Federal Reserve Bulletin, 1923-05

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

FEDERAL RESERVE BOARD. Ex officio members: D. R. CRIBBINGER, Governor A. W. MELLON, EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. HENRY M. DAWES, JOHN R. MITCHELL. Comptroller of the Currency. 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. SMEAP, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL. (For the year 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 (RICHMOND) JOHN M. MILLER, 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. SWINNBY. District No. 11 (DALLAS) R. L. BALL. District No. 12 (SAN FRANCISCO) D. W. TWOHY. n 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. Boston Frederic H.Curtiss W. P.O. Harding C.C. BuUen W. WUlett. W. W. Paddock New York Pierre Jay BenJ. Strong J. H. Case. L. E. Hendricks.' L. F. Sailer J.D. Higgins." G. L. Harrison A. W. GUbarM E,R. Kernel Leslie R. Rounds. > J.W.Jones.' G. E.Chapin.» 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. Zurflnden Richmond Caldwell Hardy George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus A. S. Johnstone* John S. Walden» Atlanta Joseph A. McCord M. B. Wellborn L. C. Adelson M. W. Bell. J.L.Campbell Chicago Wm.A. Heath J.B.McDougal C. R. McKay W.C. Bachman.i John H.Blair K.C.Childs.» J. H. Dillard.1 D.A.Jones.1 0. J. Netterstrom.1 Clark Washburne. > St. Louis Wm. McC. Martin D.C. Biggs 0. M. Attebery J. W. White. Minneapolis John H. Rich R. A. Young W. B. Geery B. V. Moore. S.S.Cook Frank C. Dunlop» Kansas City M. L. McClure, W.J.BaUey C. A. Worthington J. W. Helm. Dallas Lynn P. Talley B. A. McKlnney R.G.Emerson R. R. Gilbert. San Francisco JohnPerrln J. U. Calkins Wm.A. Day W. N. Ambrose. Ira Clerk.'. L. C. Pontlous' ' Controller. > Assistant to governor. • Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: : Cincinnati branch L. W. Manning. Omaha branch L. H. Earhart. i 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 Ikard. Jacksonville branch Geo. R. De Saussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch C. J. Shepherd. Nashville branch J. B. McNamara. Portland branch Frederick Greenwood. Chicago: Salt Lake City branch R. B. Motherwell. Detroit branch 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 $1.50 per annum. The second edition contains detailed analyses of business conditions, special articles, review of foreign banking, and complete statistics showing the condition of Federal Reserve Banks. For this second edition the Board has fixed a subscription price of $4 per annum to cover the cost of paper and printing. Single copies will be sold at 40 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. No complete sets of the BULLETIN for 1915,1916,1917, or 1918 are available. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. General summary: Page. Review of the month—Credit and currency requirements and the Federal reserve banks 539 Business conditions in the United States 545 Special articles: •i Velocity of bank deposits 562 Cotton financing (IV) 566 Condition of State banks and trust companies in Missouri on June 30 and Dec. 29, 1922 576 Official: Rulings of the Federal Reserve Board— Xonnegotiable paper ineligible for rediscount by Federal reserve banks 559 Government deposits in member banks exempt from the reserve requirements of section 19 of the Federal Reserve Act 559 Law department—Exercise of fiduciary powers by national banks located in Pennsylvania 560 State banks admitted to system 558 Fiduciary powers granted to national banks 561 Charters issued to national banks 558 Business and financial conditions abroad 577 Trend of business abroad—Statistical summary 578 Agricultural credit in Great Britain " 579 Prices in Italy 583 Mexico—Review of year 1922 587 Government control of banking and foreign exchange in Brazil 592 Price movement and volume of trade: International wholesale price index, monthly, 1919-1923 596 Comparative wholesale prices in principal countries, monthly, 1919-1923 6<)0 Group index numbers, monthly, 1922-23 602 Comparative retail prices and cost of living in principal countries, monthly, 1922-23 608 Indexes of industrial activity—United Kingdom, France, Germany, Sweden, Canada, and Japan 609 Foreign trade of principal countries 612 Foreign trade index 614 Ocean freight rates 615 Report of Associated Knit Underwear Manufacturers of America 615 Production and shipments of finished cotton fabrics 616 Physical volume of trade 617 Building statistics 622 Wholesale and retail trade 623 Commercial failures 616 Banking and financial statistics: Domestic— Discount and open-market operations of Federal reserve banks 626 Condition of Federal reserve banks 630 Federal reserve note account 633 Condition of member banks in leading cities 634 Savings deposits 614 Bank debits 637 Operations of the Federal reserve clearing system 641 Gold settlement fund '. 642 Gold and silver imports and exports 643 Money in circulation 642 Discount rates approved by the Federal Reserve Board 643 Discount and interest rates in various centers 644 Foreign exchange rates 645 Foreign— England, France, Italy, Germany, Sweden, Canada, Argentina, and Japan 646 Condition of foreign banks of issue 650 Charts: Index of production in basic industries and wholesale prices in the United States 545 Bank credit 546 Annual rate of turnover of bank deposits 563 Wholesale prices and exchange in Italy 583,584,585 International wholesale price index—Federal Reserve Board 596 Volume of domestic business 617 Wholesale trade and department-store sales 623 Sales of mail-order houses 623 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 9 MAY, 1923 No. 5 REVIEW OF THE MONTH. ments during the past 15 months. Since the middle of 1922, wnen renewed demand for Credit developments during the past month credit was first reflected in larger commercial have further emphasized the fact that current loans, total loans and investments of member Business ex- business expansion is being banks in leading fcities f have increased by pansion and the financed independently of re- $1,300,000,000, while earning assets of the rereserve banks. serve bank credit. In these serve banks have increased by less than circumstances, the weekly statement of the $100,000,000. At the present time the total of reserve banks is not indicative of changes in member bank credit is nearly as large as in credit conditions. Changes in reserves, in 1920 and the volume of goods being produced earning assets, and in Federal reserve note and marketed exceeds the peak reached in that circulation have been relatively slight since year, yet the volume of reserve bank credit is last summer and have not reflected the con- $2,200,000,000 ess. siderable growth in' bank credit. The re- During the past two months Federal reserve serve ratio, as was pointed out last month in Present cur- no^e circulation has declined a discussion of the effect of gold imports on rency require- slightly and the growing deour credit situation, has at present little value ments, j * i. \ as an indicator of credit movements. It was mand for currency has been these gold imports that enabled member banks met by an increase in other forms of money in to meet the increased credit and currency de- circulation. In fact, the total money in cirmands of their customers without obtaining a culation is now $242,000,000 larger than a corresponding amount of accommodation at year ago, while Federal reserve notes during the reserve banks. Thus, under immediately this period have increased by only $52,000,000 prevailing conditions, it is the changes in and Federal reserve bank notes have declined member bank loans and investments rather by $58,000,000. Gold and gold certificates in than any item in the reserve bank statement circulation have increased by $127,000,000, that roughly measure the rate of increase in silver and silver certificates by $100,000,000, the use of bank credit. This rate of growth national-bank notes by $11,000,000, and United States notes by $10,000,000. More than threefor bank credit, compared with the rate of exfifths of the year's increase in circulation ocpansion for production and trade, affords, in curred between February 1 and April 1 of this the absence of such a test as the reserve ratio year. A part of this additional currency has which is dependent upon free gold movement, been supplied out of the cash reserves of the an important indicator of changes in credit reserve banks, which declined slightly during conditions. The fact that the recent growth the past two months. But, like the additional of credit has been accompanied by a^further demand for credit, the recent demand for addiincrease in the physical volume of production tional currency has been met without subis favorable evidence of the economic effecstantial increase in the use of reserve bank tiveness of the credit in use. credit. Comparative stability in the volume of re- While increases in other forms of money serve bank credit while member bank credit in circulation have largely supplied the recent increased has characterized credit developdemand for more currency, the fact is that the 539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 FEDERAL RESERVE BULLETIN. MAY, 1923. present volume of currency is much less than fluctuation in pay roll and in currency has been in 1920, even though production, trade, em- similar, though the changes in the volume of ployment, and member-bank credit are now at currency have lagged behind the changes in or near 1920 levels. On April 1, 1923, the pay roll. The chart shows that while the total volume of money in circulation was pay roll increased since the beginning of 1922, nearly $1,000,000,000 less than at its peak in it is still much lower than at the peak in 1920. November, 1920, and over $600,000,000 less This, taken together with the lower level of than on the corresponding date of 1920. retail prices, is probably the most important Changes in the demand for hand-to-hand cur- single fact in accounting for the smaller volume rency arise chiefly from the pocket-money and of currency now in circulation. This lesser till-money requirements of retail trade, from demand for currency, together with the gold pay-roll needs, and from the habit of accumu- imports which have supplied member banks lating and holding currency as savings. The with a basis for loans without additional borvolume of retail trade, taking the country as a rowings from the reserve banks, accounts for whole, is approximately the same now as at this season in 1920, though retail prices are 140 lower. In certain agricultural sections, how- 1 13 2 0 0 ! PAYRO >\ s 1 1 3 2 0 0 ever, where ha^d-to-hand currency is largely If X X \ i used and where business recovery has been slow —•«/, r \ F L .R.N I OTE i / and incomplete, the volume of business is V;_./IS »»» / / still much below the 1920 level, and it is srT probable that in those sections there is a smaller demand for currency. There is also at 1919 1920 1921 1922 '23 Pay roll of representative factories in New York State. Federal reserve present a much reduced amount of currency note circulation of 12 Federal reserve banks combined—daily average held as savings. The extent of such holdings figures by months. Relatives with 1919 monthly average as 100. depends less upon the current volume of emthe present reduced volume of reserve bank ployment than upon the duration of the period credit compared with 1920. of full employment; in 1920 such holdings were If the relation between pay roll and Federal doubtless at a record figure, since full-time emreserve notes which held during previous years ~ ployment and high wages had continued for continues, the rapid increase in the pay roll since several years. During the subsequent period the middle of 1922 will soon result in a subof slack employment much of the currency held stantial increase in demand for currency, and as savings was spent, and the present period of in order to secure the additional currency fuller employment has not yet continued long member banks will seek accommodation at the enough to result in similar accumulation. reserve banks. Of the various fluctuating demands for cur- The increased use of credit, which is reflected rency the pay-roll requirement is probably the in the larger loans and investments of member most important because it includes the sea- „ , banks, but not in the earning sonal demand at harvest time and because it Production and . , rn j i , . influences other currency demands arising from credit assets of b ederal reserve banks, retail trade and from savings. The accom- has been primarily in response panying chart shows for recent years the rela- to the increased volume of production. Thus tion between the total pay roll of reporting far business expansion has been characterized industrial establishments in the State of New by a rapid increase in the output of basic commodities. In fact, the growth in the physical York, which may be taken as fairly representavolume of production since the middle of 1921 tive of changes in factory pay rolls for the indicates a rate of industrial recovery almost entire country, and the volume of Federal without parallel in American business. Within reserve notes in circulation. The range of a year and a half after recovery began the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL EESERVE BULLETIN. 541 monthly output of 21 basic commodities, as sections of the South and West. The volume measured by the Federal Reserve Board's in- of merchandise buying in rural districts is furdex of production, increased over 67 per cent. ther indicated by the sales of mail-order The volume of goods produced and consumed houses, which during recent months have been during the first quarter of 1923 probably ex- approximately 37 per cent above the sales of a ceeds that of any similar period in the history year ago, though the present dollar volume of of the country. Fuller employment of equip- their buying is still much below the level of ment and of labor has produced the additional 1920. income from which profits and wages were The extent to which various sections of the realized. In fact, profits in many lines of in- country have shared in the current growth of dustry have been dependent upon quantity business and credit may be shown in a general production, the lower production cost per unit way by the changes in the volume of check more than offsetting the increased cost of payments and of member bank credit. For materials. It is partly in consequence of this purpose a comparison is made of the total larger output that the prices of manufactured volume of bank debits during the first quarter goods have not more fully reflected the in- of 1923 with the corresponding period in 1920, creases in prices of raw materials. Larger and a comparison of the total loans and investpay rolls also until quite recently have resulted ments of member banks at the end of the chiefly from increased employment rather than year 1922 with similar figures for November, from advances in wage rates. These increases 1920. This comparison in the form of perin production and employment have thus far centages, with 1920 figures taken as 100, is economically justified the increases in the total shown below, by Federal reserve districts. volume of bank credit. For credit extension does not result in overexpansion so long as the a in d di t t h i e o na la l rg c e r r e d p it r o y d i u el c d ti s o n p ro a p n o d r ti m on a a rk te e ti r n e g s ul o ts f Fed d er is a t l r r ic e t s . erve m C p e h a n e y c t - k s. c M b r b a e e e d n m r k it - . Fed d er is a t l r r ic e t s . erve m C p e h a n e y c t - k s. c M b r b a e e e n d m r k it - . goods. Per Pet Per Per The current volume of wholesale and retail cent. cent. cent. cent. Boston 105.5 105.0 St. Louis 96.9 105.0 trade indicates that the goods now being pro- New York 99.6 99.2 Minneapolis 88.2 90.5 Philadelphia.... 100.6 101.4 Kansas City 81.6 87.5 Credit condi- duced are moving satisfactorily Cleveland 97.8 105.4 Dallas 87.8 84.8 Richmond 85.6 96.4 San Francisco... 101.9 104.0 Atlanta 80.9 90.7 tions, 1923 and into the channels of distribu- Chicago. 94.6 95.9 System.... 97.5 98.6 1920. tion. About 700 firms engaged in various lines of wholesale trade and Both in volume of business and in bank representing practically all sections of the credit the more recent figures, taking the councountry are now reporting their monthly sales try as a whole, show but a slight reduction comto the Federal reserve banks. Since the opening pared with 1920. When considered by reserve of the year the total volume of sales by these districts there is a close correspondence in the concerns has been about 18 per cent larger changes since 1920 in credit and in business than during the corresponding period a year volume. With but few exceptions, business ago. In retail trade the sales of 306 depart- activity in the industrial East and on the ment stores located in ^100 cities throughout Pacific coast either approximates or exceeds the country have also exceeded the sales of that of 1920 and has been accompanied by last year by 15 per cent. In March, 1923, corresponding increases in credit. In marked sales of these stores were above the level of contrast are conditions in the South and Middle March, 1920, in spite of the lower retail prices West, wheFe both business volume and bank now prevailing. Department-store sales are credit are considerably below the 1920 level. at present relatively higher in the industrial This regional comparison emphasizes the districts of the East than in the agricultural fact that, while the total volume of business Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDERAL RESERVE BULLETIN. MAY, 1923. and bank credit is nearly as large as in 1920, market purchases, with a" consequent stability there are important differences between the in the total volume of earning assets. This is situation at that time and now. In 19-20in contrast to the situation in'the early part credit expansion was more pronounced in agri- of 1922, when member banks were rapidly liquicultural than in industrial communities, while dating their indebtedness at the reserve banks. at the present time it is in the large cities that At that time, also, the volume of earning assets the volume of credit is relatively larger. remained relatively constant, because the de- Thus the reserve banks in the South and West cline in discounts was accompanied by a corin meeting the demands of their member banks responding increase in the holdings of Governin 1920 were obliged to rediscount large ment securities. Thus, for a period of more amounts with the banks in the industrial sec- 11,an a year the total of reserve bank credit has tions, while at present there are no interbank fluctuated around $1,200,000,000 and has rerediscounts and no Federal reserve bank ap- mained within a range of $1,000,000,000 to proaches the limit of its lending capacity. $1,350,000,000. During that period discounts The lesser dependence of the member banks have fluctuated between $1,000,000,000 and upon the reserve banks is reflected in the much smaller total volume of reserve bank earning MILLIONS OF DOLLARS MILLIONS OF DOLLARS assets and in the smaller proportion which paper discounted for member banks consti- EARNING ASSETS \S*\A tutes of that total. On October 15, 1920, of the total earning assets held by reserve banks, discounts for member banks constituted 81 per U S SECURITIES cent, while on April 18, 1923, the percentage 600 was 58, and in the middle of 1922, when dis- ,*•' ] DISCOUNTS' *>.«• counts were at low ebb, the percentage was as ACCEPTANCES low as 35 per cent. Total earning assets of the 12 Federal re- 1922 1923 serve banks combined measure Weekly figures for 12 Federal reserve banks combined. the V0lume Of reSerVe bank less than $400,000,000, and Government security credit in actual use and are holdings between $600,000,000 and$225,000,000. continuously in process of adjustment to the Acceptances have shown an upward trend bedemand for such credit. It is this total rather ginning with June, 1922, and recently have than any single class of assets which indicates exceeded the Government security holdings. at a given time the extent to which reserve Thus, during the period covered by the chart, bank credit is being utilized as a basis of fluctuations in the volume of discounts and in member bank credit and as a source of curthe holdings of open-market purchases have rency. The relationship between the openoffset each other and consequently have not market operations of the Federal reserve banks and the demand for discount accom- resulted in corresponding changes in the total modation on the part of the members has volume of reserve bank credit in use. been brought out clearly by the experience The relation between open-market purchases of 1922 and the first quarter of 1923. The and discounts has not held true for reserve chart shows for each week in 1922 and in banks considered individually. There have 1923 to date the volume of discounts, open- been large purchases of Government securimarket purchases, and total earning assets. ties by reserve banks in the interior without Since the middle of January, 1923, the in- a corresponding decline in the discounts for crease in discounts at reserve banks has been their member banks. But the fact that for accompanied by a decline in holdings of open- the 12 banks combined earning assets have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1923. FEDERAL RESERVE BULLETIN. 543 remained comparatively constant indicates that pared with a monthly average of $20,000,000 a corresponding liquidation has taken place at for 1922 and of $55,000,000 in 1921. If the other reserve banks. gold movement continues at the present re- A recognition of the desirability of coordi- duced scale, the imported gold will not be nating more closely the open-market opera- sufficient to form a basis for any considerable tions of the several reserve banks led to a dis- increase in credit extension by member banks cussion of open-market policy at the recent and also to meet a growth in the demand for conference of the Federal Reserve Board with currency. Furthermore, while member banks the governors of the reserve banks. The Fed- since the opening of the year have been able in eral Reserve Board's position in the matter part to increase their loans for commercial puris indicated by the adoption of the following poses by the use of funds withdrawn from inprinciple with respect to open-market invest- vestments and from loans on securities, the ment operations of the Federal reserve banks: extent of such; transfer is limited since the "That the time, manner, character, and volume sale of securities in excess of current savings of open-market investments purchased by Fed- indirectly leads to a demand for bank credit. eral reserve banks be governed with primary Since the opening'of the year the monthly regard to the accommodation of commerce and rate of growth in commercial loans at membusiness and to the effect of such purchases ber banks in leading cities has been nearly or sales on the general credit situation." 2 per cent. A continuance of this credit By providing that open-market investment trend must soon result in increased borrowings operations are to be governed "with primary by member banks at the reserve banks. regard to the accommodation of commerce The relation between the expansion of bank and business," the principle rests upon the credit and the expansion of business, as well as same general considerations as those provided the responsibility of the banking community in the Federal reserve act for the determination for the economic use of credit, is clearly set of discount rates. Since in open-market opera- forth in a recent report of a committee on tions the initiative can be taken by the reserve unemolovment and business cycles, appointed banks rather than by member banks, these by Secretary Herbert Hoover, as chairman operations may be used as a gauge of the degree of the President's Conference on Unemployof adjustment between the requirements for ment, held in September, 1921. The report reserve-bank credit and the volume of it in states: "Expansion of bank credit is a necesactual use. The sale of an investment by a sary condition of expansion of business reserve bank is a means of testing the de- operations. * * * But an overexpansion mand for credit by placing the initiative for of credit may so increase the purchasing and the cost of such credit directly upon bor- power of business men that it will merely result rowing member banks. in enabling; them to bid against one another for To what extent the member banks will be limited supplies of goods and materials so as able to finance a further growth to force prices above what consumers are willing of ACT^tt!Strati°n of business without additional and able to pay. Bank credit often expands accommodation from the re- so rapidly that it lifts the buying or investment serve banks depends mainly upon the size of gold power of business men out of line with the imports in the immediate future and the further general buying power of the community. possibilities of shifting from investments and Because of their strategic position the banks loans on securities to loans for commercial and have an unusual duty and an exceptional industrial purposes. Gold imports have recently opportunity to give sound information and been small, the net imports for February being counsel to business men. * * * While the $7,000,000 and for March, $5,500,000, com- relationship between the volume of credit and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FEDERAL EESERVE BULLETIN. MAY, 1923. the volume of business and the movement of ment (No. 310, 67th Cong., 4th sess.). Copies prices is not always simple to interpret, it may be obtained from the Superintendent of appears to be sufficiently close to make it a Documents, Government Printing Office. matter of first importance that the volume and Report of committee on business cycles and unemploythe flow of credit should at all times, be tested ment. by the contribution which additions to the The committee appointed by Secretary volume of credit make to the total of economic Hoover, as chairman of the Conference on Unproduction. Additions to credit which can employment, which met in Washington in not be economically validated by a commen- September, 1921, has recently submitted its resurate effect in actual production are specu- port and recommendations. This report has lative, and as such should be subjected to con- been published with a foreword by Secretary trol, so that business and industry can be Hoover, and copies may be obtained from the maintained in a healthy state." Superintendent of Documents, Government The present lending capacity of the country's Printing Office. banking system, in view of the great growth of the reserves at the reserve banks, is now Congress of International Chamber of Commerce. far in excess of the credit needs of the country's The Second Congress of the International Chamber of Commerce was held at Rome, productive capacity. In such a situation Italy, between March 17 and 25. In addition it is the available supplies of labor and equipto discussing questions of industry and trade ment and not the potential supply of credit and transportation, the Congress dealt with that in the end must fix the limit which may the following important financial topics: Repabe attained by aggregate national production. rations, interallied debts, Government budgets As these limits are approached credit policy and inflation, international credits, foreign must be increasingly influenced by careful exchange, and stabilization. consideration of the continued effectiveness of further additions to the total volume of Federal intermediate credit banks. credit in contributing to increased productivity. Under the authority of the agricultural credits act of 1923, the 12 Federal inter- NOTES. mediate credit banks, each with an initial Minutes of 1920 conference with Class A directors. paid-in capital of $1,000,000, have been chart- A stenographic transcript of the conference ered and were formally opened for business held by the Federal Reserve Board with the on May 1. These banks are located in the Federal Advisory Council and the Class A di- cities in which the Federal land banks are rectors of the Federal reserve banks on May located and, like the latter, are under the 18, 1920, has been issued as a Senate Docu- supervision of the Federal Farm Loan Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 545 BUSINESS CONDITIONS IN THE UNITED STATES. Further increases in the production of basic commodities, in wholesale prices, employment, wage rates, and wholesale and retail trade took place in March. Production.—Production in basic industries, according to the Federal Reserve Board's index, increased 4 per cent in March to a level 8 per cent higher than at the 1920 peak and 69 per cent above the low point of 1921. The output of pig iron, steel ingots, automobiles, and crude petroleum, and the mill consumption of cotton exceeded all previously reported monthly totals. Building operations showed a further large expansion, and the value of contracts let for residences in March was the highest on record. Railroad freight shipments have been larger every week this year than in the corresponding weeks of the past four years. Car shortage has been reduced to the lowest point since September, chiefly as a result of the addition of new equipment, a decrease in the number of bad-order locomotives and cars, and a concerted effort to increase the average loadings. Employment in the building trades and in many lines of manufacturing continued to increase in the Eastern States. The surplus of unskilled labor in the West reported in earlier months is being gradually absorbed by the seasonal increase in farm work. A number of leading textile mills, steel mills, and packing plants announced general wage advances ranging between 11 and 12£ per cent, and numerous wage advances in other industries also were reported. Trade.—March sales by department stores reporting to Federal reserve banks were 22 per cent above those of March a year ago, partly because Easter purchases were made in March this year, whereas last year such purchases were largely deferred until April. Stocks of goods held by department stores were 6 per cent larger than those held a year ago, but this increase INDEX OF PRODUCTION IN BASIC INDUSTRIES PRICES COMBINATION OF 22 INDIVIDUAL SERIES INDEX NUMBERS OF WHOLESALE PRICES CORRECTED FOR SEASONAL VARIATION U. S. BUREAU OF LABOR STATISTICS PER CENT ( ISIS -100) PER CENT PERCENT ( 1313 *1OO BASt ADOPTED BY BUREAU ) PERCENT 16£>r 160 300 300 250 250 1Z0 / 200 A/ \ \ 80 80 150 150 ^ . 60 60 100 100 40 50 50 20 LATEST FIGURE MARCH LATEST FIGUREMARCH 1919 1920 1921 1922 1923 1919 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 FEDERAL RESERVE BULLETIN. MAY, 1923. BANK CREDIT BANK CREDIT 800 MEMBER BANKS IN LEADING CITIES ALL FEDERAL-RESERVE BANKS 3ILU0HS OF DOLLARS BILLIONS OF DOLLARS MILLIONS OF DOLLARS MILLIONS OF OOLLARS 16 116 I 1*000 14 j*-. LOANS AND \ DISCOUNTS 3000 1500 INVESTMENTS/'"'"" LATEST FIGURE APR. 1 ' LATEST FIGURE APR.18 1919 1920 1921 1922 1923 1919 1920 1921 1922 1923 was not as large as the increase in sales, and hence the rate of stock turnover has been somewhat more rapid. Sales of mail-order houses were larger than for any month since November, 1920, and 35 per cent larger than in March, 1922. Wholesale trade in all reporting lines was larger than in March a year ago. Wholesale prices.—Wholesale prices, as measured by the Bureau of Labor Statistics index, advanced 1.2 per cent during March and were 15 per cent above the low point of January, 1922. As in recent months, the prices of metals and building materials showed the greatest increases, while fuel prices showed a further decline from recent high levels. Compared with a year ago, metals were 37 per cent and building materials 28 per cent higher. The cost of living increased slightly more than 1 per cent during March to a level of 3 per cent higher than a year ago. Bank credit.—During the month prior to April lla more moderate growth in the demand for credit from member banks in leading cities resulted in an increase of about $48,000,000 in their loans made largely for commercial purposes, as compared with an increase of $235,000,000 in the preceding month. Through withdrawal of funds from investments and a further inflow of gold, member banks have been able to meet demands of their customers for increased credit and currency independently of the reserve banks. Consequently, the total volume of Federal reserve bank credit, as measured by total earning assets, has remained relatively constant during the past month, and, in fact, since the seasonal liquidation at the turn of the year. The volume of Federal reserve notes in circulation has also changed but little, as the larger demand for hand-to-hand money has been met chiefly by an increase in other forms of money in circulation. There has been little change in money rates from those prevailing in March. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

547 MAT, 1923. FEDERAL RESERVE BULLETIN. AGRICULTURE. VALUE OP PRINCIPAL CROPS. During the early weeks of March weather conditions were generally favorable in the 1922 1921 agricultural and live-stock sections of the country. Crops made considerable progress C C o o r t n to n (lint and seed) j $ 1 1 ,3 ,9 7 0 0 0 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 $1, 7 3 5 0 1 2 , , 9 6 0 7 5 0 , , 0 0 0 0 0 0 after having been retarded by unsatisfactory Hay (tame and wild) ! 1,332,000,000 1,090,776,000 Wheat 864,000,000 737,068,000 weather conditions in February. However, Oats 479,000,000 321,540,000 the later weeks in March and the early periods Tobacco i 306,000.000 213,846,000 Potatoes ! 283,000,000 398,000,000 of April were accompanied by excessive pre- Apples 202,000,000 167,631,000 cipitation and abnormally cold weather, both of which were retarding factors in all Federal According to reports by the Department of reserve districts. Due to these conditions little Agriculture of the intended plantings in 1923 of advancement was made during the early weeks the principal spring crops, increases in acreage of spring, but as the winter was extremely as compared with the previous year are noted favorable 'for both winter growing crops and for all crops except spring wheat and Irish and theTJfpreparations for spring plantings, farm sweet potatoes. The increases vary from 26. progress is only slightly delayed as compared per cent for corn and oats to 89 per cent for with the corresponding period one year ago. flax. Spring seedings of small grains have been delayed in sections of the Chicago, St. Louis, and Grain. Kansas City districts, but the weather was not While weather conditions have been gengenerally unfavorable for outdoor work. The erally unfavorable to the progress of the growtruck season is gradually extending northward, ing grain crops, the movement of grain to although plantings were somewhat retarded market showed improvement over the prein the districts of St. Louis, Richmond, and ceding month. In some sections, however, Philadelphia. In the Carolinas and sections receipts at primary markets were somewhat of the Atlanta district truck crops made conretarded on account of the unseasonal weather. siderable progress, but in some sections they The movement of grain during March, as indiwere somewhat damaged by the low temperacated by receipts of all grains at 17 interior tures and late frosts in the early weeks of centers, amounted to 74,078,000 bushels, a April. The continued industrial expansion decrease of 2,924,000 bushels over February has attracted agricultural labor from the farms and an increase of 21,000 bushels over March in all Federal reserve districts, but the shortage one year ago. Increases were noted in all of farm labor is greatest in the industrial disgrains except corn and rye, where seasonal tricts of Boston, Philadelphia, Cleveland, and declines were evident. Chicago. According to estimates by the Department of Agriculture, on April 1 the sup- After having been almost dormant during ply of farm labor was sufficient to provide for the winter, export demands for wheat were only 88.4 per cent of the demand. more active during the early weeks of spring, but American wheat in the export markets of Prices of principal agricultural products con- the world is still higher than that from other tinued their upward movement in March, in- grain-producing countries, a factor which is creasing slightly more than 3 per cent, but unfavorable to American exporters. were approximately 20 per cent higher on According to estimates by the Department of April 1 than on the same date one year ago. Agriculture, as indicated by the condition re- The principal crops of the United States, with port on April 1, the production of winter wheat the exception of potatoes, which decreased in will be 572,317,000 bushels, as compared with value in 1922, showed increases in value over the estimated production of 586,204,000 bush- 1921. The values and relative importance of els in 1922, and 600,316,000 bushels in 1921. the leading crops are shown in the following The condition of winter wheat was lower on table: April 1 than on December 1, 1922, or April 1, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 FEDERAL RESERVE BULLETIN. MAT, 1923. 1922, and considerably lower than the 10-year March, 1922. Stocks in consuming establishaverage on April 1. The detailed figures are ments continued greater in March than in the given in the following table: corresponding month a year ago, but stocks in warehouses were less, accounting for the de- CONDITIONS OP WINTER WHEAT AND RYE IN THE UNITED crease in total stocks at mills and warehouses. STATES. Exports during March were 140,000 bales less than during the corresponding month in 1922, April 1. and likewise total exports for the season were Decem- 10-year ber 1, considerably lower than for the previous 1923 1922 average. 1922. season, amounting to 4,057,000 bales, as compared with 4,384,000 bales one year ago. Up- 75.2 78.4 84.1 79.5 land spot cotton prices have undergone con- Rve 81.8 89 0 88.6 84 3 siderable reactions since the high figure of 31.30 cents reached in New York on March 17. Cotton. The market has fluctuated around.30 cents, but the low figure of 27.60 cents was reached The weather during March and the early on April 20. weeks in April was instrumental in retarding advancement in the cotton crop. Winter plowing and early preparation, combined with a Tobacco. few favorable days in early March, induced The marketing of last year's tobacco crop considerable early planting in the southern has been practically completed, and many sections of the Atlanta and Dallas districts, markets in the brignt tobacco sections have but the cold waves occurring in the later weeks closed. The dark markets will close during of March and early April delayed further plant- April. During the closing months of the season ings and killed considerable amounts of the much tobacco of lower quality was handled in early planted crop. Dry warm weather fol- the markets, and the prices were somewhat lowing the middle of April enabled work and lower. The average price received by the seeding to be carried forward and the early frowers in the Virginia markets in March for plants to progress. In the Richmond district right tobacco was $23.50 per hundred pounds, the planters are not discouraged over the latecompared with $26.17 per hundred in Febness of the crop, as the cold weather has deruary and $8.35 in March, 1922. Dark tobacco layed the emergence of the boll weevil from prices were also lower than in February, but its hibernation. Efforts are being made to remained higher than in March a year ago. concentrate on intensive cultivation on a mod- The tobacco season has been successful from erate acreage. Planting has advanced rapidly the standpoint of the growers, as the crop was in the districts of Atlanta and St. Louis, while larger and higher prices were received for the in the Dallas district seeding has been pracproduct, yielding the producers greater retically completed and in many localities the turns than in 1921. Up to April 1 tne tobacco young plants have been growing nicely since sold in the Virginia markets, including the rethe temporary setback caused by the low ceipts of the Tobacco Growers' Cooperative Astemperatures. In the cotton areas of the San sociation, amounted to 160,918,000 pounds, Francisco district increased planting is reported, compared with 96,634,000 in the 1921-22 seaand the increases have been made largely in son. In the tobacco districts of Cleveland and medium staple cotton, partly because of the St. Louis approximately 250,000,000 pounds freater market prevailing for this cotton and of burley tobacco were sold by the growers, ecause of larger profits realized for its culture and the marketing season is nearing a close. than for American-Egyptian or Pima cotton. Cooperative marketing associations functioned The movement of the old cotton crop to in most of the. tobacco sections during the past market generally declines during the' spring season, and reports indicate that they have months, but sight receipts during March were been very successful, despite the fact that many larger than those in February, though less than of them were recently organized and operated in March one year ago. Likewise, spinners' for the first time. In the Richmond district takings increased in March over the previous tobacco beds have been prepared and some month and the corresponding month in 1922. plants are up. Transplanting is being done in Stocks at mills and warehouses decreased from the southern sections of the district. Cold 4,826,000 bales in February to 4,413,000 bales weather has delayed transplanting in some secin March and were 896,000 bales less than in tions of the St. Louis district, but with mild Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAI, 1923. FEDERAL RESERVE BULLETIN. 549 weather in April the young plants will develop ber 1 were 20,529 cars, as compared with rapidly, and transplanting will be completed 19,113 in the corresponding season one year with put little delay. ago. Lemon shipments were slightly smaller Owing to the greater number of working than during the preceding season. Estimates days in March than in February, production of of the final yield of the orange crop are all tobacco products increased as compared 9,516,000 boxes. The lemon crop is estimated with the preceding month, but only large cigars to be slightly in excess of 4,000,000 boxes. On were produced in greater quantities than in account of cold weather which persisted in the January. Output of large cigars and ciga- eastern markets and a sluggish foreign demand, rettes increased, as compared with March, markets for California citrus fruits were de- 1922, but small cigars and manufactured to- pressed during March, and prices received by bacco decreased. In the Philadelphia dis- orange growers were approximately 46 per cent trict the demand for cigars improved during below prices received in March, 1922. the early weeks of April, after a dull season lasting for several months. Cigar manufac- Live stock. turers report that the demand for their prod- During March the marketing of live stock ucts is greater than in the corresponding pecontinued the downward movement which riod one year ago. The average of the operabegan in November. Although March contions of the district is approximately 80 to 85 tained more business days than February, the per cent of capacity, although some small factotal receipts of all live stock were smaller tories are operating at near capacity. Prices than in February, but greater than in March, of cigars have remained firm and unchanged, 1922. Slight increases were noted for all while tobacco leaf prices are advancing slightly. stock as compared with February, except sheep, which declined more than 40 per cent. Fruit. Receipts of cattle, calves, and sheep were The early fruit crops in the Richmond, smaller than in March, 1922, but hogs, horse,s, Atlanta, St. Louis, and Dallas districts were and mules were greater. Detail figures for damaged by the cold and unsettled weather March, 1923, February, 1923, and March, 1922, in March. In the Atlanta and Dallas districts are given in the table on page 170. the greatest damage was apparent in the peach sections, and estimates are approximately 50 Live-stock prices during March showed slight per cent for Dallas and 37 per cent for Georgia. changes from the preceding month. Prices for Losses in the St. Louis district were greater in hogs increased; cattle remained fairly steady the small fruit areas. In the fruit sections of and lambs declined. the Philadelphia and Cleveland districts dam- Although the cold waves in March were ages were less pronounced, as the season is somewhat unfavorable to young pigs and later. Recent rains in Florida were beneficial lambs in sections of the Kansas City district, to the citrus fruit groves, which are in bloom ranges and pastures were generally unaffected. in all sections. A shortage of refrigerator cars Warmer weather, accompanied by rains in was a retarding factor in the movement of April, invigorated the grass, and sheep and both oranges and grapefruit during March, but cattle are beginning to show improvement. the shipments were greater than in March, In the Dallas district grazing conditions have 1922, and the season's shipments of oranges reacted well to the warmer weather and and grapefruit were 34,414 cars, as compared abundant precipitation occurring in April. with 28,053 cars during the previous season. Both live stock and ranges were in satisfactory Approximately 2,000,000 boxes of grapefruit condition. In the San Francisco district much and 15 per cent of the orange crop remained of the damage suffered by pastures and ranges at the end of March in the State. In the San during the drought of February and March was Francisco district stocks of apples were more repaired by the rains of early April. Lambing than three times as large as they were at the has been practically completed in California same date a year ago. Apples that remained and Arizona and is progressing rapidly in the in storage amounted to 5,286 cars, as compared northern States of the district. Shipments of with 1,521 cars last year. Prices paid to spring lambs from California and Arizona to growers continued downward and are approxi- both local and eastern markets increased during mately 4.4 per cent lower than they were a March, and the peak of the movement is year ago. Shipments of oranges since Novem- expected in May. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

550 FEDERAL EESEKVE BULLETIN. MAY, 1923. MINING. Both the total and the average daily output Coal. of crude petroleum during March exceeded Mine output of anthracite coal and manufac- that for all previous months. The number of ture of coke reached very high levels in March, new wells completed totaled 1,248, as compared while daily average production of bituminous with 1,094 during February. The daily average coal has shown a slight downward-tendency, production in the Dallas Federal reserve disand in the week ending April 21 reached the trict was below that for February, but the lowest level for the current year. This de- number of new wells completed was larger crease in bituminous-coal production has fol- in both the Kansas City and Dallas districts. lowed a steady decline in prices since last sum- The increase in the daily rate of output mer, which has reduced the average price of during March for the country as a whole soft coal by one-half. Shortage of shipping was chiefly due to the greater production in facilities is still claimed as the main check on California fields, where there was an increase production by fields in Pennsylvania, West of 7 per cent over the February daily output. Virginia, and Kentucky, but all the more western fields complain of lack of demand. The Metals. Philadelphia district reports the closing of Mine output oi all nonferrous metals $ in some high-cost mines, while active demand is March reached the highest level since 1919. confined to steel and certain other industrial This was followed by a moderate reaction in plants. Railroads and public utilities are buyprices during April, but prices of copper and ing cautiously. Commercial stocks of bitumilead are still substantially higher than at the nous coal amounted to 36,000,000 tons on beginning of 1923. An important factor in March 1, which was 2,000,000 tons less than the mining situation during the past two onfFebruary 1. months has been the approach of the termi- Sales and shipments of domestic sizes of nation of the Government purchases of silver. anthracite coal continued to be heavy in March As the United States has now purchased at the and the first half of April. Production amount- fixed price of $1 an ounce most of the silver ed to 9,382,000 tons, which was 21 per cent for which provision was made by the Pittman larger than in February and the largest Act, and the market price of silver is only 67 monthly total during the past five years. cents per ounce, the silver mines have acceler- Prices of steam sizes of anthracite are declin- ated their operations in order to market as ing, as they are compelled to compete with much as possible at the former price. This bituminous coal. Coke prices also declined resulted in a production of 6,110,000 ounces in during April, the range for Connellsville fur- March, an increase of 29 per cent. nace being from $6 to $7 on April 19, as com- Copper production in March totaled pared with $7.50 to $8 on March 29. Output 122,194,000 pounds, which was about twice as of by-product coke reached a new maximum large as that a year ago and the highest rate in March, while beehive production was monthly total since January, 1919. The the largest since September, 1920. price of refined copper reached a maximum on March 22, and has receded about one-half a Petroleum. cent in the past month. This decline in price Crude petroleum output continues to break has been accompanied by a marked decrease previous records and to exceed consumption by in orders booked, but this seems a natural a substantial margin. The increase in stocks reaction from the heavy wave of buying of both crude and refined products resulted during the first quarter of the year. Shiplate in March in a series of price reductions. ments to domestic and foreign consumers Declines in crude-oil prices have been an- during those three months amounted to about nounced by a number of producers, but they 600,000,000 pounds, which was considerably in have as yet been small when compared with excess of domestic production and imports. the rapid rise earlier in the year. The out- The price of zinc at St. Louis receded more put of heavy crude in California has been sharply than the copper price during the first particularly great, and shipments of this oil three weeks of April, but lead prices showed to the East are more than sufficient to take only a slight tendency to soften. Zinc procare of the reduction in the imports of Mexican duction increased 15 per cent over February, oils. The markets for refined products have while the output of lead increased 16 per cent. likewise been weak, and some tank-wagon Shipments of zinc were larger than production, prices of gasoline have been reduced. which resulted in a decline of stocks to about Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 551 six days' supply at the current rate of con- Textiles. sump tien. Operations in the Joplin district Although buying of textile products fell off reached record proportions in March, and much to some extent during March and early April, prospecting has been done in search for productive activity continued unabated for additional lead ores. the purpose of filling orders booked earlier in the year. Many plants were running over- MANUFACTURES. time and new production records were estab- Food products. lished. The upward movement of prices pro- Production of wheat flour during March in- ceeded at a slower rate and some recessions creased over the preceding month and over occurred. Wage increases have been announced the corresponding month in 1922, amounting in practically all branches of the industry, and to 10,607,000 barrels, the highest March output reports of labor shortages are common. on record. The increase was 1,182,000 barrels In cotton textile manufacturing, production, over February and 949,000 barrels over March, as measured both by the consumption of raw 1922. Activity in the milling industry varied cotton and by the number of active spindles, from 45 per cent of capacity in the Chicago was the largest ever recorded. Dullness gendistrict to 59 per cent of capacity in the erally prevailed in the Philadelphia cotton- Kansas City district, as compared with 52 yarn market in March and April, owing to the per cent and 67 per cent in the respective dis- tact that customers had previously covered tricts in March, 1922. The domestic flour their requirements and were awaiting further market during March was again characterized developments in the raw-cotton market. by the inactivity which has been prevailing Carded yarns, after holding firm for several in the trade for several months. Increased weeks, declined in price during the second production, accompanied by small shipments, week in April. Yarn manufacturers reporting caused increases in stocks on hand as com- to the Federal Reserve Bank of Atlanta gave pared with the same date last year in most statistical evidence of continued good business districts from which reports were received. during March, as shown by increases in pro- Little export demand was evident during duction, shipments, and orders, but stated that March, but the upturn in the wheat market the market had become rather dull. The during the early weeks of April resulted in weakness in raw cotton also affected the goods increased domestic and foreign trade. market in Philadelphia, but demand continued to be fairly good. Manufacturers of cloth in Meat-packing activities, as indicated by the the Atlanta district reported declines in shipnumber of animals slaughtered under Federal ments and orders as compared with February, inspection, increased during March as compared but production was well maintained. The with February, but decreased slightly from the industry in the Richmond district continued high points reached in December and January, full-time operations, but a distinct falling off when the greatest number since December, in orders was noted in March and early April. 1919, were slaughtered. The number of ani- Finishers of cotton fabrics throughout the mals slaughtered in March was 6,871,000, country reported rather substantial increases compared with 5,997,000 in February, 7,252,000 in business during March as compared with in January, and 5,243,000 in March, 1922. February. The rise in prices of cotton goods, Sales by 45 meat-packing companies reporting which had continued steadily since last sumto the Chicago Federal Reserve Bank showed a mer, was checked during the latter part of seasonal decline during March and were 3.7 March, and in April all of the gray cloth per cent less than in February, but were 5.4 markets eased off some. Eer cent greater than in March a year ago. ince the lenten season improvement has been In the woolen industry, plants operated noted in the domestic trade, but European during March about 90 per cent of all machinery demand tended to slacken after the middle of in place, and many establishments were running March. Lard and fats, however, continued to overtime during March and April. Worsted go abroad in volume about equal to that of spindle hours active, for example, totaled in February and January. Meat exports have March over 100 per cent of maximum singleshown a downward trend since the war, and shift capacity. All of the woolen and worsted the volume of meat exported in 1922 only machinery has not been so active at the same totaled 1,785,967,000 pounds, as compared time since early in 1920. Consumption of raw with 1,945,610,000 pounds in 1921. wool was over 10 per cent greater in March 46598—23 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 FEDERAL, RESERVE BULLETIN. MAY, 1923. than in February.il The buying season for sale clothing dealers in the New York Federal heavyweight men'sjwear is now practically reserve district reported substantial increases over and sufficient orders were taken to insure in sales during March as compared with Feboperations for some months to come. Many ruary. Women's clothing sales were 13 per orders had to be limited in size. High-grade cent above sales for last March and those of worsteds were in greatest demand, and the men's clothing increased 52 per cent in the call for overcoatings was particularly heavy same period. Tailors to the trade in the this year. The trend of prices is upward, Chicago district report that March business was under the influence of higher raw material 90 per cent above that of February and 50 costs and advancing wages. The worsted yarn per cent above March, 1922. market is rather dull now, as weavers have Knit-underwear production during March practically covered their requirements, but was well above the February output, Dut conyarn prices have been stronger. The raw-wool siderably below that of last March. Shipclip in the West is now being marketed, and ments and new orders received were likewise some large clips have been contracted for at greater than the corresponding figures for about 50 cents a pound, as compared with 40 February, but as shipments exceeded orders, cents last year. A better demand for fine the volume of unfilled orders fell off during the wools is developing in all markets. month. Although production was less than Although deliveries of silk to mills during during last March, shipments and unfilled March were the smallest since December, mill orders were somewhat larger. Production of operations continued at a fairly high rate of summer underwear showed a greater increase activity. Plants are still operating at con- than did the output of the heavy-weight garsiderably under capacity—about 70 per cent in ments, and according to reports from mills in Pennsylvania and above 60 per cent in the the Philadelphia Federal reserve district, orders Paterson and North Hudson section, but they for winter underwear fell off substantially durare much more active than they were a year ing the month, whereas purchases of summer ago. Ribbon looms are less active than the farments increased. Manufacturers in the others. Monthly sales, according to reports 'hiladelphia district reported that a considreceived by the Philadelphia Federal Reserve erable majority of orders for next fall have Bank, are running in many cases 100 per cent been booked, and the demand was so heavy of those at this time last year, and from 30 to that in some cases allotments were necessary. 50 per cent of the orders are for future delivery. Prices are now higher than those prevailing Raw-silk prices during April reached the at the opening of the season. highest point since January, 1920. As a Conditions in the hosiery industry are someresult, manufacturers have curtailed purchases what spotty and demand is good for only of raw materials and the market has become certain grades. The call for full-fashioned inactive. Despite reduced takings by mills silk hosiery is poor and the mixtures of wool, during March, stocks of raw silk fell off during silk, fiber, and the like are less active. Cotton that month and reached the lowest figure hosiery, however, is in excellent demand, acsince October 1. March imports were smaller cording to reports from manufacturers in the than those of any month since last July. Atlanta Federal reserve district, and statistics Fall lines of clothing were opened by the of orders, shipments, and production during leading manufacturers during March and April March were well above corresponding figures at prices generally higher than those prevailing for February and for last March. In the at the last opening. Rough comparisons indi- Philadelphia district, also, increases in these cate that the new prices are about equal to those items were reported, but they were relatively of 1921, are under the maximum quotations of smaller than lor the southern mills. 1920 by about 40 per cent, and exceed those of all previous years. The advance over last year Iron and steel. reflects higher cloth prices and recent increases Demand for both pig iron and steel products in wage rates. The demand for overcoats, so has been quieter during April than in the earlier far as can be determined this early, is excellent. months of 1923. The price composite of the According to the Federal Reserve Bank of Iron Trade Review, however, continued to ad- Philadelphia, manufacturers in that district vance slightly each week and was 4 per cent are operating their plants at about 84 per cent of higher on April 19 than on March 22. Most of capacity. In April they were engaged chiefly the advances were in the prices of finished steel in filling late orders for spring suits. Whole- products. Pig iron, however, was firm in spite Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1923. FEDERAL RESERVE BULLETIN. 553 of a considerable reduction in the price of coke. Leather and shoes. Railroads, automobile companies, and building Leather and shoe markets within recent contractors have continued to be the most im- weeks have been only moderately active. portant purchasers of steel, and large future These industries have been generally lagging orders for rails, plates, and structural shapes behind others, both as to increase in business have accumulated. In fact, manufacturers of and as to price advances. Prices of hides, sheets and plates in the Philadelphia district leather, and shoes are firm, but only a few will only accept certain orders at the present increases have been effected. time, and most mills are unable to handle Calfskins and packer green hides were more further rail tonnage. Premuims are now paid active at Chicago during March, and packers for early delivery on almost all products. have sold at unchanged or higher prices the Unfilled orders of the United States Steel Corbalance of their winter hides. Prices had not poration increased 119,343 tons during March been established on April hides up to the and amounted to 7,403,332 tons at the end of middle of the month. Leather markets were the month. generally quiet during March and early April. Output of pig iron and of steel ingots both Sole-leather production increased during March reached maximum levels in March. Pig-iron by more than a seasonal amount and was well production totaled 3,521,000 tons, an increase in excess of that of last March. Stocks of of 18 per cent over February, while steel-ingot leather showed practically no change during production aggregated 3,402,000 tons, which the month. Reports from the Philadelphia was 17 per cent higher than in February and 1.5 reserve district indicate that sales of nearly per cent above the record output of October, all kinds of leather decreased during April, as 1918. Additional blast furnaces have been shoe factories had in most cases covered their blown in during April, and an increase of 11 current needs and had not started ordering per cent in wages has been announced by all for fall. leading companies in order to maintain the size Shoe production during March increased in of their forces and the present high level of all districts and for the country as a whole production. exceeded that of February by 17 per cent, and Automobiles. was likewise well above the output for last March. Manufacturers in the Philadelphia Automobile production in March was much district report that a great majority of their the largest of any month on record. The outorders are for delivery within the next six put of passenger cars totaled 319,527, which weeks, although some firms have secured was 23 per cent larger than in February and 22 business up to October. Factories, however, per cent more than in June, 1922, the month of reduced operations somewhat in April. Shiplargest output in the past Truck production ments and orders received during March by also reached a new high level and aggregated manufacturers in the Philadelphia and Chicago 34,063 in March, which was 59 per cent higher districts increased as compared with February than in February and 34 per cent higher than and with March, 1922, but fewer unfilled in June, 1922. The demand for closed cars orders were on the books at the end of the continues to increase, except in the case of the month than a month previous. Wholesale lowest priced machines, and over one-half of shoe sales showed enormous increases during the current output have closed bodies. This March in all districts, and retail sales were has resulted in great activity for the body likewise very large during that month. building industry, and manufacturers of automobile ^bodies are receiving orders for immediate delivery in excess of their capacity. Paper. Tire manufacturers continue to maintain the Production of all grades of paper continues high level of production reached in March, but at a high rate under the impetus of a good have not attempted to increase further their demand. Reports from the Philadelphia Fedrate of output. Production has been some- eral reserve district indicate that many mills what in excess of consumption, as dealers have making book and magazine papers, manila increased their stocks in anticipation of a papers, building paper and boards, and cardheavy summer demand and in the belief that boards were running at capacity. Prices of prices were likely to be higher. The price some grades have recently been advanced, but advance thus far this spring has averaged no general increases have occurred. Paper between 10 and 12 per cent. boards, however, which have risen considerably Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

554 FEDERAL KESEBVE BULLETIN. MAT, 1923. in recent months, declined in price at the begin- checked some during March and April, but in ning of April. Chemical pulp prices have ad- the Chicago district the demand continued vanced recently, whereas mechanical pulp has heavy. Receipts of lumber at St. Louis durdeclined. Newsprint production and ship- ing March was the largest in history. Retail ments during March were at a high rate and yards in the Minneapolis district reported exceeded the figures for any other March on greater stocks at the end of March, although record. Stocks declined slightly and were sales were large during the month. Manufacrather low for this season. Output and ship- turers in that district increased cut and shipments of all other grades of paper and of wood ments and diminished their stocks. Many sawpulp were well maintained during February, mills in the San Francisco district are operatthe latest month for which statistics are ing on a double-shift basis, and both producavailable. Stocks of wood pulp at the end of tion and shipments have increased considera- February were at the lowest point recorded bly. Both domestic and foreign markets have been exceedingly active. within the last four years. Lumber. BUILDING. Lumber markets for the last two months have been characterized by a check in demand Operations of building contractors expanded from dealers, an increasing rate of production, substantially during March and April, while moderate decline in the volume of shipments both production and prices of building materials from mills, and a slight retardation in the showed large increases. Contracts awarded iu advance of prices. Orders received weekly by 10 Federal reserve districts (compiled from mills reached a peak late in January and have statistics collected by the F. W. Dodge Co.) tended lower since that date, until now they totaled $367,599,000 in March, which was 33 are slightly below the weekly cut of the same per cent higher than in February. March mills. Shipments, however, continue to ex- awards in the seven districts for which figures ceed cut, and manufacturers' stocks are are available since 1919 were 18 per cent larger decreasing. In fact, the supply of dry lum- than a year ago and reached the third largest ber is so low that green material has been monthly total on record. AH the northern shipped in many cases. The greatest demand districts showed pronounced increases in value in recent weeks has been for building lumber, of contracts awarded during March as combut railroads, automobile producers, furniture pared with February, but the Atlanta, St. manufacturers, and other industrial users have Louis, and Kansas City districts reported been active buyers. Prices on some grades of decreases ranging from 27 per cent to 10 per softwood fell off slightly during April, but cent. Residential contracts during March hardwoods continued to advance, though at a reached the highest dollar value ever recorded, somewhat slower rate. and amounted to almost one-half of all new contracts, as compared with one-third in Lumber cut during March by 587 mills February. Building of homes increased in all reporting to the National Lumber Manufacturdistricts except Atlanta and Minneapolis, but ers' Association totaled 1,355,082,000 feet, the most of the gain occurred in the industrial largest monthly figure since 1918 and the greatsections of the East. The value of building est ever recorded for March. Shipments were permits at 168 cities in March was 50 per cent even larger and equaled 1,479,044,000 feet, as larger than in March, 1922, the previous record compared with 1,132,320,000 feet by 569 mills month. Statistics of number and value of in February. Many complaints of a car shortbuilding contracts and building permits are age are reported, but such shortage, except in published on page 622. a few districts, is due to the unusually large demand, as statistics of car loadings of forest Prices of building materials advanced 3 products for the country as a whole show that per cent in March and were 28 per cent above loadings each week of this year have exceeded the low point of March, 1922. Production of those of the corresponding weeks for all years oak flooring, clay fire brick, and silica brick since 1920. Reports from the Philadelphia reached the largest monthly totals since 1920. Federal reserve district indicate that retailers Stocks of most kinds of building material conhave curtailed buying, as bad weather has tinued to decline and there was a further prevented them from moving their heavy accumulation of unfilled orders. A comparison stocks. Buying from mills in the Atlanta dis- of stocks at the end of March with those of a trict, and likewise in the St. Louis district, was year ago indicates that the supply of building Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1923. FEDERAL RESERVE BULLETIN. 555 materials has been about sufficient to meet the ings of southern railroads were particularly demand during the past year and that there is heavy and reached the highest aggregate ever as yet no evidence that the rapid rise in prices recorded in a single month. has resulted in overproduction of materials. TRADE. TRANSPORTATION. Wholesale trade. The shortage of railroad equipment was Wholesale distribution during the quarter of materially reduced during March and April, the year ending March 31 showed considerable due to the efforts of the railroads to secure improvement as compared with the same pemore efficient loading of cars and trains, the riod in 1922. Sales by wholesale firms in all delivery of much new equipment from factories, lines and in almost all Federal reserve districts and a further substantial reduction in the have surpassed each month the levels reached number of cars and locomotives awaiting re- in corresponding months in 1922. The impairs. Freight-car shortage totaled 58,237 cars provements reflect the increased purchasing for the week ending April 7, as compared with power of the consuming public, as has been 79,270 carsfortheweekendingMarch8. During evidenced by demands made upon retail disthis 30-day period the shortage of coal cars was tributers in all sections of the country. Sales reduced 29 per cent, while the shortage of box during March were greater for all lines of goods cars was reduced 26 per cent. In the first in all Federal reserve districts from which requarter of this year 935 new locomotives and ports were received than in February, with the 39,172 new freight cars were put into service on exception of grocery sales in the Kansas City United States railroads, and orders were out- and San Francisco districts and dry-goods sales standing on April 1 for 1,974 locomotives and in the St. Louis and Dallas districts. Declines 107,453 freight cars. The number of bad- in the latter of 10.8 per cent were indicated in order cars amounted to 206,312 on April 1, St. Louis and 5.7 per cent in Dallas. The which was only 9 per cent of the cars on line greatest improvements over February were and the lowest aggregate awaiting repairs in the sales of shoes, where increases ranging since January, 1921. from 17.6 per cent in the St. Louis district to 115.3 percent in the Philadelphia district were noted. Compared with March a year ago the CAR LOADINGS BY WEEKS THOUSANDS OF CARS THOUSANDS OF CARS greatest activity was indicated in the sales of ! 19/ 11000 farm implements, which ranged from an increase — of 27.9 per cent in the San Francisco district to 800 192 800 187.8 per cent in the Dallas district. As com- 1 2—)—•• — pared with February, activity in dry goods was less pronounced than in other lines, which was 600 I due largely to active buying in earlier months and i to a hesitancy to place additional orders pend- <t00 ing developments of the new cotton crop and price movements of the old crop. Collections i I of wholesale firms are from "fan*" to "good" ! throughout all districts, but deliveries were 1 I I somewhat retarded, as shipments were slow JANUARY A-'R. and in many cases delayed. The table on page 624 gives detailed figures of wholesale The chart indicates the consistently heavy trade. railroad loadings during the first 14 weeks of 1923. It may be noted that the loadings in each week of the current year have not only Retail trade. been larger than a year previous, but have also Retail trade maintained a high rate of been larger than in the corresponding week of activity during the first quarter of the year, any earlier year. March loadings reached a each month showing improvements over the total of 4,124,214 cars, which was 22 per cent corresponding month in 1922. While the more than in February and 12 per cent more unseasonal cold weather during the last two than in March, 1922. Loadings of forest prod- weeks of March was a retarding factor to retail ucts and coke were larger than in any previous distribution in many sections, the early date of month on record, while live-stock loadings were Easter accentuated the trade and March exceptionally large for a spring month. Load- department-store sales throughout all sections Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

556 FEDERAL RESERVE BULLETIN. MAY, 1923. of the United States were 22 per cent greater prices of fuel and lighting declined. Granuthan in March, 1922, and 38 per cent greater lated sugar advanced 18 per cent, in comparison than in February. The greatest gains over with 9 per cent in February. February were in the Philadelphia, Richmond, Retail prices have not as yet shown any conand New York districts, and ranged from 52 sistent tendency to follow the upward course points in Philadelphia to 41 points in New of wholesale prices. Retail food prices, after York. a rise toward the end of last year, fell again in Mail-order hottses and chain stores showed January and February and did not change in considerable increases in sales in March as com- March. The cost of living index, computed pared with February and also with March, by the Massachusetts Special Commission on 1922. Mail-order house sales increased 34 per the Necessaries of Life, was stationary from cent over February and 35 per cent over November through January at the same level March, 1922. The greatest chain-store gain at which it stood in January, 1922. was noted in the case of shoe chains, which increased 105 per cent as compared with Febru- EMPLOYMENT. ary and 40.1 per cent as compared with March, 1922. Demand for labor continues to be strong, with advancing wages at industrial establish- Stocks of department stores continued to ments, in the building trades, and at western increase during March and were greater than metal mines. On the other hand, the demand any month since November, 1922. Increases for farm labor is as yet only moderate and were noted in all Federal reserve districts, and there continues to be a surplus of clerical for the country as a whole the index number of workers. Reports received by the Bureau of department-store stocks on a 1919 base stood Labor Statistics from 5,453 manufacturing at 124.9 at the end of March, as compared establishments in all parts of the United States with 115.2 at the close of February and 118.2 in indicate that there was a 2 per cent increase March, 1922. Detailed figures of retail trade in number of employees and a 3 per cent ire given in the table on page 625. increase in average weekly earnings during March. The largest increases in number of PRICES. workers were reported by fertilizer plants, Wholesale prices increased in March at a brick kilns, and shipbuilding yards. The brick more rapid rate than in February. The gen- and shipbuilding industries also reported ineral level of prices rose 3 points according to creases of over 5 per cent in per capita earnthe Federal Reserve Board's index and 2 ings, but the millinery and lace goods induspoints according to the index of the Bureau of tries led in this respect with an advance of 9.6 Labor Statistics. All groups in the board's per cent. During April a number of horizontal index have risen, but the increase in the prices wage advances have been reported by imof imported goods is more pronounced than portant industries—most woolen mills which that of produced or exported goods, and the had not previously this year changed their prices of producers' goods have risen much schedules announced increases of 12J per cent, more sharply than raw materials or consumers' all leading steel companies increased wages of goods. unskilled workers 11 per cent, cotton muls at Fall River and other important centers an- In the raw materials group of the Bureau of nounced increases of 12£ per cent, and meat Labor Statistics index, as subdivided by the packers at Chicago and other western cities Federal Reserve Board, mineral products deadvanced all schedules by about 11 per cent. clined 3 per cent in March, the same rate as in February, while agricultural products increased, Investigations of employment conditions by though at a less rapid rate than in the month Federal reserve banks and State departments before. Forest products continued the steady of labor agree closely with the results of the increase that began in March of last year. Bureau of Labor Statistics. Reports to the The most striking price increases during the Massachusetts Department of Labor and Inmonth occurred in iron and steel products and dustry indicate that industrial employment in nonferrous metals, which rose 12 per cent as a that State increased 0.6 per cent during March. group, with steel billets and copper products The men's clothing, electrical machinery, and leading. textile machinery plants reported the largest Among consumers' goods, prices of cloths increases in their forces, while jewelry and and clothing moved upward as did foods, while hosiery factories made the greatest curtail- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 557 ment. The New York State Department of FOREIGN TRADE. Labor reports a 2 per cent increase in factory According to the reports of the Department employment during March, while average of Commerce, imports of merchandise into the weekly earnings increased about 4 per cent. United States have been growing steadily for The most important increases of employment some months past. To some extent the larger occurred at metal and machine plants. Re- totals recently reported are due to higher comports from 501 establishments in the Philadel- modity valuations, but at the same time the phia district showed an increase in number of quantities of certain classes of goods imported employees of 2 per cent during March, and have considerably expanded. This is particu<the number on pay rolls was 17 per cent larly true of raw materials and semifinished greater than the average in 1922. The Chicago products entering into manufacture, for which Federal Reserve Bank reports the number em- there has been a growing demand as a result of ployed by 198 concerns increased 3 per cent the activity of domestic industry. The latest in March, and that the number of man-hours import figures are for January and show an was 8 per cent more than in February. Steel inward movement of merchandise totaling mills and building contractors made the largest $319,000,000. In December, 1922, imports additions to their forces. amounted to $293,000,000, and in January a year ago they were only $217,000,000. COMMERCIAL FAILURES. Exports also are higher than they were either a year ago or in most months recently, but Although the number of commercial failures the increase during the last three or four was greater in March than in February, the months has not been pronounced, and exports total reported during the first three weeks in have fallen as compared with the high level of April was slightly less than for the same period last November. The result has been to reduce in March. As compared with corresponding very materially the amount of our favorable periods of last year, the number of insolvencies merchandise trade balance, so that in January during March showed a decrease of 32 per cent, it amounted to only $17,000,000, in contrast to and those during the first three weeks of April $51,000,000 in December and $88,000,000 in were fewer by 30 per cent. The liabilities November. In March preliminary estimates involved in the March failures were also greater place the value of our export trade at $350,than those of February and only slightly less 000,000, a moderate increase over January than the January figures, but were 33 per cent and February of the present year and some below those reported for last March. The $20,000,000 in excess of the March, 1922, total. volume of failures are still rather large, particu- The figures made public in the past few months larly when compared with the years of war- thus indicate the maintenance of exports sometime prosperity. In making comparisons with what above the levels 6 to 12 months earlier. years prior to the war allowances must be There is no evidence, however, that foreign made for growth in the volume of business and demand for American goods has had much confor higher prices, which affect liabilities. nection with the great expansion of production Failures, by Federal reserve districts, are which has recently taken place in this country. shown in the table on page 615. The number GOLD AND SILVER MOVEMENTS. of failures during March were smaller than during the same month last year, except in the Net gold imports for the month of March San Francisco district, but liabilities were totaled $5,559,000, marking a further decline greater in the Philadelphia, Cleveland, and from the unusually low total of $6,984,000 for Dallas districts. In fact, the liabilities in the the preceding month. Both imports and ex- Philadelphia district were the largest on record, ports of gold proceeded in larger volume than in totaling $10,622,911, whereas the monthly February, the decrease in net imports being due average for that district during 1921 and 1922 to the considerable increase in the gold exports equaled only about $2,600,000. By branches for the month under review. Gross imports of business, the liabilities among the miscel- of gold totaled $15,951,000, of which 35 per cent laneous group of manufacturers were unusually came from the Netherlands and about 25 per large. The indebtedness of the manufacturing cent each from Canada and France. About group as a whole was larger than that of last two-thirds of the total of $10,392,000 of gold March, whereas liabilities involved in failures exported during March was consigned to India, among traders were smaller than during both about 25 per cent to France, and over 5 per February, 1923, and March, 1922. cent to Mexico. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

558 FEDERAL BESEBVE BtTUJSTlN. MAT, 1923. Net imports of gold since August 1, 1914, State Banks and Trust Companies. totaled $1,817,275,000, as shown in the follow- The following list shows the State banks and trust coming exhibit: panies which were admitted to membership in the Federal reserve system during the month ending April 28, [In thousands of dollars.) 1923, on which date 1,644 State institutions were members Imports. Exports. E im xc p e o s r s t s o . f of the system: J A a u n g . . 1 1 , t o 1 9 D 14 ec , . t o 3 1 D ,1 e 9 c 1 . 9 31,1918 1,77 7 6 6 , ,5 6 3 1 4 6 3 7 6 0 8 5 , ,2 1 1 8 0 5 1 i , 0 2 7 9 1 1 , , 4 6 0 5 6 1 Capital. Surplus. T so o u ta rc l e re s. - Jan. 1 to Dee. 31,1920 417,068 322,091 94,977 Jan. 1 to Dec. 31,1921 691,248 23,891 667,357 Jan. 1 to Dec. 31,1922 275,170 36,875 238,295 District No. 1. Jan. 1 to Mar. 31,1923 57,154 20.263 36,891 Union Trust Co., Ellsworth, Me.1 $100,000 $100,000 l$2,506,858 Total 3,293,790 1,476,515 1,817,275 District No. I. Long Branch Banking Co., Long 1 Excess of exports. Branch, N. J 150,000 100,000 2,418,711 Amherst Bank, WiUiamsville, N. Y.... 50,000 15,000 65,000 Silver imports during March, $4,626,000, District No. i. while higher than in February, continued at a Fanners State Bank, Lyons, Ohio 25,000 2,000 i 203,172 low level as compared with the average District No. 6. j monthly imports for the past calendar or fiscal Evangeline Batik & Trust Co., Ville 75,000 , 37,500 j 764,272 years. Over 90 per cent of the total imported Platte, La. during the month came from Mexico, Peru, and District No. 8. Grant State Bank, St. Louis, Mo 200,000 50,000 | 674,413 Canada. Silver exports for the month, $4,- District No. 11. 732,000, were slightly in excess of the imports Slaton State Bank, Slaton, Tex 25,000 10,000 453,193 and in the main showed about the same dis- First State Bank, Idalou, Tex 25,000 156,669 tribution as in February, i. e., about 90 per First State Bank, Rochester, Tex 25,000 • 6,000 305 769 District No. It cent going to China, British India, and England. Yakima Trust Co., Yakima, Wash 200,000 50,000 ! 1,692,490 Net silver exports since August 1, 1914, totaled $434,651,000, as is seen from the fol- i Admitted Jan. 8,1923, but not previously published. lowing table: Correction.—In the April BULLETIN the capital and surplus of the Wa tsesssing Bank, Bloomfield, N.J., was given as $1,000,000 each. This (In thousands of dollars.] should have read $100,000 in each instance. Absorbed by national bank.—Bank of Eufaula, Ala.; Bank of Fergus Imports. Exports. Excess of County, Lewistown, Mont. exports. Bank closed.—First State Bank, Clyde Park, Mont. Bank reopened.—Edgar State Bank, Edgar, Mont. Aug. 1,1914, to Dec. 31, 1918 203,592 483,353 279,761 Change of name.—Commercial Trust Co., Philadelphia, Pa., to Bank Jan. 1 to Dec. 31,1919 89,410 239,021 149,611 of North America and Trust Co.; Morton Park State Bank, Cicero, 111., Jan. 1 to Dec. 31,1920 88,060 113,616 25,556 to Cicero Trust and Savings Bank. Jan. 1 to Dec. 31, 1921 53,242 51,575 Ul,667 Consolidation.—Beaverhead State Bank, Dillon, Mont., and Security Jan. 1 to Dec. 31,1922 70,807 62,807 18,000 State Bank, Dillon, Mont., member banks, have consolidated. Illi- Jan. 1 to Mar. 31, 1923 14,243 13,844 1399 nois Trust & Savings Bank, Chicago, 111., and Merchants Loan it Trust Co., Chicago, 111., both member institutions, have consolidated Total 529,354 964,216 434,882 under the name "Illinois Merchants Trust Co." Converted into national bank.—Southwest State Bank, Wichita, Kans. Withdrawals.—Moline Trust & Savings Bank, Moline, 111.; Peoples * Excess of imports. Savings Bank & Trust Co., Moline, 111.; State Savings Bank & Trust Co., Moline, 111.; Polk County Trust Co., Lakeland, Fla. FOREIGN EXCHANGE. Insolvent.—First State Bank, Malone, Tex. Foreign exchange rates during April showed New National Bank Charters. unusual stability. The pound sterling con- The Comptroller of the Currency reports the following tinued to decline slowly and stood at $4.63 increases and reductions in the number and capital of on April 27, compared with $4.72, the peak national banks during the period from March 24 to April figure reported on February 21. French and 20, 1923, inclusive: Belgian francs and Italian lire showed little change. The rate on the French franc, after Num- Amount ber of of its rapid rise in March, ranged between 6.49 banks. capital. and 6.78 cents in April; that on the Belgian franc between 5.62 and 5.88 cents, and that on New charters issued $3,275,000 Restored to solvency 0 the Italian lira between 4.92 and 5.02 cents. Increase of capital approved 3,130,000 Aggregate of new charters, banks restored to The German mark, after being stabilized at solvency, and banks increasing capital 6,405,000 48 and 47 cents per ten thousand since the Liquidations early part of March, dropped on April 18 to Reducing capital i 60,000 32 cents per ten thousand, but rallied to 38 Total liquidations and reductions of capital.. 820,000 Consolidations of national banks under act of Nov. cents on April 20. At the end of the month 7,1918 300,000 the rate was 34 per ten thousand. Aggregate increased capital for period Other European currencies as well as those Reduction of capital owing to liquidations, etc 820,000 Net increase 5,585,000 of South American and oriental countries, remained fairly constant. 1 Includes one reduction in capital of $25,000 incident to a consolidation under act of Nov. 7,1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1923. FEDERAL RESERVE BULLETIN. 559 RULINGS OF THE FEDERAL RESERVE BOARD. Nonnegotiable paper ineligible for rediscount by Federal Government deposits in member banks as exempt from reserve banks. the reserve requirements of section 19 of the Federal reserve act. The board has been requested to rule upon the eligibility for rediscount of nonnegotiable The board has recently had occasion to pass paper. The note in question contained a clause upon the question as to whether certain defiving the payee the right to confess judgment posits made in member banks should be conefore maturity, and it was stated that the sidered as Government deposits and therefore highest court of the State in which the question exempt from the reserve requirements of arose had held such a note to be nonnegotiable. section 19 of the Federal reserve act. For the purpose of the ruling, therefore, the Section 7 of the first Liberty bond act and board assumed that the note was nonnegotia- corresponding sections of the second and third ble and ruled substantially as follows: Liberty bond acts provide that the reserve Although negotiability is not required in requirements of the Federal reserve act "shall specific terms by the Federal reserve act or by not apply to deposits of public moneys by the the board's regulations as a condition of the United States in designated depositaries." eligibility of notes, drafts, or bills of exchange In construing this provision the board, after for rediscount, it has always been contem- consultation with the Treasury Department, plated by the board as one of the primary requi- has ruled that the following classes of deposits sites of eligibility. A promissory note is de- are not "deposits of public moneys by the fined by the board's Regulation A as follows: United States," and are therefore not exempt from the reserve requirements set forth in sec- A promissory note, within the meaning of this regula- tion 19 of the Federal reserve act: tion, is defined as an unconditional promise in writing, signed by the maker, to pay, in the United States, at a (1) Deposits of Philippine funds made by the fixed or determinate future time, a sum certain in dollars Philippine Government and carried to order or to bearer. under the title "Treasurer of the This definition incorporates substantially the Philippine Islands currency reserve requirements of a negotiable promissory note fund account." as set forth in the negotiable instruments law; (2) Deposits of Porto Rican funds made by in fact, the definition of a note eligible for the Porto Rican Government. rediscount is, with certain additional limita- (3) Deposits of Indian funds under the contions, an adoption of the definition of a nego- trol of the Department of the Interior. tiable promissory note. A note eligible for (4) Deposits of States, counties, or municirediscount must not only meet the requirements palities. of a negotiable promissory note, but must also (5) Deposits of the United States Shipping Eossess the additional characteristics required Board and deposits of the Emergency y the definition in Regulation A as above. Fleet Corporation. (See FEDERAL Notes eligible for rediscount are thus merely RESERVE BULLETIN for November, a restricted class of negotiable promissory 1919, page 1054.) notes as defined in the negotiable instruments In the same connection, however, the board law. The definition of a draft or bill of has held that deposits made by United States exchange contained in the board's Regulation postmasters of Government funds, other than A is substantially the same as the definition of postal savings deposits, collected by them or a bill of exchange set forth in the negotiable which have come into their possession by virtue instruments law, thus indicating clearly that of their official position, should be deemed to these instruments also must be negotiable in constitute "deposits of public moneys by the order to be eligible for rediscount. United States," and, when made in designated All nonnegotiable notes, drafts, and bills of depositaries, such deposits are exempt from the exchange, therefore, are ineligible for redis- reserve requirements specified in section 19 of count at Federal reserve banks. the Federal reserve act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

560 FEDERAL EESERVE BULLETIN. MAI', 1923. LAW DEPARTMENT. Exercise of fiduciary powers by national banks located in identified as belonging to the estate of the person for whose Pennsylvania. account the same has been received, and that trust funds received by said bank, either as fiduciary or for the person There is printed below the opinion of the or persons for whom it is surety shall be deposited in a Supreme Court of Pennsylvania, rendered separate account" in another bank or trust company of April 9, 1923, in the case of the Estate of Edna good standing. This application was refused by the Frisbie Turner upholding the right of national Orphans' Court, whereupon the bank filed a petition, as guardian of the minors, asking that, notwithstanding the banks to act in fiduciary capacities in the refusal to approve its application to act as fiduciary, the State of Pennsylvania. This decision affirms funds in question be awarded to it as guardian." This that of the Superior Court of Pennsylvania, petition was also dismissed and an appeal taken to the which was published in the FEDERAL RESERVE Superior Court which reversed the court below and from that decree we have the present appeals. BULLETIN for January, 1923 (page 23 of the The act of Congress, approved December 13, 1913, (38 first edition and page 20 of the final edition). Stat. 251), gave the Federal Reserve Board power, inter alia, "to grant by special permit to national banks apply- IN THE SUPREME COURT OF PENNSYLVANIA,ing therefor, when not in contravention of State or local EASTERN DISTRICT. law, the right to act as trustee, executor, administrator or registrar of stocks and bonds under such rules and la the matter of the Corn Exchange National Bank of regulations as the said board may prescribe." It was Philadelphia. No. 272. In the matter of the petition thus left to the courts to ascertain whether in any given of Estate of Edna Frisbie Turner, deceased. Nos. 273 case, the exercise of the powers granted would be in conand 274, January term, 1923. Appeals of Common- travention of State or local law. Difficulties arose in the wealth of Pennsylvania. Appeal from the decision of construction of the act, resulting in its amendment in the Superior Court of Pennsylvania, reversing decree 1918 (act September 26, 1918, 40 Stat. 867) by permitting of the Orphans' Court of Philadelphia County. national banks to act as executor, administrator, trustee, guardian, etc., in all cases where State banks, trust companies or other corporations "which come into com- OPINION. petition with national banks are permitted to act under FRAZBR, J.: These three appeals involve the same ques- the laws of the State in which the national bank is lotion, namely, whether a national bank has the right to cated," and also providing that "whenever the laws of act as a fiduciary under the laws of Pennsylvania; they such State authorize or permit the exercise of any or all were argued together and will be decided in a single of the foregoing powers by State banks, trust companies opinion. or other corporations which compete with national banks, the granting to and exercise of such powers by national In settling the account of executors of the estate of Edna banks shall not be deemed to be in contravention of F. Turner a fund was awarded to minor children, bene- State or local law within the meaning of this act." The ficiaries under the will of decedent. The court appointed statute contained a further provision that banks exercis- The Rittenhouse Trust Company, of the city of Philaing fiduciary powers should "segregate all assets held in delphia, guardian of their estate and before the account any fiduciary capacity from the general assets of the bank was called for audit that company was converted into a and shall keep a separate set of books and records showing national bank and consolidated with the Corn Exchange in proper detail all transactions engaged in under authority National Bank, with power granted by the Federal of this section * * * but nothing in this act shall be Reserve Board to transact a fiduciary business. The construed as authorizing the State authorities to examine latter applied for and secured a certificate from the State the books, records and accounts of the national bank banking department authorizing it to do fiduciary's which are not held in trust under authority of this subbusiness in Pennsylvania and presented a petition asking section. " It also required that -funds deposited or held that funds belonging to the minors be paid to it. This the in trust by the bank awaiting investment shall be carried court refused to do until the bank secured the approval of in a separate account and shall not be used by the bank in the Orphans' Court of Philadelphia County, under rule 21 the conduct of its business, unless it shall first set aside of that court relating to approval of fiduciaries. Accordin its trust department, United States bonds or other ingly, a petition was presented for that purpose setting securities approved by the Federal Reserve Board." forth the fact of petitioner's incorporation under the Numerous other administrative provisions are found in national banking laws and its subsequent consolidation the Federal act that need not be referred to here. with The Rittenhouse National Bank, formerly The Rittenhouse Trust Company, stating it was authorized by the The contention of the Commonwealth is that, to permit Federal Reserve Board to transact a fiduciary business and a Federal bank to act in a fiduciary capacity in this State, had complied with the law of Pennsylvania governing the under the statutory provisions referred to, would amount transaction of such business; had conformed with the acts w a violation of our laws. The act of May 21, 1919, P. L. of May 9, 1889, P. L. 159, and May 20, 1921, P. L. 991, 209 provides, inter alia, that the banking department shall agreeing to be subject to supervision and examination by have supervision of all corporations pr persons receiving the banking department of Pennsylvania in the same money on deposit for safe keeping, including banks inmanner as corporations of Pennsylvania; and stipulated, corporated under the laws of the United States, which pursuant to requirements of the before mentioned rule of shall, pursuant to Federal law or regulations, be permitted court, that "securities and other property received by the to act in any fiduciary capacity and makes all such corcorporation both in a fiduciary capacity and from the porations subject to inspection and examination by the person or persons for whom it is surety, shall not be taken banking commissioner. By act of May 20, 1921, P. L. out of the jurisdiction of the court and shall be kept sepa- 991, it was provided that no person should have the right rate and apart from all moneys, securities and property of to appoint, in a fiduciary capacity any corporation other the said bank, so that the same can, at all times, be easily than a corporation organized and doing business under the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL KESERVE BULLETIN. 561 laws of Pennsylvania and subject to the supervision and to "powers" only and not the rules governing the exercise examination of the banking department of the State, or a of such powers. It is the right itself, not the rules governcorporation organized under the laws of the United States ing the exercise of the right, to which reference is made. and doing business in Pennsylvania by resolution of its Concede the existence of the right in the State banks board of directors agreeing to place itself under and sub- and trust companies and we have the same right bestowed ject to the supervision and examination of the State bank- upon national banks. Had Congress intended the latter ing department "in the same manner and to the same ex- to be governed by State laws in the exercise of the right tent as corporations organized and existing under the laws given, surely expression of that intention would be found of this State." in the statute. In the absence of such utterance, we A comparison of the foregoing Federal and State acts must assume Congress was satisfied with the rules already shows the main points of difference are that the Federal prescribed by the Federal Reserve Board. If these rules statute allows inspection of the books and records of only happen to conflict with State regulations on the subject, that part of the assets of national banks as are received in the latter must yieid to the former because the right a fiduciary capacity and requires them to segregate all being conceded the power to regulate the exercise of the assets held in a fiduciary capacity and prohibits com- right would follow as a necessary incident. We believe mingling them with other assets in its business, unless it this view is fully supported by the opinion in First shall first set aside in the trust department United States National Bank v."Union Trust Company, 244 U. S. 416, bonds or other securities approved by the Federal Re- and cases therein cited. serve Board, while on the other hand the State acts au- The decrees of the Superior Court are affirmed. thorize the supervision by the banking department of all assets of the corporation and forbids substitution of se- Fiduciary Powers Granted to National Banks. curities for the funds, but requires the companies, in all cases, to keep trust funds separate from its other assets During the month ending April 28 the Federal Reserve and to indicate all investments made as fiduciaries, so Board approved applications of the national banks listed that the trust to which the investment belongs shall be below for permission to exercise one or more of the fiduclearly known. It is argued this difference in the two ciary powers named in section 11 (k) of the Federal provisions produces a conflict, making the Federal reserve reserve act as amended, as follows: act in direct violation of State law by permitting unin- 1. Trustee. vested funds to be mingled with the general assets and 2. Executor. removing such funds from the inspection and supervision 3. Administrator. of State authorities. The Corn Exchange National Bank 4. Registrar of stocks and bonds. has complied with every provision of the State rules, regu- 5. Guardian of estates. lations and laws, by consenting to the examination of all 6. Assignee. its assets by the State bank examiners and agreeing to 7. Receiver. keep trust securities on deposit in a separate bank. This 8. Committee of estates of lunatics. voluntary compliance with State rules would, in itself, 9. In any other fiduciary capacity in which State banks, seem to render unnecessary a further discussion of the trust companies, or other corporations which come into questions raised. Appellant contends, however, that the competition with national banks are permitted to act under national bank can not, validly, agree to be bound by State the laws of the State in which the bank is located. law or by local rule of court, which is contrary or inconsistent with the Federal law and that, consequently, the The numerals opposite the name of each bank indicate question still remains whether it was not beyond the power the power or powers it is authorized to exercise, as given of the bank to agree to comply with the State regulations below: where they are in conflict with Federal practice. The answer to tnis contention is that insofar as the State Place. t D ri i c s t - Name of bank. g P r o a w nt e e r d s . law is inconsistent with the Federal act, the former must No. yield to the latter, even though the result may be to place upon Federal banks a benefit or burden not received or Boston, Mass 1 ! Federal National Bank.... Ito9. assumed by the State banks and trust companies. Newport, R. I... 1 | Aquidneck National Bank 5 to 9. The definition given in the Federal act as to what con- Rockville, Conn. 1 Rockville National Bank. 1 to 9. Rutland, Vt 1 ! Clement National Bank... lto 3, 5 stitutes a violation of the State law takes no cognizance to 7. of the fact that certain administrative details in the regu- Kingston, N. Y.... State of New York Na- lto 9. lations of Federal banks were different from those govern- tional Bank. Long Beach, N.Y. National Bank of Long ltoS. ing State institutions. The existence of these differ- Beach. ences, however, is not sufficient to deprive a national Middletown, N.Y 2 First National Bank lto 9. bank of the enjoyment of its powers under the Federal Utica.N. Y 2 First National Bank lto 9. law. The establishment of the Federal reserve bank C Je a r r s i e s y ta C dt i , t y N , . N J . J 2 2 C B a e r rg is e ta n d N t a N ti a o t n io a n l a B l a B n a k nk.. l 1 t o to 9 9 . . was a matter within the scope of Federal power and a Summit, N. J 2 First National Bank 1 to 9. State can not, in any way interfere with the powers of Orange, N. J 2 Brick Church National lto 9. Bank. such banks, except insofar as Congress has permitted it Chester, Pa 3 j Pennsylvania National lto 9. to do so. When the Federal act was passed Congress had Bank. knowledge of the fact that various States had adopted Philadelphia, Pa 3 I National Bank of North lto 9. Philadelphia. different laws and systems governing persons or corpora- Cynthiana, Ky 4 The National Bank 1 to 5, 7 tions acting in a fiduciary capacity. Having this knowl- to 9. edge, they gave to the Federal Reserve Board power to Mount Vernon, Ohio The Knox National Bank. 1 to 7 and 9. prescribe regulations for the government of Federal Parkersburg, W. Va Second National Bank lto 9. banks. Regulations thus established are paramount to De Funiak Springs, Fla First National Bank 5 to 8. State rules and the latter must yield whenever a conflict Gallatin, Tenn First & Peoples National lto 9. arises. It was with knowledge of this situation and the Sycamore, 111 Ci B tiz a e n n k s . National Bank... lto 9. existing difference between rules governing State and Rising Sun, Ind The National Bank lto 9. Federal banks that Congress undertook to define, by the Little Falls, Minn American NationalBank.. lto 9. act of 1918, what would be considered "in contravention Houston, Tex The Union National Bank. lto 9. Santa Ana, Calif First Naitonal Bank lto 9. of State law." It will be observed the definition refers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

562 FEDERAL EESEEVE BULLETIN. MAT, 1923. VELOCITY OF BANK DEPOSITS.1 The desirability of measuring velocity more accurately may be gathered from the fol- For 40 years bank clearings have been used lowing quotation from an address to the as an index of business activity. They were stockholders of his bank made in January, among the earliest of the statistics of business 1922, by the Hon. Reginald McKenna, chairto be compiled on a monthly basis and for man of the London Joint City and Midland this term of years they have furnished perhaps Bank: the most accurate single index available of the comparative volume of business transac- If it were possible accurately to measure the velocity tions at different periods. of circulation of money in 1921, as compared with 1920, I think it would be found that there was a decline last These bank clearings figures have had, how- year of at least 40 per cent, a diminution which, while it ever, a number of limitations to their useful- did not affect the total of bank deposits, caused a fall in ness, especially when one considers them as prices and was largely responsible for the great reduction in trade and trade profits. an index of changes in the banking and credit situation. In the first place their scope has Until recently there has been no instrument left room for question as to their meaning. for measuring currently the velocity or rate They include only checks passing through of turnover for bank deposits. The most clearing houses and do not include counter comprehensive study of the subject is conchecks. They include drafts drawn by banktained in Prof. Irving Fisher's "Purchasing ers against their own balances, which do Power of Money." On the basis of the incomnot reflect business activity as directly as do plete data available at that time, Professor checks drawn by individuals. These defects Fisher made an estimate of the velocity of in the returns were corrected in the middle of deposits in the United States in the years 1918, when the Federal Eeserve Board and 1896 and 1909, and on the basis of these banks.inaugurated a series of weekly reports, figures interpolated data for the intervening from the banks of clearing-house centers, of years and in later articles extrapolated the the total amount of checks drawn and other figures for a number of succeeding years. debits to individual accounts. The actual This study was entirely on an annual basis, change in the magnitude or movement of the however, and depended on a number of hyfigures reported as compared with clearings potheses which were not at that time verifiable. was smaller than might have been anticipated, A more precise and more current measure but the inauguration of the new form of is now made possible by the comprehensive report gave us much more clearly denned statistical returns received each week by the figures. Federal reserve banks from a selected group A second hindrance to a complete interpreta- of 800 member banks in principal centers. tion of clearing-house figures from the banking Utilizing these figures, a computation has point of view is found in the fact that clearings been made of the velocity of deposits for and the new debits reports also reflect two dif- several groups of banks. ferent elements—changes in the amounts of bank deposits and changes in the velocity or METHOD OF COMPUTATION. rate of turnover of such deposits. When we wish to consider the possibility of credit The final figure desired was the annual rate expansion existing in any situation it makes a of turnover of deposits or the following fraction: good deal of difference whether a high figure Annual amount of debits to individual accounts For bank clearings is due to large bank Average demand deposits of individuals deposits, or whether it is due to an excep- The first step in the computation was to tionally rapid turnover of deposits. The disselect groups of banks which reported to the tinction becomes of still greater importance Federal reserve banks both the figures for when the subject under consideration is the debits to individual accounts and net demand relation of the volume of credit to the price deposits. Reports of debits to individual level. accounts are made by members of clearing houses in the different cities, while the avail- 1 This article,by W. Randolph Burgess, of the Federal Reserve Bank of New York, presents the results of a study made by the reports depart- able reports of net demand deposits are for ment of the Federal Reserve Bank of New York, with the help of the selected member banks in the different cities. statistical offices of the Federal reserve banks of Boston, Chicago, and San Francisco. Acknowledgment is made to Prof. Irving Fisher and The banks in these two groups are not identical, Prof. E. W. Kemmerer for counsel, to Mr. I. H. Riddle, and to Mr. and hence it was necessary to deal with the Clark A. Warburton. Summary results of the study have been reported currently in the Monthly Review of the Federal Reserve Bank of New figures for individual banks. York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1923. FEDERAL. RESERVE BTJLI*ETIN. 563 In order to secure a comparable series of The figure which comes nearest is that for net figures showing changes from time to time, it demand deposits. The make-up of this figure was desirable to have these figures on a monthly- is best shown by quoting the method of combasis. Two major steps were necessary to putation from the weekly condition report: field the equation given above for each month, n the first place, debits to individual accounts 7. Net demand deposits on which reserve is comare reported by weeks and have to be con- puted verted to an annual rate for each month, taking Individual deposits subject to check, certifiaccount of holidays and the length of the cates of deposit due in less than 30 days, dividends unpaid, State and municipal deposits, and month. In the second place, certain sub- other deposits subject to notice of less than 30 days, exclusive of United States Government tractions had to be made from both the debits deposits. and the demand deposits in order to make Plus excess of total of— (a) Balances due to all banks other than them strictly comparable with each other. Federal reserve bank, foreign banks included. Figures for debits include withdrawals of time (6) Amouut due to Federal reserve bank— deposits and also Government withdrawals. Deferred credits. (c) Cashier's, secretary's, or treasurer's An estimate was made of the amount of with- checks on own bank outstanding. drawals against time deposits each week by (d) Certified checks outstanding. Over the total of— securing from six New York City banks, for a (e) Balances due from banks other than Federal reserve bank and foreign number of different periods, records of their banks. withdrawals of time deposits. It was found (f) Items with Federal reserve bank in process of collection. that time deposits in these banks were turning (g) Exchanges for clearing house. j (ft) Checks on other banks in the same place. over about twice a year. The debits were corrected on the assumption that about this rate NOTE.—In case the sum of items (e) to (ft), inclusive, is in excess of the of withdrawal of time deposits is maintained sum of items (a) to ((i), disregard items (a) to (ft) in making up total of consistently. Figures for Government with- net demand deposits. drawals were secured from the records of the Since debits to individual accounts do not Federal reserve banks and these figures subinclude checks drawn against bank balances, tracted from the debits. such figures must be excluded from the de- RATE OP TURNOVER or BANK DEPOSITS. RATE OF TURNOVER OP BANK DEPOSITS. ANNUAL RATE ANNUAL RATE / —AL / J\ \. f N \ t ROCHESTCRV* r-—i'•Z-S V \ V < •ML%' BU \ £0 '• J\ / \a RACUSE I -—\/.-\ / V V 1919 1920 1921 192E 1923 1919 1920 1921 1922. 1923 The adjustments necessary in the debits to posits as well. The amounts due to banks and individual accounts figures were comparatively due from banks are reported separately; so small in size, and fluctuations one way or the that a deduction can be made for these items.1 other have but little effect on the final results. No adequate allowance, however, can be made There is considerably more room for differences for items b, c, and d, and/, g, and h, which are of opinion and for error in computing the figure used in computing net demand deposits. The to be used for demand deposits. The figure procedure has been to deduct from net demand desired to compare with debits to individual deposits the net amount due to banks—that is, accounts is the amount of individual deposits, the excess, if any, of due to banks over due and for the purpose of the current computation from banks. No attempt has been made to the figure has been limited to demand deposits. 1 In the case of New York City these figures were available for There is no figure reported currently showing individual banks. For other centers they were estimated from the segregated the demand deposits of individuals. percentage of the net amounts due to banks to net demand deposits for all the banks reported. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 FEDERAL RESERVE BULLETIN. MAT, 1923. correct for the items b, c, d, and/, g, h, but a VELOCITY IK EIGHT CITIES, 1919-1922. study of the results of not making any such correction indicates that in those cities where The annual rate of turnover of individual the amount due to banks exceeds the amount demand deposits for representative groups of due from banks, the adjusted net demand banks in eight cities is shown in the accomdeposits figure which is used for this computa- panying diagram and table. The diagrams tion tends to be slightly lower than the true are drawn on a logarithmic scale in order that figure for demand deposits of individuals. the percentage fluctuations in the lines repre- The amount by which it is lower is the excess senting velocity in different cities may be of items/, g, and Ti over items i, c, and d, or, to directly comparable. The use of this scale put it another way, demand deposits are tends to distort somewhat the contrast in rate reduced by a part of the uncollected checks of velocity between the different cities, but and other similar items which the bank holds shows more truly the relative size of fluctuaor has presented for collection. This reduction tions. may be justified by the fact that such un- It is notable that the rate of turnover in New collected checks may not in theory be drawn York City is much more rapid than in any against and hence are a proper deduction from other city reported, ranging from about sixty deposits subject to check. The practice of times a year to about ninety times a year. different banks in this matter is so varied that Chicago ranks second among the cities reported, no safe estimate can be made of the proportion with a rate of turnover of deposits between of uncollected items which should be deducted forty and fifty times a year. San Francisco, from deposits, but the deduction made in this Boston, and four up-State New York cities computation appears to be a reasonable one. follow in the order named. Syracuse shows In cities where the item " Due to banks'' is not the slowest rate of turnover, reaching, in as large as theitem "Duefrombanks," the figures August, 1921, a rate as low as seven times a for net demand deposits are under ordinary year. It is clear that the rate of turnover circumstances the same as total demand bears some relation to the size of the city and deposits. This condition held in only two of its population, although there are a number of the cities studied, Rochester and Syracuse, and cases in which the order of ranking of the cities tends to make the velocity figures computed in velocity is different from their order in size for these cities slightly smaller than they would of population. The population of Boston, for be if the computation could be made on example, is considerably larger than that of exactly the same basis as the figures for the San Francisco and the population of Buffalo larger centers. is practically as large as that of San Francisco. The velocity of deposits in both Boston and The various steps in the computation of Buffalo is less than in San Francisco. There velocity are shown in the accompanying are clearly other influences affecting the rate working sheet for 42 New York City banks. WORKING SHEET FOB COMPUTING VELOCITY OF BANK DEPOSITS IN 42 NEW YORK CITY REPORTING BANKS. [000 omitted, except columns 6 and 12.] 1 2 3 4 5 6 7 8 9 10 11 12 e W nd e e e d k . i D a n f c o d e w c t r b i o o e v e i t u e t i a a s n d k l c t . u t h s o a ; l t d r ( e T a s 4 t p c o u i - o m t 2 b b e s - 6 e e d it ) s . e t G d a r ( c m a r w o s t h a c o u v i e w t b t w e e n b h - a r d e t e - n l e ) s - . k • f R o w d e r e v e b e e is i a k t e c s . d h m d T e o e a o b n c t i t a h t h l s ) m N b w e d e i a o u o a i n r c n m n r y g h k o t s - , h - f . A d d e v a b e i i r l t a y s g . e A c o ( n o d w f l y n . a d o e u y 7 e r a a X s k b r l ) i 3 i i r n . n t 0 a s g 2 , te Date. d d e e p N m o e a s t i n t d s. t N r b ( a e s t a c o u t t n o t b d e b k - u d e s e ). ( d d a R v e e e p e m v r o i a a s s g n e it e d d s ). d A ( o c r c e t o a v o n u p l t l e . e n r . o r n u s 1 o 8 o - i 1 a f t * f ) l s . 1922. 1922. Jan. 4 $4,529,355 $7,120 $4,522,235 Jan. 4 $3,866,822 $804,960 Jan. 11 4,592,367 7,370 $5,884 4,579,113 Jan. 11 3,850,902 799,187 Jan. 18 4,766,247 7,196 16,884 4,742,167 Jan. 18 3,788,338 781,546 Jan. 25 3,933,296 7.367 6,233 3,919,696 $18,571,486 25 $742,859 $224,343,418 Jan. 25 3,754,903 782,753 $3,023,130 74.2 Feb. 1 4,233,272 7,333 4 225 939 COMMENTS.—Column 2: An investigation in 6 New York City banks showed that time deposits turned over on an average about twice a year. Checks drawn against time deposits each week therefore amount to about 2/52, or A, of the amount of time deposits. Column 5: In arriving at the monthly figures, the debits for weeks at the beginning and end of the month are included in proportion to the number of working days falling within the month. For example, { of the debits of the week ended January 4 and { of the debits of the week ended February 1 are included in January. Column 10: This column is the excess of "Due to banks" over "Due from banks." If there is no excess, no correction is made. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 565 of turnover besides size of population. Among to be representative of the country as a whole. the most important of these factors should The cities included in the computation are probably be listed the size of the population mostly large cities, which are to a considerable in the immediate environment of the city and degree financial centers, and it is clear that the the character of the city as a financial center. rate of deposit turnover tends to be more rapid The factor which correlates most closely with in large cities and financial centers than in velocity is the amount of bank deposits. This smaller communities. relationship will be presented more fully later In an effort to discover some general relain this paper. tionship, the rate of turnover in these eight A second striking feature of the figures is the cities has been compared with other factors, distinct seasonal movement in the velocity of such as population, bank deposits, and bank deposits. In New York, for example, deposits deposits per capita. Of these three factors, turn over most rapidly in November and De- the one showing the highest correlation with cember, accompanying the heavy volume of velocity was bank deposits. For seven of the retail trade preceding Christmas. In most cities (excluding Albany, which appears to be years there is a secondary peak early in the an exceptional case) the correlation between summer, at the time when summer purchases velocity and deposit figures was very close. are being made. The seasonal movement in On the basis of the data for the seven cities Boston is closely similar to that in New York. (excluding Albany), an attempt has been made In Chicago and San Francisco there is appar- to estimate the velocity of deposits in other ently no distinctive seasonal movement. The cities for which the only available data are four up-State New York cities combined show those for bank deposits. The largest group of a movement somewhat like that in New York cities for which we have these figures is that City, but with less violent fluctuations. The published in the Bankers' Encyclopedia indiagram, which segregates the figures for these cluding 282 clearing-house centers and giving four different cities, indicates that the most deposit figures for about December, 1921. striking fluctuations are in the case of Albany, The list includes 107 of the 134 cities of 50,000 which appears to experience a high peak of or more inhabitants and includes also 175 cities velocity in May or June of each year and a of less than 50,000 inhabitants. Any average secondary peak in December. velocity computed from this list would un- The fluctuations shown in the diagrams for doubtedly be too large to be representative of the past two years are clearly the result not the country as a whole, but it would be one simply of seasonal changes, but also of changes step nearer to a country-wide figure than the in the business situation. In most of the weighted average computed simply from the cities for which figures are available, velocity eight cities. was at its highest in the latter part of 1919 or On the assumption that velocity in these 282 in the latter part of 1920. The figures for 1921 clearing-house centers bears the same relation were almost universally low, and the greatest to deposits as in the seven cities studied, inactivity appears to have been reached in mid- velocity figures have been estimated. The summer of 1921. A considerable recovery has 24 cities reporting bank deposits over taken place since that time, particularly in the $100,000,000 were treated individually. The past few months. remaining cities were divided into seven groups and a velocity figure for each group estimated. VELOCITY IN THE UNITED STATES AS A WHOLE. An average velocity for all the 282 cities was then computed, weighting the velocity of each From the figures which have been computed froup in accordance with the total amount of for the velocity of deposits in eight cities it is ank deposits in the group. The resulting possible to learn something of the velocity of figure is 36. The large amounts of bank deposits in the country as a whole, although the deposits in such centers as New York, Chicago, eight cities are not sufficiently representative and Boston give a weight to the high velocity to give a basis for anything more than an in those cities which offsets in considerable approximate figure for the country. degree the very low velocity for cities with For the eight cities the average velocity, deposits under $100,000,000. weighted by the amount of total bank deposits The 282 clearing-house centers used in this as reported in the Bankers' Encyclopedia, was computation showed on December 31, 1921, 61 for the year 1920 and 56.9 for the year 1921. total deposits of about $26,000,000,000, as Even a casual inspection of the figures, how- compared with total deposits for the country ever, makes it clear that this average is too high as a whole reported in the Bankers' Encyclo- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

566 FEDERAL RESERVE BULLETIN. MAY, 1923. pedia at $40,600,000,000. A minimum estimate of velocity for the country as a whole may be secured by assuming that the velocity in all centers not included in our tabulations was zero. The computation on this basis gives a velocity figure of 23.6. On the basis of the foregoing, computations it is probable that in 1920 and 1921 the velocity of circulation of individual demand deposits was at a rate somewhere between 25 and 35 a year. SUMMARY. (1) Figures now collected by the Federal reserve banks make it possible to separate the two elements entering into the volume of checks drawn, changes in the amount of individual bank deposits, and changes in the' rate of turnover of deposits. (2) The rate of turnover of deposits computed for groups of banks in 8 cities, for each month since January, 1919, ranges from a minimum of seven times a year in Syracuse to ninety times a year in New York City. (3) Different cities reflect quite differently changes in seasonal demands for funds and cyclical changes in business. (4) Velocity for the country as a whole in 1920 and 1921 is estimated at somewhere between twenty-five and thirty-five times a year. ANNUAL RATE OP TURNOVER OP BANK DEPOSITS. N Y e o w rk Al- Buf- City. bany. falo. Year. a .a s 1919. January 64.7 33.0 February 63.6 29.1 62.1 27.4 April 63.7 34.2 May 72.4 40.6 " J......... 81.2 49 0 JJuunlye . 81.3 43.1 August 72.6 28.9 September... 74.5 30.3 October 85.4 35.0 November... 91.3 33.8 December... 89.5 39.2 1920. January 83.1 24.6 February 77.0 28.7 March 76.6 25.7 April 77.3 32.2 May 70 6 34.6 June... 68.7 32.9 July 67.1 35 0 August 62.7 32.1 September... 66.0 31.8 October 77.5 32.6 November... 79.1 31.8 December... 83.8 35.9 01 .skni Total Roch- Syra- 4 up- Bos- Chi- ester. cuse. State ton. cago. cities. A ^ d £> £ 16.5 16.7 15.3 18.8 31.7 17.0 17.0 11.4 17.1 30.5 17.8 16.7 9.0 16.0 31.4 18.8 18.4 9.8 18.2 31.2 18.4 17.5 8.6 18.0 34.2 19.4 18.9 9.7 19.8 37.3 17.9 18.5 10.2 18.6 38.2 17.5 17.7 9.9 16.6 33.8 16.5 19.2 10.4 16.8 35.4 18.4 20.6 11.5 18.7 42.9 19.0 19.6 12.2 18.8 45.1 19.7 20.4 12.1 19.7 47.6 21.0 20.0 11.6 18.9 42.5 19.4 19.6 10.8 18.5 37.4 18.6 19.2 10.0 17.4 38.0 18.8 20.9 11.7 18.9 39.4 19.9 20 5 11.4 19.5 38 0 19.4 20.6 11.7 19.2 36.1 22.3 20.4 12.8 21.0 36.2 19.9 19.8 11.4 19.0 30.8 21.1 21.4 11.6 19.9 34.4 22.8 21.9 13.2 21.2 37.0 22.2 21.9 11.6 20.5 38.0 23.1 22.5 11.5 21.3 39.0 41 .skni ANNUAL RATE OP TURNOVER OP BANK DEPOSITS—Con. N Y e o w rk Al- Buf- Roch- Syra- T 4 o u t p a - l Bos- Chi- San City. bany. falo. ester. cuse. State ton. cago. cisco. Year. cities. s i . w ss! s! si M s .a C3 » £a M £ a & c3 ,O £ 1921. January 76.3 26.1 20.9 21.7 10.1 19.1 33.5 46.4 39.4 February 68.0 24.8 19.2 20.3 9.2 17.8 30.9 42.4 37.7 March 64.1 27.0 16.9 19.3 8.6 16.7 30.0 41.3 42.8 April. 62.9 27.4 18.2 21.5 9.1 17.9 30.0 42.7 42.4 May 68.7 36.8 18.0 19.8 8.9 18.6 31.1 43.3 40.2 June 66.2 30.5 18.3 21.4 8.6 18.0 30.4 42.0 42.3 July 66.2 28.1 19.2 19.6 8.8 17.8 29.3 43.6 38.9 August 58.7 22.5 16.1 18.3 7.0 14.9 25.9 41.5 36.7 September 65.7 24.4 17.8 21.4 8.1 16.7 28.2 44.1 38.6 October... 70.4 26.0 19.9 21.8 9.0 18.1 32.2 46.6 42.2 November. 75.7 27.7 19.9 22.0 9.8 18.5 33.6 47.4 37.4 December. 77.1 30.5 20.2 21.8 9.1 18. S 32.8 48.4 42.8 1922. January... 74.2 28.5 20.1 21.7 8.3 18.6 32.4 47.3 43.9 February.. 75.2 25.4 18.9 18.9 8.2 17.3 29.6 49.7 37.7 March 75.4 22.4 18.0 19.2 8.1 16.4 32.7 49.3 41.2 April 79 9 29.4 19.5 19.9 9.2 18.6 33.6 47.1 39.4 May 77.8 28.6 19.7 19.1 8.4 18.1 31.4 44.5 37.3 June 75.7 26 2 20.2 22.0 8.5 18.3 33.4 45.6 37.8 July 74.2 24.3 21.9 19.7 8.8 18.7 32.3 41.7 37.1 August 65.2 22.1 18.3 17.8 7.3 15.9 24.7 38.4 34.4 September... 68.6 21.6 20.4 21.1 8.4 17.5 28.6 41.9 40.7 October... 86.3 24.0 22.6 23.6 8.8 19.3 34.3 43.7 37.4 November. 77.4 25.8 23.0 22.3 9.7 19.6 32.5 41.4 39.7 December. 79.9 31.4 21.5 22.7 9.6 21.0 35.4 45.9 39.9 1923. January 79.9 23.5 24.6 21.4 8.7 19.2 34.7 47.0 39.0 February. 82.3 26.0 25.1 21.4 8.6 20.0 35.7 50.3 39.7 March 84.0 23.9 24.2 21.4 9.7 19.8 38.0 46.4 42.6 COTTON FINANCING. IV. FINANCING AMERICAN COTTON EXPORTS.1 Methods of financing the production of cotton and its marketing within the United States San were described in previous sections of this Fran- study. It is the purpose of this article to cisco analyze the importance of cotton in American foreign trade; to describe the methods of finan- 1 cing the exporter and of supplying credit in the 2 £ importing country as the cotton awaits consumption; and to discuss the changes that were 35.5 introduced during and since the war to facili- 39.6 39.0 tate the movement of cotton to foreign con- 34.0 sumers. 38.0 478 38 5 50.2 41.9 44.3 43.1 A. COTTON IN AMERICAN FOREIGN TRADE. 4 4 6 7 . . 4 0 4 4 4 2 . . 2 8 The United States produces on the average 46.5 42.5 about 60 per cent of the world's cotton crop. 51.3 44.9 Approximately 35 per cent of the cotton pro- 50.0 40.9 44.1 42.6 1 This is the fourth of a series of articles describing the methodsjof 45.3 43.1 financing the production and distribution of cotton. The preceding 46.3 40.3 articles appeared in the BULLETINS for February, March, and April, 47 0 40.7 1923. 49.7 39.4 Data upon which this study is based were obtained largely from infor- 48.2 38.5 mation furnished by banks in the leading cotton-exporting cities, cotton- 46.3 35.4 exporting firms, sections of the reports of the World Cotton Confer- 51.5 41.6 ences, New Orleans, 1919, and Liverpool and Manchester, 1921, and re- 50.8 41.6 ports of Government agencies. To all of the contributors acknowledg- 46.9 40.2 ment is due, especially to Mr. John J. Sample, of the Guaranty 49.4 41.8 Trust Co. of New York, whose cooperation was very valuable. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL. RESERVE BULLETIN. 567 duced within the United States prior to 1913 While the domestic cotton-manufacturing was consumed by domestic mills and 65 per industry has developed rapidly and is consumcent was exported. Since the beginning of the ing yearly large quantities of domestic cotton, war domestic consumption has increased and foreign markets are still the principal consumthe average consumption for the nine years, ers of the American crop and, therefore, are 1913-1922, was approximately one-half of the important in determining the economic sitcotton produced and the remainder was ex- uation of the cotton producers of the Southern ported. States. The cotton-producing industry has Raw cotton has been one of the chief exports expanded to meet the increased demand from from the United States since the beginning of cotton manufacturers, and the economic welthe producing industry. Small quantities had fare of both is closely interwoven. The early been sold to foreign countries from time to expansion of the industry and the developtime before the Revolutionary War, but regular ment until the beginning of the Civil War were commerce did not begin until 1784. In that to meet the increased demand from abroad. year 8 bags were exported to England. The From 1870 to 1913 exports were approxidevelopment of the cotton-manufacturing in- mately 65 per cent of the annual production, dustry in Great Britain during the last decades but since 1913 domestic consumption has been of the eighteenth century caused an increased increasing and total exports have been slightly demand for cotton, and exports increased grad- smaller. The importance of foreign markets ually from 1784 to 1793, when more than 3,000 to the cotton-producing industry is indicated bales were exported. The invention of the in the following table, which shows the yearly cotton gin in 1793, combined with inventions production, exports, and percentage of cotton and improvements in the cotton-manufacturing exported for selected years from 1800 to 1921: industry in England, gave a renewed impetus to the cotton-producing industry, and since AMERICAN COTTON PRODUCTION, EXPORTS, AND PERthat time cotton has been one of the chief CENTAGE OP COTTON EXPORTED, SELECTED YEARS commodities in American foreign trade. In 1800-1921.1 1800 the value of cotton exported was [Including linters.] $5,000,000, or 15.7 per cent of the total American exports; in 1913 cotton constituted 22.5 Produc- Exports Year. tion (000 (000 Percentage. per cent of the value of all exports, but in 1921 omitted.) omitted). the percentage exported, due mainly to disturbed economic conditions in Europe and to a Bales. Bales. rapid shrinkage in the value of raw cotton, was 1800. 73 42 57.5 1810 178 124 69.7 only 12.2 per cent. The value of all exports, 1850. 2,136 1,854 86.8 cotton exports, and percentage of cotton to 1 1 8 9 7 0 0 0 . . 1 4 0 , , 0 2 2 6 5 6 6 2 , , 8 9 0 2 7 3 6 7 6 2 . . 3 6 total exports, for selected years 1800-1921, are 1910. 12,006 8,206 66.8 1911 16,250 10,681 68.1 shown in the following table: 1912 14,313 9,199 64.3 1913 14,795 9,256 62.5 1914 16,992 8,931 52.5 •VALUE OP COTTON EXPORTS, ALL EXPORTS, AND PERCENT- 1 1 1 9 9 9 1 1 1 6 5 7 1 1 2 2 , , 1 7 2 8 3 1 6 5 , , 4 9 0 6 6 4 3 5 4 6 6 2 . . . 9 6 8 AGE OF COTTON TO TOTAL, SELECTED YEARS 1800-1921.' 1918 12,428 4,587 43.7 1919 12,970 5,664 56.2 1920 12,029 6,761 43.4 Value of Value of Percentage 1921 13,880 6,026 >77.5 Year. c p o o o m t r t i t o s t n t ( e 0 e d 0 x ) 0 . - a o ll m e ( i 0 x t 0 t p e 0 o d r ) t . s o to f c to o t tt a o l n . 8,351 6 476 1 Statistical Abstract, Bureau of Foreign and Domestic Commerce; and Cotton Production and Distribution Bulletins, Bureau of the Census. 1800 $5,000 $31,841 15.70 1 The high percentage in 1921 is due largely to the small crop of that 1810. 15,108 42,367 35.66 year, as total exports showed an increase over the preceding year. 1850. 71,985 134,900 53.36 1870 227,028 376,616 60.28 As foreign spinners were the most important 1900 241,833 1,370,764 17.64 1910 450,447 1,710,084 26.34 consumers of American cotton prior to the 1911 585,319 2,013,549 29.07 1912 565,849 2,170,320 26.07 World War, customary methods of exporting 1 1 9 9 1 1 4 3 6 5 1 4 0 7 , , 4 35 7 7 5 2 2 , , 4 3 2 2 8 9 , , 5 6 0 8 6 4 2 2 2 6 . . 5 2 4 0 had their inception in the early days of the 1915 376,218 2,716,178 13.85 industry, and the machinery for handling the 1916 374,186 4,272,178 8.76 1917 543,075 6,227,164 8.72 exports was gradually developed to meet the 1 1 1 9 9 9 2 1 1 0 9 , 8 1 1, , 1 1 6 5 3 3 3 6 6 7 4 5 , , , , 4 3 2 0 0 7 4 2 9 1 2 5 7 5 8 , , , 7 0 8 4 8 3 0 9 8 , , , 4 8 6 8 1 5 1 6 2 1 1 1 4 1 4 . . . 0 3 6 6 9 8 f n o e l e lo d w s. e d T h h e a r y v e e a s r t l i y n e g x p a o n r d ti n m g o p v e e ri m od e n h t a d t o c l m os a el r y - 1921 4,378,928 12.20 kets within the United States. A study of the periods of exporting for the 10 years, 1912-13 1 Fiscal years to and including 1918; subsequently, calendar years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 FEDERAL RESERVE BULLETIN. MAY, 1923. to 1921-22, shows that prior to the war more increased from 95,000 bales to 895,000 bales. than 65 per cent of the cotton was exported The increased exports to Japan since the beginduring the months of September, October, ning of the war have partly offset the reduced November, December, and January; that dur- demands of Germany and central Europe. ing the war the percentage exported in these In addition, larger quantities of cotton were months was approximately 55 per cent, and taken by the neutral countries of Europe dursince the war the exports have tended to be- ing the war than before that period, a factor come more regular, as 45 per cent was exported which further tended to reduce the surplus during the five corresponding months. The caused by decreased consumption in belligerent percentage of cotton exported, t>y months, from Europe. 1912-13 to 1921-22, inclusive, is shown in the In spite of the fact that Germany has infollowing table: creased her cotton imports since the war, almost all countries of Europe are suffering from PERCENTAGE DISTRIBUTION OF COTTON EXPORTS, BY disturbed economic conditions, and as a result MONTHS, 1912-13 TO 1921-22. cotton has been imported and financed under [Linters included.] conditions which are quite different from those in pre-war years. Since 1920 exports to the 1912-13 1913-14 1914-15 United Kingdom have decreased from 3,445,000 bales in that year to 1,787,000 in 1921 and August 2.84 2.81 0.25 2.62 7.41 1,807,000 bales in 1922. This has been due September.. 8.30 10.17 1.47 8.10 9.40 October 17.24 16.59 5.82 10.91 13.88 partly to the decreased demand from Europe November.. 19.73 16.40 8.91 8.47 12.78 December.. 15.82 13.45 14.07 9.02 13.34 for English yarns and cloth resulting from January 10.24 11.50 16.06 8.71 10.47 reduced purchasing power of continental con- February... 6.04 8.21 17.57 11.37 6.23 March 4.23 7. GO 14.14 7.49 6.19 sumers, and also to increased imports of cotton A M p a r y il 6 5 . . 0 3 8 3 4 4 . . 3 3 5 1 7 7 . . 8 2 7 0 8 8 . . 4 2 4 4 4 6. . 5 7 5 4 into English markets from other producing June 2.55 3.23 3.78 8.88 4.28 countries of the world. July 1.60 1.38 2.86 7.75 4.73 Methods of shipping cotton abroad.—Methods 1917-18 1918-19 ! 1919-20 1920-21 1921-22 of distributing cotton abroad have developed with the growth of the producing and manu- August 10.27 5.08 7.26 2.53 6.70 facturing industries. Prior to the Civil War, September.. 10.14 6.47 3.59 3.93 8.26 when cotton was grown by large planters, October 11.86 6.78 5.34 10.07 13.85 November.. 9.35 6.18 14.01 11.79 10.27 consignments for sale were often made to J D a e n c u e a m ry ber.. 1 1 0 0 . . 6 3 6 3 1 1 0 1 . . 3 6 9 2 1 1 3 4 . . 2 0 9 9 1 1 3 0 . . 6 4 2 4 1 7 0 . . 5 1 3 3 English merchants who had extended credit to February... 8.04 7.94 9.70 8.51 5.36 the producers. The planter would thereby March 6.96 8.90 12.04 6.47 7.31 April 4.87 7.27 8.2S 5.52 9.47 liquidate his obligations to the merchant and M J J u u a l n y y e 6 6 4 . . . 5 8 1 2 9 1 1 7 9 2 . . . 3 8 1 4 5 8 3 3 5 . . . 6 5 2 6 3 1 1 8 8 0 . . . 5 2 3 5 4 3 7 7 5 . . . 4 7 9 3 8 1 r w e i c t e h i v t e h e a m dd e i r t c io h n a a n l t , s t u o p b p e li e u s s e o d r i n b u p i r l o d d u u c p i n c g r e th d e it next crop. The plan was similar to that in Principal export markets.—The principal ex- use in some sections by planters and factors inport markets for American cotton before the marketing and financing the crop under present war were England, Germany, France, Italy, conditions. Cotton was also distributed Austria, and Spain. Other countries of Europe through factors who consigned it to agents were important consumers of cotton, but the abroad, who in turn disposed of it to spinners. ones mentioned were the most important and After the war between the States the cotton the South looked to them to consume her sur- exchanges of Liverpool, New York, and New plus of raw material. At the outbreak of the Orleans were organized, and as new methods war the regular channels of commerce were dis- of marketing cotton in the United States deorganized and central Europe, including Ger- veloped changes in the methods of exporting many, was almost entirely cut off from the were evolved. American markets, and since then new markets The English spinners procure their cotton have been sought to take the surplus that was through channels similar to those by which the formerly taken by Germany and Central raw fiber makes its way into the hands of Europe.- Although Japan did not begin taking American spinners. Cotton is shipped to American cotton until the last decade of the Great Britain by three classes of dealers: (1) By nineteenth century, she gradually increased her American shippers, who consign it to Liverpool takings until 1910, but it was during the years merchants; (2) by buyers sent out from Liver- 1910 to 1922 that her American cotton imports pool and Manchester houses; or (3) by Ameri- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 569 can firms which have branch offices in Eng- while the French mills purchase most of their land.2 cotton through Havre. While prior to the The importing merchant does not always war some German spinners bought part of deal directly with the spinner. The customary their material directly in America and some method of disposing of cotton in Liverpool is was consigned to Bremen by American shippers through a selling broker. The spinner usually to be sold on commission, the bulk of the employs a buying broker, who assembles cotton was handled by Bremen importers and samples of the required grade to be inspected merchants who disposed of it through agents by the spinner on his weekly visit to Liverpool. located in the manufacturing centers. French The spinner who purchases cotton in this man- spinners also formerly bought part of their ner usually has one or two buying brokers with supply directly from American shippers, but whom he deals. The selling broker, repre- the bulk o(f the American cotton is now bought senting the importer, and the buying broker, from Havre merchants through agents residrepresenting the spinner, each receive a com- ing in the mill districts. Havre merchants mission, generally of one-half of 1 per cent of buy the cotton from importers and American the value of the cotton. In Manchester the shippers, generally through the medium of importers, who have head offices there, usually brokers. In view of the disturbed financial serve as merchants and deal directly with the conditions which have prevailed in Europe spinners. Importers of Liverpool often have since the war, the old-established methods of agents at Manchester and the method of dealing importing and financing cotton have been with spinners is similar to that used in Liver- changed. Some cotton is still consigned by pool. While some merchants sell several kinds American shippers to agents and importers, but of cotton, others handle only a special type, mills have been unable to take large quantities such as long-staple cotton from the Mississippi of cotton, and consequently new methods of Delta, or some other special grade. selling and distributing cotton have been introduced, with which the problem of financing Unless the market is very favorable the is closely interwoven. English spinner seldom buys a large stock of cotton early in the season. He usually buys to cover yarn sales, and few mills have B. FINANCING COTTON EXPORTS. warehouse accommodations for more than The problem of financing American cotton one or two months' consumption. Importers that enters international trade can be divided and merchants maintain large warehouses at into two parts—(1) that which relates to the Liverpool and Manchester, where cotton is handling of the transaction in the exporting held pending delivery. Spot cotton is usually country, and (2) that which deals with the bought by the spinners for immediate decredit arrangement that is used by the importer livery, although contracts for future deliveries in establishing credit to make cotton purof so much per month are often made. These chases and financing the shipment until it contracts for future delivery often extend reaches the spinner. Shipments from the over several months. Price for spot cotton United States follow demands from abroad is generally determined by the current quotaand the initial steps in arranging credits are tions, but for future deliveries it is often taken by the importer with his bank in the arranged that the spinner shall pay a certain importing country. But, as the problem is number of points "on" or "off" the Liverlargely one of exports from the standpoint of pool cotton exchange quotation at the time the United States, it is advisable to analyze, he receives the cotton or at whatever time he first, the steps in financing exports and, designates. The actual payment for the cotton second, the methods used by importers in may not be made until 60 days after delivery, establishing financial connections to make but shorter terms are more commonly used. their purchases and to finance the cotton after Formerly European spinners obtained large it arrives and while it awaits consumption. quantities of cotton through Liverpool, but In order to discuss the problem from the the markets of Bremen and Havre have be- standpoint of the exporter it must be assumed come important distributing points on the that the initial steps for financing the trans- Continent. The German and central Euro- action have been taken by the importer. pean mills are supplied mainly through Bremen, As England is the greatest consumer of American raw cotton the methods of financing 2 This description of the methods of distributing cotton in Great Britain and on the Continent is based in part upon " The Cotton Manu- exports have developed from practices that facturing Industry of the United States," Chapter XXI, p. 354, by had their inception in the London discount M. T. Copeland. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 FEDERAL RESERVE BULLETIN. MAY, 1023. market and the Liverpool cotton market. The bank that has bought the sterling draft Formerly three principal plans were used in sends it forward immediately to its agent in financing cotton to the United Kingdom and London, who presents it to the importer's to the Continent, namely, (1) bankers' com- bank for acceptance. The accepting bank mercial credits; (2) importers' acceptances: retains the bill of lading and insurance cerand (3) spinners' acceptances. These methods tificate as security against its acceptance, are still used in financing sales to England and which is then held until maturity for account to a large extent to some countries on the of the American bank with its agent or cor- Continent, but new methods have been estab- respondent in London. If funds are needed lished to finance sales to the countries of the acceptance is disposed of in the London dis- Europe that have been undergoing disturbed count market. Under this method of finanfinancial conditions resulting from rapidly cing cottdn the entire transaction, from the depreciating currencies. standpoint of the English importer and his Bankers' commercial credits.—Bankers' credits bank, is based entirely on credit, as no funds are still the universal system of financing sales to are advanced by either of them. the United Kingdom and are the most impor- Importers' trade acceptances.—While the bulk tant methods used. Under this method the im- of cotton going to the United Kingdom is porter arranges with his bank in England to ac- financed largely in the manner outlined, some cept drafts drawn on it by the American cotton co.tton is moved on bills drawn directly on the exporter for the account of the importer. The importers. The original steps in preparing the importer and exporter then enter into a sales shipment are taken in the same manner as in contract concerning a given number of bales the case of bankers' commercial credits, except of cotton of specified grade. At the same time that the foreign buyer notifies the American the importer notifies the exporter of the name exporter at the time the cotton is ordered to of the bank upon which the draft is to be draw a sterling draft on him (the importer) drawn. The exporter prepares the cotton for covering the shipment. The draft, accomshipment; if it is at a port he delivers it to the panied by the shipping documents, is then steamship Company and secures an ocean bill forwarded to the correspondent of the southern of lading, insurance policy, and other shipping bank in New York and the same method of documents, but if the cotton is at an inland procedure as in the case of bankers' credits in city the exporter delivers it to the transporta- handling the exchange is followed. The bank tion company and secures a "through" bill of which has purchased the draft sends it forward lading. The cotton is then moved to the port to its agent in London, and the agent presents and loaded on the steamship. it to the importer for acceptance. The banking agent presenting the draft is generally The exporter then draws a sterling draft at requested to retain the shipping documents 60 or 90 days' sight upon the importer's bank until the cotton arrives in England. In case and discounts his sterling bill with a bank. the importer takes up the acceptance before In many cases, however, where the exporter's its maturity a rebate is allowed, but if the bank local bank does not deal in foreign exchange, advances funds to take up the acceptance he draws a dollar draft on a bank in New York under rebate or at maturity the bank generally which has consented to buy the sterling draft. holds the documents as security for the ad- If the shipment is made from a southern port vance. the exporter presents the New York dollar draft to his southern bank, accompanied by Spinners' acceptances.—Some cotton is exthe sterling draft, bill of lading, marine insur- ported directly to spinners, the shipments and ance certificate, and other documents. The bills arising in the same manner as those desouthern bank applies the amount of the draft scribed for importers, but this method is only in repayment of the advances, in case some used to a limited extent. Spinners generally were made in purchasing the cotton, and cred- prefer to purchase cotton through cotton merits the remainder to the account of the ex- chants or importers, but on account of disporter. The dollar draft, accompanied by the turbed financial conditions a few American sterling bill and documents, is forwarded to the exporters have exported some cotton to Europe southern bank's correspondent in New York, in this manner. Exports to continental spinwho presents it to the bank that has contracted ners under spinners' acceptances are usually to purchase the exchange and upon payment insured against loss through indemnity insurof same surrenders to it the sterling draft and ance companies making a specialty of this accompanying documents. type of business. They usually insure the pay- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 571 ment for about 75 per cent of its amount, and porting country and as it awaits sale to the the American exporter carries the remaining spinners. 25 per cent. Some of these bills have been dis- Arrival of cotton in England.—Having traced counted by American banks, but this method the movement of cotton, the origin of the of exporting has not made much progress and documents in the United States, and the is not considered a very favorable method of methods used by the exporter and the Amerfinancing cotton exports by American bankers. ican banks in handling the sterling drafts, the The extent to which they have been willing to next problem that arises is the handling of discount such acceptances has depended upon the cotton after it arrives in England. When the financial standing of the American exporter, the cotton arrives the importer receives the the drawer of the bill. shipping documents from the bank that Currencies used in drawing hills.—Before theaccepted the draft, or holds them for his war interrupted the machinery used in financ- account, with instructions to claim the cotton ing exports, it was customary for the exporter from the steamship company and warehouse to draw his reimbursement draft in foreign cur- it in the name of the bank or hold it in trust rency. This was due to the lack of a discount for the bank pending sale. The importer market in the United States and to the fact gives a trust receipt to the bank on receiving that American banks, with few exceptions, had the bill of lading and becomes the trustee for no authority to grant acceptance credits. The the bank in handling the cotton, which is pound sterling was the principal currency used generally held by the importer, properly for the drawing of cotton bills, and these were insured, in warehouses at Liverpool or Mansold in the London discount market, where chester for the account of the bank. If the they were considered generally as credit instru- goods are sold to a spinner immediately, the ments of the highest type. In addition, franc proceeds are surrendered to the bank in liquidaand mark bills were used freely in financing tion of the acceptance or to reimburse the sales to the Continent. This custom continued bank for advances that were made to the immainly in the trade with Great Britain and with porter to enable him to take up the acceptance the principal cotton-consuming countries on the under rebate. Continent. However, during the war France Unlike the American manufacturer, the found it necessary to purchase large quantities English spinner does not purchase large quanof cotton, but as the franc and pound sterling tities of cotton in advance. On the other had become unstable, the French commission in hand, the importers of Liverpool and Mancharge of purchases arranged for reimbursement chester usually keep large quantities of raw in United States dollars for cotton purchased in cotton in warehouses in these cities in order to the United States.3 Since the war this method meet the demands from the spinners. In has beenfollowed bymost continental countries, order to keep the necessary supplies of raw as the continued fluctuations of continental excotton on hand the importers must sometimes changes have made it desirable for American hold it for long periods of time, varying from exporters to do business with Europe on a dollar several months to a year. This necessitates basis. Cotton is quoted in cents per pound financing over long periods. landed at a European port. The European im- Financing stored cotton in England.—Most of porter, when he contracts by cable for an order the cotton shipped to England is financed by of cotton, contracts in his country for dollars in means of acceptance credits furnished either New York in order to meet the draft drawn in by banks in England or by cotton importers dollars by the American exporter. Some cotton of strong financial standing. These bills are is sold to England and reimbursement made by made to mature generally within 60 to 90 days, way of New York bank credit in dollars, but but as cotton is often stored for longer periods, the extent to which exports to England are additional financing is necessary. Acceptances financed on this basis is very small; the old under which cotton is moved from the United basis of sterling credits has continued. States are usually discounted in the London money market at a comparatively low rate, C. FINANCING COTTON IMPORTING. but it is customary to liquidate the bills at maturity and use other methods for carrying The problem of financing cotton imports the cotton.4 concerns primarily the importer and his bank in financing cotton after it arrives in the im- * This and the following paragraphs are based upon " Finance of the Cotton Trade,"prepared by Peter Forrester, managing director, Union Bank of Manchester (Ltd.), and director of Barclays (Ltd.), and printed 3FEDERAL RESERVE BULLETIN, September, 1921, p. 1066. in Oldham and District Journal of Commerce, April, 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 FEDERAL RESERVE BULLETIN. MAY, 1923. If the importer has ample means of his own, in buying and selling futures throughout the he provides the bank with funds to meet the year. When a cotton merchant buys a lot of acceptance when due and carries the cotton 100 bales of cotton during the marketing himself until it is sold. But, as few importers season he either sells it immediately to another are thus situated, one of the following three merchant, spinner, or exporter, or sells in one plans is used: (1) A bill is drawn by the im- of the principal cotton markets a future conporter on an "accepting house," and the cot- tract for the same number of bales of cotton ton is stored in a warehouse in the name of in order to protect himself as far as possible in the " accepting house." The bill accepted by the event of a decline in the value of his purthe "accepting house" is discounted by the chased cotton. If cotton is bought in October importer with his bank, or elsewhere. This is the merchant may immediately sell a January the cheapest form of financing, practically or any other future-month contract against it. controlling the charges on all other methods, This transaction is known as a "hedge" and and is used generally for large operations. The serves as a method of protecting the merchant cost of this method is, accepting commission against losses in case of a decline in the market. (usually one-fourth to three-eighths of 1 per cent If the cotton is sold in the meantime the for 3 months' bill), plus bill stamp (equal 4 s. per merchant cancels the "hedge" by buying in 100 pounds per annum), plus cost of discounting the future contract. the bill. (2) The importer draws a bill, generally In the United States two future-contract marat 3 months, on the broker to whom he intrusts kets—New York and New Orleans—are used by the cotton for sale, and discounts this bill merchants, brokers, exporters, and others, but the with his bank and stores the cotton to the principle of hedging is of even greater importance bank's order as security for the payment of the to the importers in England and on the Conbill. The importer who is financing the cotton tinent. When an importer buys cotton in the is willing to pay a little more to the bank for United States in 100-bale lots he immediately this accommodation than he would have to sells a future contract in the Liverpool market pay under method (1), as the broker does not covering the amount purchased to protect charge a commission for accepting. Also it himself against price declines while the cotton is more convenient, as it can be carried out is en route from the exporting country. Thus, locally without the intervention of the London if an importer buys cotton in October or "accepting house." In cases where the im- November in the United States, he usually sells porter is selling cotton himself, and does not a January or March future contract against it employ a broker, he can not avail himself of in Liverpool, the future month being deterthis method. (3) The importer goes to his mined by the approximate date of arrival or bank and takes a loan for 3 months and stores sale of the cotton. the cotton in the bank's name, and thus avoids the intervention of any third party, and he The problem of hedging is of great imporwill usually pay a little more for this than he tance to the banks that extend credit to the would under methods (1) and (2), as it is less merchants who handle cotton in the United troublesome and is entirely between him and States as well as to the banks that finance its his bank. importation. If the American cotton merchant keeps his cotton hedged through the In all three cases the cotton, or some of it, sale of future contracts the loans are more will usually be sold before the period of the secure and business can be transacted on a advance has elapsed, and it is customary for much narrower margin than on cotton that the bank to receive these payments and make is unprotected. In England the banker is an interest allowance for them. primarily interested in keeping cotton hedged, Hedging.—While the marketing and dis- because he has accepted the bills under which tribution of cotton is a gigantic financial task it is moving, and if it was not thus protected for the financial institutions in the United the margin maintained on cotton loans would States and those of all the principal cotton- have to be much larger to insure the bank consuming countries of the world, the ease and against loss. effectiveness with which the crop is handled is Payment of differences.—An important probdue in a large measure to the organized cotton lem in connection with hedging is that of the exchanges of the world and the facilities which payment of "differences." As cotton rises they offer for insuring against the risks which ac- m value the seller of a future contract is recompany fluctuations in the cotton market, quired to pay "differences" for the protection resulting from daily price changes. Use is made of the buyer of the contract. In New York payof exchanges in the United States and Liverpool ment of such differences may be called for daily, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 573 but in Liverpool it is called for once a week, York bank then forwards the documents to its and the banker holding the actual cotton that correspondent in the European port, with has been hedged often has to furnish the im- instructions to receive and warehouse the cotporter with money required to meet the differ- ton on arrival and hold the warehouse receipts ences. Oftentimes the bank is called upon to under control. The receipts are delivered provide differences for a greater number of against sales contracts made by the agent or bales of cotton than the number against which representative of the American exporter, but it has made advances or given acceptances. documents are delivered to the purchaser only Differences may even represent cotton that against payment. The proceeds are remitted has been shipped to England but not yet ar- by the European bank direct to the bank in rived. In such cases the bank is less eager to New York that accepted the original draft. provide money to meet the differences than The funds are then held pending maturity of when the cotton is actually in its possession. the exporter's obligation and finally used for In a falling market the opposite conditions liquidating the original loan, the excess being prevail, and the importer will receive differences credited to the account or paid to the exporter. in respect of hedges. Such differences enable During the last few years this method has been him to keep up the margin which his banks used extensively and has been a great relief to require in the value of the cotton held by them the European spinners who have been unable as a security. to finance their requirements as formerly. The plan has necessitated the keeping of stocks of cotton by American exporters in the prin- D. CHANGES BROUGHT ABOUT BY THE WAR. cipal European ports in order to supply the spinners who have been forced to purchase At the close of the war the established their consumption requirements weekly or practices of distributing and financing cotton monthly. The furnishing of cotton in this were found to be in many respects impracticamanner to Europe and, of late, also to Japan, ble, partly because they had grown up during a has necessitated the development of efficient period when the United States was a debtor organizations by export concerns for handling country and cotton exports had been an imcotton in the importing country. portant means of settling international balances. As a consequence of changes brought Dollar credits.—In view of the disturbed about by the war, which have made the United financial conditions existing in Europe since States into a creditor nation, the burden of the war, many American exporters who are financing American cotton for export has been still selling cotton on the pre-war plan demand largely shifted to financial institutions within that their reimbursement credits be opened the United States. with New York banks, to which they may Consignment of cotton abroad.—As has been deliver the shipping documents and receive the indicated, cotton is often consigned to Europe amount of their invoice in dollars. In some by American exporters and held in storage cases the exporter draws on the New York in the ports to meet the demands from the bank in dollars at 60 or 90 days' sight against spinners. This method, although not an en- delivery of the documents. The exporter then tirely new departure, is used extensively in has a prime New York bank acceptance which distributing cotton to continental consumers. he can sell in the open market at favorable Such cotton is consigned to a representative of rates. Such credits are generally opened in the American exporter located in one of the New York by European banks for due payprincipal European ports and is financed en- ment, so that when drafts are paid or accepted tirely in dollars. The exporter contracts with the New York bank forwards the documents an American bank, generally in New York, to direct to the European bank, which disposes of finance his transaction. At the time of consign- them to the importer. ment the exporter usually draws a sight draft of Within the last few years many European 90 days with documents attached, on the New importers have been buying cotton in dollars, York bank for 80 per cent of the value of the payment to be made at the foreign port on cotton. The draft is accepted, documents arrival of the vessel carrying the cotton. detached, at an agreed commission, and Exporters doing business on this basis have the drawer (the exporter) then discounts it been financed by New York banks and a large in the open market and obtains dollars, with volume of business has been handled in this which he reimburses the bank in the South that manner. The banks generally depend upon financed the cotton up to the port. The New the exporter and the documents covering the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

574 FEDERAL RESERVE BULLETIN. MAY, 1923. shipments, which are hypothecated for their The Federal International Banking Co. of New security. Banks report that the plan has Orleans, organized about the close of 1920 worked very satisfactorily, and it js estimated under the Edge Act, for the accommodation of that approximately 65 per cent of the total southern foreign commerce, has been instru- American cotton exports are financed by means mental in facilitating the export of more than of dollar credits. 700,000 bales of cotton.5 In order to use the fa- Insurance.—In connection with the methods cilities offered by the Edge corporations the exthat have been introduced in financing cotton porter establishes his credit with the corporation, under present conditions the problem of insur- and the bank agrees to finance the transaction ing cotton that is consigned abroad has like- within certain limits and upon certain terms. wise undergone changes. Before the war all Having established a credit, the exporter sends risks affecting cotton were covered by foreign to the Edge bank his "documentary drafts" insurance companies, and such methods con- (the draft or bill on the foreign customer with tinued for a time after the beginning of the war. consular invoice, ship's bill of lading, and in- However, when the American banks, on ac- surance contract attached), which the bank count of the violent fluctuations in foreign sends to a foreign correspondent bank to currencies, began to finance exports on a dollar collect. The exporter then draws a draft upon basis, it became necessary for the cotton to be the bank payable on the date agreed upon insured in dollars, so as to protect those making (usually the date when the money from the advances on it. American companies began foreign collection will reach the Edge law bank) to enter the field, and now practically all of the for the amount which the exporter wants adcotton stored abroad is insured immediately vanced against the shipment. The second after discharge from the steamer against loss draft is accepted by the bank and discounted by fire, civil riots, strikes, lockouts, and general by the exporter in the open market.6 disturbances. The risks are carried in dollars. War Finance Corporation.-—In the autumn In addition, American companies are also inof 1920, when the collapse of commodity marsuring against marine risks, but a large volume kets became acute and likewise exports failed of these risks are still carried by British comto move in the usual manner, emergency legispanies. lation appeared necessary to relieve the situa- Banking legislation.—While the war was in- tion. The War Finance Corporation was restrumental in causing changes to be made in vived in January, 1921, after having suspended methods of exporting and financing cotton, its activities in May, 1920, "with the view of American banking laws have been amended assisting in the financing of the exportation of and changed to permit greater participation agricultural and other products to foreign by American institutions in handling the trans- countries." Cotton being the country's greatactions. Through the passage of the Federal est agricultural export, attention was given imreserve act acceptances were introduced into mediately to the conditions affecting its export. American banking practice, but later legislation Financing cotton through the corporation.—In was enacted that permitted the establishment order to aid the exportation of cotton, the first of additional institutions to facilitate American step taken by the corporation was to make foreign trade. advances to finance the carrying of stocks of Eage law banks.—While national banks were American cotton in foreign warehouses. This permitted under the Federal reserve act to did not seem sufficient to meet the needs at the grant acceptance credits, additional institu- time and the corporation then began to make tions to facilitate foreign trade were provided advances on cotton stored in the United States, for through the Edge Act, which was approved but under contract for sale abroad. Under its in December, 1919. According to the Federal export powers the corporation financed cotton Reserve Board's regulations, Edge law banks and other agricultural commodities for export were empowered, under certain conditions, to under the following conditions:7 accept drafts or bills of exchange growing out (1) For prompt shipment against deferred of transactions involving the importation and payments. exportation of goods, and having a maturity not (2) • For future shipment within a reasonable in excess of six months except with the time, against either prompt or deferred payapproval of the Federal Reserve Board. ments, where the products are under a definite Several of these corporations have been or- contract of sale. ganized and have aided in financing cotton exports along new lines required by post-war 6 Federal International News, February. 1923. • Todd, Frederick, "The First Year of Edge Law Banking." Ecoconditions. nomic World, Feb. 26,1921. 7 Annual report of War Finance Corporation, NOT. 30, 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1023. FEDERAL RESERVE BULLETIN. 575 (3) For prompt shipment to warehouses in into operation was known as the "toll plan" foreign distributing points, to be held there for of exporting and financing. The owner who account of American exporters and bankers for desired to dispose of his cotton under this marketing out of warehouses. plan shipped it to the company handling the (4) For shipment within a definite period, the transaction at the nearest American port. products to be held in warehouses in this The cotton was inspected and classified and country until they can be marketed abroad in all that was suitable for manufacture under an orderly manner, the applicant to give defi- the contract was accepted irrevocably for nite assurance that the agricultural products account of the foreign mills by an agent of the pledged as security for the advance will be mills. The owner received in return for his exported before the maturity of the advance, cotton a trust receipt and participation certifito an aggregate amount (including insurance cate, and his particular cotton was combined and freight if paid by the exporter to domestic in lots of 100 or more bales with other cotton insurers and carriers) not less than the amount of like staple and grade. The cotton was then of the advance. exported to Hamburg, where it was received by the agent of the mills, principally in Loans were made to exporters who were en- Czechoslovakia. The mills received the staple gaged in the business of exporting domestic under a trust receipt, guaranteeing to manuproducts to foreign countries and to banks that facture the cotton into such yarns and cloth were engaged in the financing of exports. The as directed. Thus, the cotton was held and corporation from January, 1921, to November, manufactured by the mills as trustees for the 1922, inclusive, advanced $38,654,000 for exowners, and the banks in Prague and Vienna port purposes, of which advances for the exguaranteed the transaction. porting of cotton totaled $26,561,000. Of the total loans for exports purposes $7,547,000 The yarns and cloth made from the cotton were advanced to exporters, $2,638,000 to coop- were redelivered by the mills to the warehouses erative marketing associations, and $28,469,000 of the company, usually at Hamburg or other to banking and financing institutions.8 European ports, where it was sold. The pro- While the corporation originally offered to ceeds of the sales, after deducting the cost of make advances for cotton exports under cer- manufacture, handling, shipping, commission tain conditions, it soon became evident that for services both in America and abroad, were applications for advances were not being made distributed in proportion to the amount and on a sufficiently large scale to become an im- value of the cotton shipped by each individual portant factor. A further step became neces- owner. sary. Early in July, 1921, the corporation In order to complete the cycle of manufacagreed to advance funds to cooperative associa- ture and to resell the goods it was estimated tions to finance the carrying of cotton until it that from 6 to 9 months would be required. could be exported. Methods used by coopera- Funds for financing the process during this tive associations in financing their cotton period were obtained through the agencies transactions will be described in a subsequent handling the cotton. The documents reprearticle. senting the cotton during the entire period Finishing credits.—In addition to the plans were pledged with banking companies against which were introduced to extend credits to which acceptances were issued. Loans were aid the financing of the exportation of cotton, made to the owners of the cotton up to a other methods were developed for shipping certain^ percentage of its value, against which cotton abroad. At the Brussels Financial the company had a first lien on the cotton. Conference in September, 1920. a "finishing From the proceeds borrowed it was estimated credits" plan was adopted. Under this plan that approximately $20 per bale (1921) were it was thought that cotton could be exported needed to meet expenses arising from handling to Europe by American firms to be manu- the cotton. This was retained and the refactured into yarns and cloth and be sold in mainder was advanced to the owner of the the world's markets, and the proceeds cotton. distributed to the original owners of the More than 20,000 bales of cotton have been cotton. exported in this manner, and a considerable Operation of plan.—The plan was an en- part of such cotton was of very low grade. The tirely new departure in American export returns are reported to have been profitable. methods, and necessitated the working out of The plan has been reasonably satisfactory and considerable details in the methods of handling the yield to the owners was more than could the transaction. The plan adopted and put have been received for the cotton in the domestic market at the time the shipment 8 Annual report of War Finance Corporation, Nov. 30, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

576 FEDERAL BESERVE BULLETIN. MAT, 1923. was made. However, the continued demor- dition on December 6 of the past year of the alized conditions in Europe have caused delays banks subject to State supervision. in final liquidation recently, though it is stated In the following table are shown comparathat such liquidation will be made within a few tive figures of the principal assets and liabilities months and on a satisfactory basis. The rise of the Missouri State banks and trust comin the spot-cotton market in the United States panies (including 3 private banks) on April 3, has made it attractive for owners to sell in local as given in the report of the Comptroller of markets, and further efforts at the present time the Currency and on December 6, the date of to export cotton for fabrication have not been the most recent condition report published by attempted. the State Banking Department, also amended middle and end-of-year figures for State banks and trust companies in the Middle West section of the country and in the United States as a CONDITION OF STATE BANKS AND TRUST whole. The inclusion of figures for over 1,500 COMPANIES ON JUNE 30 AND DECEM- additional banks does not cause sufficient BER 29, 1922. changes in the totals to call for new comment or discussion. In making comparisons be- Since the publication in the April FEDERAL tween developments in Missouri and elsewhere RESERVE BULLETIN of the consolidated state- one should remember, however, that the interment of condition as of the middle and end val between the two condition statements for of 1922 of State banks and trust companies, the Missouri banks in the following tabulation figures have been received from the Missouri is about 9 months, as against 6 months for the State Banking Department showing the con- banks in most of the other States. PRINCIPAL RESOURCES AND LIABILITIES OF STATE BANKS AND TRUST COMPANIES IN MISSOURI AS OF APRIL AND DECEMBER, 1922, ALSO TOTALS FOR MIDDLE WESTERN STATES AND GRAND TOTALS FOR THE UNITED STATES. [In thousands of dollars.] Missouri. Total Middle Western. Total United States. Apr. 3. Dec. 6. June. December. June. December RESOURCES. Number of banks reporting 1,516 1,501 8,267 8,271 20,894 20,901 Loans and discounts 544,673 620,106 4,536,466 4,724,766 13,280,121 13,489,420 Overdrafts 984 1,204 6 216 8,962 21,421 30,702 United States Government securities 313,441 358 702 731,302 739,502 All other securities 116,731 192,000 1,211,915 1,361,882 4,278,447 4,969,872 Total investments 116,731 192,000 1,525,356 1,720,584 5,009,749 5,709,374 Banking house, furniture, and fixtures 18,920 21,035 177,559 188,063 572,559 611,326 Other real estate owned 4,241 4,740 37,952 41,706 118,811 120,086 Due from banks 109,947 139,938 488,895 547,571 1,272,337 1,357,918 Reserve with Federal reserve or other banks 299,956 247,421 1,174,624 1,137,384 Checks and other cash items, including clearing-house exchanges.. 13,734 10,605 125,972 165,353 674,067 688,833 Cash on hand.'. 16,137 21,653 154,837 213,448 449,966 597 849 26,398 34,720 167,738 177,709 540,424 589^754 Other resources..; Total. 851,765 1,046,001 7,520,947 8,035,583 23,114,079 24,332,646 LIABILITIES. Capital stock paid in ., 72,551 80,517 543,513 557,016 1,591,816 1,623,695 Surplus 41,507 45,990 303,046 311,041 1,171,740 1,230,337 Undivided profits 12,691 16,298 137,335 131,487 341 110 344,241 Due to all banks 53,472 65,418 213,967 239,207 715,294 839,885 Certified and cashiers' checks 45,055 65,192 100,414 106,791 Individual deposits, including dividends unpaid and postal savings >615,182 1 775,115 5,886 152 6,296,494 18,049,332 18,943,205 United States deposits (exclusive of postal savings) 4,764 15,917 24,375 17,892 Notes and bills rediscounted 47,981 25,653 151,264 107,443 Bills payable 2 21,441 2 26,414 138,073 167,185 396,006 433,790 Other liabilities 34,921 36,249 201,061 226,391 572,728 685,367 Total. 851,765 ; 1,046,001 7,520,947 8,035,583 23,114,079 I 24,332,646 1 Includes cashiers' checks. 2 Includes rediscounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 577 BUSINESS AND FINANCIAL CONDITIONS ABROAD. Great Britain.—Employment continued to increase in March, the percentage of insured persons out of work falling from 11.8 to 11.1 per cent. The improvement was most marked in iron mining, shipbuilding, and the metal trades, while in cotton manufacturing the number of unemployed increased nearly 4 per cent. Coal and iron production has been expanding as a result of the lowered output in Germany and France, but the British textile trades are feeling the effect of heav3^ cancellations of continental orders. Prices of iron and steel and other metals have risen sharply since the beginning of the year and have been reflected in a 5-point advance in the .Federal Reserve Board index for March to a level of 175 (1913 = 100). Food prices, on the other hand, have declined and prices of textiles have changed but little. Money rates in the London market continue low. The slightly tighter credit situation during February and March—largely due to heavy tax payments—became easier in April through Government disbursements for interest and maturing treasury bills. With the further easing of short-term money rates, the yield of high-grade bonds has become lower. During April sterling exchange dropped to $4.63, the lowest point since the opening of the year. The decline of the pound has been attributed chiefly to the larger adverse trade balance in the first quarter of 1923, to recent increases in British commodity prices, and to the transfer of funds from London to New York. France.—No general decrease in employment seems to have occurred in France, although unemployment resulted in the French steel industry on account of the interruption in the usual supply of coke obtained from Germany. For some months unemployment in Paris has been declining slightly, and the shortage of labor throughout the country is shown by the steady increase in the weekly reports of the number of situations vacant. The latest business statistics available for France continue to show great activity, except in the metal industry. Freightcar loadings rose from a daily average of 54,432 in January to 56,528 in March, an increase of 14 per cent over March, 1922. Receipts from the turnover tax in March have been exceeded only once since October, 1920, and average daily clearings in Paris continued high. Deposits, bank notes, and discounts of the Bank of France showed further reduction during April. Open-market rates in Paris have remained slightly above 4 per cent for several months past. The recovery of French exchange during March and April checked the rise in the prices of numerous imported commodities and consequently the rapid rise in the general level of prices. Germany.—The decrease of business activity in Germany following the occupation of the Ruhr continued during March and April. Coal and coke output has been reduced to small proportions, and unemployment throughout the country has further increased. As a result of the stabilization of the mark and reduced consumption of most commodities, wholesale prices as measured by the Frankfurter Zeitung index declined from 715,881 (July, 1914=100) on February 1 to 677,000 and 639,300, respectively, at the beginning of the two following months. Prices of domestic commodities, however, which previously had been considerably lower than those of imported articles, showed much smaller declines than did those of foreign goods, so that the difference between the prices of the two classes of merchandise was narrower in March than in any recent month. With the decline in business activity the demand for credit has diminished. The rate of increase in note circulation has been reduced, the output of paper notes during the first three weeks of April being 578 billion marks, as compared with 1,442 billion marks in the corresponding weeks of March. The German mark, which up to April 17 had been stabilized for over two months at about 21,000 to the dollar, declined to 32,000 to the dollar at the end of April. Following the break in mark exchange, the Reichsbank on April 23" raised its discount rate from 12 to 18 per cent in order to further its program for the support of the mark, and also to bring the bank rate closer to the far higher rates prevailing in the open market. Scandinavia.-—Credit and banking in the Scandinavian countries have been affected by the depressing influence of the recent bank failures, which in Denmark assumed a character so serious that Parliament on April 26 adopted the Government's proposal to guarantee the liabilities of such solvent banks as were in distress. In view of the situation the Bank of Denmark and the Bank of Norway raised their discount rates from 5 to 6 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

578 FEDERAL RESERVE BULLETIN. MAY, 1923. THE TREND OF BUSINESS ABROAD.1 Items. U K d n o i i n m t g ed . - France m G a e n r y - . U St n a i t t e e s d . Items. U K d n o i i n m te g . d - France. m G a e n r y - . U St n a i t t e e s d . I. CREDIT.* III. PRODUCTION AND TRADE. COMMERCIAL BANK LOANS: PIG IRON PRODUCTION (relatives6): 1921—March 1,145 13,058 12,599 1921—March 45 62 1922—March 1,097 12,558 10,842 1922—March 46 80 June - 1,070 13,676 10,783 June 43 92 September 1,007 13,354 10,988 September 50 107 79 December 1,031 13,268 11,329 December 62 118 121 1923—January 1,046 13,361 11,425 1923—January 66 112 126 February 1,023 11,639 February 64 70 117 March 992 11,783 March 74 138 COMMERCIAL BANK DEPOSITS: COAL PRODUCTION (relatives s): 1921—March 1,715 12,775 10,186 1921—March 74 87 79 76 1922—March 1,747 12,374 10,309 1922—March 89 112 126 June 1,755 13,583 11,124 June 72 100 56 September 1,660 13,167 11,085 September 93 109 99 December 1,685 13,250 11,255 December 94 112 117 1923—January 1,693 13,744 11,537 1923—January 96 123 126 February 1,644 11,525 February 101 106 March 1,596 11,082 March 100 117 UNEMPLOYMENT: ' CENT 1 1 1 9 9 R 9 2 2 2 A 1 2 3 L — — — M J S D F B M M J u e e A e a a n a a p b n c N r r r e t e c r u c c e K u h m a h h m a r b y r D b e y e I r S r COUNTS: 1 8 9 7 7 7 6 7 1 0 8 6 1 8 6 9 3 3 2 2 2 2 2 2 2 , , , , , , , , 6 4 0 9 1 6 3 6 8 0 1 0 8 3 6 5 5 1 4 4 4 2 2 2 2 4 6 1 , , , , 9 3 7 6 4 1 1 2 0 7 0 6 0 4 9 6 7 4 7 7 0 9 1 2, 6 4 4 6 5 5 7 2 3 6 9 2 3 0 9 8 6 9 6 0 0 0 7 7 1 1 1 9 9 9 2 2 2 2 1 3 — — — J D M S F M M J u e e e a a n a a p b n c r r e r t e r c u c c e u m h a h h m a r b y r b e y e r r 1 1 1 1 1 1 1 1 2 2 1 2 4 1 2 1 . . . . . . . . 7 1 2 7 6 0 0 8 4 3 3 , , 6 6 9 4 4 5 0 8 6 1 5 1 4 3 4 6 0 8 4 7 6 1 1 1 1 1 1 0 1 9 8 2 6 3 3 5 8 2 5 1 1 8 9 0 0 1 1 3 1 BANK CLEARINGS (actuals"): CENTRAL BANK NOTE ISSUES: 1921—March 2,941 556 74 16,526 1921—March 454 38,435 2,931 1922—March 3,452 455 170 16,535 1922—March 404 35,528 131 2,182 June 2,917 474 191 17,173 June 399 36,039 169 2,124 September 2,690 484 474 16,553 September 390 36,603 317 2,243 December 2,769 630 2,079 19,586 December 405 36,359 1,280 2,464 1923—January 3,262 726 3,828 19,666 1923—January 381 36,780 1,984 2,204 February 3,006 792 7,444 16,905 February 381 37,055 3,513 2,247 March 3,315 755 19,567 March 388 37,188 5,518 2,232 SHIPPING ACTIVITY (relatives5): CENTRAL BANK DISCOUNT RATE (per 1921—March 52 73 56 100 cent): 1922—March 85 89 82 108 1921—March June 88 114 109 126 1922—March September 101 108 102 145 June December 91 109 88 107 September 1923—January 93 97 102 December February 92 1923—January VALVE OF EXPORTS (actualse): February 1921—March 66,809 1,712 386,680 March 1922—March 64,581 1,877 324 329,980 April J S u e n p e tember 6 5 2 2 , , 5 1 1 4 1 6 ,i 4 29 2 1 8 3 3 3 1 5 3 , , 1 1 1 9 7 7 II. PRICES AND EXCHANGE. December 58,883 2,779 423 344,328 1923—January 66,939 1,696 311 335,539 WHOLESALE PRICE INDEX (relatives'): February 57,510 2,329 361 307,194 1921—March 213 345 152 March 60,921 2,474 341,162 1922—March 168 287 5,420 147 VOLUME or EXPORTS (relativess): June 169 304 7,851 161 1921—March 54 64 93 September 165 294 29,116 164 1922—March 67 85 107 December 166 315 166,495 164 June 65 98 107 1923—January 167 324 205 417 165 September 70 142 February 170 355 715,881 166 December 73 132 March 175 372 677,000 169 1923—January 103 February 135 84 RETA 19 IL 2 1 P — R M IC a E r ch INDEX (relatives <): 241 358 1,028 153 March 75 99 87 1 1 9 9 2 2 2 3 — — J S D F M M J u e e e a a n a p b n c r r e t e u r c c e u m h a h m r a b y r b e y e r r . 1 1 1 1 1 1 1 7 8 8 8 7 7 7 9 6 0 0 8 7 6 3 2 3 2 3 3 3 9 1 0 0 9 0 2 1 6 9 5 4 7 1 2 1 2 6 1 4 0 6 3 2 1 1 0 3 2 , , , , , , , 7 1 6 3 4 8 7 5 7 7 3 0 0 0 6 6 9 9 0 0 0 1 1 1 1 1 1 1 4 3 3 3 3 4 3 1 7 6 9 8 4 9 VAL 1 1 1 U 9 9 9 E 2 2 2 2 O 1 3 — — F — J S D F I M M M J u e e e a n a p a P b c n r e r O t e r u c c e u m R a h h m a r T b y r b S y e e r ( r actuals >): ** 9 8 8 7 9 8 9 7 3 4 3 6 4 9 , , , , , , , 8 8 2 7 9 9 7 7 5 9 8 4 1 0 9 5 8 4 4 2 0 2 1 1 1 1 2 2 , , , , , , , 9 9 8 1 7 8 3 2 4 3 5 4 9 4 4 3 2 1 3 3 3 5 4 5 5 5 4 6 9 2 4 6 6 3 0 2 6 5 4 2 2 2 2 2 3 2 9 9 5 5 6 2 9 8 3 1 6 0 9 6 , , , , , , , 4 8 9 1 4 8 0 9 1 6 7 4 6 0 7 0 9 8 4 1 0 FOREIGN EXCHANGE (per cent of par): March 90,022 2,487 1921—March 80.37 36.45 6.696 VOLUME OF IMPORTS (relatives'): 1922—March 89.92 46.65 1.505 1921—March 71 81 170 June 91.48 45.41 1.370 1922—March 80 120 44 207 September 91.04 39.68 .287 June 92 117 191 December 94.73 37.46 .062 September 87 112 197 1923—January 95.65 34.60 .031 December 86 132 224 February 96.39 31.84 .016 1923—January 112 242 March 96.49 32.77 .020 February 105 April 95.66 i 34.54 .017 March 95 111 1A full explanation of this table, including a list of the sources employed, appears in the BULLETIN for February, 1923, pp. 182-185. s Amounts stated in millions of pounds sterling, imllions 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. 4 United Kingdom and France—July, 1914=100: Qermanu—Oct. 15,1913-June 15,1914=100; United States—1913 average=100. M913=100. • Official figures not available. ' United Kingdom—percentage of unemployed in insured trades; France—number of unemployed in the city of Paris; Qermany—number of applicants for every 100 available positions; United States—an index of employment in 12 representative trades, 1919 being taken as 100. 8 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

MAY, 1923. FEDERAL RESERVE BULLETIN. 579 AGRICULTURAL CREDIT IN GREAT and their number was continually depleted by BRITAIN. the attraction of high wages in munition factories, as well as by army enlistments. The recent agricultural credit legislation in With the corn-production act of 1917, the the United States lends unusual interest to the Government began a definite policy of enreport of the parliamentary committee on couraging cereal production. The cultivation agricultural credit in Great Britain. British of unused land was enforced, minimum wages farmers, like those in the United States, have for farm labor were established, and minimum been suffering from the protracted decline of prices for wheat and oats were guaranteed by agricultural prices, and relief is sought in both law. In addition, temporary minimums were countries through improvement of credit facili- fixed for these and other farm products from ties. The present strike of agricultural laborers time to time by the Government. These in the northeastern counties of England aggra- guaranties were not effective, however, because vates the depression there. It is generally agreed market prices were above the minimum, and it that the wages of these laborers, commonly 25s. was the maximums established by the food a week, are too low, but that the farmers are in controller which determined prices until March, no position to raise them. In order to under- 1920. The significance of the guaranties up to stand the critical conditions which British the fall of 1920 lay in whatever assurance of farmers face and the relation of agricultural protection against future price declines farmers credit to these conditions, it is necessary to drew from them. For wheat sold after Novemsurvey briefly the agricultural situation and ber, 1920, however, farmers were paid by the the Government's agricultural policy during Government the difference between the price and since the war. received and a fixed minimum; and the agricul- Unlike the case in this country, agriculture ture act, which went into effect on January 1, does not rank among the most important 1921, continued the system of statutory guaran- British industries from an economic point of ties for wheat and oat acreage on a sliding scale view, but the vital necessity of the home- based on relative costs. The act included a grown food supply in case of any interference provision that four years' notice should be with foreign trade gives it a peculiar political given of its repeal. On October 1, however, significance. It is estimated by the London the corn-production (repeal) act annulled Joint City and Midland Bank that the following the legislation of 1917 and 1920 and substituted percentages of farm products consumed in the a flat payment of £3 and £4 an acre, re- United Kingdom were imported in 1922: spectively, of wheat and oats produced in 1921. The steady fall in English grain prices Per Cent. Per Oent. since that time has outrun the general price Wheat 73 Beef and veal 57 Barley 37 Mutton and lamb 63 decline and has not been definitely checked Oats 18 Pig meat 58 yet. The prices of sheep, cattle, and hogs The desire to minimize the nation's depend- nave been rising for the last six months, howence upon foreign food and the consequent ever, so that live-stock farmers are somewhat governmental responsibility for past and future better off recently. encouragement of agriculture have undoubt- The effect of the course of prices upon edly influenced the proposals now brought agricultural production in the United Kingdom forward with regard to agricultural credit. may be seen in the increase of the acreage of arable land from 11,058,000 acres in 1913 to AGRICULTURAL PRICES AND PRODUCTION IN 12,309,000 in 1919 and its fall to 11,311,000 UNITED KINGDOM, 1914-1922. acres in 1922. The numbers of live stock decreased after 1916 when grain acreage was It will be remembered that as foreign sup- increasing, and although they later increased, plies of food became more and more difficult they have never reached their pre-war position. to obtain during the war, every effort was bent toward an increase in food production in Great AGRICULTURAL LAND OWNERSHIP. Britain itself. While agricultural prices had been rising in the preceding decade with the The financial difficulties in which English general rise in prices, and farmers were rela- farmers have been involved by the fall of tively prosperous, the cultivated acreage in agricultural prices have been aggravated in England and Wales had been decreasing, and England even more than in the United States in 1916 was actually less than in 1914. The by the transfer of land at peak prices during wages of agricultural laborers were still low the war. The tendency toward the sale of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

580 FEDERAL RESERVE BULLETIN. MAT, 1923. estates which had been evident since 1911 most careful consideration-HThe report disgrew with the rise in the price of land with- cusses the existing facilities and unsatisfied reout equivalent increases in rents and the quirement of long-time credit for improving as development of opportunities for more re- well as buying land, and for intermediate and v munerative investments with the rise in interest short-time credit. rates. Land prices rose about 50 per cent Credit for permanent improvements.—The reabove their pre-war value and landowners, quirements of British agriculturists for longburdened by war taxes and high costs of term credit to be used for productive capital maintaining their estates, took advantage of works, such as drainage, farm buildings, and the situation to put their land on the market. water supply, have been met in the past by Farmer-renters often faced the alternative of two companies established about 70 years ago purchasing their holdings or leaving them, under statutory authority—the Land Improveand the relatively high prices of farm products ment Co. and the Scottish Drainage and Imencouraged them to buy. To what extent the provement Co. These companies advance expectation of continued Government pro- money to landowners after the issue of a protection for agriculture actuated them, it is visional order by the Minister of Agriculture or impossible to say. At any rate, over 21,000 the Board of Agriculture for Scotland and are more holdings, amounting to 2,250,000 acres, protected by certificates issued by one of these were owned by their occupiers in England and departments which make the loan a charge on Wales in 1921 than in 1914 according to the the property prior to existing mortgages. statistics of the Ministry of Agriculture. By According to the statute these original loans June, 1922, this number had been reduced to are repayable by an annuity running from 15 13,500 holdings (1,700,000 acres). to 40 years, with a maximum interest rate of 5 per cent after deduction of the tax. A 5 per According to the findings of the committee cent commission to the company and one-half on agricultural credit, in order to buy their per cent fee to the department is added to the holdings, these men obtained loans from banks, principal borrowed. The companies have individuals, solicitors (as an investment for found their mortgages readily assignable to intrustee funds), the vendors themselves, insurance companies, so that they have not lacked surance companies, and the Farmers' Land for resources. Thus in Great Britain these Purchase Company after its incorporation in land companies, with the aid of insurance com- 1920. The amount borrowed was various but panies, have performed the functions which are often equaled two-thirds of the value of the in the United States assigned to the Federal property, at interest rates ranging from 4 per land banks and joint stock land banks created cent, in the case of some individual loans, to under the act of 1916. They differ from our 7 per cent, sometimes charged by solicitors. Federal land banks in being private companies, Since 1920 the value of agricultural real estate while their loans are more directly subject to has fallen from 15 to 30 per cent, and except governmental approval, and the terms prefor those who paid off a large proportion of scribed by statute are somewhat similar. the purchase price before the slump in prices, About 7 per cent of the loans made by the Fedthese farmers are obligated for a considerable eral land banks since their organization have part of the value of their farms. The combeen made for permanent improvements, such mittee finds that banks have not pressed for as are covered by the two British companies. repayment of principal, even though the period of the loans was often 6 to 12 months, but The English company described above has their right to do so and their need of liquid advanced some £13,000,000 since its existence, funds in case of reviving industrial demand but after the rise in interest rates during the puts the farmers in a precarious position. war period its business was hampered, as was Their indebtedness and consequent lack of that of our land banks, by the legal restrictions capital of course fetters their productive and on its charges. The American maximum rate employment-giving capacity, to the general on loans is 6 per cent and the maximum rate social detriment in a time of general unem- on bonds put out by the banks 5 per cent, ployment. raised last year to b\ per cent in the case of the joint stock land banks. A modification of the AGRICULTURAL CREDIT. restriction was obtained in the case of the Eng- The committee has not confined its recom- lish company in 1920, allowing it to charge mendations to the subject of credit for land such rates as the Minister of Agriculture should purchase, although the situation of these new approve, and the committee's chief recommendation as to this sort of credit is that this owner-occupiers has evidently received the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 581 modification be extended to other similar com- societies would be able to loan at not over 5 per panies. Otherwise, it considers that this cent, which is 1 per cent below the maximum method of meeting the demand for credit for which our Federal land banks may charge, capital improvements is satisfactory and only and that an annual charge of £6 8s. 3d. for 40 suggests that the companies be urged to en- years would repay the loan with interest. courage the wider use of their facilities. Those farmers who are in debt to more than 75 Credit for hind purchases.—No special agen- per cent of the present value of their holdings cies have existed in England for the purpose would not be helped by the plan, but the others of extending credit for the purchase of land, would thus be given an opportunity to substiexcept the Farmers' Land Purchase Co., a tute for debts, which are callable at any time, private concern organized in 1920, which has obligations bearing a relatively low interest rate, advanced £500,000 and was obliged to refuse on which definite payments ma3r be spread over applications amounting to £5,000,000 or a long period. £6,000,000, owing to lack of resources. The Short-term credit.—The committee also deals lack of previous development of this sort of busi- with short-term and intermediate credit to ness may be attributed partly to the prevalence agriculturists, the subject of recent Federal of tenancy in Great Britain, and the committee legislation in the United States. These rehesitates actively to encourage ownership at quirements have been met in England by the the expense of the older system of land tenure. joint stock banks and by auctioneers, mer- It restricts its recommendations concerning chants, and dealers who sell cattle, seeds, ferthis type of credit to provisions for loans to tilizer, etc., to farmers, as well as by merchants farmers who purchased their holdings between who buy their crops from them in advance. the passing of the corn-production act in 1917 The committee approves these sources of credit, and the repeal act of 1921. It recommends in general, and does not consider that the that special State aid be extended to approved banks have been backward in extending aid mortgage societies loaning to such farmers, to farmers so far as the canons of sound bankboth by the advancement of capital, in the first ing permit. The complaint that the branches instance, through the Public Works Loan of the large joint stock banks controlled from Board and by the guarantee of issues of de- London, which have taken the place of the old bentures which are to be put out by these socie- country banks, are less sympathetic and adaptties as soon as the amount of their loans is suffi- able to the needs of farmers than their predcient to justify such an issue. The supposition ecessors is held to be without foundation. seems to be that the societies may later extend It is pointed out that there is keen competition their loans to other purchasers without the among the banks for agricultural business, that State guarantee, if they so desire. Loans are relatively more agricultural loans are outto be made up to 75 per cent of the present standing now than in the days of country value of holdings at an interest rate not more banking, and that through the spreading of than one-half per cent above the rate at which risks the branch banks are better able to carry the society can borrow, and the loan is to be their customers through a period of depression repaid in half yearly installments on an annuity than were the country banks. No less than basis, while the debentures are to be redeemed £46,500,000 are out on loan to farmers by the by drawing as the mortgages are repaid. One- banks at present and £20,000,000 of this rephalf of the one-half of 1 per cent margin is to go resents loans for current needs. The arrangeto the State as a reserve fund against its guar- ments for such loans are elastic and are antee until all debentures have been redeemed, governed by custom and the circumstances of and the other half is to be used to defray the the individual case rather than by law. The expenses of the society. usual form of current loans is the overdraft, unspecified as to purpose, bearing an interest Thus the English Government would have a rate of 1 per cent above the bank rate, but not more direct financial interest in these societies less than 5 per cent. With many farmers the than has the Federal Government in our Fedoverdraft is a routine arrangement, being reeral land banks, but unlike the latter they duced or extended with the fluctuations of would be organized as private institutions untheir receipts and expenditures. It is true der private management, with the proviso that that the applications for such loans are supthe treasury must approve the constitution and posed to be referred to the head office for apcapitalization of the society and the rate of proval, but experienced managers have coninterest or dividends payable on its bonds or siderable freedom of action and so far as posstock. The committee estimates that these Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

582 FEDERAL RESERVE BULLETIN. MAY, 102.3. sible they are retained permanently in the plan are left for future consideration, but it is districts with which they are familiar. Never- evident that these societies would differ from theless, the committee recognizes that com- the agricultural credit corporations contemmercial banks can not be entirely adapted to plated by recent American legislation chiefly agricultural credit needs, and points out certain in their cooperative character, the lack of directions in which further facilities are re- statutory limitations on their powers, and their quired. receipt of State financial aid. Further credit facilities required.—In the first Summary.—In brief, the proposals of the place farmers who are out of close touch with agricultural credit committee for the relief banks, either because they do not have bank of English agriculture consists of direct State accounts or live in thinly populated areas, are advances to private mortgage societies aiding unable to obtain loans on personal credit. farmers who purchased land during the war The banks are not possessed of the technical period, and to cooperative credit societies knowledge necessary to appraise the value of a extending short-term and intermediate credit farmer's business, particularly in the absence to any farmers or landowners. The former is of accurate accounts, while the credits granted expected to bring some immediate relief to a by merchants and dealers are inadequate in certain class, but, in general, the proposals are periods of depression. for permanent but slow improvement of agri- In the second place the banks have been cultural credit facilities, whose usefulness will reluctant to advance money for the purchase be largely dependent upon the initiative of of seasonal stock, and credit is granted by farmers and landowners themselves. The dealers during periods of depression on very fundamental difficulty with agriculture is unfavorable terms. believed to be the uncertainty of the economic outlook, and a change in this outlook can not Finally, facilities are lacking for meeting be made by the creation of credit. the farmer's need of intermediate credit—• loans running for a few years—for the pur- There is some dissatisfaction with the small exchase of equipment, including machinery, per- tent of the relief thus offered, and a Scotch memmanent breeding stock, fencing, etc. The ber of the committee makes a reservation in favor treasury regulations relating to the land of some special arrangement to enable the settlement facilities act of 1919, which en- farmers to meet their wages bills. The countercourages the taking up of small holdings by part of unemployment in towns in the country ex-service men, provides for advances up to three is too low wages, and it is suggested that some years for such purposes, but otherwise such form of mutual insurance should meet the loans are difficult to obtain on easy terms. difficulties of the agricultural laborer in times This is like the gap in agricultural credit of depression as it does those of the industrial facilities in the United States, which the new employee. Federal intermediate credit banks and national A tribunal of agricultural experts, appointed agricultural credit corporations are expected by the Government to consider not only agrito fill. cultural credit but the whole question of the The committee recommends that both short- means to agricultural prosperity, has just term credit and intermediate credit be sup- issued an interim report which approves the plied in Great Britain by local cooperative proposals outlined above. It especially urges credit societies, formed in accordance with the extension of these credit facilities to Government regulations under the general cooperative marketing or buying associations direction of the Department of Agriculture, of farmers, and emphasizes the importance of and aided by Government capital to the encouraging cooperation among farmers, as extent of £1 for every £1 of share capital various investigating commissions in this raised by the society. It is further suggested country have done. In addition, the tribunal that the State funds loaned should be raised proposes the reduction of railway rates on by the sale of savings certificates in the rural farm produce, even at the expense of the districts, thus applying the savings of the State, the reduction of local taxes on farm rural population to rural needs. In the property, and certain restrictions upon trade. opinion of the committee, the societies should The reports of neither of these committees be left free to make loans for any agricultural has yet resulted in definite action, but they purpose, with the hope, however, that they will probably form the basis of whatever agriwould be specially directed toward increasing cultural legislation the Government brings forthe food supply. The precise details of the ward during the present session of Parliament. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 583 COMMODITY PRICES IN ITALY. a violent decline to February, 1922, followed by a sharp rise to March, 1923—while in Italy f In Italy the movement of wholesale prices there has been relative stability within a limsince the war has been quite different from that ited range where prices have moved in a series of other leading countries. Italy did not expe- of short fluctuations, evidently seasonal. rience * the severe and prolonged decline in prices which proved so difficult for business in CHAHT I. INDEX NUMBERS OP WHOLESALE PRICES. the United States, England, and France; nor, [1913=100.] on the other hand, have her industries been stimulated, as in Germany, by the uninterrupted rise in prices which accompanies a continuous depreciation of the currency. Yet, through the decline of the exchange, Italian prices have now been brought nearly to the level of gold prices in the United States and England. Further, in Italy the prices of commodities and groups of commodities have drawn closer to the relationships of 1913 than in the United States. From these observations the conclusion can be drawn that, at least temporarily, a working adjustment of commodity prices is quite possible not only within a country whose currency has considerably departed from a gold basis, but also between such a country and others which are on a gold basis. At the same time, while Italy has effected such an adjustment of wholesale prices, a study of the cost of living in comparison with pre-war years raises the question whether or not the people of Italy can purchase commodities either at home or abroad in amounts equal to those before the war. THE COURSE OF ITALIAN PRICES SINCE 1919. In Italy, as in the United States, England, and France, prices rose until April, 1920; but 125 125 whereas in the United States and England prices dropped rapidly to a lower plane, in Italy they remained at a high level, moving 100 within comparatively narrow limits and show- 1919 1920 1921 1922 ing a continued tendency toward stability. Italy—Riccardo Bachi. France—Statistique Gfaie'rale. England— (See Chart I.) It is most natural to contrast Federal Reserve Board. United Stows—Federal Reserve Board. price movements of Italy and France, because Seasonal fluctuations of Italian prices.—For of numerous similarities in the two countries, three successive years Italian prices have reguand particularly because before the war they I larly declined in the spring and risen in the fall. had equivalent monetary units. In January, This phenomenon appeared imperfectly in 1919, the price levels in the two countries were | 1920, and recurred in 1921 and 1922; but the close together, Professor Bachi's index for I course of prices so far in 1923 raises a question Italy standing at 324 and that of the Statistique I as to the probability of its repetition this year. Gen6rale for France at 348. In 1919 and | As this is almost exactly parallel to the course early 1920 prices in the two countries moved of exchange, there is evidently a close relation upward, though the rise in prices was much between the two. The price index is an exsharper in Italy than in France, reaching, in pression of the internal depreciation of the cur- April, 1920, an index of 664 for Italy against rency in terms of goods; the exchange measures 588 for France. From that date prices in France the depreciation in foreign currencies and have passed through two major movements— gold. Both are expressions of the same thing, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

584 FEDERAL, RESERVE BULLETIN. MAY, 1923. namely, the value of the lira. (See Chart adverse balance without resort to foreign loans, II.) While the internal depreciation of the lira but also without the loss of gold. On the preceded its external depreciation, since the in- contrary, the gold imports of Italy, though dex had risen to 324 in January, 1919, with small, have exceeded her gold exports. But, exchange "pegged" near par, it is now a although the balance, considered over a period question whether the fluctuations of the ex- of time, is evidently in equilibrium, the exchange change occasion the fluctuations of prices, or market has not been free from seasonal influvice versa. An element in determining the ences. In the fall Italy makes heavy purchases exchange value of the lira is the direction and of raw materials, such as cotton and wheat, size of the current trade balance, in which which cause the dollar to appreciate in terms of seasonal influences play an important part. lire, carrying prices up in Italy. In the spring a contrary movement sets in. CHART II. ITALIAN PRICES AND EXCHANGE. A study of the exchange over a period of months offers strong evidence of the very small influence of speculation in determining the movements of the exchange. As there has been, in months past, an enormous volume of speculative trading in lire, it has been popular to consider speculation as a major factor. The bulk of exchange speculation concerns itself with the day-to-day fluctuations, and in these it certainly exercises no little influence. But in the long ran these minor fluctuations are so inconsequential that they are not reflected in a chart covering an extended period. While the seasonal fluctuation of prices and exchange appeared during 1920, 1921, and 1922, in the current year there has not appeared the usual rise of Italian exchange, with its attendant decline of prices. Until the trade figures for the first quarter are available, it is impossible to state positively the cause of this stability. It is probably due to the necessity of purchasing abroad larger quantities of raw materials, notably coal, required by the revival of Italian industry. While the increased demand for foreign bills may have been instrumental in preventing a repetition of the rise of the lira this spring, it has not been sufficient to depress the rate, though political considerations may also have strengthened 125 it. Whether or not this is the cause of the stability of the lira, the fact is that the lira has for many weeks been notably steady in foreign exchange. At the same time its domestic purchas- 100 1919 1980 1921 1922 ing power has remained equally steady, and commodity prices have remained practically un- The rate of the lira depends on the supply changed for the past three months. of and demand for Italian bills of exchange. The principal effective source of these bills is in the visible and invisible trade of the country. RELATION OF ITALIAN PRICES TO WORLD The visible balance is heavily against Italy, but PRICES. this is offset by invisible items, of which the chief The general level of the price index in Italy are the purchases by tourists, the remittances of measures the depreciation of the paper lira in emigrants, and the receipts of the carrying trade. terms of gold plus the depreciation of gold in For a considerable time past the trade balance terms of commodities. But prices derive their of Italy has been virtually in equilibrium. chief significance from their relation to other Italy has not only met the enormous visible prices both at home and abroad. The general Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 585 price level in Italy, whose currency is at pres- pound sterling, which in March were identical ent inconvertible, should be compared with so far as the board's index numbers show. prices in the United States which has a gold currency. A gold index of prices is obtained CHART III. WHOLESALE PEICES IN TEEMS OF GOLD. by multiplying the commodity index by the [1913=100.] rate of exchange, expressed in per cent of its 300 i 1 1 1 1 1 1 1300 parity. From a study of gold prices (see Chart 1 275 r :75 III), it is apparent that the purchasing power -^—— UN/TED STATES of the gold dollar is nearly the same in the 250 250 United States and Italy, and, conversely, that \ f \ A Ml »••-*-• Fft/ the purchasing power of the lira is about equal 225 225 in both countries. Gold prices are somewhat 200 higher in the United States, in March about 15 200 per cent, if the Bachi index for Italy is com- \\ pared with the Federal Eeserve Board index 175 175 for the United States.' This spread is greater than that between American and British 150 prices, but far less than that between French 150 * s. t 1 and American prices at the same time. In / March the Federal Reserve Board index for 125 i i J 125 the United States was 169, the gold index for v' England the same, for Italy 147, and for France, only 122. 100 1919 1920 1921 1922 '23 100 So close a relation exists for Italy because the rate of exchange is fairly well adjusted to It is clear that the internal and external the respective price levels obtaining in Italy purchasing power of a currency tend to draw and the United States. This is demonstrated together, if not to coincide, as they actually did by comparing the purchasing power parity in England in March. So long as they are mawith the rate of exchange. The purchasing terially apart, the process of adjustment causes power parity is the rate of exchange at which fluctuations of commodity prices or exchange a given number of lire will buy the same rates, or both. The further apart, the more amount of commodities in the United States violent are likely to be the fluctuations; but as in Italy. In January the purchasing power as they draw nearer these fluctuations will parity was $0.0554, the average rate of ex- diminish, provided always that no extraneous change for the month, $0.0488; in February, factor is introduced. As the fluctuations $0,055 and $0.0482; in March, $0.0556 and diminish, speculation in the exchanges becomes $0.0485. Considering that the two indexes less and less profitable. When speculation in employed—that of the Federal Reserve Board exchanges no longer affords much expectation for the United States and that of Professor of profit to the casual speculator, it will be re- Bachi for Italy—are widely different in con- duced to mere arbitrage and cease to be a struction, it would not be expected that the factor in causing material variations in the figures representing the purchasing power rate. For the past three months the opporparity and the actual rate of exchange would tunities for profitable speculation in Italian be identical, even if actual prices in the two exchange have been very small. countries were the same. The close relation between the internal THE RELATIONS OF PRICE GROUPS WITHIN ITALY. value of the lira and its external value is also With the exchange at present rates, comdemonstrated by reducing them both to per- modity prices in general are approximately at centages of the pre-war purchasing power of American levels. As for the prices of various the lira. In March, 1923, the lira in New commodities within Italy, the degree of dis- York had 14.9 per cent of its pre-war pur- parity when compared with 1913 relationships, chasing power, in Italy it had 17 per cent of while considerable, is less than in the United its pre-war purchasing power. The external States. and internal purchasing power of the lira are The index compiled by the Milan Chamber much closer together than are the external of Commerce shows the relation of certain and internal value of the franc, but not so groups of commodities to each other and to close as the external and internal values of the the general price level. This index includes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

586 FKDERAL KESERVE BULLETIN. MAY, 1923. 125 commodities, divided into ten groups. to the prices prevailing in other countries, the In March, 1923, the general index number items which go directly into the cost of living stood at 547.47, taking 1913 as 100. The still show less harmony. It is a question if following table shows the position of the the increase in wholesale prices since 1913 groups for that month and their relation to has yet been completely communicated to the the general average. cost of living. In December, 1922, the wholesale index of Prof. Riccardo Bachi stood at GBOOT INDEX OP THE MILAN CHAMBER OF COMMERCE 580. For the same month, the retail food IN MARCH, 1923. index of the Municipal Labor Office of Rome [125 commodities, 1913=100.1 (1914 = 100) was only 475. The Rome costof-living index, which represents the food, Relation to the clothing, lodging, heat, light, and miscellaneous general index. items of a family of five, was 439. For the Index Group. number. same month the cost-of-living index of Milan Percent Percent was 504. above, below. This Milan index represents the cost of living 1. Vegetable food products (21) 560.57 2.4 of a workman's family of five, and is based on 2. Animal food products (16) 559.08 2.1 3. Textile materials (18) 672.95 22.9 the prices of the first half of 1914. In Febru- 4. Chemical products (20) 424.38 22.5 ary, 1923, this index stood at 497. Inasmuch 5. Minerals and metals (23) 558.15 2.0 6. Construction materials (8) 518.51 5.3 as the wholesale index computed by the 7. Miscellaneous vegetable products (17)... 610.30 'ii.'s' Chamber of Commerce of Milan for that month 8. Miscellaneous industrial materials (12).. 537.33 "i.9 was 534, it seems upon first examination that Average of groups 1 and 2—Foods 559.92 2.3 Average of groups 3 to 8—Industrial the cost of living is in general harmony with materials 542.31 1.0 the wholesale price index. General index 547.47 Analysis of the composing items, however, raises some doubts on this point. The index This is more nearly a return to 1913 relation- for the item of food was 500, and it is estiships than has been experienced in the United mated that the worker must allot 62 per cent of States. Several of the groups composing the his budget for food—the same proportion as be- Bureau of Labor Statistics index are com- fore the war. The index of clothing, however, parable to groups in the index of the Chamber was 653, and for miscellaneous items 672, both of Commerce of Milan. For instance, in March, over 150 points above the general index and when the Bureau of Labor Statistics general above the item of food. "Light and heat" index stood at 159, the index of "foods" stood at 548, but these items account for only was 143, or about 10 per cent below the general 4.98 per cent of the family budget, against index; the index of "cloths and clothing" was 4.51 in 1914. The widest discrepancy occurs 201, or 26 per cent above; of "building mate- in the items of "housing," which stood at rials," 198, or 24.5 per cent above; and chem- only 208, requiring 4.77 per cent of the budget, icals, 135, or 15 per cent below. against 11.40 per cent before the war. In other The two groups in Italy which are furthest words, the Milan family is paying proporremoved from the general index are the tex- tionately for its rent about half as much as tiles, 23 per cent above the average, and chem- in 1914, and is spending the amount saved in icals, 22 per cent below it. This phenomenon this manner on clothing and miscellaneous is not peculiar to Italy; it is general. The items. The reason for the relatively low rents same relationship exists in the united States, is to be found primarily in legal restrictions. as the Bureau of Labor Statistics index shows. But, with the index of construction materials There is, however, no reason for a general at 519, such relatively low rents evidently not assumption that the relationships which only retard new construction, but even disexisted in 1913, the year upon which the in- courage repairs to existing dwellings. The dex numbers are based, are those toward the conclusion is therefore reached that as far as reestablishment of which development must consumers' prices are concerned, there are necessarily tend. possibilities of further readjustments. Food prices are low compared to those of the manu- THE COST OP LIVING.] factured articles which the worker buys, and his rent is low even in proportion to his food. While wholesale prices of commodities in As this rent situation is so anomalous, it may Italy are well adjusted both to each other and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1923 FEDERAL, RESERVE BULLETIN. 587 not prove lasting, and an adjustment of rents Fourth, the items of the cost of living index toward the general price level would reduce the are not in harmony with each other, owing to general purchasing power of the population. the fact that rentals do not yet reflect the increases in construction costs. But it is CONCLUSION. possible that the remaining necessary adjustments in retail prices will be accomplished The observations made in this article lead without great friction, especially as so small a to four conclusions. First, though Italian fraction of the family income is normally prices have remained very near the high levels needed for rent. reached in 1920, the decline of the rate of With the exchange at present rates, Italian exchange has effected an adjustment to world prices are almost equal to American and British prices. With prices in Italy and the United prices, or stated the other way, the present rate States at or near their present levels, the rate of exchange is almost exactly representative of of exchange is almost exactly representative the prices prevailing respectively in Italy and of the mutual price relation existing between the United States. This fact gives promise of the two countries; or, conversely, with the continued stability. Within Italy, the prices of exchange near present rates, gold prices are various groups of commodities seem to be fairly nearly the same in the United States, England, well adjusted to each other, though individual and Italy. Consequently the rate of ex- commodities show considerable variation in change, at or near present levels, offers little their percentage of increase over 1913. On the obstacle to the free purchase of goods abroad. whole, while the adjustment of commodity prices in Italy may not be perfect or final, it The adjustment is not quite perfect, for has proceeded far enough to offer little hinwhile gold prices in England and the United drance to normal trade, whether foreign or States are statistically identical, they are domestic. somewhat lower in Italy. In part, this spread may be due to shortcomings in the indexes used; more likely, it is the result of a still imperfect adjustment between Italian prices MEXICO. and the rate of exchange. If so, it may be expected eventually to be corrected by a move- REVIEW OF THE TEAE 1922. ment of prices, or of the ex change, or both. The present relation, however, is so close that Economic conditions in the Mexican Rethere is no reason to apprehend that this process public during 1922 continued unsatisfactory of adjustment by itself would cause very wide because of the political uncertainty and the fluctuations in either prices or exchange. serious impairment of the credit structure Second, although Italy has taken no definite necessary to the financing of industry and steps toward a restoration of a gold basis for farming. The curtailment of agricultural exher currency, in recent months both p:ices and pansion was due to the uncertainty created by exchange rates have achieved a very high agrarian reform laws. No signs of improvedegree of stability. The fluctuations have ment appeared at the close of the year. It is been very slight. This is due to an almost hoped in Mexico, however, that the situation perfect balance of payments. Since a decline in may be improved by the establishment of a the exchange would impede the importation of central bank of issue, the capital for which has raw materials, while a rise in the exchange been authorized but as yet not subscribed, and would precipitate a domestic price decline, a by the proposed changes in the constitution of continuance of stability near present levels 1917, affecting the property rights of foreigners. seems likely to facilitate Italian foreign com- Industrial conditions.—The precarious situmerce. ation of the farming and mining industries, the Third, commodity prices in Italy seem to be effects of which were felt throughout the entire well adjusted to each other. They are nearer country, has been given as the principal reason 1913 relationships than are prices in the United for the unsatisfactory economic progress made States. The United States has achieved great during the year. Notwithstanding the fact business activity and prosperity with com- that the crop estimates for 1922 made by the modity price relationships very different from Mexican Department of Agriculture indicate 1913; it remains to be seen whether the different in some cases marked increases over 1921, regrouping of prices in Italy will persist during general conditions affecting farming changed the present period of greater business activity. but little. The following table comparer the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

588 FEDERAL RESERVE BULLETIN. MAY, 1923. 1922 crop estimates of the Mexican Govern- of the larger enterprises, while a substantial ment with the 1921 crop: decrease in production was shown by the small concerns. Prices of silver were maintained [In thousands of kilos.] during the year at prices which, in spite of periodical labor disturbances, rendered its pro- Products. 1921 crop. e 1 s 9 t 2 i 2 m c a r t o e p . duction in Mexico quite profitable. According to information from official Mexi- Corn 1,550,000 1,127,674 can sources, on December 31, 1922, there were Wheat 138,508 233,342 Rice 7,198 21,148 in the country 21,686 mines legally authorized Beans...... 71,034 137,374 to operate, which yielded the Government Sugar 274,133 1,328,417 Barley 9,930 88,157 2,473,216 pesos in taxes. The production of Chickpeas. 18,336 59,805 Potatoes... 42,331 22,971 silver in Mexico in 1922 amounted to 2,521,832 Pepper 40,730 22,643 kilos. This is an increase over that of the Coffee 29,263 Tomatoes.. 23,520 11,959 previous year of 516,289 kilos, or 25 per cent. Bananas... 54,641 26,829 Hemp1 565,424 461,515 Gold production in 1922 has been placed at Cotton1 126,000 99,548 23,276 kilos, an increase over the 1921 production of 2,001 kilos, or 9.4 per cent. Production 1 In bales of 250 kilograms. of lead was given as 110,455,912 kilos, against It is of importance to note that the sisal 60,513,332 in 1921, and that of copper at hemp crop, practically the only industry on the 26,977,786 kilos, against 15,228,075 kilos, in peninsula of Yucatan, has been gradually and the previous year. The following table shows substantially decreasing from year to year. the total production'of the principal metals in In 1920 the crop amounted to 936,136 bales Mexico during 1922, and their value: as compared with 565,424 bales in 1921, and 461,515 bales estimated for 1922. The political uncertainty during the last decade has Kilograms. Va p l e u s e o , s . in undoubtedly handicapped the Mexican hemp industry. A considerable number of planta- Gold 23,275 31,034,322 tions were abandoned last year following the Silver 2,521,832 112,961,418 confiscation of lands for purposes of agra- Lead 110,455,912 27,661,976 Copper 26,977,786 16,385,305 rian reform. The sugar industry of the coun- Zinc 6,141,937 1,749,490 try as elsewhere was likewise depressed during M M e o r l c y u b r d y enum 4 3 1 , , 1 8 5 2 3 6 1 1 4 1 0 , , 1 6 9 6 3 9 1922. The industries of the State of Morelos, Graphite 2,054,279 124,993 Arsenic 271,718 99,686 which in prerev'olutionary years was the largest Antimony... 463,842 94,681 producer of sugar in the country, showed no signs of revival in 1922, and the labor disturb- Operations of the Mexican oil fields in 1922 ances in the State of Veracruz brought about a were limited in the greater part to fields considerable reduction in the sugar production already proven, not so much being accomof that State. The 1922 production of wheat plished in new districts, most of which are was estimated by the Government about 85 per located far from the old fields. Many test cent higher than for the previous year, but even drillings were made in an endeavor to locate if the actual crop should come up to the expectaextensions of the old fields, and some of tions of the estimators, a considerable amount these proved successful. During 1922, the of wheat must still be imported from forfields of Panuco and Topila of the Panuco eign countries to supply the needs of the coun- River region were joined and these fields were try, estimated at 293,642,500 kilos per annum. also extended to the north and south. Other Conditions in the cotton industry remain unimportant sections such'as Tuxpan, Cerro Azul, satisfactory, and a substantial decrease in pro- Toteco, etc., were likewise extended during duction is expected because of the lack of adethe year. Outside of these zones experimental quate financial help for the planters, and on work was carried on in other parts of the account of the damages caused by the recent country, indicating the possibility that further appearance of the boll weevil in some of the new discoveries may be made in 1923. The most productive sections. field operations in 1922 may be summed up in The mining industry in Mexico appeared to the following figures: By December, 31 1922, be in a more favorable condition during 1922 there had been completed a total of 251 wells, than during the previous three or four years. of which 61 per cent were productive and 39 It was noted, however, that the increase in per cent were abandoned. The productive production was due to the enlarged activities wells drilled were 154 with a total initial daily Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 58 production of 1,410,319 barrels, or an average Oil-production taxes paid to the Governper well of 9,158 barrels. Abandoned wells ment of Mexico during 1922 amounted to numbered 97, of which 70 had become dry. 58,374,156 pesos, as against 50,604,049 pesos Twenty-six were abandoned because of the in 1922. Export duties amounted in 1922 to invasion of salt water and one because of ex- 27,605,989 pesos, as compared with 12,280,911 cessive expense involved in its exploitation. pesos during the previous year. Considering the fact that most of the The past year has not been satisfactory to activity was in oil fields previously exploited, the manufacturing industries of Mexico, with some of which had begun to decline, the the exception of shoe manufacture. Labor results obtained during the year were con- troubles and political disturbances have been sidered as satisfactory by the Mexican Depart- mainly responsible for the situation prevailment of Industry, Commerce, and Labor. ing. The textile industry reached a state The total amount of all classes of oil in storage of almost total inactivity at the end of the in Mexico on January 1, 1922, was 28,840,000 year, which was due not only to labor troubarrels as compared with 19,445,000 barrels bles but also to the scarcity of raw material. on January 1, 1923. Production during 1922 The railroad industry showed signs of improvetotaled 185,712,000 barrels, of which the ment during the year, which were especially Panuco district furnished 46,978,000 barrels pronounced in the case of the privately owned and the southern district 138,734,000 barrels, systems. Signs of railroad development on including the output of the Isthmus fields. the west coast have appeared in the first Shipments from the Tampico district during months of 1923. A special Federal tax of 10 the year totaled 185,049,079 barrels, of which per cent on the gross receipts of railways, inshipments to Vera Cruz amounted to 1,841,334 cluding express, T'ullman, and other services barrels, other coastwise shipments for domestic connected with railroad operation, was created consumption 794,035 barrels, and ships' by virtue of a decree published on January 22, bunkers 5,892,952 barrels, leaving a net 1923. export for the country, including reexports of Foreign trade and foreign exchange.—Comcoastwise shipments of 176,520,768 barrels. plete Mexican foreign-trade figures for 1922 The total quantity of oil in storage on January have not yet been issued. For the first 1, 1923, was 19,445,000 barrels, leaving a nine months of last year exports were placed balance of 12,693,280 barrels representing at 144,753,898 pesos. Imports into that counthe domestic consumption for the year. Durtry were estimated substantially lower than ing the period from January 1 to March 13, those of 1921. Decreases were more noticeable 1923, in all the oil sections of Mexico, 39 in the imports of foodstuffs, due to the improveproductive wells were drilled. From these ment in the farming industries. In 1921 Mexico wells there was obtained a total daily production imported about $5,000,000 worth of corn, of 129,442 barrels, or an average production whereas in 1922 this amount was reduced to per well of 3,319 barrels per day. The total about $1,000,000. Imports of wheat and flour number of wells drilled was 66, of which 27 continue at a high level, notwithstanding the were abandoned, 19 being dry wells, 7 conhigh tariff established by the Government in taining salt water, and 1 producing only a order to encourage domestic production. This very small quantity of oil. has been explained by the necessity of mixing According to a statement of the Secretary the foreign flour with the domestic product in of Commerce of Mexico, more than $500,000, order to produce a good quality of bread. 000 United States currency has been invested Imports of the principal foodstuffs into Mexico in^oil development in Mexico, of which it is during 1922 were as follows: estimated that 58 per cent has been American capital. A resumfi of the figures published Lard and greases 6,135,159 by the Mexican Government follows: Corn 2,472,512 Flour 1,546,205 Eggs 2,039,734 Amount Rice 39,066 Source of capital. invested. Percent. Hams 315,662 Milk 404,272 American.. $303,021,619 57.7 Butter 381,683 English 177,388,099 33.8 Cheese 286,861 Dutch 35,598,654 6.7 Mexican 5,791,703 1.1 United States exports to Mexico in 1922 All.other... 3,496,641 .7 were considerably reduced. Exports, valued at Total 525,296,716 100.0 $109,884,917, were $112,000,000 or 51 per cent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

590 FEDERAL RESERVE BULLETIN. MAY, 1923. below those in 1921. On the other hand, banking institution. Scarcity of gold for cirimports into the United States showed re- culation, depreciation of the silver currency, markable improvement. The value of imports absence of rediscount facilities, the uncertain during 1922 was placed at $132,000,000, as political situation, lack of supervision and compared with $119,000,000 for the previous large reserves necessitated by public distrust, year. This increase was due principally to emphasized the evident necessity for a bank larger shipments of coffee, hides, and crude of this character. petroleum. Trade between the United States The bank as proposed will be chartered for and Mexico was facilitated by the inauguration a period of 15 years, subject to renewal by of through bills of lading from United States legislative decree. It will operate with an ports to Mexico City through the port of initial capital of 50,000,000 pesos, which maybe Vera Cruz and over the Mexican Railway. The increased to 100,000,000 pesos. The Governsame arrangement is in operation through the ment will subscribe to 51 per cent of the capital port of Tampico and over the National Rail- stock and the profits are to be distributed in a way of Mexico. like proportion. The board of directors will Exchange fluctuations during 1922 were be elected by the private stockholders, but within narrow limits. The embargo on gold the Government will appoint the managers, exports is still in force, but the increasing and the Secretary of the. Treasury will act as supply of silver currency gave rise to a gold chairman of the board regarding transactions premium on silver. The average value of the involving 5 per cent or over of the bank's capital Mexican gold peso in terms of American cur- when the transaction is of such a nature that rency for the year was 48.715 cents. it may affect the economic status of the coun- Banking.—The two outstanding features try and also in matters entailing new issues during 1922 in the banking activities in of bank notes. The Government will be re- Mexico were the banking crisis in November sponsible for the notes issued by the bank and and the approval by the Mexican Congress of is to have the right to purchase all shares in the the establishment of a single bank of issue. It hands of private individuals after 15 years is generally understood that the privately of operation. The total amount of notes issued, owned banks of the country conducted their added to deposits payable on demand or at affairs during the year in a careful and con- 3 days'sight, is not to exceed twice the amount servative manner. Nevertheless, the difficul- of cash and bullion on hand. As a compensaties under which the banks had to labor, due tion for the privilege of note issue, the proto the uncertain economic and political con- posed Banco de Mexico is to pay the Governditions, as well as other factors, such as the ment interest on deposits at an annual rate scarcity of circulating media and the discount equal to one-third of the discount rate fixed by on silver, gave rise in November to a banking the bank whenever such rate does not excrisis which extended all over the country. ceed 12 per cent per annum. In case the rate Of considerable importance was the failure of exceeds 12 per cent, the Government will be the Banque Francaise de Mexique, which oc- entitled to receive one-third of the profit obcurred on November 15, 1922. A detailed tained by the bank in any transaction made account of these banking difficulties was given at such rate. in the January (1923) issue of the BULLETIN The opinions expressed about the establish- (page 73). ment of the new bank have been of a very The establishment of a central bank of issue, contradictory nature. A commission was sent to be called the Banco de Mexico, was approved from Mexico to Europe to make arrangements by the legislative bodies of Mexico on January for securing the initial capital, but no definite 20, 1923. This step became apparently neces- advices have been received as to the final sary ever since the total breakdown of the outcome of the matter. A difficult banking Mexican banking system during the Carranza situation still prevails in Mexico, and outside administration. The few privately owned of the opening of branches of the Bank of institutions left to operate were without any Montreal in Veracruz and Puebla, no new connection with the Government. This fact, banks were opened during 1922. coupled with the absence of an elastic circulat- Public finance.—According to official stateing medium issued by a central bank, since the ments, the total receipts of the Mexican present monetary system is metallic only, National Government for 1920 and 1921 called for the establishment of an official amounted to 238,243,127 pesos and 279,832,933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1923. FEDERAL KESEKVE BULLETIN. 591 pesos, respectively. These amounts were made of the oil export tax, 10 per cent of the gross up as follows: revenues of the National Railways of Mexico, [In Mexican pesos.] and the'entire net operating revenues of these railways. The Mexican Government agreed to provide Items. 1920. 1921. for such current interest no less than 30,000,000 pesos during the calendar year 1923; and an Foreign commerce and navigation 78,969,612 98,301,882 Internal revenue taxes 134,010,216 138,094,325 additional 5,000,000 pesos each year for the Public services 13,277,050 16,862.212 Federal real property 1,033,992 1,807,593 ensuing four years, bringing the fund up to Other Federal property 216,571 203,911 50,000,000 pesos in the fifth year. These cash 10,735,686 24,563,009 interest payments on coupons maturing after Total 238,243,127 279,832,933 January 2, 1923, were during the first year to have been made on a scale varying from Official data published by the comptroller's 50 per cent to 100 per cent on the external office of Mexico show that Federal revenues, loans; at the rate of 25 per cent on the internal not including those from petroleum, decreased 3 and 5 per cent bonds; 50 per cent on the considerably in 1922. In the first five months State bonds, and, in general, from 50 to 65 per of that year such revenues amounted to only cent on the railway loans, except that the rail- 76,000,000 pesos, equal to an average monthly way notes secured by Government bonds were income of 15,000,000 pesos, or 180,000,000 pesos to receive 100 per cent. After 1923 the infor the year, against an estimated revenue of creases in the minimum fund provided by the 255,000,000 pesos for the year 1922. The rev- Government for current interest should permit enues of the Republic in 1923 have been esti- an increase in the scale of cash payments on mated at about 260,000,000 pesos. Discrepan- all bonds receiving less than 100 per cent in the cies exist in reports as to the amount and first year, and should permit payment of full distribution of disbursements. Total expenses current interest in cash in the fourth year upon of the Federal Government of Mexico for the all bonds, except the internal 3 and 5 per cent fiscal year 1922 were 226,246,243 pesos, accord- bonds and the State issues guaranteed by the ing to the annual report of the comptroller Mexican Government. At or prior to the comgeneral. In a statement credited to the minister pletion of the five-year period beginning Januof foreign affairs, total expenditures for 1921 ary 1, 1923, the interest coupons maturing on are given as 277,043,852 pesos. or before January 2, 1923, are to be detached and lodged with special depositaries against The total amount of the Mexican public the issue of receipts of certificates to an equivdebt as of July 10, 1922, was calculated at alent face amount. Such receipts or certifi- 528,287,000 pesos, of which 333,232,416 pesos cates are to be purchased or redeemed by the constituted the amount of the foreign debt Government from a fund sufficient to retire and 166,857,000 the total of the internal inthem in full, extending over a period of forty debtedness of the country. years, beginning January 1, 1922. Certificates The outstanding feature of the year with for arrears of interest will be of two kinds—class regard to the Mexican foreign debt was the "A" and class "B"; class "A" to be comagreement entered into between the Mexican pletely retired prior to class "B." All sinking Government and the International Committee funds are to be postponed for a period not to of Bankers for resumption of payments in cash exceed five years from January 1, 1923. on account of current interest on Mexican obligations. This plan, drawn up on June 16,1922, The plan of adjustment deals with all exterand approved by President Obregon on August nal Mexican debts, direct or guaranteed, the 7, 1922, provides that a minimum fund, to be National Railway debt, and certain so-called increased annually, be set aside by the Mexican internal Government debts largely held out- Government for each of the five years beginning side of Mexico. The total face value of the January 2, 1923. At the end of this period securities covered is more than 500,000,000 full payments in cash of the service on ail obli- pesos, on which the interest in arrears amounts gations are to be resumed and all provisions of to approximately 200,000,000 pesos. A dethe contracts under which the various bonds tailed report in connection with the railway in question were issued are to be restored. obligations of the Mexican Government was The plan further provides that the Mexican given in the November, 1922, BULLETIN (page Government shall set aside toward payment of 1323), containing also the text of the agreement such current interest coupons on bonds as ma- in connection with the reorganization of the ture after January 2, 1923, the entire proceeds National Railway system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

592 FEDERAL RESERVE BULLETIN. MAT, 1923. GOVERNMENT CONTROL OF BANKING Brazil, several laws had been passed directed AND FOREIGN EXCHANGE IN BRAZIL. toward the governmental regulation of bank transactions in foreign exchange. The most The monetary system of Brazil, although important of these laws went into effect on nominally on a gold basis, has been since December 18, 1917, soon after the declaration 1918 composed principally of inconvertible of war between Brazil and Germany. Under paper currency. In order to provide for the the terms of that law banking transactions in conversion of paper currency into gold at a exchange were subject to the daily inspection of fixed rate the Government in 1906 established commissions composed of officials of the Treasthe Conversion Office, which was empowered to ury in Eio de Janeiro and of officers of the redeem Brazilian paper notes at the rate of 15 Banco do Brasil in the different States of the pence gold per paper milreis. This rate was Union. changed to 16 pence per milreis in 1910. The Although speculation in exchange was parsuccessful operation of the Conversion Office tially checked after the enactment of the above was interrupted at the outbreak of the war, law, its effect upon the value of the milreis when a sudden demand for a great quantity of does not seem to have accomplished the regold was made upon that office, with the result sults expected by the promulgators of the law. that its operations were suspended. This sus- The table on pages 594-595 indicates that, while pension is still in force. A law enacted in April, the value of the Brazilian milreis rose slightly 1918, authorized the National Treasury to issue in January, 1918, one month after the first against the gold transferred from the Converofficial control law was enacted, a downward sion Office five times its value in inconvertible trend started in February and continued even notes. As a consequence of this procedure and after the enactment of a new decree on July of the emission of large amounts of incon- 19, 1918. This decree prohibited the exportavertible notes for various purposes on the aution of securities and remittances to foreign thority of different decrees, the amount of incountries except when payments were intended convertible paper currency increased from a to cover obligations contracted by the Federal total of 601,488 contos in 1913 to 1,679,176 Government, the States, municipalities, or corcontos in 1918, 1,730,000 contos in 1920, and porations, or when used as coverture for 2,226,276 contos on November 30, 1922. The merchandise of free importation or when Institution for the Permanent Protection of destined for the support of Brazilians or non- Coffee and Other Produce is also empowered enemy aliens who possessed property in Brazil. by law to issue paper currency guaranteed by that part of the gold reserves held as security As a means of properly enforcing the profor paper currency, under certain conditions, visions of the above laws, the Government as well as by 80 per cent of the value imposed a certain number of rules for the of coffee purchased by the commission, or by regulation of exchanges, several of which gave warrants in favor of other parties. The gold rise to considerable criticism on the part of reserves of Brazil amounted in 1922 to about bankers, on the ground that their operations 85,203 contos. Thus the ratio of gold reserve were hampered thereby to a great extent. to total circulation amounts to about 4 per Some of the most important of these rules cent. It is clear, therefore, that the fluctua- were: (1) All contracts for the sale or purtions in the value of the Brazilian currency are chase of foreign exchange were to contain to a very large extent affected by the total the names of the purchaser and the seller and amounts of paper outstanding, which in turn this information was to be transmitted to the change according to the condition of trade proper supervising committee; (2) all time and exchange. exchange transactions were prohibited; (3) bank to bank exchange operations were sus- According to statements from official sources, pended; and (4) remittances of securities were the principal reason for Government control considerably curtailed by the committee and over bank operations in Brazil was that certain shipments were strictly controlled by it. banks were responsible for the speculation The close of the year 1918 marked the beginin exchange which started soon after the ning of a period of exceptional commercial declaration of war, and which was accom- activity and speculation in Brazil. Demands panied by rapid fluctuations in the rates of made by the buying nations for Brazil's staple exchange. Before the enactment, of the final products had a considerable effect upon the law of March 16, 1921, providing for permanent value of the currency, the milreis rising from official control of banking and exchange in a low quotation of 23 cents in September, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1923. FEDERAL RESERVE BULLETIN. 593 1918, to a high, mark of 33 cents in December liable for obligations contracted by agencies in other of the following year. countries; the decree of authorization may institute for the foreign establishment the principle of reciprocity, and After the close of the war the Minister of may grant it in the Republic the same advantages and Finance considered it expedient to continue privileges as are granted to Brazilian banks in the country the official control of banking and exchange of origin; minimum capital of 9,000 contos of reis required operations, and on January, 1920, a commission for establishment of branch of foreign banks; deposit of 50 per cent of the capital in Bank of Brazil required before was appointed to frame a law having for its authorization, money to be returned after authorization. object the permanent official regulation of for- No money in form of precious metals coined, in dust, eign exchange. In May, 1920, a draft of the bars, or any form may be exported without a permit viseed bill was submitted to the Minister. The fram- by the office of the inspector. ers of this bill reported that permanent con- Banks, domestic and foreign, dealing in exchange retrol was deemed necessary for the following quired to deposit currency in the treasury for each city where they operate; deposits to be in gold or Brazilian gold reasons: That the banking establishments in securities; amount of deposit shall equal one-tenth per Brazil were under no official supervision whatso- cent of total exchange transactions, purchases and sales ever; that it was a difficult task to ascertain combined, of the previous year and calculated according whether or not the credit institutions were duly to the official average of exchange for the preceding year, complying with the tax laws; that domestic and shall not be in excess of 1,000 contos for the principal establishment, its agencies and branches jointly, and institutions were organized in accordance with not less than 100 contos. In places where volume of requirements of law, while the foreign banks exchange transactions is less than 1,000 contos of reis. were established by virtue of Executive con- annually, deposit may be reduced; establishments begincessions granted them, and that no measures ning operations shall deposit 100 contos of reis. were taken to determine whether either were Whenever required by public interest, the Ministry of Finance shall have the right to suspend the previous complying with the laws under which they authorization of the inspector's office for all remittances operated. With regard to foreign exchange, such as drafts, checks, letters of credit, bills of exchange, the commission reported that official con- etc.—all of which have for their purpose the export of trol was necessary in order to prevent the securities or the transfer of funds abroad; all transactions circulating media of Brazil from being sub- connected with the purchase of exchange; to prohibit exportation of securities and remittances abroad other than: ject to speculative fluctuations, and to place Payments of obligations of the Government, etc.; charitable the domestic currency in a position where remittances; support of Brazilians or foreigners abroad; economic forces would be the only ones to payment of goods of unrestricted importation; to suspend affect its value in terms of foreign currencies. or postpone exportation of securities to avoid depreciation in price or fluctuations in exchange; to prohibit or restrict After a series of parliamentary discussions purchase or sale of exchange and time export bills and exchange transactions among banks of the country. and amendments of the original project of the banking control law, it was finally approved The enactment of the permanent official L aw on March 16, 1921. The Banco do Brasil, the was immediately followed by a sharp fall in the semiofficial bank of the country, was given by value of the milreis, which dropped 1£ points in the provisions of the law full control over terms of United States currency during the foreign exchange. course of the month following that in which The principal provisions of the official bank- the law was passed. The downward trend ing control law may be summarized as follows: thus started was not checked until July, when the milreis had reached the lowest mark since Banks and banking houses, agencies of banks, domestic and foreign, to be under the supervision of the In- its par value was fixed at 32.45 cents in 1910. spector General of Banks under the Ministry of Finance. During 1922, with the exception of a slight Establishment of banks permitted only by authorizaimprovement in the value of the milreis in tion of the Government upon application. Application of banks must prove: Organization accord- March, the downward trend of the Brazilian ing to law of Brazil or of the country of head office. For- exchange continued unchecked. In September eign establishments must present their by-laws, a com- the milreis declined to 11 cents during the plete list of shareholders, and certificate containing a short-lived prohibition of interbank exchange declaration of amount of capital. transactions provided for by a law enacted Obligations imposed on foreign banks: To maintain a representative in Brazil; to be subject to the Brazilian about the middle of that month. This law law; to conduct transactions only as authorized by the was rescinded by the Minister of Finance early approved by-laws; to realize within a maximum of two in the following month, because of a protest years from date of published authorization at least twofiled by the local banks and the commercial thirds of their capital; the opening of other agencies in Brazil besides those named in decree of authorization to be associations of Rio de Janeiro. The withdependent on permission of the Government; to contribute drawal of the above law was followed by a rise annually to the expenses of supervision; to submit to can- in the rate of exchange, which may be taken as cellation of their authorization in case of violation of the an indication that the present exchange situation country's laws; capital and assets of branch not to be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

594 FEDERAL RESERVE BULLETIN. MAY, 1923. in Brazil is considerably affected by the official but that the total elimination of speculation control laws. Those who condemn the policy could not be effected without seriously hamperof official control contend that official specula- ing the country's trade. tion has been substituted for private specula- The profits realized by the Banco do Brasil tion with the result that legitimate commercial during the first 18 months of permanent official operations have been seriously hampered. control have been very considerable. In a recent Were the Banco do Brasil in a position to report of the bank the amount is given as about satisfy the market requirement for exchange,' 25,865,000 milreis. An analysis of the situait is said, the general situation would be likely tion shows that the shareholders of the Banco to present a different aspect, but at times the do Brasil and consequently the Government, Banco do Brasil itself requires more exchange have been highly benefited by the official for its own operations than it can sell. control. It appears that the official-control law The attitude of the new administration todirected to curb speculation in exchanges has ward banking and exchange control has not resulted in limiting the supply and demand yet become definitely known. However, in of exchange necessary for the requirements of order to facilitate exchange transactions, the the importers and exporters, but its provisions minister of finance has instructed the inspector are not sufficiently broad to regulate the supply general of banks to limit the official control of and demand at times of seasonal need. exchange transactions to compliance with the Under present conditions, in certain periods three following regulations, while consideration several millions in sterling bills are offered is being given to definite modifications of the monthly and no takers are to be found in law in force: (1) the forwarding of statements Brazilian exchange markets, except for remit- showing in detail the exchange operations of tances against imports or payments for account every bank during the previous day; (2) the of the Government. At such times the efforts legalization of exchange contracts which are directed toward disposing of the large surplus to be stamped and signed by the fiscals or of bills force rates on mifreis up, but in other inspectors, and, (3) the prohibition of the periods, bills being scarce, demand for foreign opening of current accounts in foreign curbills forces Brazilian exchange downward, and rencies. This has been taken by many as an the fall is always more violent than the rise. indication that the present administration is Such violent fluctuations have most harmful inclined to modify to a great extent the system effects upon the general economic status of of official control at present in operation. the country. In the case of Brazil, it is very Notwithstanding the fact that the above indifficult to maintain a fixed relation between structions would indicate that the present gold and paper currency, since the paper money administration is disposed to facilitate exchange of the country is largely secured not by gold transactions, the value of the milreis has not but only by domestic products, such as coffee, improved during the first quarter of the curthe value of which may fluctuate widely. In rent year, but, on the contrary, the milreis consequence, the value of the milreis rises and shows a tendency to fall still further. falls largely in accordance with the variations of the trade balance. The function of the Brazil- MONTHLY RANGE OF BRAZILIAN EXCHANGE IN ian banks in this connection would seem to be to NEW YORK, 1917-1922. use part of their resources and those of thenclients to keep the supply of and the demand [In cents per milreis. Par of exchange: 1 milreis=32.44 cents.] for exchange bills fairly well balanced. To attain this end, it is evident that the purchase 1917 1918 1919 and sale of "futures" in exchange would have Month. to be widely practiced. The laws providing High. ! Low. High. Low. | High. Low, official control, on the other hand, place heavy restrictions on operations of this character since J F a e n b u ru ar a y ry .. . . 2 2 3 3 . . 6 5 2 2 3 3 . . 0 2 2 26 7 . . 7 1 2 2 5 6 . . 8 6 2 26 6 . . 1 8 2 2 5 5 . . 0 5 they are considered highly speculative. The March 23.2 22.9 26.4 25.8 26.4 25.8 April 24.4 23.0 25.8 25.3 27.0 25.8 conclusion reached by a number of prominent May 26.8 24.9 25.6 25.2 28.3 27.0 Brazilian authorities is that in the case of June 26.9 25.6 25.6 24.9 i 28.3 27.6 July 26.8 24.7 24.9 23.0 28.8 26.5 Brazil it seems necessary to find some means of August 25.6 24.8 24.2 23.5 | 27.5 24.9 September 25.2 24.7 24.0 23.0 25.0 24.5 placing a check upon exchange speculation by October... 25.6 25.1 25.0 23.5 ! 25.7 25.0 credit institutions, perhaps by rigid inspection, November. 28.3 25.2 : 27.0 24.8 I 25.3 25.0 December. 26.9 25.9 27.2 26.5 I 33.0 27.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 595 MONTHLY RANGE OP BRAZILIAN EXCHANGE IN foreign engagements. With regard to the first NEW YORK, 1917-1922—Continued. factor, there has been an emission of 466,338 contos, or about 26 per cent of the currency 1920 1921 1922 in circulation since 1920. Such an increase Month. would have naturally tended to depress the i High. Low. High. Low. High. Low. value of the milreis, but not to the extent of the present level. The paper money in circula- January j 27.8 27.3 15.8 14.4 12.9 12.8 tion in Brazil since 1913 and the average annual February j 27.4 25.8 15.6 14.5 13.8 12.8 rate of the milreis in terms of pence follows: March 27.1 25.8 15.7 13.7 14.3 12.6 April 27.1 26.4 14.0 13.1 13.7 13.4 May i 26.4 26.1 14.1 13.1 13.9 13.6 June 26.1 23.8 13.5 10.9 14.1 13.9 July I 23.8 21.4 11.5 10.0 13.6 13.5 Average August ! 21.8 17.6 12.5 12.0 13.6 13.2 Milreis. exchange September ! 19 5 IB. 4 13.0 12.4 13.6 11.5 (in pence). October i 18.4 16.8 13.3 12.9 11.6 11.0 November 17.5 15.4 13.0 12.8 12.1 11.3 December < 16.8 13.9 13.3 12.8 12.2 11.6 End of— 1913. 601,488,303 15.61 1914. 822,496,018 14.21 From the foregoing exposition of facts it 1 1 9 9 1 16 5 . . 1,1 9 2 8 2 2 , , 5 0 5 8 9 9 , ,5 7 2 6 7 1 1 1 1 2 . . 5 2 9 9 may be concluded that, although there have 1917. 1,389,414,967 12.23 1918. 1,679,176,058 12.55 been in Brazil several causes which have been 1919. 1,729,061,523 14.15 instrumental in bringing about a gradual de- 1 1 9 9 2 2 0 1 . . 1 1 , , 7 9 3 0 0 0 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 1 8 4 . . 9 15 preciation of the Brazilian currency, the official 1922. 2,226,276,000 7.5 control of banking and exchange has not been successful in preventing the continued fall in ex- The relation between the average exchange change and in itself has probably contributed to rates and the amount of paper in circulation bring about the decline. In point of fact, the appears to be quite consistent from 1913 to value of the paper milreis stood in the neigh- 1916. After that date the average quotation borhood of 15 cents when the regulations for rose year by year, notwithstanding the inpermanent supervision of banks and exchange creased amount of paper emissions. In 1920, came into force, and later fell to 13 cents, where however, a reaction took place which was not it was successfully pegged for some time, but due to increased emissions. This break was finally collapsed to 10 cents during the shortdue, therefore, to a different cause. That the lived prohibition of interbank exchange transrecent decline in milreis was not due to an unactions in September, 1922. A slight improvefavorable balance of payments is shown in the ment was felt, however, during the last two months of that year, but in the first four following table: months of 1923 the quotations of the milreis stood again in the neighborhood of 11 cents. Dis- I tr n a d re e l a b t a in la g n t c h e e , f i l t u c m tu u a s t t i o b n e s c o o f n t s h id e e m re i d lr e t i h s a t t o t h th e e Years. o B f a t l r a a n d c e e . c f o d o u e re n b i t t g . o n ' n B m o a f e l n p an t a s y c . - e 1 c a A h g a e v n e e g r x - e - . money of Brazil is not gold or silver, but an arbitrary unit of value termed "milreis," by In pounds sterling. In pence. which all operations of exchange, domestic and foreign, are conducted. Consequently, if a 1919 +51.908 10.000 +41.908 14. Jo foreign bill of exchange rises in value measured 1 1 9 9 2 2 0 1 — -1 17 .8 .4 8 8 1 4 1 1 1 3 . . 5 5 0 0 0 0 - - 2 1 8 5 . . 9 3 8 8 4 1 1 8 4 . . 9 1 5 in the currency of the country, the value of 1922 + 19.000 15.600 +3.400 7.5 that currency appraised by a sterling standard Total +51.543 50. 600 +943 must have depreciated proportionately, as happens to every class of commodity when demand ' Estimates. exceeds supply. The factors of value of the Since the decl ne in value of the milreis can milreis are twofold—first, the relation of the not be accounted for adequately either by the supply of the circulating medium to demand or growth of circulation or by the balance of inthe proportion of the currency actually in cirternational payments, it has been widely held culation to vlie requirements of the people; and, that official control, with its restrictions upon secondly, the relation of the supply to the dedealings in futures, has had a depressing influmand of foreign bills for the liquidation of ence on the Brazilian currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

596 FEDERAL RESERVE BULU3TIST. MAT, 1923. PRICE MOVEMENT AND VOLUME OF TRADE. "INTERNATIONAL WHOLESALE PRICE INDEX. Wholesale prices in the United States and foreign countries were still rising in March, according to the board's index numbers, which showed that the increase was more rapid than during February in this country and England, but less rapid in the other three countries, Canada, Japan, and France. The tables on the following page show the movements in number of points. The gold-basis figures indicate higher levels also, as there were no downward movements of exchange to offset rising prices. In England and the United States gold prices during March were at the same level, snowing that between these two countries a closead justment 01 foreign exchange and domestic price levels has been attained. In general, prices of commodities entering into foreign trade moved more noticeably than domestic goods. Particularly in Japan and the United States imported goods rose rapidly. There has been a very general upward trend in imported goods in all countries since March, 1922. In England minerals and metals took the leading place in the rise of domestic goods, causing raw materials to advance more rapidly than producers' or consumers' goods. Farm products showed very slight changes as compared with February. In Canada both producers' and consumers' goods have shown a parallel upward movement since the fall of last year. During March these trends continued. In France the advance of consumers' goods, which was so great in February, slackened in March. On the other hand, the raw materials group, including minerals and metals, raw textiles, grains, and animal products, and the group of producers' goods, including chemicals and steel products, continued to advance as in February. INTERNATIONAL WHOLESALE PRICE INDEX FEDERAL RESERVE BOARD 1913 - 100 600 600 550 550 '\ 500 / 500 \ MO / / \ 450 400 V \ •* 400 350 \HCE / 350 -4 300 \ •" 300 / \ 250 \ \ 250 \ ENGL\ND 200 200 JAPAN/ \ ...••"w 175 \ ••""" 175 CANADA\ 150 1 r 150 0V/7ZBSTATED 125 12S 100 100 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. K. 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

MAT, 1923. FEDERAL EESEEVE BUL.LETIN. 597 The tables below give in full from 1919 to date the all-commodities and group index numbers of wholesale prices in the five countries included in the Federal Reserve Board's index. Figures have not been computed for France prior to 1920, nor for Japan prior to 1921. In the first table the all-commodities index for each country is shown both in terms of the respective currencies and "converted to a gold basis." The latter figures take into account the depreciation of foreign currencies in terms of the American dollar and indicate relative price levels in the several countries when all prices are expressed in dollars. INTERNATIONAL WHOLE3ALE PRICE INDEX—FEDERAL RESERVE BOARD. Based on prices in respective currencies. Converted to gold basis. Year and month. U S n ta i t t e e s d . England. France. Canada. Japan. U S n ta i t t e e s d . England. France. Canada. Japan. 100 100 100 100 100 100 100 100 100 100 211 241 207 211 218 199 239 314 478 250 239 237 174 223 1921 average 148 201 321 167 181 148 159 124 150 175 157 167 298 149 182 157 152 126 147 175 1919. 201 227 196 201 222 192 194 222 191 194 217 187 195 210 193 195 203 189 April 200 214 198 200 205 193 Mav 206 224 202 206 215 196 207 234 204 207 222 198 July 216 242 207 216 220 200 223 249 218 223 218 208 217 251 216 217 215 208 218 261 214 218 224 206 225 272 217 225 229 208 233 287 223 233 225 206 1920. 248 305 417 239 248 231 183 218 248 320 441 249 248 222 161 215 253 329 479 253 253 252 179 226 April 267 334 525 265 267 270 170 242 May 269 340 537 279 269 269 191 251 262 339 500 276 262 275 205 243 July 254 326 485 274 254 259 204 241 240 322 500 258 240 239 186 228 232 315 497 244 232 228 174 220 October 214 297 483 234 214 212 163 212 196 280 456 221 196 198 142 197 179 260 420 208 179 187 129 179 1921. January 168 244 387 199 176 168 188 129 175 172 157 226 364 189 • 171 157 180 135 166 167 March 152 213 345 184 167 152 171 126 161 163 April 146 206 333 177 169 146 166 125 157 164 May 145 201 323 168 173 145 164 140 150 168 142 197 311 165 172 142 153 130 147 166 July 145 196 312 163 178 145 146 126 144 171 146 195 302 166 177 146 147 121 150 172 September 146 194 301 158 192 146 149 113 141 186 145 187 295 149 202 145 149 111 136 193 145 177 292 145 197 145 144 109 133 189 142 172 287 145 193 142 147 117 135 186 1922. January 142 170 286 144 191 142 147 121 137 181 146 167 283 149 185 146 150 128 145 176 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 165 171 307 154 195 165 156 131 152 187 165 168 298 149 187 165 154 123 149 179 September 164 165 294 144 179 164 150 117 144 171 October 165 163 294 145 174 165 148 112 145 168 164 165 307 147 172 164 152 109 147 167 December 164 166 315 147 173 164 157 118 146 170 1923. 165 167 324 148 176 165 160 112 147 172 February 166 170 355 152 183 166 164 113 150 178 March 169 175 372 155 185 169 169 122 152 180 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

598 FEDERAL BESEKVE BULLETIN. MAY, 1923. UNITED STATES. ENGLAND. [1913=100-1 [1913=100.] Year and month. G d p u o r c o o e d - d s .p G o I o r m o te d - d s p G o o e r o x te d - d s . te R m r a a ia - w ls. d g u P o c r o e o d r - s s . ' s C e o u r n m s - - ' m c t A i o o e m U d s. i - - Year and month. d G p u o r c o o e d - d s .p G o i o r m t o e - d d s .p G o o e r o x t - d e s d.te R m r a a ia - w ls. d g u P o c r o e o d r - s s ' . g s C o e u o r o m s n d - ' - s- m c t o A i o d l e m s i l - . - (82) (19) (39) (37) (31) (33) (101) (55) (42) (40) (38) (35) (24) (97) 1919 average •214 174 221 209 198 221 211 1919 average 238 247 275 226 261 241 241 1920 average 242 191 235 235 237 244 239 1920 average 315 294 438 291 355 292 314 1921 average 148 108 136 141 142 160 148 1921 average... 207 171 183 197 178 219 201 1922 average 154 123 157 166 139 157 157 1922 average 169 155 155 168 145 181 167 1919. 1919. January 203 168 207 195 192 212 201 221 244 242 210 238 241 227 February 196 168 199 190 191 201 I 194 February.. . . 215 240 231 208 229 234 222 March 198 163 201 196 185 200 195 March 202 233 222 206 200 226 210 April 203 165 201 201 181 208 200 April.. 208 230 219 207 213 225 214 May 208 172 218 209 184 214 206 May 220 234 232 211 237 229 224 June 209 180 221 208 192 213 207 231 241 233 216 257 236 234 July 219 176 232 217 200 223 216 July 240 247 265 222 269 244 242 August 226 174 227 217 206 237 223 250 246 278 234 277 243 249 September... 220 170 219 211 203 231 217 253 246 302 239 277 241 251 October 221 174 233 213 207 230 218 October 262 259 332 250 288 249 261 November... 228 179 250 220 213 236 225 273 269 345 255 310 260 272 December... 235 203 254 229 223 243 233 December... 283 280 399 261 331 267 287 pi 1920. 1920. January 250 212 264 245 236 257 248 302 298 452 270 358 289 305 February.... 250 216 260 242 247 255 248 316 314 478 281 392 291 320 March 255 218 266 246 263 255 253 March 327 319 483 287 406 300 329 April 269 242 272 263 274 270 267 April 332 324 486 292 409 306 334 May 270 246 271 263 274 273 269 341 322 484 306 406 310 340 June 265 226 265 258 265 267 262 June 344 306 469 308 396 311 339 July 258 208 256 249 251 263 254 July 330 299 452 307 363 302 326 August 244 182 236 237 235 245 240 August 322 304 439 307 352 297 322 September... 237 164 219 233 225 234 232 September 319 288 421 301 341 296 315 October 220 142 187 211 209 221 214 October. . 301 272 392 290 309 282 297 November... 202 127 168 192 190 206 196 November 285 253 369 282 278 267 280 December... 184 112 151 176 171 187 179 266 230 328 265 244 255 260 1921. 1921. January 172 114 147 164 166 173 168 252 207 246 233 231 261 244 February 160 113 140 152 158 162 157 234 190 201 213 213 246 226 March 114 129 146 153 159 152 March 219 182 189 202 198 231 , 213 April.. 109 125 136 148 155 146 211 180 185 201 184 225 ' 206 May... 105 129 139 145 152 145 May 209 167 182 19S 179 216 201 June... 102 126 133 140 154 142 206 161 179 196 173 213 197 July... 103 126 134 136 162 145 July 204 164 174 192 165 222 196 August 104 127 133 133 167 146 202 165 168 193 161 223 195 September 144 106 149 138 133 162 146 199 170 171 195 165 212 194 October.. 143 107 146 140 132 158 145 October 192 163 175 187 166 200 187 November.. 142 108 143 141 128 157 145 182 154 164 177 153 191 177 December... 140 111 141 140 127 153 142 December 176 152 158 173 147 186 172 1922. M A M J J A J D S F N O u u a e e u p e c o a a n l n p b y g r t c y r v e u o i t c r u e l e e a b u h m s m m r e a t y 1 r r b b b 9 y e 2 e e 2 r r r . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 6 6 3 5 6 6 5 6 6 4 3 6 2 2 9 5 0 0 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 1 2 2 3 2 2 3 9 0 1 5 5 0 4 7 7 8 8 8 1 1 1 1 1 1 1 1 1 1 1 1 3 5 4 4 6 6 7 6 6 4 7 5 9 5 4 2 3 3 3 2 5 4 4 7 1 1 1 1 1 1 1 1 1 1 1 1 4 8 6 7 4 5 8 4 6 7 7 7 1 1 4 9 5 0 4 7 7 7 7 7 1 1 1 1 1 1 1 1 1 1 1 1 4 3 2 4 4 2 2 2 4 5 5 4 4 7 6 3 1 7 7 9 9 0 0 7 •1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 6 6 6 5 5 5 5 5 0 6 6 5 3 0 4 7 7 6 6 4 1 1 1 1 1 1 1 1 1 1 1 1 4 4 6 4 6 6 6 6 6 6 4 5 6 2 1 9 5 5 5 4 4 4 7 8 M M J O u c a a l t r y y o c b h er 1 1 1 1 1 1 1 1 1 1 1 1 7 7 7 7 7 7 7 6 6 6 6 7 4 5 1 1 0 2 2 2 5 0 1 4 1 1 1 1 1 1 1 1 1 1 1 1 5 4 5 5 4 4 4 5 6 6 6 5 3 3 9 5 4 8 8 7 7 1 5 8 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 4 5 7 5 2 3 1 8 9 8 4 4 9 8 1 1 1 1 1 1 1 1 1 1 1 6 6 6 7 7 6 7 6 6 6 6 6 6 9 1 0 7 0 8 8 6 5 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 4 4 4 4 4 4 4 4 4 6 3 3 4 7 6 6 3 7 8 4 2 1 1 1 1 1 1 1 1 1 1 1 1 8 9 7 8 7 8 8 8 8 7 7 9 7 1 1 3 7 3 3 1 6 0 2 0 1 1 1 1 1 1 1 1 1 1 1 1 6 6 6 7 6 6 7 6 6 7 6 6 6 7 7 1 9 3 1 5 5 0 8 8 1923. 1923. January 165 164 165 167 151 175 167 January J 162 139 180 182 150 156 165 168 186 172 171 153 177 ' 170 February i 162 146 187 182 156 154 166 174 169 185 178 158 179 175 March 164 1-54 193 184 165 155 169 April 176 170 191 180 161 180 177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1923. FEDERAL RESERVE BULLETIN. 599 FRANCE. JAPAN—Continued. [1913-100.] Goods Con- All pro- Goods Goods Raw Pro- com- Year and month. p G o e o r x t o e - d d s . m r R ia a aw l t s e - . - d g u P o c r o o e d - r s s . ' g s C o e u o o r m s d n ' - s - . m i c t A o i o e m l d s l - . - Year and month. du (6 c 2 e ) d. po i ( m 2 rt 8 e - ) d.po ( e 2 r x t 1 e - ) d. m ri ( a a 18 l t s e ) . - d g u o ( c 3 o e 5 d ) r s s . ' g s o ( e u 3 o r m 7 s d ) - s. m i ( t 9 i o e 0 d s ) - . (34) (39) (36) (23) (98) 1922. 1 1 1 9 9 9 2 2 2 0 2 1 a a a v v v e e e r r r a a a g g g e e e 4 3 2 6 2 9 6 2 5 5 2 2 1 8 9 2 8 5 5 3 32 0 4 4 6 1 4 2 2 3 4 3 3 8 5 4 3 3 7 0 4 4 9 8 4 3 2 2 7 9 1 8 8 A S O N e c u o p t g v o t u e e b m s m e t r b b e e r r . . 1 1 1 1 7 8 9 7 6 3 2 3 1 1 1 1 5 6 5 6 6 6 9 0 1 1 1 1 9 9 8 8 5 4 9 9 1 1 1 1 6 5 7 6 6 9 3 1 1 1 1 1 6 7 8 7 8 7 7 1 2 1 1 1 9 7 7 0 0 9 3 2 1 1 1 1 7 7 8 7 2 9 7 4 1920. December.. 175 165 192 171 167 177 173 J A M M F a e p n a a b r y r u i r c l a u h r a y ry j i j 4 4 5 4 4 1 9 1 5 0 9 8 2 8 1 4 5 5 6 6 9 5 7 5 4 5 1 9 5 2 6 6 5 5 3 5 6 3 3 3 3 5 4 4 5 5 5 4 5 8 5 1 9 9 3 5 0 4 4 3 4 4 8 9 3 7 0 2 8 7 3 8 3 4 4 5 5 2 0 6 3 9 2 8 5 9 8 4 4 5 4 5 4 1 2 3 7 1 7 5 7 9 J M F a e a n b r u c r a u h r a y 1 r 9 y 2 . 3 .. . 1 1 1 7 8 8 6 3 4 ! 1 1 1 8 9 7 4 3 5 2 2 1 1 1 9 2 4 9 1 1 1 9 9 7 4 2 8 1 1 1 8 7 9 6 6 0 1 1 1 7 7 7 7 8 4 1 1 1 8 7 8 3 6 5 June i 484 574 539 518 482 488 500 J A u u ly g ust : : 4 4 7 9 7 4 5 5 2 3 4 2 4 50 9 0 6 5 5 0 2 3 3 4 4 5 5 3 9 5 4 0 8 3 1 4 5 8 0 5 0 CANADA. September I 493 517 501 520 441 506 497 [1913=100.] October 481 489 463 508 417 496 483 N De o c v e e m m b b e e r r i 4 4 5 2 4 2 4 4 0 6 8 6 4 37 0 3 0 4 4 9 5 6 2 3 3 9 5 6 0 4 43 4 0 7 4 4 5 2 6 0 G p o ro o - ds G i o m o - ds e o x o - ds m R a a t w e- du P c r e o r - s ' C o s n u - m- c A om ll - J F a e n b u r a u r a y 1 r 9 y 2 1. : i 3 3 8 6 7 6 3 34 8 9 3 3 3 3 5 0 2 j 4 3 0 8 6 2 3 27 0 6 4 4 4 2 4 2 4 3 36 8 4 7 Year and month. du ( c 6 e 3 d ) . po ( r 3 t 8 e ) d.po ( r 3 t 7 e ) d. r ( i 3 a 4 ls ) . go ( o 29 d ) s. ( e 3 r 8 s ) ' m i ( t 1 i o 0 e 1 d s ) - . Harch..". | 348 330 305 i 358 269 384 345 J J A M A u u p u a n ly r g y e i u l st ! : i i 3 3 3 3 3 1 1 0 3 3 7 7 4 4 0 3 2 2 2 2 2 9 8 7 8 0 2 9 5 6 ! 2 2 2 2 5 6 6 6 6 9 1 1 3 3 3 3 3 3 5 3 2 2 5 4 2 8 2 2 2 2 2 2 5 2 2 4 3 9 6 9 0 2 3 3 3 3 3 6 4 6 4 3 1 7 8 8 0 3 3 3 3 3 1 3 2 1 0 1 3 3 2 2 1 1 1 1 9 9 9 9 2 2 1 2 1 0 9 2 a a a a v v v v e e e e r r r r a a a a g g g g e e e e 2 2 1 1 0 4 6 4 7 9 8 7 2 2 1 1 0 5 6 6 4 3 4 0 2 2 1 1 2 4 6 8 0 5 8 1 2 1 1 1 3 9 3 5 5 7 8 5 1 2 1 1 8 5 5 7 8 1 5 4 2 2 1 1 7 2 8 6 0 7 3 4 2 2 1 1 5 0 6 4 0 7 7 9 September • 298 314 276 i 328 240 309 301 1919. October I 291 314 291 319 238 304 295 January 195 201 209 183 186 219 196 November ' 290 304 294 315 233 305 292 February 190 198 207 175 185 216 191 December ' 284 303 283 313 230 294 287 March 193 198 209 179 181 219 193 J J J M A M F A u a u e p u a a n l n b y r r y g e u c i r u l h a u s - r a t y 1 r 9 y 2 2. ' : ; i 2 3 2 3 3 3 2 8 0 8 0 9 0 0 4 6 2 2 6 5 5 2 2 2 2 2 2 3 3 9 8 8 8 8 0 0 9 5 6 2 2 8 9 8 5 1 2 2 2 2 2 2 2 2 7 9 7 9 7 7 7 9 4 7 2 5 6 2 7 9 i: 3 3 3 3 3 3 3 0 2 1 3 0 2 2 0 9 8 2 5 2 7 2 2 2 2 2 2 2 2 2 3 2 2 2 2 3 3 9 1 6 9 8 7 7 8 2 3 3 3 3 9 0 2 0 2 9 0 5 3 7 2 2 2 3 3 3 2 8 9 8 0 9 0 0 3 9 7 7 8 4 2 A M J J A S O N D u u e p u c e o a l n p r t c y y g v e o i t e u e l e b m m s m e t r b b b e e e r r r 2 2 2 2 2 1 2 2 2 0 0 1 0 2 9 1 1 2 8 5 7 1 0 9 7 4 3 2 2 2 1 1 2 2 1 2 0 0 0 9 9 2 9 1 1 1 5 8 6 3 8 3 2 9 2 2 2 2 2 2 2 2 2 1 1 2 2 3 1 2 2 3 6 3 6 6 3 1 6 8 0 1 2 2 2 2 1 1 2 2 9 0 0 0 0 8 1 9 1 5 » 3 8 7 6 9 2 2 1 1 1 1 2 1 1 1 1 8 7 8 7 0 9 9 9 9 1 7 6 5 3 6 3 8 4 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 5 6 0 4 0 6 9 7 2 2 2 2 2 2 1 2 2 2 1 1 0 0 0 9 2 1 1 6 8 4 7 2 8 3 4 7 September 289 320 301 323 238 296 294 1920. October ; 286 333 308 328 238 290 294 January 238 245 262 231 226 255 239 November i 296 362 336 348 248 296 307 February 248 254 270 242 231 266 249 December j 306 361 333 352 253 310 315 March 251 263 271 247 234 268 253 J F M a e n a b r u r c a u h r a y . 1 . r ' 9 y 2 . 3 . . . 3 3 35 4 1 9 2 2 4 3 4 1 4 8 9 0 4 3 3 3 8 4 9 4 6 9 3 3 4 9 6 1 6 6 8 2 2 3 9 1 6 3 8 2 3 3 3 1 4 4 2 3 9 3 3 3 5 2 7 5 4 2 M J J A A u u p u a l n y r y g e i u l st 2 2 2 2 2 7 6 7 7 5 7 3 4 5 8 2 2 2 2 2 7 7 8 8 5 3 6 3 8 5 ' 2 2 2 2 2 9 9 9 7 8 6 6 5 4 6 2 2 2 2 2 6 5 5 5 5 1 7 8 0 2 2 2 2 2 2 7 6 6 5 7 6 8 8 3 4 2 3 2 3 2 8 6 0 0 9 9 7 2 9 9 2 2 2 2 2 7 7 6 5 7 6 9 5 8 4 September 244 217 270 230 266 258 244 JAPAN. October 234 231 252 215 267 250 234 November 221 218 231 195 260 245 221 [1913=100.] December 208 208 215 187 242 229 208 1921. Year and month. p G o e o r x t o - e d d s . m r R ia a a l t w s e . - d g P u o r c o o e d - r s s . ' g s C o e u o o r m s n d ' - - s. m c i A t o o i m e l d l s - - . J M A F a e p a n b r r u i c r l a u h r a y ry 2 1 1 1 7 0 9 8 8 0 0 6 1 1 1 1 6 8 9 7 9 0 4 4 2 1 0 9 2 2 1 1 1 1 7 8 6 7 4 2 2 0 2 2 1 1 2 1 8 9 2 0 5 0 2 2 2 1 1 0 0 9 7 3 2 6 1 1 1 1 9 8 8 7 9 9 4 7 i (21) (18) (35) (37) (90) M J Ju u a l n y y e 1 1 1 6 6 6 9 6 4 • 1 15 6 1 8 4 60 1 1 1 9 9 8 0 3 5 1 1 1 5 5 5 7 9 3 1 1 1 7 6 6 4 7 8 1 1 1 7 7 7 7 6 8 1 1 1 6 6 6 8 5 3 1 1 J F 9 9 a e 2 2 n b 2 1 u r a a a u v v r a y 1 e e r 9 y r r 2 a a 1 g g . e e 1 1 1 1 8 8 7 7 6 7 7 3 1 1 1 1 5 5 5 7 8 4 0 9 1 1 1 1 8 7 7 7 9 3 5 3 1 1 1 1 6 5 5 6 1 5 4 5 1 1 1 1 8 8 8 9 8 1 4 2 1 1 1 1 7 7 9 9 9 4 2 3 1 1 1 1 7 7 8 8 6 1 2 1 A S O N D e c e o u p t c 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 1 1 1 1 1 6 5 4 4 4 7 8 8 4 4 1 1 1 1 1 5 5 5 5 5 5 3 1 8 1 ! ! 1 1 1 1 1 7 4 3 8 3 5 9 7 8 8 1 1 1 1 1 3 3 3 4 5 1 6 1 7 5 1 1 1 1 1 4 5 5 5 6 9 9 2 3 2 1 1 1 1 1 6 6 7 6 8 4 6 4 4 2 1 1 1 1 1 4 6 4 5 4 5 6 9 8 5 March 170 148 167 149 173 174 167 1922. April 173 146 167 148 179 177 169 January 143 151 139 132 147 161 144 May 179 146 165 147 180 185 137 February 148 150 152 138 147 164 149 June 178 141 163 142 181 185 172 March 150 150 151 140 146 166 150 July 186 140 166 141 184 197 178 April 152 151 153 142 146 169 152 August 184 144 166 142 187 193 177 May 153 157 154 145 147 168 154 September 197 167 175 159 199 207 192 June 151 162 149 143 150 168 153 October 208 172 185 171 209 217 202 July 153 165 154 143 152 171 154 November 204 162 183 167 193 215 197 August 146 166 144 136 154 166 149 December 201 154 192 167 192 209 193 September 140 170 133 133 154 157 144 J F a e n b u r a u r a y r 1 y 922 192 1 1 5 5 3 1 1 18 9 6 7 1 16 6 3 8 1 1 9 8 1 3 2 1 0 9 3 8 1 1 8 9 5 1 D O N e c o c t v o e e b m m e b r b e e r r 1 1 1 4 4 4 3 1 3 1 1 1 7 6 6 1 5 7 1 1 1 3 3 3 8 4 8 1 1 1 3 3 3 4 5 5 1 1 1 5 5 5 7 5 9 1 1 1 5 6 6 8 0 1 1 1 1 4 4 4 5 7 7 March 187 153 175 157 183. 195 182 1923. April 186 151 176 157 183 192 180 January 145 170 140 136 160 163 148 May 188 157 183 164 182 194 183 February 149 170 146 139 164 167 152 June 191 166 192 168 191 196 187 March 152 173 151 141 169 173 155 July 200 167 196 170 195 208 195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

600 FEDERAL BESERVE BULLETIN. MAY, 1923. COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. The following series of index numbers covering the last four years are the latest corrected figures available, and have been obtained in most cases directly from the statistical offices computing them. There are many small changes from the figures as previously published. ALL-COMMODITIES INDEX NUMBERS.' Spain; Sweden;; Year and mouth. B c I a E a t c a r ic h d l - y i o . ; ' C B t N i l o s a u e e f t n n r t i S h c e t d r a s t e s a a . r u ; 8 l - - R O ( t C i m e a e v h k n i u s r o i k i a e n s ) - - - : 8 C P S O o e t t f i n l a f c a i t t c a r n i e l s a d . - l * ; t t i I r G u s n a a S t t e s p i e n t o c t a h d i g s o - - y . - f 10 n H i a n l g. - u jS*ed<m; (100) (53) (92) (58) (74) (47) , (160) 1913 100 100 100 100 » 100 1914 95 105 "115 101 116 ! 1915 133 145 i'159 119 145 i 1916 202 222 W233 141 185 i 1917 299 286 i«341 166 244 j 1918 409 392 18 345 207 339 1919 364 297 18 322 204 330 : 1920 631 281 382 221 347 359 1921 578 181 29S 190 211 , 218 1922 562 160 233 1,376 176 162 173 January 324 339 369 February. 320 358 March 324 354 April 329 339 May. 336 330 June 356 314 324 July 361 320 August... 368 321 September. 370 319 October... 388 307 November 436 308 December 455 322 317 January 550 287 333 319 343 February 557 283 342 342 357 March 602 286 351 354 366 April 664 292 354 354 371 May 700 293 368 361 374 June 632 294 382 366 376 J S A N O D u e o u e c l p y c v g t t o e e u e m m b s m t e b b b r e e e . r r . r . . 6 6 6 6 6 6 0 7 5 2 5 5 4 0 9 5 5 5 2 2 2 2 2 2 8 9 8 3 6 8 7 6 3 3 0 8 4 4 4 4 4 3 1 0 1 2 0 7 7 9 9 5 3 7 3 3 3 3 3 2 6 6 6 4 3 9 5 2 3 6 1 9 3 3 3 3 3 30 7 3 7 7 5 6 6 8 5 0 8 1921. January 642 213 344 219 267 272 February. 613 197 319 203 250 256 March 604 188 312 193 237 249 April 584 176 297 191 229 239 May. 547 182 294 187 218 230 June 509 182 294 186 218 223 July 520 176 300 186 211 216 A S N O D e u o e c p c g v t t o e u e e m b m s m t e b b b r e e e . r . r r . 5 5 5 5 5 4 9 9 8 9 2 9 5 0 5 1 1 1 1 1 8 8 6 6 6 0 0 9 5 5 2 2 9 8 7 7 1 1 1 1 1 8 8 8 8 8 3 3 5 3 4 1 1 1 1 1 7 8 9 7 7 4 2 8 5 2 2 2 1 1 1 0 1 9 8 8 1 1 4 9 8 January 42 37 577 ! 161 260 592 180 170 181 February 46 41 562 162 253 634 179 166 179 March 54 54 533 161 240 737 177 164 177 April 67 64 527 161 236 751 180 165 175 May 7-1 65 524 165 231 786 178 164 175 June 79 70 537 167 230 877 178 164 174 July 91 101 558 162 232 I 1,016 175 165 173 August 140 192 571 155 227 ;1,358 175 163 173 September 291 287 582 | 153 225 I 1,524 174 158 170 October... 432 566 601 156 221 j2,013 172 155 169 November. 945 1,151 596 158 221 j2,756 174 154 163 December 1,665 1,475 580 158 220 ] 3,464 172 155 163 January 2,054 2,785 575 159 220 5,487 170 156 163 February. 7,159 5,585 582 158 224 8,591 170 158 March 6,770 4,888 586 164 229 !9,885 171 162 1 April 6,393 588 231 10,589 See following page for footnotes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1923. FEDERAL EESERVE BULLETIN. 601 ALL-COMMODITIES INDEX NUMBERS—Continued. EUROPE—continued. NORTH AMERICA. ASIA AND OCEANIA. AFRICA. Year and month. S Ix w D l > i r a r t . n e z J d n e . z ; r . - 8 U T B K d n r o i o i a o a n m t d f r g e ; e - d . d U E K d m n c i i o i o n s m t n g t ; e o - - d S U t K d n a i o t i n i m t s g ; e t - . d * o B U t f S i u n t L s S r i a t a t t e t i b a c e e a - o s s d u r . ; m C L D e a a e n b n p t o a a r r d o . t a f " - ; t s B o t i u f r A u s S s a t u t r C l i a s i e c e a a - - s a n n - . - u d ; *n ( M C t a S h i r h n a h F n y c i i i a i e ) - n n o s ; , . a g f - 2 - 0 I S D r n E t t B u e d i a a u t a c i t s a - i u e c t s l s h . - ; D m c S I e u t e t ( n i p t a C n c d t a t a s t l i i a r . - s ) a o t * - ; f - ( B J T J a a o a p n k p a k y a n o n o . ) f ' ; Z m D S e t e e t N a i p a n c l e a t t s a i w r . n s t o " d - - f ; m D ( S E e e C t t g a a p n i i t y c a t r i s r p s o o . t t ) - f - ; O C A S f S t f e t a f o a i r n i n t c u i c s d i s c t e u s . a h s - O ; f (71) (150) (44) (45) (404) (271) (92) (147) (17) (75) (56) (106) (23) (187) 1913 . 100 100 100 100 100 21100 100 100 1914 . . 'H00 99 101 98 101 15100 22 100 23 100 95 104 "100 100 1915 123 126 101 110 141 22 107 112 97 123 102 1916 161 159 127 135 132 «2 139 128 117 134 124 127 1917 204 206 177 177 155 147 147 151 168 145 1918 225 226 194 206 170 18 232 180 193 175 207 158 1919 235 242 206 217 180 133 18 281 198 236 178 225 170 1920 307 283 295 226 246 218 140 18 226 204 259 212 299 231 1921 ... 195 197 181 188 147 182 167 145 186 181 200 201 171 166 1922 166 159 159 155 149 165 154 146 164 180 196 177 145 133 1919. 217 224 199 212 172 223 188 209 183 213 163 February 215 220 193 207 168 171 • 208 179 211 March 212 217 196 205 169 180 202 173 214 April... 214 217 199 206 171 190 202 172 214 160 Mav 222 229 202 210 172 197 210 171 216 230 235 203 210 173 199 223 171 224 July 239 243 212 218 176 246 215 241 173 228 166 241 250 216 223 182 204 245 177 233 245 252 210 223 185 133 200 251 181 239 October 252 264 211 222 200 133 205 266 183 227 191 259 271 217 227 199 134 210 280 184 236 273 276 223 238 197 129 281 214 289 187 246 1920. 326 297 288 288 233 248 203 131 218 301 194 318 221 310 303 306 232 254 206 136 209 313 198 354 319 310 307 234 258 209 141 319 198 321 206 338 April 325 306 313 245 261 217 142 200 300 209 308 230 Mav 326 304 305 247 263 225 143 210 272 210 293 June 322 291 300 243 258 233 146 299 206 248 209 292 July 317 292 299 241 256 234 144 209 239 219 283 240 313 287 298 231 244 236 141 209 235 219 279 September. . . 311 284 292 226 241 230 140 292 208 230 220 299 302 266 282 211 234 215 138 206 226 222 300 230 287 245 263 196 225 208 139 194 221 218 287 264 220 243 179 214 197 139 226 180 206 218 238 1921. January 238 246 209 232 170 208 196 138 214 178 201 216 204 186 230 225 192 215 160 199 192 142 197 174 195 210 180 219 211 189 208 155 194 181 143 194 175 191 208 171 April 208 205 183 199 148 187 171 144 188 183 190 205 172 171 186 202 182 191 145 183 166 145 187 184 191 201 170 185 198 179 183 142 179 162 148 183 178 192 200 161 July. . . 179 194 178 186 • 141 176 159 145 183 183 196 200 159 155 177 190 179 181 142 174 160 149 184 184 199 197 158 181 187 183 175 141 172 160 148 188 187 207 197 169 184 181 170 163 142 169 156 146 175 184 219 195 180 143 182 173 165 161 141 168 151 144 170 180 214 191 171 178 168 162 157 140 170 148 146 166 180 209 188 160 1922. 176 164 159 156 138 168 147 149 164 178 206 186 156 135 171 162 158 155 141 169 147 150 163 179 204 181 152 171 160 160 157 142 166 146 152 164 182 201 180 153 April 163 160 159 158 143 166 148 148 164 182 197 180 148 132 May 161 160 162 159 148 167 155 146 166 187 194 177 141 160 160 163 159 150 165 156 144 167 183 197 175 139 July 161 160 163 157 155 166 157 145 168 181 201 177 138 131 163 156 158 152 155 164 155 142 163 178 195 177 139 163 154 156 150 153 163 158 139 159 176 193 174 138 October 163 155 158 153 154 162 159 143 163 177 190 174 140 133 169 157 159 153 156 164 162 143 164 178 188 175 144 170 156 158 152 156 165 161 149 163 176 183 172 147 1923. 175 157 161 153 156 165 163 153 179 184 171 141 135 181 158 163 155 157 166 161 162 180 192 172 137 186 160 163 156 159 167 163 159 181 196 173 136 187 164 158 133 i 1 The number of commodities or quotations 8 Basei upon price of 52 commodities during '« December figure. used in the computation of each index is indi- 1920; 53 during 1921. " January figure. cated by figures in parenthesis at head of each 9 End of year and end of month, 20 As of last Wednesday in month. column. w 15th of the month. 21 February, 1913-100. 2 Average of last half of month. "Middle of month. 22 As of Jan. 1. * First of month. 1J July 1,1913, to June 30,1914-100. » End of July, 1914-100. * End of month. « April, 1914=100. 2* Jan. 1,1913, to July 31,1914= 100. » Beginning of month—not always the 1st. •* July 1,1912, to June 30,1914= 10C. 25 July, 1914=1. ' Average for the month. is July, 1914=100. 261913 average-1. ' 38 commodities prior to 1920; 76 commodities i« Dec. 31,1913, to June 30,1914= 100. " Corresponding month \n 1913= 100. during 1921. End of month. "January, 1914=1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

602 FEDERAL, RESERVE TJTTT.T.Tf.TTNr, MAY, 1923. The foreign index numbers published on the sented below and on the following pages. two preceding pages are constructed by various These group index numbers are published only foreign statistical offices and are sent to the occasionally, but the most recent figures may Federal Reserve Board by cable. The Swedish be obtained from the Division of Analysis and Board of Trade index was described in the July, Research at any time upon request. 1922, BULLETIN, page 816; references to BUL- A comparative summary table showing the LETINS in which other indexes are described board's international index for the United may be found in the issue for January, 1923. States, England, Canada, France, and Japan Index numbers showing the price levels of appears on page 597. Group index numbers, separate groups of commodities in the United computed as part of this international series, States and many foreign countries are pre- will be found on pages 598 and 599. 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 r n o i du m c a t l s.pr F o o d r u e c s t t s p M ro i d ne u r c a t l s. r t a e T w r o i a t m a l l s a . - d g u o c o e d r s s . ' s g u o m o e d r s s . ' com ti m es o . di- (21) (21) (11) (35) (88) (117) (199) (404) 1913. 100 i 100 100 100 100 100 100 100 1919. 251 | 221 211 179 217 179 211 206 1920. 255 186 311 236 228 215 231 226 1921. 134 110 165 184 142 135 159 147 1922. 145 125 185 207 158 128 151 149 1922. January 130 109 167 178 139 123 146 138 February. 140 121 166 177 146 118 148 141 March 141 122 165 178 147 120 150 142 AAppril 145 120 167 180 148 122 149 143 May 152 122 174 202 157 125 150 148 June 146 123 186 211 159 127 151 150 July 147 130 188 241 171 129 152 155 August 138 127 191 261 173 129 149 155 September. 136 132 199 236 168 132 150 | 153 October 147 132 204 218 166 135 152 154 November. 160 129 207 209 166 136 155 156 December.. 161 128 210 208 167 135 157 156 1923. January.. 164 125 215 213 168 136 155 156 February. 170 123 220 207 167 141 155 157 March 174 123 227 202 167 148 156 159 GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS. Year and month. Foods. la M n i e s o ce u l s - . com A m ll odities. (110) (25) (404) 1913 100 100 100 1919 231 175 206 1920 218 196 226 1921 124 128 147 1922 133 117 149 1922. January 122 117 138 February.. 131 117 141 March 130 117 142 April 129 116 143 May 132 116 148 June 131 114 150 July 135 114 155 August 131 115 155 September. 133 116 153 October 138 120 154 November. 143 122 156 December.. 145 122 156 1923. January 143 124 156 February... 142 126 157 March 143 127 159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 603 GROUP INDEX NUMBERS—BELGIUM—MINISTRY OF LABOR.' Year and month. p F u r o c o t o d s d . - Fuel. Metals. P p le e r u o tr m d o - - t P e o r t y - . w G a la re ss s - . C p i h r c o e a d m l - - F i e z r e t r i s l . - Fats. t T il e e x s - . B m i u a n i t g l e d - - le H a a i t n d h d e e s r. ucts. ucts. rials. (15) (4) (15) (7) (10) (2) (12) (7) (21) (13) (9) (126) 1922. January 359 447 330 436 528 415 345 339 303 394 361 301 366 February 346 443 311 422 520 386 341 342 302 380 357 295 356 March 342 i 430 306 384 526 360 334 369 292 370 355 286 350 April 347 ! 407 313 359 518 325 326 358 279 360 351 282 344 May 337 392 318 357 533 325 321 348 283 399 346 282 348 June 392 319 360 525 337 321 333 293 432 358 282 358 July 400 329 366 530 337 321 328 307 440 351 286 360 August 327 : 405 334 352 531 337 322 352 298 444 358 286 360 September 304 343 347 575 337 322 364 303 444 365 293 364 O N De c o c t v o e e b m m e b r b e e r r , 3 3 3 2 4 3 6 9 9 ! | "4 4 4 5 6 6 7 2 2 ' 3 3 3 9 9 6 0 0 8 3 3 3 3 4 3 3 9 7 6 6 5 0 0 9 0 5 6 3 3 3 6 7 7 0 8 8 3 3 3 7 5 3 7 8 9 3 3 3 8 7 8 5 4 8 ! ! 3 3 3 4 3 4 9 4 9 4 5 5 7 2 2 7 3 1 3 3 37 7 6 7 5 1 3 3 3 0 2 2 2 2 2 3 4 4 8 0 0 5 8 7 1923. January 353 514 467 360 617 37S 377 407 379 563 390 317 434 February 407 579 525 383 619 522 397 443 ! 422 598 405 334 474 GROUP INDEX NUMBERS—DENMARK—FINANSTIDENDE.« Other All Other All Other All Year and month. Foods. m co o m di - - m co o m di - - Year and month. Foods. m co o m di - - m co o m di - - Year and month. Foods. m co o m di - - m co o m di - ties. ties. ties. ties. ties. ties. 1920—January 285 374 340 | 1922—June 182 178 179 1923—3 anuary j 179 183 181 1921—January 319 356 341 July 186 177 180 February I 184 197 192 1922—January 175 180 178 j August 186 176 180 March. 204 199 February 172 180 177 September. 179 177 178 April. 207 200 March 174 186 182 October 182 172 176 May... 209 204 April 172 181 178 November. 178 181 180 May 176 178 177 December.. 181 183 I 182 GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU. 8 Year and month. A fo n o im ds a . l Ve fo g o e d ta s b . le S c c o o u f c g f o e a a e r . , , All foods. Minerals. Textiles. Sundries m d a A u t l s e l t r r i i i n a a - l l s. co i m t A ie m l s l . od- (8) (8) (4) (20) (7) (6) (12) (25) (45) 1919, April 436 277 236 336 243 335 387 330 332 1920 April . 522 511 447 506 507 953 598 653 588 1921 4.pril 396 348 359 372 281 314 371 328 347 1922. 309 289 306 302 258 363 350 324 314 303 288 318 301 242 345 341 311 306 341 285 326 317 242 326 328 300 307 April 362 310 320 335 245 319 324 297 314 May ... 362 310 319 334 249 338 323 303 317 363 318 334 341 255 372 322 313 325 July 359 293 339 330 265 392 326 322 325 354 292 S36 327 275 421 330 334 331 279 333 318 279 418 341 339 329 October 341 283 311 313 309 .446 347 357 337 289 345 331 305 468 363 369 352 387 300 364 349 311 473 365 373 362 1923. 388 322 412 367 346 533 377 404 387 332 508 402 399 553 410 439 422 413 333 491 397 426 541 417 447 424 April 413 322 498 393 390 530 416 433 415 GROUP INDEX NUMBERS—GERMANY—FEDERAL STATISTICAL BUREAU. • Domestic Imported All com- Domestic Imported All com- Year and month. goods. goods. modities. Year and month. goods. goods. modities. (16) (22) (38) (10) (22) (38) 1919, April. 287 302 1922. 1920, April. 1,192 3,441 1,567 August , 16,545 32,491 19,202 1921, April. 1,280 1,560 1,326 September 25,815 43,113 28,698 October 49,853 90,343 56,601 1922. November 95,290 214,150 115,100 January,. 3,383 5,075 3,665 December 128,330 243,230 147,480 February. 3,763 5,800 4,103 March 5,027 7,463 5,433 1923. April 5,985 8,203 6,355 January 239,005 475,832 278,476 May 6,026 8,617 0,458 February 494,200 879,600 558,500 June 6,540 9,479 7,030 March 450,300 081,600 488,800 July 9,300 13,854 10,059 'Apr. 15, 1914 = 100. 2 July 1,1912-June 30,1914-100. 5 1913=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

604 FEDERAL RESERVE BULLETIN. MAY, 1923. GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG.* Year and month. F l o u o x a d u n s r d t i u e f s f . s T le e a a x t n h t d i e le r. s Minerals. M n i e s o ce u l s l . a- I p n f r i d o n u i d s s u h t c e r d t ia s. l m A o ll d c it o i m es - . (26) (16) (18) (17) (21) (98) 1920, January 1,972 2,611 2,749 1,101 1,465 1,965 1921, January 2,019 2,325 2,780 1,776 1,704 2,130 1922. January 3.840 5,789 5,178 3,149 3,347 4,217 February 4,300 6,281 5,525 3,492 3,581 4,599 March 5,211 6,805 6,810 4,201 4,060 5,420 April 6,330 8,551 8,585 5,288 4,972 6,703 May 6,649 9,228 9,305 5,961 5,982 7,384 June 6,967 9,626 10,141 6,413 6,341 7,851 July 8,323 11,001 12,168 6,881 7,292 9,102 August 13,691 19,661 18,355 10,993 10,001 13,978 September 29,175 32,184 42,648 21,605 22,664 29,116 October 38,959 66,157 54,905 32,134 35,025 43,223 N ovember 88,980 153,896 128,982 72,038 57,683 94,492 December 144,753 266,622 219,395 134,177 118,385 166,495 1923. January 175, 845 320,632 262,212 177,752 151,793 205,417 February 555,005 1,413,673 931,239 534,734 476,564 715,881 March 536,100 945,000 829,800 694,900 551,400 677,000 April 535,000 834,900 782,200 643,400 531,500 639,300 GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI s Year and month. f V t o a e o b g d l e e s - . A fo n o im ds a . l C c h a e l m s. i- Textiles. M m i a e n n t e a d r l a s l . s B m u ri i a a l l d t s e i . n - g v p e r O o ge d t t h u a e c b r t l s e . Sundries. m A o ll d c it o i m es - . (2?) (13) (11) (12) (16) (6) (5) (12) (100) 1920 March . . . 93 83 97 116 105 82 102 93 96 1921, March 108 117 87 64 72 113 123 104 97 1922. 112 114 73 72 64 92 112 94 92 109 112 73 68 62 91 111 92 90 March . . . 107 96 72 65 59 84 103 87 85 April 105 103 70 63 58 82 92 88 84 May .. . . ... 106 94 67 66 58 79 96 88 84 June 109 97 67 74 57 76 105 87 86 July . . . 112 100 68 76 61 79 113 91 89 August 115 100 69 78 63 81 119 93 92 112 110 70 80 65 81 120 95 93 October 113 114 72 85 69 86 134 96 96 112 112 71 82 67 88 127 100 96 December. .. . ... 110 110 69 78 65 88 129 94 93 1923. 109 108 69 81 63 88 125 91 92 109 108 70 83 64 86 130 92 93 March 109 110 70 90 67 85 129 92 94 April 111 114 70 83 66 83 128 93 94 GROUP INDEX NUMBERS—NORWAY—0KONOMISK REVUE.' Year and month. A fo n o im ds a . l V fo e o g d e s - . a ti s F n l t d i e u z e f e f f d e r s - r s - . c C a o o n k a d e l . b P l e a e e n n u t z d r m i o n - e. Iron. Metals. B te u m r i i l a a d - l i s n . g | Textiles le H a a i t n d h d e e s r. w P o u o lp d. Paper. m c t A o i o e m d l s l i . - - 1920, April... 299 301 289 871 196 603 232 396 279 295 365 354 1921, April... 283 304 279 317 343 295 166 329 329 199 413 297 1922. January 244 256 279 276 268 183 279 316 219 183 332 260 February 236 250 224 279 256 263 I 165 274 310 219 183 327 253 March 222 245 220 279 203 232 | 161 262 190 177 309 240 April 213 241 217 263 203 230 159 260 185 177 304 236 May 209 237 214 250 203 233 ! 160 180 177 245 287 293 231 June 227 241 215 250 203 248 I 165 182 141 242 280 266 230 July 248 244 215 267 203 253 165 179 141 240 280 263 232 August 238 216 215 258 193 248 ! 162 179 141 239 279 266 227 September... 238 208 206 258 193 249 ! 161 185 141 242 272 266 225 October 223 201 203 258 186 233 I 166 185 141 234 272 266 221 November... 222 200 199 258 186 224 I 157 185 161 244 272 266 221 December 220 200 200 250 180 215 ! 157 183 161 245 270 266 220 1923. January 210 198 198 252 165 225 157 179 177 251 264 220 February 215 200 199 278 150 : 270 170 179 i 179 252 263 264 224 March 208 202 202 354 178 i 275 179 ; 177 ; 179 264 257 264 i 229 April 208 205 205 345 184 272 179 177 ! 179 268 262 264 231 < July, 1914-100. > 1920= 100; new series beginning January, 1922. < Dec. 31, 1913-June 30,1914=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 605 GROUP INDEX NUMBERS—SPAIN—INSTITUTE OF GEOGRAPHY AND STATISTICS.' Year and month. A fo n o im ds a . l Ve f g oo et d a s b . le Liquors. T fo o o t d al . lig F a h u n ti e d n l g. T le e a a x t n h t d i e le r. s Metals. m B a u t i e l r d i i a n l g s. C c h a e l m s. i- i m n a d T t u e o s r t t i a r a l i l a s l . m c o A o d m l i l t - ies. (11) (16) (9) (36) (8) (6) (8) (10) (16) (38) (74) 1920, March 219 193 191 200 289 252 184 222 230 238 1921, March 197 178 163 180 238 145 178 255 214 210 193 1922. January 200 168 155 175 188 151 158 247 168 184 ISO February 204 165 157 175 177 145 158 247 167 181 179 March 198 168 158 174 181 141 153 251 164 180 177 April 202 170 169 179 188 140 154 249 166 181 180 May 200 168 170 178 186 144 149 245 163 179 178 June 194 169 170 176 186 148 151 242 163 180 178 July 187 166 166 172 179 151 152 244 158 178 175 August 203 164 165 175 172 147 151 242 158 175 175 September 202 159 163 173 173 148 151 242 156 175 174 October 197 158 160 171 173 153 151 230 152 173 172 November 207 160 159 174 169 161 151 232 150 173 174 December 200 162 158 173 169 161 149 229 144 171 172 1923. January 192 161 155 169 166 166 149 229 143 171 170 February 191 161 152 168 167 165 151 232 144 172 170 GROUP INDEX NUMBERS—SWEDEN—G8TEBORGS HANDELS OCH SJSFARTSTIDNING.8 Year and month. Ve f g o e o t d a s b . le A fo n o im ds a . l m fo a R r t e a a r w g ia ri l - s Coal. Metals. m B a u t i e l r d i i a n l g s. W pu o l o p d . le H a a i t n d h d e e s r. Textiles. Oils. m A o ll d c it o i m es - . culture. (6) (7) (5) (2) (5) (7) (3) (5) (5) (2) (47) 1919, March 276 438 356 814 317 288 323 174 354 1920, March 270 304 318 960 291 367 682 268 275 354 1921, March 238 229 240 279 185 298 510 85 134 268 237 1922. January 168 173 202 179 131 228 104 144 179 170 February 170 159 170 186 130 226 178 97 138 179 166 March 173 153 168 170 129 225 167 91 140 179 164 April 174 156 169 177 128 229 159 90 140 162 165 May 176 154 170 179 124 212 147 86 156 154 164 June 174 165 170 155 121 209 144 87 172 154 154 July 174 164 167 160 121 215 149 88 179 154 165 August 168 168 162 167 123 213 149 90 170 154 163 September 146 179 160 169 119 215 154 90 171 150 158 October 143 166 158 169 117 216 160 91 176 150 155 November 132 171 159 175 117 208 178 194 150 154 December 136 155 162 178 117 209 181 198 150 155 1923. January 137 161 163 184 117 211 185 205 150 156 February 141 156 159 214 118 206 190 213 150 158 March 142 147 159 267 130 206 190 89 216 150 162 GROUP INDEX NUMBERS—SWITZERLAND—DR. J. LORENZ.' Con- Agricul- Indus- All Con- Agricul- Indus- All Year and month. sumers tural trial com- Year and month. sumers tural trial comgoods. products. products.modities. goods. products. products. modities. (33) (12) (26) (71) (33) (12) (26) (71) 1921, April.. 257 166 197 219 August 168 148 168 163 September 167 153 166 163 1922. October 168 150 166 163 January... 1S9 155 170 176 November 173 155 175 169 February.. 181 151 169 171 December 174 155 176 170 March 179 151 173 171 April 171 145 165 163 1923. May 165 148 165 161 January 176 162 180 175 June 166 140 170 160 February 163 181 193 181 July 167 141 171 161 March 177 206 172 186 ' 1913-100. 8 July 1,1913-June 30,1914-100 July, 1914=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 FEDERAL, RESERVE BTJLUSTIN. MAT, 1923. GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE, w Year and month. 1920, March 1921, March 1922. January February March April June July. August September October November December 1923. January February. March GROUP INDEX NUMBERS—UNITED KINGDOM—STATIST.'» Vege- i All Year and month. f t o a o b d le s. A fo n o im ds a . l s F tu o f o f d s. - Minerals. Textiles. Sundries. Materials.! m c o o d m iti - es. (8) (7) (4) (9) (7) (8) I (11) (26) (45) l919,Mareh 240 205 | 238 223 154 235 246 213 | 217 1920, March 342 237 393 300 263 360 318 312 ! 307 1921, March 214 262 182 232 179 171 221 193 \ 1922. January 160 170 140 162 123 175 159 152 | 156 February 167 173 138 166 117 172 158 149 ! 155 March 164 190 147 174 118 162 157 146 ' 157 April 168 206 149 183 120 156 152 143 158 May 167 199 147 179 123 163 154 147 159 June 166 196 154 178 122 167 155 147 152 July 165 187 156 174 125 166 151 147 : 159 August J41 186 156 165 124 166 146 144 157 September : 137 178 151 159 126 166 146 145 ! 150 October 143 175 161 161 129 173 146 148 153 November 143 175 166 162 127 174 147 148 153 December 140 181 164 163 j 127 171 140 145 ' 152 1923. January 138 177 167 161 | 132 172 144 148 ; 153 February ! 134 178 188 163 141 164 147 150 ! 155 March i 133 173 209 163 146 161 148 151 ! 156 GROUP INDEX NUMBERS—CANADA—DEPARTMENT OF LABOR." Year and month. f G o r a d a n d i e d n r s . A m n e a i a n m t a d s l . s D p u a r c o i t d r s - y . a e F n t r a d u b i l v e t e s s g . - O fo t o h d e s r . Textiles.! j l H ea e i t d t h c e . e s r , , Metals. m Im e p n l t e s - . i t B n e g r u i i m a l l d a s - , - lig F a h u n t d e in l g c D h a r e n u m d gs i- A m l t l i o e c d s o i . m - lumber. cals. (15) (17) (9) (20) (25) (20) (11) (23) (10) (14) (10) (16) (271) 1919, April... 217 210 184 197 213 284 166 162 223 153 206 210 206 1920, April.... 291 200 196 316 264 328 239 214 237 268 246 201 261 1921, April..., 154 169 161 162 191 116 145 241 229 226 180 187 1922. I January 133 129 149 186 155 176 99 142 231 180 206 163 168 February 145 135 141 204 155 174 97 141 216 179 204 164 169 March 149 138 122 204 158 174 96 137 213 174 206 166 166 April 152 143 127 203 157 174 95 135 213 174 206 165 166 May , 153 144 116 202 154 175 95 136 213 173 218 166 167 June 143 144 115 185 153 180 99 137 213 173 221 162 165 July.... 143 143 122 178 154 184 100 138 216 178 234 160 166 August , 127 138 120 156 152 181 105 142 216 179 257 161 164 September 121 132 128 137 156 181 105 144 218 179 243 160 163 October 119 131 141 139 153 183 103 146 218 180 232 159 162 November 126 125 152 155 154 185 106 147 218 181 221 160 164 December 127 127 160 159 154 182 102 148 218 184 225 160 165 1923. January 125 126 151 155 159 184 102 150 218 184 226 159 165 February 129 128 150 162 163 185 102 150 218 184 221 159 166 March 129 125 151 162 161 102 159 213 186 222 158 167 1913-100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1923. FEDERAL RESERVE BULLETIN. 607 GROUP INDEX NUMBERS—AUSTRALIA—BUREAU OF CENSUS AND STATISTICS." Year and month. ! an M d e c ta o l a s l. Textiles. p A r t g o u r d r i u c a u c l t l- s. pr D o a d i u r c y tsJ \ ! G to r b o a c c e c ri o e . s Meat. m B a u t i e ld ri i a n l g s. C c h a e l m s. i- m A o ll d c i o ti m es - . (10) (16) (0) (21) (5) (10) (7) (92) 1919, March. 200 185 161 136 142 147 261 309 169 1920, March. 205 281 226 162 160 146 298 280 209 1921, March. 203 j 107 176 207 198 178 303 234 181 j 1922. January 185 139 140 118 188 92 196 200 147 February.. 184 136 142 119 187 93 195 194 147 March 182 137 144 121 186 91 187 190 146 April 181 140 144 134 184 92 190 192 148 May 179 150 149 155 184 109 180 190 155 June 178 159 148 152 183 116 169 188 156 July 176 156 153 156 181 119 168 199 157 August 172 147 156 144 181 124 168 199 155 September. 171 i 157 160 145 180 124 169 192 158 October 170 164 156 140 181 132 179 188 159 November. 169 188 168 134 169 118 191 184 162 December.. 169 181 159 126 170 113 204 184 161 1923. January... 169 190 164 134 170 122 198 188 163 February.. 168 198 157 140 170 116 190 194 161 March 165 199 160 151 171 117 185 193 163 July, 1914=100. GROUP INDEX NUMBERS—DUTCH EAST INDIES—STATISTICAL BUREAU." Y m e o ar n a th n . d m G a r e n a a d i t n s s . s O f t o u t o h f d f e s - r . Textiles. M a i l n s e . r- n c M e e o l i l u s a - s - . m c t A i o o e m U d s. i - - Y m ea o r n a th n . d m G a r e n a a d i t n s s . s O f t o u t o f h f d e s - r . Textiles. M a i l n s e . r- n c M e e o l i l u s a - s - . m c t A i o o e m d l s l i . - - 1919, January. 229 220 252 169 233 223 1922. 1920, January. 256 248 380 233 254 281 May 185 185 168 145 155 166 1921, January. 230 225 185 230 211 214 June 178 191 177 141 155 167 July 177 188 174 145 157 168 1922. August 156 190 175 141 155 163 January 161 185 166 149 162 164 September. 155 192 174 142 143 159 February 168 181 162 142 164 163 October.... 157 197 180 145 142 163 March.. 174 194 162 143 156 164 November 153 198 187 143 142 164 Aprii... 179 188 157 145 156 164 December. 153 199 185 144 141 163 12 Jan. 1,1914=100. GROUP INDEX NUMBERS-INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS." Year and month. Cereals. Pulses. Tea. O fo t o h d e s r . se O ed il s, j R u a t w e. co R t a to w n. C m f o a a * c n - o u n - te O x t t h il e e r s. H s a k i n i d n d e s s . Metals.ar O ti t c h l e e r s. m c A o o m U di - tures. ties. 1919, March 159 155 109 150 202 300 151 159 266 181 180 1920, March 151 160 87 166 118 179 351 159 211 222 218 198 1921, March 128 122 71 122 81 98 301 143 86 255 239 175 1922. January 139 177 161 132 85 165 275 156 126 220 236 178 February 137 174 146 143 82 172 266 162 131 193 241 179 March 153 173 146 148 90 189 271 150 126 187 260 182 April 145 166 146 143 107 189 271 147 114 183 259 182 May 147 • 152 144 161 120 198 296 150 109 178 261 187 June 141 149 137 156 123 206 292 150 110 165 251 183 July 142 149 136 155 121 209 290 163 113 163 225 181 August 135 145 154 145 109 208 284 159 112 164 213 178 September 130 141 152 146 118 187 276 166 110 165 214 176 October 133 143 179 149 113 189 271 174 128 163 218 177 November 128 130 204 145 130 190 270 189 132 162 212 178 December 116 121 200 142 126 188 269 166 133 ,160 221 176 1923. January 114 I 118 209 134 119 216 272 160 137 171 219 179 February 121 I 112 204 138 115 216 270 162 136 159 226 18C March 119 , 111 204 139 111 228 267 160 149 160 229 181 »July, 1914-100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

608 FEDERAL KESERVE BULLETIN. MAY, 1923. COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following tables are presented statistics showing the trend of retail food prices and cost of living in the United States and certain other countries. Descriptions of these index numbers were given in the BULLETINS for January and April, 1923. Wherever possible the index numbers have been shifted to a July, 1914, base, instead of being shown on the different bases used in the original computations. INDEX NUMBERS OF RETAIL FOOD PRICES. UNITED STATES AND EUROPEAN COUNTRIES. OTHER COUNTRIES. Year and Nethmonth. e A ( t n V r u n ia s i a - - ). g B iu e m l- . g B a u ri l a - . C v z a s e l k o c i - h a o . -F ( r i P s a ) a n .* r c - e c m i G ( t a i 7 e e n 1 r s y - ). m ( l G B i a n e e n ) r r y . - - Italy. l ( s a A e t n e r m d - r- s - w N a o y r- . ( S r M i p d a a ) i . d n * - S d w en e . - l S a z n w e d r i - . t 2 - U St n a i t t e e s d . C ad a a n . - t A ra u li s a - . l N Z an e e a w d - . A S f o r u ic th a. dam). 1914, July 31 100 100 100 100 •1 >1 1100 100 100 100 100 100 100 100 100 100 100 1920, July 459 1,694 373 13 14 452 210 319 191 297 239 215 227 194 167 191 1921, July 410 1 612 306 15 15 501 ISO 295 184 232 207 145 148 161 164 139 1922. 748 417 2 259 1 467 319 25 26 576 148 257 179 190 176 139 149 142 147 121 Feb . 871 399 2 364 1.461 307 30 31 559 149 245 179 189 173 139 143 140 145 119 Mar . 904 382 2,3S0 ,414 294 36 36 546 143 238 181 185 162 136 142 141 141 IIS Apr . 1,043 378 2,456 ,415 304 44 43 524 137 234 190 182 153 136 138 143 144 121 May . 1,374 379 2,632 ,444 317 47 45 530 136 230 188 178 152 136 138 147 145 12C . 2,421 384 2 379 475- 307 51 48 137 227 183 179 153 138 137 146 143 lit July . 3,282 381 2,431 ,430 297 68 71 522 140 233 179 179 153 139 138 148 144 116 Aug . 7,224 377 2,475 ,290 289 97 111 531 139 232 178 181 152 136 141 149 141 ne Sept .13,531 386 2,478 ,105 291 154 176 537 141 228 179 180 153 137 139 149 139 HI Oct. 11 907 406 2 506 (11 f, 290 266 288 555 143 220 178 178 155 140 138 146 139 us NOT . 11,145 432 2,520 '984 297 550 605 561 136 216 178 170 156 142 139 145 139 120 Dec . 10,519 429 2,575 962 305 807 831 557 137 215 177 168 156 144 140 146 138 118 1923. Jan. . . 10,718 426 941 309 1 366 1 336 542 140 214 180 166 155 141 142 145 138 117 Feb . 10,784 439 934 316 3,183 3,319 527 214 181 165 154 139 142 144 139 Mar 439 926 321 3,315 523 211 139 145 141 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 AND OTHER COUNTRIES. Y m ea o r n a th n . d ( A n V tr a u i i e ) a s . n - - g B iu e m l- . l F an in d - . F ( r P i a s a n ) r . c - e c m i G t ( a i 7 e e n f 1 s - y ). m ( l G B i a n e e n ) r r . - y - I l ( t a M a n l i y ) - . N l ( s a A e t e n e r t m d - r h - s - - w N a o y r- . la P n o d - . S la z w e n r i d - t . - U K d n o i i n m t g e . d - U c S i n t t ( i a 3 i e t t 2 s e e ) d s . ( U M S n t a a i s t t s e e . s d ). C ad a a n . - ( I b B n a d o y i m ) a . - l N Z an e ea w d - . S A o c f u a r . i t - h dam). 1914, July.. il 2 100 100 100 »1 U 100 5 100 100 «100 100 1 100 100 100 100 »100 •100 1920, July.. 931 341 9 11 441 217 302 252 217 198 190 190 1921 July 404 1,214 307 11 11 449 208 302 257 205 219 180 158 155 177 133 1922. 669 418 1,124 18 19 523 469 186 192 154 149 173 157 122 Feb 770 395 ) 12ft 22 22 522 481 175 188 154 148 165 156 120 Mar 792 372 t 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 1,093 365 ,111 35 35 492 639 156 181 152 145 163 152 122 June 1,871 373 1,137 302 38 41 488 i87 255 684 155 180 167 152 146 163 151 121 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 1,160 289 114 164 498 175 249 1,077 154 179 166 152 147 165 150 120 Oct 10,363 406 17R 195 261 504 1,284 155 178 153 147 162 149 121 Nov 9,701 ,432 I! 169 400 565 505 1,710 158 180 154 147 160 149 122 Dec 9,375 429 1,158 ""366' 612 868 504 176 238 2,310 158 180 170 154 148 161 148 121 1923. Jan. 9,454 425 1,150 1,034 1,291 505 3 527 158 178 154 149 156 148 120 Feb 9,601 436 1,149 2,408 2,814 497 5,713 157 ! 177 155 150 155 Mar 10,238 434 2,627 2,608 237 158 176 154 152 154 2,764 174 1 1 1 July, 1914=1. * August, 1913-July, 1914=. 1. 7 Juiy, 1913=100. 10 Average for year. 2 Apr. 15,1914=100. » 1910-11=100. « 1909-1913=100. 3 1913-14=1. 8 June. • 1910 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL, RESERVE BULLETIN. 609 INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES. UNITED KINGDOM. PRODUCTION. EXPORTS IMPORTS. TRANSPORTATION". Unem- Raw ployed Unem- Net cot- British among ployed profits Y m ea o r n a th n . d Coal. ir P o ig n. S c i g a n i a t o n n e g s t d - e s t s - l . i s F s t h e in e e d - l. v p s t i u o l s y p i n b - - , 3 le m t I s u a f r t a a r n e o c n e - d e n s u l . - m tu C f t a a o r o c e n n - V s u . - Coal. R t c o o a n t w - . w R o a o w l. h R w id a e e w t s. u s t V c t s n i r o e e o d u s n l n - s e c - . r - c V s i l n e e e s a g l - s r . - t N o r e n a t i - lwa f T r y e r o s e i t g - . a h l t 1 0 s s 2 0 p u o , 0 0 e r n 0 e r i s - d 0 n . , - - a u t m i n r s a i o t o d s n n . e g - p i c n a tr o n d o i m u i a f e l s - s - . miles ceipts. Long Long Long Long Long Square Long Gross Ton- £ ster- Per Per Per tons.1 tons.1 tons.1 tons.1Bales.1 tons.1 yards? tons.1 Lbs.1' Lbs? Lbs.1 tons.1 Tons.1 miles? ling.1 cent. cent. cent. Montlily a v: 1913 23,953 855 639 414 4 596 6,117 181 67 7,757 2,003 5,652 2.1 11.7 1920 19,108 670 I 7.VS 646 1,397 271 374 2,078 158 73 4,508 3,603 3,049 1,546 2.4 15.2 1921 18,388 218 302 238 1,234 142 244 2,055 98 63 5,368 3,313 3,032 1,108 «9,074 13.8 15.3 10.3 1922 20,996 408 486 349 1,064 283 352 5,350 119 92 5,500 1,810 4,974 13.3 15.4 7.0 1922. March 19,921 390 549 369 1,112 296 307 5,201 83 123 5,116 2,236 4,814 1,527 11,143 14.6 16.3 April « 22,875 394 404 294 1,181 258 305 4,097 101 117 3,543 4,187 1,236 9,198 14.4 17.0 7.2 May 19,146 408 462 334 1,143 272 345 5,057 120 138 3,353 5,104 1,379 10,442 13.5 16.4 June 15,827 369 400 316 1.111 236 315 4,794 127 97 3,105 1,920 4,975 1,160 8,903 12.7 15.7 July. . . 23,135 399 473 345 890 252 447 5,064 111 79 8,277 4,828 1,369 9,561 12.3 14.6 5.9 August 19,050 412 528 338 864 270 381 6,146 81 107 8,154 5,855 1,455 9,398 12.0 14.4 September.. 5 25,681 430 556 386 853 279 400 7,083 60 52 8,220 1,617 5,731 1,464 9,204 12.0 14.6 October 21,207 482 565 393 882 347 357 6,196 128 60 5,701 5,590 1,545 9,922 12.0 14.0 9.1 November.. 21,712 494 601 410 1,056 372 402 6,571 183 60 6,160 5,653 1,568 9,954 12.4 14.2 December.. 5 25,841 534 546 407 1,138 341 364 5,955 205 70 5,711 1,469 5,145 12.2 14.0 1923. January 21,219 568 634 480 1,123 353 404 5,612 135 98 5,041 5,281 12.7 13.7 9.9 February... 22,247 543 707 1,104 318 346 5,903 130 84 3,935 4 985 11.8 13.1 March 5 27,577 634 803 1,024 1,492 11.1 12.3 l 1 In thousands; 000 omitted. 3 Figures for end of the month. 5 Figures for 5 weeks. 2 In millions; 000,000 omitted. 4 Expressed in yards. •11 months average. FRANCE. PRODUCTION. TRANSPORTATION. Unem- Joyed Cotton iving Year and month. Pig iron. C st r e u e d l e . s H to a c v k r e a .2 t Total. ! Total. c c o o t n R t i t s o o a u n n w m . fo p- r CO s >J i t R l i n k o a s u w n fo m . r p- c C o t o n i a s o l u n m f . o p r - c V le e a ss re el d s . lo f a r d e c d a i a i i g n l r h y g t s. o R p f w a e p l c a r e y r i i a s n p . i c s l t - s i- mu a P n i a d i r c i i i s n p . al Metric Metric Metric \ Metric Metric Metric Monthly average: tons.1 tons.1 Bales.1:* tons.1 I tons.1 tons. tons.1 Tons.1 Number. Francs.1 j Number. 1913 5 434 5 391 274 1,840 I 3,685 629 1,558 2,176 «165,892 1920 286 264 225 1,071 4,211 390 2,005 1,412 479,894 022 1921 280 255 169 1,333 3,165 206 1,472 1,803 516,397 20,671 1922 427 373 148 1,885 I 4,281 480 1,861 2,229 51,107 557,194 1679 1922. February 323 317 163 1,520 4.126 14,714 467 2,153 1,744 47,741 481,088 4385 March 386 367 127 1,570 4,434 20,978 408 2,081 1,934 49,676 472,779 3 546 April 383 324 138 1,794 3,787 17,391 207 1,538 2,088 47,225 608,764 2,447 May 442 364 169 1,538 4,396 18,090 404 2,058 2,340 49,055 472,607 1636 June 416 358 145 1,799 4,307 32,380 391 1,829 2,473 49,585 504,431 958 July 428 369 153 1,936 4,223 26,325 596 1,631 2,523 50,031 651,720 602 August 447 397 135 1,788 4,512 16,291 579 1,767 2,399 50,875 546,310 606 September... 462 407 99 2,616 4,138 17,302 550 1,692 2,359 54,431 720,210 410 O N D c o e t c v o e e b m m er b b e e r r . . . . . . 5 5 5 0 1 1 3 3 3 4 4 4 3 1 1 0 4 0 1 1 1 3 5 9 1 8 7 2 2 2 , , , 0 0 4 3 3 2 4 4 9 4 4 4 , , , 5 5 9 4 7 3 3 7 0 2 2 3 0 6 7 , , , 3 4 8 8 6 7 7 8 7 7 5 4 2 2 3 2 6 6 2 1 1 , , , 7 1 9 6 6 7 8 5 7 2 2 2 , , , 3 3 4 3 6 5 6 6 5 5 5 5 6 7 5 , , , 0 1 8 4 8 4 6 5 8 6 5 5 9 6 3 1 3 2 , , , 5 3 1 3 1 5 9 4 2 2 2 4 8 7 1 2 4 5 1923. January 408 203 1,896 4,111 33,275 238 2,146 54,432 484,566 684 February 305 290 169 2,490 3,884 55,890 496,581 666 March 125 1,822 4,087 56,528 516,463 588 1 In thousands; 000 omitted. ' End of the month figure. • Railways included are: State Railways, Paris-Lyon-Me'diterrane'e, Nord, Origans, Est, Midi, Alsace-Lorraine, and Guillaume-Luxembourg. * Bale of 50 kilograms. s Figures do not include Lorraine. 6 Excludes the Alsace-Lorraine and GuiUaume-Luxembourg Railways. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

610 FEDERAL RESERVE BULLETIN. MAY, 1923. GERMANY. PRODUCTION. EXPORTS.1 IMPORTS*.! SHIPPING. UN M EM EN PL T O . Y- Appli- Busi- Y m e o ar n a th n . d c C a o n o k d a e l . Lignite. f m a I i c a r r a t n o o u n d n n r u e - s. c t h e s M a r i u l i n e n c p a d c e a - - - r l y s d t D a u y n f y e d f e - s s . Coal.' w R o a o w l. m t H s u f a a i r a l c n e k - l u f > d . - t C o o n t . - * I o r r o e n .4 A H v r a e r s m i s v e b a l u s ls r i g n o . f c e a a v v a f 1 b o n e a 0 l r r i 0 t e l y s - U p p r S e e l n i c o t r n e a e s y g i o m t e v e n d - - s m d n u u fi o oa e r r in n e i s l n s s - th g . plies. posi- aid. tions. Metric Metric Metric Metric Metric Metric Metric Metric Metric Metric Num- Num- Num- Num- Monthly av.: tonsfi tonsfi tons. tons. tons. tons. tons. tons. tons. tonsfi ber. Tonsfi ber. ber* ber. 1913 17,003 7,266 541,475 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 46,772 8,462 608,749 M,025 »232 12,490 538 401 374 i<59 366 331 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 10,863 11,432 220,803 49,147 12,731 421,835 15,910 407 21.483 1,003 907 1,084 77 84 1922. February 13,655 10,091 172,709 45,689 9,332 669,433 26,202 17,915 493 461 716 145 203 123 March 15,931 12,260 211,979 48,813 12,299 795,200 26,988 440 26,130 810 894 969 113 213 151 April 13,800 10,634 200,677 46,112 11,095 795,940 24,091 462 24,070 866 972 ,112 113 116 107 May 14,669 11,437 209,432 47,354 12,629 701,941 25,619 486 26,112 1,519 1,143 244 107 65 95 June 11,416 10,487 213,220 49,347 16,335 528,766 15,723 436 22,037 1,159 1,092 ,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 12,078 246,074 50.699 15,187 125,670 10,023 371 10,584 1,316 1,016 1,272 129 17 46 November 12,986 11,896 233,553 41,644 11,110 137,341 9,198 425 20,622 842 877 1,046 155 25 28 December 12,251 11,897 285,464 85,350 16,472 123,826 8,828 297 25,942 1,038 936 ,041 165 43 42 1923. January 1.987 9,104 236,709 42,209 13,651 90,626 11,448 254 26,382 867 993 1,142 195 82 23 February 209,965 34,438 12,077 120,947 10,240 244 19,035 269 900 1,047 15 1 Export and import figures for first 4 months of 1921 not available; 1921 averages based on 8 months. 2 Not including coal for reparations account. »Includes linters. 4 Includes manganese ore. » In thousands; 000 omitted. 6 Average based on 6 months. 7 Coal-proiuction figures unavailable after January. SWEDEN. PRODUCTION. EXPORTS. IMPORTS. TRANSPORTATION. Year and month. i P ro ig n. st I e r e o l n i n a g n o d ts. U b n o p a l r a d n s e . d P p a u p lp e . r Coal. e V n e te ss r e e l d s . c V le e a ss re el d s . o F c n a r e r S r i i g t e a h d t t e v w a p U p o c e l r n a o r k n e y 1 m c m e 0 i d e 0 e - n s. B m f d a u u i o s l r i n u i n r n t e e h g s s . s railways. Metric Metric Cubic Metric Metric Metric Monthly average: tons.' tons.1 meters.1 tons.1 tons.1 Net tons.1 Net tons.1 tons.1 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 87 220 594 642 681 290 388 1922. February.. 17 17 25 11 62 285 255 630 479 398 March 22 22 63 36 197 617 509 730 381 513 April.. 19 21 66 21 206 524 485 622 368 400 May 24 31 99 76 230 600 633 578 257 430 June 21 24 500 SO 172 596 738 645 215 362 July 20 27 608 89 214 625 787 715 203 374 August... . 22 27 539 104 294 694 836 765 172 300 September 22 31 508 113 229 684 808 776 155 371 October... . 23 31 494 144 270 699 822 799 177 335 November 27 34 465 189 302 705 751 796 269 353 December 28 29 384 156 346 655 671 635 321 309 1923. January 22 15 97 41 227 557 346 387 February.. 6 0.4 45 12 201 669 308 338 March 38 9 218 231 322 1 In thousands; 000 omitted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 611 CANADA. Re- Receipts at PRODUCTION. ce o ip f ts s T to o c r k o n y t a o r d a s n d in Unemwheat Winnipeg. Ploy- • at Rail- meut Busi- Fort road among ness Year and month. i P ro ig n. C st r e u e d l e . l W P a i A a n o i m r d r l - t - Cattle. Hogs. P bo l a a n a n r d d k s s . Coal. Raw. c e M h r i y a n . - - ce r i e p - ts. u m t b r n a e e i r d m o s e n . - u fa re il s - . thur. Bush- Num- Num- Bush- Dol- Dol- Per Num- Tons} Tons.1 els} 1 ber. ber. Feet? Lbs} Lbs} els} Tens} Lbs} lars} lars} cent. ber. 1921 average.. 50 56 14,447 39,904 34,165 85 87,871 12,238 1,525 7,269 2,292 33,885 12.5 47 1922 average.. 32 41 20,363 49,832 40,473 166 136,375 17,462 1,085 9,229 1,895 34,021 7.1 74 1922. January 33 7,693 32,105 47,974 82 10,180 124,012 6,103 1,069 11,007 1,685 26,706 13.9 90 February 42 4,163 25 561 38,205 88 7,140 87,039 5,602 1,148 8,758 1,600 2«,053 10.6 SO March 30 8,993 29,101 41,310 119 8,929 117,543 6,042 1,857 12,538 2,410 31,966 9.6 90 April 22 6,128 30,845 36,584 84 5,075 62,153 1,940 896 7,320 1,637 26,809 10.4 59 May 17 11,684 37,367 46,432 186 5 711 105,197 14,207 548 9,788 1,999 30,799 8.8 67 June 33 5,597 34,856 41,445 214 6,749 168,169 11,760 412 8,438 2,008 30,536 5.3 64 July 63 5,420 52,473 32,812 215 9,936 155,502 9,487 427 7,518 1,559 32,624 4.1 60 A S O N D e u c o e p t g c v o t u e e e b m s m m e t r b b b e e e r r r . . . . . . . . . 3 4 5 5 5 6 7 9 3 1 3 6 5 3 3 6 2 5 6 , , , , , 6 9 0 1 8 8 8 4 2 4 1 6 4 0 7 6 8 8 4 7 0 7 7 5 5 , , , , , 0 0 5 7 2 8 9 7 0 1 4 2 9 5 2 2 3 5 4 2 9 6 6 9 9 , , , , , 8 3 3 1 2 0 8 2 5 4 6 1 8 4 4 2 2 2 1 1 3 1 0 8 9 9 3 5 7 1 2 1 9 7 8 0 3 , , , , , 9 6 6 2 6 1 9 0 3 7 4 5 7 9 5 1 1 1 1 1 7 5 6 4 8 3 4 9 0 0 , , , , , 1 0 6 0 0 8 1 1 0 6 0 9 1 1 8 3 1 5 4 9 7 5 1 0 , , , , , 2 5 3 5 6 3 9 1 8 6 3 3 6 7 9 2 1 1 , , 4 9 4 6 1 6 6 6 4 2 5 4 3 0 7 1 1 4 4 8 1 6 , , , , , 2 3 4 2 9 7 8 5 8 8 6 3 9 4 0 2 1 1 1 1 , , , , , 9 9 9 9 1 8 6 3 1 1 6 3 1 8 4 3 3 4 4 3 4 9 4 7 6 , , , , , 9 1 2 6 7 3 5 5 4 5 7 8 9 1 8 3 3 6 2 6 . . . . . 2 6 9 4 8 6 6 7 7 8 4 5 2 6 2 1923. January 48 11,574 42,126 64,219 168 7,325 139,749 9,740 1,876 20,026 1,981 30,686 7.8 88 February.. 47 3,176 31,323 45,554 124 7,272 100,929 7,129 1,601 12,428 2,033 6.4 82 i In thousands; 000 omitted. * In millions; 000,000 omitted. JAPAN. PRODUCTION.1 EXPORTS. TRANSPORTATION.' Raw silk stocks, Year and month. I Silk Yoko- Silk Cotton ! fabrics hama Silk, fabrics Cotton | and yarns. | (habu- Paper. mar- raw. (habu- yarns. taye). ket. taye). Monthly average; Bales. Piculs?,Piculs. Piculs. 1913 16,857 2,302 113,374 1920 53,111 i 14,557 2,264 74,839 1921 58,477 i 21,836 1,702 73,065 1922 44,832 28,697 1,721 98,516 1922. January. 40,561 16,924 1,080 61,414 19,124 1,161 41,724 2,749 4,102 28,576 February... 32,213 18,102 1,551 63,719 24,990 1,168 93,411 2,817 4,261 28,036 March 44,701 16,647 2,003 123,605 24,194 1,084 64,865 3,094 5,066 36,337 April 40,777 27,380 1,669 138,226 21,725 707 76,416 2,971 4,968 42,074 May 18,293 35,147 1,977 146,354 £5,821 580 24,753 3,287 5,225 I 38,486 June 18,547 29,569 2,176 139,057 29,713 190 68,415 3,024 4,965 I32,180 July 45,848 34,541 1,793 51,660 25,284 433 37,431. 2,987 4,641 32,977 August 56,032 36,196 2,017 40,075 22,313 731 29,936 3,119 4,489 33,944 September.. 48,810 35,959 1,686 68,773 17,668 766 17,559 2,849 4,502 32,464 October.... 48,472 35,970 1,83.9 118,431 25,259 330 16,994 2,784 4,920 35,374 November.. 75,419 26,804 101,406 22,537 339 47,469 2,895 4,884 32,882 December.. 68,304 31,133 1^608 129,466 29,463 805 40,182 3,049 5,189 33,041 1923. January. 47,394 14,985 718 73,769 22,989 885 53.2S0 152 2,771 February. 30,900 25,399 1,129 54,298 24,431 916 j 35,093 239 2,589 I 1 In thousands; 000 omitted. * 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

612 FEDERAL RESERVE BULLETIN. MAY, 1923. 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.] Year and month. u f r a a m n i m a c r R m t a t l i a u s a i c a n t r w l a n e e e l n - u y d s d - " ; ; i if A m w a m c r h a t t a o u i i o c n n r r l l e u l l e y y d - s Total. t d o F r b a o i n a o n c d d k c , , o.u f r a a m i n m c a r R m t a t l i a u s a i c a t n r w l a e n e e l - n y d u s d . - ! A m w m r h a t a o i i o n c n r l l u l l e y y - s l i a M p n p n a c i i o e n r s l o s c c u g t e e u d . l l s - - , Total. exp R o e- rts. a e e x T n x d p p o o o ta r r r e t l ts s - . Monthly average: 1913 24,184 23,485 16,134 64,061 2,716 5,825 34,281 43,770 9,131 52,901 1920 63,817 59,196 ! 37,787 161,387 4,245 12,126 93,312 1,523 111,206 18,563 129,769 1921 47,391 22,598 20,421 90,458 3,122 5,297 49,055 1,126 58,600 8,921 67,521 1922 39,429 24,853 19,160 83,660 3,027 8,501 47,451 1,062 60,041 1922. March....; 45,261 22,095 20.309 87,879 3,270 8,465 51,760 1,085 64,581 10,154 74.735 April 40,097 21,404 18,962 3,011 7,376 44,336 785 55,508 9,200 64,708 May. 43,075 25,358 20,207 88,814 3,045 8,757 45,073 1,171 58,045 8,965 67,010 June 39,936 25,242 18,857 84,298 3,044 7,671 40,556 875 52,146 8,720 60,866 July 38,817 24,237 18,579 81,784 2,806 8,041 48,455 1,117 60,419 8,317 68.736 August.... 37,762 24,141 20,326 82,661 3,105 8,900 47,149 878 60,032 7,504 67,536 September. 35,555 21,848 19,244 76,944 3,154 10,099 48,361 897 62,511 6,381 68,892 October j 38', 617 26,409 19,726 85,015 3,066 9,211 47,010 1,112 60,399 8,277 68,676 November | 45,501 30,223 19,587 95,600 3,408 10,101 51,964 1,018 66,491 9,148 75,639 December j 42,292 32,499 19,838 94,912 2,796 9,493 44,932 1,662 58,883 8,479 67,362 1923. January 47,398 30,288 21,707 307 99,700 3,364 9,372 53,135 1,068 1 66,939 9,798 76,737 February 37,141 26,739 19,462 513 83,855 2,864 9,470 44,324 852 | 57,510 67,333 March 40,726 27,732 21,226 338 90,022 8,646 11,564 45.935 776 ] 60,921 70,007 .FOREIGN TRADE OF FRANCE.! In thousands of francs. In thousands of francs. Year and month. In In thou- thou- Food- ma R te a r w ials. M ar t a a t n i r c e u l d f e a s c . - 1 ! j Total, s m a t n o e d n t s r s i . o c f Food. ma R te a r w ials. M ar t a t u n i r c u e l f d e a s c . - i ! ; Post' Total. s m a t n o e d n t s r s i . o c f Uyi 1913.. 151,465 412,144 138,169 701,778 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 3,185 161,031 463,219 1,067,413 104,430 1,796,092 1,333 1922.. 483,334 1,170,678 337,705 1,991,717 4,281 160,067 453,656 988,349 118,094 1,720,166 1,885 1922.8 j March. 460,765 1,005,463 | 465,737 1,931,965 4,434 130,595 456,930 1,189,712 99,431 1,876,668 1,570 April 438,000 983,000 323,000 1,743,640 3,787 136,000 461,000 1,231,000 134,000 1 962,997 1,794 May 504,000 996,000 310,000 1,810,125 4,396 132,000 ! 498,000 1,127,000 111,000 1,886,964 1,538 June * 483,356 1,082,371 285,448 1,851,184 4,307 1,799 July 476,813 1,200,764 318,169 1,995,746 4; 223 113,435 374,959 885,029 59,619 1,433,042 1,936 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 1,937,467 2,034 November.. 516,586 1,478,424 353,235 2,348,245 4,577 196,112 537,370 856,421 116,596 1,706,499 2,034 December.. 628,705 1,903,975 390,616 2,923,296 4,930 249,079 11,185,596 1,119,980 224,292 2,778,947 2,429 1923. January I 457,976 1,374,222 312,096 2,144,294 4,111 187,004 j 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 I 730,000 1,236,000 121,000 2,329,000 2,490 March 614,000 1,508,000 365,000 2,487,000 4,087 243,000 728,000 1,380,000 123,000 2,474,000 1,822 1 Not including reexport trade. ' Imports calculated on basis of actual declared value. 2 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

MAY, 1923. FEDERAL RESERVE BULLETIN. 613 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 1,322 650 278 142 281 191 89 107 174 146 173 272 195 162 1921 136 121 '1,041 '657 1S7 114 106 91 103 101 141 142 280 214 135 104 1922 126 103 1,311 775 169 102 97 97 63 74 142 194 201 244 156 136 1922. January 102 SO 1,316 620 152 86 77 61 51 47 92 199 276 232 179 87 February 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 70 127 141 191 273 174 155 142 126 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 72 109 154 182 244 142 144 134 90 1,080 732 179 99 105 132 67 74 147 182 212 252 137 146 September 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 76 132 170 237 206 288 116 139 142 109 1,915 1,014 163 100 110 120 70 112 208 250 192 278 143 158 1923. 142 108 1,056 789 173 92 88 65 68 66 214 295 150 95 155 118 1,571 751 162 65 88 49 65 59 154 122 March • 197 121 1 Italian yearly figures for 1921 based on average for six months only. 2 Dutch figuresf or 1913 not compirable with later figures. FOREIGN TRADE OF UNITED STATES. [In thousands of dollars.] Merchandise. Merchandise. Year and month. Gold. Silver. m f u C m a r i s a f i r c n a e o a u n t g t u l r d e u i s . r n e - - - c F s c o f t a t a r o o i u i n n u n o n o o f i d d d - n f d d s e i - - w m p t s F u a t f h o a u a o r r o c o n e f r t - f l d d l u l s y y - . -u f m f M u a t s i u f c r a f a n e a o t r c t n h n g e u - r i u e u s r n r - - - s r t t u e c u f i f a o a o m o r c d n e n - r p s y - . - T c d m h i o s e a t e r n a . - l - 1 Gold. Silver. m f u C m a r i s r c i a f n a e a o u t n g t u l d r e i u s . r e n - - - j : c S F t f a a r o i t n o u n o u o i o d f d - n d f d e S H - ; I I j w m p F s ta t h f a o o u a r a o r o n f e r c t f l d d u l l s - y - - , i j i ' ' f M u f i r a s a t e c h n i - e u n r - M s r t t u c e u f i f a a o m a o o r c n n d e n - r p u s - y . - - c T d m h i o s a e t e r n a . - 3 l mals. mals. I Monthly average: 1913 5,309 2,989 50,414 18,399 16,529 28,354 34,453 149,383 7,650 5,231 04,072] 14,132 27,0691 33,0771 64,998j 207,002 1920 34,756 7,338 145,995 48', 136 103,178 66,871 73,060 439,873 26,841 9,468 155,897 76,499 93,050 79,875 267,071 685,668 1921 57,606 5,270 71,090 25,345 30,7371 28,672 51,587 209,929 1,991 4,298 82,002 57,681 55,809 33,323 135.450| 373,76!) 1922 22,919 5,899 96,841 27,485 32,312) 45,932 55,257 259,397 3,073 5,236 81,817 38,196 49,021 36,477 107,692! 319,316 1922. March 33,488 6,953 86,910 28,756 36,0141 42,820 59,880 256,178 963 4,302 72,908!34,529 58,953 43,589 112,538 329,980 April 12,244 4,800 69,804 25,711 32,482137,252 50,820 217,023 1,579! 5,109 79,497 31,162 47,770 37,999 113,846 318,470 May 8,994 5,512 88,088 31,264 34,7851 39,398 58,254 252,817 3,407! 5,677 64,374 34,151 50,369 40,423 112,161 307,569 June 12,969 6,340 91,146 26,170 37,346! 46,471 58,439 260,461 l,601j 6,004 70,262 40,998 55,472 39,465 121,319 335,117 July 42,987 6,957 87,366 27,596 38,513j 47,960 49,475 251,772 644 6,289 59,859 41,959 49,225 35,625 109,596 301,157 August 19,092 4,944 110,304 22,481 42,404 48,386 55,857 281,376 956 3,861 47,868 61,314 46,071 35,735 104,853 301,775 September'. 24,464 6,370 86,818 18,729 24,023 41,776 54,037 228,795 1,399 3,735 66,611 55,149 43,229 34,964 107,254 313,197 October ** 20,866 3,940 137,651 37,465 30,290! 65,674 71,745 345,083 17,592 3,269 133,700 40,798 47,921 32,940 110,190 370,719 November.. 18,308 5,855 111,145 32,650 31,771 56,759 58,309 291,805 3,431 6,599 144,333 33,615 51,471 33 850 110,275 380,000 December... 26,440 7,848 124,019 31,220 26,546! 57,576 52,673 293,810 2,710 6,913 113,343 25,763 49,620 35,867 113, 8551 344,328 1923. J F a e n b u ru ar a y ry * 4.. 32 8 , , 8 3 2 8 0 3 5 3 , , 8 7 2 9 5 2 139,205 28,569 31,264 65,241 63,929 3 2 2 9 9 6 , , 8 0 4 0 4 0 8 1 , ,3 4 9 7 9 2 6 2 , , 9 1 2 9 1 1 10 7 2 7 , , 0 3 7 2 3 3 2 2 4 7 , , 2 1 1 6 7 9 5 4 0 9 , , 7 7 4 4 1 7 4 3 3 9 , , 2 4 4 0 5 6 1 1 0 0 9 7 , , 6 7 0 7 9 5 3 3 3 0 5 7 , , 5 1 3 9 9 4 March' 15,951 4,626 10,392 4,732 79,916 19,364 55,025 45,877 132,361 341,162 1 Including miscellaneous merchandise imported. % Including miscellaneous and foreign merchandise exported. 3 Imports under old tariff law September 1-21,1922, only. 4 Import figures delayed owing to change in tariff. 5 Imports for Sept. 21-Oct. 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

614 FEDERAL RESERVE BULLETIN. MAY, 1923. FOREIGN TRADE INDEX. Figures for volume of imports in January showed small increases in raw materials and There are presented below the Federal Re- consumers' goods, and a large increase in serve Board's series of index numbers designed producers' goods, which caused the general to reflect relative quantity movements in the index of imports to rise 18 points. Nitrate of foreign trade of the United States. Changes soda, manila hemp, burlap, india rubber, and in the level of prices have been allowed for by cane sugar all came in greatly increased quanmultiplying the quantities of selected com- tities during January. modities exported or imported each month by Comparing the volume of imports and exfixed 1913 prices.1 ports for January with the condition of trade in 1913, it appears that 1923 is beginning with imports 142 per cent greater than in the pre-war year and exports 4 per cent lower. Y m e o ar n t a h n . d m r R i a a a t l w s e . - g d P o e u r r o o s c d ' - - s. g s C o e u r o o m s n d ' - - s. Total. m r R i a a a t l w e s. - g d P o e u o r r o s c d ' - - s. g s C o e u o o r m s n d ' - - s. Total. SAVINGS DEPOSITS. (12) (10) (7) (29) (10) (12) (5) (27) Savings deposits, as reported by 899 banks distributed throughout all sections of the 1913, year. 100.0 100.0 100.0 100.0 10O.0 100.0 100.0 100.0 1919, year. 88.9 155.1 183.6 115.3 157.5 192.9 147.5 168.4 United States, increased during March in all 1920, year. 92.2 158.7 133.6 107.5 135.8 227.5 138.9 168.8 1921, year. 103.1 116.9 124,1 108.9 113.6 162.8 141.4 135.6 Federal reserve districts except in the Kansas 1922, year. 89.7 108.9 135.1 101.1 157.6 253.1 143.0 189.1 City district, where a slight decrease was indi- 1922. cated. For the entire country the increase January.. 104.3 129.7 94.5 118.4 228.7 135.2 160.1 February. 68.5 86.0 127.6 82.6 123.3 281.3 133.5 183.4 was $53,456,000, or 0.8 per cent over March 1, March 89.8 121.7 156.5 106.9 148.1 308.8 161.1 206.5 1923, and $576,407,000, or 9.8 per cent over April 90.5 120.9 150.5 106.0 125.5 236.1 152.0 169.1 May 78.3 128.8 155.4 99.4 144.6 227.9 168.0 177.9 April 1, 1922. The increases reflect the general J J u un ly e 8 7 6 9 . . 3 1 1 1 2 2 4 4 . . 0 3 1 13 6 3 9 . . 5 2 1 9 0 5 7 . . 0 4 1 14 4 6 8 . . 9 7 2 2 7 6 3 6 . . 3 3 1 13 3 7 7 . . 5 3 1 1 8 9 7 1 . . 7 0 industrial expansion and agricultural develop- August 88.8 90.0 126.3 96.7 174.2 255.5 120.3 194.2 ment in almost all sections of the country, September 91.2 98.9 111.5 96.2 183.5 244.0 133.4 196.7 October... 122.9 96.8 121.0 119.8 155.0 241.6 138.8 172.4 both of which have resulted in improved November. 112.6 101.6 117.2 112.4 195.1 244.0 144.4 204.1 employment conditions. A comparison of December. 86.7 109.9 122.8 96.5 219.1 263.0 153.9 224.0 savings deposits on April 1, 1923, with deposits 1923. January... 78.8 126.5 137.3 95.8 220.4 312.2 : 155.3 242.3 on March 1, 1923, and April 1, 1922, are shown February.. 62.2 133.6 129.6 83.5 in the following table. The figures for the March 61.9 143.6 144.4 87.3 Boston and New York districts are those of i The list includes 27 ol the most important imports the value of which large mutual savings banks, but in all other in 1913 formed 49.3 per cent of the totalimport values, and 29 of the most districts reports of other banks are included to important exports the value of which in 1913 formed 56.3 per cent of the total export values. The classification of the original list of commodities make the figures thoroughly representative. used was given in the July, 1920, BULLETIN. The classification of 11 additional commodities of imports was given in the April, 1921, BULLE- TIN, and 2 additional commodities in the November, 1921, BULLETIN. Exports of gasoline have been altered to include naphtha. SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS. The index of the volume of exports for [000 omitted.] March rose 3 points, from 84 to 87, thus showi e n x g p o o r n t ly v o a l u sl m ig e h t d r u e r c i o n v g e ry th f e r om sh o t r h t e m de o c n li t n h e o in f District. b N b a e u n r m k o s - f . A 1 p 9 r 2 . 3 1 . , M 1 a 9 r 2 . 3 1 . , A 1 p 9 r 2 . 2 1 . , February. The principal increases occurred in consumers' goods, with larger exports of cotton No. 1—Boston 64 $1,165,719 $1,158,610 $1,085,788 No. 2—New York 30 1,825,991 1,809,394 1,699,534 cloth, lard, and kerosene. Among producers' No. 3—Philadelphia 80 449,252 446,773 426,470 goods leather and gasoline led in the matter of No 4—Cleveland 18 415,526 412,811 374,773 No. 5—Richmond 93 287,828 285,829 255,034 increased exports. Steel products also acted No. 6—Atlanta 99 210,955 207,897 185,064 No. 7—Chicago 210 834,622 827,691 758,258 to offset last month's decline. The March No. 8—St. Louis 35 126,838 125,774 111, 675 condition in raw materials was not so favorable, No. 9—Minneapolis 15 87,987 86,892 79,057 No. 10—Kansas City 62 96,619 96,756 86,511 due to declines in grain and cotton exports. No. 11—Dallas 118 89,244 87,175 76,136 No. 12—San Francisco 75 885,590 877,113 761,464 On the other hand, exports of coal and metals increased. Total 899 6,476,171 6,422,715 5,899,764 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 615 COMMERCIAL FAILURES DURING MARCH. February, March. 1923. 1923. Loss. Gain. Number. Liabilities. Unfilled orders (end of District. month) 1,755,566 1,525,172 230,405 1923 1922 1923 1922 New orders 308,822 395,116 86,294 Shipments 565,455 618,567 53,112 Cancellations 6,779 6,943 164 Production 454,026 530,968 76,942 No. 1—Boston 143 217 $2,996,492 $8,066,696 No. 2—New York 316 478 8,883,184 14,656,044 No. 3—Philadelphia 73 96 10,622,911 6,848,734 No. 4—Cleveland 130 202 5,156,589 4,159,463 INDEX OF OCEAN FREIGHT RATES. No. 5—Richmond 100 215 2,847,909 3,787,550 No. 6—Atlanta 117 221 2,788,463 5,559,986 No. 7—Chicago 203 336 5,360,490 13,189,340 The accompanying table shows the monthly No. 8—St. Louis 107 173 1,508,844 2,529,541 No. 9—Minneapolis 76 103 1,415,434 3,764,602 fluctuations in ocean freight rates prevailing No. 10—Kansas City 97 100 1,361,100 1,720,146 between United States Atlantic ports and the No. 11—Dallas..... 91 107 2,474,504 2,121,725 No. 12—San Francisco 229 215 2,977,218 5,204,365 principal European trade regions. The figures Total 1,682 2,463 48,393,138 71,608,192 are derived from the actual rates quoted on the following commodities: Grain, provisions, cotton, cottonseed oil, and sack flour. Kates 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 March, 1922, is given in the following table: RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND EUROPEAN TRADE. Number of mills United States Atlantic ports toreporting. Production (in dozens). Month. Month. Nether- Total. W te i r n- Sum- Total. Winter. Summer. U K d n o i i n m t g e . d - A F t r l e a n n c ti h c. B l e a a lg n n i d d u s m. S n c a a v n i d a i . - M t n e e r e a r d n a i - . - Eu A ro ll pe. 1922. March 756,247 392,595 363,652 January, 1920.. 100.0 100.0 100.0 100.0 100.0 100.0 April 522,035 275,911 246,124 January, 1921.. 60.7 30.2 34.1 42.9 43.2 43.3 May 518,150 220,070 June 564,893 345,605 219,288 1922. July 422,872 269,223 153,649 January 31.7 22.7 23.3 23.4 32.2 27.1 August 519,511 341,713 177,798 February 34.7 25.9 25.2 23.3 31.8 29.1 September : 52 513,572 318,220 195,352 March 33.1 26.5 24.9 23.4 30.1 28.3 October I 47 524,486 283,242 241,244 April I 27.3 24.8 22.7 24.0 27.1 25.4 November ! 49 599,891 321,944 277,947 May 27.9 25.5 22.8 23.4 27.4 25.7 December ; 52 461,695 233,459 228,236 June 27.5 26.1 23.0 23.4 27.4 25.7 July 28.8 25.9 22.6 23.0 26.4 25.9 1923. August 29.2 23.4 20.7 •22A 24.0 24.6 January 558,845 269,026 289,819 September 27.0 24.1 19.1 22.6 22.2 23.4 M Fe a b r r c u h ary 32 5 59 6 3 4 , , 0 7 2 0 0 8 2 27 6 5 9 , , 5 9 5 5 2 0 3 2 1 9 7 4 , , 4 7 6 5 8 8 O N c o t v o e b m er ber 2 28 5 . . 0 3 2 2 3 3 . . 9 4 2 1 1 8. . 9 3 2 2 2 2 . . 9 9 2 2 1 1 . . 6 3 2 24 2 . . 0 7 December 27.1 25.6 22.2 22.7 21.8 24.4 1923. Forty representative mills which reported January 25.3 24.7 19.8 22.3 21.2 22.9 February 21.8 22.6 18.6 22.3 20.6 21.1 for February and March furnished the data for March 23.1 23.6 20.0 22.3 19.5 21.9 April 22.6 24.2 21. ! 22.3 22.0 22.6 the following table: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

616 FEDERAL RESERVE BULLETIN. MAY, 1923. PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1 February, 1923. March, 1923. g W oo h d it s e . g D o y o e d d s. P g r o in o t d e s d . Total. W go h od it s e . g D o y o e d d s. P g r o in od te s d . Total. Total finished yards billed during month: Districtl... 12,781,525 27,458,764 10,397,550 53,886,334 15,191,927 31,431,586 11,304,273 62,078,420 2 5,076,24:8 3,800,797 4,791,188 21,055,176 7,279,971 2,706,942 5,837,900 24,803,738 3 8,332,926 6,515,980 14,848,906 9,695,150 8,188,215 17,883,365 5 7,069,422 89,897 7,159,319 7,991,994 186,330 8,178,324 6 999,168 999,168 1,000,476 1,000,476 g 1,501,075 1,511,455 Total . . 34,251,289 37,865,438 15,188,738 99,441,978 41,159,518 42,513,073 17,142,173 115,455,778 Total average per cent of capacity operated: District 1 58 95 62 73 69 104 83 2 57 66 46 74 67 79 51 84 3 107 80 93 115 92 101 5 62 62 68 68 6 75 75 76 76 8 63 61 Average for all districts 67 88 59 74 76 98 69 84 Total gray yardage of finishing orders received: District 1 13,980,547 29,618,028 9,481,922 56,770,679 14,784,681 35,758,255 14,098,725 68,704,569 2 6,298,129 5,480,804 4,698,309 20,779,723 8,364,644 6,586,940 5,321,823 24,637,983 3 8,305,886 6,809,102 15,114,988 9,463,354 7,690,597 17,153,951 5 7,079,637 355,186 7,434,823 7,259,301 241,072 7,500,373 6 991,168 991,168 1,000,476 1,000,476 8 1 1,735,325 1,443,653 ! Total 36,655,367 42,263,120 14,180,231 102,826,706 40,872,560 50,276,864 19,420,548 120,441,005 Number of cases of finished goods shipped to customers: 5,834 8,537 2,729 29,687 7,247 8,719 2,306 34,377 2 3,198 375 11,577 3,285 588 12,574 3 6,166 3,223 9,389 6,273 3,346 9,619 5 1,654 3,985 1,674 3,884 6 8 454 373 Total 16,852 12,135 2,729 55,092 18,479 12,653 2,306 60,827 Number of cases of finished goods held in storage at end of month: 4,153 4,377 2,304 20,817 5,165 4,659 2,621 22,061 2 ... 3,803 447 11.446 3,530 633 10,504 3 . ... 327 374 i i\ 2U 327 331 7,018 5 1,243 11,353 6 8 218 206 Total 8,283 5,198 2,304 40,935 9,022 5,623 2,621 41,142 Total average work ahead at end of month (expressed in days): District 1 5.4 17.2 17.4 13.3 6.6 23 23.9. 17.3 2 10 9.8 11.9 11.3 11.9 13.6 11.4 9.9 3 14.1 13.1 13.6 16.6 14.3 15 5 . ... 5.3 5.3 4.8 4.8 6 8 .. ... 7 6.8 Average for all districts 7.2 15.4 16.5 12.1 8.5 20.1 21.8 14.0 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 of 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

MAT, 1923. FEDERAL RESERVE BULLETIN. 617 PHYSICAL VOLUME OF TRADE. during March than in February, and receipts of hogs were exceptionally heavy for that Large increases in business activity occurred month. Grain movements, except corn, were during March, and many records were broken also unusually large during March. Shipin the production and movements of goods. ments of citrus fruits from California con- Output of manufactured goods, as shown by tinued to increase in accordance with usual the index given in the table and on the chart seasonal trends, but the figures indicate that which follow, reached the highest point atthe crop began its movement this season tained in postwar years. Mineral production, somewhat earlier than in previous years. after a seasonal decline in February, continued Tobacco sales at loose-leaf warehouses fell off its upward trend and likewise exceeded that as compared with February, but were slightly of all previous months covered by the index. greater than during the same month last year^ Agricultural movements, in accordance with Mineral output for March, as indicated by seasonal custom, were at a low point during the mining index, was at a maximum, owing March, but were on the whole greater than in to record-breaking production of pig iron and February, whereas the March movement is petroleum, accompanied by a high rate of outusually downward. put of the other products. The amount of an- Receipts of all the main groups of agricul- thracite coal mined equaled the highest figure tural products, except tobacco, increased previously reported, and copper output was the during March as compared with February, largest since January, 1919. Mining of bituand all but cotton and tobacco were greater minous coal was maintained at practically the than during March of the four preceding years. same rate as during February. Extraction of Cotton sight receipts were, in fact, rather low zinc and lead reached high points during March, even for this season of the year, as the earlier but comparable data extend only to January, heavy movement has practically accounted 1920, in case of zinc, and to January, 1921, for the greater part of the relatively small crop. for lead. Live-stock movements were slightly larger VOLUME OF DOMESTIC BUSINESS ( MONTHLY AVERAGE, 1919 = 100 ) PER CENT 160 120 100 80 60 20 J. F. M. A. M. J. J. A. S. 0. N. D. J. F. MA. M. J. J. A.S. 0. N. D. J. R 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 11Q911Q9 11Q992O0 11Q9/>211 11Q?992 2 119O2913 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

618 FEDERAL RESERVE BULLETIN. MAY, 1923. New maximum figures were also reported MINERAL PRODUCTS. in factory output during March. Steel-ingot p c w o r h o n i d s c u u h m c b ti p r o o t n i k o , e n a a l w u l t e p o r r m e e v o t i b h o i e u le s m re o o c u s o t t r p d i u m s t . , p o T a rt n h a d e n t a m c s o e o t r t u i o e n n s t Date. u T p m e c r o r o i t a t n s d a l . - - l 1 t n c u B o o m i a u - l i s . - t c A c h o i r n t a a e l - - . p l C e e r u t u r m d o e . - Iron. C p o e p r - . Zinc. Lead. of lumber cut was the greatest since some time in 1918, and the output of all building materials 1922. was maintained at a high rate. The index for January 91.3 98.5 85.1 137.1 64.3 24.1 60.3 100.7 textile products, shown in the following table, February.. 95.4 107.3 92.0 129.7 63.9 34.8 57.3 93.2 March 117.5 131.5 119.1 149.1 79.9 58.0 67.5 92.8 was also at a high point, owing to the influence April 59.5 41.3 .3 141.9 81.3 71.7 65.6 88.7 of large consumption of both cotton and wool. J M u a n y e . ... 6 7 7 0. . 6 9 5 5 8 3 . . 4 1 1 . . 6 1 1 1 4 4 7 3 . . 7 8 9 92 0 . . 6 5 8 89 3 . . 0 7 6 72 9 .8 6 8 88 8 . . 9 8 Sole-leather production increased rather sub- July 65.4 44.5 1.6 148.0 94.2 85.0 81.2 88.2 August 67.5 58.3 2.2 147.1 71.1 93.9 79.9 96.5 stantially during March and was the largest September. 99.9 107.3 67.7 143.8 79.8 89.8 84.3 95.1 since December, 1921. The output of food October 118.5 118.3 116.1 150.1 103.5 96.2 101.6 108.1 November. 120.1 118.6 114.1 152.1 111.8 94.6 102.3 113.0 products, although not as great as during December.. 124.5 121.7 114.7 159.3 121.1 97.5 109.0 108.6 November, showed some improvement as 1923. compared with January and February, but January 131.5 131.4 118.5 163.5 126.7 104.6 117.8 112.5 February.. 116.6 110.5 105.8 153.8 117.5 95.5 108.0 103.6 cigar and cigarette factories continued at March 134.2 122.6 127.6 178.3 138.1 113.8 124.0 120.7 about the same rate of activity during March as in the two preceding months. ' Combination of 7 independent series. PRODUCTION OF MANUFACTURED GOODS. INDEX OF PRODUCTION IN BASIC INDUSTRIES, WITH ALLOWAN [M CE o nt T h O ly R a v S e E r A ag S e O , N 19 A 1 L 9 =1 V 0 A 0. R ] IATION. Date. m t u T u f o a a re t n c a . - - 1 l Steel. L b u e m r. p P e a r - l P e e u t m ro . - t T il e e x s - . Le e a r. th- Food.ba T c o c - o 1919 1920 1921 1922 1923 1922. January 87.0 63.4 100.7 95.0 119.0 112.2 88.2 91.3 90.6 February... 80.2 69.3 95.4 90.0 108.6 96.8 78.1 88.5 83.8 January 107.3 115.8 83.9 86.5 120.7 March 90 9 94.3 102.5 108.4 123.9 107.6 78.5 96.5 98.4 February 100.3 114.8 84.3 90.5 120.1 April. 84.7 97.0 98.1 99.9 124.4 91.3 70.7 84.9 89.6 March 96.2 114.5 81.0 94.9 125.7 May 98.1 107.8 121.1 112.3 132.2 108.9 70.4 96.8 108.1 April 98.8 107.6 78.6 85.3 June... 99.1 104.8 104.4 110.6 133.8 107.1 72.4 98.9 119.8 May 92.9 105.4 76.7 92.1 July 95.3 98.9 104.3 99.9 146.2 95.0 72.1 97.5 114.8 June 92.9 106.8 76.7 94.2 August 104.6 88.1 116.2 110.7 141.2 115.7 80.4 104.5 134.1 July 101.6 104.9 74.1 94.8 September . 100.3 94.4 101.5 107.8 139.1 110.7 79.5 97.8 121.6 August 103.4 102.1 78.5 93.9 October 107.5 114.2 115.3 112.8 147.2 120.0 82.7 106.7 115.0 September 104.6 101.7 79.1 99.9 November.. 109.4 118.9 112.9 113.4 149.7 125.0 79.1 114.0 112.4 October 101.1 99.0 82.7 106.9 December.. 100.0 110.5 103.6 106.8 152.7 113.3 78.5 107.1 89.4 November 97.9 95.3 85.6 115.5 December 103.3 89.6 83.3 115.6 1923. lanuary 108.7 129.3 105.8 117.3 156.8 128.0 88.9 104.1 115.3 February... 99.9 116.1 95.8 109.0 140.8 122.0 78.1 95.3 101.3 March 112.7 135.3 128.7 120.4 155.5 128.3 91.6 110.5 116.2 INDEXES OF DOMESTIC BUSINESS UNCORRECTED FOR SEASONAL CHANGES. Combination of 34 independent series. [Monthly average of 1919=100.] COMMODITY MOVEMENTS. AGRICULTURAL MOVEMENTS. March, February March, 1923. 1923. 1922. Total Total Leaf Date. agricul- ani- Total Cotton. Fruit. toture' mals. grains. bacco. Grain and flour. Receipts at 17 interior centers (000 omitted): 1922. Wheat (bushels) 24,230 22,099 20,396 January 88.9 91.8 83.8 76.8 96.1 113.2 Corn (bushels) 25,672 31,557 30,651 February... 77.7 76.5 92.3 43.3 55.5 101.2 Oats (bushels) 21,124 16,041 16,465 March 70.7 79.2 73.0 42.8 130.4 27.5 Rye (bushels) 3,679 4,749 3,254 April 57.4 71.8 49.6 37.0 103.0 5.5 Barley (bushels) 3,403 2,556 3,291 May 82.6 90.2 92.5 50.1 105.7 3.9 Total grain (bushels) 78,108 77,002 74,057 June 75.1 88.7 77.1 43.0 93.8 1.5 Flour (barrels) 2,328 1,738 2,054 July 79.8 81.2 106.4 33.4 59.3 12.3 August 106.7 96.5 153.8 48.3 43.1 55.2 Total grain and flour (bushels) 88,584 84,823 83,302 September.. 128.8 106.6 150.6 139.5 38.0 85.7 October 154.2 132.0 135.7 227.8 40.6 144.7 Shipments at 14 interior centers (000 November... 137.9 122.2 118.2 204.1 49.0 96.3 omitted): December 121.3 104.6 128.5 139.2 100.1 97.3 Wheat (bushels) 13,521 10,936 14,719 Corn (bushels) 14,677 14,377 22,999 1923. Oats (bushels) 17,083 13,438 16,826 January 106.6 107.7 116.4 80.2 99.7 75.1 Rye (bushels) 945 2,476 882 February 73.3 84.4 75.7 37.4 117.7 45.1 Barley (bushels) 1,887 1,747 1,920 March 77.7 88.1 82.6 39.8 158.9 31.0 Total grain (bushels) 48,115 42,975 57,346 Flour (barrels) 4,007 3,055 3,878 1 Combination of 14 independent series. Total grain and flour (bushels).... 66,147 56,723 74,797 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 619 COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. March, February March, March, February March, 1923. 1923. 1922. 1923. 1923. 1922. Grain and flour—Continued. Live stock—Continued. Stocks at 11 interior centers at close oJ Exports of certain meat products month (000 omitted): (pounds, 000 omitted): Wheat (bushels) 37,952 36,096 26,561 Beef- Corn (bushels) 22,974 18,492 29,883 Canned 104 253 Oats (bushels) 20,647 24,155 54,041 Fresh 348 320 274 Rye (bushels) 13,368 10,711 6,666 Pickled and other cured 2,312 1,929 2,798 Barley (bushels) 1,778 1,825 1,317 Hogproducts— Total grain (bushels) 96,719 91,279 118,468 Bacon 40,549 36,296 31,180 Hams and shoulders 25,892 28,192 23,583 Visible supply of grain east of the Rocky Lard 109,187 89,055 64,377 Mountains (000 omitted): Pork, pickled 3,325 3,863 2,953 Wheat (bushels) 48,911 51,500 38,258 Corn (bushels) 31,011 29,585 50,036 Dairy products. Oats (bushels) 26,180 29,937 68,920 Receipts at 5 principal markets (000 Receipts at 9 seaboard centers (000 omitted): omitted): Butter (pounds) 50,409 40,662 44,919 Wheat (bushels) 14,932 10,767 14,219 Cheese ((ppounds) 15,573 12,575 14,58« Corn (bushels) 5,848 8,395 21,395 EEg gs (case(s)) 2,124 1,025 1,947 Oats (bushels) 2,114 1,235 3,931 Cold-storage holdings first of following Rye (bushels) 2,495 3,794 865 month (000 omitted): Barley (bushels) 1,290 1,632 1,296 Creamery butter (pounds) 8,913 16,121 22,582 American cheese (pounds) 20,709 26,594 15,006 Total grain (bushels) 26,679 25,823 41,706 Eggs (cases) 14 213 13 Flour (barrels) 2,034 1,621 2,090 Total grain and flour (bushels).... 35,883 33,116 51,110 Fishery products. Fish landed by American fishing ves- Stocks at 8 seaboard centers at close of sels, total catch (pounds, 000 omitted) 30,056 12,499 19,215 month (000 omitted): Cold-storage holdings frozen and cured Wheat (bushels) 8,549 9,601 8,360 fish, on 15th of month (pounds, 000 Corn (bushels) 4,131 4,795 10,510 omitted) 34,518 50,645 40,112 Oats (bushels) 2,428 2,791 2,087 Rye (bushels) 4,012 2,559 1,840 Other agricultural products. Barley (bushels) 1,902 2,077 1,731 Cottonseed (tons): Total grain (bushels) 21,022 21,823 24,528 Received at mills 57,595 92,200 65,107 Wheat flour production (barrels, 000 Crushed 200,504 317,182 214,911 omitted) 10,607 9,425 . 9,658 Stocks at mills at close of month... 159,922 302,381 107,058 Cottonseed oil (pounds, 000 omitted): Live stock. Production 62,170 110,403 72,237 Stocks 60,137 83,667 60,089 Receipts at 57 principal markets (head, Oleomargarine consumption (pounds, 000 omitted): 000 omitted) 19,722 19,722 15,263 Cattle and calves 1,475 1,401 1,581 Tobacco sales at loose-leaf warehouses Hogs 4,831 4,393 3,329 (pounds, 000 omitted): Sheep 761 1,343 1,390 Dark belt—Virginia 2,955 5,541 862 Horses and mules (42 markets) 52 45 Bright belt- Virginia 818 3,451 2,712 Total 7,126 7,189 6,345 North Carolina 8,514 4,728 4,302 Burley 5,256 12,832 4,579 Shipments at 52 principal markets Western dark 8,263 7,189 (head, 000 omitted): Sale of revenue stamps for manufacture Cattle and calves 546 550 624 of tobacco, excluding Porto Rico and Hogs 1,648 1,156 Philippine Islands (000 omitted): Sheep 637 634 655 Cigars (large).. 574,515 507,266 529,162 Horses and mules (42 markets) 57 51 45 Cigars (' smnail). 49,955 43,539 59,535 Cigarettes (small) 5,043,327 4,623,431 3,636,032 Total 2,920 2,8 2,480 Manufactured tobacco ((pounds)... 32,269 29,083 34,395 Fruit shipments (carloads): Shipments of stockers and feeders from Grapefruit 2,686 1,877 2,079 33 markets (head, 000 omitted): Oranges 668 626 925 Cattle and calves 195 206 278 Lemons 8,090 8,009 5,945 Hogs 61 165 67 Apples 5,362 6,257 2,887 Sheep 114 50 143 Vegetable shipments: White potatoes (carloads) 22,917 13,758 22,104 Total 371 411 488 Onions (carloads) 1,392 1,398 724 Rice (pounds, 000 omitted) 15,448 56,178 119,813 Slaughter at principal centers under Sugar, all ports (long tons): Federal inspection (head, 000 omitted): Receipts 676,245 421,370 652,803 Cattle 634 674 Meltings 505,300 383,100 533,200 Calves 368 297 391 Raw stock at close of month 499,543 434,556 655,280 Hogs 4,838 4,231 3,340 Forest products. Sheep 977 837 Lumber: Total 6,871 5,243 Number of mills— National Lumber Manufactur- Meats, cold-storage holdings first of fol- ers' Association 587 569 480 lowing month (pounds, 000 omitted): Southern Pine Association 180 179 169 Beef. 102,811 113,415 73,782 Western Pine Association 51 51 54 Pork products 837,636 686,825 608,747 West Coast Lumbermen's Asso- Lamb and mutton 5,758 5,283 2,863 ciation 127 124 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

620 FEDERAL, RESERVE BULLETIN. MAT, 1923. COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. March, February, March, March, 'ebruary,, March, 1923. 1923. 1922. 1923. 1923. " 1922. Forest products—Continued. Textiles—Continued. Lumber—Continued. Cotton (bales,000 omitted)—Continued. Production (feet, 000,000 omitted)— National Lumber Manufactur- Stocks at mills 2,035 2,022 1,557 S W W o e e e u r s s s t ' t t h e e C A r r n o n s s a P o P s i t c i n n i e a e L t A i A o u s n s s m s o o c b c ia i e a ti t r o io m n n en's 1,3 4 1 5 3 2 5 1 1 3 9 5 7 5 9 8 9 8 3 S 9 6 5 7 5 S V C S t p o i o s i n c i n b s k d u l s e l m e a s s t p u a t w p c io p t a i n l v r y e e b h d y o u u m r s i e i n l s l g s month (num- 2 2, , 3 3 6 3 2 7 3 5 8 2 2 , , 8 7 5 0 3 6 4 4 7 3 3 , , 7 5 5 5 9 1 2 3 8 Shipm A e s n s t o s c ( i f a e t e io t, n 000 omitted)— 495 303 307 Wool: ber, OOOomitted) 35,501 35,308 31,873 Na tu ti r o e n r a s' l As L so u c m ia b t e io r n Manufac- 1,479 1,132 C Pe o t r o n c t s e a u n l m t r a e p g p t e i o o r o n te f d ( p a — o ct u iv n e d s m , 0 a 00 c h o in m e i r t y te d to ) 62,859 57,916 60,368 Southern Pine Association 438 386 Looms wider than 50-inch reed W W e e s s t t e r C n o P a in s e t ' A L s u so m ci b at e io r n men's 148 117 Lo s o p m ac s e 50-inch reed space or 86.3 83.4 65.1 Nav S R al p o i s s r t i R S S R i o n t t t r s e e A o o e ( c c c o c b s s e e k k f s a a i i o s s p p r t t r u c t t c c e s 3 s i r l l a l o o p s s t s s ) e i o o e e n — u n o t o t i h f f n e m m e a s o o ( t c n n e a r t t s h n h k s p ) o — rts: 2 4 2 1 5 8 2 4 , , , , 4 4 5 5 5 3 4 9 6 0 1 5 7 6 1 2 4 2 8 5 6 9 2 , , , , 8 6 2 6 3 1 4 6 1 3 4 0 4 0 8 8 1 4 3 2 4 9 ' , , , 3 0 2 4 0 2 8 6 1 8 0 9 Pe r r e c p C S S S L e o e p p o n o l r e t i i m t o t s s n n a e m s g b n n d o e s i i — s f n n c w g g o a f i r s s d d p p a e s i i c r n n t i d d t v h l l e e e a s s n h , , o w w 5 u 0 o o r - o r s i s n l e t t c e o n h d t r o e t e a d l 8 9 9 9 9 0 1 6 0 3 . . . . . 7 4 1 0 7 8 8 8 8 9 7 5 8 7 1 . . . . . 4 7 4 0 3 7 8 7 8 7 3 4 2 6 2 . . . . . 6 7 2 3 5 Fuel and power. space 92.9 79.7 63.1 Looms 50-inch reed space or Coal and coke (short tons, 000 omitted): A B A C i n o n t t t u k h h B m e r r e - a a i e c c n h i i o t t i e e u v s e c c o o c c o a a o l l a k l p s e h p r p o i r p r o d o m d u d u c e u t c n i c t o t i t s o n io n n 4 9 7 6 1 , , , , 1 7 3 8 4 8 8 2 9 3 2 3 4 7 5 2 1 , , , , 4 9 7 1 8 5 7 3 2 2 0 3 4 6 8 9 , , , 7 7 9 7 7 5 3 7 2 9 6 7 Raw silk S C S S : e p p o le t i i m s n n s s n b n o i s i f n n c g g a r s s d p p s i i n n d d l l e e s s , , w wo o o rs le te n d 1 1 1 8 9 0 0 1 8 5 3 2 7 . . . . . 6 7 9 1 2 9 9 9 9 7 4 3 5 5 4 . . . . . 6 3 0 8 3 6 7 8 8 8 3 0 2 5 8 . . . . . 5 8 3 9 4 Petr P ol r e o u d B m u y c , - t p c io r r u o n d d e u c ( t b a c r o re k l e s , p 00 r 0 o d o u m c i t t i t o e n d . ) . : . 5 3 6 , , 2 1 5 3 6 2 4 2 8 , , 8 4 1 1 0 3 4 2 6 , , 1 6 3 3 7 4 C St o o n c s k u s m a p t t c io lo n s e ( b o a f l m es onth (bales) 3 3 3 9 , , 5 4 1 3 5 6 3 4 6 4 . , 2 6 3 1 1 5 2 2 2 6 , , 0 6 7 5 7 1 Stocks close of month 258,738 252,275 221,588 Hides and leather. Production oil wells completed (number) 1,248 1,094 1,323 Sales of raw hides and skins during Oil refineries: month (number, 000 omitted): Production (000,000 omitted)— Cattle hides 2,518 1,697 1,499 Crude-oil run (barrels) Calfskins , 702 725 608 G asoline (gallons) Kipskins 156 198 137 Keresene (gallons) Goat and kid 1,236 1,089 1,230 Gas and fuel oils (gallons) Cabretta 102 113 69 Lubricating oils (gallons) Sheep and lamb 3,262 2,902 1,276 Stocks (000 omitted)— Stocks of raw hides and skins at close of Crude-oil run (barrels) month (number, 000 omitted): Gasoline (gallons) Cattle hides 6,749 6,650 5,662 Kerosene (gallons) Calfskins 2,689 2,648 2,965 Gas and fuel oils (gallons) Kipskins 1,010 1,068 916 Lubricating oils (gallons) Goat and kid 7,779 7,950 8,044 Cabretta 966 968 361 Electric power produced by public Sheep and lamb 8,510 9,058 11,941 utility plants (000,000 kilowatt-hours): Production of leather (000 omitted): Produced by water power. Sole leather (sides) 1. 1,465 1,539 Produced by fuels. Skivers (dozens) 37 19 Oak and union harness (sides stuffed) 139 78 Total. 4,710 4,321 3,823 Boots and shoes output (pairs, 000 Metals. omitted): Iron and steel: Men's 10,713 8,688 7,732 Pig-iron production (long tons, 000 Women's 11,614 9,576 10,529 omitted)2 3,548 3,521 2,072 Other 14,129 11, 008 11,089 Steel-ingot production (long tons, 000 omitted)2 3,321 3,402 2,445 Total 35,792 29,272 29,350 Unfilled orders, U. S. Steel Corporation (long tons, 000 omitted)2 7,289 7,403 5,097 Building materials. Fabricated structural steel orders (tonnage) 210 179 139 Brick (000 omitted): Silve S S r t t e e e e p S U l l r h c o n b i a f d a p i s r u l m t l r c e i e n e t d l i g s n o s o t n s ( — r n d u e b ( m r t o s ro b o y e k r i ) n — o g u s n (n c e e t s t , o n 0 s 0 ) 0 .. 6 2 1 2 5 4 7 1 3 , , , 5 1 5 7 4 6 3 8 4 6 1 0 9 9 3 0 3 , , , 7 9 1 7 9 5 4 2 2 I i j j 2 1 8 4 6 1 7 8, , , 4 8 7 7 9 9 6 3 4 Clay P S S N f r t h e i o o r i w c p d e k m u o b s c r , e r t d n c i i e o c l t o s r n k s s - e of month 1 6 9 7 5 6 9 0 9 , , , , 4 3 6 1 5 2 3 8 6 4 0 0 1 5 5 6 6 6 3 7 3 , , , , 0 2 4 1 7 2 2 6 5 6 2 4 1 4 3 4 4 8 2 3 9 , , , , 6 6 0 0 9 2 9 3 4 6 8 4 omitted) 6,110 4,729 4,186 Unfilled orders 118,284 88, 713 31,537 Copper production (pounds, OOOomitted) 122,194 102,641 62,305 Face brick- Zinc (pounds, 000 omitted): Production 33,522 32,473 42,133 Production 97,462 84,886 53,064 Shipments 32,674 26,679 37,991 Stocks, close of month 20,042 21,728 I 120,524 Stocks in sheds and kilns 102,741 134,175 156,906 Shipments 99,148 96,306 | 60,788 Unfilled orders, close of month.. 82,377 91,819 59,852 Tin (pounds, 000 omitted): Silica brick- Deliveries to factories 14,862 13,854 ' 13,507 Production 16,793 14,544 9,120 Stocks at close of month 9,110 4,601 6,912 Shipments 17,804 14,418 7,837 Stocks, close of month 44,481 45,492 36,944 Textiles. Cement (barrels, 000 omitted): Cotton (bales, 000 emitted): Production 8,085 6,685 Sight receipts.. 453 410 Shipments 10,326 5,963 7,002 American spinners' takings. 422 399 259 Stocks, close of month 13,055 13,502 13,848 1 Figures for April, 1923, March, 1923, April, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1923. FEDERAL RESERVE BULLETIN. 621 COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. March, February. March, March, February, March, 1923. 1923. 1922. 1923. 1923. 1922. Building materials—Continued. Miscellaneous manufactures—Con. Oak flooring: Locomotives (number): Production 32,236 24,421 20,367 Domestic shipped 269 196 35 Shipments 34,964 25,031 22,690 Foreign completed 13 11 4 Orders booked 39,641 33,458 23,479 Stocks 25,297 25,301 28,090 Total 282 207 39 Unfilled orders 65,823 56,936 24,935 Maple flooring: Unfilled orders— Production 12,344 11,333 9,218 2,214 2,141 255 Shipments 15,329 11,354 10,548 102 79 75 Orders booked 18,321 16,033 11,923 Stocks 23,161 25,539 33,632 Total 2,316 2,220 330 Unfilled orders 42,434 40,200 14,282 Enameled ware: Vessels built in United States and offi- Baths- cially numbered by the Bureau of Shipments 92,473 82,912 65,243 Navigation: Stocks at close of month. 40,200 40,124 70,587 67 37 62 New orders 116,514 129,847 63, 815 24,978 21,392 6,203 Lavatories- Shipments 104,876 83,469 91,039 Transportation. Stocks at close of month. 50,127 56,543 126,228 New orders 148,121 156,033 95,891 Freight carried by Class I railways:1 Sinks- Net ton-miles, revenue and non- Shipments 114,677 99,085 90,765 revenue (000,000 omitted) 32,616 37,668 28,451 Stocks at close of month. 61,391 59,806 152,980 Net tons per train - 672 696 674 Now orders 149,144 167,607 95,137 Net tons per loaded car 28.2 29.0 28.3 Miscellaneous ware— Revenue freight loaded and received Shipments 56,359 44,766 44,912 from connections, classified according Stocks at close of month. 54,332 49,367 86,334 to nature of products (cars, loaded, New orders 67,642 75,431 48,062 000 omitted): Grain and grain products 185 165 183 Miscellaneous manufactures. 140 128 122 Coal 834 742 883 Wood pulp (short tons): Coke . 69 60 39 Production 313,777 279,457 314,591 Forest products 337 267 236 Consumption 2r>3,477 235,934 249,204 Ore 60 41 24 Shipments 54,207 51,389 47,839 Merchandise, l.c.l 1,010 848 1,064 Stocks, end of month 111,823 108,872 196,257 1,459 1,142 1,135 Paper (short tons): Newsprint- Total i 4,124 3,393 3,687 Production 129,294 114,611 117,507 Shipments 132,292 114,415 117,142 Revenue freight loaded, classified ac- Stocks, end of month 20,199 23,200 28,180 cording to geographical divisions: Book paper— 1,025 812 928 Production 96,087 89,265 77,889 903 731 792 Stocks, end of month 31,480 38,043 , 38,367 162 134 165 Paper board— Southern 660 546 576 Production 198,031 192,308 513 429 447 Stocks, end of month 62,901 71,986 Central western 612 531 544 Wrapping paper— 250 210 236 Production 86,776 77,813 70,141 Stocks, end of month 43,213 48,421 64,931 Total 4,124 3,393 3,688 Fine paper— Production 35,144 32,377 29,346 Freight-car surplus (number): Stocks, end of month 36,978 39,772 35,123 Total . - 13,157 23,101 216,684 Kubber (pounds, 000 omitted): Box . .. 2,<i44 5,692 88,569 Consumption by tire manufacturers 41,594 34,235 26,771 Coal . .. 3,980 6,263 81,149 Pneumatic tires (000 omitted): Freight-car shortage (number): Production 3,866 3,218 2,646 Total 73,535 75,228 437 Shipments, domestic 3,323 2,589 2,074 Box 34,068 29,138 246 Stocks 5,671 5,244 5,183 Coal 31,061 38,432 90 Inner tubes (000 omitted): 206,312 215,552 334,628 Production 4,875 4,039 3,018 Shipments, domestic 3,828 3,002 2,091 Vessels cleared in foreign trade (tons, Stocks 7,7-41 6,772 6,991 000 omitted): Solid tires (000 omitted): 2,021 1,587 2,181 Production 80 75 49 2,800 2,526 2,684 Shipments, domestic 77 63 48 Stocks 266 270 182 Total 4,821 4,113 4,864 Automobiles: Percentage of American to total 41.9 38.6 44.8 Production (number)— Panama Canal traffic (tons, 000 omit- Passenger ears. .. 319,527 259,383 152,625 ed):> Trucks 34,063 21,411 19,369 Total cargo traffic 1,563 1,592 960 Shipments— American vessels 959 775 459 Railroads (carloads) 43,774 35,700 27,753 British vessels 376 407 287 Driveways (machines) 58,320 42,700 1.6,917 Boat (machines) 1,900 900 560 1 Figures for February, 1923; January, 1923; February, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

622 FEDERAL EESEEVE BULLETIN. MAY, 1023. BUILDING STATISTICS. BUILDING PERMITS ISSUED IN 168 SELECTED CITIES. [Collected by the 12 Federal Reserve Banks.] NUMBER OF PERMITS ISSUED. District District District District District District District District District District District District No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 Total (14 (22 (14 (12 (15 (15 (19 (5 (9 (14 (9 (20 (168 cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). Cities). 1922. 2,337 13,420 3,557 5,161 4,101 3,424 8,917 2,218 1,493 2,711 2,623 11,196 61,158 2,873 7,828 3,044 5,093 4,018 3,130 11,112 2,354 2,244 2,778 2,534 11,596 58 604 2,734 8,424 3,860 4,789 3,997 3,114 10,553 2,373 1,932 2,629 2,223 11,291 57,919 October 2,911 9,672 3,169 5,064 3,930 3,335 11,988 2,492 2,029 2,906 2,470 12,254 62,230 2,301 9,022 2,504 4,150 3,433 3,010 9,437 2,048 1,437 2,669 2,184 10,490 52 685 1,285 7,456 1,639 2,666 2,458 2,070 6,620 1,653 698 1,601 1,510 7,767 37,453 1923. 905 6,243 1,486 2,946 2,787 2,975 6,310 1,985 722 2,276 2,554 10,313 41 502 838 6,880 1,573 2,901 2,585 2,516 5,729 1,742 612 1,913 2,199 9,666 39,154 1,983 13,745 3,308 6,411 4,232 3,251 10,735 2,645 1,417 3,086 2,589 13,358 66,770 VALUE OF PERMITS ISSUED (000 OMITTED). 1922. March $11,069 $120,359 $14,116 $14,926 $11,329 $5,873 $33,291 $5,013 $4,526 $7,166 $5,630 $27,432 $260,730 August 16,634 49,211 15,353 22,037 11,605 7,985 40,453 5,816 8,285 9,793 5,010 29,424 221,608 September... 8,656 58,670 15,869 25,077 12,970 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 14,486 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 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 March 10,986 167,218 31,845 23,264 14,156 7,498 59,463 8,641 5,574 10,952 11,427 40,203 391,226 VALUE OF BUILDING. CONTRACTS AWARDED BY FEDERAL RESERVE DISTRICTS. (F. W. Dodge Co.) VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS (000 OMITTED). District District District District District District District District District District No. 1. No. 2. No. 3. No. 4. No. 5. No. 6. No. 7. No. 8. No. 9.> No. 10.! Total. 1922. September $29,245 $84,299 $24,948 $34,635 $22,997 $62,220 $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 4,810 219,351 December 19,740 58,685 18,706 28,042 15,677 45,128 5,285 191,263 1923. January 21,806 65,233 16,770 25,691 17,633 $22,051 43,137 $17,864 4,524 $7,845 3 242,554 February 13,759 58,614 18,780 38,546 20,219 34,775 46,764 21,193 12,199 12,531 3 277,380 March 25,079 98,412 31,265 52,793 30,147 25,538 59,868 17,961 15,259 11,277 ' 367,599 April 31,893 96,267 30,553 48,786 39,364 20,817 75,240 25,840 17,585 11,346 8 397,192 VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS (000 OMITTED). 1922. September. $11,510 $34,537 $8,142 $12,737 $8,596 $15,012 $2,454 $92,986 October... • 13,553 33,238 10,072 13,730 7,416 20,291 2,228 100,528 November. 13,667 51,892 7,397 11,405 7,998 22,308 , 117,515 December.. 13,963 42,981 11,526 17,809 5,003 17,949 2,847 111,278 2,046 1923. January... 14,469 47,702 5,722 11,803 7,815 $10,223 14,567 $5,884 2,072 $2,120 U22,376 February. 4,587 10,849 9,128 13,751 7,930 10,065 18,315 6,476 6,703 3,288 3 90,462 March.. | 11,044 65,912 13,336 23,338 9,146 8,993 27,035 8,676 4,493 3,295 a 175,298 April 15,493 56,811 13,823 20,807 11,411 8,506 28,S24 9,360 5,345 3,369 3 173,452 > Montana not included. 3 Colorado, Wyoming, and Arizona not included. 3 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

MAT, 1923. FEDERAL RESERVE BULLETIN. 623 WHOLESALE AND RETAIL TRADE. SALES OF MAIL ORDER HOUSES Sales of both wholesale and retail dealers (MONTHLY AVERAGE. 1919 =fOO ) - \ were substantially larger in March than in the preceding months of 1923, and were also \ much larger than the sales in March, 1922. / \ \ f \ 120 , L The chart below shows a comparison of the // trends of wholesale trade and of department- y 100 s/ ** store sales from January, 1919, to date. This /l \ * 192 \ chart indicates that department-store business 8O BO has much larger seasonal fluctuations than the 1 / average wholesale business and that there has ^1922 / 60. been a distinct divergence in the trend of wholesale trade and retail trade during the past three years. The higher level of retail trade is due primarily to the relatively small decrease in retail prices since 1920 as compared 20 20 with the large decline in wholesale prices. In the past year this price factor has become slightly less important, as wholesale prices JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. have been rising more rapidly than retail machine tools were over three times as large prices. A correction of the two series by price as in last March, while sales of jewelry, diachanges indicates that there has not been monds, and men's clothing were over 50 per much change in the volume of wholesale cent greater. The larger distribution of clothbusiness since 1919, while there has been a ing and jewelry reflects the increased buying considerable increase in the volume of retail power in 1923, which has resulted from full sales. employment, rising* wages, and expanding Wholesale trade in March reached the largest business profits. Hardware sales also showed monthly volume since November. The March very substantial gains in all reporting districts, sales were 10 per cent greater than February which may be ascribed in part to the great and 12 per cent larger than in March, 1922. building activity in all sections and in part to The most important increases, as compared the demand for farm equipment. with February, were registered by the sales of Eetail business showed even more proshoes, hardware, jewelry, and drugs. There nounced gains in March than wholesale busiwas a slight decline in the sales of diamonds. ness. Chain shoe stores more than doubled A comparison with a year ago indicates that their February sales, while sales of 5-and-10the value of wholesale business was larger in cent stores, department stores, and mail-order all lines and in almost all districts. Sales of houses showed gains of from 30 to 40 per cent. Sales of shoe stores, mail-order houses, and WHOLESALE TRADE AND DEPARTMENT STORE SALES 5-and-10-cent stores were all over one-third ( MONTHLY AVERAGE, 1919 = 100 ) larger than a year ago. The large volume of 200 sales this March may be ascribed to the early 180 date of Easter, but this influence must have 160 been partly counterbalanced by the severe storms and prolonged cold weather. Sales 1<tO of mail-order houses reached a larger dollar value than at the fall peaks of the years 1921 120 and 1922. The chart below shows a compari- 100 son of the sales, by months, in 1923 with sales in 1922 and sales during the period of business 80 activity in 1920. It will be noted that sales 60 in each of the first three months of 1923 were much larger than in the corresponding months • WHOLESALE TRADE of 1922, but are still considerably smaller than • DEPARTMENT STORE SALES 20 in the first quarter of 1920. 0 Department-store stocks were increased 1919 1920 1921 1922 1923 about 8 per cent during March, but expansion Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

624 FEDERAL EESEKVE BULLETIN. MAY, 1923. is customary in the early spring, and stocks at WHOLESALE TRADE IN THE UNITED STATES. the end of the month were only 6 per cent [Average monthly sales 1919= 100.] higher than a year ago. As the increase in sales during the past year has been much larger c G er r i o e - s. Meat. g D oo r d y s. Shoes. Total. business is now being done on a lower relative volume of stocks than in 1922. Increases in 1922. stocks as compared with March 31, 1922, were January 65.6 49.3 81.4 43.5 5a i 94.4 64.2 recorded in 10 of the 12 districts and amounted M Fe a b rc ru h ary 6 7 2 6 . . 2 3 4 5 8 1 . . 9 3 8 8 0 8 . . 2 2 5 70 0 . . 4 0 " 5 8 7 1 .7 .9 1 9 1 4 3 . . 2 7 6 7 2 4 . . 9 3 to over 10 per cent in the Minneapolis, St. April 66.2 48.3 74.6 65.1 84.6 93.6 65.8 May 74.1 58.2 79.0 60.5 92.7 96.6 72.6 Louis, Philadelphia, and Chicago districts. June 82.2 62.6 78.9 58.8 91.7 99.6 76.9 Stocks at department stores in the Kansas City July 74.5 59.2 80.2 45.2 81.3 93.6 72.1 August 86.4 55.9 112.7 66.0 89.5 102.9 83.6 and Dallas districts were slightly smaller than September 90.5 60.5 116.1 77.6 95.1 104.6 88.1 October 98.7 67.8 108.3 77.2 98.9 111.1 92.4 a year ago, although they showed an increase as November 95.8 54.1 94.4 67.4 93.1 102.9 84.0 compared with February. December 85.0 56.8 72.8 57.3 83.1 99.0 75.0 The following tables show the trend of whole- 1923. sale and retail trade, by lines and by Federal J F a e n b u r a u r a y ry 7 7 4 4 . . 9 9 6 5 0 6 . . 4 8 1 1 0 0 5 0 . . 4 8 5 5 5 6 . . 7 3 8 8 7 2 . . 3 0 1 1 1 0 3 6 . . 4 3 7 7 8 6 . . 4 1 reserve districts: March 79.7 58, 9 113.0 82.6 108.2 120.6 84.6 CHANGES IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS. Percentage Percentage change in change in change in March, 1923, March, 1923, March, 1923, sales as com- sales as com- sales as compared with— pared with— pared with.— Feb- March Feb- March, r 1 u 9 a 2 r 3 y . , 1922. r 1 u 9 a 2 r 3 y . , 1922. Groceries: Shoes—Continued. i Drugs— Continued. United States 4.5 Richmond district • 25.0 23.3 Dallas district 8.4 3.0 New York district 19.8 8.9 Atlanta district : 42.0 23.5 San Francisco district 20.5 4.8 Philadelphia district 9.1 11.2 Chicago district j 83.5 16.4 Furniture: Cleveland district 16.4 7.3 St. Louis district j 17.6 18.5 Richmond district 34.1 87.9 Richmond district 13.6 12.5 Minneapolis district | 22.1 32.0 Atlanta district 28.1 46.0 Atlanta district .6 11.4 San Francisco district j 12.1 1.4 Kansas City district 37.5 46.4 Chicago district 6.1 1.3 Hardware: Dallas district 23.0 27.7 Dry C R A C S M K D S U N P S M K D S g a a h t t h l i e o a t a a n a . e . i i c n n l i i n n l w l n n o i v a c l h l L l L t n a n a s d a s a n e e F F m o o a d a e e s g s s Y l d t r r a u a s u a s : e a o o a a d d n o p p i l i S n n n C C i p i s s d d r d o o s s c c t d k h i i l i d i a l t d t i i t s i t i s d r r i s s y t i s y i s t d i i t d a e c s c i s r c c r s i d t s i o t d i o d i d t t s r t d c r c s i r i i i t i i t s i d s t t d s c i r s c s c t r i t t t i t i t r t c r r i r s t s r i i i c i t t t c i c c c r r c t t t t i i t . t c c .. t t . - - - - 1 - 3 - 1 2 5 1 2 1 1 2 4 2 5 6 0 0 7 7 9 5 8 3 3 4 2 2 0 . . . . . . . . . . . 5 6 6 . . . . . 6 . 9 8 2 2 7 5 9 2 7 3 3 1 1 -2 - - 2 3 7 2 2 2 2 2 2 2 1 1 1 3 2 6 3 2 5 0 8 9 9 9 8 2 3 8 4 . . . . . 4 . . . 6 . . . . . . . . 0 . 2 8 0 6 2 2 3 6 3 1 1 5 6 2 j | I ' i I Drug U C A C N P R S M D S U N C K P R s a h t h h l l i n i t e e a n a . : i e e c n c l i i i w w n l n i i v a c v l l h L l h t t n a a s a a n e F e e e m m o e a d Y Y s d g d l d l t r a s u a a a e o e a o o d o o n p n i l S l n S C n n s i r r p d d p d o d s c t k k d t d i i h i h l d a t a i t s s i d d r s i y t i i t s d d d t d t i a a e c s e i i r r c i i s i s i s t o d s i d i s s s t s r t d t d c c i t t i r t r t i t d s t i r i r s r r c i i s s i i t c i c t i i t c c r t c t r c s t t r r i t t i t t t c i i c r c c t t i t t c t j I i , i ' • , j ! ' > 4 3 2 2 2 1 1 2 3 4 1 3 1 1 1 2 2 7 9 0 6 5 7 6 3 9 8 8 1 3 2 9 . . . . . . . . . . . . . . . . . 6 0 6 4 5 9 5 6 5 7 3 6 0 5 5 5 1 1 3 2 2 3 3 2 3 3 2 1 1 1 1 4 6 5 9 6 0 9 2 8 4 2 1 0 8 8 1 9 0 . . . . . . . . . . . . . . . . . 0 7 8 0 6 6 7 3 6 3 1 7 7 5 5 3 2 A A M S M W t g u e a a o r t n c t m o i M D A C i S A S N S S N N N h ' c o s a a a a i h e s u a e t e e e t n i n n n n n l c l u n i n w l w w w l e e a c a l t l p ' n a r u s a o n n F F F F p t e v s Y Y Y g Y r t t t o r r r r c a l h : a a a o a a a a d i o o o o l o p l i e n n n n o i l d n r r d r r d o s s s i c c c c k k k t k i g i i l : m : t h i i i i s s s i r : s s s s s i d d d d t t t i p c c c c n r r r c i i i i d o o i o o i i l g s s s s t c c c e i t t t t : t t t s d d d d r r r r m i i i i t i i i i c c c c r s s s s e i t t t t t t t t n c r r r r t t i i i i c c s c c : t t t t 4 6 7 4 2 2 2 1 1 1 1 4 7 5 3 6 6 5 2 1 4 0 5 2 . . . . . . . . . . . . . 4 6 4 9 9 3 8 4 0 6 3 3 1 2 1 3 8 6 2 2 2 5 3 1 5 5 8 1 5 2 6 9 9 7 4 3 2 3 7 4 3 . . . . . . . . . . . . . 7 4 0 9 9 4 9 3 1 8 1 4 6 Shoes: Atlanta district 18.9 16.0 Diamonds' United States i 46.7 17.3 Chicago district 19.9 15.1 New York district -23.2 56.3 New York district I 54.7 17.2 St. Louis district 11.0 6.7 Jewelry: Philadelphia district { 115.3 28.1 Kansas City district 4.6 7.3 \- New York district 38.1 73.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 625 RETAIL TRADE BY REPORTING MNES. [Average monthly sales, 1919=100.1 Chain stores. Depart- Mail-order [— ment houses(4 st s o t r o e r s e s (3 ). 06 houses). (2 G 1 r c o h c a e i r n y s). F c T i h v e a e n i n a s ( n 4 ) d . c D h r a u i g n s ( ) 8 . I c C h ig a a in r 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. 65.3 137.5 94.0 117.4 111.0 79.9 71.8 February 79. 59.4 130.3 100.8 114.8 109.3 80. G 75.0 March 101. 83.5 149.2 118.4 123.4 124.3 103.8 80.6 April 112. 77.1 139.2 134.9 120.5 124.5 156.1 78.9 May 115. 69.9 137.9 129.6 123.2 128.8 126.9 80.9 June 108. 68.8 138.7 127.0 123.8 123.4 121.7 81.3 July 80. 58.4 135.1 120.3 126.2 127.3 101.2 83.0 August 87. 57.2 139.1 130.4 128.2 126.9 86.7 99.1 September 106. 75.1 141.0 136.1 128.7 135.4 117.7. 118.2 October 129. 108.7 148.6 156.6 133.1 127.1 121.1 118.8 November 130. 110.4 162.4 152.3 122.4 126.9 121.9 120.7 December 185. 107.8 165.5 279.2 161.0 178.7 164.7 203.7 1923. January 99.8 88.7 165.1 115.9 128.7 115.6 85.5 95.0 February 89.3 83.9 158.8 117.4 125.3 109.7 70.8 87.8 March 123.1 112.7 188.4 163.4 144.7 134.5 145.5 96.0 DEPARTMENT STORE SALES BY FEDERAL RESERVE DISTRICTS. [Average month, 1919=100.] (2 D B N 4 o i o s s s . t t t o r 1 o i r — n c e t s). N (6 D N e 4 w i o s s t . t o Y r 2 r i — o c e t s rk ). (1 P D N 8 h p i i o s s l h t . a t o i r 3 d a r i — c e e t l s - ). ( R 1 D N i 9 c i o s h s t . m t o r 5 r i o — e c n t s d ). | ! | i (3 A D N 5 t i o s s l t . a t o r 6 n r i — t e c 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 4 M a i p o s s i t o . n t o r l 9 n r i i — s e c e ' - t s). ( F 3 N D 1 r a o i S s n s . t a t c o 1 r n i 2 r i s c e — c t s o ). (3 I 0 U n 6 S d n t e s a i x t t t o e e d r s fo e r s). 1922. January 100.3 98.4 96.6 75.6 74.1 85.6 83.1 75.2 99.6 89.8 February 83.9 84.8 87.8 72.0 73.3 77.3 70.6 71.2 83.8 79.7 March 109.5 109.3 111.8 93.9 85.2 94.3 91.1 90.8 111.0 101.3 April 125.1 119.0 132.1 105.8 98.3 111.9 106.8 87.4 110.0 112.9 May 122.8 117.7 126.4 103.3 97.6 116.5 105.6 96.5 132.5 115.4 June 121.9 114.5 108.7 103.0 86.3 110.3 101.3 89.2 111.6 108.0 July 81.7 77.8 86.8 71.0 69.8 83.0 81.2 64.8 95.9 80.1 August 87.5 78.2 94.9 72.9 73.9 92.1 93.1 67.7 119. 3 87.1 September.. 114.2 106.7 107.2 90.8 86.4 114.4 105.4 101.0 112.5 106.2 October 134.8 144.8 143.8 119.1 113.8 122.1 119.8 104.5 137.0 129.8 November... 134.9 141.6 •146.8 122.3 113.1 130.9 107.0 104.9 132.2 130.0 December... 197.3 198.5 185.8 184.7 161.8 184.5 164.1 149.2 203.7 185. 9 1923. January 106.3 107.7 106.1 83.9 83.0 98.5 92.1 81.0 114.6 ' 99.8 February 92.3 91.3 98.0 79.6 78.2 92.7 77.0 73.3 101. 5 89.3 March 126.9 129.0 149.0 115.3 105.5 122.0 10,-). 2 99.4 134.6 123. t 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 i r — c e n t s). ( N 6 D N e 4 w i o s s t . t o Y r 2 i r — c o e t s rk ). (1 P D N 3 h p i o i s s l h . t t a o i r 3 d a i r — c e e t l s - ). ( R 1 D > i 9 c ? i O s h s t m t . o r i r S o c e - n t s d ). \ (2 A D 2 N t i s o s l t a . t o r n 6 r i t c e — a t s). (5 C D N 9 h i o s s i t . c t o r a 7 r i g — c e o t s). (1 D N M 6 a i p o s i s t . o n t o r n l 9 r i i e — s c e - t s). (1 N D 9 D o i s a s . t t l o 1 r la r i 1 c e s — t s). ( F 2 N D 9 ra o i S s n s . t a t c o 1 r n i 2 r i s c e — c t s o ). (2 In 6 U S 5 d n t e a s i x t t t o e e s f d r o e r s). 1922. January 99.1 105.1 95.9 90.8 101.7 106.9 88.5 106.2 101.4 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 99.8 103.2 113.6 97.8 99.6 108.1 105.5 August 105.0 109.1 111.9 105.0 109.3 125.0 102.0 111.0 112.1 111.8 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... 130.0 131.4 126.7 126.0 123.1 136.8 115.5 118.9 124.2 128.3 December... 110.5 110.4 105.9 103.2 101.2 115.2 97.2 94.1 107.6 107.5 1923. January 104.0 106.6 102.2 99.6 105.2 111.4 100.0 96.0 107.4 105.2 February 111.5 113.0 116.5 113.0 111.9 125.3 107.2 105.8 117.7 115.2 March 119.9 124.6 127.5 124.3 118.9 137.2 117.0 114.3 125.1 125.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

626 FEDERAL RESERVE BULLETIN. MAY, a 023. BANKING AND FINANCIAL STATISTICS. DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS. VOLUME OF OPERATIONS DURING MARCH, 1923. United States securities Federal reserve bank. co B m u b i e l n a l m t n s e k b d d s e i . s f r - or 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 rcha C s e e r d ti . ficates of p M w ur u a c n r h r ic a a i n s p e t a s d l . Total. notes. indebtedness. March, 1923. March, 1922. Boston $330,903,414 ((33,236,612 $519,200 $16,665,945 $381,325,171 $304,763,629 New York 1,995,975,853 75,774,818 40,759,500 73,440,500 2,185,950,671 1,074,055,174 Philadelphia... 238,143,940 12,031,768 225,000 171,000 $40,683 250,612,391 263,529,229 Cleveland 138,462,039 33,241,861 555,000 172,258,900 159,516,811 Richmond 225,345,373 1,150,894 226,496,267 167,679,536 Atlanta 30,403,422 22,907,075 292,700 5,360,000 58,963,197 55.898,867 Chicago 251,529,771 22,302,677 9,546,000 38,430,500 321,808,948 204,014,331 St. Louis 83,021,378 9,755,917 20,700 100,000 92,897,995 50,453,299 Minneapolis 18, 011,973 3,248,900 302,000 21,562,873 25,890,225 Kansas City 48,663,365 75,000 435,500 3,500,000 52,673,865 45,557,798 Dallas 12,743,364 6,435,451 1,600,000 1,198,000 21,976,815 28,101,050 San Francisco.. 146,496,704 37,228,596 1,175,000 184,900,300 236,799,165 Total: March, 1923 3,519,700,596 254,140,669 56,647,500 140,897,945 40,683 3,971,427,393 March, 1922 1,753,096,620 144,351,644 156,696,850 562,114, 000 2,616,259,114 3 months ending- Mar. 31,1923. 10,931,505,998 593,359,216 208,471,730 1,913,344,975 13,646,722,602 Mar. 31,1922. 6,178,834,855 387,282,638 389,106,600 838,274,500 111,029 7,793,609,622 VOLUME OF BILLS DISCOUNTED DURING MARCH, 1923, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. C p u a s p to er m s e e r - s' Member b n a o n t k e s s ' . collateral Bankers' acceptances. cured by Commercial Agricul- Live-stock Federal reserve bank. m G g e a o n t v t i o e o n r b n s l - . i- G o S b o e l c v i u e g r r a e n t d i m o b n e y n s. t O s t e h c e u r r w ed is . e paper n. e. s. tural paper. paper. Foreign Domestic. ex D ch o a ll n a g r e. Boston $544,699 $183,009,500 $146,895,982 $236,278 $93,325 New York 2,229,953 1,814,271,257 178,386,790 360,940 6,055 $5,697 $19,963 Philadelphia 318,219 167,253,400 70,245,347 270,986 Cleveland 317,735 92,973,450 $39,500 43,865,676 194,995 281,917 Richmond 282,641 199,822,414 1,945,000 21,050,039 1,624,781 16,315 Atlanta 101,812 11,305,700 404,400 16,340,576 1,966,692 184,940 Chicago 305,195 170,964,560 234,771 72,333,428 7,435,721 50,000 St. Louis 6,842 52,831,700 28,315,020 1,569,634 "42," 703' 25,000 Minneapolis 1,230 10,359,920 730,419 5,234,523 1,095,870 590,011 Kansas City 61,990 36,958,950 47,000 6,326,324 1,238,215 i, 020,886 Dallas 3,457 3,771,200 657,930 4,258,483 1,641,975 :, 393,937 San Francisco 698,423 88,327,000 13,900,110 41,006,401 1,632,860 681,985 3,573 Total: March, 1923 4,872,196 2,831,849,051 17,959,130 634,258,589 19,258,947 8,312,074 9,270 94,963 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 March, 1922.... 12,148,775 1,020,251,778 29,931,867 640,980,433 35,712,261 9,599,037 124,220 February, 1922 17,081,217 1,267,616,523 26,411,796 730,839,912 27,567,790 6,909,724 92,410 Total reduced to a common Trade acceptances. maturity basis.1 Member banks. Total all Federal reserve bank. Number in Accommodated. Foreign. Domestic. Amount. P of e r t c o e ta n l t . M di a s r t . r i 3 c 1 t . Number. Per cent Boston $123,630 $330,903,414 $260,325,281 7.4 428 223 52.1 New York $409,200 285,998 1,995,975,853 1,006,124,756 28.6 814 375 46.1 Philadelphia... 55,988 238,143,940 245,510,301 7.0 715 313 43.8 Cleveland 788,766 138,462,039 171,123,462 4.9 882 240 27.2 Richmond 604,183 225,345,373 196,034,298 5.6 639 243 38.0 Atlanta 99,302 30,403,422 114,133,865 3.2 542 213 39.3 Chicago 206,096 251,529,771 733,059,081 20.8 1,441 502 34.8 St. Louis 240,479 83,021,378 207,890,885 5.9 620 191 30.8 Minneapolis... 18,011,973 77,612,495 2.2 1,010 209 20.7 Kansas City... 10,000 48,663,365 133,892,023 3.8 1,154 254 22.0 Dallas 16,382 12,743,364 83,684,889 2.4 862 253 29.4 San Francisco. 246,352 146,496,704 290,309,260 8.2 815 32.6 Total: March, 1923 409,200 2,677,176 3,519,700,596 3,519,700,596 100.0 9,922 3,282 33.1 February,1923. 173,012 3,028,306 3,720,546,586 9,917 2,976 30.0 March, 1922 4,348,249 1,753,096,620 9,873 ^ 4,701 47.« February, 1922 3,853,961 2,080,373,333 9,858 4,847 49.1 1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (8.86) for system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 627 VOLUME OP BILLS DISCOUNTED DURING MARCH, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Federal reserve bank. 4 per cent. 4£ per cent. Total. r A at v e e ( r 3 a 6 g 5 e - m A a v t e u r r a i g ty e . day basis). Per cent. Days. Boston. $330,903,414 $330,903,414 4.50 6.97 NewYork 1,995,975,853 1,995,975,853 4.50 4.47 Philadelphia. 238,143,940 238,143,940 4.50 9.14 Cleveland 138,462,039 138,462,039 4.50 10.95 Kichmond. 225,345,373 225,345,373 4.50 7.71 Atlanta 30,403,422 30,403,422 4.50 33.28 Chicago.. 251,529,771 251,529,771 4.50 25.83 St. Louis 83,021,378 83,021,378 4.50 22.20 18,011,973 18,011,973 4.50 38.19 Kansas City 48,663,365 48,663,365 4.50 24.39 Dallas.... 12,743,364 12,743,364 4.50 58.21 San Francisco »i, 147,809 115,348,895 146,496,704 4.33 17.57 Total: March, 1923 31,147,809 3,488,552 787 3,519,700 596 4.49 8.86 February, 1923 2,434,809,243 1,285,737,343 3,720,546,586 4.28 6.70 VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING MARCH, 1923, BY CLASSES. Total reduced to a Bankers' acceptances. Trade acceptances. common maturity basis.1 Total bills Federal reserve bank. purchased. Foreign. Domestic. ex D ch o a ll n a g r e. Total. Foreign. Domestic. Total. Amount. o P f e r to ce ta n l t . Boston $23,523,673 $8,224,499 $1,488,440 $33,236,612 $33,236,612 $20,388,082 8.0 NewYork 57,093,705 11,561,256 5,152,880 73,807,841 $1,888,069 $78,908 $1,966,977 75,774,818 32,762,767 12.9 Philadelphia.. 8,273,938 2,542,830 1,215,000 12,031,768 12,031,768 20,225,964 7.9 Cleveland 28,155,033 4,100,408 882,000 33,137,441 104,420 104,420 33,241,861 51,530,916 20.3 Richmond 127,894 1,023,000 1,150,894 1,150,894 1,235,483 .5 Atlanta 19,240,871 3,137,704 528,500 22,907,075 22,907,075 31,571,206 12.4 Chicago 14,142,798 6,348,879 1,811,000 22,302,677 22,302,677 34,024,226 13.4 St. Louis 6,801,633 2,138,047 816,237 9,755,917 9,755,917 12,869,103 5.1 Minneapolis... Kansas City... 75,000 75,000 75,000 49,973 Dallas 4,928,679 1,300,705 206,067 6,435,451 6,435,451 8,241,322 3.3 San Francisco.. 27,531,001 8,975,823 670,517 37,177,341 51,255 51,255 37,228,596 41,241,627 16.2 Total: March, 1923....189,819,225 49,428,151 12,770,641 252,018,017 1,939,324 183,328 2,122,652 254,140,669 254,140,669 100.0 February, 1923.129,275,500 49,578,270 6,080,641 184,934,411 1,529,367 1,529,367 186,463,778 |. March, 1922.... 99,620,840 36,084,364 8,229,500 143,934,704 416,940 416,940 144,351,644 February, 1922. 96,606,585 36,846,851 5,243,963 138,697,399 323,099 323,099 139,020,498 JTotal purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (46.59) for system. VOLUME OF ACCEPTANCES PURCHASED DURING MARCH, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Average Federal reserve bank. 3 c J e p n e t. r 4 per cent. 4 c J e n p t e . r 4 r £ e p n e t. r 4 c f e n p t e . r 4 c J e p n e t r . 4 c f e n p t e . r Total. (36 ra 5- te day m A a v t e u r r a i g ty e . basis). Per cent. Days. Boston $6,008,324 $17,319,803 $9,073,383 $631,718 $188,255 $15,129 $33,236,612 4.06 28.58 New York 2,894,955 70,151,796 490,849 195,240 1,956,219 $85,759 75,774,818 4.08 20.14 Philadelphia 89,741 9,796,554 2,137,259 8,214 12,031,768 4.09 78.31 Cleveland 4,899,293 18,911,884 7,845,940 1,384,993 77,146 122,605 33,241,861 4.11 72.22 1,130,894 20,000 1,150,894 4.18 50.01 Atlanta. 3,330,851 15,604,568 2,202, .565 129,042 456 1,639,593 22,907,075 4.10 64.20 Chicago 864,653 14,367,778 6,810,377 163,740 96,129 22,302,677 4.10 71.07 St Louis 984,953 8,205,623 565,341 9,755,917 4.06 61.45 Kansas City. 75,000 75,000 4.56 31.04 Da»las 1,275,091 4,510,119 107,075 529,000 14,166 6 435,451 4.06 59.66 7,270,011 15,304,705 12,854,238 1,481,609 213,228 104,775 37.228.596 4.11 51.61 Total: March, 1923 27,617,902 174,172,830 43,217,921 4,543, 556 589,380 3,913,321 85,759 254,140,669 4.09 46.59 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 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

628 FEDERAL RESERVE BULLETIN. MAY, 1023. HOLDINGS OF EARNING ASSETS, BY CLASSES. AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS DURING MARCH, M2Z. Average daily holdings of— Earnings on- Annual rate of earnings on— Federal reserve bank. A of l a l e s c s a l e r a n t s s i s . n e g s Dis b c i o ll u s n . ted Pur b c i h ll a s s . ed se U S cu n ta r i t i t e t e i s d es. e c a a l s a r A s o n s e l s f i t l n e s. s g " co b D u il i n s l t s - e . d c b h P i a u l s l r e s - . d U s S e t n t i c a e i u t t s e e r . i d s - e c a a l s a A r s o n s e l s f i l t n e s s g . c b o D i e u l i d s l n s - t . - c b h P i a u l s l r s e - . d i j U s S e t t n i c a e i u t t s e r e . i s d - Per ct. Per ct. Perct. Per ct. Boston $87,662,269 $50,566,899 $16,187,595 $20,907,775j $310,438 $188,120 $55,6S5| $66,633 4.17 4.38 4.05 3 75 New York 282,893,412 204,519,618 31,444,379 26,929,415 972,645 774,054 109,534 89,057 4.36 4.44 4.11 3 89 Philadelphia 114,584,839 57,217,988 28,761,448 28,588,3421 421,051 218,711 99,597 102,677 4.32 4.50 4.07 4 22 Cleveland 109,524,398 34,554,962 41,989,391 32,980,045; 389,267 132,047 146,924 110,296 4.18 4.50 4.12 3 94 Richmond 4S, 229,154 46,176,046 712,208 1,340,900; 181,692 176,481 2,530 2,681 4.43 4.50 4.18 2 35 Atlanta 43,723,928 19,160,531 13,853,200 10,710,197i 156,300 73,230 48,535 34,535 4.21 4.50 4.13 3 80 Chicago 181,001,802 86,242,423 29,092,360 65,667,019} 640,273 329,611 100,274 210,388 4.17 4.50 4.06 3 77 St. Louis 62,327,006 22,835,305 11,197,440 28,294,261 226,019 87,275 38,480 100,264 4.27 4.50 4.05 4 17 Minneapolis 35,572,757 17,948,831 3,765,775 13,858,151 131,996 68,613 12,985 50,398 4.37 4.50 4.06 4 28 Kansas City 65,425,596 '22,143,147 956,070 42,326,379 237,275 84,587 3,326 149,362 4.27 4.50 4.10 4 15 Dallas 51,892,271 18,753,367 29,875,549 12,263,355 183.119 71,704 71,862 39,553 4.15 4.50 4.05 3 80 San Francisco 116,671,435 48,990,056 33,650,705 34,030,674 412,605 173,276 119,077 120,252 4.1,6 4.16 4.17 4 16 Total: Mar., 1923 ... 1,179,508,867 629,109,173 232,486,120 317,896,513 4,262,680 2,377,709 808,8091,076,096 4.26 4.45! 4.10 3.99 Feb., 1923.... 1,152,861,754 610,754,670 186,648,316 355,458, 768 3,652,160 1,986,681 585,4581,080,021! 4.13 4.24: 4.09; 3.96 Mar., 1922 ... 1,191,013,324 640,302,001 92,966,969 457,642,354! 4,394,575 2,626,282 320,8291,446,971 4.34 4.83' 4.06! 3.72 Feb, 1922 1,215,220,146| 772,415,903 87,400; 347355,209,265 4,165,669 2,903,831 284,686! 976,285 4.47 4.90: 4.25! 3.58 NOTE.—The figures in ths first, fifth, and ninth columns include average daily holdings of municipal warrants, earnings, and annual rate of earnings thereon, as follows: Philadelphia, $17,061, $66, and 4.56 per cent. HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of March figures. In thousands of dollars.] Member banks' Cus- collateral notes. Bankers' acceptances. Trade acceptances. tomers' Com- Agri- Federal reserve bank. Total. b s o e t y m i b e c o r l u e i n n G g r n s e - o a t . d v - - b S o t y m * e i b e o c l e r u i n G n g n r s o - a e t . v - d - se O w c t u h i r s e e e r d - . n p m . a c p i e e a e . r l s r - . , p t a c u u p r l e a - r l . p s L a to i p v c e e k r - . p I o m F rt - o s. rei p g E o n r x . t - s. m D ti e e o s . - - c D h e o a x n ll - g a e r . p I o m F rt o - s r , e i i p g E o n r x . t - s. m D tic e o . s - Boston 60,935 1,056 21,869 37,065 700 75 170 New York 205,321 154,492 49,927 392 108 82 46 53 221 Philadelphia 71,784 266 48,164 10 22,861 397 86 34,036 375 19,695 39 12,187 404 527 809 55,071 383 24,483 855 24,790 3,745 87 728 20,554 87 2,448 251 11,962 5,276 424 106 101,521 315 49,688 129 36,818 14,229 342 St. Louis . 26,006 38 11,808 10,928 2,882 185 25 140 20,329 2,932 356 4,552 5,911 6,386 192 Kansas Citv 24,639 112 8,168 47 5,396 3,849 7,057 10 Dallas 19,961 981 444 5,470 5,898 7,143 20 San Francisco 58,757 571 24,832 6,518 20,178 3,638 2,638 14 58 63 247 Total: Mar. 31,1923.. 698,914 3,208 369,560 8,649 242,134 47,321 24,522 122 140 134 53 3,071 Feb. 28,1923.. 595,760 3,242 352,797 8,790 157,244 46,386 22,712 453 321 703 90 4 3,018 Mar. 31,1922 680,467 12,555 248,226 13,190 258,848 104,817 36,466 177 6,188 Feb. 28,1922.. 712,577 18,459 266,155 14,074 256,335 111,822 39,147 234 6. 3;"1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 629 HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of March figures. In thousands of dollars.] All classes. Bankers' acceptances. Trade acceptances. Federal reserve bank. Pur- Dis- Foreign. Foreign. chased counted Domes- Dollar Domes- Total. in for Total. tic. ex- Total. tic. open member change. market. banks. Imports. (Exports. Imports.'Exports. Boston 17, 534 17,394 170 17,394 9,011 3,438 4,575 370 170 170 New York 29,309 28,799 510 27,075 13,342 6,044 6,213 1,476 1,234 1,934 ! 300 Philadelphia.. 29,112 29,026 29,026 15,625 6,130 5,931 1,340 86 86 Cleveland 52,622 51,813 51,708 32,125 11,207 7,497 879 914 914 Richmond 1,704 976 728 976 128 848 728 728 Atlanta 25,630 25,524 106 25,524 12,080 8,289 4,617 538 106 106 Chicago 33,533 33,191 342 33,191 13,241 10,283 7,316 2,351 342 342 St. Louis 13,035 12,870 165 12,895 5,322 3,806 2,726 1,041 140 140 Minneapolis... 2,775 2,583 192 2,583 1,297 580 696 10 192 192 Kansas City... 605 595 10 595 595 10 10 Dallas 20,683 20,663 20 20,663 9,897 7,844 1,132 1,790 20 20 San Francisco. 40,306 39,924 382 40,008 21,955 10,525 6,567 298 51 247 Total: Mar. 31, 1923 266,878 261,638 133 68,274 48,713 10,756 5,240 1,985 3,255 Feb. 28,1923 212,267 207,873 60,175 42,825 7,007 4,394 1,376 ..' 3,018 Mar. 31,1922... 111,635 105,287 77,015 22,841 5,431 6,348 150 | 6,188 Feb. 28, 1922... 100,043 93,590 67,136 22,612 3,842 6,453 6,354 Purchased in open market: Mar. 31, 1923 i 263,358 261,242 i 133,773 68,134 48,579 10,756 2,116 1,932 ..' 184 Feb. 28,1923 i 207,678 206,306 | 97,413 59,854 42,122 6,917 1,372 1,372 Mar. 31, 1922 | 105, 270 105,110 77,015 22,664 5,431 160 160 "F eb•. 2~8 ,1922.. | 93,458 93,356 67,136 22,378 3,842 102 99 3 Discounted for member banks: Mar.31,1923 3,520 396 122 140 134 3,124 53 3,071 Feb. 28,1923 4,589 1,567 453 321 703 90 3,022 4 ..1 3,018 Mar. 31, 1922.. 6,365 177 177 6,188 6,188 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 March figures. In thousands of dollars.] Member banks. Nonmem- Branches ber banks Private and Federal reserve bank. Total. and bank- banks. agencies of Non- ing corpo- foreign National. nationa rations. banks. Boston 17,394 10,621 4,344 769 1,533 127 New York 27,075 9,525 8,420 4,470 | 3,089 1,571 Philadelphia 29,026 10,366 9,417 3,410 • 4,178 1,655 Cleveland 51,708 15,479 16,863 5,139 9,851 4,376 Richmond 976 20 325 631 Atlanta 25,524 8,668 7,696 4,701 2,446 2,013 Chicago 33,191 15,500 15,130 2,329 177 55 St. Louis 12,895 5,270 4,840 1,959 239 587 Minneapolis 2,583 1,350 757 310 65 101 Kansas City 595 200 395 Dallas 20,663 9,533 5,210 2,987 2,183 750 San Francisco 40,008 13,113 10, S68 5.519 7,243 3,265 Total: Mar. 31, 1923 261,638 99,645 83,940 31,918 31,635 j 14,500 Feb. 28, 1923 207,873 83,357 | 64,616 25,493 23,408 j 10,999 Mar. 31, 1922 105,287 42,148 33,931 12,671 9,781 6,756 Feb. 28, 1922 93,590 41,932 I 28,217 8,470 7,371 7,600 Purchased in open market: Mar.31,1923 261,242 99,459 83,907 31,883 31,549 14,444 Feb. 28, 1923 206,306 82,586 64,107 25,438 23,307 10,868 Mar. 31,1922 105,110 42,094 33,808 12,671 9,781 6,756 Feb. 28,1922 93,356 41,826 28,089 8,470 7,371 7,600 Discounted for member banks: Mar.31,1923 396 33 35 56 Feb.28, 1923 1,567 509 55 101 131 Mar. 31,1922 177 54 123 Feb. 28, 1922 234 106 128 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

630 FEDERAL RESERVE BULLETIN. MAY, 1923. CONDITION OF FEDERAL RESERVE BANKS. CASH RESERVES, TOTAL DEPOSITS. FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR APRIL AND MARCH, 1923. [Daily averages. Amounts in thousands of dollars.! Total cash reserves. Total deposits. Fed i e n r a c l ir r c e u se la rv ti e o n n . otes Reserve percentages. Federal reserve bank. April. March. April. March. April. March. April. March. Boston 264,583 250,914 128,791 128,373 203,548 202,812 79.6 75.8 New York 1,083,524 078,621 718,011 723,709 568,780 572,488 84.2 83.2 Philadelphia 230,983 226,353 117,751 116,774 200,890 202,805 72.5 70.8 Cleveland 296,933 306,187 163,586 162,432 230,343 231,382 75.4 77.7 Richmond 91,139 107,058 62,473 65,742 85,761 62.8 70.7 Atlanta 137,361 142,876 59,814 60,745 128,053 124,283 73.1 77.2 Chicago 529,836 514,481 280,697 285,055 396,295 394,196 78.3 75.7 St. Louis 104,228 109,981 75,009 75,863 80,777 86,367 66.9 67.8 Minneapolis 78,918 79,886 51,888 52,210 56,376 56,220 72.9 73.7 Kansas City 92,295 94,985 86,330 88,063 62,085 64,206 62.2 62.4 Dallas 37,997 40,950 53,054 55,599 28,818 30,291 46.4 47.7 San Francisco... 228,833 238,333 147,401 145,975 197,815 202,384 66.3 68.4 Total: 1923 3,176,630 3,190,625 1,944,805 1,960,540 2,236,378 2,253,195 76.0 75.7 1922 3,114,928 3,095,762 1,822,788 1,794,895 2,190,447 2,195,131 77.6 77.6 1921 2,485,079 2,403,470 1,749,568 1,808,529 2,870,645 2,979,486 53.8 50.2 1920 2,084,077 2,058,293 1,998,732 2,032,787 3,071,754 3,040,440 143.0 l42.7 1919 2,224,948 2,202,368 1,878,879 1,951,752 2,547,535 2,503,350 '52.0 151.6 1 Circulated on basis of net deposits and Federal reserve notes in circulation. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MARCH 28 TO APRIL 18, 1923. RESOURCES. [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 Chicago. 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 - . Gold and gold certificates: Mar. 28 320,401 17,607 156,594 22,509 12,541 7,236 5,812 53,403 3,117 7,823 3,033 10,981 19,745 Apr. 4 325,484 17,645 160,860 22,941 12,983 7,389 5,856 53,070 3,124 7,847 3,028 10,760 19, 981 Apr. 11 324,630 17,725 159,620 23,243 12,497 7,619 5,935 53,193 3,173 7.908 3,048 10,509 20,160 Apr. 18 326,375 17,574 160,499 23,477 12,944 7,673 5,960 53,189 3,197 7,921 3,065 10,562 20,314 Gold settlement fund—F.R.Board: Mar.28 653,708 45,928 265,428 32,023 79,322 19,479 27,529 76,924 10,026 20,618 32,354 11,339 32, 738 Apr. 4 677,216 57,099 262,895 40,076 72,289 16,507 24,855 83,792 19,496 22,241 32,350 9,749 35,867 Apr. 11 657,410 55,359 254,542 33,612 66,024 17.570 19,847 90,428 12,669 20,907 35,328 10,976 40,148 Apr. 18 659,887 56,090 276,571 34,006 57,079 19,093 20,219 89,942 9,679 21,242 31,573 9,341 35,052 Gold with F. R. agents: , Mar.28 2,034,099 173,441 639,067 152,344 206,271 57,148 101,942 356,012 64,767 46,629 52,919 12,284 171,275 Apr.4 " 013,538 171,367 638,904 151,134 205,327 55,569 101,397 352,089 62,451 46,159 52,308 12 703 164,130 Apr.ll 041,509 168,841 638,718 158,220 205,787 54,034 100,873 371,512 68,970 48,576 51,509 13,048 161,421 Apr. 18 036,490 166,385 638,535 165,193 206,265 52,294 99,501 365,588 65,610 47,959 50,710 12,668 165, 782 Gold redemption fund: Mar.28 55,586 8,355 5,723 7,138 1,796 6,358 1,568 10,927 3,440 1,791 1,772 1,442 5,276 Apr.4 53,257 9,760 9,285 8,101 1,156 6,791 1,460 3,768 2,715 1,891 1,867 1,269 5,194 Apr.ll 62,210 11.533 7,493 8,812 3,157 7,260 1,249 2,649 2,098 2,153 1,232 6,368 Apr. 18 59,870 13,280 5.836 9,683 1,091 2,939 1,958 13,090 2,448 2.378 2,378 1,019 3,770 Total gold reserves: Mar.28 3,063,794 245,331 1,066,812 214,014 299,930 90,221 136,851 497,266 81,350 76,861 90,078 36,046 229,034 Apr.4 3,069,495 255,871 1,071.944 222,252 291,755 86,256 133,568 492,719 87,786 78,138 89,553 34,481 225,172 Apr.ll 3,085.759 253,458 1,060,373 223,887 287,465 86,483 127,904 523,339 87,461 79,489 92,038 35,765 228,097 Apr. 18 3,082,622 253,329 1,081,441 232,359 277,379 81,999 127,638 521,809 80, 934 79,500 87,726 33,590 224.918 Reserves other than Mar.28 112,494 10,281 14,748 6,014 7,256 11,364 8,768 18,149 21.467 4,066 4,610 4,785 Apr.4 103,522 8,954 14,032 5,389 6,811 10,228 8,424 16,595 19,319 4,186 4,282 4,714 Apr.ll 7,856 14,022 4,263 5,972 9,820 8,317 15,249 19,165 923 4,165 4,451 4,477 Apr. 18 95,920 7,639 13,447 3,418 6,338 8,850 8,673 14,705 18,722 1,103 3,638 4,427 4,960 Total reserves: Mar.28 3,176,288 255,612 1,081,560 220,028 307,186 101,585 145,619 515,415 102,817 77,847 94,144 40,656 233,819 Apr. 4 3,173,017 264,825 1,085,976 227,641 298,566 96,484 141,992 509,314 107,105 78,726 93,739 38,763 229,886 Apr.ll 3,184,439 261,314 1,074,395 228 150 293 437 96 303 136,221 538,588 106 626 80,412 96,203 40 216 232,574 Apr. 18 3,178,542 260,968 1,094,888 235,777 283,717 90,849 136,3'11 536,514 99,656 80,603 91,364 38,017 229,878 Nonreserve cash: Mar.28 65,815 10,587 8,406 2,438 3,028 3,047 8,301 6,178 4,953 1,809 3,829 4,352 8,887 Apr.4 66,663 12,163 9,388 3,285 4,209 2,858' 6,843 5,891 5,319 1,833 3,329 3,794 7 751 Apr.ll 66,258 12,471 11,034 3,457 2,605 3,114 7 002 6 098 4,938 1 698 3 416 3,999 6,426 Apr.18 67,225 11,029 10,306 3,380 5,336 2,715 7,359 6,910 1,498 3,285 3,988 6,433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL BESERVE BULLETIN. 631 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MARCH 28 TO APRIL 18, 1923—Continued. RESOURCES—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 , - j 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 i I i c F S i r s a a c n n o - . Bills discounted: Secured by U. S. Government obligations— Mar. 28 388,238 24,356 176,967 46,424 22,095 20,900 2,856 50,602 11,786 2,647 6,816 1,002 21,781 Apr.4 380,785 19,670 165,668 41,828 21,613 21,053 2,665 57,884 10,676 3,572 12,514 741 22,901 Apr. 11 327,412 16, 821 137,336 40,780 28,P38 22,340 2,238 40,124 10,045 3,097 7,412 76S 17,613 Apr. 18 334,611 15,825 131,015 35,432 22,733 24,020 4,012 43,128 14,550 4,633 11,193 2, G50 25,420 Other bills discounted— Mar.28 311,781 32,404 51,934 19,131 17,646 29,460 15,779 46,384 14,645 17,111 IIS, 002 18,284 33,001 Apr. 4 314,445 27,684 44,935 18,682 17,118 31,010 18,000 54,318 17,352 16,894 15,643 18,792 34,017 Apr. 11 295,238 29,975 44,839 14,327 20,035 30,808 17,067 38,559 13,299 16,007 14,917 19,ISO 36,225 Apr. 18 308,851 34,505 38,561 14,515 24,907 32,907 19,840 40,583 15,294 15,982 17,840 20,588 33,329 Bills bought in open market: Mar.28 254,251 17,482 34,309 28,946 48,597 95S 21,199 31,112 12,448 2,797 1,077 20,507 38,821 Apr.4 259,879 17,065 27,462 28,169 51,506 1,026 26,117 32,696 12,455 2,275 225 20,130 40,753 Apr.ll 274,389 17,428 46,840 26,269 51,549 1,716 27,678 33, 452 12,057 1,997 17,338 37,990 Apr.18 277,447 19,595 50,911 24,915 51,251 1,778 28,581 33,853 11,966 1,669 15,586 37,267 U. S. bonds and notes: Mar.28 172,208 5,606 22,026 24,438 12,355 1,341 511 8,954 18,085 14,565 33,331 3,379 27,617 Apr. 4 164,586 5,374 17,446 24,438 12,355 1,341 541 7,717 16,432 14,615 33,331 3,379 27,617 Apr. 11 162,826 5,420 15,506 24,438 12,34.8 1,341 50S 7,712 16,402 14,824 33,331 3,379 27,617 Apr. 18 158,910 5,393 13,431 24,438 12^348 1,341 524 6,806 15,238 15,064 33,331 3,379 27,617 U. S. certificates of indebtedness: Mar.28 77,201 4,800 2,713 979 8,945 2,001 36,100 942 510 4,086 I 8,125 Apr.4 74,563 4,763 1,380 979 8,991 2,001 35,791 520 4,575 ; 8,125 Apr. 11 75,328 4,753 1,525 979 9,019 2,001 35,903 7^437 511 4,575 ! 8,625 Apr. 18 79,097 4,989 5,610 979 9,018 2,001 35,887 6,942 511 4,535 ! 8.625 Municipal warrants: Mar.28 41 41 Apr.4 41 41 Apr.ll 41 41 Apr. 18 41 41 Total earning assets: Mar.28 1,203,720 84,648 287,949 119,959 107,638 52,663 42,346 173,152 65,906 37,630 61,312 51,297 119,220 Apr.4 1,194,299 74,556 256,891 114,137 111, 583 54,430 49,324 188,406 64,353 37,876 66,288 51,167 125,288 Apr. 11 1,135,234 74,397 246,046 106,834 121,789 56,205 49,492 155,750 59,240 36,436 60,310 i 49,290 119,445 Apr. 18 1,158,957 80,307 239,528 100,320 120,257 60,046 54,958 160,257 63,990 37,859 66,974 j 50,828 123,633 Bank premises: Mar.28 48,847 4,434 11,368 684 2,617 2,305 8,715 934 I 1,072 4,831 I 1,9372,063 Apr. 4 48,938 4,434 11,370 684 7,900 2,617 2,330 8,715 940 j 1,072 4 831 I 1,9372,108 Apr.ll 49,208 ' 4,434 11,370 704 8,015 2,617 2,340 8,715 940 1,149 4,868 I 1,9372,119 Apr. 18 49,692 4,434 11,690 712 8,027 2,617 2,421 8,715 940 1,152 4,867 | 1,9372,180 5 per cent redemption fund against F. R. bank notes: Mar.28 191 65 100 26 Apr. 4 191 65 100 26 Apr. 11 191 65 100 26 Apr. 18 I 191 65 100 26 Uncollected items: I Mar.28 i 559,481 49,670 119,886 49,387 56,610 54,231 21,272 72,705 33,288 | 13,290 35,088 19,204 34,850 Apr.4 I 621,458 55,617 134,664 56,662 66,921 51,242 22,726 87,829 36,910 I 14,699 37,594 21,038 35,556 Apr. 11 ! 638,391 55,397 137,300 53,684 53,561 25,868 80,396 41,700 ' 14,765 39,727 24,601 43,204 Apr. 18 723,336 63,069 170,603 63,819 78,746 59,284 28,895 91,945 43,484 j 15,640 ! 40,946 24,556 42,349 All other resources: Mar.28 13,588 139 1,437 362 492 390 743 371 i 1,812 I 791 2,075 4,496 Apr.4 13,434 129 1,342 384 465 558 412 758 309 ! 1,798 ! 730 2,056 4,493 Apr. 11 13,627 139 1,465 399 564 402 403 737 330 j 1,812 i 772 2,080 4,524 Apr. 18 13,871 155 1,296 419 530 402 376 773 323 I 1,771 I 1,188 2,073 4,565 Total resources: Mar.28 \5,067,930 405,090 1,510,606 392,858 482,841 214,623 220,233 776,973 133,460 j200,095 119,547 403,335 Apr. 4 5,118,000 411,724 1,499,631 402,793 489,644 208,189 223,627 800,978 214,936 136,004 i206,611 118,781 405,082 Apr. 11 15,087,348 408,152 1,481,610 393,228 494,598 212,202 221,326 790,349 213,774 136,272 205,396 122,149 408,292 Apr. 18 J5,191,814 419,962 1,528,311 404,427 496,613 215,913 230,320 805,179 213,379 138,523 208,724 121,425 409,038 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

632 FEDERAL RESERVE BULLETIN. MAT, 1923. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANE ON WEDNESDAYS, MARCH 28 TO APRIL 18, 1923—Continued. LIABILITIES. (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 . - mm R o i m c n h jd - . i | A A t t l l a a n n t t a a . Chicago. Lo S u t. is. M ap i o n l n is e . - City. Dallas c F S i r s a a c n n o - . Capital paid in: Mar. 28 108,623 8,046 28,901 9,481 11,974 5,682 4,429 15,032 4,915 3,583 4,637 4,182 7,761 Apr.4 108,647 8,053 28,915 9,481 11,974 5,682 4,427 15,032 4,915 3,583 4,637 4,183 7,765 Apr.ll 108,683 8,053 28,940 9,482 11,993 5,682 4,427 15,007 4,925 3,585 4,638 4,183 7,768 Apr.18 108,649 8,053 28,942 11,995 5,677 4,422 15,007 4,925 3,574 4,603 4,191 7,777 Surplus: Mar.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 Apr.4 218,369 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 ! 7,473 9,488 7,496 15,263 Apr.ll 218,369 16,312 59,800 18,749 23,495 11,288 8,942 9,665 7,473 9,488 7,496 15,263 Apr.18 218,369 16,312 59,800 18,749 23,495 11,288 i 8,942 30,398 9,665 7,473 9,488 7,496 15,263 Deposits: Government— Mar.28 85,432 7,713 38,341 3,826 4,837 5,075 6,582 4,357 1,997 2,543 1,625 4,444 4,092 Apr.4 74,423 6,678 33,686 3,607 5,708 1,112 5,162 5,448 3,275 2,013 2,205 2,634 2,895 Apr.ll 45,218 5,418 15,258 3,001 3,178 1,505 3,714 2,316 2,401 1,960 2,580 1,761 2,126 Apr.18 44,936 2,625 11,277 1,288 2,473 352 5,620 3,771 2,805 3,715 2,593 2,346 6,071 Member bank— reserve account— Mar.28 1,871,373 120,433 707,865 110,475 156,767 59,088 I54,896 269,434 72,450 49,252 80,295 51,192 139,226 Apr.4. 1,894,035 123,450 689,544 118,746 164,026 60,262 55,948 280,477 75,426 50,056 84,920 50,455 140,725 Apr.ll 1,876,414 122,921 691,416 113,066 161,594 61,328 54,508 277,572 71,539 50,390 79,744 52,162 140,174 Apr.18 1,924,525 127,962 722,586 118,525 161,780 61,642 56,699 281,988 70,643 50,642 82,504 50,373 139,181 Other deposits- Mar. 28 19,465 503 9,966 1,082 142 130 993 745 580 755 249 3,627 Apr.4 20,148 346 10,607 530 1,152 141 158 1,172 552 776 689 246 3,779 Apr.ll 20,499 433 11,034 428 1,193 179 259 1,203 565 709 548 242 3,706 Apr.18 21,540 477 11,452 344 1,248 158 523 1,682 572 565 561 214 3,744 Total deposits'. Mar.28 1,976,270 128,649 756,172 114,994 162,686 64,305 61,608 274,784 75,192 52,375 82,675 55,885 146,945 Apr.4 1,988,606 130,474 733,837 122,883 170,886 61,515 61,268 287,097 79,253 52,845 87,814 53,335 147,399 Apr.ll 1,942,131 128,772 717,708 116,495 165,965 63,012 58,481 281,091 74,505 53,059 82,872 54,165 146,006 Apr.18 1,991,001 131,064 745,315 120,157 165,501 62,152 62,842 287,441 74,020 54,922 85,658 52,933 148,996 F. B. notes in actual circulation: Mar.28 2,232,482 203,836 565,691 202,811 230,500 83,528 123,757 83,690 56,032 62,631 28,954 197,722 Apr.4 2,240,951 204,987 574,400 199,270 225773 83,662 126,657 395,330 82,465 57,069 62,719 29,449 199,170 Apr.ll 2,231,041 202,916 565,181 198,690 233,270 82,909 126,035 395,284 80,994 56,584 62,548 29,136 197,494 Apr.18 2,220,251 203,780 561,366 197,788 228,359 82,195 126,951 395,506 80,512 56,386 61,889 28,723 196,796 F. B. bank notes in circulation—net liability: Mar.28 2,435 490 1,488 457 Apr.4 2,488 535 1,507 446 Apr.U 2,472 552 1,484 436 Apr.18 2,443 554 1,458 431 Deterred availability Items: Mar.28 515,298 47,637 96,818 45,908 52,953 49,255 20,754 61,306 33,905 13,099 38,612 20,791 34,260 Apr.4 544,367 51,258 99,596 51,451 56,264 45,436 21,547 70,872 37,763 14,108 39,868 22,101 34,103 Apr. 11 569,272 51,430 106,257 48,797 58,555 48,704 22,627 66,467 42,784 14,640 43,780 24,938 40,293 Apr.18 635,966 60,004 129,537 57,247 65,928 53,940 26,325 74,751 43,409 15,238 25,855 38,743 AH other liabilities: Mar.28 14,453 610 3,224 915 1,233 565 743 1,633 902 564 1,782 1,384 Apr.4 14,572 640 3,083 959 1,252 606 786 1,714 875 926 578 1,771 1,382 Apr.ll 15 380 669 3,724 1,015 1,320 607 814 1,550 901 931 586 1,795 1,468 Apr.18 15,135 749 3,351 1,003 1,335 661 1,522 930 639 1,796 1,463 Total liabilities: Mar.28 5,067,930 405,090 1,510,606 392,858 482,841 214,623 220,233 776,973 208,269 133,460 200,095 119,547 403,335 Apr.4 5,118,000 411,724 1,499,631 402,793 489,644 208,189 223 627 800,978 214,936 136,004 206,611 118,781 405,082 Apr.ll 5,087,348 408,152 1,481,610 494,598 212,202 221,326 790,349 213,774 136,272 205,396 122,149 408 292 Apr.18 5,191,814 419,962 1,528,311 404,427 496,613 215,913 230,320 805,179 213,379 138,523 208,724 121,425 409,038 MEMORANDA. Ratio of total reserves to deposit and F. R. note liabilities combined—per cent: Mar.28 75.5 76.9 81.8 69.2 78.1 68.7 78.6 77.1 64.7 71.8 64.8 47.9 67.8 Apr.4 75.0 78.9 83.0 70.7 75.3 66.5 75.6 74.6 66.2 71.6 62.3 46.8 66.3 Apr.ll 76.3 78.8 83.7 72.4 73.5 66.0 73.8 79.6 68.6 73.3 66.2 48.3 67.7 Apr.18 75.5 77.9 83.8 74.2 72.0 62.9 71.8 78.6 64.5 72.4 61.9 46.6 66.5 Contingent liability on bills purchased for foreign correspondents: Mar.28 35,832 2,132 15,112 I 2,444 3,070 1,478 1,165 3,951 1,251 966 1,222 1,023 2,018 Apr.4 36,427 2,514 10,270 3,109 3,904 1,880 1,482 5,025 1,591 1,229 1,555 1,301 2,567 Apr.ll 31,914 2,711 5,560 1 3,109 3,904 1,880 1,482 5,025 1,591 1,229 1,555 1,301 2 567 Apr.18 32,634 2,394 9,367 2,745 3,447 1,660 1,309 4,436 1,404 1,085 1,372 1,149 2,266 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 633 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] From 91 Total. 1 •W 5 d it a h y in s. 1 d 6 a t y o s 3 . 0 31 d a to y s 6 . 0 61 d a to y s 9 . 0 d m a o y n s t t h o s 6 . m O o v n e t r h 6 s. Bills discounted: Mar. 28 700,019 513,267 42,899 71,245 51,772 20,821 15 Apr. 4 695,230 493,438 47,394 78,906 55,447 20,004 41 Apr. 11 622,650 433,598 42,008 73,744 52,691 20,431 178 Apr. 18 643,462 447,929 41,850 81,027 50,435 21,790 i 431 Bills nought in open market: Mar. 28 254,251 68,201 50,121 57,897 14,203 Apr. 4 259,879 60,462 53,095 61,977 70,003 14,342 Apr. 11 274,389 80,670 45,052 67,678 68,045 12,944 Apr. 18 277,447 73,519 44,299 79,702 68,510 11,417 United States certificates of indebtedness: Mar. 28 77,201 2,819 65,365 9,017 Apr. 4 74,563 1,449 582 53,861 18,671 Apr. 11 75,328 1,584 34 18,275 55,435 Apr. 18 79,097 5,905 267 36,061 36,864 Municipal warrants: Mar. 28 41 41 Apr. 4 41 41 Apr. 11 41 Apr. 18 41 FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, MARCH 28 TO APRIL 18, 1923. [In thousand of dollars.] Boston. Y N o e r w k. 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. F c S i r s a a c n n o. - Net amount of F. R. notes received from Comptroller of the Currency: Mar.28 3,463,617 313,928 1,070,979 267,311 279,088 121,927 205,861 549,747 128,212 71,302 91,316 53,947 309,999 Apr.4 3,447,496 311,854 1,062,717 271,101 276,545 120,748 208,316 545,824 127,396 70,830 90,705 53,366 308,094 Apr. 11 3,443,457 309,328 1,057,100 273,588 278,105 121,172 208,292 548,447 126,915 71,367 90,266 52,712 306,165 Apr. 18 3,427,962 306,872 1,045,243 277,560 119,433 207,920 544,523 125,554 72,110 89,467 52,332 305,966 F. R. notes on hand: Mar.28 862,538 91,400 334,340 44,800 33,220 30,690 76,038 111,560 26,940 11,926 19,760 20,879 60,985 Apr.4 828,797 86,400 318,340 44,800 32,020 27,990 77,458 102,460 27,240 10,805 19,760 20,539 60,985 Apr.ll 830,385 84,700 318,340 46,200 30,820 29,550 77,043 105,860 26,190 11,125 19,643 19,929 60,985 Apr. 18 832,530 86,000 318,340 46,000 34,320 29,270 75,688 104,060 26,190 12,205 19,643 19,829 F. R. notes outstanding: Mar.28 2,601,079 222,528 736,639 222,511 245,868 91,237 129,823 438,187 101,272 59,376 71,556 33,068 249,014 Apr.4 2,618,699 225,454 744,377 226,301 244,525 92,758 130,858 443,364 100,156 60,025 70,945 32,827 247,109 Apr.ll 2,613,072 224,628 738,760 227,388 247,285 91,622 131,249 442,587 100,725 60,242 70,623 32,783 245,180 Apr. 18 2,595,432 220,872 726,903 231,560 246,662 90,163 132,232 440,463 99,364 59,905 69,824 32,503 244,981 Collateral security for F. R. notes outstanding: Gold and gold ; certificates— j Mar.28 ! 314,899 25,300 235,531 7,000 13,275 2,400 11, 13,052 6,461 Apr.4 314,899 25,300 235,531 7,000 13,275 2,400 11,: 13,052 6,461 Apr.ll 314,899 25,300 235,531 7,000 13,275 1,400 11,: 13,052 6,461 Apr. 18 314,899 25,300 235,531 7,000 13,275 2,400- 11,: 13,052 6,461 Gold redemption fund- Mar. 28 129,141 20,141 32,536 15,455 12,996 3,353 4,042 16,368 I 3,887 1,577 3,559 1,823 13,404 Apr. 4 128,082 18,067 32,373 13,245 12,052 1,774 5,997 15,445 I 4,071 1,107 2,948 2,242 18,761 Apr.ll 130,285 15,541 32,187 16,331 12,512 3,239 4,973 16,868 ! 3,590 1,524 4,149 2,587 16,784 Apr. 18 123,761 13,085 32,004 14,303 12,990 4,499 3,601 15,944 ; 4,230 1,907 3,350 2,207 15,641 Goldfund-F.R. Board— Mar.28 1,590,059 128,000 371,000 129,889 180,000 53,795 95,500 339,644 ! 49,000 32,000 49,360 4,000 157,871 Apr.4 1,570,557 128,000 371,000 130,889 180,000 53,795 93,000 336,544 ! 46,500 32,000 49,360 4,000 145,369 Apr.ll 1,596,325 128,000 371,000 134,889 180,000 50,795 93,500 354,644 i 53,500 34,000 47,360 4,000 144,637 Apr. 18 1,597,830 128,000 371,000 143,890 180,000 47,795 93,500 349,644 \ 49,500 33,000 47,360 4,000 150,141 Eligible paper- Amount required- Mar. 28.. 566,980 49,087 97,572 70,167 39,597 34,089 27,881 82,175 I 36,505 12,747 18,637 20,784 77,739 Apr.4... 605,161 54,087 105,473 75,167 39,198 37,189 29,461 91,275 I 37,705 13,866 18,637 20,124 82,979 Apr.ll.. 571,563 55,787 100,042 69,168 41,498 37,588 30,376 71,075 I 31,755 11,666 19,114 19,735 83,759 Apr. 18.. 558,942 54,487 40,397 37,869 32,731 74,875 ! 33,754 11,946 19,114 19,835 79,199 Excess amount held— Mar.28.. 340,180 25,155 137,647 13,498 40,899 15,600 11,944 45,923 ! 2,374 9,337 5,253 18,906 13,644 Apr.4... 305,817 10,332 109,447 1,436 44,126 14,686 17,302 53,623 i 2,776 8,395 9,745 19,378 14,571 Apr.ll.. 290,239 8,437 108,456 3,882 55,765 14,863 16,551 41,037 | 3,563 8,921 3,284 17,533 7,947 Apr. 18.. 320,936 15,438 104,070 435 57,782 17,690 19,606 42,685 j 7,935 9,831 9,992 18,943 16,529 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

634 FEDERAL RESERVE BULLETIN. MAY, 1923. CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM MARCH 21 TO APRIL 11, 1923. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [In thousands of dollars.] Total. Boston. Y N o ew rk - . d P el h p i h la ia - . C la le n v d e . - m R o ic n h d - . la A n t t - a. 5hicago. Number of reporting banks. Mar.21 106 Mar.28 777 106 Apr.4 777 107 Apr.ll 777 108 Loans and discounts, gross: Secured by U. S. Government obligations— Mar.21 269,540 14,557 87,645 18,601 32,756 10,065 7,132 43,469 17,65 7.856 S, 073 5,299 16,430 Mar.28 265, 268 15,427 83,005 18,055 32,002 11,891 7,199 42,993 17,538 1,901 8,115 5,137 16,005 Apr.4 270,651 13,277 88,696 18,428 31,792 10,144 7,346 46,717 16,962 7,S93 8.177 5,113 16,106 Apr.ll 272,416 13,086 91.66C 18,467 31,896 10,080 7,541 45, 814 16,163 7,991 S, 515 5,25', 15,946 Secured by stocks and bonds— Mar.21 3,753,368 238!,,964 1,675,6o 256,516 377,731 124,935 60,822 543,103 134,711 50,619 78,051] 30,972 161,287 Mar.28 3,765,339 238,3761,675,576 266, 763 373,678 124,110 61,113 548,045 136, 780 50,825 76,516 52,374 161,183 Apr. 4 3,827,929 240,764 ]",723,743 271,760 376,412 126,531 57,16S 549,786 136,699 51,458 77,029! 52,647] 163,932 Apr.ll 3,762,622 236>,, 692 ,1641,552 276,308 379,514 128,102 63,376 558,007 136,034 51,494 77,443 49', 860 164,228 All other loans and discounts— Mar.21 7,727,170 605,1702,473,563 332,606 671,604 326,200 336,443 ,129,621 306,334 189,15t 362,71 214,511 779.249 Mar.28 7,752,873 610,11661122,,480,778 329,836 677,779 321,984 339,556666 1,145,26- 302,872 190,641 365,155 211,598 777,235 Apr.4 7,781,039 610,1272,496,658 327,953 680,483 321,870 341,9721,149,143 301,909 192,4K,; 365,202 212,093 781,219 Apr.ll 7,789,""" 609,3"2"5' 22,509,682 332,765 684,167 324,271 337, 8931,135,494 301,334 191,056 363,8-1.: 209,447; 790,719 Total loans and discounts: Mar.21 11,750,078 858,691 1,236,867 607,723 1082,091 461,200 404,3971,716,193 458,702 247,625 448,841 270,782; 956,966 Mar.28 11,783,480 8639,"6'441:,239,359 614,654 1; 083,459457,985 407,8781,736,300 457,1% 249,373 449,786 269,109| 954,423 Apr.4 11,879,619 864,168 4t:, 309,097 618,1411,088,687 458,545 406,4861,745,646 455,570 251,761 450,408 269,853! 961,257 Apr. 11 11,825,036 859,103 4242,894 627,541.1,095,57" 462,453 408,8131,739,31.) 453,531 250,541 449, SK< 264,573; 970,893 U. S. pre-war bonds: 1 Mar.21 283,196 12,723 48,486 11,464 48,052 30,460 14,551 24,912 15,323] 8,761 12,078 19,901 36,485 Mar.28 283,280 12,937 48,486 11,464 48,009 30,460 14,551 25,004 15,323J 8,776 12,078 IS, 854 36,338 Apr.4 283,0S2 12, 722 48,476 11,464 48,043 30,31C 14,541 24,955 15,323] 8,77C 12,0921 19,854 36,526 Apr. 11 282,206 12,722 48,472 11,464 47,967 30,501 14,368 24,79!- 15,323 8, 776i 12,O9ll 19. 556 36,176 U. S. Liberty bonds: Mar.21 1,045,279 78,239 463,225 47,760 121,586 31,955 13,004! 94,886 25,00t-j 13,,|0 43| ,47,034 14.327 95,217 Mar.28 1,041,643 78,008 454,874 47,249 121,120 31,988 14,042] 94,684 25,102 1122,661133 4477,110088 16,14fc 98, 706 Apr.4 ljCes^ss1 78,213 456,235 47,287 120,214 30,933 13,994 94,675 2255,,338800|| llll,,661100ll 4466,65^ 15,251 98,033 Apr. 11 1,035,014 78,382 455,361 47,927 119,147 30,568 14,104] 92,87:-- 2244,442211,;; 1111,664455]] 47,105 15 J 97,995 U. S. Treasury bonds: Mar.21 109,617 6,266 40,585 4,154 9,256 5,123 1,8 12,374 9,, 576! 1,,3]1 ,9] 4,705 2,245 12,118 Mar.28 107,509 5,265 39,338 4,170 8,880 5,029 12,363 88,998844 11,338800!! 447,72244 2,145 13,377 Apr.4 105,793 5,285 37,628 4,155 8,681 5,005 L849 12,408 9,, 102! 1,, 319 4,,6 37 2,229 13,495 Apr.ll 104,92S 5,272 37,184 4,180 8,195] 5,000 2,045 12,471 99,003333!! 11,331199 447,7332; 2,429 13,068 U. S. Victory notes and Treasury notes: Mar.21 940,837 23,916 511,641 51,938 58,277 10,123 7,331 139,941 25,019 25,873! 22,693 15,648 48,437 Mar.28 928,753|! 23,906 509,877 52,813 58,552 9,673 7,080 128,125 24,683 25,805! 20,602 15,196 52,441 Apr. 4 918,042! l 23,749 501,625 53,295 58,600; 9,947 6,354; 128,248 24,743! 25,832] 20,670| 14,146 50,833 Apr.ll 921,0751) 23,876 507,720 53,433 57,0241 9,605 6,9931 124,251 24,414, 25,809! 21,251] 16,327 50,372 U. S. certificates of indebt- Mar.21 205,344 7,i 74,849 10,176 20,250 4,850 10,099 31,676 7,469 4,289 7,498 9,661 16,928 Mar.28 191,462 6,284 76.7M 8,724 17,775 4,764 8,765 26,624 5,651 4,201 7,377 8,583 16,008 Apr.4 188,060 6,161 77,224 7,767 16,459 4,131 9,321 25,666 5,537 4,276 7,358 8,604 15,556 Apr. 11 173,112 5,630 66,258 7,344 15,727 3,906 8,298 25,022 5,815 4,193 6,922 7,887 16,110 Other bonds, stocks, and securities: Mar.21 2.159,979 172,245 717,777 184,235 286,731 51,i~- 37,218 366,3071 89,467] 31,042, 58,693 9,200 155,373 Mar.28 2,161,484 170,437 717,423 183,491 287,5331 51,538 36,506 370,367 90,505! 31,064] 58,725 9,515 154,380 Apr.4 2,156,077 171,378 718,347 181,252 287,609] 51,143 36^ 346! 366,529 87,182] 30,592 59,883 9,064 156,752 Apr.ll 2,159,946 173,138 720,447 180,878 288,240 50,619 36,0281 368,339| 86,7931 30,724: 59,374 9,652 155,714 Total loans and discounts and investments: Mar.21 16,494,3301,159,679 61,,093,430917,4501,626,243 595,402 488,496 2,386,289 630,559 331,952 601,542 341,7641,321,524 Mar.28 16,497,61111,160,8016,1,086,063 922, •"'',625,328 591,437 490,676)2,393,467 627,438 333,212; 600,400 340,5511,325,673 Apr.4 16,569,1561,161,6766,148,632 923, 590,014 488,891^2,398,127 622,837 334,166! 601,706 339,0011,332,452 , Apr.ll 16,501,317j! 158 123 16,;078,336 932,766 l',63i; 877 592,651 490,650 2,387,061 619,329 333,007i 601,278 335,911 1,340,328 Reserve balance with F. R. banks: Mar.21 1,388,: 80,697 617,513 70,524 109,105] 35,228 34,076! 204,012j 41,533 26,9871 50,363i 25,,77 44 92,504 Mar.28 1,394,778 81,659 642,511 69,059 109,550 32,989 32,557 197,7611 43,408 22,696 46,698 25,623 90,267 Apr.4 1,406,993 84,039 621,057 74,231 112,792 35,336 33,394 20088,,000099 45,454 2233,,992233 5511,,993355 2255,,00885511 91,738 Apr.ll 1,387,452 81,753 625,499 69,356 111,245 34,010 31,944 O2n0A4 ,C9I7TA4 AO AIY)\ O24A, /0V77r9t 4A6R ,11K5O2 2262,02 01 88998,80066 Cash in vault: Mar.21 276,145 18,707 80,304 16,164 30,866 13,399 10,150 52,290! 5,641 11,3581 9,015 20,483 Mar.28 282,544 18,707 82,721 17,579 30,736 13,756 10,358 53,386 5,941 11,615] 8,937 20,934 Apr.4 283,491, 18,447 83,654 16,434 31,070 13,527 10,004 55,280 11,103 9,225 20,811 Apr.ll 289,2001 19,211 84,682 16,148 30,779 15,884 10,924 54,261 6;i07] 12,220| 9,357 21,242 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

5IAY, 1923. FEDERAL RESERVE BULLETIN. 635 PRINCIPAL RESOURCES AND LIABILITIES OP REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM MARCH 21 TO APRIL 11, 1923—Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—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 - . la A n t t - a. Chicago. Lo S u t. is. j 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 n o - . Net demand deposits: Mar.21 11,183,938 784,58744,,730,684 920,431 331,637 282,37611,488,077372,161 210,029 456,624 239,380 683,722 Mar/28 11,082,059 780,632 44,,680,719 684,876 915,114 330,768 276,89111,470,340364,106 209,647 460,539 236,134 672,293 Apr.4 11 212,307 796,796 44!,754,414 696,130 925,402 332,561 278,7071,477,038 365,671 211,534 458,505 235,221 680,328 Apr. 11 11,251,109 803; 708 4,730,189 706,410 918,877 335,157 282,4781,503,845 369,215 213,958 458,552 237,503 691,217 Time deposits: Mar.21 3,923,152 247,820 887,827 87,210 550,319 152,939 166,070 769,656 183,218 83,405 124,698 74,959 595,031 Mar.28 3,948,420 247,898 889,867 89,507 553,728 152,874 167,168 771,486 183,497 83,653 125,587 75,666 607,489 Apr.4 3,959,247 249,534 896,541 88,386 551,393 154,318 169,150 772,429 183,978 83,677 124,508 75,528 609,805 Apr. 11 3,951,362! 250,510 891,120 88,304 547,826 154,146 167,957 770,011 183,194 84,280 126,039 75,290 612,685 Government deposits: Mar.21 326,466! 19,273 153,498 23,694 9,798 28,707 10,053 5,614 310 14,828 24,403 Mar.28 337 323; 19 253 153,458 26,859 24,995 9,798 11,246 29,881 10,322 5,540 6,917 14,828 24,226 Apr. 4 337,082 19,253 153,498 26,859 24,968 9,778 11,017 29,882 10,322 5,540 6,913 14,826 24,226 Apr.ll 336,368 19,253 153,498 26,859 24,539 9,705 11,017 29,831 10,322 5,400 6,913 14,827 24,204 Bills payable and rediscount with F. R. banks: Secured by U. S. Government obligations— Mar.21 259,534 10,936 114,932 22,495 12,266 17,406 1,945 43,705 3,192 3,940 10,198 585 17,934 Mar.28 290,245 11,046 155,212 24,237 12,137 13,731 939 40,980 5,114 2,265 5,648 330 18,606 Apr.4 281,781 7,752 143,390 20,673 11,719 13,756 980 45,211 3,879! 3,265 11,439 45 19,672 Apr.ll 239,083 ir~ 116,524 20,486 18,361 15,187 565 27,920 3,510| 2,815 «618| 115 22,173 All other— Mar.21 156,763 21,147 28,940 14,718 15,560 17,453 4,083 16,144 10,879 3,144 5,885 2,710 16,100 Mar.28 184,708 26,636 46,471 15,522 11,989 17,469 3,576 22,972 9,963: 3,642 6,001 2,r~ 18,081 Apr.4 187,077 21,520 39,356 15,009 11,778 18,486 6,038 31,292 12,087 3,736 5,754 3,101 18,920 Apr. 11 156,720 23,011 38,701 10,877 14,435 17,856 4,648 15,597 7,614 3,001 5,071 2,772 13,137 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. Number of reporting banks: Mar.21 259 23 6 16 15 Mar.28 259 23! 6: 16 15 Apr.4 259 23| 6' 16 15 Apr. 11 259 23 4 16 15 Loans and discounts, gross: Secured by U. S. Government obligations- Mar. 21 179,949 11,805! 78,620 16,654 6,627 2,092 1,966 33,791 13,434 4,679! 2,084 1,491 6,706 Mar.28 174,498 12,670| 74,356 16,124 5,822 2,136 1,978: 33,298 13,310 4,698! 2»076 1,508 6,522 Apr.4 •. 181,488 10,544 79,780 16,501 5,861 2,148 1,9721 37,150 12,736 4,681 1,978 1,490 6,647 Apr.ll 182,401 10,231 82,684 16,610 6,158 2,121 1,981 35,638 11,919 4,789' 1,952 1,493 6,825 Secured by stocks and | bonds— Mar.21 2,719, 882 186,4341,490,279 235,544 140,222 19,835 10,! 407,012 97,980 28,895 21,938 12,276 68,601 Mar.28 2,731,064 1S5,803 1,486,631 245,066 137,816 19,221 10,900! 413,570 100,132 29,165 20,982 12,623 69,155 Apr. 4 2,797,280 188,3761,540,852 250,137 138,219 19,767 10,414 415,552 99,671 29,867 21,058 12,911 70,456 Apr.ll 2,723,258 184,3271,459,826 254,726 139,191 19,170 10,594 423,273 30,052 20,808 11, 533 70,389 All other loans and discounts— Mar.21 4,786,836 458,865 2,166,123 299,995 311,110 67,296 57, 853 668,548 176,756 88,120J 117,874 58,946 315,350 Mar.28 4,812,033 464,577 2,173,710 297,067 315,963 66,422 61,374 680,003 173,097 S9,124 117,908 58,466 314,322 Apr. 4 4, 825,413 464,708J2,190,368 295,689 315,692 66,067 57,677 680,875 172,004 89,708 118,682 59,061 314,882 Apr.ll 4,827,799 462,549|2,199,654 300,248 315,192 67,367 57,540 667,155 172,003 89,342 118,549 57,337 320,863 Total loans and discounts: Mar.21 7,686,667 657,104i3,735,022 552,193 457,959 89,223 70,6851,109,351 288,170 121,694 141,896 72,713 390,657 Mar.28 7,717,595 663,0503,734,697 558,257 459,601 87,779 74:,,225.r2"1'''., 126,871286,539 122,987 140,966 72,597 389,999 Apr. 4 7,804,181 663,628(3,811,000 562,327 459,772 87,982 701,,"0631., 133,577284,411 124,256 141,718 73,462 391,985 Apr. 11 7,733,458 657,107!3,742,164 571,584 460,541 88,658 70I, 115 1.],126,066 283,291 124,183' 141,309 70,363 39S,077 U. S. pre-war bonds: Mar.21 99,773 37,835 7,358 4,530 1,805 2,927 3,372 8,223 3,031 2,131 4,875 21,417 Mar.28 99,768 2,268 37,835 7,358 4,490 1,805 2,927 3,408 8,223 3,031 2,131 4,975 21,317 Apr.4 99,796 2,268 37,825 7,358 4,529 1,805 2,917 3,413 8,223 3,031 2,137 4,975 21,315 Apr. 11 99,587 2,268 37,826 7,358 4,530 1,805 2,845 3,474 8,223 3,031 2,137 4,975 21,113 U. S. Liberty bonds: Mar.21 627,910 34,109 397,171 36,825 25,517 3,809 320 37,623 16,106 5,283 20,747 5,250 45,150 Mar. 28 619,497! 34,075 387,653 36,307 25,541 3,780 308 37,574 16,058 V" 21,615 5,236 46,061 Apr. 4 619,388 33,961 388,864 36,322 25,661 3,482 273 37,544 16,075 21,243 4,734 46,193 Apr. 11 , 617,074 34,138 388,319 36,609 24,818 3,504 273 36,123 15,603 5^069 21,448 5,237 45,933 O. S. Treasury bonds: Mar.21 60,622 3,738 30,141 3,243 1,851 194 105 5,413 7,687 755 1,103 5,500 Mar.28 59,516! 2,737 29,906 3,259 1,851 214 117 5,414 7,686 816 934 1,103 5,479 Apr.4 57,744| 2,746 28,197 3,244 1,851 190! 117 6,459 7,637 755 942 1 103 5,503 Apr.ll 56,0081 2,732 27,255 1,311 185] 155 5,428 7,562 755 930 1,103 5,323 U. S. Victory notes and Treasury notes: Mar.21 713,86s1 16,613 478,390 48,877 9,823 1,606 310 96,969 16,161 9,603 9,146 3,770 22,600 Mar.28 702,255! 16,668 477,062 49,239 9,697 1,606 310 85,270 16,144 9,492j 7,054 3,770 25,943 Apr.4 693,536! 16,246 468,649 49.727 9,554 2,026J 310 85,137 16,181! 9,518 7,187 2,952 26,049 Apr.ll 697.749 16.455 475,077 49,867 9,7271 2.21H 310 81,183 16,18li 9,4921 7,243 5,1301 24,873 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

636 FEDERAL RESERVE BULLETIN. MAY, 1923. PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM MARCH 21 TO APRIL 11, 1923—Continued. REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—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±u o icc n hn d -- . |i j la AA n tt t -- a . ! « U ! u ,] c „ aS „„ ° „ -; Lo Ss u ti i . . s . ! I i a MM po iin l n i nn s e . e-- K C a i n t s v a . s Dallas. F c S i r s a a c n n o - . V. S. certificates of indebt- Mar.21 113,876 65,234 9,004 2,250 1,449! 2,06l! 12,869 6,353! 2,. 464 4,618 3,432 Mar.28 113,558 2,731 70,236 8,087 2,286 1,434 2,0581 11616 4,663 2,451 453 4,405 3,138 Apr.4 114,158' 2,773 72,263 7,055 2,285 l,338i 2,057 11,283 4,558 2,420 409 4,976 2,741 Apr.ll 100,483! 2,311 61,499 6,634 2,403 1,135; 2,057 10,261 4,325 2,418 432 4,275 2,733 Other bonds, stocks, and securities: Mar.21 1,163,854 518,022 147,711 66,388 5,245! 3,580 188,, 343, 57,452 13,695 11,037 2,093 69,599 Mar.28 1,167,6511 78,826 518,171 146,862 67,676 5,173] 3,590 .1„9, 1,-7,9„„8 58,840 13,512 10,951 2,209 70,043 Apr.4 1,162,376 79,938 518,942 144,831 67,935 5,108 3,540 188,714 55,935 13,452 11,320 2,306 70,355 Apr.ll 1,164,772; 81,513 520,808 144,692 67,230 5,040 190,866 54,764 13,594 11,132 2,094 69,537 Total loans and discounts and investments: Mar.21 10,466,570! 798,2055,261,815 805,211 568,318 103,331! 1,453,940 400.152 156,520 186,313 94,4221 558,355 Mar.28 10,479,840! 800,355 "5.,,255,560809,369 571,142 101,7911 ,1,461,951 398.153 157,578 184,104 94,295 561,980 Apr.4 10,551,179i 801,560 •i, 325,740810,864 571,587 101.931J j 27711,465,127 393,0201 158,468 184,956 94,508 564,141 Apr.ll 10,469,131 796,5245,252,948 820,013 570,560 102,538; 79,2571,453,401 389,949 158,542 184,631 93,177 567,591 Reserve balance with F. R. banks: Mar.21 985,416 64,604 569,621 64,997 33,670! 6,172: 5,6021 141,094 27,032 14,845 16,206 7,751 33,822 Mar.28 993,782 65,041 589,476 62,871 33,947 4,987! 5,275 136,051 28,312 11,234 15,954 6,956 33,678 Apr.4 995.889 66,951 571,197 67,588 35,455 5,793| 4,733 145,211 28,434 12,565 17,299 7,114 33,549 Apr.ll 986,968 64,468 578,292 63,016 34,543 4,063 5,879 141,793 27,966 12,783 16,429 6,661 31,075 Cash in vault: Mar.21 141,082 8,011 66,236 12,967 8,079 803! 1, 28,257 3,531 1,865 2,125 1,356 5,922 Mar.28 145,663 8,118 68,195 14,146 8,150 8101 1,723 29,369 3,550 1,883 2,332 1,268 6,119 Apr.4 145,688 7,780 69,204 13,252 8,519 841j 1,765 29,405 3,557 1,903 2,185 1,317 5,960 Apr.ll 148,673 8,153 69,704 12,868 8,277 2,718; 2,017 28,871 3,746 1,992 2,586l 1,373 6,368 Net demand deposits: Mar.21....;. 7,585,931 605, 0224,,236,604 602,843 233,839 53,80a 45,89911,001,167 245,334 97,368 159,1021 65,098 239,847 Mar.28 7,523,552 601, 6474,,185,561 602,004 235,530 53,895 45,626 995,110 242,232 98,593 160,836 63,462 239,056 Apr.4 7,632,259 615, 875 4;,257,805 614,007 243,888 53,462! 45,037 998,211 239,253 100,903 160,491 64,663 238,664 Apr.ll 7,642,644j 619, 023 4,,230,112 623,995 242,479 53,952j 46,82211,009,822 244,329 101,465 163,015 65,858 241,772 Time deposits: Mar.21 1,941,130 103,751 624,563 68,875 317,954 25,428! 21,899 375,157 103,269 38,218 12,555 13,851 235,610 Mar.28 1,961,267 103,601 626,165 71,008 320,205 25,469 21,964 376,425 103,225! 38,491 12,573 13,889 248,252 Apr.4 1,968,063 105,056 633,879 69,770 318,559 25,462 22,290 376,407 103,413 38,427 12,566 13,796 248,438 Apr.ll 1,957,245 105,029 627,070 69,660 315,679 25,641 22,378 372,366 103,333 39,089 13,007 13,705 250,288 Government deposits: Mar.21 238,696 14,272 140,867 25,403 2,542 1,068 2,991 15,650 8,607! 3,874 105 9,376 13,941 Mar.28 243,077 14,272 140,867 25,403 2,742 1,068 3,191 15,713 8,607| 3,874 4,025 9,376 13,939 Apr.4 243,060 14,272 140,867 25,403 2 745 1,068 3,171 15,713 8,607 3,874 4,025 9,376 13,939 Apr. 11 242,886 14,272 140,867 25,403 2,742 1,1— 3,171 15,663 8,607 3,734 4,025 9,375 13,939 Bills payable and rediscounts with F. R. banks: Secured by U. S. Government obligations— Mar.21 177,738 8,026 92,115 20,295 715 5,495J 26,744 1,606 1,365 5,052| 16,325 Mar.28 211,235 8,236 130,211 22,237 47! 3.7181 24,359 3,806 365 2,091 15,737 Apr.4 204,787 5,267 124,092 18,798 715 3,924 25,245 2,356 365 6,042 17,983 Apr.ll 170,424 2,867j 99,546 18,686 1,0 4,612 17,150 1,932 1,615 2,480 1 2200,445511 All other— Mar.21 108,796 20,579! 17,689 14,718 9,956 738 12,166 8,041 2,418 1,478 864! 14,519 Mar.28 132,795 26,^ 35,341 15,522 6,008 16,597 7,219 2,482 915 479! !6,349 Apr.4 126,722 21,100: 27,100 15,009 5,437 22 623 7,706 2,632 666 855 16,994 Apr.ll 102,501 22,543, 27,367 10,877 7,834 973 9,213 3,010 2,— 390 626! 11,766 MEMORANDA. Bank deposits: Due to banks— Mar.21 1,974,156 106,602! 945,023 157,365 41,304 31,157 16,799 338,284 82,209 48,644 102,246 23,2961 81,227 Mar.28 1,948,786 103,632i 929,839 153,231 41,283 29,087 15,965 342,962 79,045 47,585 103,869 21,630) 80,658 Apr. 4 2,067,516 114,5721 979,613 166,684 46,596 30,021 15,561 369,419 81,484 51,960 105,864 22,392 83,350 Apr. 11 2,006,977 110,9711 944,022 161,173 44,731 28,504 16,133 358,585 81,256 49,609 105,791 21,936 84,266 Due from banks— Mar.21 493,714 36,12s1 74,262 55,925 17,657 13,618 9,197 139,895 21,135 16,176 41,057 19,640 49,027 Mar.28 480,842 33,253: 79,257 51,320 16,321 11 540! 8,925 142,120 19,983 13,130 41,250 19,303| 44,440 Apr.4 518,568 34,508: 77,707 61,446 18,412 12.5S3 10,122 154,630 24,070 18,022 43,710! 19,616j 43,742 Apr.ll 515,472 35,994! 75,781 55,995 17,298 12,575 10,129 152,655 25,184 17,196 42,8691 21,463! 48,333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL EESEBVE BULLETIN. 637 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES. MONTHLY SUMMARY FOR BANKS IN 141 SELECTED CITIES. [In thousands of dollars.) Number February, March, April, February, March, April, Federal reserve district. of cities. 1923.' 1923. 1923. 1922. 1922. 1922. No. 1—Boston 1,889,899 2,222,086 2,119,787 1,611,605 1,857,809 1,760,157 No. 2—New York 19,595,761 23,231,535 21,180,741 17,029,426 20,977,917 21,326,277 No. 3—Philadelphia... 1,648,925 1,926,493 1,863,477 1,431,593 1,628,117 1,569,312 No. 4—Cleveland 1,949,930 2.206,665 2,227,570 1,538,886 1,665,926 1,744,378 No. 5—Richmond 631,628 737,293 676,260 535,864 618,568 614,409 No. 6—Atlanta 827,440 991,806 886,328 676,960 781,076 710,303 No. 7—Chicago 4,383,007 4,828,041 4,737,859 3,523,914 4,389,187 3,945,171 No. 8—St. Louis 952,802 1,112,395 1,039,549 739,485 859,417 826,599 No. 9—Minneapolis.... 510,811 600,805 596,914 455,305 556,282 512,419 No. 10—Kansas City... 996,426 1,199,481 1,130,015 872,689 1,012,278 956,757 No. U—Dallas 494.600 547,188 488,255 46Q.149 524,469 470,827 No. 12—San Francisco. 2,043,173 2,581,355 2,347,653 1,709,434 2,061,228 1,951,433 Total 141 35,924,402 42,185,143 39,294,408 30,585,310 36,932,274 36,388,040 New York City 1 19,019,491 22,541,298 20,478,562 16,543,428 ! 20,397,109 20,716,594 Other cities 140 16,904,911 1%643,845 18,815,846 14,041,882 i 16,535,165 15,671,446 WEEKLY SUMMARY FOR BANKS IN 243 CITIES. [In thousands of dollars.) 1923 1»22 Number Week ending— "Week ending- Federal reserve district. of centers included. Mar. 28. Apr. 4. Apr. 11. Apr. 18 Mar. 29. ; Apr. 5. Apr. 19. No. 1—Boston I 16 472,192 504,762 630,567 495,219 431,289 435,753 No. 2—New York i 13 4,815,390 5,206,836 4,895,346 5,326,208 4,584,156 5,269,601 4,843,587 5,138,450 No. 3—Philadelphia i 18 462,706 507,345 462,613 517,404 378,241 446,294 404,980 408,154 No. 4—Cleveland ! 23 580,666 654,208 689,887 651,829 421,390 508,931 545,044 488,238 No 5—Richmond | 22 250,377 283,637 265,332 281,282 204,610 259,724 232,179 238,472 No. 6—Atlanta I 25 214,690 233,297 216,076 232,476 163,761 198,547 178,176 188,591 No. 7—Chicago ! 31 1,050,057 1,195,769 1,053,875 1,176,092 956,035 1,090,114 872,440 963,386 No. 8—St. Louts j 11 252,051 276,561 264,730 287,767 186,814 219,095 218,911 220,251 No. 9—Minneapolis ! 16 127,331 143,224 148,837 161,247 111,641 125,267 122,392 131,676 No. 10—Kansas City 27 275,981 294,462 292,039 311,442 232,395 247,268 245,886 248,286 No. 11—Dallas 15 134,164 142,310 145,714 161,412 128,140 144,009 133,511 138,889 No. 12—San Francisco j 26 530,139 562,855 572,871 598,298 407,516 485,601 486,619 493,400 Total ' 243 9,165,744 10,094,400 9,512,082 10,336,024 8,169,562 9,489,670 8,715,014 9,093,546 DATA FOR EACH CITY. [In thousands of dollars.) 1923 1922 Week ending- Week ending- Mar. 28. Apr. 4. Apr. 11. Apr. 18. Mar. 29. Apr. o. Apr. 12. Apr. 19 District No. 1—Boston: Bangor, Me 2,831 3,713 3,138 3,163 3,121 3,170 3,289 i 2,833 Boston, Mass 319,047 407,492 331,951 434,090 269,035 330,667 284,548 ' 286,497 Brockton, Mass 4,425 5,020 5,077 6,886 4,255 4,508 4,799 ! 4,535 Fall River, Mass.... 6,752 8,200 8,300 8,397 5,399 6,234 6,053 I 6,225 Hartford, Conn 20,626 26,275 23,071 29,900 17,646 24,006 21,792 ! 24,679 Holyoke, Mass 3,838 4,909 4,005 4,759 2,919 3,308 2,965 2,750 Lowell, Mass 4,975 5,514 5,413 6,098 4,077 4,904 4,630 ) 4,104 Lynn, Mass 6,470 7,018 7,243 6,180 4,787 5,948 6,017 i 5,356 Manchester, N. H.. 4,362 5,810 4,709 5,488 3,986 4,951 4,275 i 4,053 New Bedford, Mass. 6,707 6,805 8,014 9,066 5,244 6,161 6,028 ( 5,226 New Haven, Conn.. 16,436 18,853 19,263 20,466 13,692 18,910 15,915 17,077 Portland, Me 6,997 9,051 8,760 8,997 6,585 7,857 7,606 : 6,936 Providence, R. I.... 30,589 40,417 36,004 39,354 25,468 34,067 29,977 ; 33,064 Springfield, Mass... 16,369 18,162 16,102 18,711 12,251 14,380 14,151 ' 12,412 Waterbury, Conn... 6,665 8,719 8,186 10,249 4,059 9,890 5,640 Worcester, Mass 15,103 17,938 15,526 18,763 12,339 16,258 13,604 13,737 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

638 FEDERAL RESERVE BULLETIN. MAY, 1923. DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued. DATA FOE EACH CITY-Continued. [In thousands of dollars.] 1923 1922 Week ending- Week ending- Mar. 28. Apr. 4. Apr. 11. Apr. 18. Mar. 29. Apr. 5. Apr. 12. Apr. 19. District No. 2—New York: k Albany, N. Y 25,021 46,456 20,455 28,938 24,259 43,136 25,802 23,137 Binghamton, N. Y 3,987 4,952 5,049 5,525 3,504 4,419 4,149 4,338 Buffalo, N. Y 60,305 75,466 68,949 78,633 49,517 64,950 58,618 59,919 Elmira, N. Y 3,634 3,951 3,861 4,553 2,857 3,077 2,890 3,086 Jamestown. N. Y 3,652 4,320 4,227 4,734 2,814 4,035 3,725 3,778 Montclair, N. J 2,520 2,661 2,747 3,483 2,207 2,689 2,336 2,560 Newark, N. J 56,552 65,965 59,321 65,996 45,600 58,676 48,532 52,370 New York, N. Y 4,572,565 4,892,196 4,634,721 5,029,019 4,379,457 4,990,529 4,614,420 4,903,158 Northern New Jersey Clearing House Association 34,492 39,071 36,973 40,309 30,053 37,701 31,395 31,220 Passalc, N. J 6,582 6,297 7,582 8,573 4,785 5,548 5,974 5,384 Rochester, N. Y 29,768 44,580 33,944 36,439 26,402 35,915 28,582 31,840 Stamford, Conn 2,265 3,085 3,053 3,210 1,987 2,523 2,402 2,299 Syracuse, N. Y 14,047 17,836 14,464 16,796 10,714 16,403 14,762 15,361 District No. 3—Philadelphia: Allentown, Pa 6,585 8,769 7,134 7,850 5,452 7,633 5,918 6,295 Altoona, Pa 4,239 3,715 4,446 4,370 3,038 2,478 3,457 3,143 Camden, N. J 10,069 11,581 9,890 11,754 8,402 9,762 9,712 10,624 Chester, Pa 4,426 4,939 5,111 5,798 3,766 4,431 3,950 4,265 Harrisburg Pa 7,666 8,881 9,028 9,168 6,209 7,224 8,192 7,231 Hazleton, Pa 2,552 3,108 2,843 3,022 2,183 2,506 2,223 2,249 Johnstown, Pa 5,309 5,612 6,026 5,725 4,376 4,652 4,501 4,424 Lancaster, Pa 6,331 13,537 8,099 6,807 5,096 11,536 6,278 5,531 Lebanon, Pa 1,481 2,188 1,872 1,723 1,109 2,194 1,443 1,321 Norristown, Pa 894 898 934 903 698 741 739 789 Philadelphia, Pa 348,507 373,785 341,301 386,530 283,444 329,196 297,291 307,077 Reading, Pa 8,724 10,489 10,130 11,588 6,822 8,942 7,743 7,928 Scranton, Pa 19,530 17,526 17,900 16,562 14,888 14, 482 16,952 12,648 Trenton, N. J 11,296 11,930 12,864 17,012 9,335 10,888 12,656 10,846 Wilkes-Barre, Pa 9,451 10,106 8,567 10,975 8,592 9,118 8,827 8,010 Williamsport, Pa 3,762 4,528 4,217 4,568 3,758 5,233 4,111 4,150 Wilmington, Del 7,967 9,603 7,937 S,258 6,959 7,888 6,337 6,938 York, Pa.... 3,917 6,150 4,314 4,791 4,114 7,390 4,650 4,685 District No. 4—Cleveland: Akron, Ohio 20,084 17,432 20,579 17,970 11,319 14,695 14,128 12,367 Butler, Pa 2,454 3,003! 2,780 2,682 1,553 2,588 2,344 2,158 Canton, Ohio 10,041 10,984i 12,098 11,034 6,161 9,682 9,102 7,550 Cincinnati, Ohio 76,971 84,891 94,520 90,154 64,428 68,358 79,892 67,296 Cleveland, Ohio 125,191 172,847 192,674 151,873 92,507 133,569 146,025 117,522 Columbus, Ohio 29,493 41,972 43,575 39,605 23,297 28,078 33,190 30,206 Connellsville, Pa 1,397 1,289 1,441 1,409 976 974 1,032 1,024 Dayton, Ohio 14,727 17,550 17,218 17,342 10.279 13,909 12,217 12,683 Erie, Pa 6,696 7,019 7,264 7,632 4,761 5,628 5,969 5,565 Greensburg, Pa 5,335 4,608 4,330 5,145 3,529 3,492 3,785 5,133 Homestead, Pa 593 798 Hi 808 462 628 636 629 Lexington, Ky 6,693 6,057 5,776 6,648 5,716 4,879 4,559 4,378 Lima, Ohio.. 4,232 4,772 i 4,353 4,021 2,540 3,135 3,614 2,878 Lorain, Ohio 1,056 1,291 ! 1.708 1,405 808 1,252 1,302 1,217 New Brighton, Pa 2,348 2,570 i 2,664 2,920 1,756 1,905 1,973 1,597 Oil City, Pa... 2,828 2,838 ! 3,099 3,532 2,114 2,531 2,450 2,525 Pittsburgh, Pa 199,451 188,680j 185,614 198,645 136,380 152,292 155,284 152,467 Springfield, Ohio 4,283 4,511 i 5,381 5,545 3,402 3,790 4,738 4,194 Toledo, Ohio 38,850 43,352 i 45,422 49,382 28,858 31,867 37,119 34,591 Warren, Ohio 2,791 3,321 ; 3,212 3,924 1,977 2,715 1,954 2,595 Wheeling, W.Va 9,694 11,130i 12,915 12,255 7,526 8,575 7,901 8,127 Youngstown, Ohio 12,785 20,113 ! 19,097 14,556 8,910 11,959 12,845 9,093 Zanesville, Ohio 2,673 3,180 3,353 3,342 2,131 2,430 2,979 2,443 District No. 5—Richmond: Asheville, N. C 4,271 4,606 i 5,029 4,557 3,200 4,058 4,335 4,070 Baltimore, Md 80,400 93,700 : 85,021 91,335 70,050 92,773 80,736 81,193 Charleston, S. C 6,150 6,730 7,081 7,001 4,564 6,480 6,100 6,800 Charleston, W. Va 8,077 8,630| 8,722 11,405 5,803 6,581 6,325 6,796 Charlotte, N. C 8,970 10,109i 9,062 9,574 5,605 6,095 5,332 8,244 Columbia, S.C 6,000 6,057 i 5,412 5,300 4,771 7,368 4,521 4,400 Cumberland, Md 2,393 2,462 2,204 2,667 1,601 1,907 1,878 1,967 Danville, Va 1,745 2,451 2,196 1,980 1,634 2,230 2,021 1,474 Durham, N. C 3,803 3,470 4,551 4,798 Greensboro, N. C 4,451 4,761 '• 5,089 4,912 2,633 4,088 3,599 3,462 Greenville, S C 5,256 5,017 4,913 4,458 3,016 3,279 3,499 3,454 Ha?erstovvn, Md 2,178 3.478 2,685 2,874 1,775 2,672 2,079 1,848 Huntington, W. Va 5,517 6,189 6,015 6,824 3,773 4,523 4,238 4,368 Lynehburg, Va 4,556 4,659 i 4,722 4,857 2,872 4,526 4,544 3,978 Newport News, Va 2,178 1,937 1,922 2,022 1,486 1,712 1,492 1,619 Norfolk, Va 15,730 20,473 14,987 16,866 13,824 16,688 15,596 14,539 Raleigh, N.C 5,700 6,400 6,350 7,000 3,900 3,600 4,200 4,100 Richmond, Va 27,381 28,363 i 25,321 30,119 21,166 27,898 22,706 26,682 Roanoke, Va 4,759 5,873 5,523 5,810 3,765 5,272 3,866 5,164 Spartanburg, S.C 2,784 2.658 3.081 2,413 2,333 1,975 1,975 1.787 Washington, D. C 40,904 47,256 46,3Sti 47,328 38,511 44,219 43,148 42,039 Wilmington, N. C 4,501 5,581 5 367 3,877 3,869 6,044 4,888 4,731 Winston-Salem. N C 6,476 6,247 8,264 8,103 4,459 5,736 5,101 5,766 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 639 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued. DATA FOR EACH CITY—Continued. [In thousands of dollars.] 1923 1922 Week ending— Week ending— Mar. 28. Apr. i. Apr. 11. Apr. 18. Mar. 29. Apr. 5. Apr. 12. Apr. 19. District No. 6—Atlanta: Albany, Ga 960 1,190 1,044 960 833 922 823 986 Atlanta, Ga 28,236 33,560 29,030 32,395 22,686 26,027 23,320 25,305 Augusta, Ga 7,827 7,990 6,846 6,453 4,425 6,772 4,966 5,053 Birmingham, Ala 22,399 25,557 23,445 24,768 14,637 17,733 14,456 17,034 Brunswick, Ga 580 675 657 623 469 588 588 539 Chattanooga, Tenn 7,529 9,152 8,472 9,423 5,602 7,944 6,262 7,324 Columbus, Ga 2,561 2,852 2,557 2,926 1,911 2,505 2,524 2,487 Cordele, Ga 248 278 264 259 197 286 236 216 Dothan, Ala 553 650 633 645 557 553 500 439 Elberton, Ga 192 231 222 201 172 361 229 214 Jackson, Miss 2,843 3,254 3,345 2,997 2,134 3,006 3,067 2,344 Jacksonville, Fla 11,862 13,785 14,132 14,689 12,298 12,149 11,131 11,598 Knoxville, Tenn 6,352 7,042 6,198 7,782 5,625 5,937 6,339 7,086 Macon, Ga 4,182 5,053 4,666 4,938 2,793 3,923 4,204 4,193 Meridian, Miss 2,744 2,184 2,372 2,381 1,467 1,991 1,836 1,976 Mobile, Ala 6,591 6,946 7,025 6,951 5,607 0,199 4,387 6,414 Montgomery, Ala 4,845 4,794 5,025, 5,634 3,185 3,957 3,589 3,521 Nashville, Tenn 15,706 17,462 17,368 17,647 13,188 15,503 15,938 16,372 Newnan, Ga 381 430 525 401 337 319 275 287 New Orleans, La 69,099 68,103 61,208 68,687 49,109 60,651 54,317 55,367 Pensacola, Fla 1,286 1,613 1,590 1,723 1,083 1,623 1,790 2,551 Savannah, Ga 8,111 9,716 8,811 9,179 8,742 10,997 9,200 9,291 Tampa, Fla 7,111 8,465 7,986 8,180 4,842 6,448 5,863 5,841 Valdosta, Ga 1,049 940 1,095 1,146 764 855 937 912 Vicksburg, Miss 1,443 1,375 1,560 1,486 1,098 1,298 1,409 1,241 District No. 7—Chicago: Adrian, Mich 688 763 960 565 752 727 782 Aurora, 111 3,130 3,915 3,413 3,569 2,396 2,555 3,264 2,839 Bay City, Mich 2,449 2,221 2,187 2,163 2,198 2,301 2,501 2,191 Bloomington, 111 2,616 3,430 2,910 3,066 2,219 3,192 2,257 2,485 Cedar Rapids, Iowa 5,888 9,118 6,524 6,347 4,614 7,532 5,313 4,969 Chicago, 111 648,516 792,087 637,205 715,947 614,962 738,352 550,088 611,174 Danville, 111 4,100 4,700 4,100 3,700 2,900 4,400 2,500 2,900 Davenport, Iowa 6,806 9,168 7,458 8,290 6,410 10,375 7,173 7,135 Decatur, 111 3,503 3,959 3,314 3,557 2,946 3,437 3,041 2,759 Des Moines, Iowa 17,341 19,367 20,979 22,009 13,821 17,232 16,079 15,231 Detroit, Mich 150,193 133,876 140,820 173,762 110,540 114,673 99,334 124,731 Dubuque, Iowa 2,888 3,237 3,533 3,483 2,806 2,950 2,994 2,771 Flint, Mich 7,010 7,070 8,718 8,284 4,990 8,010 7,884 10,199 Fort Wayne, Ind 7,867 9,187 8,265 8,800 5,974 6,821 6,708 7,130 Gary, Ind 4,190 3,232 4,249 3,477 2,760 1,910 2,835 2,515 Grand Rapids. Mich 14,972 15,420 15,115 16,281 13,344 13,452 13,219 13,837 Green Bay, Wis 2,732 2,812 2,815 2,561 Hammond, Ind 4,190 3,280 3,600 4,220 Indianapolis, Ind 32,042 34,424 33,966 40,067 46,226 30,380 30,599 30,153 Jackson, Mich 5,863 4,890 4,935 4,936 3,466 3,098 3,240 3,376 Kalamazoo, Mich 4,782 5,327 4,969 4,792 3,585 4,229 4,089 3,864 Lansing, Mich 8,900 8,500 9,200 9,000 4,264 6,592 4,831 5,224 Mason City, Iowa 2,201 2,600 2,546 2,302 1,852 2,609 1,972 2,533 Milwaukee, Wis 59,984 56,702 67,057 70,357 59,929 49,568 52,493 55,905 Moline, HI 1,304 2,991 2,084 2,184 1,548 2,496 1,979 2,684 Muscatine, Iowa 1,519 1,459 1,914 1,390 1,182 1,309 1,512 1,079 Oshkosh, Wis 2,600 2,700 2,800 2,700 1,800 2,100 2,300 2,000 Peoria, 111 7,978 10,309 8,640 9,981 5,585 9,251 7,189 7,559 Roekford, 111 5,164 6,887 5,726 6,230 4,078 5,907 4,806 4,790 Saginaw, Mich 5,425 4,156 5,749 6,573 Sioux City, Iowa 16,625 19,210 19,717 18,548 15,580 17,168 15,774 i4,078 South Bend, Ind 8,637 7,870 10,303 8,511 5,873 6,665 6,415 6,462 Springfield, 111 6,068 6,620 6,266 7,054 4,645 7,001 5,753 6,256 Terre Haute, Ind 6,031 3,217 6,181 5,396 Waterloo, Iowa 4,233 4,524 4,067 4,345 2,977 3,797 3,571 3,775 District No. 8—St. Louis: East St. Louis and National Stock Yards, 111 8,615 9,330 10,301 10,048 7,665 8,757 9,284 8,009 Eldorado, Ark 3,472 3,564 3,596 3,744 Evansville, Ind 6,506 6,145 j 7,041 8,331 5,760 5,189 5,359 6,512 Fort Smith, Ark 2,379 3,302 3,060 2,826 Greenville, Miss 889 884 923 933 75i 947 1,086 748 Helena, Ark 1,047 1,087 1,199 1,058 751 833 960 826 Little Rock, Ark 12,907 13,568 16,603 14,136 7,731 8,287 10,058 9,023 Louisville, Ky 33,259 35,278 36,372 40,879 28,130 29,761 30,435 34,275 Memphis, Tenn 38,747 43,402 33,182 34,612 18,255 24,931 24,387 22,464 Owensboro, Ky 1,280 1,684 1,461 1,674 1,139 1,288 1,156 1,270 Quincy, 111 2,032 2,979 3,365 2,720 2,019 3,009 2,059 1,951 St. Louis, Mo 143,957 159,176 150,892 169,944 112,203 133,082 131,022 132,051 Springfield, Mo 2,812 3,028 3,391 3,432 2,410 3,011 3,115 3,122 District No. 9—Minneapolis: Aberdeen, S. Dak 1,135 1,271 1,308 1,248 937 1,337 1,188 1,366 Billings, Mont 1,730 1,764 1,970 1,964 1,200 1,791 1,629 1,489 Dickinson, N. Dak 269 290 317 339 155 227 266' 426 Duluth, Minn 11,904 13,121 16,423 18,714 11,019 12,444 11,554 10.634 Fargo, N. Dak 2,135 2,692 3,186 2,963 1,866 2,370 2,465 2,572 Grand Forks, N. Dak 1,671 1,759 2,111 1,885 1,075 1,379 1,521 1.621 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

640 FEDERAL RESERVE BULLETIN. MAY, 1923. DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued. DATA FOR EACH CITY—Continued. [In thousands of dollars.] 1923 1922 j Week ending- Week ending- Mar. 28. Apr. 4. Apr. 11. Apr. 18. Mar. 29. Apr. 5. Apr. 12. Apr. 19. District No. 9—Minneapolis—Continued. Helena, Mont 2,017 1,888 1,933 2,115 1,491 2,320 2,136 2,025 Jamestown, N. Dak 346 647 598 587 293 328 500 470 LaCrosse, Wis 2,703 2,631 3,021 2,909 Lewistown, Mont 968 1,107 1,016 1,175 621 794 809 768 Minneapolis, Minn 64,790 69,407 74,118 79,445 55,988 62,010 61,586 67,890 Minot, N. Dak 788 1,075 1,029 902 771 870 1,132 872 Red Wing, Minn 344 447 511 537 435 537 466 457 St. Paul, Minn 32,881 40,807 37,557 42,741 30,973 32,872 31,398 35,665 Sioux Falls, S. Dak 3,623 3,863 3,840 3,600 2,490 3,455 3,150 2,797 Superior, Wis 1,880 1,921 1,785 1,974 1,567 1,470 1,533 1,751 Wmona, Minn 850 1,165 1,135 1,058 760 1,063 1,059 872 District No. 10—Kansas City: Atchison, Kans 1,291 1,328 1,391 1,613 1,300 1,187 1,231 1,260 Bartlesvule, Okla 2,717 3,759 2,862 4,665 2,006 2,785 2,304 2,575 Casper, Wyo 3,159 3,801 4,185 3,982 2,901 2,442 2,321 2,578 Cheyenne, Wyo 1,909 3,374 2,513 1,985 1,785 1,690 1,508 1,490 Colorado Springs, Colo 3,191 . 3,179 3,136 3,188 2,155 3,031 2,563 2,357 Denver, Colo 35,601 40,795 39,356 38,387 35,470 38,374 29,065 29,743 Enid, Okla 2,888 3,398 3,379 3,189 Fremont, Nebr 808 1,124 1 079 880 95I 943 741 Grand Island, Nebr 1,368 1,737 1,475 1,355 953 1,293 1,063 1,217 Grand Junction, Colo 559 661 704 700 500 596 682 667 Guthrie, Okla 707 879 753 753 461 506 553 533 Hutchinson, Kans 2,225 2,698 2,615 2,853 2,331 2,756 2,316 2,421 Independence, Kans 2,103 3,039 1,870 3,287 2,155 1,596 1,715 2,835 Joplin, Mo 3,449 3,584 3,814 4,016 2,058 2,227 2,563 2,443 Kansas City, Kans 4,303 4,421 4,301 5,097 3,419 3,272 3,527 3,412 Kansas City, Mo 75,124 79,215 76,996 90,163 56,433 59,077 65,308 73,058 Lawrence, Kans 891 907 1,169 1,061 846 948 1,068 878 McAIester, Okla 810 687 940 1,229 780 901 1,145 1,042 Muskogee, Okla 5,935 6,357 5,987 6,915 5,578 5,579 5,548 5,441 Oklahoma City, Okla 19,972 18,652 18,435 19,389 20,568 21,046 18,076 20,175 Okmulgee, Okla 2,329 2,689 2,415 2,527 2,063 1,328 1,838 2,408 Omaha, Nebr 47,118 51,913 51,032 53,207 39,531 47,832 41,220 40,484 Parsons, Kans 850 1,012 874 758 788 847 763 810 Pittsburg, Kans 1,311 1,274 1,269 1,606 1,279 1,040 1,525 1,085 Pueblo, Colo 5,079 4,034 6,185 3,203 4,050 4,418 4,186 3,819 St. Joseph, Mo 14,645 15,408 15,094 16,409 10,738 13,660 15,737 12,840 Topeka, Kans 3,513 3,421 4,336 4,498 2,406 3,247 3,872 2,732 Tulsa. Okla 26,537 24,550 27,604 27,867 21,399 16,504 25,547 20,784 Wichita, Kans 9,285 11,088 10.728 10,729 8,442 9,086 8,642 9,199 District No. 11—Dallas: Albuquerque, N. Mex 1,822 2,125 2,089 2,319 1,513 2,104 1,751 1,889 Austin, Tex 3,024 2,802 5,069 3,784 2,645 3,569 3,279 2,932 Beaumont, Tex 3,153 3,204 3,831 4,163 2,700 3,220 3,218 3,630 Corsicana, Tex 920 1,013 1,470 1,582 813 1,007 1,290 1,416 Dallas, Tex 32,243 34,584 34,739 36,339 29,198 32,442 31,727 32,777 El Paso, Tex 6,885 7,333 7,271 9,381 6,239 6,735 6,987 7,012 Fort Worth, Tex 23,887 24,717 25,431 24,534 30, 876 31,961 30,100 29,460 Galveston.Tex 18,515 15,596 20,046 30,169 13,967 18,168 13,163 14,114 Houston, Tex 21,655 29,556 22,328 24,564 23,037 25,912 21, 812 24,170 Roswell, N.Mex 497 403 615 538 402 605 625 679 San Antonio, Tex 6,062 6,227 7,431 7,395 5,183 5,480 6,141 6,682 Shreveport, La 8,694 8,282 7,930 8,149 6,493 6,628 7,372 7,109 Texarkana, Tex 2,228 1,387 1,882 3,407 1,284 1,127 1,494 1,942 Tucson, Ariz 1,542 1,758 2,010 1,675 1,339 1,547 1,402 1,897 Waco, Tex 3,037 3,323 3,572 3,413 2,451 3,504 3,150 3,180 District No. 12—San Francisco: Bakersfleld, Calif 2,198 3,372 2,766 2,750 2,564 3,537 2,571 2,467 Bellingham, Wash 1,498 2,096 2,182 2,508 1,289 1,377 1,459 1,679 Berkeley, Calif 3,551 3,973 4,075 3,986 3,390 4,247 4,101 3,572 Boise, Idaho 2,428 2,901 2,850 2,867 2,181 2,731 2,531 2,319 Eugene, Oreg 2,071 2,136 2,736 2,329 1,361 1,345 2,200 2,085 Fresno, Calif 10,342 11,021 12,263 11,698 9,006 15,985 15,749 10,174 Long Beach, Calif 12,623 14,321 13,276 13,599 5,842 7,152 6,812 7,036 Los Angeles, Calif 145,381 161,115 154,603 161, 838 100,277 114,288 108,864 114,891 Oakland, Calif 26,656 30,896 29,865 31,308 17,018 23,056 19,015 20,025 Ogden, Utah 5,213 7,093 7,442 8,246 3,464 5,194 3,512 4,284 Pasadena, Calif 7,258 7,016 6,879 7,165 5,450 3,872 6,425 6,437 Phoenix, Ariz 3,437 4,083 4,343 4,451 2,672 4,130 3,715 3,760 Portland, Oreg 28,968 33,973 37,708 38,044 25,522 32,370 35,967 32,639 Reno, Nev 1,612 2,307 2,175 2,227 2,024 2,256 2,153 2,131 Ritzville, Wash 122 135 181 130 132 139 146 207 Sacramento, Calif 8,851 8,673 7,691 8,761 11,615 16,164 17,652 13,766 Salt Lake City, Utah 12,723 13,613 14,081 14,239 11,093 13,562 14,545 11,925 San Bernardino, Calif 1,563 1,384 1,717 • 1,724 1,346 1,410 1,743 1,502 San Diego, Calif. 9,833 11,508 9,973 10,2SS 7,948 8,752 11,576 9,756 San Francisco, Calif 179,173 172,270 179,005 190,452 134,544 161,904 153,105 175,581 San Jose, Calif 4,314 5,177 6,061 6,704 4,463 4,733 4,194 4,170 Seattle, Wash 35,214 38,411 41,832 42,410 33,086 32,375 40,749 34,977 Spokane, Wash 10,648 9,812 12,420 12,108 7,617 9,084 10,782 11,130 Stockton, Calif 4,453 5,238 5,816 5,844 4,037 5,064 5,737 5,699 Tacoma, Wash 7,855 7,937 8,653 9,858 7,385 8,291 8,692 8,351 Yakima.Wash 2,154 2,394 2,278 2,764 2,190 2,583 2,624 2,837 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE CLEARING SYSTEM. OPERATIONS DURING MARCH, 1923. [Numbers in thousands. Amounts in thousands ot dollars.] Items drawn on banks located Total items handled, including Number of nonmember in own district. Items for- Items for- duplications. Number of banks at end of month. b F a e n d k e r o al r r b e r s a e n r c v h e . o r r e I b s n e r r a F v n e e c d h b e r a c a n i l t k y. O b e r u r a a b t n s l a i c n d r h e k e s e c o F r i r v e ty d e . - I o t n e o m f S T t U s r a e t n d a e i r s s t a u e . w d re n r h si a v T n e o d t o l t a e i f o l d n d , i s t u e e . p m x l c i s c lu a - - r o e t s w h b a e e r n a r a r v d r n d e F c e t h h e d b e d e a i s t e n r o . r k a s l o p i r a n w t r o e s a t a n r r b d m t i c r e a e b t d . n a d c n t i o h s k e - s s Number. Amount. b m m a e e n n o m d k n s b t o h e a f . r t Num- Num-i Amount. ber. Amount- Amount. Amount. ber. Amount. 1923 1922 1923 1922 ! 1923 Boston 652 745,320 4, 469,321 159 15,702 4,877 1,230,343 63,131 5,108 4,618 1,293,474 977,050 New York 2,527 5,090,832 5,726 699,643 1,100 98,852 9,353 5,889,327 156,086 26, 5,462|10,794 8,940 6,050,875 4,877,704] Buffalo 246 127,971 494 59,759 15 2,566 755 190,296 27,451 20,992 946 864 238,739 177,605 Philadelphia 1,183 867,047 2,475 321,562| 172 29,442 3,8301 1,218,051 108,161 4,3094,985 1,326,212 1,147,573 Cleveland 806 417,787 1,570 189,645! 97 5,901 2,473 613,333 8,494 7,6492,584 1,984 629,476 379,100! Cincinnati 280 384,528 961 105,0331 79 9,620 »1,330 > 500,897 7,028 4,192 1,370 1,203 512,117 223,011! Pittsburgh 630 648,867 1,014 117,453 52 5,995 1,696 772,315 42,175 10,595 1,831 1,616 825,085 363,171 Richmond 147 342,495 2,305 333,634 55 5,197 2,507 681,326 66,529 8,951 2,7332,364 756,806 440,726 Baltimore 323 224,097 829 79,200 60 6,195 1,212 309,492 42,743 8,226 1,451 ir~ 360,461 256 737! Atlanta 143 131,309 445 54,820! 44 4,246 632 190,375 11,135 4,732 70—0 206,242 141,982) B J N N a i e a c r w s k m h s v o i O n i n l g l v r e l h i e l a l a e m ns .. . . .. 6 7 9 7 6 5 8 3 5 5 8 8 6 6 2 9 , , , , 6 5 7 5 3 5 2 2 4 4 2 2 2 2 2 1 3 4 2 4 7 4 8 8 2 2 1 1 3 5 8 8 , , , , 6 6 9 6 5 2 0 2 5 8 6 5 ! ! ! ' 3 1 1 1 9 8 4 3 | 9 1 1 1 , , , , 0 5 5 6 1 0 9 0 6 2 7 0 3 3 3 2 1 1 3 8 7 6 5 5 1 1 8 7 1 1 4 3 3 4 , , , , 2 3 6 6 5 8 2 9 9 4 5 3 1 1 1 2 7 0 8 , , , , 8 1 5 9 5 1 7 6 6 6 3 1 34 1 1 , , , 8 6 9 1 1 7 0 3 4 3 2 5 3 3 3 3 7 5 7 5 7 5 8 6 4 3 3 3 3 9 2 3 4 2 5 5 1 1 1 1 2 2 0 1 7 5 2 8 , , , , 2 8 1 7 2 7 7 2 1 1 7 2 7 5 5 5 2 6 , , , 4 4 9 6 1 3 4 0 4 1 ] ' 1 5 4 0 6 1 3 6 5 4 3 4 1 4 Chicago 1,322 1,192,614 4,483! 426,055! 436 53,2211 6,241 1,671,890! 43,260! 2,563 6,7385,991 1,717,713 1,092,158! 3,981 3,971 Detroit 323 495,255 578! 61,682 41 4,265 942! 561,202! 7,695 2,508 967 861 571,405 226,380 260 263 St. Louis 433 371,079 1,613! 101,093 144! 9,640 2,190 481,8121 4,797 1,721 2,249 1,976 335,717 1,688 1,722 Little Rock.... 85 47,631 392! 25,190 Ill 1,270 488 74,0911 809 1,047 499 396 75,947 43,129 237 233 Louisville 134 164,579 541! 31,733 43! 4,957 718 201,269[ 2,022 131 740 613 203,422 93,852 349 342 Memphis 95 43,769 228' 14,965 131 1,475 336' 60,209! 690 353 341 276 61,252 39,161 186 159 164 Minneapolis 321 134,126[ 1,754' 95,499 54 6,284 2 2,135! 2 241,989! 17,498 111 2,222 1,856 259,598 220,442 2,423 1771 174 Helena 33 16,286! 134| 9,668 7 1,048 174! 27,002i 2,419 1,027 181 241 30,448 24,671 207 7 5 Kansas City 243,942 1,461 106,509 113 12,502 2,063j 362,953 37,901 11,8972,429 2,097 412,751 385,663 1,444 2] Denver 50,839 395: 36,510 27 3,627 581 90,976| 20,573 13,130 711 614 124,679 99,177 271 5 Oklahoma City. 78 56,066 1,151! 79,170 12 1,868 1,241 137,104; 8,934 9,717 1,322 1,086 155,755 121,037 452 7| 11 Omaha 158 72,990 660! 45,060 36 2,454 » 855 3 120,977 7,198 5,041 927 814 133,216 115,463 156 191 Dallas 258 151,515 1,459; 192,663 35 4,718 1,752 348,898 9,737 7,2681,895 1,658 365,901 256,000 55! 34 San E H L F o l o r a s u P n s A a c t s o i n o s n g c e o les 5 4 2 5 8 1 9 2 6 5 4 2 4 1 2 1 1 6 3 6 , , , , 4 0 3 5 2 5 9 8 2 5 8 3 1,8 4 8 1 1 0 0 4 8 1 0 6 ; : ! 1 3 4 4 9 3 9 0 , , , , 8 7 3 6 5 0 2 3 6 2 7 0 7 6 2 1 1 4 1 1 7 6 2 1 0 1 1 6 , , , , 7 5 4 5 0 2 8 0 1 2 8 9 2 1 , , 4 2 5 2 9 0 0 1 0 9 2 5 3 2 8 7 1 7 2 , , , 8 5 9 4 0 6 0 1 1 2 3 2 2 1 , , , , 7 6 1 9 7 6 4 2 9 4 2 1 3 9 1 , , , 7 6 3 0 4 7 6 7 8 2 4 62 1 , , 5 2 5 35 9 2 3 4 2 6 8 2,0 2 0 1 0 8 4 4 3 8 9 0 0 5 6 3 , , , , 7 5 4 8 4 3 1 5 6 7 8 8 3 2 2 7 1 5 3 3 6 4 , , , , 1 2 8 6 8 6 4 6 4 5 3 3 Portland 82 59,582 254: 13,231 17 6,641 356 79,454! 1,920 4,569 406 359 85,943 58,919 Salt Lake City. 62 34,492 406| 24,621 31 4,092 485| 63,205! 3,682 2,406 512 467 69,293 54,297 Seattle 135 47,284 264 18,933 11 11,970 430 78,187! 7,050 6,622 505 478 91,859 72,984 55 19,437 208 10,889 1,729 274! 32,055i 3,606 2,604 271 38,265 36,850! Total: March.... 12,553 13,164,629:39,888 4,043,870J 3,137 369,412255,595,217,586,180! 4,482 792,736 877 196,898 60,954:53,730 18,575,814 13,195,960j 9,922! 9,873 17,692 17,976 2,285{2,301 February 9,872 9,697,88132,9403,187,011 2,587 335,200 45,414 13,225,867| 3,681 624,694 703 160,75549,79843,09ljl4,011,316J10,690,431! 9,917 9,856 17,724] 18,019 2,282:2,318 I I ! I 1 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, 10,000 items, $1,716,000; Minneapolis, 6,000 items, $6,080,000; Omaha, 1,000 items, $473,000. Total, 17,000 items, $8,269,000. • NOTE.—Number of business days in period for Baltimore was 25, for Philadelphia, Pittsburgh, Jacksonville, Nashville, Now Orleans, Detroit, Memphis, Minneapolis, Dallas, El Paso, and Houston, 26, and for other Federal reserve banks and branch cities, 27 days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

642 FEDERAL RESERVE BULLETIN. Mil, 1923. MONEY IN CIRCULATION APRIL 1, 1923. [Source: United States Treasury Department circulation statement.) Money held Money in circulation. Stock ol by the U. S. monev in the Treasury and United States. the Federal reserve system. Amount. Per capita Gold coin and bullion J3,969,193,743 $3559,091,728 $410,102,015 $3.70 Gold certificates 2(681,693,769) 362,625,420 319,068,349 2.88 Standard silver dollars 475,314,404 416,251,024 59,063,380 .53 Silver certificates 2(387,726,863) 48,812,316 338,914,547 3.06 Treasury notes of 1890 2(1,471,783) 1,000 1,470,783 .01 Subsidiary silver 268,860,972 26,880,733 241,980,239 2.18 United States notes 346,681,016 52,373,474 294,307,542 2.65 Federal reserve notes 2,598,033,725 365,585,374 2,232,448,351 20.13 Federal reserve bank notes 29,859,000 3,989,456 25,869,544 .23 National bank notes 767,182,504 34,731,464 732,451,040 6.61 Total .8,455,125,364 '4,870,341,989 4,655,675,790 41.98 Comparative totals: Mar. 1, 1923 8,489,635,419 3 4,941,147,056 4,610,636,668 41.61 Apr. 1, 1922 8,108,976,196 = 4,686,870,457 4,413,130,714 40.37 Apr. 1, 1917 5,312,109,272 3 3,896,318,653 4,100,590,704 39.54 July 1,1914 3,738,288,871 '1,843,452,323 3,402,015,427 34.35 Tan. 1, 1879 1,007,084,483 3 212,420,402 816,266,721 16.92 1 Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents. 2 These amounts are not included in the total, since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion and standard silver dollars, respectively. 3 Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of 1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and monev 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. GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS FROM MARCH 23, 1923, TO APRIL 19, 1923, INCLUSIVE. [In thousands of dollars.] Changes in ownership Transfers. Daily settlements. of gold through trans- Balance in fers and settlements. fond at Federal reserve bank. close of period. Debits. Credits. Debits. Credits. Decrease. Increase. Boston 6,000 617,356 634,572 11,216 56,090 New York 5,000 2,002,742 2,009,479 1,737 287,544 Philadelphia 2,000 605,563 618,722 15,159 31,724 Cleveland 559,386 559,124 262 64,728 Richmond 3,000 '2,"666' 477,544 463,839 14,705 28,434 Atlanta 2,000 242,129 238,229 5,900 16,373 Chicago 4,000 959,066 972,318 17,252 84,066 St. Louis 2,000 470,207 465,518 10,026 Minneapolis 2,000 124,635 127,177 642 18,989 Kansas City 3,000 335,806 321,416 11,390 29,191 Dallas 188,761 187,088 1 673 7,855 San Francisco 'b',m 270,137 255,750 9,387 33,568 Total four weeks ending— Apr.19,1923 18,000 18,000 6,853,232 6,853,232 46,006 46,006 668,588 Mar. 22,1923-. 108,000 108,000 7,324,106 7,324,106 648,222 Apr.20,1922 69,000 69,000 5,274,437 5,274,437 497,051 Mar.23,1922 113,500 113,800 5,518,607 5,518,607 513,493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 643 GOLD AND SILVER IMPORTS AND EXPORTS. IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Gold Silver Countries. March— Nine m M o a n rc th h s — ending March— Nine m M o a n rc th h s — ending 1922 1923 1922 1923 1922 1923 1922 1923 IMPORTS. $3,983,059 $12,579,266 $1,115,469 $844 1987 France 6,649,971 $4,005,014 127,278,661 20,789,147 $76,794 $55,717 198,781 133.275 Germany 3,986 19,924,809 29,707 20,528 5,709,498 55, 764 5,003 4,798,294 21,156 Netherlands . 5,600,000 4,186,976 15,644,247 1,669 Norway 4,139,110 4,805,302 543,592 7,767 11.732 Spain . 316,389 48,655 216 312 49,655 98,933 Sweden 14,938,204 51,770,795 1,326,938 1,354 1,180 United Kingdom—England.. 21,399 391,409 118,639,688 107,911,597 35, 582 159,587 185, 731 Canada... . 1,264,172 4,113,344 17,062,493 29,667,978 234,837 475,716 2,875,425 6,280,343 Central America 414,414 182,027 4,815,105 2,196,386 183,374 130,246 1,271,641 1,131,019 Mexico 707,332 443 521 4,282,030 4 045,096 5,476,656 2 644,036 36,371,689 32,206, 794 West Indies 14,530 12,027 2, 857,729 491,544 17,487 13,081 457,971 192,949 Bolivia 11,735 949 19,417 5,183 64,104 51,713 380,592 594.645 Chile 15,959 1,753 392,501 116,041 118,935 10,329 1,271,391 1,512,382 414,200 292,393 7,822,482 4,239,125 47,686 9,475 193,451 144,679 Peru 137,046 169,361 1,361,212 1,311,362 624,913 1,132 053 4, 503,020 6,604,363 145,000 4,111,970 8,959 25,347 2.167 Venezuela.. 131,745 35,381 775,615 496,779 35 41 1,513 1 860 China 4,236,999 5,895,896 6,000 1,702 16,924 British India. 14,863,765 11,718 Dutch East Indies 217,647 208,057 1,342,271 i, 586,669 31,482 81,029 328,479 61S.140 Philippine Islands 49, 592 108,313 997,216 812 926 907 1 474 14 390 10 925 British Oceania. 152,450 276,020 12,740,382 1,352,396 141 242 1,550 1,430 Egypt 7,210,097 3,271,242 227 12, 730 Portuguese Africa 2,680 4,148 286,415 612.819 6,175 7,588 22,153 102,160 AMother •74,025 107,660 9,419,537 993,299 13,253 7,330 165,714 1.54,795 Total 33,488,256 15,951,357 434,104,125 209,311,346 6,953,105 4,626,376 54,027,128 50,158.063 EXPORTS. France 2,660,000 2,660,000 Netherlands 19,000 1.645 Spain 222,000 672,200 20,000 1 500 1,500 Sweden 2,721,013 600 Switzerland 3,601 3,579 6,724 1,358,445 United Kingdom—England.. 9,572 143,828 1,562,459 203,805 i 9,431,987 7,378.690 61,995 102,180 2,044,827 21,872,6,13 267,625 146,433 ! 3,987,427 1,388', 040 Central America 12,127 12,127 544 6 543 4 494 339, 875 583,640 4,214,470 3,680,479 319,2ii 203,003 1,516,234 1.393.818 West Indies 350 899 4,440 23,525 29,800 37,627 Colombia |. 500,000 136,103 ... 327,103 10'. 000 L 649 000 China 350,200 526,753 2,651,192 14,303, 856 16,672,506 6,900,089 2, 003,057 13,394,018 1,341,761 1,430,211 4,316,183 11,055.489 Dutch East Indies 40,666 40,000 75,000 3 168 000 Hongkong 183,805 84,440 8,864,485 2,862,800 143,830 33,767 6,605,326 6,505,296 Another 100,010 48,600 179,750 56,530 37,725 1,563,310 40.474 Total 963,413 10,392,100 20,759,003 46,993,812 4,302,182 4 731 705 45,904,769 44,490,179 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT APRIL 30, 1923. Paper maturing— Federal reserve bank. Commercial, Secured by agricultural, United States and live-stock Government paper, n. e. s. obligations. Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas 1 San Francisco 41 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. In the following table are presented actual discount and interest rates March 15 shows higher rates for prime commercial paper and bankers' acprevailing during the 30-day period ending April 15, 1923, in the various ceptances in most centers and higher rates for collateral loans in some centers. cities in which the Federal reserve banks and their branches are located. For other types of paper, with few exceptions, the rates remained at practi- A complete description of the several types of paper for which quotations cally the same level as during the preceding period. Compared with the are given will be found in the September, 1918, and October, 1918, FEDERAL corresponding period ending April 15, 1922, rates were generally lower, RESERVE BULLETINS. although in some centers they were near the levels of the 1922 period and A comparison of the discount and interest rates for the various centers a few centers report higher charges for some commercial paper. Compared during the 30-day period ending April 15 with the 30-day period ending with both periods under review all interest rates show upward tendencies. DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CITIES DURING THE 30-DAY PERIOD ENDING APRIL 15, 1»23. Prime commercial paper. Bank 6 e 0 r t s o ' 9 a 0 c c d e a p y ta s n . ces, Collateral loans—stock exchange. Ordinary Secured by loans to District. City. Customers'. Open market. Interbank Cattle warehouse customers loans. loans. receipts. secured by 30 to 90 4 to 6 30 to 90 4 to 6 Indorsed. d U o n rs i e n d - . Demand. 3 months. m 3 o n t t o h e s. L b i o b n e d r s t . y days. months. days. months. No. 1.. Boston . 5 L . 5 1 C. H. L. a 5 H . 5 L . 5 C. 4 H . 4 L . 4 C. H li . 4 L . 4 C. 5 H * . 5 5 L 1 . aH 6 . 5 * L . 5 2 C 6 .H . 5 * L . 5 2 C.H. L. C. H. L. a H 5 , 1 L 5 . 1 5 C 1 . No. 2.. New York. 4J 5-5-i 5* 5 5} 6 4J 5-6 5 4 4-4J 4|4 4i 6 4 4*-66 5 5-66 5 5-6 5|4i5 Buffalo.. 5 6 6* 42 5-6 8 5 6 4} 4 4} 7 5 6 6 5 6 6 5 6 6 5 6 N N o o . . 3 4 . . . . C Ph le i v la e d la e n lp d hia 5 5 6 5i 6 6 5 42 6 5* 6 5 5} 5 41 5 4 14 4J ; } 6 7 5 4* 6 5 6 7 5 5 6 5* 6 7 5 5 6 51 * ?• 6 6 4 6 * 6 5 Pittsburgh 5 6 7 5 6 51 5 5 51 5 5 6 5 6 6 5 6 6 5 6 6 6 6 x Cincinnati 5 6 6 5 6 6 5 5J 6 51 6 6 5 5-51 6 5 5*-65 5*51-6 6 6 6 6 5 5-54 No. 5.. Richmond 5 6 6 51 6 514 5* 51 5 51 6 5 51 6 5 6 6 5 6 6 5 6 6 5 6 6 4* 6 " Baltimore 5 52 6 5 6 5 51 6 5 5* 6 5 5* 6 5 51 6 5 52 6 5 5* No. 6.. J A B a i t c r l k m a s n i o t n a n g v h i a ll m e 4 5 4 | * 6 6 6 -7 6 7 8 4 5 5 1 6 6 5J [4 4J * 4 4 2 2-0 5 5 5 5 5 5 " 7 7 5 5 6-7 7 8 8 5 6 6 - 6 6 7-8 7 8 8 5 6 6 6 6 7-8 8 8 8 6 6 6 6 7 7-7 6 8 8 4 6 5 1 7 6 6 -8 New Orleans X 42 6-7 5} 5 414J 7 51 6 7 52 61 6J 52 6 6* 5* 6 Nashville 7* 51 6} 8 6 7 8 6 7 8 6 7 7 6 6 No. 7.. Chicago 8 6 7 5 5 5 5} 41 5 6 5 5-51 5 4 4-5 5 4 4-5 6 5 5* 6 5 5* 6 5 51 6 5 6 5* 5*-6 6 4* 5-51 Detroit 6 5 5-5*42 41 41 | 42 41 4*615 51 6 5 6 7 5 6 7 5 6 7 6 6 6 5 6 No. 8.. St. Louis I? 7 5 6 5', 5 5 I 5} 5 5 6 5 51 6* 5 5* 6* 5 5* 6* 5 51 7*2 6 5 6 6 42 51 Louisville 6 4 5* 5} 5 5 51 5 5 6 42 5* 6 5 6 6 5 6 6 5* 6 6 6 6 6 5 6 Memphis 6 5 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 Little Rock 5J 6 6 6 6 5*4*5 5*4*5 6 6 6 7 6 8 6 6 8 6 6 8 7 7 8 6 7 7 6 6 N N N N o o o o . . . . 1 1 1 9 1 2 0 .. . . . . . . . M H H P S S D O D K O E a e o l e o e a k m a i n a r n l n l n u l P t e t l a a n v t l a s s a n h h l a F e a t e s e s a o o a n a s r r o n a m p d C n o a i c l t i i y s C sc i o ty .. . . . 6 5 4 5 7 4 5 5 4 5 6 5 * * i7 7 5 5 5 8 6 6 8 5 6 6 J * J - - 7 6 1 7 6 8 6 7 8 8 7 6 6 0 6 5 8 7 5 5 5 4 5 5 5 " 1 1 6 6 6 8 8 6 r 5 5 6 5 7 - * * * 7 -6 5 6 5 5 5 6 6 5 * * * 4 4 4 4 4 4 4 5 5 4 2 } * 1 * 2 * 4 5 5 5 4 5 4 5 * 5 5 2 J 1 * -5 1 S 5 6 5 5 5 6 6 0 * 1 * I 5 4 4 4 5 4 8 5 4 * } * 1 2 5 5 5 8 4 5 6 5 }- 1 5 7 6 8 7 7 8 8 7 9 5 6 6 5 5 6 5 5 7 6 6 4 4 * 2 * 5 6 6 6 5 6 8 4 8 6 5 * * * * -7 4 4 4 | * * 4 4 4 * J 4 4 4 | 1 i 5 4 1 4 4 * 4 4 J | 4 4 5 5 5 6 8 5 5 8 5 1 * 5 5 6 6 6 6 6 8 8 8 7 * 1 * - ^ 6 1 1 7 8 7 8 8 7 6 6 8 0 0 * * 5 6 5 5 5 5 5 7 6 8 5 6 5 6 6 6 6 6 6 8 8 8 * * 1 1 7 8 7 7 6 8 8 8 0 0 * * 6 5 6 8 5 7 5 5 6 5 6 6 6 6 6 7 8 8 8 5* 1 1 7 6 7 6 8 7 7 8 8 0 0 * * 6 6 6 6 7 6 7 5 6 6 8 * 1 6 6 6 7 7 6 8 6 8 6 8 * 1 1 - 1 7 1 1 6 8 7 7 8 7 6 8 0 0 * 1 5 5 6 6 5 6 8 4 6 6 8 * * 1 6 6 7 6 8 7 6 8 8 5 * 6 * -7 1 1 8 7 8 6 8 6 8 8 5 0 0 * 5 5 5 8 5 5 5 4 8 4 5 * * 1 * 6 5 8 6 6 8 6 8 5 5 7 1 * * 1 1 -6 Spokane 5 7 5} 42 5 5J 42 5 7 6 7 4J4 8 6 61-7 8 6 7 6 7 7 8 8 6* 8 8 6 7 Salt Lake City.. 6 7 7 6 6 8 7 7 8 7 7 7 7 7 7 8 6 7 8 6 7 Los Angeles 5 61 8 5 61 5 41 4J 5 4* 5J 8 5 6 45 3| 4} 7 5 61 8 5 61 5 61 6 7 10 6 6i 8 5*fl| Rates for demand paper secured by prime bankers' acceptances—high, 51; low, 4: customary, 4*-51. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 645 FOREIGN EXCHANGE RATES. [General Index tor April, 1923 (preliminary), 67; for March, 1923, 67; for April, 1922, 72. 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. Low. High. Average. Index p (p ar e ) r . 1 cent of Par of Monetary unit. exchange. April. March. April. March. April. March. April. March. 19.30 6.5900 5.2100 5.8900 5.9400 5.7560 5.4800 29.82 28.39 Denmark Krone 26.80 18.6100 19.0800 19.1500 19.3100 18.9160 19.1970 70.58 71.67 19 30 6.4900 6.0300 6.7900 6.7400 6.6668 6.3237 34.54 32.77 Pound 486.65 463.3800 467.6900 467.8600 470.8300 465.5468 469.5693 95.66 96.49 Italy Lira 19.30 4.9100 4.7600 5.0200 5.0200 4.9596 4.8550 25.70 25.16 Florin 40.20 39.0600 39.3600 39.3700 39.5900 39.1788 39.4893 97.46 98.23 Norway Krone 26.80 17.2600 18.0600 18.1000 18.4100 17.8420 18.1578 66.57 67.75 Spain Peseta 19.30 15.2600 15.3600 15.3600 15.6100 15.3220 15.4652 79.39 80.13 Sweden Krona 26.80 26.5600 26.5600 26.7700 26.6300 26.6444 26.6000 99.42 99.25 19.30 18.0700 18.4400 18.4800 18.7600 18.2424 18.5896 94.52 96.32 Dollar 100.00 97.6406 97.4328 98.2321 98.4813 98.0201 98.0570 98.02 98.06 Peso (gold) 96.48 82.6700 83.8600 83.7700 84.7000 83.1484 84.1452 86.18 87.22 Brazil Milreis 32.44 10.1700 10.7900 10.8600 11.3700 10.6364 11.0874 32.79 34.18 Chile 219.53 12.1300 12.2200 12.7800 12.9800 12.3104 12.6725 63.03 64.89 8 66.85 73.4800 73.9800 76.3800 76.5400 74.4964 75.5300 111. 44 112.98 India Rupee 48.66 31.2300 31.3500 31.4200 31.8200 31.3460 31.5659 64.42 64.87 Japan Yen........: 49.85 48.4800 48.3000 49.0300 48.6100 48.6936 48.4559 97.68 97.20 OTHER COUNTRIES. Krone 20.26 0.0014 0.0014 0.0014 0.0014 0.0014 0.0014 0.01 0.01 Bulgaria Lev 19.30 .7443 .6100 .8443 .8086 .7738 .6543 4.01 3.39 2.9678 2.9648 2.9865 2.9795 2.9781 2.9693 Finland Markka 19.30 2.7189 2.7111 2.7806 2.7933 2.7541 2.7553 14.27 14.28 23.82 .0031 .0044 .0048 .0048 .0041 .0047 .02 .02 Greece 19.30 1.1478 1.0522 1.1894 1.1711 1.1694 1.0962 6.06 5.68 20.26 .0168 .0203 .0237 .0346 .0217 .0289 .11 .14 Poland Polish mark .0020 .0022 .0026 .0026 .0023 .0024 108 05 4.3700 4.1600 4.9500 4.8900 4.6032 4.3430 4.26 4.02 19.30 .4745 .4728 .4858 .4919 .4789 .4842 2.48 2.51 Yugoslavia Dinar 19.30 1.0010 1.0025 1.0343 1.1288 1.0173 1.0417 5.27 5.40 Cuba Peso 100.00 99.9688 99.9500 100.0438 100.0156 99.9998 99.9858 100.00 99.99 do 49.85 48.2969 48.5833 48.6250 49.0781 48.4463 48.8605 97.18 98.02 do ... 103.42 82.7400 84.1400 84.8000 85.1200 83.7348 84.5496 80.97 81.75 China .. * 48.11 53.0800 53.3100 55.2300 55.4400 53.8192 54.5333 111.87 113.35 Hongkong Dollar * 47.77 54.1100 54.0000 56.1500 56.3000 54.8180 55.3804 114.75 115.93 Straits Settlements Singapore dollar 56.78 51.5000 54.6700 54.9200 55.0800 54.7328 54. 8133 96.39 96.54 i Based on average. 81913 average. SILVER. [Average price per fine ounce.] iVpril. March. London (converted at av $0.67830 JO.68360 New York .67270 .67963 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

646 FEDERAL RESERVE BULLETIN. MAT, 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.* Averageof end ofmonth figures: 1913 38 29 | 57 1920 146 103 i 147 1921 157 108 327 136 1922 156 103 ! 130 1922, end of— March 157 103 i 300 151 1,097 3,452 April 157 102 i 303 134 1,065 3,305 May 157 103 ! 29S ! 130 1,061 3,307 June 157 ia3 j 295 1,070 2,917 July 154 104 j 296 1,056 •i,236 August 154 293 1,020 2,885 September 154 289 1,007 2,690 October 154 287 1,033 3,124 November 151 288 1,031 2,989 December 154 301 1,030 2,769 1923, end of— January 154 101 280 121 Februan" 155 102 279 131 March 155 102 j 286 133 1 Held by the Bank of England and by the Treasury as note reserve. • Statist. 2 Less notes in currency notes account. 6 Bankers Magazine. »Average weekly figures. • Excluding Germany. FRANCE. [Amounts in millions of francs.] I Bank of France. Savings N b ew on s d t o is c s k u e a s n . d re S s i e lv r e v r e. a G d t v o o W a v t n a e h r c r e n e - s : i l c a N i t r i o c o t u e n - . de T p o o t s a i l ts. D N B d e a e f t o e i n o l n a s n se - c P e p r 3 r n e e i t n c t p u e t p e e a r e o . l r f - c A b l o e d P v a f a a a e n r i t r r i k l h a i n y s s g e g . e s e d b x ( w r + c a a e n i ) w t s o k h s a r s - l o , s f Value. A r r e v a t t e u e r r a o n g f . e ment. Average of end of month figures: 1913 5,565 830 86.77 I 59 -65 1920 253 26,000 38,066 3,527 57.34 i 554 +48 702 1921 274 25,300 37,404 2,927 56.56 j 550 +67 1,100 6.70 1922 285 23,042 36,177 2,307 58.48 | 525 +53 574 6.41 1922, end of— March 282 21,500 35,528 2,236 60,839 56.70 455 +49 377 6.57 April 283 22,100 35,787 2,412 61,528 57.60 411 +58 459 6.45 May 284 23,100 35,982 2,303 I 62,890 57.70 454 +55 644 6.37 June 285 23,300 36,039 2,448 ' 63,809 57.95 474 +53 947 6.30 July 285 23,000 36,050 2,432 62,525 58.25 502 +62 485 6.02 August 286 23,900 36,385 2,170 62,936 6a 10 .512 +66 151 632 September 287 24,000 36,603 2,199 63,404 61.10 484 +58 636 6.36 October 288 23,600 36,691 2,170 58.25 556 +17 421 6.41 November 289 22,900 36,111 2,184 59.00 783 +43 179 6.59 December 23,600 36,359 2,309 59.02 630 +33 1,453 6.22 1923, end of— January 290 23,100 36,780 2,208 58.80 726 +44 February 291 23,200 37,055 2,279 58.65 792 +85 March 292 23,100 37,1SS 2,06fi 755 f April 292 22,500 36,548 2,116 1 Not including gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL KESEB.VE BULLETIN. 647 ITALY. (Amounts in millions of lire.] Banks of issue. Leading private banks.' Reserve. circ N ul o a t t e ion. L a o n a d ns Short- Index dis- Due term num- Gold. Total. c L o a d o u n i a s n d - n t s s. F c o o r o u f n a t c- co F a u c o - n r t p T o d o s e t i - a ts l . Cash. i c n t o r i c e n u l a u g n s d t - s - s c e p f o r n o o r t n r m s 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 r u i e l r a l y s s . - s p b e r e c i r u c s e r i o s t f . y ' com- of the ury merce. State. bills. Average of end of month figures: 1913» 375 1,661 857 2,284 , 318 129 1,093 914 55 1,674 j. 1920 043 2,088 6,335 7,035 10,581 i 2,474 1,308 10,594 5,945 446 15,810 13,200 1921 074 2,020 7,586 9,304 9,064 ! 2,475 1,200 10,677 5,575 465 16,001 87.12 1922 120 1,998 9,466 9,734 8,214 ! 2,759 1921, end of— November 089 1,948 7,888 9,435 8,485 2,388 1,174 3,981 293 12,778 83.99 December 092 1,999 10,088 10,304 8,505 3,108 1,997 8,012 | 3,785 316 12,502 21,926 80.13 1922, end of— January 109 1,998 10,225 10,183 8,570 3,082 1,426 7,782 ! 3,552 317 11,616 96.61 February 100 1,971 10,095 9,631 8,626 2,794 1,081 8,169 3,275 315 11,482 94.10 March 118 1,956 9,899 9,589 S,523 2,890 965 8,250 3,157 316 11,403 24,442 88.82 April 122 1,984 10,181 9,360 8,350 2,663 908 8,572 3,180 317 11,708 88.43 May 104 1,963 9,391 9,259 8,061 2,751 841 8,500 3,232 316 11,698 93.13 June 100 i 1,976 9,573 9,615 8,049 2,935 845 8,800 3,180 318 11,863 23,862 94.83 July 125 ' 1,991 9,118 9,947 8,050 2,681 861 8,846 3,272 337 11,896 95.19 August 125 2,024 9,142 9,695 8.050 2,779 763 3,286 337 11,883 103.01 September 125 2,024 9,924 8i 066 2,661 769 8,706 3,460 337 11,897 25,574 105.68 October 136 2,039 9,082 9,782 8,075 2,638 781 3,568 339 11,960 109.90 November 141 2,034 8,680 9,892 8,074 2,634 781 8*797 3,554 12,045 111.94 December 128 2,042 9,345 9,935 8,076 2,602 112.91 1923, end of— January 126 2,021 8,552 9,389 8,057 2,610 February 127 1,994 8,572 9.117 8,036 2,675 1 Includes Banca Commerciale Italiana, Credito Italiano, Banco di Roma, and until November, 1921, Banca Italians di Sconto. • Figures for 1921 based on quotations of Dec. 31,1920-100; those for 1922 on quotations of Dec. 31,1921-100. ' End of December figures. GERMANY. [Amounts in millions of marks.] I Reichsbank. n V ew al u s e to o c f k Index p o ri f c s e e s c .' urity Darlehns- and kassen- Treasury bond Discounts. scheine bills outre G se o r l v d e . : • N cu o l t a e t i c o i n r- . de T p o o t s a i l t s. i Treasury Conimer- c T in l o e g a t s a r . l - in la c ti i o rc n u . - standing. o p n m l a G a c n e e d r- sto 2 c 5 ks. b m 1 o 0 e n s d d t o i s c - . : bills. cial bills. market. Average of end of month figures: Per cent. Per cent. 1913 1,068 • 1 96X 6,136 j '220 1920 1,092 53,964 17,702 I 47,980 57;898 I 13,145 1921 1,056 80,952 20,213 j 83,133 89,297 8,861 192,832 2,655 1922 1,002 ' 339,677 108,633 338,147 : 72,211 530,647 11,217 475,835 1922, end of— March 997 130,671 33,358 | 146,531 2,152 170,357 8,701 271,935 6,416 April 1,001. 140,420 31,616 155,618 2,403 175,977 9,183 280,935 3,992 121 105 May 1,003 151,949 33,128 167,794 3,377 179,370 9,440 289,246 4,152 J J A S N D O u u e e u o c n p l c t g v y e o t e u e e b m m s m e t b r b b e e e r r r 1 1 1 1 1 1 1 , , , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 5 4 7 5 5 5 ' 1 1 , 2 3 1 1 7 4 2 3 1 8 6 5 6 8 8 6 9 9 4 9 0 , , , , , , , 1 7 2 0 8 4 0 9 4 1 8 7 9 5 5 7 2 6 0 5 7 ' , ! 2 1 1 5 3 3 5 4 3 1 4 7 6 9 0 0 0 0 , , , , , , 1 9 9 5 0 7 1 2 7 6 2 1 7 7 4 6 9 6 2 9 4 ,1 2 1 2 3 4 6 8 4 0 8 7 7 4 4 9 7 6 2 7 9 . , , , , , , 7 4 1 8 2 2 7 6 2 6 5 2 0 7 C 6 4 8 2 1 0 . 2 1 4 2 5 4 0 2 4 1 8 0 6 1 2 , , , , , , , 7 7 1 2 9 1 2 2 0 5 4 3 5 3 2 4 2 9 4 5 5 2 1 , , 0 4 1 2 3 4 7 6 7 9 7 4 7 8 3 8 1 4 3 3 9 , , , , , , , 7 9 4 8 4 7 3 6 6 1 5 9 1 4 6 9 4 6 3 5 1 1 1 1 1 1 1 1 0 3 2 3 4 3 3 , , , , , , , 3 3 2 9 0 8 4 7 8 3 9 0 0 5 4 3 4 5 9 9 0 1,4 3 3 3 4 6 8 9 1 0 3 5 1 3 5 1 7 1 1 4 9 , , , , , , , 0 6 8 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 2 2 2 7 7 5 , , , , , , 7 3 9 4 1 2 6 3 3 6 8 2 2 0 7 8 7 3 1,3 1 3 8 6 4 5 9 " " 3 i i o o 1 e s 2 1923 end of— January 1,005 ' 1,984.496 762,264 1,609,081 697,2163,826,206 13,395 2,082,000 1,378 322 February 1,005 13,512,788 1,582,981 2,947,364 1,829,341 7,444.323 12,625 3,588,000 4,688 726 March 1,005 5,517,920 12,272,084 4,552,012 12,372,102 7,257,658 12,600 6,601,000 3,664 725 April > 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 aro as of beginning of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

648 FEDERAL RESERVE BULLETIN. MAT, 1923. SWEDEN. [Amounts in millions of kronor.) ink. Joint-stock banks. Value of Index G b o u a l l d n l i d c o o n i . n N cu 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 a n n ts d . E B c i i o k w l u l s s i b n t d t a h e i n d s k - . re m d g is u i o s s r u n t i e n e t r h s g e . d n o p u f r m s ic to b e c s e k . r o e v x f k a c r f l h o o u r a n e e n a i o g g . f n e 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 274 626 312 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 50 115 124.8 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 2S8 14 103 130.5 October 274 569 178 1,995 5,149 206 15 98 131.7 November 274 575 191 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 ft February 274 538 270 1,455 4,903 175 March 274 587 265 222 • End of December figures. CANADA. [Amounts in millions of dollars] Chartered banks. Gold reserve Dominion c b o u G i U n o i o l a d n n . dd 1 d lo C is a u c n r o s r u e a n n n t t d s. M c n a s o o l h n l t o e i a c y r n t e d . at P se u r c a b u i l l i r w c it a i a e y n s d • Note cii n rr-- . I d a n d e n d p e d i o m v t s i i a i d m t n s u d — e a . l D a o n g m o a t i i n e n s s io . t n c n u o l t a e t i c o ir n - . cle B ar a i n n k gs.' Average of end of month figures: 1921 72 1,403 282 369 195 2,125 85 272 ].454 1922 75 1,272 280 332 166 2,009 90 240 1,353 1922, end of— February 70 1,299 273 352 164 1,987 81 247 .149 March 70 1,301 267 354 163 1,981 81 241 1,349 April 70 1,314 278 343 165 2,000 81 242 .193 May 70 1,285 288 313 156 2,059 83 222 L.497 June 70 1,266 274 319 166 2,053 85 233 1.323 July 70 1,248 272 323 152 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 l,27ti 301 310 179 2,020 93 240 1.497 N De o c v e e m m b b e e r r 9 9 2 3 1 1 , , 2 2 5 3 5 0 3 2 0 8 3 4 3 3 1 4 7 1 1 1 7 7 0 6 2 2 , , 0 0 3 6 6 1 1 9 2 6 9 2 2 5 5 1 7 1 1 . . 6 5 1 5 8 5 1923, end of— January 75 1,197 281 356 153 1,963 132 241 1,507 February 72 1,206 270 377 157 1,997 133 247 1.067 March 68 1,220 292 385 173 2,008 128 234 1.199 1 Includes gold in central gold reserve but not gold held abroad. 8 Total for month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1923. FEDERAL RESERVE BULLETIN. 649 ARGENTINA. [Amounts in millions of pesos.] Banco de la Nacidn. Commercial banks.* Caja de Conversion. Clearings in Cash. Cash. Dis- Buenos co a u n n d ts de T p o o t s a i l ts re G se o r l v d e. N cu o l t a e t i c o i n r- (p A a i p re e s r). Gold. Paper. Gold. Paper. a ( d p v a a p n e c r e ). s (paper). (paper). End of— 1913 435 1,541 1,464 263 823 1,471 1919 771. 2,113 3,010 >399 1,177 2,805 1920 1,081 2,505 3,530 470 1,363 3,612 1921 1,087 2,543 3,375 470 1,363 3,482 1922, end of- February.. 383 994 2,565 3,362 470 1,363 2,593 March 383 981 2,512 3,313 470 1,363 3,298 April 393 999 2,489 3,304 470 1,363 May 386 1,016 2,461 3,278 470 1,363 "3," 016 June 395 1,060 2,461 3,326 470 1,363 2,716 July 399 1,013 2,473 3,308 470 1,363 2,814 August 407 1,041 2,491 3 356 470 1,363 2 570 September 402 1,048 2,514 3,379 470 1,363 2,725 October... 405 1,028 2,549 3,354 470 1,363 2,827 November, 396 1,053 2,557 3,394 470 1,363 2,827 December. 340 1,025 2,664 3,456 470 1,363 2,954 1923, end of— January... 359 1,015 2,651 3,451 470 1,363 February. 363 993 2,667 3,464 470 1,363 i 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. Capital Index Pri- Aver- issues of sed i v e ts p a o t i e n s- h C a o a n n s d h . l r o p ans. d T e i o p ts t o . a s l - T In o g t s a . l ' c d o a i g u s e n - t Jap in an. p c r u ic ri e t s y .' Japan. rate. Average of end of month figures: 1913 7 :m :s(>4 8 38 32 1921 297 50 , 932 a, 572 9.00 188 194 1922 409 36 J29 961 1 789 2 834 9.31 124 1922, end of— February 1,223 172 26 ,246 328 27 118 , 950 1,751 2,438 9.02 200 188 March 1,289 248 58 ,289 422 29 141 ,963 ,719 3,0!)!) 9.0!) 163 182 April 1,263 267 61 ,228 520 30 130 ,9S() ,7(11 2,80!) 9.31 217 160 May 1,203 178 50 ,203 469 33 120 ,973 ,74S S, 143 9.42 110 168 June 1,223 179 98 ,344 377 43 122 998 ,798 3, 178 9. 45 121 17C July. 1,220 133 82 224 427 35 127 ,971 ,802 2,706 9.38 101 165 August ! 1,132 241 90 ,280 488 30 115 ,783 2,582 9.42 93 165 September 1/ 134 115 ,237 382 29 145 ,921 ,822 2,750 9.38 150 152 October 1,068 160 142 .236 437 33 126 ,92K ,812 2,697 9.38 98 16C November ; 1, 183 141 1,241 445 40 126 ,929 ,828 2,971 9.45 100 181 December 1,064 375 205 1,590 333 66 169 2 Oil 1,869 3,329 9.34 56 1923, end of— January.. 1,062 180 159 1,308 380 34 113 2 002 1 860 2,246 137 February 1,080 157 140 1,261 39S 31 117 2.051 1.894 2,592 March 1,057 I 241 109 1,238 463 29 ' Includes gold credits abroad, gold coin and bullion in Japan. 2 Tokyo market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

650 FEDERAL BESEEVE BULLETIN. MAT, 1923. CONDITION OF FOREIGN BANKS OF ISSUE. AUSTRIAN DEPARTMENT OF THE AUSTRO-HUNGAKIAN HUNGARIAN OFFICE OF NOTE ISSUE -Continued. BANK. [In thousands of kronen.] [F'rom weekly statements of the Austro-Hungarian Bank.] [In thousands of kronen.] Dec. 31, 1922. Dec. 31, Dec. 31, Dec. 31, 1920. 1921. 1922. ASSETS—continued. Notes of the postal savings bank. 1,177,251 1,369,929 Counterfeit notes of one and two ASSETS. kronen 5,695 16,595 Loans and discounts 1,381,887 I 4,903,628 31,051,358 Gold coin and bullion 53 Advances against collateral 193,501 i 1,158,398 2,016,105 Silver and subsidiary coin Advances to treasury (laws of Bills of exchange and foreign 1921-1922) 900,000 16,500,000 notes 9,930 303 Securities 22 34 1,318 Foreign credits and gold deposits Sundry assets 152,119 3,186,400 24,772,147 of the Government to be made available when countersigned by the delegation of the League Total. 17,969,702 29,116,913 94,007,585 of Nations 528,254,403 Certificates of the war loan banks. 113,831 241,828 106,600 LIABILITIES. Discounted bills, warehouse cer- Notes of the Austro-Hungarian tificates, and other securities... 23,021,608 29,373,661 781,767,394 bank in circulation 14,307,81 Advances against collateral 768,996 666,614 494,788 State notes in circulation j 25,174,941 75,886,987 Securities 110 927 4,017 Cash vouchers ! j 22,500 Austrian treasury certificates 151,773,095 2,558,379,849 Deposits and other demand lia- j Due from Austrian foreign ex- bilities ! 3,227,566 2,239,914 4,760,741 change office 2,697,157 Sundry liabilities j 434,327 1,702,058 13,337,357 Due from liquidators of the Austro-Hungarian Bank 7,684,064 7,722,523 7,687,726 Total I 17,969,702 I 29,116,913 94,007,585 Sundry assets : 1,288,956 17,156,276 1,288,355,732 Total. 35,583,529 206,944,946 5,165,050,864 BANKING OFFICE OF THE CZECHOSLOVAK MINISTRY OF LIABILITIES. FINANCE. Notes in circulation 30,645,658 174,114,747 4,080,177,238 [From weekly statements of the ministry of finance.] Scrip payable on demand 6,951,279 369,493 Deposits and other demand lia- |In thousands of Czechoslovak crowns.] bilities 3,780,416 19,503,161 327,991,900 Due to liquidators of the Austro- Hungarian Bank j 1,005,567 547,564 Deposits of the Austrian Govern- Dec. 31, Dec. 31, Dec. 31, ment 528,254,403 1920. 1921. 1922. Sundry liabilities 1,157,455 5,370,192 227,710,206 Total. 35,583,529 206,941,946 5,165,050,861 Gold and silver holdings 402,819 ; 552,289 817,543 Foreign credits and foreign cur- HUNGARIAN OFFICE OF NOTE ISSUE. rency 455,596 | 532,632 657,711 Discounted bills 2,015,526 i 1,892,968 541,398 I From weekly statements of the Hungarian Office of Note Issue.] Discounted securities | 618,350 173,958 Advances on collateral 2,322,714 1,714,534 1,496,925 [In thousands of kronen.] Duefromliquidatorsof the Austro- Hungarian Bank: Austro-Hungarian bank notes 7,437,700 8,012,219 8,012,297 Dec. 31, Dec. 31, Dec. 31, Checks and scrip 2,084,418 2,084,419 2,084,419 1920.1 1921. 1922. Sundry assets 339,408 1,292,142 Total. 15,058,181 16,699,553 14,133,100 LIABILITIES. Gold coin and bullion, and bills Net liability on Austro-Hungaof exchange on countries with rian notes 1,948,436 1,056,879 390,579 high valuta currencies 12,245 15,559 State notes in circulation 11,288,512 12,129,573 10,064,049 Silver and subsidiary coins 200 597 595 Demand deposits 1,429,623 1,743,922 2,774,048 Notes of the Hungarian office of Short-term cash vouchers of the note issue 967,608 banking office 226,717 350,503 53,888 Notes of the Austro-Hungarian Other liabilities 164,893 i 1,418,676 850,536 bank, and Hungarian treasury certificates 7,274,385 17,772,665 18,263,979 Total. 15,058,181 16,699,553 14,133,100 ' Keport of the Himgarian Department of the Austro-Hungarian bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1923. FEDERAL RESERVE BULLETIN. 651 NATIONAL BANK OF THE KINGDOM OF SERBS, CROATS, AND SLOVENES.i [From annual reports of the National Bank of Serbia and weekly statements of the National Bank of the Kingdom of Serbs, Croats, and Slovenes.] [In thousands of dinars.] i J u 1 n 9 e 1 4 3 . 0, D 1 e S c I . 1 4 3 . 1, D 1 e 9 c 1 . 5 3 . 1, D 1 e 9 c 1 . 6 3 . 1, De 19 c 1 . 7 3 . 1, D 1 e 9 c 1 . 8 3 . 1, D 1 e 9 c 1 . 9 3 . 1, D 1 e 9 c 2 . 0 3 . 1, ; De 1 c 9 . 2 1 3 . 1, D 1 e 9 c 2 . 2 3 . 1, Gold 69,997 57,170 64,148 63,837 63,781 63,760 63,384 64,174 74,189 64,013 Silver ! 8,166 2,201 2,985 9,917 15, 542 15,560 15,536 15,541 16,733 16,546 Total metallic reserve 78,163 59,371 67,133 73,754 79,323 79,320 78, 920 79,715 90,922 80,559 Foreign money 98 120 108 1,952 160 310 3, 563 2,089 2,432 1,154 Foreign credits 4,300 133,911 193, 903 204,761 208,498 217,664 351, 996 349, 559 307,999 267,587 Bills discounted I 9,334 6,169 9,014 9,725 12,025 11,181 11,553 242,702 557,745 421,215 Advances against securities ! 2,102 2,727 3.393 3,484 3,518 3,575 4,382 24,197 40,198 99, 553 Advances to the Government: ; C O u th rr e e r n a c d y v e a x n c c h e a s nge account j i ; \ 57,934 170,277 250,981 246, 884 248, 576 276,071 601,976 \2, 3 9 7 0 8 4 , , 3 9 2 6 7 5 4, 3 0 3 8 4 3 , , 2 9 7 4 3 1 4,2 3 0 1 5 2 , , 4 11 3 9 2 Debtors in current account 25,931 26,245 20, 530 22,107 23,771 25,788 28,674 State domains held as security for notes : issued in exchange for Austrian crown j notes I. 2,138,377 2,138,377 ! 2,138,377 Sundry assets { 3,442 3,265 3,250 3,249 5,097 0,066 6,337 4,962 Total | 181,304 402,085 548,312 565,916 580,968 619, 975 1,087,401 6,124,893 7, 555,887 8,525.996 LIABILITIES. Capital paid in 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,302 13,084 18,211 Surplus 705 705 705 705 705 705 705 815 1,837 4,930 Notes in actual circulation 91,201 167,261 297,751 298,993 294,893 340,569 664,007 3,329,264 H, 688,444 2 5,039,883 Deposits in current account 2,933 7,934 10,546 11,149 6,354 15,414 220,638 235,364 252,669 Due to Government—currency exchange account as per contra 378, 965 334,273 312,119 Other Government deposits 73,237 I 217,795 227,598 239,900 256,238 252,583 387,811 36,736 136,013 715,059 State domain account as per contra 2,138,377 2,138,377 2,138,377 Sundry liabilities 3,391 4,324 5,772 7,983 9,764 9,464 9,795 8,495 44,748 Total. 181,304 402,085 548,312 565, 916 619,975 ;1,087,401 6,124,893 7, 555,887 8, 525,995 MEMORANDUM. Surety account 355 360 360 360 360 360 I 355 O Ba rd la i n n c a e ry s o sa n f e c u d r e r p en o t s i a ts ccounts.. 1 48 6 , , 7 4 3 7 8 6 6 1 6 9 , , 5 5 6 0 7 7 3 4 5 8 , , 1 4 2 9 2 6 4 48 0 , , 5 6 8 8 0 1 3 4 7 8 , , 3 8 9 4 6 5 3 5 8 0 , , 8 7 4 4 2 2 ! i 2 5 8 3 , , 0 3 1 5 0 3 968,746 Securities deposit account 2,167 1,794 1,815 1,961 2,837 3,434 ! 6,376 i On February 1, 1920, the new National Bank'of the Kingdom of Serbs, Croats, and Slovenes succeeded the Privileged National Bank of tho Kingdom of Serbia, which had been in existence from June 1, 1884, to January 31, 1920. 4 Including notes held by the bank among its assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

652 FEDERAL EESEEVE BULLETIN. MAT, 1923. NATIONAL BANK OF RUMANIA. [From annual reports and weekly statements of the National Bank of Rumania.] [In thousands of lei.] Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922. Gold in vault 151,511 153,957 187,897 112 2 6 1,347 1,704 1,704 39,300 Silver and subsidiary coin 1,302 735 279 1S8 165 193 202 352 312 j 834 Total metallic reserve 152,813 154,692 188,176 300 167 199 1,549 2,056 2,016 40,134 Notes of the Banque G&ie'rale Roumaine. 122,984 61,727 71,250 G old deposits in foreign countries 100 33,073 '493*156' 493,730 493,730 493,755 493,755 493,755 493,755 Foreign exchange and Treasury gold certificates 56,534 02,941 80,980 80,980 196,258 348,796 915,763 2,704,763 4,086,131 4,636,932 Loans and discounts 207,746 246,130 198,441 127,651 117,994 70,524 158,812 702,483 1,829,630 3,684,976 Loans secured by Government obligations. 48,078 59,382 37,987 56,974 46,419 36,293 58,971 130,297 172,627 229,069 Loans against other collateral 17,385 22,345 IS, 875 23,055 47,496 49,290 689,717 744,343 724,979 24,185 Loans to agricultural and industrial loan banks 28,951 12,839 9,461 4,768 25,370 26,806 58,112 97,956 Advances to the Government: Noninterest bearing (1901) 12,802 11,274 9,687 9,687 8,043 8,043 8,043 8,043 8,043 8,043 For general expenses (1914-1921) 109,111 305,023 495,830 1,051,919 1,596,102 3,792,765 4,092,602 5,281,379 5,282,136 For redemption of foreign currency (1920-21) 4,098,297 7,074,349 7,024,952 All other securities , 35,603 34,655 43,724 50,191 52,189 52,335 52,451 58,752 59,089 48,705 Debits in current account 13,541 34,577 20,234 397,510 426,532 431,055 10,175 9,573 25,586 171,511 Bank premises, furniture, and equipment. 7,544 7,813 7,862 7,837 7,837 7,780 7,938 8,241 15,533 54,584 Sundry assets 11,400 27,690 27,988 30,967 20,065 92,155 120,832 990,370 285,167 457,181 Total. 563,446 770,710 991,001 1,786,977 12,478,110 3,314,054 6,397,868 14,141,631 20,116,396 22,254,119 LIABILITIES. Capital paid in 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 Surplus 36,794 39,403 42,045 45,175 48,819 52,491 56,208 60,722 66,389 68,064 Special reserves 8,094 8,474 10,2515 12,002 13,867 16,682 25,056 18,854 36,772 20,374 Bank notes in circulation 437,182 578,244 762,210 1,451,713 1,961,323 2,489,146 4,215,032 9,485,558 13,722,231 15,126,472 Current account and demand deposits... 31,547 51,056 91,955 1 221,833 182,108 308,483 895,983 824,284 1,825,520 2,078,134 Sundry liabilities 37,829 81,533 72,535 44,254 259,993 435,252 1,193,5S9 3,740,213 4,453,484 4,949,075 Total. 563,446 770,710 991,001 1,786,977 2,478,110 3,314,054 i,397,S6S 14,141,631 20,116,396 22,254,119 1 Includes 30,000,000 lei due to the agricultural and industrial loan banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1923. FEDEBAL BESEBVE BULLETIN. 653 NATIONAL BANK OF BULGARIA. [Frotn annual reports and monthly statements of the National Bank of Bulgaria.) [In thousands of leva.] Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dee. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922. ASSETS. Gold 55,335 55,094 61,409 68,173 62,8?5 64,020 36,978 37,075 38,006 38,420 Silver 23,416 28,549 22,462 17,204_ 16,876 19,435 17,429 16,910 20,866 18,412 Total metallic reserve 78,751 83,643 83,871 85,377 79,731 83,455 54,307 53,985 58,872 56,832 Foreign bank notes 23,562 14,023 2,435 1,323 Due from foreign correspondents 12,161 2,914 194,372 41,044 42,086 95,749 1,003,132 1,307,377 986,726 795,821 Foreign bills of exchange 1,590 22,697 58,785 650,787 1,197,693 1,090,441 362,277 273,167 121,324 2,142 41,088 40,097 35,436 28,616 24,123 20,708 16,563 14,540 33,651 211,542 Debtors in current account 64,160 75,867 U,741 40,042 77,793. 527,481 484,840 419,582 554,403 679,429 Advances to the Treasury in current account 142,900 154,823 146,t>38 260,776 62T. 331 881,339 1,742,194 2,891,748 3,667,507 3,770,335 Long and short term advances against collateral 70,089 78.514 80,425 81,309 ! 7fi,573 72,891 71,309 73,516 115,146 200,969 Public debt administration 1,862 297,913 8,464 8,311 8,448 18,942 Participations. m 3,162 3,512 3,411 14,987 Exporters' liabilities.. . 14,881 9,394 I 124,282 254,055 221,385 42,140 49,802 21 2,063 2,127 2,310 4,872 Sundry assets 85,422 51,076 42,985 122,893 Total 4,078,780 5,156,966 5,786,183 6,441,470 LIABILITIES. 100,000 100,000 100,000 200,000 Surplus and special reserves 55,000 63,205 70,000 40,000 Special funds 3,280 226,913 237,824 292,060 Notes in circulation. 188,742 226,615 369,829 833,910 1,492,768 2,298,619 2,858,486 3,354,139 3,615,440 3,885,990 Creditors in current account 134,417 136,878 187,095 206,693 408,438 623,174 775,873 1,072,723 969,735 1,248,865 Time deposits.. 50,468 55,210 59,225 66,718 85,825 101,158 120,856 152,457 218,118 209,532 Export license account as per contra 14,881 9,394 Due to Government on account of exporters' foreign exchange bills as per contra.. 124,282 254,056 Balance due on account of mortgage loan, 1909. . 26,590 26,150 25,710 25,240 Public debt account 326 106,101 Sundry liabilities j 1 138,369 * 161,379 304,093 276,333 Total.. . i 4,078,780 5,156,966 : 5,786,183 6,441,470 i BANK OF FINLAND. [From annual reports and weekly statements of the Bank of Finland.) [In thousands of Finnish marks.) Dec. 31, Dec. 31, Dec. 30, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 30, 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922. Gold.. 42,674 42,641 42,051 42,629 42,661 42,628 42,625 42,625 43,373 Silver. 1,666 1,301 942 814 536 536 537 547 547 Total metallic reserve 44 340 43 942 43,593 43,443 43,197 43,164 43,162 43,172 43,»20 Due from foreign correspondents 85,242 253,648 275,107 464,250 355,064 74,554 180,266 215,711 707,998 Foreign bank notes and coupons 2,646 3,121 2,642 2,021 164 358 846 774 895 Domestic bills 00,420 51,697 34,171 34,807 45,143 158,632 219,674 627,445 590,739 Foreign bills 5,196 4,643 2,121 357 712 81,735 51,888 8,347 74,923 Loans against mortgages and other collateral.. 25,787 8,840 5,583 5,838 23,322 31,667 33,749 28,435 51,021 Foreign securities 22,471 65,851 256,884 434,423 406,774 171,914 166,430 9,238 6,931 S O h th o e rt r t a e d rm va n a c d e v s a n to c e th s e t o G t o h v e e G rn o m ve e r n n t ment 427,069 823,406J 4 4 2 7 0 6 , , 9 09 6 2 5 5 3 2 0 5 3 , , 4 91 6 9 4 5 7 1 1 1 , , 7 3 1 9 2 2 Bank premises and furniture 3,374 3,643 3,554 3,466 3,378 3,378 5,876 6,000 12,000 Sundry assets 39,805 41,856 43,846 47,234 51,825 9,122 20,736 51,696 53,368 Total. 289,281 I 477,241 667,501 1,035,839 1,356,648 1,397,930 1,619,584 1,820,201 2,124,8 LIABILITIES. Capital paid in 25,000 i 25,000 25,000 4,715 4,715 25,000 100,000 100,000 100,000 Surplus 71,800 62,586 62,498 71,892 123,583 56,000 50,000 Undistributed profits 16,134 I 4,000 8,198 25,939 69,984 39,505 Notes in circulation 141,724 ! 231,614 421,284 764,485 1,156,196 1,123,943 1,341,042 1,356,108 1,420,920 Government deposits 8,721 i 9,074 9,252 10,005 60,446 6,078 26,065 128,563 239,311 Current account deposits 14,695 I 136,689 116,076 237,840 108,615 117,031 53,139 57,855 110,551 Bank orders 983 ! 3,354 1,203 3,351 6,430 6,658 6,735 2,831 5,4U Due to foreign correspondents. 8,063 : 1,869 16,044 7,928 11,278 8,308 5,810 12,610 35,311 Sundry liabilities 2,161 ! 3,055 7,946 7,515 13,081 14,822 36,250 123,890 Total. 289,281 477,241 | 667,501 1,035,839 I 1,356,648 1,397,930 1,619,584 1,820,201 2,124,899 I 1 Including an "unmovabls" reserve of 5,874,000 marks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Acceptances: Page Held by Federal reserve banks 629 Debits to individual account 637-640 Purchased by Federal reserve banks 627 Denmark: Agricultural credit in Great Britain 579 Foreign trade 613 Agricultural movements, index of 618 Wholesale prices 600, 603 Argentina, financial statistics 649 Department-store sales and stocks 541,625 Australia: Deposits: Retail food prices .• 608 Bank, velocity of 562-566 •Wholesale prices 601, 607 Government, in member banks, exempt from Austria: reserve requirements of section 19 of Federal Condition of Austro-Hungarian Bank 650 reserve act 559 Cost of living 608 Savings, of commercial banks 614 Retail food prices 608 Directors of Federal reserve banks, minutes of con- Bank debits 637-640 ference of, 1920 544 Bank deposits, velocity of 562-566 Discount and open-market operations of Federal re- Belgium: Cost of living 608 serve banks: Retail food prices 608 Acceptances held 629 Wholesale prices 600, 603 Acceptances purchased 627 Brazil: Bills discounted 626 Foreign trade 613 Bills held 628 Government control of banking and foreign ex- Earning assets held 628 change in 592-595 Number of banks discounting 626 Rates of earnings 628 Building statistics 554, 622 Volume of 626 Bulgaria: Condition of National Bank of Bulgaria 653 Discount rates: Retail food prices 008 Federal reserve banks 643 Wholesale prices 600 Prevailing in various centers 644 Burgess, W. R., article by, on velocity of bank de- Dutch East Indies, wholesale prices in 601, 607 posits '. 562 Employment, United States 556 Business and financial conditions: Report of conference on unemployment 543,544 Abroad 577-595, G46-649 England: Trend of, statistical summary 578 Agricultural credit in 579 United States 545-557 Cost of living 608 Expansion of 539 Financial statistics 646 Canada: Foreign trade 612 Cost of living 608 Index of industrial activity 609 Financial statistics 648 Wholesale prices 596, 598, 601, 606 Foreign trade 613 Failures, commercial 557, 615 Index of industrial activity 611 Federal intermediate credit banks opened for busi- Retail food prices 608 ness 544 Wholesale prices 596, 599, 601, 606 Federal reserve banks: Charters issued to national banks 558 Condition of 630-632 Check clearing and collection: Discount and open-market operations 626-629 Gold settlement fund transactions 642 Federal reserve note account 633 Number of banks on par 1 ist 641 Fiduciary powers: Operations of system during April 64J Granted to national banks 561 China, wholesale prices in... 601 Pennsylvania Supreme Court on exercise of, Clearing-house bank debits , 637-640 by national banks 560 Commercial failures 557,615 Financing of cotton 566-576 Condition statement's: Finland: Federal reserve banks 630-632 Condition of Bank of Finland 653 Foreign banks of issue.,.. ., ,. 650-653 Cost of living 608 Member banks in leading cities- 634-636 State banks in Missouri on June 30 and Dec. Foreign exchange: 29, 1922 576 Government control of, in Brazil 592 Cost, of living: Index of 558, 645 Index of, foreign countries 608 Foreign trade of principal countries 612, 613 Italy 586 Mexico 589 Cotton fabrics, production and shipments 616 United States 557,613 Cotton financing, methods of 566-576 Index of 614 Credit, agricultural, in Great Britain 579 France: Credit and currency requirements and the reserve Cost of living 608 banks 539 Financial statistics 646 Currency in circulation 540, 642 Foreign trade 612 Czechoslovakia: Index of industrial activity 609 Condition of bank of issue 650 Retail food prices in Paris 008 Retail food prices 608 Wholesale prices 596,599, 600,603 Wholesale prices 600 Freight rates, ocean 615 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX. Germany: Pase- Norway: rage. Cost of living 608 Cost of living 608 Financial statistics 647 Retail food prices 608 Index of industrial activity 610 Wholesale prices 604 Betail food prices 608 Ocean freight rates 615 Wholesale prices 600,603,604 Par list, number of banks on 641 Gold imports and exports 557,643 Pay roll of industrial establishments in New York. 540 Gold settlement fund transactions 642 Per capita circulation 642 Government deposits in member banks exempt [rom Physical volume of trade 617-621 reserve requirements of section 19 of Federal re- Poland: serve act 559 Cost of living 608 Imports and exports of gold and silver 557-643 Wholesale prices 600 Index numbers: Prices: Cost of living, foreign countries 608 Retail, in principal countries 608 Foreign exchange 645 Wholesale, abroad 596-607 Foreign trade 014 Course of prices in Italv since 1919 583 Industrial activity—Canada, England, France, Wholesale, in the United States 546, 556 Germany, Japan, and Sweden 609-611 Rates: Ocean freight rates 615 Discount 643, 644 Physical volume of trade 617-621 Foreign exchange 645 Retail prices in principal countries 608 Reserve ratio of Federal reserve banks 630 Wholesale prices abroad 596-607 Resources and liabilities: Wholesale prices in the United States •. 546. Federal reserve banks 630-632 556,596,598,602 Foreign banks of issue 650-653 India: Member banks in leading cities 634-636 Cost of living -. 608 State banks in Missouri on June 30 and Dec. Foreign trade 613 29. 1922 576 Wholesale prices 601, 607 Retail food prices in principal countries 608 International Chamber of Commerce, congress of.. 544 Retail trade, condition of 555, 623,625 Italy: Rulings of the Federal Reserve Board: Cost of living 586,608 Government deposits in member banks exempt Financial statistics 647 from reserve requirements of section 19 of Foreign trade 613 Federal reserve act 559 Retail food prices 608 Nonnegotiable paper ineligible for rediscount Wholesale prices 600, 604 by Federal reserve banks 559 Course of, since 1919 583 Rumania, National Bank of, condition of 652 Japan: Savings deposits of commercial banks 614 Financial statistics 649 Serbs, Croats, and Slovenes, National Bank of, Foreign trade : 613 condition of 651 Index of industrial activity 611 Silver imports and exports. 557, 643 Wholesale prices 596, 599, 601 South Africa: Knit-goods production 615 Cost of living 608 Law department: Exercise of fiduciary powers by Retail food prices 608 national banks located in Pennsylvania, supreme Wholesale prices 601 court decision 560 Spain: Manufactured goods, index of 618 Retail food prices 608 Maturities: Wholesale prices 600, 605 Acceptances purchased 627 State banks and trust companies: Bills discounted and bought 633 Admitted to system 558 Certificates of indebtedness 633 Condition of Missouri banks on June 30 and Member banks: De<\ 29, 1922 576 Condition of 634-636 Sweden: Number discounting 626 Financial statistics 648 Number in each district 626 Foreign trade •. 613 State banks admitted to membership 558 Index of industrial activity 610 Mexico,review of economic conditions in,year 1922. 587-591 Retail food prices 608 Mineral products, index of 618 Wholesale prices 600, 605 Money in circulation 540, 642 Switzerland: National banks: Cost of living 608 Charters issued to 55S Fiduciary powers granted to 561 Retail food prices 608 Wholesale prices 601, 605 In Pennsylvania, supreme court decision.. 560 Netherlands: Trade: Cost of living 608 Foreign. (See Foreign trade.) Foreign trade 613 Physical volume of 617-621 Retail food prices 608 Retail 555, 623, 625 Wholesale prices 600 Wholesale 555,623, 624 New Zealand: Unemployment, conference of, report of 543,544 Cost of living 608 Wholesale prices: Retail food prices 608 Abroad 596-607 Wholesale prices 60] Course of prices in Italy since 1919 583 Nonnegotiable paper ineligible for rediscount by In the United States 546, 556, 596, 598, 602 Federal reserve banks ,,.,.,., 559 Wholesale trade, condition of 555, 623, 624 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINNEAPOLIS ; S.DAK. l J, v ; f— £>-J \f / r: ATLANTA \ s.c ' Hou.si°'lA^^^Ne??8rlean3 — BOUNDARIES OF FEDERAL RESERVE DISTRICTS -"-BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis