to 986,278, or 334 per cent. In and have their origin in useful and essential many instances the prices of imported goods business transactions. Furthermore, the exceeded the prices in other countries, as may Reichsbank established more or less definite be seen from the following table: lines of credit for all persons and firms seeking accommodation. These measures tended to PRICES OF SELECTED COMMODITIES IN THE UNITED decrease the amount of bills presented for STATES AND GERMANY. rediscount, but they were entirely offset by [Expressed in marks.] the free discounting of bills of Westphalian industrialists. June 15, Jan. 2, Feb. 6, Feb. 13,Feb. 16, The rise of the discount rate of the Reichs- Commodity and market. 1914. 1923. 1923. 1923. 1923. bank from 10 to 12 per cent shows how abnormal are credit conditions in Germany. This Wheat, per quintal: New York 14.40 35,644 176,363 132,313 94,043 situation appears even more striking when one Berlin 14.39 36,033 180,080 139,510 92,590 Corn, per quintal: compares the bank rate at Berlin with rates Chicago 11.70 20,266 108,532 78,540 56,826 prevailing in other countries with highly in- Hamburg 14.50 31,200 138,000 124,000 70,000 Lard, per quintal: flated currencies. These rates, with the dates Chicago 94.90 176,082 916,708 652,796 473,863 when they were fixed, are as follows: Germany, Flou B r, e r p l e in r quintal: 119.00 194,010 632,500 475,000 345,000 January 18, 1923, 12 per cent; Austria, Septem- New York 17.90 44,719 230,222 163,578 119,538 Berlin 17.90 45,321 235,650 172,920 117,980 ber 4, 1922, 9 per cent; Poland, September, Sugar, per quintal: 1921, 7 per cent; Rumania, September 4, 1920, B N e e r w li n York 3 28 1 . . 7 9 7 0 8 8 9 9 , , 6 0 2 0 7 0 4 4 5 6 1 2 , , 6 2 1 0 6 0 4 34 1 0 4 , , 0 8 0 8 0 8 2 2 7 3 5 6 , , 8 0 9 0 7 0 6 per cent. Cotton, per kilogram: New York 1.24 4,186 23,344 16,239 12,078 When one considers that at the present time Bremen 1.28 4,796 26,003 19,110 13,035 the discount rate in England and Switzerland is 3 per cent and in Holland 4 per cent, the con- The prices given in the above table are only trast with Germany becomes even more strik- approximate, mainly owing to the different ing. The above figures also indicate the extent methods of grading and quoting in the two to which the international money market is markets, but they indicate clearly the close redisturbed, so that practically no relationship lation between prices of imported goods and the exists between the credit situation and the exchange rate. In practically all cases prices discount rate prevailing in the different coun- of such commodities as expressed in marks tries in Europe. were higher in Berlin than in New York. The Effects of stabilization upon prices.—The price difference, however, if expressed in dolbreakdown and recovery of mark exchange lars, is negligible and reflects merely the addiduring the first two months of the year were tional cost of transportation, insurance, and immediately reflected in the movement of other minor items. The higher pre-war prices prices. The wholesale index number of the in Berlin as compared with New York were due Frankfurter Zeitung advanced from 205,417 on to the protective tariff of the former German January 1 to 715,881 on February \, an increase Government. of 348 per cent, while the dollar as expressed in The improvement of the mark in February marks increased during the same time by 458 resulted in a decrease of prices for the first Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 479 time in 20 months. The decline of the general Thirdly, the cost of labor could not be deprice level, however, was more erractic and creased so long as the cost of living did not much slower than the upward movement of the show the same tendency. Doctor Kuczynski mark. The index of all commodities of the estimated the weekly expenditures of a family Frankfurter Zeitung showed a decrease of 5.4 of four in Berlin during the first and second per cent, while the value of the mark increased half of February at 81,671 marks and 90,350 during the same period about 40 per cent. Im- marks, respectively, as compared with 30,000 ported commodities decreased more rapidly marks for the first half of January. True, cerand thus reflected very well the method of tain commodities like rationed bread decreased, price calculation at present prevailing in Ger- but many other items, such as rent and fuel, many. Prices, at least of imported goods, are increased. The costs of labor, coal, steel, and calculated almost entirely in gold or on a dollar iron are mainly responsible for the increase in basis, and the amount of marks they command prices of industrial finished products during depends upon the relation of the mark to the February. dollar or the " gold mark." Thus, for instance, The rise of domestic prices is also due to some textiles and leather, which depend upon im- extent to the continuous increase in the cost ports of raw materials, decreased in price by of transportation. During the past year the 33.2 per cent during February, moving almost Federal railway administration increased its as rapidly as the exchange rate. On the other rates with each decline in the value of the hand, domestic products or those based mainly mark. The following table showing increases upon domestic labor changed in price very of freight rates during 1922 and the beginning of slowly, and in most cases did not decline, but 1923 will best illustrate this situation. even increased. The index of the group of "industrial finished products" and of "miscellaneous articles" increased during February INCREASES IN RAILWAY FREIGHT RATES. 15.7 and 30 per cent, respectively, despite the rapid improvement of the mark abroad. Date. Per cent. Date. Per cent. The reasons for this situation are manifold and deserve closer attention. In the first place 1922. 1922. Feb. 1 334 Oct.15 60 the rise in prices of domestic commodities dur- Mar. 1... 20 Nov. 1 50 ing January was considerably behind the in- A M p a r y . 1 1. 4 2 0 0 Dec.1 150 crease of the dollar. While the dollar as ex- 25 1923. July I 25 Jan. 1 70 pressed in marks increased during January Sept. 1 50 Feb.li 100 Oct 1 100 sevenfold, prices of domestic products increased only threefold, so that gold prices of domestic goods on the eve of the mark recov- As compared with pre-war freight rates, the ery were lower than before, and the decrease of rate of February 15 represents a 7,400-fold the dollar from about 48,000 marks to about increase, which corresponds to a valuation of 20,000 tended to bring about an equalization the dollar at about 30,000 marks. of prices. The adaptation of such commodi- The above causes are not peculiar to the ties to the valuation of the dollar is much price development during the first three months slower, and this process continued after the in 1923, for tendencies leading to the same mark started on its upward course. Further- causes have been apparent ever since the mark more, whenever the mark shows an improve- began its downward course. The artificial ment abroad there is a general tendency of stabilization of the mark abroad and the conprices to approach the world market level. tinuing increase of paper notes in circulation, Secondly, prices of coal and iron have in- however, have created an entirely new situacreased very rapidly. During January, coal tion which will have great effects on prices in rose from 38,044 marks per metric ton to 68,411 Germany. A stabilized mark abroad will tend marks, hematite iron from 181,200 to 334,800 to make imported commodities subject only to marks, steel ingots from 197,300 to 623,000 the international price movement, while conmarks, and bars from 270,000 to 860,000 marks. tinued issues of huge quantities of paper money Due to the occupation of the Ruhr and the will tend to raise domestic prices in Germany. scarcity of these commodities in the unoccu- If the mark should remain stable and notes in pied parts of Germany, prices of these commod- circulation should increase to the same extent ities did not respond to the improvement of as during the last few weeks, the internal and the mark. external value of the mark would soon approach. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

480 FEDERAL EESEEVE BULLETIN. APEIL, 1923. each other and prices of German domestic pro- and wheat. The first commodity loan was ducts would reach or even exceed the gold floated by the Staatliche Kreditanstalt Oldenprice level. Up to the middle of February the burg (State Credit Office of Oldenburg) which exchange value of the mark was an important issued the Oldenburgische Roggenanweisungen, factor in determining prices in Germany. representing a value of 6,000,000 kilograms of Since the exchange factor has been for the time rye in the form of nontransferable certificates being eliminated, future price developments in of 125 kilograms each. The shares are redeem- Germany will be watched with great interest. able at a sum equivalent to the price of 150 Under normal conditions the present currency kilograms of rye, corresponding to the average situation would soon lead to a point where price of rye in the Berlin produce exchange German prices would exceed prices in other during the three! months preceding the date of countries, which would result in an increase of redemption. The assets of the Oldenburg imports and a decrease of exports. It should Credit Office serve as security for the issued not be overlooked, however, that prices in certificates, which are already listed on the Germany are to a considerable extent con- Bremen and Berlin stock exchanges. On the trolled and that a large part of the newly issued Berlin stock exchange the shares sell for about paper marks are used in the occupied parts of the current price of 125 kilograms of rye, plus Germany. freight from Berlin to Oldenburg. It is difficult to say what effect the improve- The example of the State of Oldenburg was ment of mark exchange and its temporary followed by the Hanoverian State Credit Instistabilization will have on the business activity tution, by the free State of Mecklenburgof the country. The fall of the mark during Schwerin, by the free State of Saxony, and by a January and its recovery in February were so number of private enterprises, among which the violent and rapid that it could not affect to most important are the Roggenrentenbank, any large extent orders placed from abroad. A. G. Berlin, and the Deutscne Aktiengesell- During the entire first quarter of the present schaft fur Landeskultur of Berlin. All the year, however, there was a general tendency floated commodity loans are similar in principle toward slackening of activity in many indus- to the one above described. There are. tries, especially textiles and steel and iron. however, slight exceptions. Thus, for instance, This tendency was further accelerated by the the certificates of the Deutsche Aktiengesell- Ruhr occupation and the comparative scarcity schaft fur Landeskultur have the advantage and high prices of coal. The decrease in bus- of being convertible into gold marks if the iness activity is also reflected in the increase of value of 100 kilograms of rye, according to unemployment. On February 1, 252,783, or the average daily quotation of the Berlin ex- 4.4 per cent, of the union men were unemployed, change for the three months preceding the as compared with 2.8 per cent in January, 1923. date of redemption, is below the value of Unions also report that at the end of January 468 grams of fine gold. 13 per cent of their members were working on The main advantage of such commodity a part-time basis. loans lies in the protection they offer against losses through further currency depreciation, GOLD AND COMMODITY LOANS. a fact which induced many Germans to buy The instability of the mark has shaken the these bonds, notwithstanding the many disadbelief of German nationals in their currency to vantages inherent in this type of loan. such an extent that in spite of the recent The dollar loan.—The most important "statemporary stabilization of the mark there is an ble" loan floated in Germany is the $50,000,000 insistent demand for a stable currency and a loan of the Government. It is a gold obligation stable standard of value. This demand be- of the Reich in the form of short-term treasury came very general after the passing of the bonds and is to run for only three years, 1923foreign exchange act of October, 1922, which 1926. The bonds bear no interest, but are made it almost impossible for the average redeemable at maturity at 120, so that they German citizen to invest his savings in a stable yield practically 6 per cent. To induce the currency or security. r? D^Pi^T fT, general public to subscribe to the loan, the Commodity loans.—In an effortfto find a treasury certificates are guaranteed by the relatively stable basis for investment securities, Reichsbank, are of denominations as low as $1, and may be rediscounted with the Darlehnsa number of public and private institutions in kassen. Subscriptions, however, can not be Germany have floated loans based upon some made in paper marks, but only in gold or in primary commodity, such as rye, coal, coke, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDEKAL BESEfiVE BULLETIN. 481 currencies of the United States, Great Britain, ance with the daily quotation of the dollar. or of the former neutral countries. The loan is This method of doing business prevails in all floated by a syndicate comprising practically all countries with highly depreciated currencies. German banks of any importance. The syndi- Practically all dealings of any importance in cate took over one-half of the loan uncondition- Russia, Poland, Austria, and other central ally and offered the rest to the general public. and eastern European countries are carried According to newspaper reports, only about out on a gold or dollar basis, while actual pay- $12,500,000 of the loan was subscribed by ment is made in the paper currency of the private individuals. The floating and the country. absorption of aloanof $50,000,000, unimportant as it may appear in the United States, is a difficult task for present-day Germany. The ECONOMIC CONDITIONS IN CHILE difficulty of such a loan becomes more apparent DURING 1922. if the loan is converted into paper marks and compared with the general resources of the INDUSTRIAL CONDITIONS. Keichsbank. Fifty million gold dollars at the present rate of exchange amount to about The uncertain situation in the nitrate 1,000 billion paper marks, a very large sum, industry at the beginning of 1922, the effects if one considers that the total deposits of the of which were felt throughout the entire Reichsbank on February 7 amounted only to country, is generally regarded as the principal about 800 billion paper marks. There is reason for the relatively depressed commercial reason to believe that a certain part of the loan situation and the unsatisfactory condition of will be taken in Holland and Switzerland. the Government's finances. In 1921 the Some of the treasury bonds have also been position of the nitrate industry was extremely offered for sale in the United States. The unsatisfactory, and at the close of that year purpose of this loan is twofold. First, and there were about 2,200,000 tons of nitrate mainly, to strengthen the Reichsbank in its available for export as compared with a total of effort to support the mark, and, secondly, to 1,783,000 tons at the end of 1920 and 872,000 provide the general public with a class of tons on December 31, 1913. The result was security which is not subject to depreciation. that a considerable number of officinas were closed in 1921 and production was therefore sub- Relation hetween gold and pa/per currency.— stantially diminished in 1922. The decline in Simultaneously with the floating of the gold production, however, has not reduced the loan comes the request of the Central Associa- available stocks to a point which can be reasontion of German Wholesale Traders to the Fed- ably regarded as a normal level. By March eral Ministry of Economics that the Reichs- the total stocks at the coast had been reduced bank issue bills of exchange and open current to 2,149,000 tons and by December to about accounts on a gold basis. Although it is not 1,230,000 tons, which, while substantially as yet known what the attitude of the Reichs- below the stocks held on the corresponding bank is toward this request, it is nevertheless date during the two previous years, was still a proof of the impossibility of doing business considerably larger than the supply at the end on the basis of a highly depreciated currency of 1913. Nevertheless, greater activity had and expresses very well the desire of the Ger- developed in the nitrate market by the close man business world to return to the gold of 1922. Export sales announced by the standard. The impossibility of doing business Nitrate Association totaled 2,974,804 metric on a paper mark basis was realized long ago quintals1 in December, an increase of 1,451,112 by bankers and merchants, who, since the quintals over the previous high mark established mark started on its downward course, have in November. Total exports for the calendar used gold as a general standard of value, while year reached 1,300,782 metric tons, as against the paper mark served merely the function 1,100,000 tons in 1921. In this connection of a medium of exchange. As a matter of attention must be called to the fact that fact, in some instances the price of certain exports during the first half of 1922 reached commodities has become the standard by which only 260,000 tons, whereas during the second the value of the paper money is determined. semester about 1,040,782 tons were exported. This situation became more pronounced during According to the Nitrate Association, orders 1922, when practically all of the wholesalers for future delivery on December 31 totaled put their calculation on a gold basis and received payment in paper marks in accord- 1A metric quintal is one-tenth of a metric ton. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 FEDERAL RESERVE BULLETIN. APRIL, 1923. 448,612 metric tons. The delivery dates on the fact that the depression of 1921 continued these contracts are as follows: until about the middle of 1922, and the bulk of the copper exported in 1922 was shipped during the latter halt of the year. Metric Months, 1923. tons. As a result of the considerable improvement in the condition of the nitrate and copper in- January 141,713 dustries of Chile and the rapid development of M Fe a b r r c u h ary 1 4 2 2 7 , , 1 5 5 8 6 2 the wool industry in the South, unemployment April 9,144 had been almost eliminated at the close of 1922. June 128,017 On December 7 the last group of unemployed Total 448,612 laborers maintained at public expense in temporary shelters at Santiago since the nitrate At the close of the year stocks at the coast crisis of 1922 were sent back to the nitrate had been reduced to 1,230,000 tons, while the region. Since the demand for native coal has visible supply on hand in Europe, Egypt, and not increased to any extent, the majority of the United States totaled only 512,712 tons. the coal miners of central Chile were working These figures compare most favorably with those on a four-day-a-week schedule at the end of for 1921. The figures for December 31, 1921, 1922. In the southern region, however, a slight were 1,489,802 tons on the Chilean coast and surplus of labor became apparent during the 938,223 tons in foreign countries, including last three months of the year, with the result stocks in transit. The cost of nitrate produc- that the governor of Magallanes Territory urged tion in Chile has been further reduced by the the local steamship companies to discourage the fall in the price of coal, oil, bags, etc., as well as coming of additional workmen to that region. by the cheapness of labor. It may be safely The condition of the 1922 crops is considered stated, therefore, that at the end of 1922 the satisfactory. The wheat crop is estimated at nitrate industry of Chile was in a sounder 598,146 tons or only 5,000 tons less than that of condition than it had been for the two years the previous year. Wool production for the past, and although selling prices were compara- past year is estimated at 38,000,000 pounds, of tively low the producing companies, aided by which a large part was sold at prices considreduced costs and low Chilean exchange, erably higher than those prevailing in the were working on a profitable basis. The previous year. Nitrate Association, furthermore, has reported During 1922 no change of importance that, while the production of artificial nitrate occurred in the manufacturing industries of in Germany has been greatly assisted by the Chile. Several local industries established durfall of the German mark, the production costs ing the war are, however, feeling the effects of have advanced to such an extent that the the competition of foreign manufacturers. A fxroduct can not be sold profitably at a price noteworthy event in the industrial situation of ower than that of the Chilean nitrate. In Chile was the decision of the Government to view of this, Chilean producers hope that purchase 2,000 railway cars of steel construc- Germany will again in the near future assume tion to be built locally. Reports indicate that the important place which she occupied before the railways of the central section of Chile at the war as a purchaser of the Chilean product. the end of 1922 were in a better condition than The firm tone of the American copper market they were at the close of 1921, and the many was reflected in the Chilean copper industries railway labor troubles that have been so disduring the last two months of 1922, with the turbing during the past few years have been result that increasing activity in this line of settled for the time at least. The British-owned production was apparent at the beginning of system of railways in Chile reported unsatisfacthe current year. Reliable estimates have tory earnings at the beginning of the year, but placed current production in December at showed improvement during the last half of 70,000 tons per month and domestic consump- 1922. An outstanding feature in the railroad tion, plus exports, at 80,000 tons. At the situation of Chile during that year was that the end of November, local stocks of refined cop- Government issued a decree unifying and exper were placed at approximately 100,000 tending the concession of the Nitrate Railways tons. Total copper shipments during 1922 under which the property is to be handed over amounted to 120,000 metric tons, as compared to the Government at the end of 1972, while with the total exports during 1921 of 123,000 £1,000,000 will have to be spent on improvemetric tons. This reduction is explained by ments within the next few years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL KESERVE BULLETIN. 483 FOREIGN TRADE AND EXCHANGE. those of the previous year, and the exports of borax, the third most important article of The Central Statistical Office of Chile has so export, also showed remarkable improvement. far released the foreign-trade figures only for On the other hand, nitrate, the mainstay of the first 10 months of 1922. These indicate Chile, showed a severe reduction, which, that the volume of trade in 1921 was not as coupled with the considerable decrease in the large as in the previous year and that condiexports of other important staples, such as tions in 1922 showed little improvement. The oats, barley, and wheat, were responsible for following table shows the quantity and value the general depression of trade and business of imports and exports of principal articles in felt throughout Chile during 1922. At the close Chile's foreign commerce during the first 10 of the year, however, the foreign-trade outmonths of 1922, as compared with the same look was somewhat more promising. period in 1921. Exchange fluctuations during 1922 were relatively small. During the early part of the [Quantities in kilos unless otherwise indicated.] year an upward trend was firmly established, and in July the peso had reached the high First 10 monthsmark of 14.31 cents, as against 10 cents in the same month during the previous year and 10.75 1921 1922 Commodity. cents at the beginning of 1922. After July it fell again and the downward trend continued Value Quantity. Quantity. (gold pesos until the end of the year, Chilean pesos being of 18d.). quoted in December at an average of 12.40 cents. The difficult financial position of the IMPORTS. Edible oil 1,772,570 2,251,109 2,107,531 country, due to budget deficits and the 1921 Rice 7,092,441 2,996,109 10,640,048 3,457,313 commercial crisis, easily explains the fact that Sugar 54,926,428 18,120,927 71,641,941 12,176,983 Coffee 1 430,493 1,117,068 4,012,911 2,762,610 the Chilean peso has during the past year been T W e i a nes and liquors l 1,0 1 5 2 3 8 , , 6 1 0 8 2 0 2, 5 3 1 1 9 3 , ,2 9 4 10 3 4 5 8 0 0 , , 8 1 6 5 1 9 7 1 3 5 0 7 , ,1 9 5 7 0 5 quoted at very much less than the average Print paper 6,455,995 4,341,333 9,183,457 2,306,636 of most preceding years, while the depressed Fuel oils 350,507 6,644,466 635,113 4,518,572 CoaP 474,735 18,720,609 165,157 4,571,649 condition of the nitrate industry, which ex- Cement 35,978,947 3.025,799 24,339,406 1,181,378 isted until very recently, explains much of Pig iron 3 097,667 560,109 2,885,166 893,977 Tin plate 2,518,309 1,556,634 4,423,853 1,234,891 Chile'spresentunsatisfactoryeconomicposition. 24,212,091 21,603,426 2,597,155 1,250,233 Automobiles3 285 1,712,927 32 193,683 There is, however, a very important factor Yerba mate.. 1,794,723 942,857 4,529,150 2,242,941 which may lead to an improvement in Chile's position within a short time, namely, that this Nitrate' 40,022,252 230,458,511 7,032,539 96,705,616 Iodine 422,377 9,779,028 202,145 4,679,656 country, unlike many others, has not indulged B Co o p ra p x er bars.. 4 1 2 8 , , 0 9 7 20 4 , . 3 9 9 1 0 2 2 2 2 9 , , 7 9 9 19 7 , , 6 2 1 0 3 4 3 8 9 5 , , 7 8 2 6 4 4 , , 8 3 7 0 2 9 6 4 4 1 , , 6 3 0 1 4 3 , , 8 9 4 3 9 8 in inflation of its currency. In point of fact, Copper ore... 43,988,892 3,183,166 91,406,341 4,749,578 the various note issues amounted to 289,460,771 Wool 11,011,476 7,111,555 7,388,612 3,299,892 Wheat 11,291,725 7,898,641 2,467,639 352,029 pesos in June, 1920, and had increased by the B B O W e a a h a r t l s e n e a s y t flour.. 4 2 1 1 5 8 3 , , , , 2 8 7 2 9 5 2 1 8 7 5 0 , , , , 0 8 1 4 4 1 5 3 0 7 4 8 2 2 4 2 , , , , 3 5 1 6 2 8 9 3 7 3 5 7 , , , , 5 9 4 1 9 8 8 7 3 7 4 4 3 1 8 9 0 4 , , , , 9 0 3 3 5 5 2 7 0 4 2 7 , , , , 1 5 9 6 4 9 5 7 1 8 4 5 3 2 1 1 , , , , 0 2 5 3 7 9 7 1 7 7 5 4 , , , , 5 1 7 9 8 6 7 9 6 3 6 8 e 3 n 2 d 9 ,2 o 0 f 2 , t 9 h 5 a 3 t y p e e a so r s t o b y 30 2 J , u 8 n 2 e 1 , , 91 1 9 9 2 p 1 e ; s o d s e c a li n n d in t g o , however, to 324,631,120 pesos in December of l Bottles. 5 Tons. 3 Number. ' Metric quintals. that year and to 262,995,594 pesos on October 31, 1922. The conversion fund held against Imports of all commodities, with the excepthe fiscal notes at the end of 1922 amounted to tion of coal, cement, bags, tea, and wines, 114,724,780 gold pesos of 18d., of which were considerably increased. The decrease in 21,502,780 pesos are deposited in the Bank of the imports of tea is compensated, however, by England and 93,218,999 pesos in the Santiago the striking increase in imports of yerba mate. treasury, the ratio of gold to the issue of fiscal It may be noted that articles which could be notes being 77 per cent. Another sign indicatclassed as luxuries, such as wines and liquors, ing the absence of inflation is the fact that total showed a marked reduction, and others, such bank deposits during the year decreased moderas automobiles, did not increase substantially, ately, as may be seen from the figures given on thus clearly indicating that the purchasing page 484. Toward the close of the year the power of Chile still showed signs of impairment presence on the market of a large number of as a result of the economic crisis in the previous gold drafts received from nitrate shipments, year. With regard to exports, particular coupled with the treasury sale of approxiattention must be called to the fact that the mately £1,000,000 needed to satisfy outstandcopper figures compare most favorably with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

484 •FEDERAL RESERVE BULLETIN. APRIL, 1923. ing accounts, had a beneficial influence on the BANKING AND PUBLIC FINANCE. exchange, enabling the peso to regain some of the ground lost during the temporary recession The outstanding feature during 1922 in the of November. On the 1st day of December banking activity of the Republic of Chile was the 90-day rate on New York was 8.17 pesos that bank deposits showed only a limited to the dollar and the rate on London 36.90 pesos movement. It is important, however, to note per pound. These rates were gradually lowered the striking decrease in gold deposits which during the month, the final quotations of the was registered throughout the year. The 31st being 7.74 and 35.90, respectively. Since following table shows the condition of the the nitrate season was at its height during that Chilean banks at the end of the first threemonth, the opinion was general that a more quarters of 1922, and on October 31, 1922: decisive improvement than that shown by the foregoing figures was to be expected. The fact Cash on hand (in pesos). C items, that such expectations were not realized has ash seemed to demonstrate that the principal cause Date. of the fall in exchange was due to the position Notes. Silver. Gold. Pa r p e e n r c y cu . r- Gold. of the Government finances. According to the opinion of prominent economists of Chile, the 1921. frequent cabinet crises in 1922, together with Oct. 31.. 67,495,724 805,092 3,831,050 79,134,482 5,075,384 Dec. 31.. 164,172,789 1,359,116 8,383,447 76,952,199 1,069,181 the increasing issue of treasury notes and the 1922. contracting of foreign loans to cover fiscal Mar. 31.. 124,586,244 1,387,281 7,002,213 64,265,630 2,945,479 deficits, exerted a depressing influence on the June 30.. 149,199,115 1,629,422 7,842,984 75,903,531 1,645,311 Sept. 30.. 105,787,000 1,903,399 13,138,397 128,683,227 3,068,541 currency which even heavy and regular sales Oct. 31.. 115,922,080 2,139,701 15,079,082 108,942,106 2,418,452 of sterling and dollar drafts could not fully counteract. The following table shows the Deposits. Loans and discounts. Bank of Chile's quotations on 90-day drafts on 1 New York, London, and Madrid, and the local Date. . Paper cur- Paper curpremium on gold pesos, used for customs rency. Gold. rency. Gold. charges, etc., by months during 1922: 1921. Oct. 31... . 557,179,930 97,584,465 756,043,254 89,477,161 [Monthly averages.] Dee. 31... . 824,115,592 102,666,482 1,032,593,613 83,949,156 1922. Premium Exchange E o x n c h N an ew ge Exchange M Ju a n r e . 3 3 0 1 . . . . . . . . 4 8 4 5 8 5 , , 1 4 2 0 0 5 , , 3 3 7 2 7 2 1 6 0 0 1 , , 4 2 0 4 0 8 , , 3 05 5 7 4 1 1 , , 0 1 8 1 4 5 , , 9 9 7 3 5 7 , , 5 3 0 9 9 4 8 87 3 , , 4 9 6 5 6 5 , , 2 9 9 7 0 7 Month. (p o e n r g c o e l n d t). o ( n pe L so o s n d p o er n (pe Y so o s r k per o (p n e M so a s d p r e id r S O e c n t. t . 3 3 1 0 . . . . . . . ; 8 8 9 8 9 8 , , 2 1 9 9 9 2 , , 3 3 6 0 6 3 9 8 2 1 , , 8 0 4 7 5 9 , , 6 9 0 2 5 3 1 1 , , 1 1 3 5 1 9 , , 2 8 8 2 5 1 , , 7 3 7 3 9 5 1 1 0 0 9 8 , , 7 8 7 0 7 3 , , 3 3 5 2 0 2 £)• dollar). Customs receipts improved considerably January... 227.32 43.33 10.3212 February. 226.53 42.57 9.7928. .5282 during the latter part of 1922, those for M Ap a r r i c l h 2 2 0 1 3 2 . . 9 7 6 2 3 3 9 9 . . 1 9 0 0 8 9. . 0 9 7 6 1 8 5 1 . . . 4 4 0 0 4 1 2 1 December reaching 11,955,931 gold pesos, as May 201.65 38.16 8.5994 .3446 compared with 12,881,811 pesos in the pre- June 189.37 35.79 8.0489 .2657 July . 173.87 34.43 7.7635 .2064 ceding month and. 5,089,629 pesos during A Se u p g t u em st ber 1 1 5 5 6 7 . .1 1 0 5 3 3 2 2 . . 2 0 0 5 7 7. . 2 2 3 0 5 8 0 4 . . 1 1 0 2 9 3 9 0 December, 1921. Total collections for the October... 157.83 32.37 7.2933 .1132 calendar year 1922 reached 86,882,246 pesos, November. 182.29 36.15 8.0674 1.2327 December. 183.65 36.65 7.9532 1.2448 an increase of 704,323 pesos over the total for 1921. Encouraging evidence of the im- As a supplement to the foreign exchange provement in the country's foreign trade table contained in the July, 1922, issue of the during the last months of 1922 is found in the BULLETIN (p. 824), the following table is pre- fact that collections for the last quarter sented, showing the high and low monthly amounted to 35,560,080 pesos, or over 41 per average quotations of the Chilean peso in cent of the year's total, whereas collections cents during 1922: effected during the last quarter of 1921 reached only 15,505,644 pesos, or 18 per cent of the year's total. Furthermore, the local stocks High. Low. High. Low. of merchandise were unusually low at the January.. 10.750 9.500 July 13.610 12.700 close of the year and are being replenished at February. 11.125 9.750 August.... 14.310 13.420 present. This fact, coupled with the news March..." ! 11.875 11.000 September 14.040 13.380 April.. 11.375 11.000 October... 13.800 13. 250 that the Nitrate Association had already May- 12.500 11.250 November 13.420 11.810 June. 12.875 11.125 December. 13.050 11.850 closed at that time contracts for future de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL KESEEVE BULLETIN. 485 livery aggregating shipments close to a half somewhat since the first of February, due million tons, indicates that the heavy move- undoubtedly to the uncertain European,-situments of imports and exports which were ation. During the first three weeks of that passing through Chilean customhouses at the month 120,000 metric tons wSre" booked, end of the year are not likely to decrease in while in January 200,000 %tes were sold. 1923. The only loan floated by Chile in the January exports of nitrate amounted to 223,- United States during 1922 was that for $18,- 000 metric tons and production was placed 000,000, placed by the National City Co. on at 134,000 tons, thus materially reducing the November 1, 1922, details of which were given stocks on hand. During February, 54 plants in the February issue of the BULLETIN (p. 203). were producing nitrate, one more than in December, 1922. Exchange has registered a slight drop during the first three months of PRESENT CONDITIONS. the year, the respective average monthly The slow recovery in the general economic quotations being 12.81, 11.99, and 12.67 cents. situation of Chile noted at the close of the For the purpose of meeting payments due for year 1922, following the moderate reduction the construction of new lines and bridges and in trade during last October and November, has with the object of expediting the completion partially continued during the first three of public works already authorized, it is months of 1923. The demand for funds is reported that the Government expects soon increasing, and this demand appears to be for to sell at auction State lands in the Territorio business needs rather than for speculative de Magallanes, valued at 13,500,Q00 pesos. operations. No important commercial failures It is stated that since the sale may be delayed have been reported during the first three some time, the Government intends to apply months of 1923, and collections on new im- to some banking institutions for a short-term ports are proceeding satisfactorily. On the loan of approximately 13,000,000 pesos with other hand, sales of nitrate have fallen off which to meet outstanding obligations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 FEDERAL RESERVE BULLETIN. APRIL, 1923. PRICE MOVEMENT AND VOLUME OF TRADE. INTERNATIONAL WHOLESALE PRICE INDEX. The February movement of wholesale prices in the United States and those foreign countries covered by the Federal Reserve Board's index numbers was a continuation of the January advances. The indexes moved up 1 point in the United States, 3 points in England, 30 points in France, 4 points in Canada, and 7 points in Japan. These represent increases of less than 1 per cent in the United States, and of 1.7, 9.3, 2.3, and 4.3 per cent in the other countries, respectively. There was likewise a slight rise in the price levels of all countries, computed on a gold b asis, due to declines in foreign exchange rates in the case of France, Canada, and Japan. The index figures show that the gold price levels of the United States and England are more nearly equal than they have been at any time since May, 1922. The gold price level in Japan continues to rise above that of this country. In the foreign countries marked advances occurred in the prices of goods in all stages of manufacture, but the rise of consumers' goods'lagged slightly behind that of raw materials and producers' goods. In the United States the prices of raw materials and consumers' goods w ere fairly steady, producers' goods alone showing any decided upward movement. Conditions in foreign countries and the United States also differed with respect to commodities entering into foreign trade. In this country imported goods were mainly responsible for the higher price level, whereas in other countries domestic and imported goods shared alike in the price increases. A more detailed account of recent price movements in England and France appears on pages 464-475 of this issue. INTERNATIONAL WHOLESALE PRICE INDEX FEDERAL RESERVE BOARD 1913 - 100 600 550 500 i N wo \ / \ 400 \ 350 • N fff/NCE /" *s. 300 *m / _> \ 250 7 i \ ENGL\ND 200 JAPAN/ 175 \ \ CA/MDA\ 150 1 ma 0 STATE 125 100 / 600 550 500 4-50 400 350 / 300 250 200 175 150 125 100 J. F. M.A.M.J. J.A.S. 0. N. 0. J. F. M. A.M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F.M.A.M. J. J. A.S. 0. N. D. 1919 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL BESEBVE BULLETIN. 487 The table below gives the all-commodities index numbers of the five countries included in the Federal Reserve Board's international wholesale price index. Relative price levels are shown both in terms of the respective currencies and "converted to a gold basis." The latter figures take into account the depreciation of the foreign currencies in terms of the American dollar by the use of foreign exchange rates, and indicate therefore relative price levels in the several countries when all prices are expressed as dollars. There follows a table showing the index numbers of the various groups of commodities in each country. INTERNATIONAL WHOLESALE PRICE INDEX—FEDERAL RESERVE BOARD. Based on prices in respective currencies. Converted to gold basis. Year and month. U St n a i t t e e s d . England. France. Canada. Japan. U St n a i t t e e s d . England. France. Canada. Japan. 1913, average.. 100 100 100 100 100 100 100 100 100 100 1919, average 211 241 207 211 218 199 1920, average 239 314 478 250 * 239 237 174 223 148 201 321 167 181 148 159 124 150 175 1922, average 157 167 298 149 182 157 152 126 147 175 1922. 146 167 283 149 185 146 150 128 145 176 March... 147 168 287 150 182 147 151 134 145 173 April 149 167 299 152 180 149 152 143 148 171 May 158 171 302 154 183 158 157 143 152 174 June 161 169 304 153 187 161 155 138 151 179 July.... .... 165 171 307 154 195 165 156 131 152 187 August 165 168 298 149 187 165 154 123 149 179 164 165 294 144 179 164 150 117 144 171 October. 165 163 294 145 174 165 148 112 145 168 November 164 165 307 147 172 164 151 109 147 167 164 166 315 147 173 164 157 118 146 170 1923. 165 167 324 149 176 165 160 112 148 172 February 166 170 354 153 183 166 164 113 151 17S GROUP INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES, ENGLAND, FRANCE, CANADA, AND JAPAN.' 1923 1922 1923 1922 Countries and Countries and commodity groups. Feb- Jan- Decem-Novem- Feb- commodity groups. Feb- Jan- Decem-Novem- February. uary. ber. ber. ruary. ruary. uary. ber. ber. ruary. UNITED STATES. CANADA. All commodities.. 166 105 164 164 146 All commodities... 153 149 147 147 149 Goods produced.. 162 162 160 1C0 143 Goods produced 150 146 143 143 148 Goods imported... 146 139 ! 138 137 110 Goods imported 170 171 167 165 150 Goods exported... 187 180 174 173 142 Goods exported 143 140 138 138 152 Eaw materials 182 182 177 177 145 Eaw materials 140 137 135 135 138 Producers' goods.. 156 150 149 150 127 Producers' goods... 164 160 159 157 147 Consumers' goods. 154 156 157 156 155 Consumers' goods.. 167 163 101 160 164 JAPAN. All commodities.. 170 167 166 165 167 All commodities... 183 176 173 172 185 Goods produced 168 165 ! 164 161 171 G oods produced 183 176 175 173 192 Goods imported.... 166 164 ! 163 165 US Goods imported 184 175 165 166 151 Goods exported 172 165 157 154 151 Goods exported 214 199 192 194 186 Eaw materials 172 167 166 166 108 Eaw materials 192 178 171 173 163 Producers' goods.. 153 151 146 146 144 Producers' goods... 186 176 167 168 183 Consumers' goods. 177 i 175 177 172 181 Consumers' goods.. 177 174 177 173 198 i All commodities.. 354 324 315 307 283 Goods produced... 341 312 306 296 282 Goods Imported... 422 384 361 362 286 Goods exported... 389 346 333 336 275 Eaw materials 396 366 352 348 300 Producers' goods.. 295 262 253 248 227 Consumers' goods. 340 312 310 296 300 1 Complete descriptions of these Index numbers may be found in the following issues of the BULLETIN: United States—May and Jun«, 1920, June, 1921, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

488 FEDERAL RESERVE BULLETIN. APRIL, 1923. WHOLESALE PRICES OF INDIVIDUAL COMMODITIES IN THE UNITED STATES. In order to give a more concrete illustration of actual price movements in the United States, there are presented in the following table monthly actual and relative figures for certain commodities of a basic character. The prices have in most cases been obtained from the records of the United States Bureau of Labor Statistics. This table is published in the BULLE- TIN at quarterly intervals. [Average price for 1913=100.] Co C r h n i , c N ag o o . 3, Co N tt e o w n , O m r i l d e d an li s n . g, n W o M rt h i h n e e a n r t e n , a N p s o p o l r i . i s n 1 . g , , W re h C d e h a w i t c , i a n N g t o e o . r . , 2, g C o a o C t d t h l t e i o c , a s c g t h e o o e . i r c s e , , H st h e i e d e a e r v s s , y , C p n a h a c i t c k i a v e g r e o s , . • H C og h s i , c a li g g o h . t, Year and month. p A b ri v u c e s e r h a p e g e l. e r p R t r i e i v c l e a e - . p A p r v o ic e u e r n a p d g e . e r p R t r i e i v c l e a e - . p A b r u i v c s e e h r a e p g l e . e r R p ti r e v i l c e a e - . p A b ri u v c e s e h r a p e g l e . e r p R t r i e i v c l e a e - p A p r o i v c 1 u e e 0 n r a 0 p d g e s e . r p R t r i e i v c l e a e - . p A p r v i o c e u e r n a p d g e . e r p R t r i e i v c l e a e - . p A p r o v i u c e e n ra p d g e s e r . p R t r i e i v c l e a e - . 1913 . ... $0.616 100 $0.127 100 $0.874 100 $0,986 100 $8.507 100 $0,184 100 $8,454 100 1914 .683 111 .113 89 1.003 115 1.005 102 9.039 106 .196 107 8.382 99 1915, .722 117 .096 76 1.306 150 1.307 132 8.702 102 .242 132 7.187 85 1916 .812 132 .141 111 1.411 162 1.351 137 9.573 .262 142 9.400 111 1917 . . 1.620 263 .226 178 2.325 266 2.278 231 12.809 151 .327 178 15.459 183 1918 1.522 247 .312 246 2.191 251 2.210 224 16.368 192 .300 163 17.663 209 1919 1.580 257 .319 251 2.566 294 2.537 239 17.496 206 .393 214 18.326 217 1920 1.397 227 .330 260 2.558 293 2.523 256 14.486 170 .312 170 14.711 174 1921 .565 92 .141 111 1.466 168 1.4'35 146 8.780 103 .139 76 8.891 105 1922 .614 100 .204 161 1.345 154 1. its 126 9.438 111 .180 98 9.727 115 1922. January .474 77 .165 130 1.300 149 1.196 121 8.150 96 .165 90 8.160 97 February .557 91 .166 130 1.522 174 1.382 140 8.638 102 .160 87 10.263 121 .561 91 .167 131 1.500 172 1.357 138 8.731 103 .139 75 10.588 125 April .576 94 .168 132 1.563 179 1.391 141 8.406 99 .134 73 10.500 124 May .609 99 .194 153 1.589 182 1.356 137 8.615 101 .146 79 10.660 126 .601 98 .217 171 1.419 143 1.160 118 8.863 104 .168 91 10.600 125 July .637 103 .221 174 1.423 148 1.152 117 9.700 114 .182 99 10.695 127 .617 100 .216 170 1.186 135 1.057 107 10.375 122 .201 109 9.656 114 3eptember... .627 102 .209 164 1.085 124 1.071 109 10.713 126 .213 116 9.694 115 October .686 112 .221 174 1.132 130 1.177 119 10.245 120 .227 123 9.430 117 November... .717 117 .255 201 1.218 139 .273 129 10.500 123 .228 124 8.206 92 December... .722 117 .254 200 1.251 143 1.325 134 10.581 124 .204 111 8.269 98 1923. January .698 113 .273 215 1.221 140 1.258 128 9.780 115 .200 109 8.395 99 February .724 118 .290 228 1.241 142 L.360 138 9.356 110 .199 108 8.069 95 March .727 118 .305 240 1.232 141 1.321 134 9.263 109 .193 105 8.344 99 e g W a r s a o t d e o e r l n s , , O m s h c a o io r u k , r e e t d H s , . Y N e f e l l l o w o o w Y ri n p o g i r n k . e . , r C u s o n p a P o o l, i f t t b t m a s it t b i u n m u m e r i , g i n n f h e . o . o s u , . s b , .P C o o s c p a C a l o , h o t b o l a i u n t t m t u a m m s b , i u i n f n s . e o . o s u , . s b , . v C il o l k e e , , a C t o fu n r n n e a l c ls e - . C e o N l p e e c p w t e r r o Y , l i y o n t r g i k c o . , t, d N e L s e e i w l a v d e Y , r p i o z i r e g k d , . , Year and month. Average Average Rela- price per Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive Mfeet tive price per tive price per tive price per tive price per tive price per tive pound. price. manufac- price. short ton. price. short ton. price. short ton. price. pound. price. pound. price. tured. 1913 $0,471 100 $44,591 100 $1,320 100 i $1,571 100 $2,440 100 $0,157 100 $0,044 100 1914 .440 93 42.750 96 1.808 74 .134 85 .039 88 1915 .571 121 39.591 89 1.785 73 .173 110 .046 104 1916 .680 144 39.375 88 3.246 133 .275 175 .068 155 1917 1.145 243 50.909 114 8.250 338 .294 187 .091 207 1918 1.439 306 60.750 136 6.000 246 .247 157 074 169 1919 1.189 248 78.833 177 4.738 194 .191 122 .058 131 1920 .971 203 145.417 326 6.043 458 5.889 375 10.816 443 .180 114 .081 184 1921 .508 108 93.708 210 2.203 107 3.180 202 3.636 149 .126 80 .046 104 1922 .782 166 94.583 212 2.813 213 4.048 258 7.136 293 .134 85 .058 132 1922. January .582 124 95.500 214 2.150 163 2.150 137 2.750 113 .136 86 .047 107 February .673 143 95.500 214 2.150 163 2.075 132 3.038 125 .129 82 .047 107 March .727 154 95.500 214 2.038 154 1.825 116 3.250 133 .127 81 .047 107 .727 154 95.500 214 2.000 152 1.975 126 4.475 183 M26 80 .051 116 May. .727 154 90.000 202 2.750 175 6.000 246 .132 84 .055 125 June .746 158 90.000 202 3.036 210 6.750 277 .136 86 .058 132 July .818 174 92.500 207 4.955 315 10.750 441 .137 87 .058 132 August .818 174 92.500 207 5.688 362 12.800 525 .138 87 .059 133 September... .836 178 92.500 207 4.600 349 5.750 366 11.125 456 .138 87 .062 140 October .836 178 92.500 207 3.675 278 5.938 378 9.800 402 .137 87 .067 151 November... .946 201 100.500 225 3.163 240 6.125 390 7.188 295 .136 87 .072 165 December... .946 201 102.500 230 2.725 206 6.038 384 7.000 287 .141 90 .073 166 1923. January .982 205 102.500 230 3.319 251 6.619 421 8.250 338 .146 93 .078 178 February 1.000 209 102.250 229 2.838 • 215 4.775 304 7.125 292 .155 98 .082 185 March 1.000 209 105.250 236 2.450 186 4.500 286 7.313 300 .169 108 .085 193 • Toledo market average for last 6 months of 1913. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 489 WHOLESALE PRICES OF INDIVIDUAL COMMODITIES IN THE UNITED STATES—Continued. Pe P t e r n o a n l t e s w u y m e lv l , l a s c n . r i u a d , e, S P h M i e g a a n t h i a r o f n o u n g n r i o n n , a V b g c a a a e s l n . i l c e d , y, n C o 1 o r 0 t t / h t 1 o e B n rn o y s c a t o r o n n n e s . , s, h L em e C a l t o h h c i e c k r a , , g N s o o o . l . e 1 , , S P B t i e t e e t s l s s b b e u i m l r l e g e r t h , s . , S t t a e n b e k u l , r p g P l h a i t t . e ts s - , o P S p i t e t e t n e s - b l h r u e a r a i g r ls t h h , . , Year and month Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price Der tive price per tive price per tive price per tive price per tive barrel. price. long ton. price. pound. price. pound. price. long ton. price. pound. price. long ton. price. 1913 ..... 12.450 100 $14. 706 100 $0,221 100 $0.282 100 $25.789 100 $0,015 100 $30,000 100 1914 1.917 78 12.873 88 .197 89 .302 107 20.078 78 .012 78 30.000 100 1915 1.529 62 13.741 93 .173 78 .309 110 22.441 87 .013 86 30.000 100 1916 2.483 101 19.768 134 .265 120 .388 138 43.946 170 .032 219 33.333 111 1917 3.200 131 38.904 265 .397 179 .535 190 69.856 271 .056 376 40.000 133 1918 3.974 162 32.509 221 .600 271 .484 172 47.300 183 .032 219 56.150 187 1919 4.135 169 27.697 188 .534 241 .528 187 40.539 157 .027 183 49.264 164 1920 5.975 244 42.269 287 .625 282 .534 189 56.260 218 .033 222 53.827 179 1921 3.314 135 21.668 147 • .290 131 .358 127 34.385 133 .019 130 45.654 152 1922 3.173 130 24.264 165 .361 163 .350 124 33.990 132 .017 117 40.692 136 1922. January 3.300 135 18.150 123 .326 147 .340 121 28.000 109 .015 101 40.000 133 February 3.250 133 17.750 121 .313 141 .350 124 28.000 109 .014 94 40.000 133 March 3.250 133 .17.938 122 .314 142 .350 124 28.000 109 .014 94 40.000 133 April 3.250 133 20.000 136 .314 142 .350 124 29.500 114 .015 100 40.000 133 May 3.250 133 24.600 167 .331 150 .350 124 34.000 132 .016 105 40.000 133 June 3.5O0 143 25.000 170 .360 163 .350 128 35.000 136 .016 108 40.000 133 July 3.313 135 24.250 165 .378 171 .350 124 35.000 136 .017 115 40.000 133 August 3.000 122 26.600 181 .387 175 .350 124 36.100 140 .019 127 40.000 133 September... 3.000 122 32.625 222 .373 168 .350 124 39.500 153 .021 142 40.000 133 October 3.000 122 30.900 210 .391 177 .350 124 40.000 155 .021 142 42.250 141 November... 3.000 122 27.750 189 .420 190 .350 124 37.750 146 .020 135 43.000 143 December... 3.000 122 24.813 169 .430 192 .350 124 36.500 142 .020 132 43.000 143 1923. January 3.370 138 25.800 175 .435 197 37.300 145 .021 139 43. nno 143 February 3.944 161 26.250 179 .448 203 39.625 154 an, 151 ' 43 nnn 143 March 4.000 163 30.125 205 .462 209 44.375 172 - IK4 162 43.000 143 1 Flour, wheat, 2 W - P 3 o h 2 r ' i s s l t a c e d r d e o , l s y p s a h b r i r n a e . s d , , st B e g e o e r e o s f d , , C c n a h a r i t c c iv a a g e s, o. Cof N fe e e w , R Y io o , r N k o . . 7, st (1 a 9 n 1 d 8 a w , r d s a t r a p ) n , a d te a n r t d s Ham C s h , i s c m ag o o k . ed, Ill 1 u N 5 m 0 e ° w i n f i a Y re ti o n t r e g k s . o t, il, g N r e a S w n u u g Y l a a r t o e , r d k , . Year and Minneapolis. month. Averagr Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. price. pound. price. pound. price. barrel. price. gallon. price. pound. price. 1913 $0. 777 100 JO. 130 100 $0. Ill 100 $4,584 100 $0.166 100 $0.123 100 $0.043 100 1914 .640 82 .136 105 .082 73 5.096 111 .167 100 .120 97 .047 110 1915 .788 101 .129 100 .075 67 6.663 145 .153 92 .121 98 .056 130 1916 1.050 135 .138 107 .092 83 7.264 158 .185 111 .122 99 .069 161 1917 1.556 200 .167 129 .093 R3 11.391 249 .252 152 .124 101 .077 181 1918 2.109 272 .221 171 .097 88 10.131 221 .318 191 .170 137 .078 183 1919 1.627 210 .233 180 .179 160 11.998 262 .343 207 .200 163 .089 209 1920 1.825 235 .230 178 .120 108 12.675 277 .334 201 .263 213 .127 297 1921 1.179 152 .153 126 .072 65 8.326 182 .268 161 .243 197 .062 144 1922 1.413 182 .150 116 .103 92 7.282 159 .264 159 .208 .169 .059 139 1922. January 1.277 164 .154 119 .096 87 7.000 153 .221 133 .218 176 .048 112 February 1.300 167 .145 112 .090 81 7.975 174 .267 161 .210 170 .049 115 March 1.250 161 .145 112 .096 86 7.813 170 .306 184 .210 170 .052 121 April 1.300 167 .145 112 .108 97 8.144 178 .309 186 .202 164 .052 122 May 1.350 174 .145 112 .110 99 8.060 176 .313 188 .199 161 .053 123 June 1.427 184 .145 112 .110 99 7.500 164 .313 188 .200 162 .059 138 July 1.400 180 .14S 114 .104 93 7.788 170 .301 181 .200 162 .066 155 August 1.400 180 .155 120 .100 90 6.995 153 .254 159 .200 162 .067 157 September... 1.450 187 .155 120 .102 92 6.344 138 .235 141 .202 164 .063 146 October 1.500 193 .155 120 .102 92 6.435 140 .232 140 .215 174 .066 154 November... 1.650 212 .155 120 .108 97 6.713 146 .213 128 .220 178 .068 160 December... 1.650 212 .155 120 .111 100 6.775 148 .206 124 .220 178 .069 162 1923. January 1.700 219 .154 119 .119 107 6.630 145 .202 122 .220 178 .067 158 February 1.750 225 .148 114 .130 117 6.713 146 .203 122 .220 178 .073 171 March 1.750 225 .145 112 .130 117 6.625 145 .206 124 .220 178 .086 201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

490 FEDERAL RESERVE BULLETIN. APRIL, 1923. COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. ALL-COMMODITIES INDEX NUMBERS.i Year and month. L M g t B r a i y u i b e n m l o - i o s r ; f - .' B G S g u B t e t a i n r a c u r e t e a i l i a a r - l s a u ; - l . s C C B l t o o i z u e f v s e n r t a S c i t e k c t h r a a s i a o u a - . l - ; t F i m d D i e n a e n a r n d n k - e s ; - .1 B G F S u r t e t r i a n a c e n e t a a i c r l s u a e - ; . l 1 F m t f u u G r Z a a r n e e n t n g r i e y - k . r 1 ; - B F m S u e t G t r i d a a c e e n e t a a r i r y - l s u a : - . l I | i R B I ic a ta c c a l h y r i ; d .' o N B C t o l i a s u e e f t n t n r S i h c d t e t r e s a a s a . r ; u - " l - N R t O ( i e C m o a e v i r n h k u w s r i o e a k i n a . s ) o - y : * - P C S O o t e t i f l n a c f a i t t a n c r i l e s d a - . l : I t o a n i S r f n s s a p d t G t p i a i c e t S h i u s o n t y . g t a ; " e - - S H S b G w l a o o o b e n c f r d ' t h g d t t t e s e t - n i l - i ; tidning." (128) (38) (126) (33) (45) (98) (38) (100) (63) (93) (58) (74) (47) ~i"" 1913 100 100 "1.0 100 100 100 "108 1014., »100 103 'MOO "100 101 ••1.0 1.1 95 108 "115 101 118 1919 " 1,166 294 356 4.2 364 297 322 204 33< 1920 1,940 382 610 "19.7 14.9 624 281 377 221 347 1921.. 2,006 250 345 "21.3 19.1 578 181 269 190 111 1922 367 2,473 1,356 179 327 327.2 341.8 562 160 220 1,376 176 162 1922. March. 350 2,287 1,552 182 307 54 54 533 161 240 737 177 164 April 344 2,514 1,491 178 314 67 64 527 161 236 751 180 166 May 348 2,895 1,471 177 317 74 85 624 165 231 786 178 164 June 356 2,436 1,471 179 325 79 70 537 167 230 877 178 184 July 360 2,489 1,464 180 325 91 101 558 162 232 1,016 175 166 August 360 2,526 1,386 180 331 140 192 571 155 227 1,358 175 163 September. 364 2,531 1,155 178 329 291 '• 287 682 153 226 1,524 174 16S October.... 385 2,558 1,059 176 337 432 i 566 601 156 221 2,013 172 156 November.. 408 2,564 1,017 180 352 945 I 1,151 596 158 221 2,766 174 164 December.. 407 2,630 999 182 382 1,665 l 1,475 580 158 220 3,464 172 155 1923. January 434 2,657 1,003 181 387 2,054 2,785 575 159 220 5,487 170 156 February 474 1,028 192 422 7,159 5,585 582 158 224 8,591 158 March 199 i 424 6,770 4,888 229 EUROPE—continued. NORTH AMERICA. ASIA AND OCEANIA. United I Aus- China Dutch India New South Ynr and month. i S L D l w o a r r i n t e . d z J n e ; . z r . - ' B T o K d a r o i a r n m d d g e ; - o . f S U K d t n a o i t i n m t is g e ; t d - .1 o B S f S u t t L t a i a r c a t e t s e b i a . s s o u - ; r C m L D a a e e n b p n a o a t d r r o a t ." - f ; 1 o a B t f t i n C r s u d t a r e i l c e n i S a s a s t . ; u u a * s - M n (S j o a : h n h f n a i a c i s F ) n e ; t i . g r - * - y 1 B I S n u E t t i d r a c a e i t a s e i a t l s s u - ; . m D c S ( u e e t C p a t n t a t a t a i l r s - ) o t - ; f - ( B T J J a a o a n p k p k a y a n o n o ) . f ' ; ! ! : Z D m S e e t e t a p a i n l c t a a t s i n r s . o t - d - f ; m D ( S C e t e t i p § a n c t a r t s i o r . s o t ) - - f ; a O A C t n is f f e d f r t n i i i c s c c S e u a s t . s ; a o - f tics.1 j (71) (160) (45) (404) (271) (92) (147) (17) (75) (56) (106) (23) (187) 1913.. 100 100 100 100 "100 100 100 1914.. 100 101 98 101 "100 »100 »100 95 104 "100 100 1919.. 242 206 217 180 133 "281 198 236 178 225 170 1920.. 307 295 226 246 218 140 "226 204 259 212 299 231 1921.. 195 197 188 147 182 167 145 186 j 181 200 201 171 1922.. 166 159 155 149 166 154 146 164 ! 180 196 177 145 133 1922. March 171 160 157 142 166 146 152 164 182 201 180 153 April 163 160 158 143 166 148 148 164 182 197 180 148 132 May 161 160 159 148 167 155 146 166 187 194 177 141 June 160 160 159 150 165 156 144 167 183 197 175 139 July 161 160 157 155 166 157 145 168 181 201 177 138 131 August 163 156 162 155 164 165 142 163 178 195 177 139 September 163 154 150 153 183 158 139 159 176 193 174 138 N O De c o c t v o e e b m m e b r b er er.... 1 1 1 6 6 7 3 9 0 1 1 1 5 5 5 7 5 5 I ! 1 1 1 5 5 5 3 2 3 1 1 1 5 6 5 4 6 6 1 1 1 6 6 6 5 2 4 1 1 1 5 6 6 9 1 2 1 1 1 4 4 4 9 3 3 1 1 1 6 6 6 3 4 3 1 1 17 7 7 6 7 8 1 1 1 9 8 8 0 3 8 1 1 1 7 7 7 4 6 2 1 1 1 4 4 4 4 0 7 133 1923. January.. 175 157 153 156 165 163 153 179 184 141 135 February. 181 158 155 157 166 161 162 192 137 I ' The number of commodities or quotations • Based upon price of 52 commodities during '«December figure. used in the computation of each index is indi- 1920; 53 during 1921. u January figure. cated by figures in parenthesis at head of each • End of year and end of month. » As of last Wednesday in month. column. " 15th of the month. » February, 1913-100. < Average of last half of month. " Middle of month. »Asof Jan. 1. • First of month. 11 July 1,1913, to June 30,1S14-100. * End of July, 1914-100. < End of month. "April, 1914-100. 11 Jan. 1,1913, to July 31,1B14-100. • Beginning of month—not always the 1st. >< July 1,1912, to June 30,1914-100. "July, 1914-1. • Average for the month. "July, 1914-100. '< 1913 average-1. > 38 commodities prior to 1920: 76 commodi- » Dec. 31,1913, to June 30,1914-100. ties during 1921. End of month. "January, 1914—1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 491 The foreign index numbers published on the index numbers for other countries are pubpreceding page are constructed by various lished only occasionally, but such figures may foreign statistical offices and are sent to the be obtained from the Division of Analysis and Federal Reserve Board by cable. References to Research at any time upon request. the BULLETINS in which these are described A comparative summary table showing the may be found in the issue for January, 1923. board's international index for the United Index numbers showing the price levels of States, England, Canada, France, and Japan separate groups of commodities in the United appears on page 487. Group index numbers, States and,, certain foreign countries are pre- computed as part of this international series, sented below and on the following page. Group will also be found on that page. 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 g o u r d r i u c a u c l t l s - . 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) (S5) (88) (117) (199) (404) 1913 100 100 100 100 100 100 100 100 1919 251 221 211 179 217 179 211 206 1920 265 186 111 236 228 214 231 226 1921 134 110 165 184 142 135 159 147 1922 145 125 185 207 15S 128 151 149 1922. February 140 121 166 177 146 118 148 141 March 141 122 165 178 147 120 150 142 April 145 120 167 180 148 122 149 143 May 152 122 174 2OU 157 125 150 14S June 146 123 186 211 158 127 151 150 July 147 130 188 241 171 129 152 155 August 13S 127 191 281 173 129 149 155 September 136 132 199 239 168 132 150 153 October 147 132 204 218 166 135 152 154 November ISO 129 207 209 160 136 155 156 December 161 128 210 208 167 135 157 156 1923. January 164 126 215 213 168 136 155 156 February 170 123 220 207 167 141 155 157 GROUP INDEX NUMBERS—UNITED STATES—BUREAU O"F LABOR STATISTICS. I Year and month. p F u r a c o r t d s m . - Foods. cl C o a l t o n h t d i h n s g. F li u gh el t i a n n g d . I i i M r m o a e e d n t t u d a a c l l s ts B m u r i i a l a d t l e s i . n - g ic C d a r h ls u e g m a s n - . d fu H g r o i o n n o u i d g s s s h e . - la M n i e sc o e u l s - . co i m t A ie m ll s o . d- (56) (110) (65) (20) I (37) (41) (43) (31) (25) (404) 1913 100 100 100 100 100 100 100 100 100 100 1919 231 207 2S3 181 162 201 169 184 175 204 1920 218 220 295 241 192 264 200 254 196 226 1921 124 144 180 199 129 165 136 195 12S 147 1922 133 138 181 218 122 168 124 176 117 149 1922. February 131 135 174 191 120 156 123 177 117 141 March 130 137 172 191 109 155 125 175 117 142 April 129 137 171 194 113 156 124 175 116 143 May 132 138 175 216 119 160 122 176 116 143 June 131 140 179 225 120 167 122 176 114 150 July 135 142 180 254 121 170 121 173 114 155 August 131 138 181 271 126 172 122 173 115 IS* September 133 138 183 244 134 180 124 173 116 153 October 138 140 188 226 135 183 124 176 120 154 N D o ec v e e m m b b e e r r 1 1 4 45 3 1 14 4 4 3 1 1 9 0 4 3 3 21 1 6 8 1 1 3 3 1 3 1 1 8 85 5 1 1 2 30 7 1 1 8 7 2 9 1 12 2 2 2 1 1 5 5 6 6 1923. January 143 141 196 218 133 188 131 184 124 156 February 142 141 199 212 139 192 132 184 ! 126 157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 FEDEBAL EESEEVE BULLETIN. APRIL, 1923. GBOUP INDEX NUMBERS OF WHOLESALE PRICES IN FOREIGN COUNTRIES. FRANCE.* SWITZERLAND.' Groups. M 1 a 9 r 2 c 3 h . , r 1 u F 9 a e 2 b r 3 y - . , u 1 J a 9 a 2 r n y 3 - . , M 1 a 9 r 2 c 2 h . , M 1 a 9 r 2 c 1 h . , Groups. r 1 u F 9 a e 2 b r 3 y - . , u 1 J a 9 a r 2 n y 3 - , . D 1 b e 9 c e 2 e r 2 , m . - F 1 a e 9 r b 2 y r 2 , u . - F 1 a e 9 r b 2 y r 1 , u . - All commodities 424 422 387 307 360 All commodities .. 181 175 170 171 230 All foods ... 397 402 367 317 366 Consumers' goods 163 176 174 181 262 Animal foods... 413 420 388 341 406 Agricultural products 181 162 155 151 181 Vegetable foods 333 332 322 285 322 Industrial products 193 180 176 , 169 217 Sugar, coffee, cocoa 491 508 412 326 367 All industrial materials 447 439 404 300 355 426 399 346 242 289 Textiles 541 553 533 326 375 UNITED KINGDOM—BOARD OF TRADE.' Sundries 417 410 377 328 392 Febru- Janu- Decem- Febru- Febru- GERMANY—FEDERAL STATISTICAL BUREAU.* Groups. ary, ary, ber, ary, ary, 1923. 1923. 1922. 1922. 1921. All commodities 4,888 5,585 2,785 Goods produced 4,503 4,942 2,390 All commodities 158 157 155 162 225 Goods imported. 6,816 8,796 4,758 Total food 153 157 156 174 234 Cereals 138 141 141 156 212 165 175 174 178 265 GERMANY—FRANKFURTER ZEITUNGJ 157 156 156 188 228 Total not food 160 157 155 156 221 Groups. A 1 p 92 ri 3 l . , M 1 a 92 rc 3 h . , r 1 u F 9 a e 2 b r 3 y - . , A 19 p 2 r 2 il . , u 1 J a 9 a 2 r n 1 y - . , Other minerals and 1 1 4 4 2 0 1 1 3 3 4 8 1 13 3 8 1 1 14 4 5 3 2 2 8 0 4 1 Cotton 197 195 189 168 195 Other textiles 177 176 172 162 200 All commodities 6,393 6,770 7,159 67 1 21 Other articles... 165 167 166 168 215 Food stuffs and luxuries 5,350 5,361 5,550 63 20 Textiles and leather 8,349 9,450 14,137 86 Ti 7,822 8,298 9,312 86 6,434 6,949 5,347 53 18 UNITED KINGDOM—STATIST.' Industrial finished products - 5,315 5,514 4,766 50 17 ITALY.* All commodities. 155 153 152 155 215 Foodstuffs 163 161 163 166 234 Groups. r 1 u F 9 a e 2 b r 3 y - . , u 1 J a 9 a 2 r n y 3 . . , D 1 b e 9 c e 2 e r 2 , m . - r 1 u F 9 a e 2 b r 2 y - . , r 1 u F 9 a e 2 b r 1 y - . , V A S M u e n a g g i t m a e e r r t a , a i a b l c l l o f s e o f f o e f d o e s , o d te s a .. 1 1 1 1 3 7 5 8 4 8 0 8 1 1 1 1 7 6 3 4 7 7 8 8 1 1 1 1 8 6 4 4 1 4 0 5 1 1 1 1 6 3 4 7 7 8 9 3 2 2 2 1 0 7 0 8 6 0 3 7 Minerals 141 132 127 117 200 93 92 93 90 98 Textiles 164 172 171 172 179 109 109 110 109 103 Sundries 147 144 140 158 224 Other vegetable products 130 125 129 111 127 108 108 110 112 120 70 69 69 73 89 Textiles 83 81 78 68 65 CANADA.i 64 63 65 62 80 Building materials 86 88 88 91 117 92 91 94 92 107 Febru- Janu- Decem- Febru- Febru- Groups. ary, ary, ber, ary, ary, SWEDEN.s 1923. 1923. 1922. 1922. 1921. All commodities 158 156 155 166 250 Vegetable foods 141 137 136 170 231 166 165 165 169 199 Animal foods 156 161 165 159 241 129 125 127 145 171 Raw materials for agriculture 159 163 162 170 248 Animals and meats 128 126 127 135 171 Coal 214 184 178 186 362 150 151 160 141 185 Metals 118 117 117 130 204 162 155 159 204 163 Building materials 206 211 209 226 319 163 159 154 155 205 Wood pulp 190 185 181 178 511 Textiles 185 184 182 174 204 Hides and leather 89 89 89 97 108 Hides and leather 102 102 102 97 126 Textiles 213 205 198 138 147 Metals 150 150 148 141 167 Oils 150 150 150 179 318 218 218 218 216 257 Building materials—lumber. 184 184 184 179 239 221 226 225 204 234 NORWAY.* 159 159 160 164 188 Groups. M 1 a 9 r 2 c 3 h . , r 1 u F 9 a e 2 b r 3 y - . , . u 1 J a 9 a 2 r n 3 y - . , M 1 a 9 r 2 c 2 h . , M 1 a 9 r 2 c 1 h . , AUSTRALIAN All p.ftTmnnfiitip.<i 229 224 220 240 313 All commodities. 161 163 161 147 192 208 215 210 222 307 Metals and coal.. 168 169 169 184 •214 202 200 198 245 315 Textiles. 198 190 181 136 132 354 238 252 279 289 Agricultural products.. 157 164 169 142 192 275 270 225 232 328 Dairy products 140 134 126 119 206 Metals 179 170 157 161 169 Groceries and tobacco. 170 170 170 187 197 Building materials 177 179 179 262 339 Meat 116 122 113 93 184 Textiles 179 179 177 289 350 Building materials 190 198 204 195 303 Hides and leather 264 252 251 190 203 Chemicals 194 188 184 194 242 > 1913=100. 'July, 1914=1. * July 1,1913-June 30,1914=100. '1914=100. 51913—1. «1920=100. « Dec. 31,1913-June 30,1914=100. «July, 1914= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 493 GROUP INDEX NUMBERS—CZECHOSLOVAKIA—CENTRAL BUREAU OF STATISTICS. [July, 1914=100.] Other Sugar, industrial Animal Vegetable conee, All Iron and materials Total not All com- Year and month. foods. foods. sweets. foodstuffs. minerals. and food. modities. finished products. (17) (16) (25) (58) (12) (31) (68) (126) 1922 1,189 1,213 1,266 1,229 1,651 1,401 1,501 1,355 1922. January 1,223 1,727 1,519 1,514 2,092 1,967 1,707 1,861 1,675 February 1,249 1,451 1,385 1,373 1,756 1,875 1.570 1,691 1,520 March 1,284 1,572 1,410 1,433 1,852 1,843 1,542 1,690 1,552 April 1,257 1,456 1,382 1,375 1,692 1,823 1,496 ,625 1.491 May 1,323 1,405 1,353 1,363 1,678 1,804 1,459 ,597 1,471 June 1,350 1,318 1,383 1,353 1,766 1,817 1,432 : 607 1,471 July 1,331 1,327 1,402 1,359 1,807 1,714 1,424 ,585 1,464 August 1,236 1,252 1,313 1,273 1,597 1,689 1,396 517 1,386 September 1,065 745 1,142 990 1,155 1,586 1,310 ,346 1,155 October 986 776 977 912 1,121 1,392 1,194 L229 1,059 November 1,032 780 949 913 1,079 1,160 1,153 i; 138 1,017 December 926 748 977 1,125 1,136 1,126 1,128 1923. January 965 743 973 894 I 1,145 1,150 1,111 1,129 1,003 February 904 806 1,039 927 ! 1,227 1,188 1,088 1,145 1,028 COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following tables are presented statis- For Bulgaria the retail price index is based tics showing the trend of retail food prices and on the prices of about 40 foodstuffs, in addithe cost of living in the United States and tion to the items of tobacco, soap, and heating certain other countries. Figures for some of and lighting. The weighting is based on the the countries are shown for the first time in annual expenditure of an average family durthis issue of the BULLETIN, and in such cases ing the years 1908 to 1912. Prices are cola brief description of the series will be found lected in 4 towns each month on the basis of below. Descriptions of the other index num- 1910 = 100. bers were given on page 86 of the January, The German retail food price index number 1923, BULLETIN. More detailed explanations is based on reports from 71 towns, and inof most of these series may be found in recent cludes 13 items of foods. Prior to March, issues of the International Labor Review. 1922, it was based on prices in 46 towns only. Wherever possible the index numbers have An average price for each commodity for the been shifted to a July, 1914, base, instead of whole country is calculated by taking the being shown on the different bases used in the mean of the average prices in different towns, original computations. weighted according to the population of the towns. Original base: Average of October, RETAIL PRICES. 1913, January, April, June, 1914 = 100. The Austrian index, computed by the Pari- The Berlin index is calculated by Doctor tatische Kommission, includes 13 articles of Kuczynski and is weighted according to a food. The price level of December 15, 1921, theoretical budget, fixed each month and based is taken as 100 in the original computation. on market prices and available supplies. In An average is calculated for each article rnd the original computation August, 1913, to weighted according to the theoretical weekly July, 1914 = 100. expenditure of a normal person on the prin- For the Netherlands the retail food index cipal articles of necessity. Prices are those number is weighted according to a pre-war ruling on Vienna markets. standard budget, computed by the Bureau van The Belgian index number includes 22 items Statistiek der Gemeente Amsterdam. of food and is weighted according to a stand- The Norwegian retail food index, computed ard budget based on the inquiry of the by the Central Statistical Office, includes 55 Solvay Institute of Sociology into the expendi- foods. The weighting is that of a standard ture of 602 families with an income of less than budget for a working-class family of 4 persons 5 francs a day in 1910. The original base is with an income of about 1,500 kroner in April, 1914. 1914. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

494 FEDERAL BESEEVE BULLETIN. APBIL» 1923. The retail food index for Spain, computed weighting is that of the pre-war budget, with by Direccion General de Estadistica, includes the first half of 1914 taken as 100. 19 food products, fuel, and 9 sundries. The The index number for the Netherlands is prices are those usual on the Madrid markets, computed by the Bureau van Statistiek der and no weighting is used. The original base Gemeente Amsterdam. It covers food, cloth- (1914 average = 100) is used in the accompany- ing, heating and lighting, rent, taxes and subing table. scriptions, laundry, upkeep of furniture, trav- The Swiss retail food index number is com- eling expenses, amusements, etc., and takes posed of 37 items of foods, in addition to soap changes in consumption into account. The and heating and lighting. The system of figures given in the accompanying table refer weighting is that of the standard budget, based to the base 1910-11. on an inquiry made in 1912 by the Secretariat For Norway the cost of living index number ouvrier suisse, covering 785 households. Base: is computed by the Central Statistical Office. June, 1914 = 100. It includes 55 items of food, clothing, heating The Australian index number, constructed and lighting, rent, taxes, and miscellaneous by the Commonwealth Bureau of Census and items. The original base (July, 1914 = 100) is Statistics, is based upon the retail prices of 46 used in the accompanying table. articles of food and groceries, weighted accord- The American index, computed by the Buing to a system of pre-war aggregate expendi- reau of Labor Statistics, includes 43 items of ture in 30 towns. The original base is 1911, food, clothing (77 items for winter and 91 for and has been shifted to July, 1914. summer), heating and lighting (6 items), rent, For New Zealand the retail index number, furniture and household articles (25 items), computed by the Census and Statistics Office, and 19 miscellaneous items, including taxes and includes 59 items of food. The weighting is subscriptions, medical and traveling expenses, based on the aggregate expenditure of the and amusements. The system of weighting is whole country from 1909 to 1913. The original that of the standard budget, based on inquiries base is 1909 to 1913 = 1,000. made in 1917 and 1918 into more than 12,000 £2The South African retail food index, com- working-class families in various parts of the puted by the Office of Census and Statistics, United States. The data are collected for 32 includes 17 articles of food. Since 1920 the towns, and July, 1913, is taken as 100. aggregate expenditure method has been The index number for Massachusetts is caladopted, based on the period 1917 to 1919. culated by the Special Commission on the The original base of 1910 = 1,000 has been Necessaries of Life. It includes 37 items of shifted so that July, 1914 = 100. food, clothing (17 items), shelter, fuel, heat, and light (4 items), and sundries, weighted COST OF LIVING. according to an estimated budget for a hypo- The cost of living index number for Finland, thetical wage-earner's family of five persons, calculated by the Central Social Board for 21 based upon an investigation made by the towns, includes food (14 items), clothing (2 National Industrial Conference Board in Octoitems), rent, fuel, tobacco, a daily newspaper, ber, 1919. and taxes. The system of weighting is that of The Canadian index is computed by the a standard budget for a working-class family Department of Labor and includes food (29 of five persons with a yearly income of 1,600- items), fuel and light (5 items), rent, clothing, 2,000 Finnish marks, based on an official and sundries. The system of weighting is the inquiry made in 1908-9. Original base: First theoretical pre-war budget of a skilled workhalf of 1914 = 100. man's family of five persons, with an income The index number for Paris, calculated by of $21 per week, in 1913. Original base: 1913 the Commission Regionale d'Etudes relatives = 100. au cout de la vie a Paris, includes food, cloth- The Indian index, including food, clothing, ing, heating, lighting, and miscellaneous items. heating, lighting, and rent, is computed by the The system of weighting is that of a theoretical Labor Office Secretariat. The price of each of budget. Original base: First half of 1914 = the food articles is collected twice a week from 100. about 10 retailers in that commodity in The index number for Milan, published in Bombay. The index is weighted according to the Municipal Bulletin of the city of Milan, the aggregate expenditure of the whole of India consists of food, clothing, heating and lighting, in July, 1914, based on production, imports, rent, and miscellaneous items. The system of and exports during five years before the war. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 495 INDEX NUMBERS OF RETAIL FOOD PRICES. UNITED STATES AND EUROPEAN COUNTRIES. OTHER COUNTEIES. Neth- Y m ea o r nt a h n . d e A ( t n V r u n i i a s a - - ). g B iu e m l- . g B a u ri l- a. m ;o G ( w a 7 e n n 1 r y - s). m ( l G B i a n e e n r ) r y - . - Italy. l ( s a A t e n e r m d r - - s - w N a o y r- . d S ( r p i M a d a i ) - . n : S d w e e n - . l S a z w n e i r d t - . - : U St n a i t t e e s d . C a a d n a - . t A ra u l s i - a. l N Z a e e n a w d - .A S f o r u ic th a. dam). 1914, July. »1 100 100 MOO 100 100 100 100 100 100 100 100 100 100 1920, July. 459 1,694 13 14 452 210 31S 190 297 239 215 227 194 167 197 1921, July. 410 1,612 15 15 501 180 295 184 232 207 145 148 161 164 139 1921. F Dec 579 438 2,187 323 24 25 150 268 181 202 187 147 148 143 150 125 1922. Jan 748 417 2,259 1,467 319 25 26 | 576 148 257 179 190 176 139 149 142 147 121 Feb. 871 399 2,365 1,461 307 30 31 559 149 245 179 189 173 139 143 140 145 119 Mar. 904 382 2,379 1,414 294 36 36 546 143 238 181 185 162 136 142 141 141 119 Apr. 1,043 378 2,455 1,415 304 44 43 524 137 234 190 182 153 136 138 143 144 121 May. 1,374 379 2,632 1,444 317 47 45 530 136 230 188 178 152 136 138 147 145 120 June. 2,421 i 384 2,379 1,475 307 51 48 137 227 183 179 153 138 137 146 143 118 July. 3,282 381 2,431 1,430 297 68 71 522 140 233 179 179 153 139 138 148 144 116 Aug. 7,224 377 2,475 1,290 289 97 111 531 139 232 178 181 152 136 141 149 141 116 Sept. 13,531 386 2,478 1,105 291 154 176 537 141 228 179 180 153 137 139 149 139 117 Oct 11,907 406 2,506 1,016 290 206 288 555 143 220 178 178 155 140 138 146 139 119 N De o c v 1 1 1 0 , , 1 5 9 2 3 1 I ! 4 42 3 9 2 2,520 9 9 6 8 2 4 2 3 9 0 7 5 5 8 5 0 0 7 561 136 2 2 1 1 6 5 1 1 7 7 8 7 1 1 7 6 0 8 1 1 5 5 6 6 1 1 4 4 2 4 1 1 3 4 9 0 1 14 4 6 5 1 1 3 3 9 8 1 1 2 1 0 8 1923. Jan 426 940 309 1,366 214 180 166 155 141 142 138 117 Feb 436 316 3,183 214 165 154 139 142 139 1 Average for 1913. 2 Includes, in addition to foodstuffs, certain items of fuel and light. « July, 1914=1. COST OF LIVING INDEX NUMBERS. EUROPEAN COUNTRIES. UNITED STATES ANDOTHERCOUNTRIES. Neth- Y m ea o r n t a h n . d • ( A V t n r i u a i e a s ) n . - - i g B iu e m l- . l F a i n n d - . Ger- I Ger- | l ( a U M g n l i ) - . l ( s a A e t n e r m d - r- s - w N a o y r- . la P n o d - . l S a w n i d t . - U d K n o i i n m t g e . d - t U S ow n t ( a 3 i n t t 2 e e s s d ). U ( S M n ta a i t t s e e s s d .) a C d a a n ) - . ( I b B n a d o y i m ) a . - l N Z a e n e a w d - . S A o c f u a r . i t - h dam). 1914, July..i 100 100 6100 100 11 •100 100 '100 100 100 100 »100 • 100 1920, July.. . 931 | 341 j 217 302 252 217 198 190 190 1921,July..i. 1,214 ] 307 11 208 302 257 205 219 180 158 155 177 133 1921. Dee. 533 447 1,172 I 297 ! 17 19 539 190 283 467 189 199 174 156 152 179 158 124 1922. Jan 418 1,124 18 19 523 469 186 192 154 149 173 157 122 Feb 770 395 1,120 22 22 522 481 175 188 154 148 165 156 120 Mar 792 372 1,107 291 26 27 503 192 266 524 170 186 167 152 146 165 153 120 Apr 875 368 1,109 32 32 490 586 162 182 152 145 162 152 122 May 1,092 365 I 111 35 35 492 639 156 181 152 145 163 152 122 June 1,871 373 1,137 302 38 41 488 187 265 684 155 180 167 152 146. 163 151 121 July 2,645 372 1,142 50 61 488 788 159 184 153 146 165 150 120 Aug 5,932 369 1,159 70 103 491 908 154 181 152 147 164 150 120 Sept 11,306 384 1,160 289 114 164 498 'ire 249 1,077 154 179 166 152 147 165 150 120 N O De o c c t v 1 9 9 0 , , , 7 3 3 0 6 7 1 3 5 4 4 4 2 0 3 9 6 2 1 1 1 , , , 1 1 1 6 7 5 9 8 8 300 8 1 4 1 9 0 2 5 0 2 5 6 6 1 5 5 5 5 0 0 0 5 4 4 2 1 1 , , , 2 7 3 8 1 1 4 0 0 1 1 1 5 5 5 5 8 8 1 1 18 7 8 0 8 0 170 1 1 15 5 5 4 4 3 1 1 1 4 4 4 7 7 8 1 1 1 6 6 6 2 0 1 1 1 1 4 4 4 9 9 8 1 1 1 2 2 2 2 1 1 Ian 9,454 425 1,034 1,291 3,527 158 178 154 149 156 120 Peb 2,408 2,814 5,713 157 177 150 »July, 1914-1. * Auguit, 1913-July, 1914-1. 'July, 1913-100. •Apr. 15,1914-100. * 1910-11-100. »1909-1913-100. •1913-14-1. •Juno. •1910-100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

496 FEDERAL RESERVE BULLETIN. APRIL, 1923. INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES. UNITED KINGDOM. PRODUCTION. TRANSPORTATION. Unem- Raw ployed Net cot- British among i profits Y m ea o r n t a h n . d a*- I £! i S c g a n i a t n o n g e s d - t e s t s - . l i s s F t h e i e n e d l - . v p s t i o s u ly i p n b - - , 8 le m t s I u a f t r a a r n e o c e n d e n - s u l . - m tu C f t a a o r o c n e n t - s u - . - Coal. R t c o o a n t w - . w R o aw ol - . h R w id a e w e t s. s H a a d l i n t d r e y d e d s . , u s t c V t s n i r o e o e d u n l s n s e c - - . r - c V i s l n e e e g a l s s . r - - m t N o il r e n e a t - s i . lw f a T r y e r o e i s g - t . a h l t a p m 0 1 p s e 0 2 u p r a 0 , s 0 r r t o e e o 0 i d n 0 l x n y , s i - - - . j : p i c n t a o r n d o i m i a f u e l - s s ceiots. Long Long Long Long Long Square Long I \ Gross Ton- £ ster- Per Per Monthly av: tons.1 tons1 tons.1 tons > Sales.1 tons.1 yards? tons.1 |Los? Lbs? j Lbs i Lbs.1 i tons.1 Tons.1 miles.1 ling.1 cent. cent. 1913 23,953 855 639 414 «596 6,117 181 67 I 6,920 5,189 | 2,003 5,652 11.7 1920 19,108 670 756 646 1,397 271 374 2,078 I 158 73 4,025 6,277 I 3,603 3,049 1,546 15.2 1921 18,388 218 302 238 1,234 142 244 2,055 | «8 63 4,792 2,469 3,313 3,032 1,108 9,074 1922 20,996 408 486 349 1,277 283 352 5,350 119 92 ' 5,661 4,991 ' 1,810 4,974 13.3 I 7.1 1922. January 17,693 288 328 271 1,298 253 342 4,021 134 90 j 4,557 4,186 3,921 1,320 9,370 16.2 j 6.1 February... 19,764 300 419 321 1,240 224 254 4,014 i 99 112 112,184'12,882 3,891 1,363 9,655 15.7 I March 19,921 390 549 369 1,112 296 307 5,201 83 123 4,568 4,102 2,236 4,814 1,527 11,143 14.6 1. April 22,875 394 404 294 1,181 258 305 4,097 i 101 117 3,164 3,590 4,187 1,236 9,198 14.4 | 7.2 May 19,146 408 462 334 1,143 272 345 5,057 120 133 ! 2,994 2,471 5,104 1,379 10,442 13.5 . June 15.S27 369 400 316 1,111 236 315 4,794 127 2,772 3,393 1,920 4,975 1,160 8,903 12.7 ; July 23,135 399 473 345 252 447 5,064 111 7,390 2,982 4,828 1,369 9,561 12.3 5.9 August 19,151 412 528 338 270 381 6,146 81 107 7,281 4,422 5,855 1,455 9,398 12.0 ! September.. 25,681 430 556 380 853 279 400 7,083 60 52 : 7,339 3,616 I,'6i7 5,731 1,464 9,204 12.0 : October 21,207 482 565 393 882 347 357 6,1% ! 128 00 5,090 6,571 5,590 1,545 9,922 12.0 ; 9.1 November.. 21,712 494 601 410 1,056 372 402 6,571 I 183 60 ' 5,500 5,469 5,653 1,568 9,954 12.4 !.. December.. 25,841 534 546 407 1,13S 341 364 205 70 : 5,099 6,204 5,145 12.2 i 1923. January 21,219 568 ! 634 1,123 353 404 5,612 135 98 I 4,501 | 7,171 5,281 12.7 I February... 22,247 543 707 I 1,104 318 346 5,903 130 84 I 3,532 j 6,395 4,985 11.8 ! i In thousands; 000 omitted. 1 Figures for end of the month. 8 Figures for 5 weeks. • In millions; 000,000 omitted. * Expressed in yards. FRANCE. PRODUCTION. TRANSPORTATION. Unem- Cotton ployed stocks receiving Year and month. Pig Iron. C st r e u e d l e . Ha a v t re.2 Total. Total i • j | c c o o t n R t t i o s o n a u w n m f . or p-co si t n R l i k s o a u n w f m o . r p-co C n t o i s a o u l n m f . o p r . c V l e e s a s r e e l d s . 1 ! i r a R p i r e lw i c o n e f a c i y i p p s t a . s 3 l mu a P n i a d i r c i i i s n p . al i Metric Metric Metric Metric Metric Metric Metric Monthly average: Urns.1 tons.' Bales.1, < tons.' tons.' tons. tons. tons.1 Tons.' i Francs.1 Number. 1913 M34 5 391 274 1,840 3,685 27,428 629 1,558 2,176 | • 165,892 1920 286 254 225 1,071 4,211 19,577 390 2,005 1,412 ! 479,894 3,023 1921 280 255 169 1,333 3,165 16,666 206 1,472 1,802 I 516,397 20,671 1922 427 373 148 557,194 1,679 1922. January... 312 315 188 1,554 3,396 14,870 502 1,676 1,735 451,870 4,658 February.. 323 317 163 1,520 4,126 14,714 467 2,153 1,744 468,175 4,38! March 386 367 127 1,570 4,434 20,978 408 2,081 1,934 472,779 3,546 April 383 324 138 1,794 3,787 17,391 207 1,538 2,088 608,764 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 428 369 153 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. 462 407 99 2,616 4,138 17,302 550 1,692 2,359 720,210 410 October 503 430 131 2,034 4,543 27,877 722 1,768 2,336 563,314 272 November.. 513 410 158 2,034 4,577 20,387 526 1,965 2,455 532,152 285 December.. 513 414 197 2,429 4,930 36,468 436 2,177 2,366 691,639 414 1923. January... 486 408 203 1,896 4,111 33,275 238 2,146 484,566 684 February. 169 2,490 3,884 496,581 666 ' In thousands; 000 omitted. 1 End of the month figure. 1 Railways included are". State Railways, Paris-Lyon-Mediterranee, Nord, Orleans, Est, Midi, Alsace-Lorraine, and QuiUaum«-Lux«mbourg. < Bale of 60 kilograms. * Figures do not include Lorraine. 'Excludes the Alsace-Lorraine and Guillaume-Luxembourg Railways. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 497 GERMANY. PRODUCTION. EXPORTS.' IMPORTS.1 SHIPPING. UNE M M E P N L T O . Y- Appli- Busi- Ma- cants Unem- ness Year and Iron chinery Dyes Half for ployed failmonth. c C a o n o k d a e l . Lignite. m i a r a n o n d n u- t e a r l i n e c d c a - l st d u y f e f - s. Coal.s m tu f a a r c n e - u d - T A H v r e a r s m i s v e b a l u s ls r i g n o . f e a v v 1 e a 0 r i 0 l y - p r e e r c s e o i n v s - d m u u o r r n e in s t h g . factures. sup- silk. able State plies. posi- aid. tions. MHric Metric Mark Metric Metric Metric Metric Metric Metric Metric Num- Numtons.' tons.1 tons. tons. tons. tons. tons. ions. tons. tons.' Number. Tons.' Number. ber.' ber. 1913' 17,003 7,266 541,439 60,919 21,812 2,881,126 16,608 920 43,424 1 225 1 256 1,182 1920 13,043 9,303 145,883 s46,772 8,462 608,749 •4,025 •232 12,490 538' 401 374 169 366 331 1921 13,664 10,241 203,681 39,037 8,530 518,937 11,860 393 30 894 619 700 794 165 310 744 1922 220,803 49,147 12,731 421,835 15,910 407 21,483 1,003 907 1,084 1922. 14,640 10,978 221,743 39,470 9,552 752,340 10,400 347 23 426 942 745 875 150 165 14C February 13,655 10,091 172,709 45,689 9,332 669,433 26,202 383 17,915 493 461 716 145 203 123 15,931 12,260 211,979 48,813 12,299 795,200 26,988 440 26 130 810 894 9A9 113 213 151 April 13,800 10,634 200,677 46,112 11,095 795,940 24,091 462 24,070 866 972 1,112 113 116 107 May 14,670 11,437 209,432 47,354 12,629 701,941 25,619 486 26 112 1 519 1 143 1,244 107 65 95 June 11,416 10,487 213,220 49,347 16,335 528,766 15,723 436 22,037 1,159 1,092 1,287 103 29 91 July . 11,972 11,411 212,365 44,162 12,671 199,961 14,119 435 26,085 962 793 1,065 106 20 81 August 12,780 12,147 198,408 50,978 12,616 121,359 11,011 459 20,915 997 1,005 1,171 109 15 59 September... 12,623 11,823 244,012 40,150 13,477 110,245 8,708 342 13,959 1,090 945 .208 122 12 45 October 13,329 12,089 246,074 50,699 15,187 125,670 10,023 371 10,584 1,316 1 016 ,272 129 16 43 November... 12,986 11,896 233,553 41.644 11,110 137,341 9,198 425 20,62? 842 877 ,046 155 24 34 December.. 12,212 11,897 285,464 85,350 16,472 123,826 8,828 297 25,942 1,038 936 041 43 38 1923. January 12,212 9,104 236,709 42,209 13,651 90,626 11,448 254 26,382 867 993 1,142 42 1 In thousands; 000 omitted. > Export and import figures for first 4 months of 1921 not available; 1921 averages based oa 8 months. > Not inclading coal for reparations account. * Includes linters. > Includes manganese ore. • Average based on 6 months. »Coal only. SWEDEN. I PRODUCTION. TRANSPORTATION. Unemployed B fa u i s l i u n r e e s s s Year and month. Freight workmen during 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 e d ls . 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. month. railways. Cubic Monthly average: Metric tons.'Metric tons: meters.' Metric tons.' Metric tons.' Net tons.' Net tons.' Metric tons.' Number. Number. 1913. 61 49 328 71 408 1,147 1,147 830 112 317 1920 39 37 306 73 234 677 692 991 107 196 1921: 26 17 162 40 122 519 482 589 276 432 1922 22 26 320 87 220 681 290 388 1922. February 25 11 62 285 255 630 479 March 63 36 197 617 509 730 381 513 April 66 21 208 524 485 622 368 400 May 99 76 230 600 633 578 257 430 June 500 80 172 596 738 645 215 362 July 608 89 214 625 787 715 203 374 August 539 104 294 694 836 765 172 300 September 508 113 229 684 808 776 155 371 October 494 144 270 699 822 799 177 335 November 465 189 302 705 751 796 269 353 December 384 156 346 655 671 635 321 1923. January. 22 15 227 346 387 February.. 201 308 338 1 In thousands; 000 omitted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 FEDERAL RESERVE BULLETIN. AFBIL, 1923. CANADA. PRODUCTION. Unemployment Busi- Year and month. ir P o ig n. Coal. C S r te u e d l e . P bo l a a a n n r d d k s s . se f P i r r s v e h - e . d W pu o l o p d . Wheat. Coal. Raw M e a r c y h . in- R re a c i e lr ip o t a s d . a u m t m r n e a i o m d o n e n - g u n f r a e e i s l s s - . bers. Tons.' Tons.' Tons.1 Feet.' Lbs.' Lbs.' Bushels.' Tons.' Lbs.' Dollars.' Dollars.' Per cent. Number. 1921 average.. 50 1,255 56 85 11,007 87,871 12,238 1,525 7,269 2,288 33,568 12.5 47 1922 average.. 32 40 166 136,375 17,462 1,085 9,229 1,895 34,021 7.1 72 1922. January 32 1,208 10,180 124,012 6,103 1,069 11,007 1,640 26,706 13.9 90 February.. 34 1,313 7,140 87,039 5,602 1,148 8,758 1,573 26.053 10.6 80 March..... 35 1,400 119 8,929 117,543 6,042 1,857 12,538 2,410 31,966 90 April 33 666 84 5,075 62,153 1,940 896 7,320 1,637 26,809 I 10.4 59 May 23 721 156 5,711 105,197 14,207 548 9,788 1,999 30,799 I 8.8 ! 67 June 28 811 214 I 6,749 168,169 11,760 412 8,438 2,008 30,536 i 5.3 j 64 July 32 858 215 ' 9,936 155,502 9,487 427 7,518 1,559 32,624 i 4.1 1 60 August 29 789 213 7,607 169,611 11,587 440 8,459 1,963 34,937 ! 3.6 64 September. 25 191 20 675 180,068 9,233 663 4,276 1,918 39,158 ! 2.8 65 October 37 239 13,239 154,019 37,593 1,465 4,383 1,931 47,641 ! 3.9 72 November. 34 205 9,995 173,180 55,316 2,127 11,284 2,114 44,259 6.2 76 December.. 36 i 187 8,614 140,001 40,669 1,964 16,980 1,986 36,758 6.4 82 1 In thousands; 000 omitted. »In millions; 000,000 omitted. JAPAN. PRODUCTION.' TRANSPORTATION.1 Raw silk ear and month. C ya o r tt n o s f . t f ( t a h a S b a y i r b l e i k c u ). s - Paper. s Y h t m k o a o e c a m k t k r . e - a s - , S ra il w k . , f ( t a h a S b a y i r l b e i k c u ). s - C y o a t r t n o s n . , S s g i i a h n h n r n e a g i g r d y e s s t , t - - g c i o K n t a n to w e n d , . Wool. sh Ir e o e n ts. V c f t o l r e e r a i s e a n d s i r e g e e l n . d s F c w S r a r e r a o t a i r a i n y g i l t e - s e h . d t c w S r e R a t a o i a e i p y f l t - t - s e s . Monthly average: Bales. Hiki* Pounds, Bales. Pieuls.' Pieuls. Pieuls. Yards.'Piculs.' Pieuls. Pieuls.'Tons. Tons. Yen. 1913 126 16,857 2,302 113,374 7,921 537 13,162 132 2,075 2,923 11,723 1920 151 53,111 14,557 2,264 ' 74,839 28,465 648 46,918 528 2,216 4,548 27,589 1921 151 143 44,538 58,477 21,836 1,702 73,064 23,210 718 22,277 312 2,324 4,342 31,182 1921. November 168 170 45,658 48,832 29,169 1,855 53,484 16,707 696 14,639 296 2,611 4,610 31,728 December 178 169 46,781 44,766 37,250 1,857 68,032 20,382 646 24,064 371 2,718 4,922 32,520 1922. January 168 166 46,488 40,561 16,924 1,080 61,414 19,124 1,161 41,724 462 2,749 j 4,102 28,576 February 174 129 46,605 32,213 18,102 1,551 63,719 24,990 1,168 93,411 594 2,817 4,261 28,036 March 184 153 49,644 44,701 16,647 2,003 123,605 24,194 1,084 64,865 637 3,094 I 5,066 36,337 April 191 110 52,687 40,777 27,380 1,669 138,226 24,725 707 76,416 582 2,971 4,968 42,074 May 194 160 53,975 18,293 35,147 1,977 146,354 25,821 580 24,753 752 3,287 ' 5,225 38,486 June 192 173 52,791 18,547 29,569 2,176 139,057 29,713 490 68,415 890 3,024 4,965 32,180 July 181 159 53,734 45,848 34,541 1,793 51,660 25,284 433 37,431 872 2,987 4,641 32,977 August 179 116 54,553 56,032 36,196 2,017 40,075 22,343 731 29,936 697 3,119 4,489 33,944 N S O D e o e c p t c v o t e e e b m m m e b r b b e e e r r r 1 1 1 1 9 9 7 9 9 0 9 3 1 1 1 1 2 2 1 1 1 3 8 7 5 5 5 5 6 4 3 4 , , , , 3 8 3 3 0 2 9 4 6 6 2 0 4 4 7 6 8 8 8 5 , , , , 8 3 4 4 1 0 7 1 0 4 2 9 2 3 3 3 6 5 5 1 , , , , 8 9 9 1 7 5 0 3 0 9 4 3 1 1 1 1 , , , , 6 8 2 6 8 3 5 0 6 9 3 8 1 1 1 6 1 0 2 8 8 1 9 , , , , 7 4 4 4 7 3 0 6 3 1 6 6 2 2 2 1 5 2 9 7 , , , , 2 5 4 6 5 3 6 6 9 7 3 8 3 7 3 3 6 3 9 6 0 4 4 1 1 7 6 7 6 , , , , 4 5 9 1 5 6 9 8 9 9 4 2 2 3 3 1 4 5 3 3 0 1 2 1 2 2 2 3 , , , , 8 7 8 0 4 8 9 4 4 9 5 9 4 4 4 5 , , , , 1 8 9 5 8 8 2 0 9 4 0 2 3 3 3 3 2 5 2 3 , , , , 3 4 8 0 7 6 8 4 4 4 2 1 1 In thousands; 000 omitted. 1 One hiki equals two pieces. 3 A picul varies from 133 to 140 pounds avoirdupois. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 499 FOREIGN TRADE OF PRINCIPAL COUNTRIES. In the following tables are presented figures from official sources showing the monthly value of the foreign trade of a group of European countries, Canada, Brazil, India, Japan, and the United States. FOREIGN TRADE OF UNITED KINGDOM. [In thousands of pounds sterling.] Raw Total mate- Articles Miscel- exporti Year and month. Food, rials and wholly .aneous, and to d b a ri a n n c d k co , u r a m a n r c m a t t i u i c a n r l n e l e y u d s - . fa m m c a t a o u i n n r re u ly d - . i p n p a i c o n r l s c u g t e d . l - Total. p re o e r x ts - . Monthly average: 1913" 24,ls4 23.4S5 16,!34 259 64,061 2,716 5,825 i 34,281 9,131 52,901 1920 63,817 59,196 37,787 254 161,387 4,245 12,126 I 93,312 18,563 129,768 1921. 47,391 22.598 20,421 268 91) 45K 3.122 5.297 | 49 055 R.921 67,521 1922 i 39,429 24,853 19,160 261 83,660 30,27 8,501 ' 47,ibl !,648 68,689 1922. February.. 32,257 20,220 16,576 322 69,375 2,754 6,869 48,000 712 58,335 10,174 68,50} March 45,261 22,095 20,309 215 87,879 3,270 8,465 51,760 1,085 64,581 10,154 74.735 April 40,097 21,404 18,962 199 80,651 3,011 7,376 44,336 785 55,508 9,200 64,708 May 43,075 25,358 20,207 176 88,814 3,015 8, 757 45,073 1,171 58,04:") 8,965 67,010 June 39,936 25,242 18,857 263 X4,298 3,0U 7,671 40,556 875 52,146 8,720 60,866 July 38,817 24,237 18,S79 151 81,784 2,806 8,041 48,455 1,117 60,419 8,317 68,730 August 37,762 24.141 20,326 432 82,661 3,105 8,900 47,149 S78 60,032 7,504 67,536 September. 35,555 21,848 19,244 296 7fi,944 3,154 10,099 48,3fil S97 (>2,5U 6,381 68,893 October ... 38,617 26,409 19,726 262 85,015 3,066 9,211 47,010 1,112 60,399 8,277 68,676 November.. 45,501 30,223 19,587 290 95 600 3,108 10,101 51,964 1,018 66,491 i 9,148 75,639 December.. 42,292 32,499 19,838 283 94,912 2,796 9,493 44,932 1,662 58,883 ' 8,479 67,362 1923. January... 47,398 30,288 21,707 S07 99,700 3,364 9,372 53,135 1,058 66,939 ! 9,798 76,73? February.. 37,141 26,739 19,462 513 83,855 2,864 9,470 44,324 852 57,510 9,823 67,333 FOREIGN TRADE OF FRANCE.i In thousands of francs. In thousands of francs. In In Year and month. thou- thou- Food. m r R i a a a t l w s e . - M ar t a t u n i r c u e l f e d a s c . - Total. s m a t n o e d n t s r s i . o c f Food. m r R i a a a t l w s e . - M ar t a u t n i r c u e l f d e a s c . - P p a o r s c t e . l Total. s m a t n o e d n tr s s i . c of Monthly average: 1913 151,465 I 412,144 138,169 701,778 3,685 69,908 154,841 301,421 47,182 573,351 1,840 1920 989,576 | 2,096,379 1,072,787 4,158,741 4,211 217,733 509,485 1,413,548 100,479 2,241,245 1,071 1921« 517,158 ! 1,033,170 412,045 1,962,373 3.165 161,031 463,219 1,067,413 104,430 1,796,092 1.333 1922 4,281 1,877 1922.> February.. 385,021 1,137,855 324,150 1,847,026 4,126 153,892 448,455 1,106,607 144,458 1,853,312 1,520 March 460,765 1,005,463 465,737 1,931,965 4,434 130,595 456,930 1,189,712 99,431 ,870.668 1,570 April 438,000 983,000 323,000 1,743,640 3,787 136,000 461,000 1,231,000 134,000 1,962,997 1,704 May 504,000 996,000 310,000 1,810,125 4,396 132,000 498,000 1,127,000 111,000 1,886,904 1,538 June* 483,356 1,082,371 285,448 1,851,184 4,307 1,709 July 476,813 1,200,764 318,169 1,995,74* 4,223 113,435 374,959 885,029 59,619 1,433,042 1,931 August 510,597 1,096,903 352,229 1,959,729 4,512 179,407 408,005 931,066 157,836 1,676,000 1,788 September. 473,000 1,087,000 333,000 1,893,000 4,138 141,000 477,000 1,055,000 68,000 1,741,000 2,616 October ... 570,395 1,189,564 348,913 2,108,872 4,543 195,467 493,804 1,098,983 149,213 ,937,467 2,034 November.. 516,586 1,478,424 353,235 2,348,245 4,577 196,112 537,370 856,421 116,596 ,706,499 2,0?4 December.. 628,705 1,903,975 390,616 !2,923,296 4,930 249,079 1,185,596 1,119,980 224,292 2,77S,947 2,42» 1923. January... 457,976 1,374,222 312,096 2,144,294 4,111 187,004 434,786 944,740 129,368 1,695,898 1,896 February., 551,000 1,445,000 347,000 ! 2,343,000 3,884 242,000 730,000 1,236,000 121,000 1,329,000 2,490 1 Not including reexport trade. > Imports calculated on basis of actual declared value. 1 Calculated on 1919 value units. • Value of exports not available. Beginning with June, exports calculated on 1921 value units. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

500 .FEDERAL KESERVE BULLETIN. APRIL, 1923. FOREIGN TRADE OF DENMARK, ITALY, NETHERLANDS, SWEDEN, CANADA, BRAZIL, INDIA, AND JAPAN. Denmark. 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 (In millions of kroner.) lire.) guilders.) kronor.) dollars.) milreis.) rupees.) yen.) Year and month. Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Exports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports. Monthly average: 1913. 71 60 304 210 71 68 56 31 84 82 134 205 61 53 1920 262 151 1,322 650 278 J42 281 191 89 107 174 146 173 272 195 162 1921 136 121 1,041 657 187 114 106 91 103 101 141 142 280 214 135 104 1922 125 101 169 102 97 97 63 74 156 136 1922. January 102 80 1,316 620 152 86 77 61 51 47 92 199 276 230 179 87 71 76 1,056 720 152 84 49 38 54 47 101 161 189 222 198 101 March 103 100 1,311 716 180 113 109 71 79 61 131 172 215 277 208 115 126 76 1 157 689 167 93 102 60 48 33 127 187 178 239 185 129 May 159 113 1,245 592 194 108 97 90 66 70 127 141 191 273 169 154 142 126 1 662 861 151 101 93 104 62 73 129 149 164 192 157 146 July..-. 117 107 1,101 672 164 105 83 113 61 72 109 154 182 244 142 144 135 90 1,080 732 179 99 105 132 67 74 147 182 212 252 137 146 134 122 1,236 747 165 116 109 123 60 73 132 202 182 216 135 150 October 148 112 1,395 889 187 112 118 122 67 104 226 299 229 216 105 161 130 120 1,254 1,046 172 104 111 128 76 132 170 237 206 288 116 139 December 142 109 163 100 110 120 70 112 208 250 192 278 143 158 1923. 141 108 173 92 88 65 148 95 February 162 95 154 122 1 Italian yearly figures for 1921 based on average for six months only. • Dutch figures for 1913 not comparable with later figures. FOREIGN TRADE OF UNITED STATES. [In thousands of dollars.] Merchandise. Merchandise. Food- Food- Year and month. Gold. Silver. f C m m u a r i s r f i c n a a o u a e t g n t u l d r e i s u . r n e - - - c c s m f o t a a r t o i u i u n n n o a n o f d d d i n l f d - s e i s - . w p t m F s u a t f h o u a o r a r o o c e f t n r f l l d - d u l y s y - . - f f M m u u t a f u i s r f c a n a o a t e r c t h g n e n u r - i e u . s u r n r - - - s M r t t u c e f u i f a o m a o a o r c n d n e n r - p - s u y . - - c T d m h i o s a e t e n r a . - - l ' Gold. Silver. f C m m u a r i s r c i f n a a o a u e t g n u t l d r e i s . u r n e - - - c c s m f o t a a t r o i u i u n n n o a n o f d d i d l n f d - s e i s - . w p m t F s u f a t h o u a a o r r o o c e f n t r l f l d - d u l y s y - . - f f m M u u a t i f s u r c f n a a a e o t r t c h n g n u e r - i e u u . s r n r - - - M s r t t u c e f u i f a o o m a a o r c n n d n e r - p u - s y . - - c d T m h i o a s e t e n r a . - - l ' ! Monthly average: 1913. 5.309i 2,989 50,414 18,399 16,52928,354 34,453 149,383 7,650 5,231 64,072 14,13227,069 33,077 64,998 207,002 1920 :. 34,756 7,338145i,995 48,136 10033,17866,871 73,060 439,873 26,841 9,468155,897 76,499 93,050 79.875 267,0711 685,668 1921 57.606 5,270 71.090 25,331 30,73728,669 51,677 209,085 1.991 4.298J 82,002 57,681 55.809 33.323 135.450! 373,760 1922 22,919 5, 3,073 5,236 81,817 38,189 36,488 107,845! 319,316 1822. February 28,739 4,786 80,97122,370 27,76234,041 49,375 215,743 1,732 7,092 55,895 27,799 45,164 32,193 84,684 250,620 March 33,488 6,953 86,910 28,756 36,014 42,820 59,880 25B, 178 963 4,302 73,001 34,507 58,899 43,632 112,765 329,980 April 12,244 4,800 69,804 25,711 32,48237,252 50,820 217,023 1,579 5,109 79,511 31,174 47,372 37,969 113,876318,470 May 8,994 5,512 31,264 34,785 39,398 58,254 252,817 3,407 6,677 64,441 34,143 50,376 40,467 112,112307.569 June 12,977 6,346 91,146 26,170 37,346 46,471 58,439 260,460 1,601 6,004 70,21941,00055,485 121,284335,117 July 42,987 6.957 87,298 27,596 38,511 48,398 49,404 251,772 644 6,289 60,02141,95849,226 35,676 109,644301,157 August. 19,092 4,944110,285 22,489 42,40448,430 55,858 281,376 956 3,861 47,87261,33946,071 35,708 104,871301,775 September3... 24,464 6,370 86,818 18,769 24,023 41,026 54,038 228,795 1, 3,735 66,619 55,14243,231 35,566 106,642313,197 October' 20,868 3,94013•7^,378 37,465 30,32465,685 71,952 345,083 17,592 3,269 13333,70340,79847,919 32,943 110,177 370,719 November 18,308 5,856 HO1I,705 32,650 32,319 56,195 58,866 291,906 3,431 6,599144:,32933,615 51,471 33,593 110,532380,000 December*... 26,440 7,848124,,091 31,228 26,539 57,194 52,655 293,464 2,710 6,913113,35025,76446,620 35,879 113,937344,324 1923. January*. 32,820 5,825 . 319,000 8,472 6,921102,074 24,201 50,741 43,294 109,722 335,894 February 8,383 3,792i. 1,399 2191i 310,000 > Including miscellaneous merchandise imported. 1 Including miscellaneous and foreign merchandise exported. • Imports under old tariff law September 1-21,1922, only. < Import figures delayed owing to change in tariff. • Imports for Sept. 21-Oct. 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIL, 1923. FEDERAL, RESERVE BULLETIN. 501 FOREIGN TRADE INDEX. strikingly. Declines were slight. Among consumersY goods, exports of Tiams, lard, and There are presented below the Federal Ke- illuminating oil fell from the January figure. serve Board's series of index numbers designed There was an enormous increase in sugar to reflect relative quantity movements in the exports, from 10,568,000 pounds in January foreign trade of the United States. Changes to 65,942,000 pounds in February. in the level of prices have been allowed for Dy Import figures for 1922 are now complete. multiplying the quantities of selected com- December figures showed increased imports modities exported or imported each month by in all groups of commodities. Comparing fixed 1913 prices.1 yearly figures it is to be observed that during 1922 the average volume of imports increased 40 per cent over 1921. This compares with Exports. Imports. a decrease of 7 per cent among exports. The most important rise in 1922 imports occurred Y m ea o r n t a h n . d m m c R r o ( i o a 1 a a m t d w l 2 e s i - - - m g c d P e o o ( o u r r 1 o m o s c d 0 d ' - - i - s - m g s c C e o u o o r o o m m s d n d ' i - - - s - m T t c i ( o o e o 2 m s t d 9 a ) i - . l - m m c R r o ( i o a 1 a a n d t w l 0 e > s i - - m g c d P e o o ( o u r r 1 o m o s c d 2 d ' - - i - s - m g s c C e o u o o ( r o o m m 5 s d n d ' i - - - s - m T t c i o ( o e o 2 m s t d 7 a ) i - . l - i c a n n e n d p t . c r o o d n R u su a c m w er e s m r ' s a ' g t g o e o r o i o d a d s ls s w w 1 h e p i r c e e h r 3 ce i 9 n n c p t r e e h r a i g s c e h e d e n r t . 56 pe er r ties). ties). ties). ties). ties). ties). 1913,year.. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 SAVINGS DEPOSITS. 1919, year.. 88.9 155.1 183.6 115.3 157.5 192.9 147.5 168.4 1920, year.. 92.2 158.7 133.6 107.5 135.8 227.5 138.9 168.8 Sayings deposits, as reported by 880 banks 1921, year.. 103.1 116.9 124.1 108.9 113.6 162.8 141.4 135.6 1922, year.. 89.7 1019 135.1 101.1 157.6 253.1 143.0 189.1 distributed throughout all sections of the 1922. United States, continued to increase during January 82.6 104.3 129.7 94.5 118.4 228.7 135.2 160.1 February in all Federal reserve districts. On 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 March 1 the total deposits were $6,394,117,000, April 90.5 120.9 150.5 106.0 125.5 236.1 152.0 169.1 or an increase of 0.8 per cent over February 1, May 78.3 128.8 155.4 99.4 144.6 227.9 168.0 177.9 June 86.3 124.3 169.2 107.4 148.7 273.3 137.3 191.0 1923, and 9.2 per cent over March 1, 1922. July... 79.1 124.0 133.5 95.0 146.9 266.3 137.5 187.7 August 88.8 90.0 126.3 96.7 174.2 255.5 120.3 194.2 The increases reflected the improvement in September. 91.2 98.9 111.5 96.2 183.5 244.0 133.4 198.7 employment conditions due to continued in- October 122.9 96. S 121.0 119.8 155.0 241.6 138.8 172.4 November. 112.6 101.6 117.2 112.4 195.1 244.0 144.4 204.1 dustrial development. A comparison of sav- December.. 86.7 109.9 122.8 96.5 219.1 263.0 153.9 224.0 ings deposits on March 1, 1923, with deposits on 1923. February 1, 1923, and March 1, 1922, are January.... 78.8 126.5 137.3 95.8 February.. 62.2 130.9 129.6 S3.2 shown in the following table. The figures for the Boston and New York districts are those The total volume of exports dropped off of large mutual savings banks, but in all other about 13 per cent in February, according to districts reports of other banks are included the figures above. The level was 83.5 in to make the figures thoroughly representative. comparison with 100 in 1913. The greatest decrease took place in the group of raw SAVINGS DEPOSITS. materials, which fell 21 per cent. Con- [000 omitted.] sumers' goods decreased 6 per cent, but producers' goods rose 5.6 per cent. The commodities mainly responsible for these changes District. b N b a e n u r k m o s - f . M 1 a 9 r 2 . 3 1 . , F 1 e 9 b 2 . 3 1 . , M 1 a 9 r 2 . 2 1 . , were the following: Among raw materials, raw cotton, copper, and wheat declined in Boston 64 1,158,610 1,150,793 1,081,935 volume, the latter commodity showing its NewYork I 30 1,809,394 1,805,923 1,698:535 usual seasonal decline. Among producers' Philadelphia ! 80 446,773 442,083 426,470 Cleveland | 18 412,811 411,325 374,773 goods, sole leather and gasoline rose quite Richmond j 93 285,829 284,707 255,034 Atlanta ! 82 176,536 174,151 153,927 Chicago I 210 818,513 758,258 i The list includes 27 of the most important imports the value of which St.Louis j 35 125,774 125,229 110,704 in 1913 formed 49.3 per cent of the total import values, and 29 of the most Minneapolis : 15 86,220 78,196 important exports the value of which in 1913 formed 56.3 per cent of the KansasCity i 66 101,624 101,357 88,619 total export values. The classification of the original list of commodities Dallas ! 112 83,030 81,654 70,529 used was given in the July, 1920, BtiLLETiN. The classification of 11 San Francisco j 75 877,113 864,077 758,249 additional commodities of imports was given in the April, 1921, BULLE- TIN, and 2 additional commodities in the November, 1921, BULLETIN. Total | 880 6,394,177 6,342,845 5,855,516 Exports of gasoline have been altered to include naphtha. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

502 FEDERAL RESERVE BULLETIN. APRIL, 1923. COMMERCIAL FAILURES DURING January, February, i FEBRUARY. 1923. 1923. | Loss. Number. Liabilities. Unfilled orders (end of month) 2,031,187 1,794,311 236,876 District. 1923 1922 1923 1922 N S C h a e i n w p c m e o l r e l d a n e t t i r s o s ns 8 6 2 0 1 7 3 5 , , , 4 3 7 1 8 9 9 2 5 3 5 5 8 6 3 4 , , , 9 7 0 7 7 7 7 4 9 4 1 7 9 9 3 , , , 0 4 3 1 1 3 6 2 8 Production 501,531 472,998 28,533 No. 1—Boston 150 206 $4,637,721 »6,235,271 No. 2—New York 262 300 8,883,288 24,202,858 No. 3—Philadelphia... 58 93 1,024,670 2,436,402 No. 4—Cleveland 121 235 6,293,852 4,627,038 INDEX OF OCEAN FREIGHT RATES. No. 5—Richmond 109 213 2,452,891 4,761,744 N N o o . . 6 7— — C A h t i l c a a n g t o a 1 1 3 9 5 5 2 2 7 8 0 8 4 3 , , 0 0 2 8 9 1 , , 7 3 0 6 4 5 5 7 , , 3 8 3 7 1 6 , , 0 9 5 3 0 1 The accompanying table show's the monthly No. 8—St. Louis 81 167 1,008,734 4,653,231 fluctuations in ocean freight rates prevailing No. 9—Minneapolis.... 72 97 2,217,789 2,300,814 No. 10—Kansas City.. 89 99 1,154,384 2,0O6.48C between United States Atlantic ports and the No. 11—Dallas 91 207 2,104,596 5,889,143 principal European trade regions. The figures No. 12—San Francisco 145 156 3,738,945 2,287,431 are derived. from the actual rates quoted on Total 1,508 2,331 40,627,939 72,608,393 the following commodities: Grain, provisions, cotton, cottonseed oil, and sack flour. Rates REPORT OF ASSOCIATED KNIT UNDER- in January, 1920, have been used as a base. WEAR MANUFACTURERS OF AMERICA. For the methods used in constructing the index see the August, 1921, BULLETIN, pages Production of winter and summer under- 931 934. wear by months since February, 1922, is given in the following table: RELATIVE OCEAN FREIGHT BATES IN UNITED STATES AND EUROPE TRADE. NUreportingniUS ! Production (in dozens). United States Atlantic ports to— Month. (Total. *i Total, i Winter. Summer. Month. U d n o i m te . d j • A F t r l e a n n c t h ic .! j ; i B N l e a a e l n g n th d i d u s e m r- J ; I ! S n c a a v n i d a i . - ! i | | M n te e r e a r d n a i - . - Eu A ro ll pe. 1922. February | 53 36 32 663,316 332,221 331,122 March.. 36 34 756,247 392,595 363,652 January, 1920.. | 100.0 100.0 100.0 100.0 100.0 100.0 April 38 31 522,035 275,911 246,124 January, 1921.. 60.7 30.2 34.1 42.9 43.2 43.3 May 34 28 518,150 298,080 220,070 June 38 25 564,893 345,605 219,288 1922. July 41 23 422,872 269,223 153,649 January j 31.7 22.7 23.3 23.4 32.2 27.1 N A S O D e o u c e p t c g v o t e u e e b m m s m e t r b b b e e e r r r . . . . 4 4 3 3 3 1 2 8 8 6 2 2 2 2 2 4 7 5 8 7 5 5 5 5 4 1 2 1 9 6 3 4 9 9 1 , , , , , 5 4 5 8 6 7 8 1 9 9 2 6 1 1 5 3 3 3 2 2 2 1 8 3 1 1 8 3 3 1 , , , , , 9 2 4 2 7 1 4 5 1 2 4 2 9 3 0 2 2 2 1 1 4 2 7 9 7 1 8 7 5 7 , , , , , 2 2 9 3 7 4 3 4 5 9 4 6 7 2 8 J M F A M u e p a a n b r r y e i r c l u h a ry i j | 3 3 2 2 2 1 7 7 3 7 . . . . . 7 9 3 1 5 2 2 2 2 26 1 6 5 5 . . . . . 1 8 5 5 9 I I i \ 2 2 2 2 2 3 4 2 2 5 . . . . . 0 9 7 8 2 2 2 2 2 2 3 3 4 3 3 . . . . . 4 4 0 4 3 3 3 2 2 2 0 1 7 7 7 . . . . . 4 1 8 4 1 2 2 2 2 2 8 5 5 5 9 . . . . . 4 7 7 3 1 July 28.8 25.9 22.6 23.0 26.4 25.9 1923. i August 29.2 23.4 I 20.7 22.4 24.0 24.6 J F a e n b u r a u r a y r y j ! 4 5 9 0 3 3 7 8 2 3 8 2 5 56 5 4 8 , , 7 8 0 4 8 5 2 2 6 6 9 9 , , 0 9 2 5 6 0 2 2 8 9 9 4 , , 7 8 5 1 8 9 N S O e o c p t v o t e e b m m er b b e e r r 2 2 2 8 5 7 . . . 0 3 0 2 2 23 3 4 . . . 4 9 1 | 2 1 1 1 8 9 . . . 3 9 1 2 2 2 2 2 2 . . . 6 9 9 2 2 2 1 2 1 . . . 6 2 3 2 2 2 3 4 2 . . . 4 0 7 December 27.1 25.6 22.2 22.7 21.8 24.4 Forty-two representative mills which re- 1923. j January 25.3 24.7 ' 19.8 22.3 21.2 22.9 ported for January and February furnished the February 21.8 22.6 I 18.6 22.3 20.6 21.1 data for the following table: March i 21.7 23.6 20.0 22.3 19.5 21.' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 503 PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS. January, 1923. February,1923. White Dyed Printed Total. White Dyed Printed Total. goods. goods. goods. goods. goods. goods. Total finished yards billed during month: District 1. 13,104,851 27,851,640 11,130,702 55,208,039 12,781,525 27,458,764 10,397,550 53,886,334 2. 7,054,901 2,099.906 5,038,826 23,261,422 5,076,248 3,800,797 4,791,188 21,055,176 3 8,927,484 7,082,378 16,009,862 8,332,926 6, 515,980 14,848,906 5. . 8,729,582 107,752 8,837,334 7,069,422 89,897 7,159,319 6 916,470 916,470 991,168 991,168 8 1,752,853 1,501,075 Total 38,733,288 37,141,676 16,169,528 105,985,980 34,251,289 37,865,438 15,188,738 99,441,978 Total average percentage of capacity operated: District 1 59 92 68 73 58 95 62 73 2 65 60 37 73 57 66 46 74 3 120 93 106 107 80 93 5. 72 ..... 72 62 62 6 69 69 75 75 8 .. "' 68 63 Average for all districts 72 88 63 77 67 88 59 74 Total gray yardage of finishing orders received: District 1 14,475,319 30,391,999 10,127,543 58,415,939 13,980,547 29,618,028 9,481,922 56,770,679 2. 7,800,512 6,420,251 5,924,454 25,750,871 6,298,129 5,480,804 4,698,309 20,779,723 3 9,785,371 8,024,031 17,809,402 8,305,886 6,809,102 15,114,988 5 6,425,961 156,025 6,581,986 7,079,637 355,186 7,434,823 6. 916,470 916,470 991,168 991 168 8 1,655,464 1,735,325 Total 39,403,633 44,992,306 16,051,997 111,130,132 36,655,367 42,263,120 14,180,231 102,826,706 Number of cases of finished goods shipped to customers: District 1 6,028 8,367 2,140 29,615 5,834 8,537 2,729 29,687 2 3,107 592 12,247 3,198 375 11,577 3 6,703 3,617 10,320 6,166 3,223 9,389 5 1,766 4,813 1,654 3,985 8 476 454 Total 17,604 12,576 2,140 57,471 16, 852 12,135 2,729 55,092 Number of cases of finished goods held in storage at end of month: District 1 4,701 4,630 2,497 21,987 4,153 4,377 2,304 20,817 2 4,008 589 12,736 3,803 447 11,446 3. . 332 385 7,452 327 374 7,211 5 1,279 1,243 6 204 218 8 Total 9,041 5,604 2,497 43,658 8,283 5,198 2,304 40,935 Total average work ahead at end of month (expressed in days): District 1 4.8 17.5 19.1 13.5 5.4 17.2 17.4 13.3 2. 5.1 7.1 3.0 12.0 10.0 9.8 11.9 11.3 3 13.3 15.6 14.5 14.1 13.1 13.6 3.8 3.8 5.3 5.3 6 8 4.5 ' 7.0 Average for all districts 5.8 16.0 16.4 12.1 7.2 15.4 16.5 12.1 i The National Association of Finishers of Cotton Fabrics at the request of the Federal Reserve Board prepares a monthly survey for 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 32 out or 57 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, 70 per cent; dyed goods, 62 per cent; printed goods, 30 per cent. The figures given represent reports from exactly the same finishers for the two months, both of 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

504 FEDERAL RESERVE BULLETIN. APRIL, 1923. PHYSICAL VOLUME OF TRADE. were considerably smaller than during January and somewhat below those of February, 1922, February business activity, except in the but were fairly well maintained when comcase of crop marketing, continued at approxi- pared with other years. Stocks of grains on mately the same high rate as during the pre- farms, except of corn, were larger than they ceding month, but the total volume of trade, were a year ago, and the visible supply of as reflected by available statistics, was smaller, wheat was also greater than at the same time owing to the shortness of the month. Agri- last year. Receipts of most grains at seaboard cultural movements declined considerably and points were curtailed during February, and to a point slightly below that of last February. stocks at ports fell to a level slightly below This may be attributed largely to the prompt that of a year ago. Live-stock receipts and marketing of crops early in the season, as shown shipments at principal markets, as is customary, by the large volume moved during the fall were smaller than during January, but commonths. Mineral production fell off for the pared favorably with February of previous first time since last July, but this was largely, years. Tobacco sales also fell off during Febif not entirely, seasonal. The decline in manu- ruary. Citrus-fruit shipments from California facturing output may also be attributed to the were extremely large, indicating an early marshort month, for the rate of activity continued keting of the crop. practically unabated in almost all industries. Output of all mineral products during Feb- Movements of many agricultural products ruary was greater than during the same month reached extremely low levels during February. last year, and less than during January, 1923, Cotton sight receipts, for example, were smaller but, as compared with the latter month, the than during any February within the last five rate of production was either greater or pracyears. Keceipts of grain, particularly of wheat tically unchanged. The daily average output VOLUME OF DOMESTIC BUSINESS ( MONTHLY AVERAGE, 1919 = 100 ) PER PER CENT CENT 160 14.0 120 100 80 80 60 eo 40 40 20 20 J. F. M. A. M. J. J. A. S. 0. N. 0. 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. H. D. J. F. M. A. M. J. J. A. S. 0. N. D. 1919 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1923. FEDERAL RESERVE BULLETIN. 505 of crude petroleum again reached a new high INDEXES OF DOMESTIC BUSINESS UNCORRECTED FOR record, and that of pig iron exceeded all months SEASONAL CHANGES. since March, 1920. Although zinc production [Monthly average of 1919-100.1 was at a high rate, shipments were still larger, AGRICULTURAL MOVEMENTS. and as a result stocks were reduced to less than a week's supply. Deliveries of tin to factories Total I Total ! Leaf were double those of February, 1922. Date. ag tu ri r c e u .1 l- m an a i l > s. Fruit. ba t c o c - o. Total manufacturing output during Feb- 1922. ruary declined to slightly below the December January 88.9 91.8 83.8 76.8 96.1 113.2 level. Steel-ingot production was less than in February 77.7 76.5 92.3 43.3 55.5 101.2 March 70.7 79.2 73.0 i 42.8 130.4 27.5 January, but exceeded that of any other Feb- April 57.4 71.8 49.6 37.0 103.0 i 5.5 ruary within the past six years. Despite this M Ju a n y e 8 7 2 5 . . 6 1 9 8 0 8 . . 2 7 9 7 2 7 . . 5 1 5 4 0 3 . . 1 0 1 9 0 3 5 . . 8 7 ; 3 1 . . 9 5 high rate of output, unfilled orders of the July 79.8 81.2 106.4 : 33.4 59.3 12.3 August 106.7 96.5 153.8 i 48.3 43.1 55.2 United States Steel Corporation increased September 128.8 106.6 150.6 i 139.5 38.0 85.7 further during the month, and fabricated steel N O o ct v o e b m er ber 1 1 5 3 4 7 . . 2 9 1 1 3 2 2 2 . . 0 2 1 11 3 8 5 . . 2 7 i 2 20 2 4 7 . . 1 8 4 4 0 9 . . 6 0 1 9 4 6 4 . . 3 7 bookings likewise were augmented. February December 121.3 104.6 128.5 139.2 100.1 97.3 production of passenger cars exceeded the out- 1923. January 106.6 107.7 116.4 80.2 99.7 75.1 put for any other month except June, 1922, February 73.3 84.4 75.7 37.4 117.7 45.1 since statistics have been compiled, i. e., since ' Combination of 14 independent series. July, 1921, and automobile shipments and driveaways were also the largest ever recorded. MINERAL PRODUCTS. The output of locomotives was only slightly : Total. Bi- ! Anl i e n s c s r e t a h s a e n d 2 d 4 u r p in e g r c J e a n n t u . ar T y, h e a n a d m o u u n n fi t l le o d f l o u r m d b er e s r Date. i P m e ! r i J ^ a n ? l - -. ;! t n c u o o m a u l s i . - ; : ; t c c h o i r t a a e l - . : : p l C e e u r t u r m o d . - e Iron. C pe o r p . - Zinc. Lead. cut was curtailed more than usual during Feb- ucts.' ruary by bad weather, but shipments continued 1922. at the same rate as in January. Both the de- January 91.3 98.5 85.1 137.1 64.3 24.1 60.3 101.0 February.. 95.4 107.3 i 92.0 129.7 63.9 34.8 57.3 93.4 mand for and the production of other building Maroh 117.5 131. 5 [119.1 149.1 79.9 58.0 67.5 93.0 April 59.5 41.3 i .3 141.9 81.3 71.7 65.6 88.8 materials continued practically unchecked dur- May 67.9 53.1 : .6 147.7 90.5 83.7 69.8 89.0 ing February. Activity among textile mills June 70.6 58.4 1.1 143.8 92.6 89.0 72.6 89.1 July 65.4 44.5 1.6 148.0 94.2 85.0 81.2 84.4 either increased or was maintained at prac- August 67.5 58.3 2.2 147.1 71.1 93.9 79.9 96.7 tically the same rate as in January. The num- S O e c p to te b m er ber. 1 9 18 9 . . 9 5 1 1 0 1 7 8 . . 3 3 1 6 1 7 6 . . 7 1 1 1 4 5 3 0 . . 8 1 1 7 03 9 . . 8 5 8 96 9 . . 2 8 1 8 0 4 1 . . 3 6 1 9 0 5 8 . . 3 3 ber of cotton spindles active exceeded all pre- November. 120.1 118.6 114.1 152.1 111.8 94.6 102.3 113.2 December.. 124. 5 !121. 7 114.7 159.3 121.1 97.5 109.0 108.9 vious records. The production of leather and 1923. of shoes was without significant change. The January 131.5 131.4 118.5 163.5 126.7 104.6 ! 117.8 112.7 output of food products, as a whole, showed the February.. 116.6 110.5 105.8 153.8 117.5 101.4 usual seasonal declines. ' Combination of 7 independent series. PRODUCTION OF MANUFACTURED GOODS. INDEX OF PRODUCTION IN BASIC INDUSTRIES, iTotal ALLOWANCE FOR SEASONAL VABIATION. Date. m uf a a n c- - Steel. L b u e m r. - p P e a r - . P le e u tr m o- . T til e e x s - . Le e a r. th- Food.ba T c o c - o. ture.1 [Monthly average, 1919=100.] 1922. January... 87.0 63.4 100.7 95.0 119.0 11.22 88.2 91.3 90.6 1919 1920 1921 1922 | 1923 February.. 80.2 69.3 95.4 90.0 108.6 96.8 78.1 88.5 83.8 March 90.9 94.3 102.5 108.4 123.9 107.6 78.5 96.5 98.4 April 84.7 97.0 98.1 99 9 124.4 91.3 70.7 84.9 89.6 May 98.1 107.8 121.1 112.3 132.2 108.9 70.4 96.8 108.1 January I 107.3 115. 8 83.9 86.5 120.7 June 99.1 104.8 104.4 110.6 133.8 107.1 72.4 98.9 119.8 M J J A M A F u u e u p a a l b n y g r r y rc i e u l uh s . a . t r . y , | 1 1 1 9 9 9 9 0 0 0 6 2 2 8 0 1 3 . . . . . . . 2 9 9 3 8 6 4 1 1 1 1 1 1 1 0 0 0 1 0 1 0 ;" 2 7 4 6 4 4 > . . . . . . . 6 8 8 5 9 4 1 8 8 7 7 7 7 7 4 4 8 8 1 6 6 . . . . . . . 1 3 6 5 0 7 7 9 9 9 9 8 9 9 3 4 2 4 5 0 4 . . . . . . . 1 8 9 3 5 2 120.1 J A S O D N u e u e c o l p g y c t v t o e u e e m b s m m t e b b b r e e e .. r r r . . . . 1 1 1 1 1 9 0 0 0 0 0 5 4 9 0 0 7 . . . . . . 6 4 3 0 3 5 1 1 1 9 8 9 1 1 1 8 4 8 4 8 0 . . . . . . 9 4 1 2 9 5 1 1 1 1 1 1 1 0 1 0 1 0 6 3 2 4 5 1 . . . . . . 2 6 9 3 3 5 1 1 1 1 1 9 1 1 1 0 0 3 9 0 2 7 6 . . . . . . 9 7 8 8 8 4 1 1 1 1 1 1 4 4 4 4 5 3 6 1 7 9 2 9 . . . . . . 2 2 2 7 7 1 1 1 1 1 1 9 1 1 2 1 2 5 5 3 5 0 0 . . . . . . 0 7 3 0 7 0 7 8 7 8 7 7 0 2 2 9 9 8 . . . . . . 4 7 1 1 5 5 1 1 1 1 9 9 1 0 0 0 7 7 4 6 7 4 . . . . . . 8 5 7 0 1 5 1 1 1 1 1 8 2 1 1 3 1 9 1 4 5 4 2 . . . . . . 6 4 8 0 1 4 September 104.6 101.7 79.1 99.9 1923. October 101.1 99.0 82.7 106.9 January... 108.7 129.3 105.8 117.3 156.8 128.0 88.9 104.1 115.3 November 97.9 95.3 85.6 115.5 February.. | J99.9 116.1 95.8 109.0 122.0 78.4 95.3 101.3 December 103.3 89.6 83.3 115.6 1 Combination of 34 independent series. ' Partly estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

506 FEDERAL RESERVE BULLETIN. APRIL, 1923. COMMODITY MOVEMENTS. COMMODITY MOVEMENTS—Continued. Febru- Janu- Febru- Febru- Janu- February, ary, ary, ary, ary, ary, 1923. 1923. 1922. 1923. 1923. 1922. Grain and Flonr. Live Stock—Continued. Receipts at 17 interior centers (000 omitted): Shipments of stockers and feeders from 33 Wheat (bushels) 22,099 38,122 24,109 markets (head, 000 omitted): Corn (bushels) 31,577 37,496 57,893 Cattle and calves 206 274 241 Oats (bushels) 16,041 24,511 19,328 Hogs 165 62 57 Bye (bushels) 4,749 7,176 1,589 Sheep 50 170 169 Barley (bushels) 2,558 3,776 2,358 Total. 411 506 467 Total grain (bushels). 77,002 111,081 105,278 Flour (barrels) 1,738 1,993 1,852 Slaughter at principal centersunder Federal inspection (head, 000 omittedl: Total grain and flour (bushels). 84,823 120,051 113,611 Cattle : 634 745 569 Calves 297 352 279 Shipments at 14 interior centers (000 4,231 5,134 3,480 omitted): Sheep... 836 1,021 776 Wheat (bushels) 10,936 18,278 12,463 Corn (bushels) 14,377 21,083 31,100 Total. 5,998 7,252 5,104 Oats (bushels) 13,438 21,155 12,106 Rye (bushels) 2,476 4,592 721 Meats, cold storage holdings first of follow- Barley (bushels) 1,747 2,315 1.373 ing month (pounds, 000 omitted): Beef. 102,811 113,415 73,782 Total grain (bushels). 42,974 67,423 57,763 Pork products 837,636 686,825 608,747 Flour (barrels) 3,055 3,331 3,247 Lamb and mutton 5,758 5,283 2,863 Exports of certain meat products (pounds, Total grain and flour (bushels). 56,723 82,411 72,374 000 omitted): Beef- Stocks at 11 Interior centers at close of Canned 253 168 193 month (000 omitted): Fresh 320 320 309 Wheat (bushels) 36,096 33,787 27,832 Pickled and other cured 1,929 1,205 2,069 Corn (bushels) 18,492 15,533 26,178 Hog products— Oats (bushels) 24,155 26,027 56,564 Bacon 36,296 43,352 30,794 Rye(bushels) 10,711 8,241 4,337 Hams and shoulder 28,192 31,080 25,209 Barley (bushels) 1,825 1,880 1,475 Lard 89,055 107,786 75,520 Pork, pickled 3,863 3,806 2 816 Total grain (bushels). 91,279 85,468 116,386 Dairy Products. Total visible supply of grain east of the Rocky Mountains (000 omitted): Receipts at 5 principal markets (000 Wheat (bushels). 51,500 50,361 44,388 omitted): Corn (bushels). 29,585 22,908 43,801 Butter (pounds) 40,662 48,123 38,894 Oats (bushels).. 29,937 33,165 74,384 Cheese (pounds) 12,575 12,887 11,319 1,025 853 1,028 Receii ! Cold storage holdings first of following at (bushels) 10,767 24,693 13,792 i month (000 omitted): Corn (bushels).. 8,395 8,211 22,246 j Creamery butter (pounds) 8,913 16,121 22,582 Oars (bushels)... 1,235 2,407 2,342 I American cheese (pounds) 20,709 26,594 15,006 Rye (bushels)... 3,794 6,031 912 Eggs (cases) 14 213 13 Barley (bushels) 1,632 1,455 640 Fishery Products. Total grain (bushels). 25,823 42,796 39,932 Flour (barrels) 1,621 1,849 1,660 Fish landed by American fishing vessels, total catch (pounds, 000 omitted) 12,499 7,897 11,901 Total grain and flour (bushels). 33,116 51,115 47,401 Cold storage holdings frozen and cured fish, on 15th of month (pounds, 000 omitted).. 50,645 67,514 55,092 Stocks at 8 seaboard centers at close of month (000 omitted): Other Agricultural Products. Wheat (bushels) 9,601 10,163 10,367 Corn (bushels).... 4,795 4,228 8,251 Cottonseed (tons): Oats (bushels) "" '.'.' ' 2,791 3,252 1,692 Received at mills 92,200 213,235 130,988 Rye (bushels) 2,559 2,130 2,343 Crushed 317,182 469,783 291,095 Barley (bushels) 2,077 2,597 2,058 Stocks at mills at close of month 302,381 527,839 254,015 Cottonseed oil (pounds, 000 omitted): Total grain (bushels) 21,823 22,370 Production 110,403 145,292 90,935 Wheat flour production (barrels. 000 Stocks 83,667 92,129 68,996 omitted) ' 9,425 10,137 Oleomargarine consumption (pounds, 000 omitted) 19,722 20,633 ! 12,195 Live Stock. Tobacco sales at loose-leaf warehouses (pounds, 000 omitted): Receipts at 57 principal markets (head, Dark belt—Virginia 5,541 6,294 6,381 000 omitted): Bright belt- Cattle and calves 1,401 1,843 ! 1,378 Virginia 3,633 5,029 10,644 4,393 5,191 3,572 North Carolina 4,728 9,264 11,333 Sheep 1,343 1,620 1,323 Burley 12,832 25,622 34,520 Horses and mules (42 markets). 52 83 35 Western dark 8,263 11,615 12,109 Sale of revenue stamps for manufacture of Total. 7,1 8,737 6,308 tobacco, excluding Porto Rico and Philippine Islands (000,000 omitted): Shipments at 52 principal markets (head, Cigars(large) 507 559 ; 447 000 omitted): Cigars (small) 44 52 46 Cattle and calves 550 743 576 Cigarettes (small) 4,623 5,350 I 3,126 Hogs 1,648 1,854 1,287 Manufactured tobacco (pounds) 29 34 i 29 Sheep 634 723 627 Fruit shipments (carloads): Horses and mules (42 markets) 51 82 35 Grapefruit 1,877 2,451 1,818 8,009 7,009 4,443 Total.. 2,883 3,402 2,525 Lemons. 626 677 Apples.. 6,257 8,171 I 4,683 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1023. FEDEBAL RESERVE BULLETIN. 507 COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. Janu- Febru- Febru- Janu- February, ary, ary, ary, 1923. 1922. 1923. 1923. 1*922. Other Agricultural Products—Continued. Metals—Continued. Vegetable shipments: Iron and steel—Continued- White potatoes (carloads) 13,758 16,477 13,561 Unfilled orders, United States Steel Onions (carloads) 1,398 1,909 1,022 (long tons, 000 omitted)1 7,284 4,494 Suga B r i , c a e l l ( p p o o r u ts n ( d l s o , n 0 g 0 t 0 o o n m s) i t ( t A e m d) erican Sugar 5(5,178 101,552 102,038 Fa n b a r g i e c ) ated structural steel orders (ton- 176 168 79 Steel barrels (number)— Receipts 421,370 l 274,507 499,432 Shipments 193,992 206,021 101,830 Meltings 383,100 270,600 400,832 Unfilled orders 603,774 518,463 248,315 Raw stock at close of month 434,556 485,772 699,353 Steel castings—bookings (net tons) 90,152 103,581 37,080 Lumber: Forest Products. C Si o lv p e p r e r p p ro ro d d u u ct c i t o i n o n ( t ( r p o o y u o n u d n s c , e 0 s 0 , 0 00 o 0 m o i m tte it d te ). d . ) .. . 10 4 2 , , 7 5 2 1 9 5 11 5 2 , , 1 3 9 41 0 3 3 7 , , 8 4 7 16 8 Num N W W S b o a t A e e e i u t r s s o i s t t t o n s h o e o n C e f r c a n r o m n i l a a P t s i P i L i t l o n i l u n n L e s e m - u A m A b s e s s b r s o e o c r c i m M a ia t e i t a n o i n o n 's u n f A ac s t s u o r c i i n a g - . 1 1 1 5 2 7 6 1 4 9 9 j ! ! 1 5 1 2 5 7 5 2 1 2 3 I l 4 1 1 5 5 2 7 5 2 4 3 Z T i in n c P D S S S ( p p t r t h e o r o o o i l o c c i p d u v d k k m u n e s u s c d r , e c t a i s n t c e i t , i o l s t o o s 0 c n n s t l 0 o o e 0 ( s f o p e o a f o m c o u m t f o i n m t o r d t i n e e s o t s , d h n 0 ) t : 0 h 0 .. o * mitted): 8 2 9 1 4 6 1 4 3 , , , , , 6 8 8 3 7 0 5 8 0 2 1 4 6 6 8 9 3 9 1 5 3 2 4 7 , , , , , 5 9 1 6 8 1 9 4 3 4 3 0 8 4 0 1 4 4 2 7 3 5 8 8 , , , , , 1 2 0 1 2 4 0 2 3 4 9 2 6 4 8 Production (feet, 000,000 omitted)— Textiles. National Lumber Manufacturing Ship S A W N m o V a t A A e u i e t e o s i s s n t s t o n h s s t t o o e s n C e r c c a r n o ( n i i l f a a a e P t t s P e i i t L i o o t i n , n n n u L e e 0 m u 0 A m A 0 b s , e 0 s b s r s 0 o e o 0 c r c m i o M i a a t m e t i a n i o i n o ' n t s n u t e f A d ac ) s — t s u o r c i i n a g - 1,1 9 3 3 3 0 5 7 5 3 9 9 8 2 I i i ' 1 1 , , 0 2 4 3 6 8 0 1 6 6 2 9 4 4 I ! 7 3 3 7 4 1 5 7 3 2 1 3 6 9 Cott A S V S S C S on i t t p m o i g o o s i n h c i c n ( e b s b t k k r d u l i a s s l e r c m l e e a a e a s s c t p t n s u e a , t m w p i i c s 0 p o p t p i a 0 t n i l l s r i 0 v l y n e s e b h n o y d o e m u u r m i s r s t ' i e i t n l s t e l g a s d k ) m i : n o g n s th (number, : I , 2 2 2, , , 7 0 8 3 4 5 3 2 0 9 6 1 4 2 4 9 7 0 I ! ! ; > 3 1 3 , , , 9 3 4 6 6 8 8 5 8 1 8 7 7 9 2 0 7 2 4 3 1 , , ,5 8 2 7 5 4 9 9 1 7 7 7 5 1 5 2 5 6 S W o e u s t t h e e r r n n P P i i n n e e A A s s s s o o c c i i a a t t i i o o n n 3 1 8 1 6 7 4 1 7 2 7 9 i 326 Wool: 000 omitted) : 35,308 ! 35,241 33,755 W t e i s o t n Coast Lumbermen's Associa- 360 373 ! 267 C Pe o r n c s e u n m ta p g t e io o n f a (p c o ti u v n e d m s, a c 00 h 0 in o e m ry i t t t o e d t ) otal 57,916 i 63,348 53,774 Naval stores at 3 southeastern ports: S R p o i s r i S R R S i n t t t s e e o o ( c c o c c b e e f k k a i i s s t r p p u r t a t a e s s r t t l p s c c e ) l l — n o o t s s i e e n e o o f f ( m m ca o o s n k n t s t h h )— 2 2 4 8 9 5 6 2 , , , , 8 2 6 0 1 3 4 1 4 8 4 0 3 3 6 1 3 8 7 0 8 , , , , 7 9 3 9 2 5 6 5 6 8 7 7 2 3 3 9 3 8 3 9 , , , , 2 5 2 3 4 0 3 0 0 4 3 5 L C L S S S e o p p o o s t o m o i i p s n n m m a b n n o c s s s f i i e n n c 5 g g a w 0 r - s s i d i p p d n s i i e c n n r h d d l l r t e e e h s s e , , a d n w w s o o p o 5 a rs l 0 c e t e - e n i d n o c r h l es r s eed 8 8 8 8 8 9 3 8 7 5 7 1 . . . . . . 4 4 4 7 0 3 I i i 8 8 8 8 8 8 5 1 5 3 4 9 . . . . . . 7 0 8 8 8 5 6 7 8 8 7 8 1 8 2 6 9 5 . . . . . . 5 9 < 4 9 6 J Fuel and Power. Percentage of active hours to total re- Coal and coke (short tons, 000 omitted): ported— Petr A C o B A l o i n n e t u t k t u h h B B m e m r r - y e , a a i e - c c n c p h i i o r t r i t e u v e u o d e s d c c e o u c o p o a c ( a r b l t a l o a l s p p d r h p r r r u i e o o r c p o l d d t s m d i u u , o u c c e 0 n c t t n 0 i i t 0 o t o i s , o n n 0 n 00 omitted): 4 2 7 2 5 1 , , , , , 8 7 4 9 1 7 1 8 5 3 3 0 2 0 2 5 3 8 6 1 0 , , , , , 1 7 4 6 1 0 7 1 7 7 0 8 3 2 8 I ! j 4 6 0 5 1 , , , , 7 2 5 9 7 3 6 4 9 8 9 9 5 0 2 C S L L S S p e p o o o s t i i o m o p s n n m m a n b n o c s s s i i f e n n c 5 g g a 0 w r s - s i d i p p d n s i i e c n n r h d d l l r e e t e h s s e , , a d n w w s p o o o 5 a rs 0 l c e t - e e n i d o nc r h le ss reed 7 7 9 9 9 9 4 4 9 5 3 5 . . . . . . 6 3 7 0 3 8 1 8 8 9 9 9 0 5 1 6 3 5 3 . . . . . . 4 6 7 7 1 0 6 6 9 8 8 8 7 5 8 1 2 4 . . . . . . 2 9 1 6 7 4 S P P t r r o o o c d d k u u s c c a i t n t i o g c n l o o i s l e w o e f l l m s c o o n m th pleted (number) 25 4 2 8 1 , , ,0 2 4 9 7 1 5 4 3 2 5 4 1 1 9 , , , 2 4 7 0 9 6 8 4 7 20 4 8 0 1 , , , 8 1 8 5 4 1 1 3 4 Raw C S t s o o i n l c k s k : u s m at p t c i l o o n s e ( b of a l m es o ) nth (bales) 3 4 6 4 , , 2 61 3 5 1 3 47 4 , , 0 6 8 8 7 0 2 28 2 , , 9 1 8 0 2 7 Oil refineries:* Hides and Leather. Production (000,000 omitted)— Crude-oil run (barrels) 47 39 Sales of raw hides and skins during month Stoc L G K G k u s a a e s b s r ( o o 0 r a s i l 0 n i c e 0 n d a n , e 0 t e 0 i f ( n u 0 ( g e g g a l a o l o l l o m l o i i l o n l i s n s t s t ( s ) e ( g ) d g a ) a l — l l l o o n n s s ) ) 6 2 98 8 2 1 9 7 4 2 ! j j i 5 2 9 2 7 8 9 6 2 5 0 4 1 8 4 7 7 5 5 4 3 8 (n C C K G um a a i o p t l a f t b l t s s e e k k a r i h n , i n n d i 0 d s s 0 e k 0 s i o d mitted): 1 1 , , 7 0 1 6 2 8 9 9 9 7 5 8 1 1, , 7 2 0 9 0 7 8 3 6 7 5 0 j 1,3 6 2 8 5 4 0 1 6 3 9 3 Crude-oil run (barrels) 30 34 31 Cabretta 113 99 j 70 Gasoline (gallons) 1,003 884 706 Sheep and lamb 2,902 3,408 j 1,482 Kerosene (gallons) 275 281 327 Stocks of raw hides and skins at close of 1 L G u as b r a i n c d a t f i u n e g l o o i i l l s s ( ( g g a a l l l l o o n n s s) 1, 2 2 4 65 1 1, 2 3 3 05 6 1, 2 3 4 1 5 9 mo C n a t t h tl e ( n h u id m e b s er, 000 omitted): 6,772 6,384 5,761 Electric power produced by public utility Calfskins 2,648 2,937 2,820 plants (000,000 kilowatt-hours): Kip skins 1,068 1,149 951 Produced by water power 1,487 1,615 1,223 Goat and kid 7,950 8,938 7,627 Produced by fuels 2,863 3,134 2,217 C Sh a e b e r p et t a a nd lamb 9, 9 0 6 58 8 1 9, , 1 0 8 7 8 9 13,0 4 4 56 5 Total. 4,350 4,749 I 3,470 Prod S u o c l t e i o le n a o th f e l r e a ( t s h id e e r s ( ) 000 omitted): 1,470 1,667 1,478 Metals. Skivers (dozens) 37 36 17 Iron and steel (long tons, 000 omitted): Oak and union harness (sides stuffed) — 140 144 65 Pig-iron production (long tons, 000 Boots and shoes output (pairs, 000 omitted): St o ee m l- i i t n te g d o ) t 2 production (long tons, 000 3,521 2,994 i 2,036 " M W e o n m 's en's 8 9 , , 5 3 9 9 9 3 8 9 , , 9 6 9 1 9 7 6 8 , , 6 6 9 6 7 5 omitted)' 3,402 2,919 i 2,371 Other 11,599 11,942 9,189 Total 29,591 30,558 24,551 1 Figures for January, 1923; December, 1922; January, 1922. » Figures for March, 1923; February, }923; March, 1922. « Figures for March, 1923; February, 1923; March, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 FEDEKAL EESERVE BULLETIN. APRIL, 1923. COMMODITY MOVEMENTS—Continued. COMMODITY MO VEMENTS—Continued. Febru- Febru- Janu- February, ary, ary, ary, 1922. 1923. 1923. 1922. Bolldlng Materials. Miscellaneous Manufactures—Contd. Brick (000 omitted): Solid tires (000 omitted): Clay flre brick- Production 75 83 39 Production 56,075 64,804 34,683 Shipments, domestic 63 61 37 Shipments 53,222 57,569 30,043 Stocks 270 262 183 Stocks, close of month 163,426 163,977 146,911 Automobiles: New orders 67,164 64,883 35,941 Production (number)— Unfilled orders 88,713 75,421 30,357 Passenger cars 259,383 223,653 98,487 Face brick— Trucks 21,288 18,913 12,861 Production 32.473 43,240 22,926 Shipments— Shipments 26,679 28,853 18,392 Railroads (carloads) 35,700 35,228 19,636 Stocks in sheds and kilns 134 175 129,428 151,769 Driveways (machines) :. 42,700 30,027 10,172 Unfilled orders, close of month 91,819 74,718 44,513 Boat (machines) 900 728 180 Silica brick- Locomotives (number): Production 14,544 14,308 6,663 Domestic shipped 196 217 40 Shipments 14,418 14,281 7,263 Foreign completed 11 12 4 Stocks, close of month 45,492 46,174 35,743 Cement (barrels, 000 omitted): Total 207 229 44 Production ; 8,085 7,704 4,278 Shipments 5,963 5,419 3,285 Unfilled orders- m Stocks, close of month 13,592 11,470 14,142 Domestic 2,141 1,699 Oak flooring: Foreign 79 89 66 Production 24,421 27,473 17,282 Shipments 25 031 24,162 16,455 Total 2,220 1,788 239 Orders booked 33,458 30,137 16 063 Stocks 25 301 25,447 28,856 Vessels built in United States and officially Unfilled orders 56,936 50,398 20,907 numbered by the Bureau of Navigation: Maple flooring: Number 37 36 39 Production 11,333 13,929 9,274 Gross tonnage 21,392 14,292 38,359 Shipments 11,354 13,269 7 947 Orders booked 16 033 24,481 8,105 Transportation. Stocks 25,539 25,023 34,248 Freight carried by Class I railways: > Unfilled orders 40,200 36,084 11,818 Net ton-miles, revenue and nonrevenue Enameled ware: (000,000 omitted) 37,668 36,222 27,105 Baths- Net tons per train 692 681 632 Shipments 82,912 85,703 52,575 Net tons per loaded car 29.0 28.6 27.6 Stocks at close of month 40 124 40,530 56,759 Revenue freight loaded and received from New orders 129,847 133,198 49,134 connections, classified according to nature Lavatories— of products (cars, loaded, 000 omitted): Shipments 83,469 91,116 70,654 Grain and grain products 165 212 204 S N t e o w ck o s r a d t e r c s lose of month 1 5 5 6 6 1 5 0 4 3 3 3 1 6 7 0 0 , , 5 6 3 9 5 3 1 6 0 8 1, , 5 4 6 1 6 4 L Co iv a e l stock ' 7 1 4 2 2 8 8 1 6 5 9 5 7 11 5 5 7 M Si i n sc N k S S e s t h l e o l - i w a c p n k m e o s o r e a d u n t e s t r s c w s lo a s r e e — of month 1 9 5 6 9 7 9 , , 8 6 0 0 0 8 6 7 5 1 1 5 9 1 5 9 6 , , , 9 5 5 8 3 8 4 9 0 1 7 7 2 3 1 9 , , 5 6 4 0 6 3 5 0 4 C M M O F o o r i e e k s r r c e e c e s h t l a l p a n n r d o e i o d se u u s c 1 t . s c. 1 : 1,1 8 2 4 4 4 6 6 2 8 1 7 0 1,2 9 3 3 2 6 4 0 9 5 2 9 1 8 8 1 5 9 3 6 1 S S 2 1 7 Shipments 44,766 53,255 35,446 Stocks at close of month 49,367 57,616 80,742 Total 3,393 3,813 3,043 New orders 75,431 93,427 35,240 Revenue freight loaded, classified according Miscellaneous Manufactures. to geographical divisions: Eastern 812 910 754 Wood pulp (short tons): Allegheny 731 820 634 Production 279,457 314,834 243,310 Pocahontas 134 143 141 Consumption 235,934 257,859 202,449 Southern 546 591 47C Shipments 51,389 53,518 38 265 Northwestern 429 500 367 Stocks, end of month 108 872 116,738 178,709 Central western 531 573 475 Paper (short tons): Southwestern 210 278 202 Newsprint- Production 114,611 127,452 97,786 Total 3,393 3,813 3,043 Shipments 114,415 123,656 96,521 Freight-car surplus (number): Stocks, end of month. 23,200 23,004 27,815 Total 23,101 26,588 271,263 Book P S r t p o o a c d p k u e s c r , t — e io n n d of month. 8 3 9 8 , , 2 0 6 4 5 3 97,318 i j 39,334 Frei B C gh o o t a x - l car shortage (number): 5 6 , , 6 2 9 6 2 3 6 7 , , 9 2 7 0 6 8 1 1 0 0 8 9 , , 8 5 4 9 5 3 W Pa r p a e P P S p P r t r r p r o o o o b i c d d n d o k u g u u s a c c c , p r t t t e i i a i d i o o n p - n n d e r— of month. 1 6 9 7 2 8 7 , , , 9 0 8 0 3 1 1 1 3 2 3 5 8 0 7 8 2 9 , , , , 4 8 7 4 0 7 3 8 3 3 4 2 ! ! 1 6 5 2 3 , , 0 7 3 0 5 4 B V a e d ss - B C T e o o o o l r s a x t d a l e c l r l e c a a r r e s d , t i o n t a f l oreign trade (tons, 000 2 7 2 3 1 5 8 9 5 , , , , 2 4 1 5 2 3 3 5 8 2 8 2 2 7 3 2 0 8 3 6 9 , , , , 4 1 8 4 7 6 1 7 7 3 5 1 331,0 4 5 1 5 6 5 4 2 5 0 Stocks, end of month ; 48,421 48,123 j 59,251 omitted): Fine P S p t r o o a c d p k e u s r c , — t e io n n d of month < j 3 3 2 9 , , 3 7 7 7 7 2 3 3 4 8 , , 9 8 0 2 6 2 | 2 3 6 5 , , 6 8 6 0 3 4 A Fo m re e i r g ic n an 2 1. , . 5 W 26 7 2 1 , ,8 6 7 7 3 8 2 1 , ,8 1 5 6 6 9 Rubber (pounds, 000 omitted): i Total 4,113 4,551 4,02.r Consumption by tire manufacturers. 34,235 34,186 IS, 447 Pneumatic tires (000 omitted): Percentage of American to total 38.6 41.2 46.1 Production 3,218 3,127 2,084 Panama Canal traffic (tons, 000 omitted): i Inne S P S r t r h o t o i u c d p b k u m e s c s e t n i ( o 0 t n s 0 , 0 d o o m m i e t s t t e i d c ): ,... 2 5 4, , , 0 2 5 3 4 8 9 4 9 4 3 2 , , , 9 6 9 5 9 9 2 6 4 ' 2 4 1 , , ,5 5 6 6 9 9 2 7 1 A B To r m i t t a e i l r s i h c c a a v r n e g s o v s e e tr s l a s s f e f l i s c 1,5 7 4 9 7 0 5 2 7 1,5 8 4 3 8 4 5 1 3 3 8 2 6 0 7 0 7 7 Shipments, domestic 3,002 3,749 1,703 Stocks... 6,772 5,838 6,142 » Figures for January, 1923, December, 1922, January, 1922, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL KESERVE BULLETIN. 509 BUILDING STATISTICS. BUILDING PERMITS ISSUED IN 168 SELECTED CITIES. [Collected by the 12 Federal Reserve Banks.] NUMBER OF PERMITS ISSUED. I District District District District District District District District District! District District District Total No. 1 (14 No. 2 (22No. 3 (14No. 4 (12No. 5 (15No. 6 (15No. 7 (19 No. 8 (5 No. 9 (9 No. 10(14 No. 11 (9 No. 12(20 (168 cities). cities). cities). cities). cities). cities). cities). cities) cniittiiMesV). rcaittiiKess)V. I cniittiireasY). cities). cities). 1922. February 1,120 4,633 2,081 2,699 2,305 ! 2,566 4,656 1,434 517 1,755 2,114 33,480 J A N D S O u e e o u c l p c t y v g o t e e u e b m m s m e t b r b b e e e r r r 2 2 2 2 2 1 , , , , , , 7 2 5 8 9 3 8 3 9 7 1 0 5 4 7 3 1 1 7 9 7 7 8 9 , , , , , , 7 4 0 8 4 6 6 5 2 2 2 7 1 6 2 8 2 4 3 3 3 3 2 1 , , , , , ,6 0 8 0 1 5 3 4 6 2 6 0 9 4 0 9 9 4 4 4 5 5 4 2 , , , , , , 7 6 1 0 6 0 8 6 5 8 6 9 9 6 0 0 4 3 3 4 3 3 3 2 , , , , , , , 9 7 4 0 9 4 3 5 3 9 1 5 0 6 3 7 8 8 • j : ! 3 3 3 3 2 2 , , , , , , 1 1 0 3 0 9 1 3 1 3 7 7 4 0 0 5 0 8 1 1 1 1 9 6 1 0 1 0 , , , , , , 4 6 1 5 9 3 3 2 1 5 8 8 7 0 2 3 8 5 2 2 2 2 2 1 , , , , , , 3 4 3 6 0 2 5 5 9 7 4 9 3 4 2 3 8 1 2 2 2 1 1 , , , , , 9 2 4 0 1 6 3 3 4 2 2 9 7 2 4 9 5 8 2 2 2 2 2 1 , , , , , , 4 9 6 6 6 7 0 6 0 2 6 7 1 7 6 9 9 8 2 2 2 ? 2 1 , , , , , . 5 5 2 2 1 « 1 3 2 3 8 ? 0 4 3 8 4 i ! ! 1 7 0 3 5 5 5 6 5 7 8 3 7 2 2 , , , , , , 6 7 9 4 2 6 0 2 1 5 3 8 4 2 9 3 0 5 1923. January. 905 6,243 1.486 2.,9 46 2,787 2.975 6,310 1,985 I 722 | 2,276 2,554 10.313 41,502 February. 838 6,880 1,573 2,901 } 2,585 2,516 5,729 1,742 j 612 | 1,913 2,199; 9,656 39,154 VALUE OF PERMITS ISSUED (000 OMITTED). 1922. February $9,247 $53,100 $8,275 $8,450 $7,564 !$4,976 $20,431 $4,150 $1,570 $4,346 $4,420 $18,918 $145,447 July 9,175 47,144 15,899 26,559 15,515 ! 7,516 38,151 5,699 7,663 8,041 5,861 22,391 209,613 August 16,634 49,211 15,353 22,037 11,605 7,985 40,453 5,816 8,285 9,793 5,010 29,424 221,606 September 8,656 56,670 15,869 25,077 12,970 I 6,326 31,550 5,384 4,761 8,352 4,980 23,968 204,564 October 9,159 66,063 13,806 14,907 11,292 [ 8,049 34,088 6,353 4,717 8,989 4,765 29,338 211,527 November 8,388 66,684 15,357 14,713 9,519 ! 5,125 41,425 5,812 5,273 8,278 3,860 26,200 210,634 December 7,252 80,400 10,640 13,050 14,4S6 i 5,156 53,134 10,115 3,686 6,923 9,570 22,035 236,446 1923. January. 5,661 73,574 9,767 16.458 1 11,083 7.265 31,022 7,936 3.739 6,903 6,248 26,164 205,820 February. 4,003 88,207 9,877 14,165 ! 13,085 7,811 40,490 6,528 2,455 7,028 6,121 28,830 228,601 VALUE OF BUILDING CONTRACTS AWARDED BY FEDERAL RESERVE DISTRICTS. (F. W. Dodge Co.) VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS (000 OMITTED). D N i o s . t ri 1 c . t D N i o s . t ri 2 c . t D N i o s . t ri 3 c . t D N i o s . t ri 4 c . t D N i o s . t ri 5 c . t D N i o s . t ri 6 c . t D N i o s . t ri 7 c . t D N i o s . t ri 8 c . t D N i o s . tr 9 ic .i t D N i o s . t r 1 i 0 c .« t Total. 1922. March $26,212 $90,089 $24,558 $29,661 $24,116 $58,082 ! $11,933 $264,651 August 26,780 80,811 43,819 50,812 20,984 56,954 ! 8,250 288,410 September ; 29,245 64,299 24,948 34,635 22,997 62,220 i 5,868 244,262 October 25,305 65,061 20,440 35,165 19,685 52,048 ! 4,523 222,226 November 25,298 77,700 16,929 29,337 19,848 45,429 I 4,810 219,351 December. 19,740 58,685 18,706 28,042 15,677 45,128 I 5,285 191,263 1923. January \ 21,806 I 65,233 16,770 ; 25,691 I 17,633 $22,051 i 48,137 : $17,864 4,524 $7,845 »242,554 February j 13,759 i 58,614 18,780 38,546 ; 20,219 34,775 46,764 : 21,193 12,199 12,531 •277,380 March 25,079 98,412 31,265 ; 52,793 : 30,147 25,538 59,868 17,961 15,259 11,277 '367,599 VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS (000 OMITTED). 1922. March $11,897 $51,117 $9,553 ! $10,641 $9,796 j ! $17,225 $2,348 $112, 577 August... 11,945 29,092 8,829 ! 13,409 6,320 I I 18,833 2,536 90, 964 September 11,510 34,537 8,142 12,737 8,596 ! 15,012 2,454 92, 986 N D O o e c c v to e e m b m e b b r e e . r . r . I 1 1 i» 3 3 , , , 9 5 m 6 5 . 3 3 3 5 4 3 1 2 , , , 8 2 9 9 3 8 2 8 1 I 1 7 1 , , , 3 5 9 2 7 6 1 1 1 3 1 7 , , , 7 8 4 0 3 0 9 0 5 I I i 7 7 5 , , , 9 4 0 9 1 0 8 6 3 j ! ! I ] | 2 2 1 2 0 7 , , , 2 3 9 9 0 4 1 8 9 2 2 2 , , , 8 2 0 4 2 4 7 8 6 1 1 1 1 1 0 7 1 0 , , ,5 2 5 2 7 1 8 8 5 1923. January... 14,469 47,702 5,722 11,803 ! 7,815 $10,223 14,567 $5, 884 2,072 $2,120 '122, 376 February. 4,587 10,849 9,128 ! 13.751 ! 7,930 | 10,085 18,315 6,476 8,703 3,288 >90, 462 March 11,044 65,912 13,336 I 23,338 | 9,146 ! 8,993 , 27,065 8.676 4,493 3,295 3 175,298 1 Montana not included. ! Colorado, Wyoming, and Arizona not included. ' Figures for Districts 6, 8, and 10, not available for previous months, included in total. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FEDEBAL EESEEVE BULLETIN. APRIL,, 1923. WHOLESALE AND RETAIL TRADE. in this issue indicate that the dollar value of department store sales are relatively higher Wholesale and retail trade during February at present in the eastern industrial districts were maintained at about the same level as in than in the agricultural districts of the South January, if allowance is made for the fewer and West. The San Francisco district, hownumber of business days. An index of whole- ever, had the highest level of sales in Februsale trade, which has been constructed in order ary. Department store stocks increased on to show the trend of wholesale business during the average 9.5 per cent during February, and the last four years, is described in detail on page at the end of the month were larger in all 439. According to the index, sales in February reporting districts than their average size were 2.6 per cent less than in January, but were in 1919. The reasons for the increase, in 20 per cent larger than in February, 1922. The stocks in February were the customary purtables which follow show that sales were chases of goods after the annual taking of slightly smaller than in January for all lines inventories in January and preparations for except shoes, whereas in all lines and all dis- an early spring trade on account of the early tricts they were substantially larger than a date of Easter. year ago. Mail-order houses and chain stores did an The department store figures of sales and unusually large business in February, constocks have been revised this month in order sidering the shortness of the month. Mailto add a group of stores from the Chicago dis-order sales were 5.4 per cent less than in the trict and to increase the number of stores in longer month of January, but were larger than many other districts. Continuous indexes of in any of the first nine months of 1922. The department store sales and stocks are now trend of sales of shoe chains and 5 and 10 available for representative groups of stores cent chains are shown in the accompanying in 9 of the 12 Federal reserve districts by chart from 1919 to 1923. The difference in months since January, 1919. The sales fig- seasonal movement between these two lines ures which are published for the entire period of business is very striking. Shoe chains have AVERAGE MONTHLY VALUE OF SALES OF SHOE CHAINS AND FIVE AND TEN CENT CHAINS ( AVERAGE MONTH. 1919 = 100 ) CENT CENT 280 280 SHOE CHAINS (5) FIVE AKD TEN CENT CHAINS (4) 260 J 260 2<tO 240 ? 220 1 220 1 1 200 200 i £ 160 180 • i .• i 160 ~T ,M 1 160 A J 1W> 140 r\\ / k / 120 r' I k V if >v-*. 1 r 120 100 V 1/ VI 100 / '% V V! \ 80 /I 80 Y 60 60 40 40 20 20 Q 0 J. F. HA. HJ. J. A.S. 0. N. 0. J. F. M. A.M.J. J. A. S. ON. 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 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL EESEBVE BULLETIN. 511 two seasons of heavy sales each year—one in about one-half again as large as the average the spring and one in the fall—whereas the monthly sales. In the month of February, 5 and 10 cent stores have only one heavy 1923, 5 and 10 cent stores were the only group buying peak in the month of December, which of reporting retail stores to show an actual is, however, relatively much larger than either increase in sales over January. Shoe stores, of the two peaks in the shoe business. De- on the other hand, showed the sharpest december sales of 5 and 10 cent stores are about crease of any retail line and were smaller in twice as large as sales in an average month, dollar amounts than in any month in the last whereas the peak sales of shoe stores are only four years. CONDITION OF WHOLESALE TRADE. PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN FEBRUARY, 1923, AS COMPARED WITH THE PRECEDING MONTH, JANUARY, 1923. Auto Farm Groceries. Dry goods. Hardware. Shoes. Furniture. Drugs. supplies. Stationery. implements. District. c P en er t. b f N i e r u m r m o s - . f c P e e n r t. f N b i e r u m r m o s - . f c P e e n r t. I b N f e u i r r m m o - f s.c P e e nt r . f N b i e r u m r m s o . - f f N e u r m n - s i ' !- p *• f N b i e r u m r m s o . - f c P e e n r t. f N b i e r u m r m o s - . f Per Num- c P e e n r t. N f b i e r u m r m o s - . f .... N N N o o o . . . 2 4 3 . . . . . . - - - 1 1 4 2 . . . 9 8 0 I 4 6 3 4 6 2 I | - 1 3 2 3 . . . 4 0 0 . ! i 2 1 81 4 - - 1 6 5 1 . . 7 0 .1 3 1 1 5 1 2 3.9 1 13 0 i - - - 7 7 2 . . 9 4 2 -6.8 No. 5.. -4.3 42 -9.0 i 15 15.6 16 20.2 -12.9 -17.7 No. 6.. -9.9 43 -4.9 i 27 -16.1 26 17.3 -3.2 21 -19.5 -17.8 4 24.7 No. 7.. 5.5 37 -10.9 i 14 -6.5 20 2.0 -5.1 -21.2 No. 8.. -2.3 20 -12.8 ! 6 -20.5 7 -22.1 -9.4 No.9.. 2.4 55 -5.1 5 -14.1 14 -7.3 No. 10. 26.6 5 -1.8 : 3 -5.8 10 2.7 No. 11. .4 13 -12.5 10 -3.4 11 -4.6 ....i ! 1-35.5 4 No. 12. 1.8 29 -11.1 15 -2.2 20 3.2 16 10 ! -5.4 21 1-10.9 | 27 5.6 21 PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN FEBRUARY, 1923, AS COMPARED WITH FEBRUARY, 1922. No. 2.... . 16.8 42 18.2 8 33.5 11 14.0 10 13.9 6 8.1 6 No 3.... . 17.1 64 24.6 21 28.1 35 36.7 13 9.9 No.4 . 12.4 36 32.1 14 51.1 12 17.2 11 No. 5.... . 11.8 42 53.1 15 46.5 16 20.4 21 63.5 8 13.9 14 No.6.... . 15.0 43 46.0 27 34.0 26 22.2 13 52.4 21 22.2 7 5.8 4 38.4 7 No.7.... . 19.4 37 21.4 14 51.3 20 2.2 12 18.0 12 ; 52.7 8 No. 8.... . 8.7 20 35.8 6 42.2 7 10.5 10 8.1 4 1 No.9.... . 22.8 55 18.0 14 —5.9 No. 10... . 38.6 5 16.5 3 22.0 10 16.4 4 17.9 3 No. 11... .1 15.7 13 18.8 10 30.7 11 29.3 2 6.7 8 i . 70.0 4 No. 12... . 28.5 29| 25.7 15 40.1 20 25.7 13 49.3 16 7.4 10 29.0 21 22.2 27 40.8 21 1 RETAIL TRADE BY REPORTING LINES. [Average monthly sales, 1919—100.] Chain stores. Mail-order Five and stores). houses). (2 G 1 r c o h c a e i r n y s). c t h e a n i n ( s 4 ). c D h r a u i g n s ( ) 8 . Ciga n rr( s 3 ). c S h h a o i e n s ( ) 5 . M ch u a s i i n c s ( ) 4 . 1922. January 89.9 65.3 137.5 94.6 i 117.4 111.0 79.9 71.8 February , 79.9 59.4 130.3 100.8 114.8 109.3 80.6 75.0 March 101.2 83.5 149.2 118.4 123.4 124.3 103.8 80.6 April 112.5 77.1 139.2 134.9 120.5 124.5 156.1 78.9 May 115.6 69.9 137.9 129.6 123.2 128.8 126.9 80.9 June 107.8 j 68.8 136.7 127.0 ' 123.8 123.4 121.7 81.3 July 80.4 I 58.4 135.1 126.3 126.2 127.3 101.2 83.0 August 87.4 ! 57.2 139.1 130.4 128.2 126.9 86.7 99.1 September 107.8 75.1 141.0 136.1 . 128.7 135.4 117.7 118.2 October 129.9 108.7 148.6 156.6 i 133.1 127.1 121.1 118.8 November 130.0 110.4 162.4 152.3 ! 122.4 126.9 121.9 120.7 December 185.7 107.8 165.5 279.2 161.0 178.7 164.7 203.7 1923. January 99.6 88.7 165.1 115.9 128.7 115.6 85.5 95.0 February 89.7 83.9 158.8 117.4 125.3 109.7 70.8 87.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FEDEBAL RESERVE BULLETIN. Ai'tilL, 1923. DEPARTMENT STORE SALES BY FEDERAL RESERVE DISTRICTS. [Average month, 1919=100.] (2 D B N 4 i o o s s . s t t o t r 1 o r i — c e n t s). ( N 6 D N 4 ew i o s s t . t o Y r 2 r i — o c e t r s k ). (1 P D N 8 h p i i o s s l h t . a t o i r d a 3 r i e e c - t l s - ). ( R 1 D N i 9 c i o s h s . t t m o r 5 r i o — c e n t s d ). (3 A D N 5 t i o s s l . t a t o r 6 n r i — t c e a t s). (7 C D N 0 h i o s s i t . c t o r a 7 r i g — c e o t s). (2 D N M 5 a i p o s s i t . n o t o r n 9 l i r i — e c s e - t s). (1 N D 6 D o i s s a . t t l o 1 r l 1 a r i — c e s t s). No S . a 1 n 2— In U S d n t e a i x t t e e f s d or 1919. January 78.2 77.0 •• •89.4 75.0 82.0 87.1 91.1 S6.0 73.1 SI. 3 February 67.5 67.8 : 72.1 68.3 71.2 82.1 76.0 I 77.4 66.2 72.2 March 85.8 82.8 i 105.6 95.5 ' 92.3 105.8 100.8 j 108.0 84.9 94.2 April 100.4 100.9 102.3 109.0 ! 100.8 104.5 106.3 ! 98.4 92.0 101.6 May 102.4 98.2 109.0 100.2 i 98.0 106.7 102.3 ; 101.8 93.7 101.3 June 9S.1 95.0 96.5 97.4 91.1 99.5 103.5 i 97.4 89.6 96.2 July 75.1 73.2 j 82.2 : 76.2 j 84.7 76.4 82.5 ; 75.8 87.6 78.2 August 77.9 69.6 I 81.8 ; 69.9 : 75.9 81.3 89.3 : 76.9 99.5 79.1 September 94.7 95.0 j 89.0 I 94.2 I 95.1 94.6 97.1 98.6 102.0 95.4 October 121.2 ] 130.0 ! 112.7 114.5 ' 110.0 106.0 106.0 j 114.8 120.3 116.6 November 119.7 127.5 I 117.1 i 120.4 | 118.9 107.0 103.3 ; 115.6 108.8 116.4 December 179.0 ! 183.0 j 142.3 j 179.4 I 180.0 149.0 141.8 149.3 182.3 167.4 1920. i i January 107.4 '• 110.9 j 106.1 ! 100.2 106.1 104.2 103.3 110.0 105. .1 February 81.0 i 87.0 85.7 78.0 88.8 100.0 82.2 93.0 88.5 88.5 March 119.0 ! 122.5 125.5 117.5 117.6 128.8 111.9 129.8 116.5 122.0 A M J A S J O u u e p u c a n l p t r g y y e o t i u e l b s m e t r ber 1 1 1 1 1 8 8 2 2 2 2 0 6 8 3 2 0 5 8 . . . . . . . 4 5 9 8 5 5 5 • i j j ! | I 1 1 1 1 1 7 8 2 2 3 1 0 8 8 8 1 5 7 2 . . . . . . . 6 5 2 7 3 1 1 1 1 1 1 1 9 9 0 2 2 1 3 7 7 5 1 9 4 3 . . . . . . . 6 2 7 3 3 5 8 1 1 1 1 1 8 8 1 1 0 1 2 8 4 8 1 1 0 8 . . . . . . . 1 5 2 2 3 0 7 I I i i j 1 1 1 1 1 9 9 1 2 3 0 2 4 6 3 4 7 7 8 . . . . . . . 6 8 3 4 6 1 4 1 1 1 1 1 9 9 2 2 1 2 2 3 8 1 9 5 9 7 . . . . . . . 0 9 2 9 1 2 1 1 1 1 1 1 9 9 1 1 2 1 1 9 8 7 4 0 4 2 . . . . . . . 3 9 0 0 6 4 5 1 1 1 1 1 9 9 1 2 1 1 3 2 1 8 2 7 8 7 . . . . . . . 4 1 4 2 0 1 9 1 1 1 1 1 1 1 1 2 2 0 1 2 1 5 0 4 5 7 1 3 . . . . . . . 9 5 3 7 1 5 8 1 1 1 1 1 1 9 9 0 1 2 3 1 3 3 3 9 9 4 9 0 4 . . . . . . . . 5 1 1 0 9 4 8 2 November 134.1 142.7 139.0 136.1 136.3 130.4 121.5 138.8 120.8 181.3 December 177.7 185.0 169.0 188.2 185.3 181.7 163.7 179.4 188.0 1921. January 108.8 j 106.7 108.9 92.1 91.1 92.3 97.6 92.5 107.2 : 100.4 February 86.3 88.6 88.2 84.1 87.8 87.0 81.9 88.4 95.3 87.9 March..'. 121.2 118.8 125.9 118.2 113.1 112.1 107.9 110.2 116.3 116.4 April 117.8 116.3 124.8 107.6 100.9 110.4 114.0 95.8 109.3 111.9 May 118.2 113.6 121.2 107.0 105.8 112.8 106.8 102.9 115.9 112.5 June 121.6 113.4 113.0 111.8 94.6 105.3 111.2 94.6 107.2 109.0 J A u u ly gust 7 8 7 2 . . 7 7 7 7 7 4 . . 8 3 9 9 0 2 . . 0 8 7 7 6 5 . . 8 9 7 7 3 4 . . 9 9 8 8 0 5 . . 9 8 8 93 4 . . 8 5 6 6 9 9 . . 4 4 1 9 1 5 8 . . 5 4 : 8 8 0 4 . . 8 7 September 97.6 91.9 90.5 84.0 83.2 89.9 100.4 90.5 109.4 : 96.1 October 128.1 138.7 138.9 119.8 120.3 112.3 110.8 113.0 124.6 i 124.7 November 124.4 131.0 136.4 117.3 109.5 113.2 107.7 103. 2 115.6 119.7 December 188.3 189.1 171.0 177.5 155.0 158.0 145.7 159.8 184.1 172.8 1922. January 100.3 98.4 96.6 75.6 74.1 85.6 85.0 73.9 100.3 89.9 M A A F M J J S N D O u u e e u p e o c a a n l p b c t g r y v y r e o t i r c e u e l e u b h m m s m e a t b r r b b y e e e r r r 1 1 1 1 1 1 1 1 8 8 8 3 1 9 3 0 2 2 2 3 1 7 4 4 7 4 9 1 5 2 . . . . . . . . . . . 9 7 5 9 2 3 8 5 9 1 8 1 1 1 1 1 1 1 1 8 7 7 4 1 0 4 1 0 9 1 4 8 1 7 9 4 9 7 6 8 4 . . . . . . . . . . . f 8 2 8 0 8 7 7 3 5 5 i 1 1 1 1 1 1 1 1 8 8 9 1 8 4 2 0 3 4 0 f 7 5 4 1 3 6 7 2 « 8 i . . . . . . . . . . . 8 9 8 8 4 2 1 8 7 8 8 1 1 1 1 1 1 7 9 7 9 7 0 8 1 0 0 2 2 3 2 0 1 3 4 9 5 3 2 . . . . . . . . . . . 0 9 9 8 0 3 7 1 8 0 3 1 1 1 7 8 9 9 8 6 7 8 6 1 1 7 3 5 8 6 3 6 9 1 3 3 . . . . . . . . . . . 6 3 2 3 4 9 3 8 8 8 1 1 1 1 1 1 1 1 7 9 9 8 1 2 1 3 1 1 8 7 4 2 3 4 2 1 0 4 6 0 . . . . . . . . . . . 3 3 0 1 4 1 3 9 9 5 3 1 1 1 1 1 1 1 7 9 9 8 1 0 0 0 0 6 0 1 1 3 3 9 1 3 4 5 0 7 . . . . . . . . . . . 5 6 1 9 9 9 7 0 6 5 2 1 1 1 9 7 9 8 8 6 9 6 0 0 4 0 1 6 4 5 5 8 6 3 3 8 . . . . . . . . . . . 9 7 4 0 7 7 8 9 2 7 8 1 1 1 1 1 1 1 1 2 8 9 1 2 0 1 3 1 3 0 3 4 8 0 2 8 3 7 1 5 4 2 . . . . . . . . . . 5 . 4 1 6 8 0 9 8 4 0 0 ; ; i ! ! : I 1 1 1 1 1 1 1 1 7 8 8 0 1 0 3 2 0 1 8 9 0 7 1 5 6 0 9 7 2 5 . . . . . . . . . . . 9 4 4 6 2 0 0 9 8 5 7 1923. 1 I January 106.3 107.7 106.1 83.9 83.0 98.5 92.1 79.2 114.2 99.1 February 93.4 91.3 98.0 79.6 78.2 92.5 77.1 74.8 101.9 89.7 TREND OF DEPARTMENT STORE STOCKS. [Average monthly stocks, 1919=100.] '• ( 2 D N B 4 i o o s s t . s t o t r 1 o r i — c e n t s ).; i i i ( N 6 D e N 4 w i o s s t . t o Y r 2 r i — o e ct r s k ). (1 P D N 3 h p i i o s s l h . t a t o i r 3 d a i r — e c e t l s - ). ( R 1 D i N 9 c i o s h s t . m t o r 5 i r o — c e n t s d ) .: i ; (2 A D 2 N i t o s s l t a . t o r n 6 i r — t c e a t s ). ! i (5 C D 9 N h i s o s i t c . t o r a 7 i r g — c e o t s). (1 D N M 6 a i p o s s i . n t o t o r 9 n l i r i — e c s e - t s). (1 N D 9 D o i s a . s t t l o 1 r l 1 a r ic — e s s t ). ( F 2 N D 9 ra o i S s s n . t a t c 1 o r n i 2 i r s c — e c t s o ). ( I 2 n 6 U S d 5 n t e a s i x t t t e o e f s d r o e r s). 1922. January 99.1 105.1 95.9 90.8 ; 101.7 106.9 88.5 98.8 106.2 101.4 February 103.6 108.5 104.7 102.4 ' 110.6 117.7 95.6 107.3 111.7 108.7 March 110.7 120.7 116.3 111.7 ! 117.3 127.0 103.3 115.5 120.9 118.2 April 112.2 121.6 113.9 110.6 116.4 ' 124.6 98.7 113.8 122.2 117.5 May 110.9 116.5 110.1 107.0 111.7 ! 122.8 102.5 110.1 114.4 114.0 June 106.2 110.4 109.8 103.7 104.9 115.7 99.2 100.4 107.0 108.3 July 103.7 104.5 105.6 99.8 • 103.2 I 113.6 97.8 99.6 108.1 105.5 August 105.0 109.1 i 111.9 105.0 i 109.3 ! 125.0 102.0 111.0 112.1 111.8 September... 116.9 120.2 ! 121.6 119.5 118.5 128.9 107.7 117.7 118.0 120.4 October 125.1 124.5; 127.5 130.3 121.3 134.8 112.6 119.6 120.0 125.6 November 130.0 131.4 i 126.7 i 126.0 • 123.1 ' 13fi.8 115.5 118.9 124.2 12R.3 December 110.5 110.4 ! 105.9 | 103.2 101.2 115.2 97.2 94.1 107.6 107.4 1923. l January 104.0 106.6 ! 102.2 i 99.6 105.2 111.7 j 100.0 96.0 107.5 105.3 February 115.7 113.0 116.5 ! 113.0 111.8 124.6 107.2 104.8 119.7 115.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL BESEBVE BULLETIN. 513 BANKING AND FINANCIAL STATISTICS. DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS. VOLUME OF OPERATIONS DURING FEBRUARY, 1923. United States securities Total. Federal reserve bank. co B m b u i e l n a l m n t s e k b d d s e i s . f r o - r ; ' Bi m i l n ls a o r b k p o e e u n t g . ht Bonds a p n u d rc h I I a s C e e d r . t ificates ot j i M „ p w u u a r n r c r i . h c a . i a n p s t a s e , l d, Feb 19 r 2 u 3 a . ry, Feb 19 r 2 u 2 a . ry, notes. ^indebtedness.! Boston $391,594,946 $2 '5,061,592 $2,915,370 $1598,330 $421,270,238 $325,952,234 New York 2,393,408,807 50,179,142 43,319,000 21,037,500 2,512,944,449 1,026,458,540 Philadelphia 227,102,417 16,248,251 45.100 39,000 243,434,768 254,007,729 Cleveland 113,961,657 22,720,273 102,900 11,226,000 148,010,730 192,205,506 Richmond 144,805,411 144,805,411 159,622,316 Atlanta 23,830,401 6,915,870 1,954,700 6,500,000 39,200,971 62,889,805 Chicago 162,007,187 26,354,364 10,808,200 9,284,000 208,453,751 195,691,652 St. Louis 64,382,181 5, 520,748 628,100 2,662,000 73,193,029 65,610,430 Minneapolis 9,668,616 5,258,653 2,989,550 135,000 18,051,819 20,711,710 Kansas City 26,493,827 6,716,800 920,000 34,130,627 48,224,888 Dallas 12,980,449 "'4,'o79'i56' 5,000,000 22,559,605 23,660,883 Han Francisco 150,310,787 22,625,729 4," 200 172,940,716 149,721,389 Total: February, 1923 3,720,546,586 |186,463,778 74,483,920 57,501,830 ! 4,038,996,114 February, 1922 2,080,373,333 139,020,498 170,252,250 135,060,000 $51,000 2,524,757,081 2 months ending— Feb. 28,1923 7,411,805,402 339,218,547 151,824,230 1,772,447,030 : 9,675,295,209 Feb. 28, 1922 4,425,738,235 242,930,994 232,409,750 276,160,500 ; 111,029 '5,'i77,"356,"508 VOLUME OF BILLS DISCOUNTED DURING FEBRUARY, 1923, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Member banks' collateral Customers' notes. ] Bankers' acceptances. Federal reserve bank. j ! : o G c p b o u a l v i r p g e e e a d r r t n i b s m o e y n - e s n . t G o S b o ec v li u e g r r a e n t d i m o b n en s y . t O s t e h c e u r r w ed is . e I P C * o P m <> m r, e n r . c e i . a s l . A p t g a u r p r ic a e u l r l . - Li p v a e- p s e to r. ck \ Foreign. I Domestic.!.ex D c o h l a l n a g r e. Boston 8990,975 $169,587,600 $220,524,397 $318,648 $60,000 New York 2,277,456,600 115,050,36* 229,637 $265,864 $23,940 Philadelphia.. 197,560 160,793,400 65,916,577 158,654 Cleveland 134,961 89,651,850 $38,000 22,359,743 106,597 44,560 Richmond 264,044 124,710,754 4,251,600 13,356,309 1,854,395 900 Atlanta 158,032 7,767,600 563,850 12,994,428 2,167,551 99,480 Chicago 60,050 119,120,150 154,645 38,987,424 3,620,995 St. Louis 32,141 46,778,700 80,000 15,167,106 1,367,693 62,772 336,408 174,527 $50,000 Minneapolis... 510 2,339,440 5,499,557 734,190 395,976 Kansas City... 148,130 20,917,100 2,852,346 974,749 1,563,759 Dallas ".... 2,450 6,711,000 481,060 2,654,416 1,499,246 1,622,277 San Francisco. 164,890 104,037,488 12,152,457 31,487,715 768,415 583,197 244,130 621,507 40,000 Total: February, 1923. 2,212,578 3,129,871,682 18,420,555 | 546,850,386 13,800,770 4,432,921 846,402 819,974 90,000 January, 1923.. 2,231,345 3,152,212,623 18,940,041 488,894,081 17,609,789 6,372,161 335,761 284,256 50,000 February, 1922. 17,081,217 1,267,616,523 26,411,796 730,839,912 27,567,790 6,909,724 92,410 January, 1922.. 20,310,308 1,658,227,251 34,675,118 574,166,167 38,959,741 12,380,584 872,497 Total reduced to a common Trade acceptances. maturity basis.' Member banks. Total, all Federal reserve bank. classes. Per cent of Number in Accommodated. Foreign. Domestic. Amount total. district Feb. 28. B oston ' $113,326 $391,594,946 $405,453,888 10.9 427 New York ' $173,012 150,551 2,393,408,807 1,295,749,395 ! 34.8 812 Philadelphia ; 36,226 227,102,417 279,592,485 i 7.5 715 Cleveland j 1,625,846 113,961,557 133,718,259 j 3.6 S82 Richmond j 367,409 144,805,411 187,797,614 5.1 635 Atlanta i 79,460 23,830,401 130,243,224 3.5 542 Chicago ! 63,923 162,007,187 612,791,948 16.5 1,441 St. Louis ! 332,834 64,382,181 176,338,080 4.7 616 Minneapolis I 9,668,616 73,661,433 2.0 1,012 Kansas City ' 37,743 26,493,827 97,994,007 2.6 1,152 Dallas 10,000 12,980,449 86,105,699 2.3 861 San Francisco ! 210,988 150,310,787 241,100,554 822 Total: February, 1923. 173,012 3,028,306 3,720,546,586 3,720,546,586 loo.o ! 9,917 2,976 30.0 January, 1923... 110,000 4,218,759 3,691,258,816 9,911 3,294 33.2 February, 1922. 3,853,961 2,080,373,333 9,858 4,847 49.1 January, 1922... 5,773,237 2,345,364,903 9,850 5,350 54.3 i Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (6.70) for system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 FEDERAL RESEBVE BULLETIN. 1923. VOLUME OF BILLS DISCOUNTED DURING FEBRUARY, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Average Federal reserve bank. 4 per cent. 4J per cent. Total. d r a a y t e b ( a 3 s 6 i 5 s - ). m A a v t e u r r a i g ty e . Per cent. Days. Boston $329,306,292 $62,288,654 $391,594,946 4.10 6.93 New York . 1,955,192,164 438,216,643 2,393,408,807 4.09 3.63 Philadelphia... 227,102,417 227,102,417 4.50 8.24 Cleveland 113,961,557 113,961,557 4.50 7.86 Richmond 144,805,411 144,805,411 4.50 8.68 Atlanta 23,830,401 23,830,401 4.50 36.60 Chicago 162,007,187 162,007,187 4.50 25.33 St. Louis 64,382,181 64,382,181 4.50 18.34 Minneapolis 9,668,616 9,668,616 4.50 51.02 Kansas City 26,493, 827 26,493,827 4.50 24.77 Dallas 12,980,449 12,980,449 4.50 44.42 San Francisco.. 150,310,787 150,310,787 4.00 10.74 Total: February, 1923 1 2,434,809,243 1,285,737,343 3,720,546,586 4.28 6.70 January, 1923 1 2,990,063,833 701,194,983 3,691,258,816 4.25 6.08 VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING FEBRUARY, 1923, BY CLASSES. i Total reduced to a Bankers' acceptances. Trade acceptances. I common maturity basis.' Total bills Federal reserve bank. purchased. Foreign. Domestic. ex D ch o a ll n a g r e. Total. Foreign. me D s o t - ic. Total. Amount. c t e o P n t e t a r l o . f Boston $17,431,170 $7,845,422 $785,000 $26,061,592 $26,061,592 $16,378,059 8.8 New York 30,826,449 14,821,452 3,001,874 48,649,775 $1,529,367 $1,529,367 50,179,142 27,618,393 14.8 Philadelphia... 12,924,245 2,884,006 440,000 16,248,251 I 16,248,251 32,052,700 17.2 Cleveland 16,998,963 5,619,156 102,154 22,720,273 ! 22,720,273 30,209,585 16.2 Richmond Atlanta 4,866,637 2,039,233 10,000 6,915,870 6,915,870 7,917,763 4.3 Chicago 18,211,161 7,319,518 823,685 26,354,364 26,354,364 33,797,252 18.1 St. Louis 4,782,636 613,112 125,000 5,520,748 5,520,748 6,979,466 3.8 Minneapolis... 3,934,547 1,289,106 35,000 5,258,653 5,258,653 6,423,317 3.4 Kansas City... Dallas 3,212,035 1,114,062 253,059 4,579,156 4,579,156 5,073,253 2.7 San Francisco. 16,087,657 6,033,203 504,869 22,625,729 •22,625,729 20,013,990 10.7 Total: February, 1923. 129,275,500 49,578,270 6,080,641 184,934,411 1,529,367 1,529,367 186,463,778 186,463,778 100.0 January, 1923.. 104,402,240 43,905,920 3,557,303 151,865,463 889,306 889,306 152,754,769 February, 1922. 96,606,585 36,846,851 5,243,963 138,697,399 323,099 323,099 i 139,020,498 January, 1922.. 68,832,538 29,535,526 5,426,498 103,794,562 71,787 $44,147 115,934 i 103,910,496 1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (43.14) for system. VOLUME OF ACCEPTANCES PURCHASED DURING FEBRUARY, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Federal reserve bank. 31 per cent. 4 per cent. 4J per cent. 4 c i e p n e t r . 4 c | e p n e t. r 4 c $ e n p t e . r 4 c | e p n e t r . Total. A (3 b v 6 a r e 5 a s r - i t a d s e ) g a . y e A tu v m r e i r a t a - y g . e Per cent. Days. Boston. $7,126,536 $16,703,792 $1,983,963 $162,301 $85,000 $26,061,592 4.05 27.11 New York.... 4,123,674 42,801,535 1,499,240 222,422 $1,439,703 $92,568 50,179,142 4.09 23.75 Philadelphia 320,790 15,037,616 889,845 16,248,251 4.07 85.11 Cleveland 4,158,490 14,348,291 3,772,784 380,740 35,620 24,348 22,720,273 4.09 57.36 Richmond.. . .. Atlanta 542,203 3,845,332 16,904 2,511,431 6,915,870 4. it 49.39 5,004,453 16,207,915 5,032,980 si'oits""""25*666" 26,354,364 4.08 55.33 St. Louis 1,173,053 4,347,695 5,520,748 4.04 54.54 Minneapolis 1,317,639 3,609,144 331,870 5,258,653 4.06 52.70 Kansas City Dallas. 1,502,068 2,984,747 66,125 26,216 4,579,156 4.04 47.80 San Francisco 4,938,133 8,803,641 8,728,432 155,523 22,625,729 4.08 38.16 Total: February, 1923 30,207,039 128,689,708 22,322,143 1,031,218 145,620 3,975,482 92,568 186,463,778 4.08 43.14 January, 1923 28,483,593 97,118,521 22,610,160 2,054,100 94,513 2,184,022 •152,754,769 4.09 37.74 1 Includes $209,860 of acceptances purchased at 4j 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

515 APRIL, 1923. FEDERAL RESERVE BULLETIN. HOLDINGS OF EARNING ASSETS, BY CLASSES. AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATE OF EARNINGS DURING FEBRUARY, 1923. Average daily holdings of— Earnings on- Annual rate of earnings on— Fede b ra a l n r k e . serve A of l a l e s c a s l r e a n t s s i s . n e g s Dis b c i o l u ls n . ted I i Pur b c i h ll a s s . ed1: U s S e t n t c i a i e u t t s e e r . i d s - A of l a l e s c a s l e 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 s e - . d U s S e t n t i c a e i u t t s e e r . i s d - of i A e n a l g l rn-co b D u i n l i l s t s - e . d U s S e t n t i c a e i u t t s e e r . i d s assets. Per ct. Boston $99,785,357 $57,621,860 $,1.J3,740,821$281,,422,676 $301,021 $175,888 $42,598 $82,535 3.93 New York 323,911,940 242,469,240 28,507,946 52,934,754 1,000,140 753,413 89,153 157,574 4.02 Philadelphia.. 112,523,159 56,710,730 26,708,140 29,104,289 374,364 195,772 83,542 95,050 4.33 Cleveland 95,442 255 26,965,669 32,013,533 36,463,053 303,347 92,972 100,502 109,8731 4.14 Richmond 42,542,141 40,762,170 439,071 1,340,900 144,544 140,718 1,404 2,422] 4.43 Atlanta 32,279,194 18,593,931 7,325,958 6,359,305 105,321 64,187 23.711 17,423, 4.25 Chicago 148,132,498 57,952,607 15,503,095 74,676,7961 465,922 200,097 47,937 217,8881 4.10 St. Louis 56,627,972 15,793,571 11,964,980 28,869,421i 183,299 54,557 37,149 91,593 4.22 Minneapolis... 32,618,887 18,141,675 3,390,823 11,086,389 110,149 62 629 11,018 36,502: 4.40 Kansas City... 57,712,296 17,650,475 83,214 39,978,607 185,898 60,940 291 124,667 4.20 Dallas 49,476,056 16,302,839 22,120,931 11,052,286 156,479 56,326 68,793 31,360 4.12 San Francisco. 101,809,999 41,789,903 24,849,804 35,170,292 321,676 129,182 79,360 113,134 4.12 Total: Feb., 1923.1,152,861,754 610,754,670 186,648,316 355,458,7681 3,652,160 1,986,681 585,4581,080,021 4.13 3.96 Jan., 1923.11,191,218,079 548,996,091 220,733,187 421,469,246! 4,077,842 1,986,515 754,0811,337,171 4. 3.74 Feb., 1922 J 1,215,221,369 772,415,829 87,400,347 355,209,372; 4,165,669 2,903,831 284,686 976,285 4.47 3.58 Jan., 1922.. 1,304,164,715 968,971,172 98,740,965 236,149,385] 5,114,751 4,106,475 372,758 634,122 4.62 3.16 HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of February figures. In thousands of dollars.] Member banks' Cus- collateral notes. Bankers' acceptances. Trade acceptances. tomers' Com- Federal reserve bank. Total. s G e o c b v u y e re rn d - G Se o c b v u y e r r e n d - O w th is e e r- m n p e a .e r p c . e s i r a . l A p t g a u r p r ic e a u l r. l- p s L a t i o p v c e e k r - . F t o r r a e d i e g . n ; i m D e o s - - Dollar F t o ra re d i e g . n m D e o s - o t b io li n g s a . - o m bl e ig n a t - cu s r e e - d. Im- Ex- tra ti d c e. change. Im- Ex- tr t a i d c e. tions. ports. ports. ports.ports. 48,565 1,378 18,708 27,539 755 49 136 New York 210,222 73 179,143 30,341 253 100 117 26 165 Philadelphia 53,556 342 38,486 14,286 330 114 Cleveland . 23,252 381 16,173 38 5,111 344 346 j 859 43,793 344 18,593 1,350 18,680 4,104 92 630 Atlanta 18 505 129 1 958 109 10 107 5 705 343 ' 154 75,682 136 41,484 85 19,543 14,107 327 21,199 44 13,013 40 5,570 2,225 171 136 16 022 8 481 391 2 056 6,146 6,748 192 17,851 124 4,559 2,479 4,220 6,445 24 Dallas 16,913 14 1,299 198 4,385 5,006 5,971 40 San Francisco 50,200 269 18,900 6,579 17,147 3,191 2,547 353 204 677 90 243 Total: Feb. 28, 1923 595,760 3,242 352,797 8,790 157,244 46,386 22,712 453 321 703 ; 90 4 3,018 Jan. 31,1923 597,251 2,944 374,538 8,409 131,367 53,552 22,445 417 190 70 10 3,309 Feb. 28,1922 712,577 18,459 266,155 14,074 256,335 111,822 39,147 234 6,351 Jan. 31,1922 838,885 22,495 341,091 16,837 281,387 121,702 45,919 249 931 8,274 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

516 FEDEEAL RESERVE BULLETIN. APRIL, 1923. HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of February figures. In thousands of dollars.] All classes Bankers' acceptances. Trade acceptance Federal reserve bank. Pur- co D u i n s- ted Foreigri trade. Do- Dollar Foreign trade. Do- Total. m in a o rk pe et n . m ba e f n m o k r b s e . r Total. p I o m rt - s. p E or x t - s. m tra es d t e ic . ch e a x n - ge. Total. p I o m rt - s. p E or x t - s. m tra es d t e ic . Boston 12,681 12,545 136 12,545 6,079 2,541 3,695 230 136 136 30,882 30,470 412 29,383 13,618 6,701 7,405 1,659 1,499 1,334 165 Philadelphia 28 195 28,083 112 28 083 14,734 6,780 5 842 727 112 112 Cleveland 36 299 35,440 859 35,440 20,742 7,776 6,735 187 859 859 795 165 630 165 165 630 630 Atlanta 8 437 8 283 154 8 283 1 703 3 958 2 612 10 154 154 28,168 27,841 327 27,841 9,611 10,773 6,548 909 327 327 10 175 10,039 136 10,039 3,480 4,145 1,864 550 136 136 Minneapolis 5,151 4,959 192 4,959 2,200 1,435 1,289 35 192 192 99 75 24 75 75 24 24 Dallas 21,443 21,403 40 21,403 9,912 7,981 1,650 1,860 40 40 San Francisco 29,942 28,375 1,567 29,657 15,787 8,085 4,945 840 285 42 243 Total: Feb. 28, 1923 212,267 207,873 97,866 60,175 42,825 7,007 4,394 1,376 3,018 Jan.31,1923 192,562 188,105 145612 36,371 6,122 4,457 1,148 3,309 Feb. 28,1922 100 043 93,590 67,136 22,612 3,842 6,453 99 6,354 Purchased in open market: Feb. 28,1923 207,678 206,306 97,413 59,854 42,122 6,917 1,372 1,372 Jan. 31,1923 188,566 187,428 145 195 36,181 6,052 1,138 1,138 Feb. 28 1922 93 458 93,356 67,136 22,378 3,842 102 99 3 Discounted for member banks:' Feb. 28,1923 4,589 1,567 453 321 703 90 3,022 4 3,018 Jan. 31,1923 3,996 677 417 190 70 3,319 10 3,309 Feb. 28,1922 6,585 234 234 6 351 6,351 HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of February figures. In thousands of dollars.] Member banks. Nonmember Branches banks and Private and agen- Federal reserve bank. Total. National. na N ti o o n n - al. b co a ti r n o p k n o i s r n a . g - banks. e c i i g e n s b o a f n fo k r s - . Boston 12,545 7,989 2,894 207 1,123 332 New York 29,383 12,260 8,827 3,127 3,817 1,352 Philadelphia. 28,083 10,264 8,860 3,467 3,789 1,703 Cleveland 35,440 11,790 11,086 4,502 5,831 2,231 Bichmond 165 90 75 Atlanta 8,283 3,065 3,020 1,598 248 '352 Chicago 27,841 12,881 12,640 2,021 202 97 St. Louis 10,039 4,009 3,379 1,679 225 747 Minneapolis.. 4,959 2,182 1,226 830 231 490 Kansas City.. 75 75 Dallas. 21,403 9,358 5,662 1,975 742 San Francisco. 29,657 9,484 7,022 4,306 5,892 2,953 Total: Feb. 28,1923 207,873 83,357 64,616 25,493 23,408 10,999 Jan. 31,1923 188,105 70,180 57,767 23,392 24,254 12,512 Feb. 28,1922 93,590 41,932 28,217 8,470 7,371 j 7,600 Purchased in open market: Feb. 28,1923 206,306 82,586 64,107 25,438 23,307 10,868 Jan. 31,1923 187,428 69,826 57,605 23,392 24,189 i 12,416 Feb. 28,1922 93,356. 41,826 28,089 8,470 7,371 7,600 Discounted for member banks: Feb. 28,1923 1,567 771 509 101 ! 131 Jan. 31,1923 677 354 162 65 i 96 Feb. 28, 1922 234 106 128 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDEKAL TtESERVE BULLETIN. 517 CONDITION OF FEDERAL RESERVE BANKS. CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR MARCH AND FEBRUARY, 1923. [Daily averages. Amounts in thousands of dollars.] Federal reserve notes Total cash reserves. Total deposits. in circulation. Reserve percentages. Federal reserve bank. March. February. March. [ February. March. February. March. February. Boston 250,914 236.864 128,373 130,587 202,812 198,974 75.8 71.9 New York.. 1,078,621 1,022,159 723,709 738,236 572,488 562,725 83.2 78.6 P~ hiladelohia 226,353 225,3X0 116,774 114,731 202,805 202,729 70.8 71.0 Cleveland... 306,187 314,660 162,432 159,328 231,382 232,318 77.7 80.3 Richmond... 107,058 115,126 65,742 63, 559 85,761 89,534 70.7 75.2 Atlanta 142,876 149,340 60,745 59,620 124,283 120,912 77.2 82.7 Chicago 514,481 536,204 2S5,055 2^2,294 394,196 387,691 75.7 80.0 81. Louis ! 109; 981 117,298 75,863 77,130 86,367 87,213 67.8 71.4 Minneapolis ! 79, SH'i 82,571 52,210 52,907 56,220 56,056 73.7 75.8 Kansas City , 94. OSS 104,970 88,063 88,917 64,206 66,159 62.4 67.7 Dallas ] 40^950 44,018 55,599 56,052 30,291 31,921 47.7 50.0 San Francisco ! 238,333 260,092 145,975 146,396 202,384 208,501 68.4 73.3 Total: 1923 i 3,190.625 3,208 6<2 1,960,540 1,969,757 2,253,195 2,244,733 75.7 76.1 1922 ; 3,095J 762 3,070,045 1,794,895 1,814,446 2,195,131 2,176,529 77.6 76.9 1921 : 2,403,470 2,343,537 1,808,529 1,804,476 2,979,486 3,068,578 50.2 149.6 1920 i 2,058,293 2,053,422 2,032,787 2,002,503 3,040,440 2,946,863 142.7 143.3 1919 2,202,368 2,183,641 1,951,752 1,855,124 2,503,350 2,462,941 1 51.6 1 52.5 1 Calculated on basis of net daprtsits and Federal reserve notes in circulation. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, FEBRUARY 28 TO MARCH 21, 1923. RESOURCES. [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 - . Atlanta. Clucago M ap i o n l n i e s. - K C a i n t s y a . s Dallas. F S r a a n ncisco. Gold and gold certificates: Feb.28 302,611 17,357 139,573 21,378 12,229! 0,697 5, 52,646 5,376 7,785 2,966 11,147 19,794 Mar.7 311,550 19,900 144,503 22,103 12,570: 6,910i 5,678 52,679! 5,440 7,799 2,981 11,091 19,896 Mar. 14 313,211 17,438 147,668 22,330 12,860 7,105! 5,717 52, 9501 5,560 7,795; 3,007 11,104 19,677 Mar. 21 323, 572 17, 516 159,320 22, 570 13,159 7,291 5,829 53,228, 3,097! 7,803 3,032 11,076 19,651 Cold settlement fund—F. R. Board: Feb.28.. 604, 008 40,! 257,603 30,733 91,180! 27,105 17,686 36,156i 9,71 23,217 29,461 h.,531 29,642 Mar.7 645,285; 38,119 261, 8O0I 35,969 76,580 26,6551 14,961 70,014! 6,427| 28,629 32,676 11,976 41,474 Mar. 14.. 638,208 31,001 286,334 29,668 71,383] 25,8461 19,909, 57,505 8,108 24,588 30,961 10,618 42,287 Mar.21 648,226 47,843 292,778! 26,130 59,S48! 15,976 20,295 77,147 6,509 22,438 33,413 9,404 36,445 Gold with F. R. agents: Feb. 28 2,108,767 163,443 624,7451 161,193 206,334 64,085 109,7841 391,889 80,133 46,799 58,772 14,366 187,224 Mar.7 2,074,043 170,942 624,569J 163,759 207,239 62,361 109,497! 364,071 79,734 46,606 55,061 14,207 175,997 Mar.14 2,068,613! 177,954 609,4021 160,279 205,722 60,362 108,679! 367,872! 81,099 47,848 54,252 14,674 180,470 Mar.21 2,052,103 175,163 639,225 153,416 ~ 58,696 107,926! 361,170 68,084 47,212 53,553 12,651 168,118 Gold .redemption fund: Feb. 28 57,427 11,827 9,615 2,436 4,008 1,4841 10,275} 2,561 1,226 1,244 1,318 2,964 Mar.7 52,763 8,514 11,471 6,583 1,852 4,755! l,O96i 6,789 3,388 1,060 1,429 1,318 4,508 Mar.14 58,262 5,618 9,486 8,590 3,731 5,517i 1,239! 11,754 2,430 1,451 1,641 1,577 5,228 Mar.21 50,400 7,4941 7,54? 5,486 2,938 5,9781 J,342i 7,099] 2,770 1,620 1,745 1,382 4,999 Total gold reserves: Feb.28 3,072,813 233,612; 1,030,390 222,919 312,179 101,895 134,617 490,966! 97,779 79,027 92,443 37,362 239,624 Mar.7 3,083,641 237,475i 1,042,348 228,414 298,241 100,681 131,232 493,553; 94,989 84,094 92,147 38,592 241,875 Mar. 14 3,078,294 232,0111 1,052,890 220,867 293,696 98,830 135,544 490,081i 97,197 81,682; 89,861 37,973 247,662 Mar.21 3,074,301! 248,016; 1,098,870 207,602 282,834 87,941 135,392 498,644 80,460 79,073 91,743 34;513 229,213 Reserves other than gold: Feb.28 128,787 12,249! 19,964 7,570: 10,354 12,576 8,863! 21,187 19,235 1,334 4,834 5,324 5,297 Mar.7 117,633 9,5791 19,199 6,015 8,567 11,812 7,952! 19,937 19,243 1,076 4,189 4,806 5,258 Mar.14 118,275 10,94Si 17,013 7,497; 7,774 11,989 7,7891 19,641 20,367 829 4,249 5,277 4,872 Mar.21 118,323 10,224! 16,132 8,168; 12,487 7,308! 19,113 21,846 844 4,385 4,843 4,887 Total reserves: Feb.28 3,201,600 245,8611 1,050,354 230,489; 322,533 114,471 143,480! 512,153 117,014 80,361 97,277 42,686 244,921 Mar.7 3,201,274' 247,054' 1,061,547 234,429! 306,808 112,493 139,184 513,490 114,232 85,170 96,336) 43,398 247,133 Mar.14 3,196,569, 242,959! 1,069,933 228,364j 301,470 110,819 143,333 509,722 117,564 82,511 94,110| 43,250 252,534 Mar.21 3,192,624 258,240 1,115,002 215,770: 290,920 100,428 142,7001 517,757 102,306 79,917 96,128 39,356 234,100 Nonreserve cash: Feb.28 45,824| 3,263! 9,278 1,708; 3,033 3,353 5,229 6,550 2,1901 2,675 3,527 4,128 Mar.7 70,144! 12,329; 10,058 2,961 3,358 3,523 7,927 6,574 5,106 1,955 3,908 3,869 8,576 Mar.14 67,917; 10,347! 8,366 3,088 4,061 3,351 8,362 6,292 4,6951 2,000 3,952 4 400 9,003 Mar.21 69,4511 10,801! 9,334 2,882l 3,""" 3 089 8,311] 7,048 5,176! 1,845 3,651 3,957 9,518 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 FEDERAL BESERVE BULLETIN. APRIL, 1923. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, FEBRUARY 28 TO MARCH 21, 1923- Continued. RESOUECES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago Lo S u t. is. M ap i o n l n i e s. - K C a i n ty sa . s Dallas. c F S i r s a a c n n o - . Bills discounted: Secured by U. S. Government obligations— Feb.28 356.039 20,086 179,216 16,554 18,937 2,087 41,62C 13,057 4, 1,313 19,169 Mar.7.... 330,093 19,707 170,341 34,004 12,756 16,027 2,984 45,770 7,765 1,468 5,416! 1,840 12,015 Mar. 14 361,286 22,072 176,173 40,890 26,195 17,754 2,001 46,804 8,524 1,489: 7,883 1,254 10,247 Mar. 21 351,861 22,947 136,465 43,622 21,276 23,329 3,448 53,822 10,594 4,350 11,2681 1,715 19,025 Other bills discounted— Feb. 28 239,721 28,479 31,006 14,728 24,856 16,418 34,062 8,142 15,533! 13,168 15,600 31,031 Mar.7.... 241,394 21,882 29,898 11,541 14,877 25,361 16,421 30,983 11,092 15,107| 13,368 16,712 34,152 Mar. 14 251,773 27,859 33,309 13,467 13,786 25,708 13,993 33,094 10,701 15,590 14,015 17,572 32,679 Mar.21 278,126 27,165 33,572 17,752 21,212 28,505 15,990 38,920 14,885 16,733' 15,767 17,085 30,540 Bills bought in open market: Feb. 28 207,678 12,545 30,470 28,083 35,440 165 8,283 27,841 10,039 .4,959! 75 21,403 28,375 Mar.7 218,886 12,854 29,480 28,687 38,774 9,659 29,499 10,162 4,182' 1,077 21,252 32,580 • Mar.14 225,416 17,111 35,264 28,620 38,388 780 11,532 28,375 9,923 3,927! 1,077 18,756 31,663 Mar.21 237,965 17,196 29,242 28,302 44,519 775 16,074 28,400 11,997 3,197J 1,077 21,478 35,708 U. S. bonds and I notes: Feb.28 173,975 6,091 27,328 24,438 12,356 1,311 459 7, 18,175 11,669 33,645 2 ' 27,621 Mar.7 157,976 5,374 12,836 24,438 12,355] 1,341 561 7,209 18,145 11,923! 33,299 2! 879 27,616 Mar. 14 160,679 5,374 14,427 24,438 12,355 1,341 531 7,566 18,118 12,935 33,099 2,879 27,616 Mar.21 163,589 5,637 15,962 24,438 12,355! 1,341 540| 7,299 18,124' 14,065 32,932 3,279 27,617 U. S. certificates of indebtedness: ,Feb.28 189,099 22,101 21,470 4,632 25,214! 9,531I 66,638 10,715, 630: 12,413 8,629 7,126 'Mar.7 186,911 22,073 13,220 4,632 25,259! 14,531 66,491 10,708! 729 12,413 9,729 7,126 Mar.14 184,034 22,069 10,000 4,632 25,269) 14,531 66,719 10,7181 7301 12,413 9,827 7,126 ,Mar.21 128,322 8,544 1,700 4,606 19,271 9,501 51,375 10,300! 869 5,871 9,160 7,125 Municipal warrants: Mar.21 41 41 Total earnings assets: Feb. 28 1,166,512 89,302 289,490 110,709 96,262 45,299 36,778 178,024 60,128 33,280! 63,984 49,934 113,322 Mar. 7 1,135,260 81,890 255,775 103,302 104,021 43,409 44,1 6 179,9 i 57,872 • 3,409i 65, o73 52,412 113,489 Mar.14 1,18J,188 94,485 2l>9,173 112,047 115,993 45,583 42,588 182,558 57,984' 34,671! 68,487 50,288 109,331 Mar.21 1,159,904 81,489 216,941 118,761 118,633] 53,950 45,553 179,816 65,900 39,2141 66,915 52,717 120,015 Bank premises: Feb.28 47,863 4,434 10,855 6761 7,66lj 2,617 2,199 8,753 923 1,052 4,790 1,937 1,963 Mar.7 47,937 4,434 10.872 676 7,704! 2,617 2,211 8,756 928' 1,052 4,790 1,937 1,962 Mar.14 48,108 4,434 10.873 676! 7,8O7i 2,617 2,216 8,747 926 l,065i 4,831 1,937 1,979 Mar.21 48,761 4,434 11,338 676 2,617 2,305 8,715 1,0711 4,831 1,937 2,045 Five per cent redemption fund against F. R. bank notes: Feb.28 311 65 200 46 Mar.7 311 65 200 46 Mar.14 291 65 200 26 Mar.21 291 65 200 26 Uncollected items: Feb.28 608,167 51,870 126,709 50,201 59,748 55,449 25, w<, 89,455 35,469 13,774 41,386 19,043 40,001 Mar.7 618,956 52,262 118,592 50,619 54,893 27,575 91,791 40,509 16,227 40,536 26,573 40,513 Mar.14 689,039 61,841 152,414 58,991 68,390 59,857 28,908 93,216 40,650 16,196 40,777 25,222 42,577 Mar.21 645,874 54,059 132,557 58,213 65,079 59,114 28,311 88,586 38,606 14,487 24,904 43,260 All other resources: Feb.28 16,807 431 1,742 598 855 432 453 1,391 543 1,842 1,123 2,242 5,155 Mar.7 17,120 466 1,744 636 963 443 501 1,285 584 1,879 1,244 2,241 5,134 Mar.14 17,348 492 1,896 667 936 439 521 1,250 608! 1,.— 1,219 2,278 5,160 Mar.21 14,439 192 1,373 376 631 444 507 1,005 365J 1,: 972 2,196 4,570 Total resources: Feb.28 5,087,084 395,161 1,488,428 394,381 490,092 221,621 213,201 796,391 216,270 131,199 211,435 119,415 409,490 Mar.7 5,091,002 398,435 1,458,588 392,623 481,720 217,378 221,554 801,913 219,229 139,692 212,587 130,476 416, 807 Mar.14 5,202,460 414,558 1,512,655 403,833 498,657 222,666 225,928 801,850 222,427 138,325 213,576 127,401 420,584 Mar.21 5,131,344 409,215 1,486,545 396,678 486,968 219,642 227,687 802,992 213,279! 138,342 211,395 125,093 413,508 LIABILITIES. [In thousands of dollars.] Capital paid in: Feb.28 108,867 8,046 29,128 9,609 11,951 5,656 4,419 14,964 4,906 3,572 4,657 4,182 7,777 Mar.7 108,852 8,046 29,128 9,609 11,951 5,656 4,420 14,964 4,907 3,570 4,655 4,182 7,764 Mar.14 108,483 8,046 28,888 9,459 11,975 5,658 4,419 14,964 4,908 3,570 4,647 4,182 7,767 Mar.21 108,563 8,046 28,888 9,459 11,974 5,657 4,420 15,031 4,914 3,585 4,639 4,183 7,767 Surplus: Feb.28 218,369 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 Mar.7 218,369 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 . 7,473 9,488 7,498 15,263 Mar.14 218,369 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 Mar.21 218,369 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL BESEBVE BULLETIN. 519 RESOURCES AND LIABIUTIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, FEBRUARY.28 TO MARCH 21, 1923— Continued. LIABILITIES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P el h p i h la ia - . C la le n v d e . - m R o ic n h d - . Atlanta. Jhicago. Lo S u t. is. M ap i o n l n i e s. - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . Deposits: Government— Feb.28 43,401 5,033 12,128 1,652 1,998 2,455 2,916 2,518 4,111 2,260 2,598 1,583 4,149 Mar. 7.... 38,773 1,772 10,807 579 4,366 1,553 3,053 4,378 2,978 2,481 2,248 1,672 2,886 Mar. 14... 42,442 5,133 479 3,905 4,167 4,317 3,995 3,199 3,609 2,168 3,717 2,152 5,601 Mar.21 98,627 8,850 28,694 3,590 10,373 6,505 5,904 17,127 2,605 2,345 5,300 2,408 4,926 Member bankreserve account— Feb.28 ., 887,552118,175 712,106 113,449 158,292 63,806 53,029 279,117 69,993 46,526 81,960 52,626 138,473 Mar.7.... ,879,697 123,700 683,969 115,821 152,552 62,313 55,643 280,978 73,972 51,776 82,459 54,605 141,909 Mar. 14 ,932,714 123,303 724,458 115,378 162,684 61,349 57,106 281,017 74,054 52,195 83,895 53,496 143,779 Mar.21 ., 866,475120,424 681,053 114,124 157,589 60,595 56,503 277,022 70,546 53,440 83,233 51,283 140,663 Other deposits— Feb.28 21,364 458 10,513 405 1,358 123 242 1,340 772 1,054 942 358 3,799 Mar. 7.... 24,392 672 9,985 1,515 2,378 246 273 1,064 760 1,568 1,701 346' 3,884 Mar. 14 20,633 472 9,816 502 1,287 193 216 1,207 624 784 847 248 4,437 Mar.21 19,931 426 9,556 1,033 984 167 260 905 580 545 322 4,214 Total deposits: Feb. 28 ,952,317 123,666 734,747 115,506 161,648 66,384 56,187 282,975 74,876 49,840 85,500 54,567 146,421 Mar. 7 ,942,862 126,144 704,761 117,915 159,296 64,112 58,969 286,420 77,710 55,825 86,408 56,623 148,679 Mar. 14 1,995,789 128,908 734,753 119,785 168,138 65,859 61,317 285,423 78,287 55,147 88,459 55,896 153,817 Mar.21 1,985,033 129,700 719,303 118,747 168,946 67,267 62,667 295,054 73,731 56,330 89,472 54,013 149,803 Federal reserve notes in actual circulation: Feb. 28 2,246,943 198,080 568,124 203,579 235,718 87,735 119,017 392,898 87,606 55,623 65,298 30,800 202,465 Mar.7 2,256,302 202,499 570,391 200,809 232,328 85,855 123,654 394,691 87,035 56,446 65,234 31,210 205,150 Mar.14 2,242,902 202,290 567,169 202,025 230,514 84,976 124,317 391,487 86,936 55,885 64,539 30,381 20&383 Mar.21 2,231,487 202,940 568,287 198,180 224,874 84,063 124,851 391,856 85,916 56,143 63,759 29,800 200,818 F. R. bank notes in circulation—net liability: Feb. 28 2,645 418 1,840 387 Mar.7 2,788 431 1,895 462 Mar.14 2,599 453 1,701 445 Mar.21 2,368 443 1,485 440 Deferred availability items: Feb. 28 543, 254 48,604 94,157 46,254 53,409 50,093 24,047 73,400 38,386 13,835 44,209 20,358 36,502 Mar.7 549,513 44,945 91,839 44,783 53,687 48,963 24,951 73,707 39,154 15,508 44,405 28,808 38,763 Mar.14 621,433 58,485 119,055 53,031 63,514 54,394 26,297 77,774 41,827 15,358 44, 248 27,274 40,176 Mar. 21 572,000 51,618 107,330 50,675 56,573 50,818 26,121 68,753 38,203 13,907 42,008 27,419 38,575 All other liabilities: Feb.28 11,689 453 2,472 684 871 465 589 1,338 831 443 1,625 1,062 Mar.7 12,316 489 2,669 758 963 504 618 1,302 758 870 502 1,695 1,188 Mar. 14 12,885 517 2,990 784 1,021 491 636 1,351 804 892 494 1,727 1,178 Mar. 21 13,524 599 2,937 1,106 549 1,457 850 904 544 1,742 1,282 Total liabilities: Feb. 28 5,087,084 395,161 1,488,428 394,381 490,092 221,621 213,201 796,391 216,270 131,199 211,435 119,415 409,490 Mar.7 5,091,002 398,435 1,458,588 392,623 481,720 217,378 221,554 801,913 219,229 139,692 212,587 130,476 416,807 Mar. 14 5,202,460 414,558 1,512,655 403,833 498,657 222,666 225,928 801,850 222,427 138,325 213,576 127,401 420,584 Mar.21 5,131,344 409,215 1,486,545 396,678 486,968 219,642 227,687 802,992 213,279 138,342 211,395 125,093 413,508 MEMORANDA. Ratio of total reserves to deposit and F. R. note liabilities combined— per cent: Feb. 28 76.2 76.4 80.6 72.2 81.2 74.3 81.9 75.8 72.0 76.2 64.5 50.0 70.2 Mar.7 76.2 75.2 83.2 73.6 78.3 74.5 76.2 75.4 69.3 75.9 63.5 49.4 69.8 Mar.14 75.4 73.4 82.2 71.0 75.6 73.5 77.2 75.3 71.2 74.3 61.5 50.1 70.9 Mar.21 75.? 77.6 86.6 68.1 73.9 66.4 76.1 75.4 64.1 71.1 62.7 47.0 66.8 Contingent liability on bills purchased for foreign correspondents: Feb.28 28,397 2,392 5,169 2,743 3,445 1,659 1,308 4,434 1,404 1,058 1,372 1,148 2,265 Mar.7 28,844 2,132 8,124 2,444 3,070 1,478 1,165 3,951 1,251 1,222 1,023 2,018 Mar.14 34, 577 2,132 13,857 2,444 3,070 1,478 1,165 3,951 1,251 1,222 1,023 2,018 Mar.21 35,405 2,132 14,685 2,444 3,070 1,478 1,165 3,951 1,251 1,222 1,023 2,018 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 FEDERAL RESERVE BULLETIN. APRIL, 1923. 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 16 to 30 31 to 60 61 to 90 Over 90 days. days. days. days. days. Bills discounted: Feb 28 595,760 455,438 32,457 54,321 32,519 21,025 Mar. 7 571,487 419,826 33,993 59,752 37,865 20,051 Mar. 14 613,059 453,609 36,384 60,086 41,971 21,009 Mar 21 . 629,987 457,147 40,184 66,358 45,811 20,487 Bills bought in open market: Feb 28 207,678 .58,137 42,253 57,810 38,789 10,689 Mar 7 218,880 61,624 39,323 64,662 44,344 8,933 Mar 14 225,416 73,178 41,627 60,442 38,968 11,201 Mar 21 237,965 66,559 43,874 63,421 52,110 12,001 United States certificates of indebtedness: Feb 28 189,099 68,620 35 120,444 Mar. 7 186,911 61,405 125,506 Mar 14 184,034 58,300 125,734 Mar 21 128,322 1,700 54,124 72,498 Municipal warrants: Mar 21 41 41 FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS. FEB. 28 TO MAR. 21, 1923. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. St. Min- K C a i n t s y a . s Dalla's. c F S i r s a a c n n o - . Net amount of F. R. notes received from Comptroller of the Currency: Feb. 28 3,512,304 308,530 1,094,517 270,161 287,951 126,904 201,203 554,424 130, 777 69,511 93,169 56,029 319,128 Mar.7 3,503,305 306,029 1,091,105 277,727 286, S57 126.140 202,416 550.606 129,379 69,317 92,457 55,371 315,901 Mar. 14 3,487,449 303,041 1 080,613 274, 247 285,740 124.141 206.098 554.607 128,744 68,559 92,648 54,837 314,174 Mar.21 3,473,336 312,650 1,074,392 270,383 281,706 123,475 204, 846 550,905 127,729 69,163 91,950 54,315 311,822 F. B. notes on hand: I Feb. 28 864,742 90,000 352, 590 42,000 34,070 30,020 j 74,083 105,160 23,390 10,230 20,210 21,264 61725 Mar.7> 853,122 85,000 335,590 51,000 34,520 | 29.540 j 72,943 108,960 22,740 9,630 20,210 21,264 61725 Mar. 14 849,967 80,000 334,340 51,000 32,820 J 29,340 75,268 113.360 22,740 8,325 19,810 21,239 61725 Mar.21 855,797 92,400 334,340 45, 800 33,620 30,690 73,768 110,620 22,740 9.405 19,810 20, 879 61725 F. R. notes outstanding: Feb. 28 2 647,562 218,530 741,927 228,161 253,881 96,884 127,120 449,264 107,387 50,281 72,959 34,765 257403 Mar.7 2,650,183 221,029 755,515 226,727 252,337 96,600 129,473 441,646 1C6,639 59,687 72,247 34,107 254176 Mar. 14 2,637,482 223,041 746,273 223,247 252,920 1 94,801 130,830 441,247 106,004 60,234 72.838 33,598 252449 Mar. 21 2 617,539 220,250 740,052 224,583 248,086 i 92,785 131,078 440,285 104,989 59,758 72,140 33,436 250097 Collateral security for F. E. notes outstanding: Gold and gold certificates— Feb.28 317,399 15,300 250,531 7,000 13,275 2,400 9,380 13,052 6,461 Mar.7 322,399 20,300 250,531 7,000 13,275 2,400 9,380 13,052 6,461 Mar. 14 312,399 25,300 235,531 7,000 13,275 2,400 9,380 13,052 6 461 Mar.21 314,899 25,300 235,531 7,000 13,275 2,400 11,880 13, 052 6,461 Gold redemption fund— Feb. 28 136,023 20,143 33,214 15,304 13,059 4,290 6,384 16,245 4,253 1,747 4,412 1,905 15,067 Mar.7.... 124,765 17,642 33,038 10, 870 13,964 2,566 5,597 16,426 4,854 1,554 3,701 1.746 12, 807 Mar. 14 126,836 14,654 32,871 12,390 12,447 3,567 6,279 15,228 4,219 2,786 2,892 2,213 17,280 Mar. 21 123,544 11,863 32,694 13,527 13,614 1,901 5,026 16,525 4,204 2,160 4,193 2,190 15,647 Gold fund— F. R. Board— Feb. 28 1,655,345 128,000 341,000 138,889 180,000 59,795 101,000 375.644 66,500 32, *W 54,360 6,000 172157 Mar.7 1,626,879 133,000 341,000 145,889 180,000 59,795 101,500 347.645 65,500 32,000 51,360 6,000 163190 Mar. 14 1,629,378 138,000 341,000 140,889 180,000 56,795 100,000 352,644 67,500 32,000 51,360 6,000 163190 Mar.21 1,613,660 138,000 371,000 132,889 180,000 56,795 100,500 344,645 52,000 32,000 49,360 4,000 152471 Eligible paper— Amount required— Feb. 28.. 538,795 55,087 117,182 66,968 47,547 32,799 17,336 57,375 27,254 12,482 14,187 20,399 70,179 Mar.7... 576,140 50,087 130,946 62,968 45,098 ••34,239 19,976 77,575 26,905 13,081 17,186 19,900 78,179 Mar. 14.. 568,869 45,087 136,871 62,968 47,198 34,439 22.151 73,375 24,905 12,386 18,586 18,924 71,979 Mar.2l.. 565,436 45,087 100,827 71,167 41,197 :34,089 23.152 79,115 36,905 12,546 18,587 20,785 81,979 Excess amount held— Feb.28.. 210,303 6,023 93,030 1,402 1,670 10,552 9,433 46,122 3,984 3,733 17,880 8,388 Mar.7... 180,151 4,356 76,792 4,083 18,285 6,619 9,080 28,677 2,114 7,212 2,675 19,710 548 Mar. 14.. 220,741 21,955 75,922 9,500 27,529 7,742 5,372 34,895 4,243 8,159 4,380 18,542 2,502 Mar.21.. 248,235 22,221 67,851 4,175 39,191 j16,278 12,357 42,011 571 11,293 9,525 19,471 3,291 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1923. FEDERAL RESERVE BULLETIN. 521 CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM FEBRUARY 21 TO MARCH 14, 1923. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [In thousands of dollars.] Federal t r r e i s c e t. rve dis- Total. Boston. Y N o o r w k. d P el h p i h la i - a. C la le n v d o . - m R o ic n h d - . Atlanta. Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . Number of reporting banks: Feb.21 i 778 106 56 66 Feb.28 ! 777 108 Mar.7 i 777: 106 66 Mar.14 1 777; 105 66 Loans and discounts, gross: Secured by U.S. Government obligations— F F e e b b . .2 2 8 1 1 282) 521 i 1 1 4 5 , ,0 6 0 3 1 3 9 9 9 3 , , 1 45 6 2 5 2 1 0 9 , , 0 1 1 4 0 6 3 3 1 2 , , 7 0 3 0 1 4 1 1 0 0 , , 5 1 2 9 7 2 ; 7 7, , 5 4 3 6 4 3! ! 3 4 8 7 , , 9 6 5 0 7 ll ! 1 1 7 7 , , 6 7 3 6 0 8 7 7 , , 7 6 3 6 U 5 8 8 , , 7 44 0 9 2 5 7 , , 4 8 9 5 1 2 1 16 5 , , 1 9 1 8 0 8 Mar.7 j 272,169; 14,231 88,131 19,043 32,308 10,4811 7,395| 45,213: 17,894] 7,690 8,238 5,242 16,303 Mar.14 ! 269,408 14,866 85,191 18,291 32,746 10,720 7,455 44,783l 18,033 7,572 8,254 5,116 16,381 Securedbystocks ] and bonds— ! Feb. 21 ; 3,736,086! 238,111 1,696,023 240,737 370,930 122, 537 61,411 533,734; 135,344 48,661 77,898 51,370 161,324 Feb. 28 ! 3,799,712 242,354! 1,735,929 245,326 371,566 121, 308 61,659 542,358 140,042 47,642 80,546 52,392 158,590 Mar.7 j 3,717,365; 233,025 1,646,149 258,6171 382,294 123,165' 61,971 540,784 136,963 48,270 80,090 51,103 154,934 Mar.14 ! 3,711,365: 237, 745 1,629,367 231,940 379,172 124, 44ll 60,737 5,48,891 137,081 44,709 79,945 51,155 156,202 All other loans j and discounts—j Feb.21 517,3721 603,938 2,348,675 335,071 658,097 322,933 332,621! 1,098,324 302,359 189,973 359,457 210,200 755,724 Feb.28 7557,140 603,5821 2,389,817 329,715 658,427 317,791 336,806:1,094,809 299,176 191,140 383,805 207,999 764,073 Mar. 7 645,393 605,3481 2,441,412 330,034 663,302 319,918 337,459ll, 114,963 305,342 191,810 361,285 211,043 763,477 Mar. 14 712, 1231 609,233 2,491,108 331,962 668,809 322,957 341,614!!, 122,161 304,248 200,576 365,800 210,485 773,170 Total loans and discounts: Feb.21 , 531, 743; 857,050 4,143, 595.8181,030,758 455,997 401,495! 1,671,015 455,471 244,369 445,804 267,061 933,036 Feb. 28 , 639,373 860,569 4,219,198 594,1871,031,997 449,291 405,999 1,684,768 456, 848 246,447 453,053 268,243 938,773 Mar. 7 , 634,927 852,604 4,175,692 607,694',077,904 453, 564 406,8251,700,980 480,199 247,770 449,613 267,388 934,714 Mar. 14 , 722,895; 881,844 4,205,666 61~; , •1"93" i.,080,727 458,118 409,806:1,715,835 459,342 252,857 453,999 266,756 945,753 U.S. pre-war bonds: Feb. 21 281,620! 12,798 48,461 11,464 48,076 30, 14,451 24,172 15,324 8,426 12,078 19,753 36,157 Feb. 28 282,800 12,798 48,458 11,464 48,056 30,460 14,5511 24,596 15,324 8,831 12,359 19,753 36,152 Mar. 7 283,169' 12,7971 48,466 11,464 48,056 30,480 14,55l| 24,903 15,479 8,776 12,077 19.753 38,387 Mar. 14 282,871; 12,721 48,486 11,464 48,001 30,460 14,5211 24,903 15,323 8,776 12,078 19.754 36,384 U.S. Liberty bonds: Feb. 21 ,062,786" 77,673 483,977 47,830 120,128 32,671 12,349 96,055 23,847 16,152 45,75: 13,275 93,052 Feb.28 , 042,296] 78,006 486,121 48,080 119,967 32,635 12,054; 93,585 23,725 15,218 46,668 13,419 92,818 Mar. 7 , 060,336 78,063 479,844 47,986 121,866 32, 817 12,610 94,925 23,916 14,808 46,639 13,663 93,219 Mar. 14 , 061, 544 78,289 479,407 48,085 121,585 32,427 12,445 95,359 24,826 14,382 44,887 13,905 95,947 U. S. Treasury bonds: Feb.21 118,216; 5,428 45,880 4,559 9,663 4,661 2,780 13,146 9,670 2,348 4,466 2,645 12,970 Feb.28 112, 261 5,380 44,074 4,180 8,949 4,657 1,772! 12,646 9,910 1,733 3,518 2,729 12,713 Mar.7 113,458 5,294 45,438 4,161 8,965 4,776 1,837! 12,710 9,554 1,363 3,871 2,649 12,838 Mar.14 112,252 6,066 42,84" 4,166 8,816 4,718 1,838! 12,728 9,587 1,323 4,530 2,645 12,988 U. S. Victory notes and Treasury notes: Feb. 21 943,377 28,405 505,784 52,757 56,602 9,601 6,785: 147,841 25,180 23,983 21,359 14,941 50,138 Feb.28 921,058 24,930 489, 814 52,928 57,293 9,739 6,900 144,849 25,167 24,643 20,272 15,439 49,084 Mar.7 942,713 24,769 514,745 53,947 57,635 9,462 7,242 143,889 25,515 24,940 21,392 17,059 42,118 Mar.14 934,964 24,177 507,366 52,985 58,131 10,026 7,151 140,675 24,393 25,002 24,047 17,084 43,927 U. S. certificates of indebtedness: Feb.21 145,65ol. 8,480 68,727 1,569 9,926 2,741 3,724 23,921 3,795 2,196 5,349 3,288 11,939 Feb.28 145, 7<>4!l 7,923 68,380 2,302 9,713 2,591 5,284 24,513 3,680 2,084 5,453 3,316 10,465 Mar.7 117,094! 1,831 46,507 1,659 9,745 2,701 4,319 24,284 3,420 1,904 5,995 3,389 11,340 Mar.14 99,7o8! 1,811 31,918 1,608 9,683 3,041 4,524 22,260 3,034 1,929 5,778 3,485 10,695 Other bonds, stocks, and securities: Feb. 21 180,991; 171,836 735,807 187,461 291,803 52,589 37,076 382,763 88,306 30,336 59,134 8,846 155,054 Feb. 28 186,29811 172,549 742, 222 185,211 287,202 52,642 37,193 362,354 91,674 30,486 57,765 9,017 157,981 Mar. 7 188,035! I 172,985 741,654 184,437 286,273 52,573 36,938 365,824 88,895 30,701 58,442 9,025 158,311 Mar.14 162,169 172,747 716,230 183, 597 287,014 52,075 37,414 365,795 88,923 31,305 58,215 9,17 159,675 Total loans and discounts and investments: Feb. 21 16,264,36811,161,670 6,032,505: 901,4581,595,956 588,700 478,660 2,338,914 621,593i 327,81 593,947 329, 80S1,292,346 Feb.28 16i ,— 32 9", 788 162,15-5- 6,078,265| 898,3521,593,177 582,015 483,75312,347,311 626.328] 329,442 599,088 331,9161,297,988 Mar.7 i, 337,730 148,323 6,052,346 911,3" 1,610, 444 586,353 484,32212,367,49E 62*978 330,26'' 598,029 332,9231,288,927 Mar.14 i, 376,482 157,655 6,031,920 914,0981,613,957 590,865 487,699:2,377,55E 625,428 335,57- 603,534 332,8081,305,369 Reserve balance with F. R. banks: Feb.21 425,098!! 82,327 640,976; 69,931 109,1 35,719 35,892 210,718 44,053! 25,068 50,010 27,574 93,632 Feb.28 408,310M 78,869 644,540! 69,958 108,32E 37,875 30,629 207,614 42.3J3! 21,206 48,561 25.70C 92,696 Mar.7 403,014) 84,440 617,432' 72,337 105,285j 36,386 33,119 208,528 45,155] 25,631 49,446 28,161 97,088 Mar. M 443,4011 i 84,293] 652,486 72,276 112,10 34,416 34,356 206,260 44,499: 25,77- 50,482 27,688 98,782 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 FEDERAL RESERVE BULLETIN. APRIL, 1923. PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANES IN LEADING CITIES ON WEDNESDAYS FROM FEBRUARY 21 TO MARCH 14, 1923—Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [In thousands of dollars.] Federal t r r e i s c e t. rve dis- Total. Boston. f N o e r w k. d P e h lp i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n i e s. - K C a i n t s y a . s Dallas. F S r a a n ncisco. Cash in vault: Feb.21 288,869 18,928 88,564 17,611 30,924 13,608 10,556 53,534 8,137 6,132 11,595 9,337 19,943 Feb. 28 277 480 18,945 79,818 16,472 29,381 13,946 10,907 52,788 7,899 5,993 11,788 9,805 19,738 Mar.7 284 678 18,947 81,946 16,677 32,084! 13,706 10,602 55,158 7,977 5,809 11,788 9,657 20,327 Mar.14 288,588 18,673 81,117 16,639 30,572| 13,955 11,075 . 56,702 8,158 5,760 11,867 9,289 24,781 Net demand deposits: Feb. 21 11,445,970 813,239 4920,899 699,782 911,567 336,682 287,6121,505,172 378,353 210,852 463,888 238,341 679,583 Feb. 28 11,524,612 804,063 4 967,431 700,795 932,774 337,358 287,7391,517,589 376,217 214,73$ 469,637 247,213 669,061 Mar.7 11 385 154 810,838 4 809,592 718,675 933,036 336,886 286,6321,514,613 377,656 218,265 470,137 244,883 663,941 Mar.14 11,463,614 812,865 4 839,940 711.;564 935,499 340,559 295,3951,524,279 380,804 220,363 467,361 246,377 688,60? Time deposits: Feb. 21 3,772,556 245,256 761,449 75,059 550,840 149,826 164,636 757,314 184,741 85,263 126,844 74,702 596,626 Feb. 28 3,775,827 245,527 768,377 75,467 547,603 151,784 164,837 759,810 184,211 82,641 122,652 74,762 598,156 Mar. 7 3 855 553 246,738 833,652 71,566 553,061 152,514 166,048 765,001 184,089 82,737 123,899 74,989] 601,259 Mar.14 3,891,274 247,363 855,921 83,583 551,839 152,732 166,354 767,260 183,487 83,280 124,252 74,830 600,373 Government deposits: Feb.21 98,747 7,699 41,813 9,631 5,0791 4,578 2,443 12,189 3,852 3,007 1,081 1,304 6,071 Feb. 28 100,109 7,429 41,813 9 631 4,948 4,578 2,359 14,035 3,852 3,007 1,081 1,305 6,071 Mar.7 100,275 7,389 41,813 9,631 5,179 4,578 2 444 13,948 3,852 2,984 1,081 1,305 6,071 Mar.14 108,817 41.813 9,631 4,8 4,578 2,499 13,898 3,852 3,142 1,476 1,305 14,342 Bills payable and rediscounts with F. R. banks: Secured by U.S. Government obligations— Feb.21 278,548 11,483 173,880 23,665 15,243 11,888 1,198 19,689 2,751, 365 2,760 850 14,776 Feb.28 267,180 8,234 157,708 19,4S4 8,683 13,128 606 33,074 6,90l| 115 3,440 15,807 Mar.7 247,496 9,019 152,138 14,323 5,566 10,472 1,371 36,983 2,620 1,115 4,323 "675 8,891 Mar.14 273,879 10,338 156,849 20,747 18,163 11,980 586 37,404 2 733 1,190 6,785 7,104 All other— Feb. 21 138,905 30,777 42,458 13,028 7,061 13,348 3,397 10,01! 2,321 3,479 2,671 2,970 7,383 Feb.28 118,334 22,409 27,159 11,456 2,260 12,674 4,218 11,034 4,297 1,245 2,250 3,071 16,261 Mar.7 124,112 16,789 26,256 8 970 11,215 13,825 4 735 8,344 7,118 1,266 3,104 3,532 18,958 Mar.14 131,655 22,900 28,578 10,723 9,384 13,960 2,277 10,486 6,162 1,909 3,907 3,719 17,650 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. Number of reporting banks: Feb.21 260 49 13 6 15 Feb. 28 259 13 6 15 Mar.7 259 13 6 15 Mar. 14 259 13 6 15 Loans and discounts, gross: Secured by U.S. Government obligations— Feb. 21 190,232 12,257 90,220 18,096 6,748 2,141 1,995 29,335 13,878 4,952 2,317 1,720 6,573 Feb.28 190,246 11,922 84,073 17,240 6,767 1,962 2,069 37,201 13,638 4,831 2,323 1,581 6,639 Mar.7 182,865 11,522 79,070 17,154 6,720 2,248 2,015 35,095 13,846 4,854 2,065 1,595 6,681 Mar.14 179,534 12,151 75,782 16,332 6,775' 2,255 2,014 35,017 14,092 4,747 2,143 1,495 6,731 Secured by stocks and bonds— Feb. 21 2,725,651 188,776 1,521,241 220,392 137,687i 20,224 10,686 402,006 99,806 26,006 22,318 10,473 66,036 Feb.28 2,780,163 192,825 1,557,692 224,560 137,6711 19,741 10,740 407,902 104,432 26,315 22,456 10,280 65,549 Mar.7.... 2,693,162 183,754 1,460,990 237,653 144,014' 19,684 11,440 409,029 101,149 27,284 22,094 10,073 65,998 Mar.14 2,682,693 188,380 1,443,5-13 240,923 141,836' 19,765 10,846 414,826 100,743 23,014 21,782 11,407 65,628 All other loans and discounts— Feb. 21 4,623,863 455.943 2,050,441 303,694 305,905j 64,404 55,638 644,869 173,772 90,174 120,529 55,885 302,609 Feb.28 4,653,398 456,264 2,087,816 297,688 307,555 64,783 57,547 637,769 170,463 90,668 117,816 57,039 307,990 Mar.7 4,723; 079 456,822 2,137,150 298,130 309,460 64,298 56,117 654,343 174,233 89,290 117,938 55,901 309,397 Mar.14 4,801,271 459,350 2,185,512 299,306 310,344 66,029 58,508 662,008 173,482 95,950 120,790 55,658 314,334 Total loans and discounts: Feb.21 7,539,746 656,976 3,661,902 542,182 450,340 68,3191,076,210! 287,456 121,132* 145,164 68,078 375,218, Mar.28 7,623,807 661,011 3,729,581 539,488 451,993 703561,082,872) 288,533 121,814 142,595 68,900 380,178 Mar.7 7,599,106 652,098 3,677,210 552,937 460,1941 86,230 69,5721,098,467 289,228 121,428 142,097 67,569 382,076 Mar.14 7,663,-- 659,881 3,704,837 556,561 458,955| 88,049 71,3681,111,851 288,317 123,711 144,715 68,560 U. S. pre-war bonds: Feb.21 98,902 2,344 37,835 7,358 4,530 1,805 2,927 2,652! 8,224 3,031 2,131 4,875 21,190 Feb. 28 99,262 2,344 37,805 7,358 4,530 1,805 2,927 3,050! 8,224 3,031 2 131 4,875 21,182 Mar.7 99,818 2,343 37,815 7,358 4,530 1,805 2,927 3,361 8,224 3,031 2,131 4,875 21,418 Mar.14 99,760 2,267 37,835 7,358 4,530 1,805 2,927 3,361 8,223 3,031 2,131 4,875 21,417 U.S. Liberty bonds: Feb.21 643,287 34,228i 414,334 36,933 25,197 3,673 308 37,657i 15,211 6,638 20,294 4,493 44,321 Feb. 28 623,273 34,224 396,790 37,175 25,938 3,669 320 35,418! 15,573 6,492 20,499 4,718 42,457 Mar.7 638,906 34,131; 411,389 37,058 25,165 3,669 320 36,757! 15,535 6,614 20,376 5,267 42,625 Mar.14 640,392 34,156i 410,936 37,172 25,185 3,672 285 37,770l 15,355 6,624 18,804 5,25f 45,181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKII/, 1923. FEDEKAL KESERVE BULLETIN. 523 PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM FEBRUARY 21 TO MARCH 14, 1923—Continued. REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [In thousands of dollars.] Federal t r r e i s c e t. rve dis- Total. Boston. Y N o e r w k. d P e h lp il h a i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago, Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. c F S i r s a a c n o n . - U.S. Treasury bon is: Feb. 21 65,701 2, 36,164 3,695 1,846 294 11 5,927 7,772 1,022 726 1,103 5,434 Feb. 28 62,873 2,553 33,433 3,296 1,842 294 105 5,422 7,815 867 743 1,103 5,400 Mar.7 63,987 2,566 34,795 3,277 1,851 294 105 5,439 7,651 757 699 1,103 5,450 Mar. 14 62,419 3,538 32,206 3,255 1,851 194 105 5,482 7,686 759 760 1,103 5,480 U. S. Victory notes and Treasurynotes: Feb. 21 727,438 20,809 474,717 49,868 9,744 1,578 310 103,579 16,645 8,599 6,646 25,855 Feb. 28 704,210 17, 259 458,699 49,891 9,664 1,568 310 102,174 16,574 8,997 7,277 6,645 25,152 Mar.7.... 725, 851 17,152 483,347 50,908 9,855 1,568 310 101,586 16,786 9,241 7,367 6,765 20,966 Mar. 14 716,560 16,691 475,927 49,899 9,851 1,506 310 98,839 15,876 9,319 10,790 6,770 20,782 V. S. certificates of indebtedness: Feb.21 93, 266 2,044 66,089 1,493 1,587 1,318 888 12,051 2,496 879 1,126 1,509 1,786 Feb. 28.. 93,917 1,719 65,767 2,226 1,587 1,318 1,050 12,490 2,466 939 1,192 1,537 1,626 Mar.7.... 70,457 1,369 43,889 1,589 1,616 1,278 888 12,285 2,487 784 1,131 1,610 1,531 Mar. 14 52,828 1,373 28,675 1,538 1,622 1,318 9,714 2,297 784 1,139 1,706 1,772 Other bonds, stocks, and securities: Feb. 21 1,178,195 80,110 534,756 150,654 65,658 5,815 3,358 185,641 56,455 13,458 11,221 1,499 69,570 Feb.28 1,185,090 80, 721 540,677 148,668 63,927 5,816 3,504 186,686 59,585 13,396 10,439 1,596 70,075 Mar. 7.. 1,189,890 81,801 543,290 147,644 66, 250 5,759 3,780 188,672 57,004 13,252 11,477 1,594 69,367 Mar. 14... 1,169,144 80,986 522,963 147,050 66,569 5,234 3,598 188,881 57,021 13,737 11,451 1,!— 69,661 Total loans and discounts and investments: Feb. 21... 10,347,535 799,112 5,225,797 792,183 558,902 101,252 76,227 423,717 394,259 154,759 189,750 88,203 543,374 -Feb. 28.... 10,392,432 799,831 5, 262,752 788,102 559,481 100,956 78,572 428,112 398,770 155,536 184,876 89,374 546,070 Mar.7. 10,388,015 791,460 5,231,735 800,771 569,461 100,603 77,902 446,567 396,915 155,107 185,278 88,783 543,433 Mar. 14 10,404, 599 798,892 5,213,379 802, 833 568,563 101,778 79,481 455,898 394,775 157,965 189,790 90,259 550,986 Reserve balance witl F. R. banks: Feb.21 1,015,047 04,979 594,954 64,167 31,274' 0,315 147,493 28,590 13,233 16,439 8,126 32,919 Feb.28.. 1,005,997 (i 1,745 598,049 64,062 33,614! 6,203 3,561 147,537 25,709 9,679 16,103 7,487 32,248 Mar.7.... 999,136 08,440 567, — 65,862 33,783 7,182 5,951 150,675 29,856 13,609 16,890 7,572 33,447 Mar. 14 1,025,456 66,689 602,979 66,061 30,313 6,167 5,347 145,376 28,481 12,890 16,555 8,842 35,756 Cash in vault: Feb. 21 151, 857 8,636 73,325 14,505 8,2781 1,015 1,992 28,581 3,780 1,867 2,409 1,458 6,011 Feb. 28... 142,987 8,538 66,336 13,396 8,27S| 846 2,184 29,173 3,596 1,856 2,331 911 5,544 Mar.7 146,959 8,456 67,209 13,249 8,752 902 2,149 30,624 3,654 1,855 2,764 1,311 6,034 Mar. 14 147,184 8,043 66,959 13,323 8,838 918 2?~ 31,150 3,785 1,792 2,339 1,275 6,493 Net demand deposits: Feb.21... 7,863,672 628, 528 4,435,136 617,042 233,638 58,828 46, 495 012,607 252, 280 101,067 166,655 63,343 248,053 Feb.28 7,908,653 618,589 4,469,536 618,130 237,603 56,449 47,704 030,135 251,516 100,682 165,917 70,249 242,143 Mar.7.. 7, 786,082 627, 678 4,319,334 638,294 235,864 56,792 47,964 037,673 251,069 103,653 165,866 66,344 236,551 Mar. 14 7,799, 253 627,993 4,333,928 628,817 237,425 56,977 49,613 ,026,472 250,719 103,706 164,374 250,311 Time deposits: Feb. 21... 1,808,025 102,932 505,189 57,940 319,494 25,378 21,478 364,130 103,608 37,048 16,315 13,870 240,643 Feb. 28 1,811,100 102, 757 508,750 58,094 318,411 25,369 21,580 367,688 104,004 37, 221 12,007 13,839 241,380 Mar.7 1,874,052 103,462 571,136 53,890 321,198 25,395 21,818 370,822 103,337 37,288 12,329 13,898 239,479 Mar. 14 1,911,124 103,731 593,560 05, 445 319,434 25,413 21,859 373,184 102,976 38,034 12,595 13,789 241,104 Government deposits: Feb.21... 74,739 fi, 282 38,591 8,942 826 261 403 8,942 3,268 1,512 518 615 4,579 M Fe a b r . .7 28.. 7 7 4 4 , , 3 5 3 4 9 5 6 6 , , 0 0 1 1 2 2 3 38 8 , , 5 5 9 9 1 1 8 8, , 9 9 4 4 2 2 9 6 2 9 6 6 2 26 6 1 1 4 4 0 0 3 3 8 8 , , 9 9 4 4 2 2 3 3 , , 2 2 6 6 8 8 1,5.1.2. 5 5 1 1 8 8 6 6 1 1 5 5 4 4 , , 5 5 7 7 9 9 Mar. 14 74,549 6,012 38,591 8,942 826 261 3,268 1,647 518 615 4,513 Bills payable and rediscounts with F. R. banks: Secured by Government obligations— Feb. 21... . 209,259 9,270 146,740 22,640| 200 3,108 280 10,701 1,968 115 717 13,520 Feb. 28 202,129 6,386 132,995 18,184 715 3,370 35 19,776 5,005 115 1,212 14,336 Mar.7 185,961 6,921 131,655 12,9231 515 2,544 18,666 1,832 1,115 811 500 8,479 Mar. 14 200,457 8,728 133,736 19,247 275 2,887 25,074 1,500 1,115 2,142 5,753 All other— Feb. 21 100, 848 30,347 31,195 13,028 3,686 3,195 8,246 1,604 2,491 254 1,106 5,029 Fob.28... . 78,905 21,999 17,636 ll,456j 293 3,587 744 6,410 2,592 316 454 1,221 12,197 Mar.7 83, 738 16, 219 17,323 8,970 7,979 4,288 644 3,331 6,037 341 717 1,749 16,140 Mar. 14 97,242 22,314 18,159 10,723 7,821 4,452 650 8,431 5,032 1,311 1,206 1,814 15,329 MEMORANDA. Bank deposits: Due to banks— Feb.21 2,009,264 111,594 921,196 155,555 44,371 32,425 14,721 356,846 91,533 47,994 114,106 33,155 85,768 Feb. 28 2,161,7801 109,748 1,058,851 162,242 44,623 32,791 15,812 366,577 91,381 49,588 113,275 26,222 90,670 Mar.7 2,122,084 114,291 985,350 168,394 45,115 34,887 17,787 383,070 89,837 53,927 114,568 25,999 88,858 Mar. 14 2,059,808 113,918 969,632 162,641 43,816J 33,783 16,534 360,398 84,330 50, 841 108,182 25,854 89,879 Due from banks— Feb. 21 502,737 36,770 77,843 55,4061 19,0981 13,008 7,019 141,306 24,271 13,078 43,632 23,060 48,246 Feb. 28 528,691 42,106 76,859 57,525 20,749 13,767 7,962 149,815 24,087 19,537 45,931 21,357 48,996 Mar.7 506,832 34, 467 72,092 52,576 18,441 14,019 11,016 146,956 24,302 16,135 46,188 22,304 48,336 Mar. 14 514,414 36,310 76,101 54,783] 20,4o3 13,521 8,572 149,403 24,376 17,055 43,560 21,326 48,944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 FEDERAL RESERVE BULLETIN. APKII,, 1923. DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES. MONTHLY SUMMARY FOB BANKS IN 141 SELECTED CITIES. [In thousands of dollars.] Number January, February, January, February, Federal reserve district. of cities. 1923. 1923. ' March, 1923. 1922. 1922. March, 1922. 11 2 197 997 \ 889 899 2 144 961) 1 928 021 1 611 605 1 857 809 No. 2—New York.. 7 22 763,018 19 595 761 23 231,535 19 644 551 17,029 426 20 977 917 No. 3—Philadelphia 10 1,911,857 l.BW,925 1,9215,493 1,583,008 1,431,593 1,628,117 No. 4—Cleveland.. 13 2 305 963 1 949 930 2 206,665 1 709 252 1 538 886 I 665,926 No. 5—Richmond.. 746,017 631 628 737,293 630 971 535, 864 618,568 No. 6—Atlanta .... 15 1 005 714 S?7 4-'0 991 806 774 821 676 960 7£1 076 No. 7—Chicago 21 4, 810, 899 1,383,007 4,828,011 3,858,652 3,523,911 4,389.187 No. 8—St. Louis . . . .. 5 1,178,722 952,802 1.112,395 858, 795 739, 485 859,117 9 647 312 510 811 600 805 492 323 455 305 556 282 No. 10—Kansas City.. . 14 1,202,253 996,42) 1.199,481 950,759 872,689 1,012,278 No. 11—Dallas 11 605 258 491 600 547 188 528 519 460 149 521 469 No. 12—San Francisco . 18 2,374,873 2,013.173 2,581,355 1,979,295 1,709,434 2,061,228 Total 141 41,752,913 35,921,402 42,108,017 34,936,967 30,585,310 36,932,274 New York City 1 22,087,15S 19,019,491 22,541,298 19,034,575 16,543,428 20,397,109 Other cities 140 19,365,757 18,904,911 19,556,719 15,872,392 14,011,882 16,535,165 WEEKLY SUMMARY FOR BANKS IN 238 CITIES. [In thousands of dollars.] 1923 1922 Number Week ending— Week ending- Federal reserve district. of centers included. Feb. 28. Mar. 7. Mar. 14. Mar. 21. Mar. 1. Mar. 8. Mar. 15. Mar. 22. No. 1—Boston 483,469 559,091 498, 111 564,488 452,085 419,672 495,890 445,717 No. 2—New York 4,669,969 6,018,845 4,844,490 5,271,185 5,198,4'W 4,550,880 4,531,274 4,944,353 No. 3—Philadelphia... 452,990 478,401 ! 436,412 498,020 440,474 397,507 388,514 405,879 No. 4—Cleveland 571,434 589,892 I 593, 553 615,268 515,895 449,052 452,165 470,980 No. 5—Richmond 242,104 283,888 259,412 277,041 244,817 225,989 223,863 226,331 No. 6—Atlanta 223,623 249,401 I 232,552 239, 537 198,964 192,430 183,167 187,102 No. 7—Chicago 1,415,915 1,112,164 !1,055,233 1,158,255 1,063,044 964,122 1,017,857 1,025,787 No. 8—St. Louis 245,403 268,795 255,930 282,823 239,945 204,806 215,259 213,236 No. 9—Minneapolis 126,593 149,373 133,134 156,850 123,210 138,766 138,056 134,564 No. 10—Kansas City.. 276,372 317,77,1 269,485 278,827 235,679 254,652 236,230 239,168 No. 11—Dallas 147,126 159,812 147,106 156,725 137,189 143,433 139,033 142,419 No. 12—San Francisco 529,583 694,957 559,933 605,235 486,40S 516,333 481,467 491,249 Total 9,384,561 10,882,389 9,285,271 10,104,254 9,362,109 8,457,645 8,532,745 8,926,785 DATA FOR EACH CITY. [In thousands of dollars.] 1928 1922 Week ending— Week ending— Feb. 28. Mar. 7. Mar. 14. Mar. 21. Mar. 1. Mar. 8. Mar. 15. i Mar. 22. District No. 1—Boston: Bangor, Me 3,026 3, 876 3,017 2,972 3,302 3,102 3,077 3,596 Boston, Mass 338,418 3S2,961 343; J-30 400,608 307,040 285, 828 351,959 304,171 Brockton, Mass 3,929 4,738 5,008 5,437 4,320 4,855 5,030 Fall River, Mass 6,411 6,741 7,330 7,538 "'5,' 394 5,243 6,023 6,029 Hartford, Conn 22,481 26,523 22,084 24,014 23,603 21,022 19,965 20,179 Holyoke, Mass 3,227 ! 3 850 ; 3,646 4,010 ! 2,667 3,104 2,769 3, IKS Lowell, Mass 3,969 5,041 : 4, 792 5,199 1 4,381 4,312 4,248 4,424 Lynn, Mass 5,429 5,S27 I 6,339 5,700 I 5,010 5,357 6,008 I 6,113 Manchester, N. H... 3,793 4,454 4,050 4,910 3,776 3,522 5,245 3,473 New Bedford, Mass. 6,541 8,786 7,319 7,330 ! 6,412 5,670 5,928 6,057 New Haven, Conn... 16,975 21,245 17.183 18,317 i 14,094 17,096 17,323 17,705 Portland, Me 7,942 9,863 5, 655 9,100 i 7,731 7,310 7,479 I 6,691 Providence, R. I 30,630 31,879 32,600 35,992 34,696 27, 836 32,766 30,229 Springfield, Mass 14,694 16,897 16,001 15,795 13,475 12,270 12,652 13,223' Waterbury, Conn... 6,271 6,251 6,241 6,975 6,867 5,436 6,435 6,478 Worcester, Mass 13,662 14, S97 15,024 16.02S 1 13,637 12,564 14,013 14,166 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL BESEBVE BULLETIN. 525 DATA FOR EACH CITY—Continued. [In thousands of dollars.] 1922 Week ending- Week ending— Fob. 2S. Mar. 7. Mar. 14. Mar. 21. Mar. 1. Mar. 8. Mar. 15. Mar. 22. District No. 2—New York: Albany, N. Y 27,426 20,268 19,438 27,333 42,151 20,555 20,036 26,417 Binghamton, N. Y 3,015 4,406 4,474 4,601 4,346 3,762 4,073 3,742 Buffalo, N. Y 59,0S6 65,713 61,656 68,940 60,705 52,181 54,226 53,457 Elmira.N. Y 3,453 3,511 3,549 3,864 3 356 2,688 2,722 2,741 Jamestown, N. Y 3,2*9 4,019 3,851 4,299 3,291 3,143 3,193 3,325 Montclair, N. .1 2,4S0 2,769 2,532 3,190 1,986 2,299 2,144 2,365 Newark, N. J 53,258 62,870 58 175 67 956 47,449 New York, N. Y 4,488,471 5,802,558 4,661,234 5,058,843 4,997,750 4,383,912 4,365,972 4,771,300 Northern New Jersey Clearing; House Associal ion ; 30,721 47,183 34,113 38,458 33,335 33,691 30,200 30,836 Passaic, N. J 5,787 6,537 6,555 6,928 5,413 4,865 5,898 6,157 Rochester, N. Y 30,619 40,377 30,713 34,821 30,353 28,003 28,109 28,542 Stamford, Conn 2,217 2,543 2,521 2,750 2,274 2,928 2,327 1,955 Syracuse, N. Y 12,505 18,961 13,854 17,158 13,449 12,853 12,374 13,516 District No. 3—Philadelphia: Allentown, Pa 5,715 6,497 5,712 7,010 5,966 5,103 5,227 5,382 Altoona, Pa 3,690 3,712 3,888 3,638 2,989 2,545 3,173 2,840 Camden, N. J 9,359 9,944 9,756 11,818 9,392 8,747 9,227 9,930 Chester, Pa 5,808 4,899 4,841 5,629 5,235 3,551 4,091 4,632 Harrisburg, Pa 6,199 8,820 7,913 8,760 6,647 6,662 6,741 6,678 Hazleton, Pa 2,516 2,478 2,243 2,394 2,585 2,044 2,188 1,896 Johnstown, Pa 5,475 5,092 4,916 5,001 4,766 4,279 4,072 3,825 Lancaster, Pa 5,134 5,345 5,851 7,239 5,274 5,157 5,026 5,410 Lebanon, Pa 1,327 1,449 1,422 1,327 1 182 1,060 956 1,081 Norriitown, Pa 681 928 963 858 638 638 586 644 Philadelphia, Pa 346,261 365,989 325,713 379,439 331,495 306,370 292,575 305,912 Reading, Pa 8,074 9,212 9,405 9,757 7,037 6,560 7,209 7,294 Scranton, Pa 17,086 16,297 15,607 16,840 16,613 13,459 13,432 14,656 Trenton, N. J 11,260 12,663 12,915 13,016 15,153 10,439 10,998 11,527 Wilkes-Barre, Pa 9,581 9,373 9,134 9,710 8,353 6,882 8,512 8,077 Williamsport, Pa 3,918 4,108 4,151 4,260 4,064 3,809 4,201 4,114 Wilmington, Del 7,242 7,320 7,509 7,496 9,101 6,137 6,870 7,774 York, Pa 3,664 3,975 4,473 3,828 3,984 4,065 3,430 4,207 District No. 4—Cleveland: Akron, Ohio 14,363 15,215 16,263 14,887 11,295 10,657 10,858 11,360 Butler, Pa 2,395, 2,519 2,648 2,411 1,969 1,756 1,833 1,654 Canton, Ohio 9, 033 9,706 12,208 10,463 6,926 6,995 5,819 9,048 Cincinnati, Ohio 71,778 78,625 76,423 92,602 65,998 59,235 65,404 65,434 Cleveland, Ohio 134,269 140,341 133,208 144,305 118,550 105,382 107,572 104,381 Columbus, Ohio 29,415 32,374 31,325 32,159 26,337 25,617 28,849 26,847 Conneilsville, Pa 1,382 1,750 1,759 1,315 1,037 953 995 1,051 Dayton, Ohio 16,196 21,102 15,877 18,161 11,683 15,353 11,610 12,676 Erie, Pa 6,179 7,003 7,218 7,261 5,874 6,299 6,737 5,640 Greensburg, Pa 4,398 4,862 4,795 6,088 4,198 3,177 4,047 3,427 Homestead, Pa 667 823 704 831 543 602 597 594 Lexington, Ky 7,630 9,527 8,643 8,046 9,944 8,013 8,246 7,952 N O P L L i i o i e l t m w r t a s C a i b , B i n u t , y O r r i , O g h g P h i h h o a , i t o o P n a , Pa 19 3 2 2 5 1 4 , , , , , , 9 0 3 7 0 8 0 8 0 6 6 2 1 6 5 0 7 8 17 4 2 3 1 8 , , , 1 7 6 3 3 8 7 2 5 2 7 1 9 3 5 19 3 1 2 2 3 , , , , , 2 4 9 3 6 1 9 0 2 9 6 4 2 7 7 19 4 2 3 1 3 , , , , , 2 1 1 3 3 8 6 0 7 6 9 4 7 2 9 18 3 2 2 3 , , , , 5 4 0 3 8 0 6 1 5 8 9 9 8 0 6 14 3 2 1 2 , , , , 6 4 4 1 8 5 9 8 9 7 7 0 4 4 6 13 3 2 1 1 5 , , , , , 2 0 8 5 4 3 8 8 9 3 2 5 0 1 1 15 2 2 1 1 4 , , , , , 6 1 8 4 4 5 6 7 4 9 2 3 9 4 8 Springfield, Ohio 5,989 5,497 4,705 4,518 5,213 4,012 3,904 Toledo, Ohio 36,511 40,060 42,907 39,797 30,855 28,607 27,492 31,828 Warren, Ohio 2,297 3 147 4,103 3,086 3,028 2,072 3,295 2,077 Wheeling, W. Va j 9,516 9,746 11,153 10,296 8,109 7,453 7,300 8,254 Youngstown, Ohio I 13,077 14,457 12,183 10,756 10,832 8,802 10,642 9,723 Zanesviile, Ohio j 2,381 2,381 3,003 3,798 1,967 2,165 2,638 2,494 District No. 5—Richmond: I Asfievilie, N. C 4,614 4 868 4,674 4 467 3,600 3 900 Baltimore, Md 76,300 96^200 80,300 89,100 93,055 80,950 76,681 76,703 Charleston, S. C 11,181 7,627 6,918 7,155 5,500 6,009 5,860 4,860 Charleston, W. Va 8,664 7 966 7,643 9,452 7,468 6,456 6,966 7,003 Charlotte. N. C 8,511 9,907 10,160 9,649 6,737 6,538 5,959 6,969 Columbia, S. C 5,430 7,357 6,700 5,896 5,574 5,757 4,125 5,665 Cumberland, Md 1,541 1,877 2,086 2,285 1,845 1,680 1,712 1,622 Danville, Va 1,776 2,194 1,976 1,933 2,204 1,820 1,925 1,848 Durham, N. C 3,077 4 487 5,063 4,514 Greensboro, N. 0 4,623 s! 358 5,516 5,036 3,310 3,309 3,298 3,363 Greenville, S. C 5,700 5,076 5,600 4,900 3,669 3,820 3,404 3,303 Hagerstown, Md 1,906 2,077 2,275 2,483 1,730 1,955 1,697 1,789 Huntington, W. Va 6,830 6,246 5,905 6,496 4,461 4,437 4,224 4,444 Lynchburg, Va 4,179 4,765 4,811 4,566 4,059 4,423 4,307 4,063 Newport News, Va 1,709 1,738 1,654 1,924 1,651 1,486 1,726 1,496 Norfolk, Va 15,416 18,478 16,695 17,101 14,170 13,886 13,733 13,734 Raleigh, N. C 6,300 6,300 8,100 8,000 4,100 3,500 4,300 3,800 Richmond, Va 26,567 30, 896 28,422 30,085 29,518 25,585 26,373 23,625 Koanoke, Va 4,490 5,945 4,689 5,618 4,858 4,348 4,119 4,452 Spartanburg, S. C 2,132 3,189 3,256 3,517 1,885 1,992 1,813 1,987 Washington, D. C 36,986 46,478 43,986 47,139 39,176 38,229 41,857 44,510 Wilmington, N. C 4,907 6,575 5,058 5,009 4,475 5,112 4,838 4,659 Winston-Salem, N. C 6,956 7,639 7,662 9,697 5,372 4,697 4,946 6,439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

526 FEDERAL RESERVE BULLETIN. APEIL, 102". DATA FOR EACH CITY—Continued. [In thousands of dollars.] 1923 1922 Week ending- Week ending— Feb. 28. Mar. 7. Mar. 14. Mar. 21. Mar. 1. Mar.8. Mar. 15. Mar. 22. District No. 6—Atlanta: Albany, Ga 1,058 1,218 1,700 1,133 775 917 896 827 Atlanta, Ga 29,117 33,623 31,245 36,791 26,007 25,333 25,264 24,726 Augusta, Ga 8,024 10,267 9,482 9,121 6,088 5,382 5,556 5,544 Birmingham, Ala 25,528 25,336 23,272 22,653 17,156 18,801 17,147 16,539 Brunswick, Ga 617 682 621 I 636 512 541 469 485 Chattanooga, Tenn 7,439 8,634 t 8,838 • 10,519 7,127 7,181 7,321 7,133 Columbus, Ga 2,368 3,253 I 3,735 2,981 2,249 2,349 2,251 2,301 Cordele, Ga 346 471 365 291 230 257 224 268 Dothan, Ala 676 617 615 482 477 475 400 460 Elberton, Ga 213 339 304 I 201 302 350 223 182 Jackson, Miss 3,779 3,213 3,181 I 3,497 2.524 2,155 2,339 2,529 Jacksonville, Fla 11,478 13,448 I 13,056 j 14,663 10,724 11,233 10,970 11,007 Knoxville, Tenn 6,747 8,208 ' 6,728 ) 6,973 6,104 5,516 5,774 6,482 Macon, Ga 3,865 5,008 5,201 i 5,270 3,513 3,288 3,400 3,758 Meridian, Miss 2,038 2,325 2,506 : 2,794 2,042 1,941 1,549 2,200 Mobile, Ala 7,274 8,020 6,452 6,463 5,957 6,673 6,226 5,767 Montgomery, Ala 4,654' 6,263 5,605 5,639 3,311 3,832 3,404 3,327 Nashville, Tenn 14,603 17,928 16,335 18,112 15,379 16,158 15,062 15,827 Newnan, Ga 412 534 558 618 338 301 231 320 New Orleans, La 72,188 75,613 I 70,192 69,343 67,606 60,988 55,995 59,386 Pensacola, Fla 1,300 2,082 I 1,512 1,537 1,358 1,444 1,617 1,144 Savannah, Ga 9,891 10,969 10,310 9,514 10,053 9,079 8,950 8,684 Tampa, Fla 6,690 8,036 7,614 7,606 6,633 5,932 5,543 5,905 Valdosta, Ga 1,134 1,484 1,174 1,041 924 1,013 992 919 Vicksburg, Miss 2,184 1,830 1,951 1,659 1,575 1,291 1,364 1,382 District No. 7—Chicago: Adrian, Mich 621 785 1,008 853 759 709 751 679 Aurora, 111 3,196 4,062 3,512 3,261 3,026 3,065 2,681 2,768 Bay City, Mich 1,987 2,333 1,905 2,078 2,767 2,235 2,061 2,360 Bloomington, 111 3,357 5,601 3,032 3,003 3,018 4,183 2,684 2, 756 Cedar Rapids, Iowa 5,380 8,144 6,845 5,810 8,854 8,730 5,649 4,819 Chicago, 111 1,010,107 684,597 635,392 705,385 709,703 633,101 668,550 656,000 Danville, 111 3,200 4,000 4,500 4,700 3,100 2,500 3,100 3,200 Davenport, Iowa 9,435 11,695 6,600 6,692 10,662 8,261 7,184 7,559 Decatur, 111 3,364 4,205 3,452 3,544 3,406 3,615 3,201 3,135 Des Moines, Iowa 15,063 26,863 22,843 18,920 15,801 22,320 17,627 16,055 Detroit, Mich 151,492 126,013 156,451 184,448 116,737 91,365 118,838 138,602 Dubuque, Iowa 3,236 4,190 3,559 3,551 3,852 3,501 2,857 2,929 Flint, Mich 7,382 7,787 7,582 7,741 4,961 4,400 4,200 5,700 Fort Wayne, Ind 8,752 9,627 8,300 8,060 8,727 7,414 6,652 6,582 Gary, Ind 4,223 2,832 3,961 2,689 2,438 2,311 2,334 1,763 Grand Rapids, Mich 13,729 16,026 13,881 16,904 14,052 12,970 12,513 14,358 Green Bay, W is 2,283 2,702 2,258 2,475 Hammond, Ind 2,970 3,520 3,000 3,719 Indianapolis, Ind 43,679 35,270 35,197 36,925 38,184 29,291 30,583 30,427 Jackson, Mich 4,244 3,600 3,600 5,139 3 o»8 3,418 2,935 3,076 Kalamazoo, Mich 4,036 5,312 4,266 4,722 4,486 3,030 4,623 3,814 Lansing, Mich 6,900 8,800 8,200 10,300 5,143 4,738 4,306 5,372 Mason City, Iowa 2,337 3,738 2,592 2,396 2,040 2,765 2,063 2,065 Milwaukee, Vi is 57,339 68,411 59,351 63,102 51,898 54,818 60,873 62,412 Moline, 111 1,677 2,232 1,739 1,786 1,936 1,676 1,873 1,835 Muscatine, Iowa 1,083 2,234 2,021 1,714 1,250 2,073 1,479 1,395 Oshkosh, Wis 2,300 2,600 2,500 2,700 1,800 2,300 2,400 2,500 Peoria, 111 -• 9,140 9,983 9,315 8,814 8,422 9,249 8,026 7,640 Rockford, 111 4,308 6,671 6,418 6,345 3,938 4,626 4,539 4,454 Saginaw, Mich , 5,216 4,524 5,349 5,243 Sioux City, Iowa 16,562 23,407 17,447 18,960 13,403 19,240 17,454 15,837 South Bend, Ind 7,509 7,772 8,034 7,628 6,084 5,810 5,627 6,275 Springfield, 111 6,787 7,088 7,232 5,881 6,667 6,335 6,388 5,746 Terre Haute, Ind 6,377 5,751 6,024 5,299 \\ aterloo, Iowa 3,490 6,286 4,498 4,204 3,232 4,073 3,806 3,674 District No. 8-^St. Louis: East St.Louis and National Stock Yards,IU. 8,565 8,850 9,770 9,705 7,984 7,945 7,754 Evansville, Ind 10,463 6,926 7,504 6,994 6,855 7,419 6,701 5,400 Fort Smith, Ark 2,703 2,799 2 706 2,840 Greenville, Miss 1,154 1,150 815 997 1,048 897 725 Helena. Ark 1,317 1,548 1,174 1,237 828 864 860 914 Little Rock, Ark 15,400 14,417 14,620 14,000 9,244 9,857 9,467 9,332 Louisville, Ky 33,717 40,474 37,591 37,483 34,485 29,428 32,032 32,727 Memphis, Tenn 31,159 37,923 33,890 43,576 23,683 23,928 23,891 22,752 Owensboro, Ky 1,482 1,942 1,702 1,752 1,737 1,541 1,435 1,302 Quincy, 111 2,330 3,453 2,972 2,819 2,137 2,491 2,162 2,087 St. Louis, Mo 136,726 148,727 143,181 160,928 138,242 117,306 127,069 127,529 Springfield, Mo 3,090 3,385 3,193 3,267 2,981 3,091 2,889 2,714 District No. 9—Minneapolis: Aberdeen, S. Dak i 1,142 1,187 1,116 991 1,014 1,109 1,220 941 Billings, Mont 1,883 2,466 1,774 1,673 1,432 1,552 1364 1,429 Dickinson, N. Dak 295 386 275 355 183 448 235 208 Duluth, Minn 13,417 13,491 11317 15,529 10,266 12,158 15,871 13,479 Fargo. N. Dak 2,232 2,688 3,076 2,484 1,910 2,423 2,005 2,343 Grand Forks, N. Dak 1,371 1,845 1,873 1,694 1,214 1,384 1,345 1,361 Helena, Mont 2,255 2,572 1,835 2,001 2,251 2,307 1,742 1,728 Jamestown, N. Dak 387 422 391 311 434 375 310 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1923. FEDERAL RESERVE BULLETIN. 527 DATA FOR EACH CITY—Continued. [In thousands of dollars.] 1923 1922 Week ending— Week ending- Feb. 28. Mar. 7. Mar. 14. Mar. 21. Mar. 1. Mar. 8. Mar. 15. Mar. 22. District No. 9—Minneapolis—Continued. La Crosse, Wis 2,692 2,848 2,875 2,657 Lewistown, Mont 875 1,175 1,450 849 664 943 561 580 Minneapolis, Minn 60,283 70,139 63,962 73,107 65,761 72,986 70,108 68,612 Minot, N. Dak 1,008 1,121 1,063 403 827 900 803 685 Red Wing, Minn 395 519 457 366 468 483 431 410 St. Paul, Minn 34,922 43,342 34,854 49,771 36,136 35,165 36,046 36,770 Sioux Falls, S. Dak 3,477 4,980 3,898 4,210 3,335 3,813 3,210 2,958 Superior, Wis 1,682 1,776 1,808 1,974 1,640 1,674 1,885 1,559 Winona, Minn 969 1,264 966 1,052 788 987 S55 1,183 District No. 10—Kansas City: Atchison, Kans 1,348 1,351 1,328 1,456 1,290 1,402 1,182 1,202 BartlesvUle, Okla 2,994 3,796 2,924 2,431 2,743 2,552 2,114 1,730 Casper, Wyo 3,540 3,959 3,455 3,709 2,368 2,840 2,437 2,945 Ch W 4,113 1 996 1,475 1,826 3,153 2,198 1,481 1,694 2,603 2 955 2,957 3,340 2,511 2,516 2,519 2,376 36,900 44,438 31,506 37,888 32,658 32,080 31,678 30,077 Enid, Okla. 3,013 3 261 2 871 3,073 Fremont, Nebr 985 2 020 1,102 865 Grand Island, Nebr 1,131 1 667 1,220 1,083 1,220 1,378 1,155 1,153 Grand Junction, Colo 563 745 709 696 660 628 677 647 Guthrie, Okla 711 908 821 872 534 566 533 525 Hutchinson, Kans 3,175 3,213 2,836 2,364 3,405 2,807 2,337 2,439 Independence, Kans 2 237 2 967 2,742 2 733 2,011 Joplin, Mo 3,453 3,410 4,173 3,589 2,239 2,092 2,816 1,675 Kansas City, Kans 4,056 4,110 3,890 4,157 3,411 3,317 3,461 3,990 Kansas City, Mo 74,855 89,415 73,427 81,695 75,206 71,251 64,001 65,218 Lawrence, Kans 1,181 1 190 935 990 1,022 1,019 925 978 McAlester, Okla 1,030 1,038 790 1,104 1,018 933 1,000 870 Muskogee, Okla 5,028 6,600 5,490 6,140 5,734 7,076 5,360 6,551 Oklahoma City, Okla 16,118 22,330 19,460 20,268 19,606 19,055 17,122 19,551 Okmulgee. Ok'la 2,315 2,384 2,284 2,452 1,863 2,003 1,834 1,954 Omaha, Nebr 46,153 57,385 50,517 45,942 47,951 47,576 43,217 45,345 Parsons, Kans 808 1,164 854 1,028 807 1,017 797 884 Pittsburgh, Kans 1,677 1 542 1,415 1,380 1,757 977 1,233 1,153 Pueblo, Colo 2,916 4,096 2,964 2,783 3,427 4,097 3,912 4,323 St. Joseph, Mo 16,796 17 187 13,568 13,439 12,427 13,682 9,531 Topeka, Kans 3,835 4,971 4,092 3,478 3,414 3,513 3,113 2^988 Tulsa, Okla 26,778 23,676 26,901 24,816 23,915 18,394 23,196 18,423 Wichita, Kans 12,290 12,214 9,474 9,901 11,340 9,683 8,569 9,255 District No. 11—Dallas: Albuquerque, N. Mex 2,092 2,543 2,408 1,973 1,976 2,140 1,710 1,839 Austin, Tex 3,569 4,327 3,829 3,628 2,552 3,437 2,988 2,595 Beaumont, Tex 3,150 3,714 3,628 3,920 3,358 3,559 3,567 3,695 Corsicana, Tex 1,281 1,269 1,493 1,338 985 • 1,160 1,198 1,037 Dallas, Tex 41,485 43,127 35,891 39,379 34,674 36,263 32,504 34,205 El Paso, Tex 7,024 8,961 7,460 9,098 6,85S 7,662 7,747 6,661 Fort Worth, Tex 26,200 25,900 25,364 24,360 30,840 31,444 32,530 31,422 Galveston, Tex 17,364 20,057 17,128 18,265 9,736 15,141 13,090 15,163 Houston, Tex 23,851 25,062 25,842 28,608 24,900 . 21,845 22,700 25,600 Roswell, N. Mex 422 634 859 656 704 636 524 524 San Antonio, Tex 5,573 7,406 7,401 7,656 5,830 6,226 6,538 6,525 Shreveport, La 8,000 9,201 8,035 8,574 7,742 6,792 7,468 6,742 Texarkana, Tex 2,157 1,553 2,285 3,827 1,790 1,369 1,569 1,953 Tucson, Ariz 1,490 1,974 1,760 1,688 1,687 1,619 1,349 1,561 Waco, Tex 3,468 4,084 3,723 3,757 3,557 4,140 3,551 2,897 District No. 12—San Francisco: Bakersfield, Calif 2 812 3,621 2,660 2,720 4,523 3,967 2,322 Bellingham, Wash 1,494 1,805 2,340 2,320 1,330 1,448 1,583 1,807 Berkeley, Calif 3,171 4,729 3,846 3,933 4,034 4,642 5,238 3,844 Boise, Idaho. 2,868 2,592 2,775 3,119 2,512 2,684 1,739 2,423 Eugene, Oreg 1,8(50 2,176 2,249 2,381 1,332 1,557 1,589 1,651 Fresno, Calif 11,058 12,007 12,545 10,669 10,519 9,325 . 9,230 8,590 Long Beach, Calif 14,147 15,907 14,290 13,515 7,160 8,103 6,836 6,878 Los Angeles, Calif 145,527 197,626 158,927 166,513 124,409 127,770 117,783 116,080 Oakland, Calif 33,445 37,908 29,164 27,327 17,615 20,192 17,719 19,103 Ogden, Utah «,687 7,691 fi,912 6,554 4,041 5,168 4,208 4,495 Pasadena, Calif 6,822 11,239 7,481 7,668 4,840 8,279 5,673 5,802 Phoenix, Ariz 3,921 4,479 4,463 4,908 3,540 3,535 3,412 3,221 Portland, Oreg 30,242 36,812 33,093 33,962 33,237 32,707 33,711 34 675 Reno, Nev 1,557 2,281 1,992 2,27fi 1,9*9 2,056 2,242 2,456 Ritzville, Wash 94 147 173 182 205 147 225 148 Sacramento, Calif. 9,631 8,2ii9 9,314 9,461 13,906 11,630 17,087 14,703 Salt Lake City, Utah 13,708 15,116 12,955 14,269 13,197 11,961 11,752 11 427 San Bernardino, Calif 1,455 1,749 1,633 1,391 1,378 1,651 1,434 1,470 San Diego, Calif 10,752 12,988 11,755 10,311 9.290 8,687 9,521 8,782 San Francisco, Calif 170,627 247,192 172,2151 200,695 167*51 193,107 160,2S1 168,976 San Jose, Calif 5,095 5,032 4,877 4,962 2,B50 4,598 4,214 4,309 Seattle, Wash 33,144 38,703 40,135 46,453 35,1581 29,718 38,312 39,206 Spokane, Wash 9,003 11,223 11,075 12,465 9J816 12,088 10,785 12,104 Stockton, Calif 4,135 5,575 4,841 5,955 41876 4,831 5,083 5,135 Tacoma, Wash 7,418 8,977 8,583 11,374 81312 7,534 9,193 11,204 Yakima, Wash 1,702 2,134 2,224 2,572 2J888 2,918 2,637 2,760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE CLEARING SYSTEM. Cn to oo OPERATIONS DURING FEBRUARY, 1923. [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 at end of month. Items drawn Total items warded to warded to Number of on Treasurer handled, other Federal parent banks member Feder o a r l b re r s a e n r c v h e . bank re I o s n e r r F b v e r e a d n b e c r a a h n l k O e u r b a ts l a i n r d e k e s e o F r r v ed e - of S t U a n te i s te . d d e u x p c l l i u c s a i t v i e o n o s f . res b a e r n r a d v n e c t h h b e e a i s n r . ks or t i d o n i s b s t r a r a i m c n t c e . hes Number. Amount. b m e a n n o d k n s t o h a f . t On par list. Not l is o t n . i par city. branch city. N b u e m r. - Amount. N b u e m r. - Amount N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount 1923 1922 1923 1922 1923 1922 1923 1922 1923 1922 Boston 560' 568,031 3,427 381,827 131 14,624 4,118 964,4S2 192 46,739 4,310 3,812 1,011,221 857,015! 427 435 234! 257 New York 1,917) 3,493,412 4,688 566,025 928 91,751 7,533 4,151,188 1,149 125,965 5,519 8,704 7,273 4,282,672 4, 145,1001 726 716 263 255 Buffalo 18l| 100,478 399 47,010 12 2,653 592 150,141 128 21,080 18,204 748 698 189,425 136,6411 86 83 78 77 Philadelphia 1.003! 737,790 2,052 248,686 146 25,320 3,201 1,011,796 426 86,123 3,627 4,034 1,097,919 920,621 715 710 492 470 Cleveland 610J 253,421 1,268 144,263 77 7,361 1,955 405,045 58 4,647 4,526 2,038 1,549 414,218 30S, 686 311 318| 517 514 Cincinnati 209 297,894 791 83,408! 63 10,449U.072 2 393,245 14 5,324 3,917 1,100 958 402,486 174,209! 226| 222 313 319 Pittsburgh 485; 484,916 876 97,335| 39 4,628 1,400! 586, 879 83 36,999 8,617 1,512 1,275 632,495 291.799| 345 343 254| 250 Richmond 117i 280,516 1,918 273,947 44 5,684 2,079 560,147 170 54,182 8,025 2,282 1,960 622,354 362, 824 474 465 698| 717 561 585 Baltimore 252! 178,401 676 63,511 48 5,850 976 247,762 129 32,929 6,947 1,174 970 2S7,638 196,2721 161 161! 253) Atlanta 120! 100,593 365 44,390 37 4,535 522 149,518 32 9,009 3,672 580 494 162,199 105,692j 227 • 229! 90 96 487 Birmingham 511 45,453 198 16,224 13 1,666 262 6i, 343 20 13,451 30,018 309 381 106, 812 60,075j 93 76: 33; 33! 145 119 Jacksonville 73 71,235 191 20,734 10 1,401 274 93,370 46 8,357 1,341 328 261 103,068 44,638! 78 75 60 64 148 143 Nashville 63 76,371 211 19,517 15 2,045 289 97,933 7 1,527 731 300 269 100,191 43,834: 89 87 144 145: 159 159 New Orleans 76 42,050 117 15,356 37 5,035 230 62,441 45 12,308 841 281 242 75,590 67,3471 55 55| 50 51! 224 225 Chicago 987 833,621 3,658 303,402 359 54,228 5,004 1,191,251 351 32,695 2,663 5,366 4,530 1,226,609 795,601 1,318 1,319. 3,989 3,975| Detroit 247 366,556 472 45,091 36 3,663 755 415,310 19 5,467 1,544 778 681 422,321 157,495 123 124i 258 259 St. Louis 381 315,761 1,342 79,038 106 8,867 1,829 403,666 37 4,096 956 1,877 1,627 408,718 246,076 3911 373! 1,690 1,724 Little Rock 64 41,008 316 20,199 10 1,083 390 62,290 1 738 729 398 340 63,757 35,935 71! 69: 236| 231 Louisville 104 137,956 444 25,295 32 3,054 580 166,305 11 852 92 592 502 167,249 72,111 951 94j 348! 34l! Memphis 76 36,979 186 12,637 11 1,3201 273 50,936 2 479 222 277 221 51,637 33,855 59 56! 187 i 187 159 164 Minneapolis 248 98,652 1,374 69,886 33 5,033 ! 1,660 1 177,529 73 13,099 80 1,734 1,405 190,708 159,169 825 824! 2,40512,421 176 180 Helena 22 12,397 105 7,551 7 1,203 "1•3••4 21,151 4 1,962 838 139 189 23,951 20,394 187 200| 186! 209 3 Kansas City 358 189,206 1,241 83,345 69 9,527 1,668 282,078 236 31,359 8,138 1,969 1,765 321,575 311,429 328 330: 1,413' 1,451 Denver 132 39,434 335 20,587 24 3,378 491 63,399 72 17, 215 11,347 606 511 91,961 77,094 162 161: 2451 273 Oklahoma City . 64 46,347 951 63,894 10 1,306 1,025 111,547 50 6,664 8,387 1,093 932 126,598 105,613 414 375! 410 471 7 13 Omaha 188 50,404 553 31,906 23 2,164 !765 2 84,797 41 5,436 3,803 824 648 94,036 76,724 248 252! 898 151] 205 Dallas 204 125,344 1,231 162,486 34 4,286 1,469 292,116 71 8,155 4,325 1,579 1,400 304,596 224,579 659 654! 725 788 53 34 El Paso 41 9,367 119 8,709 17 1,482 177 19,558 12 1,513 627 195 183 21,698 19,678 63 681 58 67 Houston 38,167 334 27,744 14 1,423 417 67,334 17 2,529 1,067 438 395 70,930 64,534 139 134j 256 260 San Francisco 343,128 630 39,158 69 17,544 997 399,830 29 4,306 28! 3,118 1,054 699 407,254 202,867 192, 209! 265 276 Los Angeles 412 172,180 1,535 109,506 54 17,085 2,001 298,771 105 16,614 56] 8,193 2,162 1,639 323,578 201,488 159 1691 190 165 Portland 69 30,155 210 10,787 19 4,116 298 45,058 5 1,649 33 3,452 336 277 50,159 43,520 136 13.ll 136 162 27 Salt Lake City.. 46 29.074 344 15 3,659 405 53,429 13 3,281 9! 2,251 427 394 58,961 46,274 160 174! 101 104 Seattle 106 36,129 218 14,557 36 6,523 360 57,209 21 5,678 38! 4,424 419 364 67,311 52,906 66 63! 92 95 Spokane 39 15,455 165 8,304 1,254 213 25,013 12 2,267 17! 2,141 242 213 29,421 28,336 109 1021 147 162 Total: February . 9,872 9,697,88132,940 3,187,011 2,587 335,200 45,41413,225,867 3,681 624,694 703! 160,755 49,7798 43,09114,011,316 101,,690,431 9,917 9,85617,72418,019 2,282 2,318 January .. 12,006 11,040,202 38,740 3,926,212 3,309 631,043 54,07215,604,462 4,356 740,333 852| 199,534 5V280 4;7,87916,544,32911,., 534, 5239,911 9,852:17,777 18,071 2,289 2,321 • Incorporated banks other than mutual savings banks. * Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati, 9,000 items, $1,494,000; Minneapolis, 5,000 items, $3,958,000; Omaha, 1,000 items, $323,000. Total. 15,000 items, $5,775,000. NOTE.—Number of business days in period lor Boston, Richmond, Baltimore, Atlanta, Jacksonville, St. Louis, Little Rock, Kansas City, and Oklahoma City was 23. and for other Federal reserve bank and branch cities 22 days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKIL, 1923. FEDEBAL RESEfiVE BULLETIN. 529 GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS FROM FEBRUARY 23, 1923, TO MARCH 22. 1923, INCLUSIVE. [In thousands of dollars.] Changes in ownership of Transfers. Daily settlements. gold through transfers Balance in and settlements. fund at Federal reserve bank. close of period. Debits. Credits, Debits. Credits. Decrease. Increase. Boston 14,000 638,848 6fi7,335 14,487 40,874 New York 5,000 102,000 2,140,874 2,140,954 97,080 295,407 Philadelphia... 18,000 646,338 653,491 10,847 25,565 Cleveland 15,000 579,083 590,123 3,970 68,990 Richmond 9,000 487,600 487,420 9,180 21,542 Atlanta 11,000 25«,781 264,639 3,142 17,273 Chicago 1,045,548 1,022,825 22 723 73,354 St. Louis 12,000 1,000 516,864 511,571 16,293 6,715 Minneapolis 10,000 1,000 137,044 143,691 2,353 21,348 Kansas City 1,000 353,749 351,800 949 35,502 Dallas 2,000 2,000 225,175 216,900 8,275 10,027 San Francisco.. 12,000 1,000 296,192 273,357 33,835 31,625 Total four weeks ending— Mar. 22,1923 108,000 108,000 7,324,106 7,324,106 111,567 111,567 648,222 Feb. 21,1923 17,100 17,100 6,182,140 6,182,140 574,857 Mar. 23,1922 113,500 113,500 5,518,607 5,518,607 513,493 Feb. 23,1922 93,000 93,000 4,883,964 4,883,964 518,152 MONEY IN CIRCULATION, MARCH 1, 1923. [Source: United States Treasury Department circulation statement.) Money held by Money in circulation. Stock of money the U. S. Treasin the United ury and the States. Federal reserve system. Amount. Per capita. Gold coin and bullion •S3,960,955,432 S3,549,996,970 $410,958,462 $3.71 G old certificates 2(682,553,859) 367,960,778 314,593,081 2.84 Standard silver dollars 464,464,404 404,897,765 59,566,639 .54 Silver certificates 2(378,117,963) 60,S5O,445 317,267,518 2.86 Treasury notes of 1890 2(1,476,483) 1,000 1,475,483 .01 Subsidiary silver 268,891,383 27,804,821 241,086,562 2.17 United States notes 346,681,016 63,189,653 283,491,363 2.56 Federal reserve notes 2,647,563,480 420,869,052 2,226,694,428 20.10 Federal reserve bank notes 34,036,000 4,054,913 29,981,087 . .27 National-bank notes 767,043,704 41,521,659 725,522,045 6.55 Total 8,489,635,419 3 4,941,147,056 4,610,636,668 41.61 Comparative totals: Feb. 1,1923 8,442,726,010 84,998,202,265 4,509,127,518 40.74 Mar. 1, 1922 8,076,223,365 3 4,653,072,774 4,401,984,542 40.31 Apr. 1,1917 5,312,109.272 S3,896,318,653 4,100,590,704 39.54 July 1,1914 3,738,288,871 3 1,843,452,323 3,402,015,427 34.35 Jan. 1,1879 1,007,084,483 3 212,420,402 816,266,721 16.92 • Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents. ' These amounts are not included in the total, since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion and standard silver dollars, respectively. s 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

530 FEDERAL RESE&VE BULLETIN. APRIL, 1923. GOLD AND SILVER IMPORTS AND EXPORTS. IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Gold. Silver. Countries. February— Eight F m eb o r n u t a h r s y — ending February— Eight F m eb o r n u t a h r s y — ending 1922 1923 1922 1923 1922 1923 1922 1923 IMPORTS. Denmark $5,168,676 $8,596,207 $1,115,469 $844 $987 France 1,425,881 $984,406 120,628,690 16,784,133 $7,890 $1,765 121,987 77,558 Germany 1,341 19,920,823 29,707 64,591 5,688,970 55,764 Greece. 5,003 4,798,294 21,156 Netherlands 4,186,976 10,044,247 1,669 Norway 3,307 666,192 543,592 7,767 11,732 Spain 10,265 12,473 316,389 48,655 24,158 24,512 49,439 • 98,621 Sweden 8,821,246 15 36,832,591 1,326,938 1,354 1,180 United Kingdom—England 8,309,644 1,047,114 118,618,289 107,520,188 43,680 31,723 124,005 185,731 Canada 1,648,525 4,643,823 15,798,321 25,554,634 271,527 540,462 2,640,588 5,804,627 Central America 395,917 170,199 4,400,691 2,014,359 58,597 79,448 1,088,267 1,000,773 Mexico 313,427 315,438 3,574,698 3,601,575 3,675,598 2,250,072 30,895,033 29,562,764 West Indies 229,084 17,406 2,843,199 479,517 470 8,111 440,484 179,868 Bolivia 800 7,682 4,234 17,194 17,058 316,488 542,932 Chile 2,611 4,436 376,542 114,288 12,831 147,899 1,152,456 1,502,053 Colombia 534,895 394,129 7,408,282 3,946,732 21,199 10,520 145,765 135,204 Peru 116,373 123,384 1,224,166 1,142,001 575,252 587,323 3,878,107 5,472,310 Uruguay 104,006 3,966,970 8,959 25,347 2,167 Venezuela 131,893 33,843 643,870 461,418 37 70 1,478 1,819 China 342,479 47,000 4,236,999 5,895,896 120 1,702 10,924 British India 14,863,765 11,718 Dutch East Indies 170,000 1,124,624 1,378,612 60,000 296,997 538, 111 Philippine Islands 56,264 111,786 947,624 704,613 1,467 13,483 9,451 British Oceania 929,628 78,699 12,587,932 1,076,376 1,409 1,188 Egypt 110,295 26,635 7,210,097 3,271,242 227 12,730 Portuguese Africa 55,925 283,735 608,671 13,899 15,978 154,572 Allother 83,163 145,225 9,345,512 885,639 11,864 17,972 152,461 147,465 Total ! 28,738,920 8,382,736 400,615,869 193,359,989 4,785,957 3,792,387 47,074,023 45,531,687 Netherlands 19,000 1,645 Spain 217,000 450,200 20,000 Sweden 2,721,013 "600 Switzerland 7,487 3,123 I 1,354,866 United Kingdom—England. 7,959 1,921,715 220,928 7,869,528 7,174,885 Canada 108,502 13387 ! 134,256 240,976 101,297 3,719,802 1,241,607 Central America 113; 387 | 1,982,832 21,770,433 6,543 3,950 Mexico 462,680 546,124 ! 3,874,595 i 3,096,839 145,573 135,084 1,197,023 1,190,815 West Indies '• 350 | 899 5,625 2,360 25,360 14,102 Colombia. ! ! 500,000 191,000 191,000 10,000 Venezuela 364,000 649,000 China 350,200 2,248,328 1,134,121 13,777,103 14,021,314 British India 824,057 ! ' 2,003,057 i 6,493,929 1,417,323 596,720 2,974,422 9,625,278 Dutch East Indies.. French Indo-China. ' .... 75,000 422,400 3,168,000 Hongkong 119,555 719,200 i 8,680,680 ! 2,778,360 134,725 6,461,496 6,471,529 Allother 4,932 I 79,740 ! 7,930 549 1,563,310 2,749 Total. 1,731,794 | 1,399,089 j 19,795,590 j 36,601,712 j 7,091,665 2,191,059 41,602,587 39,758,474 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT MARCH 31, 1923. Paper maturing— After 90 days, After 6, but Within 90 days. but within 6 within 9 Federal reserve bank. months. months. a C a n g o d r m i l c i m v u e l e t - u r s c t r o i a a c l l , k , U G S n o e i v c te u e d r re n S d m t a b e t n y e t s ac B ce a p n t k a e n r c s e ' s. acc T ep ra ta d n e ces. a A n g d r p i l a i c v p u e e l - t r s u . to ra c l k l a A nd g p r l i a i c v p u e e l - t r s u . to ra c l k paper, n.e.s. obligations. Boston New York.... Philadelphia. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco 1 Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. •a In the following table are presented actual discount and interest rates February 15 shows higher rates in most centers for nearly all paper, although prevailing during the 30-day period ending March 15, 1923, in the various in some centers rates for prime commercial paper remained unchanged I cities in which the Federal reserve banks and their branches are located. and in a few they were reported lower. Rates for interbank loans remained A complete description of the several types of paper for which quotations generally unchanged, but in some centers they were higher. Collateral are given will be found in the September, 1918, and October, 1918, FEDERAL demand loan rates were reported higher. Compared with the corresponding RESERVE BULLETINS. period ending March 15, 1922, all rates were reported lower. A comparison of the discount and interest rates for the various centers during the 30-day period ending March 15 with the 30-day period ending DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING THE 30-DAY PERIOD ENDING MARCH IS, 1923. Bankers acceptances, Prime commercial paper. 60 to 90 days. Collateral loans—stock exchange. Ordinary loans to District. City. Customers'. Open market. In l t o e a rb n a s. nk C lo a a t n tl s e . S w r e a e c r c u e e r h e ip o d u t s b s . e y s c e u c s u t r o e m d e b rs y Unin- 3 to 6 Liberty I 30 to 90 4 to 6 30 to 90 4 to 6 Indorsed. dorsed. Demand. 3 months. months. bonds. days. months. L. C. H. L. C.H. L. C. H. L. C. H. L. C. H. L. C. H. L. C. H. L. C. II. L. C. H. L. C.H. L. C. H. L. C. H. L. C. No. 1.. Boston 5 51 5} 51 51 5 4|4 5 4} 4} 51 5 5J 4 4 4 41 4 4 5i 5 51 1 51 6 515} No. 2.. New York i 6 41 5 5 4} 5 51 4§ 5 6 4J 5 5 4 4-41 414 4J 6 41 5 6 4J 5-51 6 41 5-51 w Buffalo 6 5 6 5 4} 5 4} 8 5 6 41 4 41 7 5" 6 6 5 6 6 5" 6 6 5 6 No. 3.. Philadelphia •8? 6 41 51 5} 4j 5 5 43 5 6 5 5 5 41 6 5 5 6 5 6 5 5 5 5 6 5 5 £ No. 4.. Cleveland 7 4} 6 6 5 51 6 4 7 6 6 7 6 6 7 6 6 6 6 6 1 Pittsburgh 6 5 6 5 5 5 5 6 6 6 41 4 41 41 41 4| 6 5 6 6 5 6 6 5 6 6 6 Cincinnati 5 6 6 51 6 6 51 B 6 516 6 5 51 41 4 4 4J 4 4 6 5 51-65 51 51-6 6 6 6 6 6 6 6 5 5-51 N N o o . . 5 6 . . . . A R B B a i i t c r l l m a t h i n m m i t n a o o g n r h e d am 4 4 5 5 } J 6 6 5 6 1 6 6 7 8 4 5 4 5 1 | 6 5 - 6 6 1 7 5 515 4 5 41 1 -5 5 5 15 4 S 41 i -5 6 6 7 7 4 4 5 5 } 1 " 5 66 5 6 1 6 5 5 6 5 5 6 8 5 4 55 5 1 1 66 6 5 6 Ji 6 7 8 5 5 5 6 66 6 51 - 1 7 6 6 7 8 6 5 5 5 5 6 6 6 } 6 6 4 5 1 1 6 6 6 6 8 8 4 4 5 5 1 1 6-7 w No. 7.. J C N N D a h e a e c i w s t k c r h s a o v o g O i i t n o l r v l l e e il a l n e s 6 5 5 5 4 1 J 6 7 6 5 5 - - } 7 6 6 7 7 8 6 6 5 5 5 4 1 1 5 6 7 6 5 1 -6 5 5 5 5 1 1 • * 1 i H t 5 5 • 5 5 S 1 *4 4 4 4 1 1 5 5 6 6 6 6 8 1 " 5 6 5 6 5 6 5 5 6 5 5 J } -5i 5 41 4 4 J4 4 1 6 4 i 4 6 4 6 -41 6 7 6 6 1 4 6 5 5 1 1 5 5 6 5 - - 1 5 1 7 1 6 6 8 6 5 5 6 5 1 " 6 5 5 5 7 - - 1 1 5 7 1 " 6 7 7 6 8 1 6 6 5 5 4 } 1 6 5 7 - 6 5 1 - 7 516 5 5-6 6 6 7 8 6 1 6 6 6 5 5 1 6 7 7 5 6 -6 6 6 6 6 7 1 6 4 5 5 5 1 5 6 6 5 5 } } 3 No. 8.. St. Louis 5 5J 6 4 5 5 5 4?5 6 5 5 61 4} 51 61 4J 5j 61 4} 51 1 5 5HS 61 5 51-66 4151 Louisville 4 5 6 5 6 o 5 6 b 6 5 6 6 5 6 6 5 6 6 5 6 6 6 6 6 5 6 Memphis 4} 6 6 6 6 6 5 6 6 6 6 6 6 6 6 6 6 6 5 6 Little Rock 6 6 7 6 6 5 4 5 4i 5 6 6 6 7 6 7 8 6 7 8 6 7 7 6 6 8 6 6 imieapolis, 6 6 6 5 5-515 4| 51 41 4J-5 6 51 51 41 41 41 61 41 5-6 61 5 5-6 61 5 5-6 7 6 6-61 6141 6 51 5 5 No. 10... K O D [ m a e e n n l a e v s h i a e i a t s r l . City 4 4 5 7 * | 6 6 5 8 7 8 82 & 7 5 ' ^ 8 6 6-7 6 5 5 4 J 4 5 4 4 J i 4 4 5 4 1 1 1 -5 6 4 5 5 | 4 5 4 4 i 1 4 4 5 4 1 1 1 -5 8 7 8 88 6 7 6 5 6 1 1 6 6 8 6 6 -7 8 7 7 8 1 5 8 5 6 6 6 8 7 8 7 8 1 7 5 6 5 6 7 8 6 88 8 7 S 1 5 77 5 6 6 8 7 8 8 8 8 6 7 5 6 1 1 6 6 8 7 -7 7 8 8 6 5 8 5 } 1 6 8 - 6 7 7 8 8 8 7 6 5 5 8 6 6 6 8 1 Oklahoma City... 5 6-7 10 51 7 6 5" 5} 6 51 6 8 6 6 10 6 8 10 6 8 10 6 8 10 6 8 10 6 8 10 6 7 No. 11.. Dallas 5J 7 " 5 6 6 5 6 6 5 6 7 41 5J 8 6 7 6 7 8 6 71 5 7 8 41 6 El Paso *i 51 10 8 8 51 4 41 10 8 8 9 6 8 10 8 8 10 8 8 10 8 8" 10 8 8 10 8 8 Houston 6 8 7 5 6 5 4141 7 5 6 7 5 6 7 6 7 7 6 7 5 41 5 No. 12.. San Francisco 5 6 6 5 51-6|4*-4{ 41 41 4} 4i 41 6 5 51 41 4 4 4 4 4 6 51-6 6 5 6 6 51 6 6 6 6 6 51 6 6 51 51-6 P Se o a rt tt l l a e nd 5 5-51 8 8 4 4 1 1 6 61 ' 5 5 4 4 1 J 4 4 i 1 5 5 4 4 J J 4 4 1 1 6 6 6 4 51 J4 4 4 51 51 51 oj 7 8 4 6 6 7 8 8 4 6 1 7 7 8 8 6 6 6 7 7 8 6 6 6 6 1 8 8 6 6 7 7 8 8 6 6 7 7 Spokane a? 61 61 61 5 4i 4J 5 41 4f 6 7 1 11 8 5 7 7 7 8 6 7 8 61 7 8 6 7 Salt Lake City 8" 6 7" 6 6 8 7 7 8 7 7 7 7 8 7 7 8 7 7 8 6 7 Los Angeles 8 41 61 5 4J 4 5 41 4 5 5} 6 4} 5 | 41 31 4 7 5 6 8 5 6 8 7 7 10 6 6 7 5 61 if 1 Rates for demand paper secured by prime bankers' acceptances—high, 5; low, 4; customary, 4-5. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 FEDEBAL RESERVE BULLETIN. APRIL, 1923. FOREIGN EXCHANGE RATES. [General index for March, 1923 (preliminary), 67; for February, 1923, 67: for March, 1922, 70. Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency.] COUNTRIES INCLUDED IN COMPUTATION OF INDEX. Index (per cent of Par of Low. High. Average. par).i Monetary unit. exchange. March. February. March. February. March. February. March. February. Franc 19.30 5. 2100 5.1100 5.9400 5.6600 5.4800 5.3955 28.39 27.91 26.80 19.0800 18.6400 19.3100 19.5200 19.1970 19.0905 71.67 71.23 France Franc 19.30 6.0300 5.9200 6.7400 6.4500 6.3237 6.1459 32.77 31.84 Great Britain... Ponnii 486.65 467.6900 466.4600 470. 8300 472.1900 469. 5693 469.0809 96.49 96.39 Italy Lira 19.30 4.7600 4.7300 5.0200 4.8900 4.8550 4.8177 25.16 24.96 Florin.. 40.20 39. 3600 39.1900 39. 5900 39.6900 39. 4893 39.5273 98.23 98.33 Norway Krone 26.80 18.0600 18.4000 18.4100 18.6600 18.1578 18.5518 67. 75 69.22 Spain".. Peseta 19.30 15.3600 15.5900 15. 6100 15. 8100 15. 4652 15.6577 80.13 81.13 Sweden Krona 26.80 26.5600 26.5200 26.6300 26.7600 26.6000 26.5959 99.25 99.24 Switzerland Franc 19.30 18.4400 18.7200 18. 7600 18.9100 18. 5896 18.7977 96.32 97.40 Canada.i Dollar 100.00 97.4328 98.1094 98. 4813 98.9201 98.0570 98.6724 98.06 98.67 Argentina Peso (gold)... . 96.48 83.8600 83.8200 84.7000 84.8600 84.1452 84.2164 87.22 87.29 Brazil Milreis 32.44 10. 7900 11.2000 11. 3700 11.5900 11.0874 11.4282 34.18 35.23 Chile. 2 19.53 12.2200 11.7300 12.9800 12.2800 12.6725 11.9941 64.89 61.41 China. 8 66.85 73.9800 71.2100 76. 5100 74.0400 75.5300 71.8191 112.98 107.43 India Rupee 48.66 31.3500 31.5700 31.8200 32.0800 31. 5659 31. 8495 64.87 65.45 Japan Yen.....:::::::::: 49.85 48.3000 48.3600 48. 6100 48.5100 48. 4559 48.4359 97.20 97.16 OTHER COUNTRIES. 20.26 0.0014 0.0014 0.0014 0.0014 0.0014 0.0014 0.01 0.01 Bulgaria 19.30 .6100 .6000 .8086 .6900 .6543 .6372 3.39 3.30 Czechoslovakia Crown 2.9648 2. 8720 2.9795 2.9780 2.9693 2.9580 Finland 19.30 2.7111 2.4906 2.7933 2.7328 2.7553 2.6226 1-1. 28 13.59 23 82 .0044 .0024 .0048 .0052 .0047 .0038 .02 .02 Greece... . 19.30 1.0522 1.0811 1.1711 1.2194 1.0962 1.1739 5.68 6.08 Hungary .... Krone 20.26 .0203 .0343 .0346 .0395 .0289 .0381 .14 .19 Poland .0022 .0020 .0026 .0029 .0024 .0025 Portugal Escudo . 108.05 4.1600 4. 2400 4.8900 4.5000 4. 3430 4.3582 4.02 4.03 19.30 . 4728 .4208 .4919 .5164 .4842 .4769 2.51 2.47 Yugoslavia 19.30 1.0025 .8875 1.1288 1.0040 1.0417 .9681 S. 40 5.02 Cuba Peso , 100.00 99.9500 99.9250 100.0156 100.0125 99. 9858 99.9554 99.99 99.96 Mexico do 49.85 48. 5S33 48.8958 49.0781 49.1875 48. 8605 49.0234 98.02 98.34 Uruguay do 103.42 84. liOO 82.5300 85.1200 84.7000 84. 5496 83.1582 81.75 80.41 2 48.11 53.3100 51.5200 55. 4400 53.7500 54. 5333 52.0505 113. 35 108.19 Dollar 2 47.77 54.0000 52.5200 56.3000 54.0200 55. 3804 52.9691 115.93 110.88 Straits Settlements.. Singapore dollar 56.78 54.6700 54.5800 55.0800 55.0000 54. 8133 54. 8532 96.54 96.61 'Based on average. »1913 average. SILVER. [Average price per fine ounce.] March. February. London (converted at average rate of exchange). $0.68360 $0.65221 New York .67963 .64716 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 192!!. FEDERAL RESERVE BULLETIN. >33 FORE IGN EXCHANGE INDEX 1918 - 1923 GENERAL INDEX (iXCLUDING GERMANY ,FR l^ A L N Y CE ARGENT1NA ENGLAND NETHERLANDS "•) JAPAN • PER CENT CENT 110 110 PAR PAR "s / •• \ \ 90 90 80 •/^ // 80 \ \ V \ V / •% s 70 \ j 70 \ v \ / \^ 60 •N , 60 \ \ \ 50 50 \ ' \ \ . "•"••. 40 40 V \ / 30 30 \ ••/ • — 20 20 10 10 N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J- F. M. A. M. J. J. A- S. 0- N. 0. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. 1918 1919 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL KESERVE BULLETIN. APRIL, 1923. 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.] Note accounts and Nine London clearing Bank of England deposits. banks.' 1 I S9 8* Average of end of month figures: 1913 38 29 57 I 1,370 15 1920 146 103 ; 348 147 | 3,252 1,078 1921 157 108 327 136 97 1,176 309 I 1,768 2,911 1,139 1922 , 156 103 296 130 ! 107 1,068 372 j 1,727 3,097 : 796 1922, end of— March 157 103 300 151 103 1,097 1,747 3,452 40 107.3 118.3 April 157 102 303 134 107 1,065 378 1,737 3,305 758 100 113.3 118.0 May 157 103 298 130 109 1,061 392 1,745 3,307 771 172 943 24 12« 52 113.4 118.2 June 157 103 295 131 113 1,070 388 1,755 2,917 760 205 965 29 112.8 118.2 July 154 104 296 122 110 1,056 386 1,730 3,236 755 159 914 1-iV 43 114.4 120.3 August 154 103 293 124 105 1,020 390 1,688 2,885 715 153 868 24 21 114.7 121.3 September 154 101 289 121 104 1,007 381 1,660 2,690 i 724 148 872 2j 2A 7 114.0 122.7 October 154 101 287 125 105 1,033 370 1,686 3,124 740 179 919 2 22 31 115.1 123.0 November 154 102 288' 121 98 1,031 365 1,667 2,989 ; 732 179 911 2i 19 114.1 124.6 December 154 104 301 133 106 1,030 360 I 1,684 2,769 719 222 941 2} 24 15 113.2 125.8 1923, end of— January 154 101 280 121 108 1,046 357 I 1,692 3,262 ! 715 206 922 2 2J 3i ! 34 114.2 123.4 February 155 102 279 131 103 1,023 349 1,644 3,006 i 698 154 852 2 21 3i | 19 115.3 126.0 • Held by the Bank of England and by the Treasury as note reserve. < Statist. 2 Less notes in currency notes account. 5 Bankers Magazine. ' Average weekly figures. • Excluding Germany. FEANCE. [Amounts in millions of francs.] New stock and Bank of France. Savings bond issues. B de o l n a s P P ? ri S «> .o t n t i A da v i e ly ra ge exc b e a s n s k o s f , re G se o r l v d e.' „ re , s . e „ r „ v e, j ! i G a 1t d o W o0 v v a e tm a h n r r n ee c . es la cc N t ii i rr o o cc t n uu e . -- Total D N e a a f t l e i e o n . n se - ccee p r nn e e tt n t u t rp e 7 a ee . l rr--1 ! c b no l P a e ff a n a tt r h r k he i i s n s e . gs d , d( w r ,+ ( e a • ) p i , w ) t oo h . a .s - r l i s ts Value. A r r e v a t t e u e r r a o n g f . e Average of end of month figures: 1913 3,343 629 5,565 830 86.77 ! 59 -65 1920 3,586 253 26,000 38,066 3,527 57.34 i 554 +48 702 1921 3,568 274 25,300 37,404 2,927 56.56 j 550 +67 1,100 6.70 1922 3,597 285 23,042 36,177 2,307 58.48 j 525 +53 574 6.41 1922, end of— February 3,577 281 22,500 36,151 2,429 59.55 +100 344 6.61 March 3,578 282 ' 21,500 35,528 2,236 56.70 455 +49 | 377 6.57 April 3,579 283 : 22,100 35,787 2,412 61,528 57.60 411 ! +58 459 6.45 May 3,579 284 23,100 35,982 2,303 57.70 454 +55 644 0.37 June 3,580 285 i 23,300 36,039 2,448 63,809 57.95 474 ! +53 i 947 6.30 July 3,582 285 i 23,000 36,050 2,432 02,525 58.25 562 ; +62 i 485 6.02 August 3,583 286 23,900 36,385 2,170 62,936 60.10 512 +66 151 6 32 September 3,584 287 , 24,000 36,603 2,199 63,404 61.10 484 +58 636 6.36 October 3,635 288 23,600 36,694 2,170 58.25 556 +17 421 6.41 November 3,636 289 1 22,900 36,114 2,184 59.00 | 783 +43 179 6.59 December 3,670 289 23,600 36,359 2,309 59.02 ! 630 +33 j 1,453 6.22 1923, end of— January 3,671 290 23,100 36,780 2,208 58.80 726 +44 February 3,671 291 23,200 37,055 2,279 58.65 792 +85 i March 3,672 292 23,100 37,188 2,066 1 Not including gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1923. FEDERAL RESERVE BULLETIN. 535 ITALY. [Amounts in millions of lire.] Banks of issue. Leading private banks.1 Beserre. circ N ul o a t t e ion. L a o n a d ns Short- Index Gold. Total. c L o a d o u i n s a n - d n ts s . , F c o o o r u f n a t c- co F ac u o - n r t p T o d o s e i t - t a s l . ' Cash, , I i c n t o r d c i e n u i l s S a u n - s d t - s - s c e p f D o r n o o r u n t r m s e e d . - - • • t t i i P c o i a n p r s a - . - p T o d o s e t i - a ts l . t b t r u e i e l r r a l y m s s . - { p s b n e r e i u c r c u s m e r o s i - t . f y 1 com- of the i ury merce. State. ! bills. Average of end of month figures: 1913 = 1,375 1,661 857 2,284 318 129 ' 1,093 914 55 1,674 i 1920 1,043 2,088 6,335 7,035 10,581 2,474 .1,308 10,594 5,945 446 15,810 | 13,200 1921 1,074 2,020 7,586 9,304 9,064 2,475 1,200 10,677 5,575 465 16,001 ! 87.12 1922 1,120 1,998 9,466 9,734 8,214 2,759 1921, end of— November 1,089 1,948 7,888 9,435 j 8,485 2,388 I1,174 8,862 3,981 293 12,778 83.99 December 1,092 1,999 10,088 10,304 I 8,505 3,108 \1,997 8,012 3,785 316 12,502 I 21,926 80.13 1922, end of— : January • 1,109 1,996 i 10,225 10,183 I 8,570 3,082 | 1,426 7,782 3,552 317 11/616 ! 96.61 February ! 1,100 1,971 10,095 9,631 i 8,626 2,794 ! 1,081 8,169 3,275 315 : 11,482 ! 94.10 March 1,118 1,956 9,899 9,589 8,523 2,890 | 965 8,250 3,157 316 11,403 1 24,442 8a 82 April ! 1,122 1,954 10,181 9,360 ; 8,350 2,663 | 908 8,572 3,180 317 i 11,708 ........j 88.43 May 1,104 1,963 9,391 9,259 8,061 2,751 ! 841 8,500 3,232 316 ' 11,698 ! 93.13 June I 1,106 1,976 9,573 9,615 8,049 2,935 i 845 8,800 3,180 318 i 11,863 j 23,862 94.83 July 1,125 1,991 9,118 9,947 8,050 2,681 • 861 8,846 3,272 337 ; 11,896 j I 95.19 August ; 1,125 2,024 9,142 9,695 '• 8,050 2,779 763 3,286 337 ! 11,883 I j 103.01 September 1,125 2,024 8,858 9,924 8,066 2,661 769 8,706 3 460 337 j 11,897 I 25,574 105.68 O N D c e o t c v o e e b m m e b r b e e r r 1 1 1 , , , 1 1 1 2 3 4 6 6 1 | 2 2 2 , , , 0 0 0 3 4 3 4 2 9 9 8 9 , , , 0 6 3 8 8 4 2 0 5 9 9 9 , , , 8 7 9 9 8 3 2 2 5 i : | 8 8 8 , , , 0 0 0 7 7 7 4 5 6 2 2 2 , , , 6 6 6 3 0 3 4 2 8 j : . 7 7 8 8 1 1 8 8 , , 6 7 5 9 9 7 3 3, , 5 5 5 6 4 8 3 3 3 3 9 6 1 ! ; 1 1 2 1, , 9 0 6 4 0 5 ' ; i ........| ! ! 1 1 1 0 1 1 9 1 2 . . . 9 9 9 0 4 1 1 Includes Banca Commerciale Italiana, Credito ItaUano, Banco di Roma, and until November, 1921, Banca Italiana di Sconto. 1 Figures for 1921 based on quotations of Dee. 31,1920-100; those for 1922 on quotations of Dec. 31,1921-100. «End of December figures. GERMANY. [Amounts In millions of marks.] Beichsbank. i Value of: Index of security inew stocks prices." Darlehns- I and i kassen- ' Treasury bond Discounts. scheine • bills out- issues Gold ; Note cir- Total — c T l o ea ta r- l in la c ti i o rc n u . - standing. o p n la G ce e d r- 25 m 10 e s d t o ic reserve. '• culation.deposits.; Commer-: ings. man stocks. bonds. bills. cial bills.; market. Average of end of month figures: Per cent. Per cent. 1913 . ...: 1,068 : 1,958 17,7 6 0 6 2 3 I I 47,980 57 6, , 1 8 3 9 6 8 13,145 I "220 ! i92o!T".;.;..; 1,092. 53,964 20,213 83,133 89,297 8,861 | 192,832 I 2,655 1921 i 1,056 ! 80,952 108,633 ; 338,147 72,211 530,647 11,217 475,835 1922.!." l,002i 339,677 1922,end of— i 26,526 134,252 1,857 109,816 7,977 262,817 ' 2,101 February 996 : 120,026 33,358 146,531, 2,162 170,357 8,701 271,935 6 416 i March.... 997 130,671 31 616 155,618 2,403 175,977 9,183 280,935 . 3,992 j 121 105 April 1,001 140,420 33,128 167,794 '• 3,377 179,370 9,440 289,246 , 4,152 i May 1,003 i 151,949 37,174 186,126 4,752 191,414 10,374 311,600 2,762 : June 1,004 i 169,212 39,976 207 858 8,122 243,493 12,234 307,810 2,330 85 106 July 1,005 ! 189,795 56,124 249,766 : 21,704 374,856 13,383 331,000 2,468 i August ! 1,005 : 238,147 : 110,012 349,770 i 50,234 473,715 J 13,995 451,000 \ 7,937 ! September 1,005! 316,870 j 140,779 477,201 ; 101,155 789,341 ! 14,009 614,000 7,187 169 105 N O o ct v o e b m er b er 1 1 , , 0 0 0 0 5 5 ! ! 7 4 5 6 4 9 , , 0 4 8 5 6 7 ; i 2 5 4 3 0 0 , , 9 5 6 2 9 6 11, 6 1 7 8 2 4 , , 2 4 2 6 2 4 : 2 4 4 2 6 2 , , 9 2 4 3 9 5 2 1 , , 0 4 7 6 8 3 , , 9 7 6 6 9 6 i 1 13 3 ,4 8 5 0 0 9 1,4 8 9 3 5 9 , , 0 0 0 0 0 0 : 15,223 1,334 312 December 1,007 1,280,095 ; 1923JaiLuarv~ . 1,005 1,984,496 I 762,264 !l, 609,081 697,216 3,826 206 13,395 2,082,000 ! 1,378 322 February 1 005 3 512,788 1,582,981 [2,947,364 1,829,341 12,625 3,58S,000 : 4,668 726 March ... 1005 5,517,920 12,272,084 4,5C2,012 12,372,102 12,600 3,664 725 * Recalculated by the Frankfurter Zeitung, using as base (100) prices for January, 1922, instead of for January, 1921, and eliminating the five bonds in foreign currencies. Figures are as of beginning of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 FEDERAL EESEEVE BULLETIN. APRIL, 1923, SWEDEN. [Amounts in millions of kronor.] Kiksbank. Joint-stock banks. Value of Index stock Index number G b o u a l l d n l i d o co n i . n c N u o l t a e t i c o i n r- . de T p o o t s a i l ts. Clearings. L di o s a c n o s u n an ts d . R B c i o i k w l u l s s i n b t d t a h e i n d s k - . re m d g is u i o s s r n u t i e n e t r h s g e . d n o p u f r m i s c t b o es c e . k r o e v x f k a c r f l h o o u a r n e e n a i o g . g f e n Averages of end of month figures: : 1913» ; 102 235 108 585 2,287 139 24 258 1920 269 733 226 3,596 6,008 476 61 176 112.9 1921 : 280 661 193 2,715 5,948 389 31 121 121.8 1922 274 579 269 2,109 5,317 340 29 103 128.4 1922, end of— February ! 274 579 346 2,122 5,572 429 18 94 129.2 March j 274 026 312 2,354 5,474 447 23 89 128.3 April 274 582 301 1,936 5,430 404 15 100 126.6 May '• 274 567 293 2,162 5,378 380 SO 115 124.8 June 274 585 247 2,118 5,388 320 63 113 125.6 July 274 551 243 2,015 5,268 307 35 113 127.0 August 274 559 213 1,803 5,221 293 22 110 128.8 September 274 605 ! 180 1,902 5,181 288 14 103 130.5 October 274 569 178 1,995 5,149 206 15 98 131.7 November 274 575 I 191 1,979 5,099 252 59 90 132.2 December 274 584 ] 389 2,588 4,984 331 12 96 129.9 1923, end of— January 274 520 ! 321 4 888 214 93 129. { February 274 538 ! 270 4,903 175 1 End of December figures. CANADA. [Amounts in millions of dollars.] Chartered banks. Gold co G in o a ld n d lo C a u n r s r e a n n t d Note cir- i I d n e d p iv o i s d i u ts a - l j D a r o e g m s a e i i r n n v s i e o t n : D c n u o o l m t a e t i i n c o i i n o r- . n cle B ar a i n n k gs.1 bullion.1 discounts. notice. ; securities culation. ! a d n e d m t a im nd e. notes. Average of end of month figures: 1921 72 1,403 282 369 195 2,125 85 272 1.454 1922 75 1,272 280 i 332 166 , 2,009 90 240 1,353 1922, end of— January 70 1,287 261 | 361 163 1,925 ! 81 255 1,349 February 70 1,299 273 : 352 164 1,987 I 81 247 ' 1.149 March 70 1,301 267 ! 354 163 1,981 ! 81 241 1.346 April 70 1,314 278 343 165 2,000 81 242 1.193 May 70 1,285 288 j 313 156 2,059 83 , 222 1.497 June 70 1,266 274 ! 319 166 2,053 85 233 - 1.323 July 70 1,248 272 1 323 152 2,016 87 231 '• 1.278 August 70 1,248 277 331 158 1,979 89 229 1.172 September 71 1,250 279 322 177 1,985 91 235 • 1.253 October 87 1,276 301 310 179 2,020 93 240 1.497 November 92 1,255 303 317 170 2,036 96 251 1.619 December 93 1,230 284 ' 341 176 2,061 129 257 1.555 1923, end of— January 91 1,197 281 : 356 153 1,963 132 241 1,507 'Includes gold in central gold reserve but not gold held abroad. * Total for month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

537 APBIL, 1923. FEDERAL KESERVE BULLETIN. ARGENTINA. [Amounts in millions of pesos.] Banco de la Nacirtn. Commercial banks.i Caja de Conversion. Clearings Cash. Dis- Cash. Dis- Bu i e n nos counts Total counts Total Note cir- Aires Gold. Paper. a ( d p v a a a n p n d e c r e ). s d (p e a p p o e s r it ) s . Gold. a ( d p v a a a n p n d e c r e ). s d (p ep ap os e i r t ) s . - ! c ( u p l a a p ti e o r n ). (paper). End of— 1913 32 180 541 435 1,541 1,464 263 823 1,471 1919 39 268 1,250 771 2,113 3,010 2 399 1,177 2,805 1920 25 406 804 1,412 1,081 2,505 3,530 470 1,363 3,612 1921 23 410 1,310 1,087 2,543 3,375 470 ; 1,363 3,482 1921, end of— December.. 23 410 1,310 | 1,087 2,543 3,375 470 1,363 3,482 1922, end of— January 23 "419 887 1,310 1,064 2,529 3,362 470 1,363 ! 3,014 February.. 23 913 1,310 994 2,565 3,362 470 1,363 > 2,593 March 23 884 1,272 981 2,512 3,313 470 1,363 I 3,298 April 23 393 887 1,283 999 2,489 3,304 470 1,363 May 23 386 906 1,294 1,016 2,461 3,278 470 1,363 '3,'6i<5 June 23 395 933 1 329 1,060 2,461 3,326 470 1 363 I 2,716 July 23 399 920 1,322 1,013 2,473 3,308 470 1,363 2,814 August 23 407 946 1,353 1,041 2,491 3,356 470 1,363 ! 2,570 September. 23 402 950 1,346 1,048 • 2,514 3,379 470 1,363 , 2,725 October 23 405 921 1,328 1,028 2,549 3,354 470 1,363 '< 2,827 N D o e v ce e m m b b e e r r . . . 2 2 3 3 3 3 9 4 6 0 934 1 1, , 3 3 8 4 9 5 1 1 ,0 0 5 2 3 5 ; 2 2 , , 5 6 5 6 7 4 3 3 , , 3 4 9 5 4 6 4 4 7 7 0 0 1 1 , , 3 36 6 3 3 i ; 2 2, , 9 8 5 2 4 7 1923, end of— January 23 ; 359 1,369 470 1,363 1 Includes Banco de la Naci<5n. • Figures for 1919 include 79,000,000 pesos, and for succeeding years 4,000,000 pesos, held in foreign legations. JAPAN. [Amounts in millions of yen.) Bank of Japan. Tokyo banks. 1 n S s o e p r f t o r e e e v - r c s e i . e 1 c L o a d o u n i a n s d n - t s s. f v o b a A r i o n e l d n l i c g s - e . n s c t N c i u o i o l r n a t - e . - J m i a G e t p s r e o n a n i v - n n t - . J d i a v e P ts p p a r a o t i i e - n n s- . h C a o a n n s d h . l T o o a t n a s l . d T e i o p ts t o a . s l - T c i l n o e g t a a s r . l - A c r d o a a v g i u t e s e e n - r . - t C J i a s a s p i p n u a i e t n s a . l' I 1 • p I o c n r f u i d c s r e e e i s - t x y .* Average of end of month figures: 1913 • 216 47 33 363 7 333 j 8.38 32 1921 1,200 107 i 39 1,226 297 50 ,932 •I, ,r>72 9.00 186 194 1922 ' 1,172 208 94 1,291 409 36 129 ,961 I.7K8 ! % KM 1922, end of— February 1,223 172 i 26 1,246 328 27 113 1,950 ,751 i 2, 438 9.02 200 188 March... 1,289 248 58 1,289 422 29 141 ,963 ,74a 3, OUD 9.09 163 182 April 1,263 267 61 1,226 520 30 130 ,980 ,761 t 2,809 9.34 217 160 May 1,203 178 50 1,203 469 33 120 ,973 ,748 I 3, 143 9.42 110 168 June 1,223 179 98 1,344 377 43 122 ,998 ,798 i 3, 178 9.45 121 170 July : 1,220 133 i 82 1,224 427 35 127 ,971 ,802 ! 2,76(1 9.38 101 16S August 1,132 241 J 90 1,280 488 30 i 115 1.928 | ,783 i 2,582 9.42 93 165 September : 1,069 134 ! 115 1,237 382 29 145 1,921 | ,822 2,750 9.38 150 152 October 1,068 160 ! 142 1,236 437 33 126 1,926 i ,812 2,697 9.38 160 November 1,066 183 I 141 1,241 445 40 126 1.929 ! 2,971 9.45 161 December 1,064 375 | 205 1,590 333 66 ! 169 2,011 ! 3,329 9.34 1923, end of— January 1,062 180 159 1,308 380 34 113 2,002 ! 1,860 i 2,246 !. February : 1,060 157 : 140 1,261 396 31 117 2,051 ' 1,894 j 2,592 |. March 1,057 241 i 109 ! 11,223388 463 I 29 1 Includes gold credits abroad, gold coin and bullion in Japan. " Tokyo market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Acceptances! • Page. Index numbers—Continued. Held by Federal reserve banks during 1922 1 43g Industrial activity—England, France, ,»j£»*i».»Pa.l1--"1- Memberf bank acceptance liabilities in 1922 438 Canada, and Sweden \_ „•;:..;.;..: 496 Agricultural credits act as amending Federal reserve act 429 Oceanfreight rates 502 Argentina, financial statistics.-."....... 537 Physical volume of trade 504 Australia, prices in ....,£... 490,495 Retail food prices in principal countries 495 Austria, cost of Ifmirand retail pricwin. 49,5 Wholesale prices abroad 486,490,492 Balances of nonmember banks with'-Federal reserve banks, ruling Wholesale prices in the United States 486,488,490 on ..;. i...-......• 428 Wholesale trade, construction of 439 Bank of Latvia, organization and operation of. 454 India: Belgium: . .-...-• Costofliving 495 . Cost of living and retail prices ... ...... 495 Foreign trade 600 Wholesale prices ....'.: •...;...;. "" 490 Wholesale prices 490,492 B B u u i l l g d a i r n i g a; - s p t r a i t c is e t s i c in s .,...., .',. ;:'............... . "4 4 2 9 3 0 , 5 4 0 9 9 5 Italy F : inancial statistics. .*. 535 Business and financial conditions: " ' ' Foreign trade 500 Abrrad...........,..,...'.;...;...;.:.-.... 462-185,534-537 Retail food prices and cost of living 495 Unit T e r d e n S d ta o te f s — Statistic - a .. l . summa : r .• y . . : ; .:.... 415-4 4 2 6 7 3 Japa W n: holesale prices ..-. 490,492 Campbell, Milo.D.^deathof: •:...,..' ' 414 Financial statistics 537 Cana R d e a t : a il prices_ :. a nd cost of l • i v • i ng. .'"- .. •.;'.;..;...; 495 I F n o d r e e x ig h o f t i r n a d de u strial activity...: 4 50 9 0 8 Wholesale prices ..:;:,-.,•. 487,490,492 Wholesale prices -.:..... 487,490 ' Index of industrial activity.. •. ..I';:,-.'.'.; 498 Knit goods production 502 Foreign trade. i,,>...'......'.•..'.^»i..-/i.'.» : 500 Latvia, Bank of, organization and operations of 454 Charters issued to national banks ..;;...;•..'., 461 Law department—Textual changes on Federal reserve act by agri- Check clearing and collection..'...,..'. iiv. .'. " 528 cultural credits act 429 Chile, economic conditions in,.duritfg"1922>., 481 Mark, German, stabilization of 475 Commercial failures'.. .' ..'. .^-. " '425 501 Member banks: Commission, congressional:. ' . ..v'. • Acceptance liabilities in 1922 436 To investigate; gold and silver situation..., -...;• 414 Condition of 521 To investigate'State'bank membership^.::..: 414 Congressional committee to investigate membership in system 414 Condition statements: ' . ; Money in circulation 529 Federal reserve banks : ". 517 National banks: Member. bank»-in,leadinfccitiw.,.,......^^..,,., 521, Acceptance liabilities in 1922 437 State banks and trust companies of tee United States on June Charters issued to 461 Cost o 3 f 0 l a iv n i d n I g > , e f c o e r m eig b n B r c 2 o 9 u , n 1 t '9 ri 2 e 2 s , index o ; f 455-4 4 6 9 0 5 Neth F e i r d l u a c n i d a s r : y powers granted to 461 Cotton fabric*,.production and shipments .:.... 503 Retail prices and cost of living 495 Cotton financing, methods of i.i ,-•-- - - - 442-454 Wholesale prices in 490 Credit; gold, ancfthe reserve ratio, discussion of 409-412 Foreign trade 500 •Czechoslovakia, prtees in. :....•.:...;...•„. 490,493,495 New Zealand: Debits to individual account 524 Cost of living and retail food prices 495 .'Denmark:' '. \,.. • -,.. •-. Wholesale prices 490 ••;• Foreign trade ......; ,.... 500 Nonmember bank balances with Federal reserve banks 428 .• • Wholesale prices ';»•. ';•:.'..". 490 Norway: Department-store sales and stocks;..'. 512 Retail food prices and cost of living 495 •Deposits: "* X Wholesale prices 490,492 •Nonmember £ank balances with Federal reserve banks 428 Poland: • Savings, of commeFeiaTbanks .w- 501 Costofliving 495 , Discount andopen-market operations of Federal reserve banks.. 513-516 Wholesale prices 490 Discountrates... w .Vii.i.: 530,531 Prices: .EmoWymeritr".... i..'. '.: 425 Recent price movements in Um'tcd Kingdom and France 464 Retail, in principal countries 493 .AtScep'taiice liabilities of London clearing banks 437 Wholesale, abroad 486,490,492 <3»stof%ing..l .,.TiC,...•,.....- 495 Wholesale, in the United States 425,486,488,490 Financial statistics...,C.......:.... 534 Reserve ratio of Federal reserve banks 412,517 Foreign trade., i...,.^. i 499 Reserves, gold, of principal countries 433 Irid'a? of industrlal'actJvity...: 496 Retail prices in principal countries .-.. 493 RecOTt ptice movements 465 Retail trade, condition of 424,510 Wholesale prices. , 487,490,492 Rulings of the Federal Reserve Board: Federal r&erve act'as amended by agricultural credits act 429 Nonmember bank balances with Federal reserve banks 42S Federal reserve note account 520 Savings deposits of commercial banks 501 Fiduciary powers granted tb national banks 461 Silver imports and exports 427,530 Financing Of cotton. 442-454 South Africa: Finland; cost of livirjgin..,... 495 Cost of living and retail food prices 495 Foreign-exchange...:*:...'..'; 427,532 Wholesale prices 490 Foreign trade: • :;: Spain, prices in 490,495 - Foreign countries.. ...•..-:...;. 499 State banks and trust companies: . TJniteCStates '.:.-.......'.'. 500 Acceptance liabilities in 1922 437 Iri*K0f '...I 426,501 Admitted to system 461 France:.- "•' ' Condition of, throughout the United States on June 30 and Foreign tr«de. ;..... 499 December 29,1922 455-460 Index of industrial activity 496 Congressional commission toinvestigatemembershipinsystem 414 Recent price movements 470 Sweden: Retail food pfcicss and cost of living in Paris 495 Financial statistics 536 Wholesale prices '. 487,490,492 Foreign trade 500 Freight rates, ocean 502 Index of industrial activity 497 Germany: Retail food prices 4w Cost of living and retail food prices 495 Wholesale prices 490,4* Financial statistics^ .' 535 Switzerland: Gold and commodity loans.. 480 Cost of living and retail food prices 495 Index of industrial activity......: 497 Wholesale prices 490,49^ Stabilizstion-afthe.mafk 475 Trade: Wholesale prices ,...., 490,492 Foreign. (See Foreign trade.) Gold and silver.situation, congressional commission to investi- Physical volume of 504 gate.... 414 Retail 424,510 (Jold; bank credit, and reserve ratio, discussion of 409-412 VI Wholesale 424,439,510 Gold imports and exports 427,436,530 M Index, construction of 439 Gold movement anatrade balances 434 Treasury certificates, issue of 413 Gold reserves of principal countries 433 Treasury financing during the month 413 Gold production of the world 434 Warehouse receipt, cotton, form of 444 Gold settlement funa transactions 529 Wholesale prices: Gold situation, study of.., 433-436 Abroad 486,490,492 Governors of Federal reserve banks, conference of 414 In the United States 425,486,488,490 Index numbers: Keeent price movements in United Kingdom and France 464 Cost olliving, foreign countries 495 Wholesale trade: Foreignexchange. : 532 Condition of 424,510 Foreign trade ,.,., 501 Index, construetion.'of..,,,,.,. ,,,, , 439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MONT. ' Hel ana • N.DAK. \ ^* 0S 9 ^ / VA; f ""• • MINNEAPOLIS ( **-•*.- ] S. DAK. j | / liTT^t, WYQ. I i "L-iX). - r^ • * "\ Denver. * 0 L -—- < M • — t fc > /_ v IL . L . L j ,N- D. f F" e -Jc. f*e*i i ! COLO. ! KANSAS crnJ M0 \ ^te^-'X 1 i 1 1J 8 V ^ — i - ^- •^ 5 t/ r—•* — "" .Nashville y^ N.C- < TENN. ** \ / ARIZ. OklahS^City 1 A""- Me5feS- v sc - y \ ( _ N. MEX. | w^ j ^ * ^ -! Little*Rock.' 1 "^^-J-^.— J ^^ ^^^Birmingham I DALLAS® 1— v i i— —1 TEXAS *) 'OV- ,onville\ 1 J Houston/ ! * *$r~~-v~_^NewOrleans x > r ) FLA.\ —•—• BOUNDARIES OF FESERAL RESERVE DISTRICTS \ { J?^ L X BRANCH TERRITORIES \ L "f ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES V J 1 V t1 o FEDERAL RESERVE BANK AGENCY w I , Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis