frb_021923

FEDERAL RESERVEBULLETIN

(FINAL EDITION)

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

FEBRUARY, 1923

WASHINGTONGOVERNMENT PRINTING OFFICE

1923

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETINVOL. 9 FEBRUARY, 1923. No. 2

REVIEW OF THE MONTH.

Congress is at the present time endeavoringby legislative enactments to improve the credit

Rural credits ^ a c ^ ^ e 3 available for the useof farmers. Chief among these

are the so-called Capper bill and the Anderson-Lenroot bill, both of which have now passedthe Senate. These legislative projects are theoutcome of the distress suffered by farmers inconsequence of the price declines of 1920 and1921 and of the gaps in our credit organizationbrought to light within the past three years.

I t has become clear that the farmer's needsfor productive credit are not adequately pro-vided for by existing machinery. A decadeago, when the Federal reserve act was being dis-cussed, the general belief prevailed that sixmonths was the maximum period for which thefarmer needed credit, except for the purchaseof land. At present, partly as the result of thefunctioning of the Federal Reserve System,credit for short-term current operations not ex-ceeding six months is, generally speaking, avail-able to the farmer, while the Federal Farm LoanSystem and other existing agencies take care ofthe farmer's needs in purchasing land and per-manent improvements. Developments of thelast two or three years have brought out the fact,however, that additional facilities are requiredto finance the farmer's current long-term opera-tions lasting from six months to three years.

I t is universally recognized that the farmerssuffered severe economic reverses in 1920 and1921, but it is not so generally understood thatthe economic causes of tho farmer's distresswere world-wide in scope and that enlargedcredit facilities are only one of many requisitesfor the improvement of tho farmer's economiccondition and security.

The relation between farm prices of 31 lead-ing agricultural commodities and the general

level of wholesale prices can beEconomic con- expressed in an index number.

d i t i o n o f t h e m , \ , 11 ._ .farmer. This number, computed by Prof.

G. F. Warren's method, aver-aged 80 in 1922, compared with 75 in 1921and 86 in 1920. This index number signifiesthat a given amount of the farmer's productwhich in 1909-1914 would have exchanged forSI worth of other commodities at wholesalewould now bring the farmer only 80 cents'worth of these commodities, while a year agoit would have purchased only 75 cents' worth.It should bo noted, moreover, that this calcu-lation is unduly favorable to the farmer, be-cause it compares the farm value of his prod-uct with the wholesale price of commodities,while as a matter of fact he purchases at retailprices and must in many cases pay additionalheavy transportation charges. I t would be illu-minating to have an index compiled that wouldshow the relationship of the farmer's dollar, real-ized by the sale of his products, to the price ofcommodities which he must buy, weighted in ac-cordance with the relative importance of thesecommodities in the farmer's budget. Imper-fect as the available index numbers are, how-ever, they indicate roughly the extent of thedecline during 1920 and 1921 of tho farmer'sbuying power, and tho extent of its recoveryin 1922 through price readjustment betweenvarious classes of commodities. During the pastyear tho farmer regained some of the groundhe lost during tho years of liquidation, and thisimprovement is attributable in part to the ad-vanco in prices and in part to the larger volumeof crops in 1922 compared with the precedingyear. The following table shows the produc-

137


138 FEDERAL RESERVE BULLETIN. FEBRUARY, 1923.

tion and prices of leading farm staples in 1920,1921, and 1922:

TOTAL PRODUCTION AND DECEMBER PRICE OF SELECTEDCOMMODITIES.

Corn." bushels . .Cotton ba les . .Winter wheat bushe ls . .

Wool p o u n d s . .Hogs "...100 p o u n d s . .Cattle d o . . . .

Production.

1922

2,890,712,0009,964,000

586,204,000.270,007,000219,095,000123,696,000M0,419,000

1921

3,068,569,0007,953,641

600,316,000214,589,000224,564,000122,080,87018,676,063

t920

3,208,584,00013,439,603

610,597,000222,430,000235,005,000122,433,301)9,969,911

Corn bushel . .Cotton p o u n d . .Winter wheat .bushe l . .Spring wheat doWooL p o u n d . .Hogs 100 p o u n d s . .Cattle ; . . d o .

Price.

1922

$0,657.2381.048.924.9468.26910.581

1921

$0,423.162.951.856.5273

7.0258.2188

1920

$0,670.139

1.4861.304.5455

9.662512.0938

* Yearly receipts at principal markets in United States.

Among the factors affecting the prosperity ofthe American farmer, domestic demand for hisproduct ranks first. It is true that of theleading staples, particularly cotton and wheat,a large proportion is exported and that rela-tively small changes in the supply of staplecommodities exert a disproportionately power-ful influence on their prices, yet it should berecognized that the degree of activity ofdomestic industry and the consequent amountof employment and earnings of labor are themost important influence in the market foragricultural products, certainly in the UnitedStates. In 1922 exports of agricultural com-modities were larger than the year before, butthe increase affected chiefly the cheapercereals—corn, oats, and rye—while exports ofwheat were decidedly reduced. Prices ofpractically all agricultural commodities, how-ever, were higher in 1922 than in 1921, as seenin the table above, and in this recovery betterindustrial conditions, reflected in increasedconsumption by industrial workers, were animportant factor.

Whatever the relative importance of thedifferent factors contributing to the improve-

Long-termcredit.

ment of agricultural conditions may be, it isclear that during the past year the farmeremerged from the depth of an unusually severedepression, and that the time is now opportunefor strengthening his economic condition in sofar as this can be accomplished by improvingthe credit machinery at his command.

Long-term credit requirements of the farmerfor the purpose of land purchase and of per-

manent improvements are sup-plied by private investors, bymortgage companies, by Federal

land banks, by joint stock land banks, byState banks and trust companies, by insurancecompanies, and by national banks, which ob-tained authority to make loans on real estateunder certain restrictions by the Federal reserveact. The system of Federal land banks, thoughit supplies a small per cent of the farmer'slong-term requirements, has been a great helpin reaching such farmers as could not easilyobtain loans through other institutions andin reducing and equalizing interest charges.Generally speaking, it would seem that thefarmer's need for credit of from 5 to 40 years7

duration is fairly well taken care of by exist-ing machinery. With the further developmentof the Federal Farm Loan System, which is nowprogressing at a rapid rate, even more satis-factory provision for the farmer's long-termcredit needs may be anticipated in the nearfuture. A provision in the Capper bill raisingthe maximum of loans by Federal land banksto one individual from $10,000 to $25,000 isintended to increase the service rendered bythese institutions.

Short-term credit requirements of a farmerare primarily for current production needs and

for carrying crops pending or-derly marketing. Three to sixmonths' loans are frequently

sufficient for these purposes, although in someinstances the farmer requires credit for as longas a year or more. It should be borne in mindthat a much larger proportion of farm activitiesthan of industrial activities is conducted with-out being financed by banks or credit institu-tions of any sort. Many farmers are able to

Short-termcredit.


FEBRUARY, 1923. FEDERAL BESERVB BULLETIN. 139

meet the winter and spring outlays out of theproceeds of the sale of the past year's crop andto carry on their business without recourse toborrowing. Another large group of farmers isfinanced chiefly through open accounts atlocal stores and through credit from manufac-turers for the purchase of supplies and equip-ment on the installment plan or. otherwise.In this way a large part of the credit actuallyrequired by farmers is granted them in the firstinstance by manufacturers and dealers, who inturn apply for credit to the banks. It is truethat farmers frequently pay high rates for thisaccommodation.

One of the important short-term credit needsof the farmer is for the purpose of carrying his

crops after they are harvested,Loans for car- i t * n T i 1

rying crops, l n order not to flood the marketand not to break the price of

his products. Agriculture is an industry withonly one turnover during the year. The entirecrop is harvested at one time, but its consump-tion is spread over the following year or evenlonger. I t may be laid down as a general prin-ciple that in so far as the farmer holds his cropsfor the purpose of orderly marketing, he isentitled to the support of banks. To theextent, however, that the farmer carries hiscrops beyond the needs of orderly marketingfor the purpose of maintaining or raising theprice by withholding his products, therebycreating a shortage, his conduct is not in thepublic interest and credit demand for thispurpose need not be the occasion for revisingour credit organization. Stated in anotherway, in so far as the farmer's holding of cropscontributes to the even flow of agriculturalproducts to market, it is a legitimate part oforderly marketing, but in so far as it createsa shortage at one season followed by an exces-sive supply at another, it is not a part of theprocess of orderly marketing, but rather a dis-turbing element in the distribution of agricul-tural products.

An amendment to the Federal reserve act,included in both the Capper and in the Lenroot-Anderson bills, provides that Federal reserve

banks may discount acceptances drawn foragricultural purposes with a maturity up to6 months, provided the acceptance is secured bya warehouse receipt for readily marketablestaples. This amendment will make it easierfor farmers to obtain credit for carrying theircrops.

A significant point in connection with creditfor marketing crops is that a large part of it isnot required by farmers themselves, but bydealers whose credit facilities in our commer-cial banking system are generally conceded tobe adequate. It is the dealer who purchasesthe bulk of the farmer's product, carries it tomarket, and frequently holds it in storagebefore selling. To recapitulate, many farmersmanage their business without the necessityof utilizing credit; a large part of the short-term credit requirements of the farmer is takencare of by other agencies than banks; mar-keting credit is essentially commercial creditrather than agricultural credit, and, althoughsome adjustment in our credit machinery inthe interests of the farmer may be necessary,particularly with a view to reducing the costof credit to the farmer, his short-term creditneeds can be satisfied with a fair degree ofadequacy by existing facilities.

It is in the field of productive or so-calledintermediate credit that the farmer is the least

well served. In building up aherd of cattle, in setting out anorchard, in purchasing work

animals and machinery, or in making outlaysfor long-term improvements, such as drainageor irrigation, the farmer needs loans runningfrom 6 months to 3 years. The machinery forthis class of loans has been very inadequatelydeveloped. While farm-loan banks are author-ized to make loans for such purposes, the lawfixes the minimum maturity of these loans at5 years and requires a first mortgage on theland as security. These restrictions decidedlylimit the service that farm-loan banks canrender in providing intermediate credit. Dur-ing the recent credit strain the War FinanceCorporation was empowered to help the farmer

Intermediatecredit.


140 FEDERAL KESERVE BULLETIN. , 1923.

in this field and it has accomplished a greatdeal. Its service is greater than the totalvolume of its agricultural loans of $266,000,000would indicate, because it was able to extendthis credit in places where the strain wasgreatest and where its funds accomplished amaximum of service. But the War Finance Cor-poration is admittedly a temporary organizationand will not continue to operate in normaltimes. The development of a system of inter-mediate farm credit on a purely business basisis recognized as one of the important needs ofthe country and the bills under considerationat the present time provide machinery for thegranting of this type of loans.

The Capper bill provides for the organiza-tion, with the approval and under the super-vision of the Comptroller of the Currency, of"Federal agricultural credit" institutions witha minimum capital of $250,000, with powerto make loans for agricultural purposes foras long as 9 months when secured by ware-house receipts covering nonperishable agri-cultural products, and for as long as 3 yearswhen secured by chattel mortgages constitut-ing a first lien on live stock or dairy herds.These institutions are authorized to raise fundsby rediscounting paper discounted with themand by selling 3-year debentures secured bysuch paper. The bill authorizes the reservebanks to purchase acceptances of these corpo-rations whenever the Federal Reserve Boarddeems it in the public interest. The bill alsoprovides for the creation of rediscount corpo-rations with a capital of $1,000,000 or more,empowered to rediscount paper for the Federalagricultural credit corporations.

The Lenroot-Anderson bill, on the otherhand, increases the powers of Federal landbanks and provides for the organization withinthese banks of farm credit departments withan initial capital of $5,000,000 furnished by theUnited States Government. These depart-ments are authorized to issue debentures upto ten times their capital and to use theirfunds in rediscounting for banks and otheragencies paper drawn for agricultural produc-tion and marketing purposes. The bill also

authorizes the farm-loan banks to rediscountpaper with the Federal reserve banks.

Both bills provide for amendments of theFederal reserve act permitting under certainrestrictions the discount by Federal reservebanks of agricultural paper with maturity notexceeding 9 months. The Capper bill alsoextends the life of the War Finance Corpora-tion to the end of February, 1924.

Credit requirements of farmers are closelyrelated to the movement of agricultural prices.

_ . .. - On the one hand, higher pricesFluctuations of „ , , i ? K >

farm prices. call for larger loans in order toproduce and market the same

quantity of crops, while, on the other hand,price declines, such as occurred in 1920, makeit impossible for many farmers to liquidatetheir loans by the sale of their crops and resultin frozen credits and in a consequent increaseof the total volume of outstanding loans.Price stability is therefore greatly to be desiredin the interests of the farmer, among otherreasons, because it would make it easier todetermine and provide for his financial require-ments. And yet it is a well-known fact thatprices of farm products are subject to moreviolent fluctuations than prices of most otherclasses of commodities, and that these upsand downs cause acute distress to farmers.There are several reasons for this phenomenon,one of which is that farms produce largely rawmaterials, and experience shows that prices ofraw materials fluctuate more widely than thoseof manufactured articles. The reason is thatmanufacturers of staple finished products canreduce or discontinue production and cut offpurchases of raw materials when business isslow, while their customers, the wholesaler, theretailer, and the consumer, can not restricttheir purchases of necessities of life so promptlyor so drastically. It should also be mentionedthat credit stringency, which may cause thefarmer to sell his products sooner than hewishes, may also cause shortage of funds tohis purchasers, and may thus be reflected in afall of.. prices . caused both by an increasedsupply and a diminished demand in themarket for agricultural products.


FEBRUARY, 1920. FEDERAL RESERVE BULLETIN. 141

Tho volume of the farmer's production ismuch less subject to control than tho volumeof manufactures. Farm production is inelastic.In most cases tho farmer raises crops on hisentire tillable land; his labor supply consistschiefly of his family, and he is not in a positionmaterially to reduce his outlay for labor. Thefarmer is not in a position to tell in advancowhether the decline in prico will bo sufficientto deprive him of tho proceeds of the additionallabor expended in raising a larger crop. Andyet the total value of a large crop is often lessthan the total value of a short crop, as pricesgenerally decline more than in proportion tothe increase in the supply. But the farmer'sgreatest single handicap is lack of cooperationand the resulting scarcity of market informa-tion and bargaining strength. Seven millionfarmers acting individually can not create amarket, but are almost entirely at the mercyof economic forces beyond their control. Itis in cooperation resulting in better plannedproduction and more systematic marketingbased on wider information that lies the chiefremedy for the economic insecurity of the

farmer.What is the relation of the Federal Reserve

to the economic andThe farmer and ythe Federal Be- credit needs of the farmer?serve System. T h e establishment of the Fed-eral Reserve System has saved the farmerfrom the effects of periodic money stringencywhich in past years of credit strain have oftenresulted in financial panic, drastic liquidationof loans, and depression. Through the issu-ance of Federal reserve notes secured byeligible paper the reserve system has put atthe service of the farmer, as well as of others, acurrency that is available at any time inamounts limited practically only by the vol-ume of legitimate requirements. Further-more, the reserves of other reserve banks areat the disposal of any region which is in needof currency. In a year like 1920, for instance,when on top of a large amount of frozen loansthere came a heavy demand for currency formoving record crops, the reserve banks inagricultural districts at one time were borrow

ing as much as 8267,000,000 from those inindustrial districts*

But tho Federal reserve act contains alsospecial provisions for tho farmer's benefit. Itmakes an exception in favor of tho farmer inthat it permits tho rediscount of agriculturalpaper with a maturity extending for as long as6 months, while tho limit for all other classesof paper is 90 days. Tho law provides thattho proportion that agricultural paper mayform of tho entire assets of a reserve bankshall be fixed by tho Federal Reserve Board;and the board fixed this ratio at 09 per centand has never reduced it. In spite of theseprovisions, discounts of paper classified asagricultural or live-stock paper have alwaysconstituted a relatively small proportion oftho total discounts of tho Federal reservebanks. But sueh loans do not even remotelymeasure tho service of the system to the farmer.The farmer may borrow money from his bankon Government securities and these loansmay be rediscounted with tho reserve banks, orhe may borrow on his own note, and his bankmay obtain accommodation from the reservebank on other notes, or borrow from that bankon its own collateral note secured by UnitedStates obligations or other eligible collateral.The connection between the borrowing farmerand tho reserve bank may be even more re-mote. The farmer may, and in a great manycases does, borrow from a nonmember bank,which in order to accommodate him in turnborrows from its city correspondent and thelatter, in order to take care of its correspond-ent, obtains an advance from tho reservebank. This advance, which is by far the mostimportant form of indirect accommodation tofarmers, is in the service of agriculture, but thefunds can not be traced from the reserve bankto the farmer.

In considering the relation of longer-termagricultural credit to the reserve banks theessentially commercial nature of the FederalReserve System should be kept in mind.It should not be forgotten, simply becauseit is elementary, that the Federal reservebanks are the holders of the ultimate re-



serves of the country, that their deposits arenot merely demand deposits but reserve' de-posits, which must be available to the memberbanks at any time in order to protect the latter'sdeposits obtained from the public. For thesereasons the discounts of reserve banks mustalways be of relatively short maturity, thoughthe Federal Reserve Board believes that theextension of the limit of maturity for agricul-tural paper from 6 to 9 months, under propersafeguards and provided the paper is sound inevery respect, would have no unfavorable effecton the liquidity of reserve bank assets. As amatter of fact, the great bulk of the discounts ofthe reserve banks is of much shorter maturitythan the permissible maximum, the averagematurity of paper discounted in October, 1922,for the system being only about 10 days, andranging from less than 4 d&ys at the NewYork bank to over 58 days at the Minneapolisbank.

Recognizing that cooperation for marketingcrops is the best step that farm-

markeUngftlVe e r s c a n t a k e 'm t l l e direction ofimproving their credit standing

and their general economic condition, the Fed-eral Reserve Board in its rulings has gone as faras existing law permits in encouraging loans tocooperative marketing organizations. Theboard has ruled that, whenever the associationsare so organized that they acquire title in thecrops and do not simply sell the crops on com-mission, and whenever they are conducted asmutual nonprofit-making enterprises, billsdrawn by growers and accepted by marketingassociations at the time such growers delivertheir crops to the associations are eligible fordiscount by reserve banks as agriculturalpaper with a maximum maturity of 6 months,provided the proceeds of the discount are usedfor agricultural purposes.

The board has ruled that " a banker's accept-ance drawn by a grower or by a coopera-tive marketing association composed exclu-sively of growers of nonperishable, readilymarketable staple agricultural products, tofinance the orderly marketing of such prod-

ucts grown by such grower or growers and se-cured at the time of acceptance by a warehouse,terminal, or other similar receipt, issued by aparty independent of the borrower and convey-ing security title to such products, may be pur-chased if it has a maturity at the time of pur-chase not in excess of 6 months, exclusive ofdays of grace; provided, that the acceptor re-mains secured throughout the life of the accept-ance, and that the acceptance conforms in otherrespects to the relevant requirements of" ex-isting regulations.

This ruling authorizes the Federal reservebanks to purchase in open market bankers' ac-ceptances drawn by growers or marketing asso-ciations having a maturity up to 6 months, andby this means the market for acceptances sodrawn has been greatly widened, as the abilityof bill brokers to sell such acceptances to thereserve banks enhances the liquidity andattractiveness of the bills. Along this line theLenroot-Anderson bill contains a provisionauthorizing the farm-loan banks to make directloans for from 6 months to 3 years to coopera-tive associations engaged in producing or mar-keting agricultural products or live stock,provided the loans are secured by warehousereceipts, by shipping documents, or by mort-gages on live stock. The Capper bill broadensthe definition of agricultural paper, eligible assuch for discount with reserve banks, so as toinclude certain paper of cooperative marketingassociations. Under existing law such paper isconsidered commercial rather than agriculturalin character and eligible for discount only if itsmaturity does not exceed 90 days. The resultof the proposed change will be to render suchpaper eligible if secured by warehouse receiptswith a maturity up to 9 months.

The Federal Reserve Board has indorsedcertain amendments to the Federal reserve actproposed by both bills under consideration,designed further to increase the usefulness ofthe system to farmers. It is not opposed tothe extension of maximum maturity of certainagricultural paper from 6 to 9 months, andit has indorsed the plan to permit banks with


FEBUUARY, 1923. FEDERAL RESERVE BULLETIN. 143

smaller capital than that now required to jointhe system, provided they will build up thedeficiency during 3 years following theiradmission. The last amendment if enacted willmake it easier for country banks to becomemembers of the Federal Reserve System andwill thus bring the system closer to the farmerand his credit needs. In order to inducesmaller banks to join the reserve system thebills amend the method of distributing reservebank earnings so that, after payment of the6 per cent dividend to members and of anequal amount to the Government, memberbanks will be entitled to receive another 3 percent on their capital, the balance to go to theGovernment.

This survey of the rural credit situationindicates that existing credit machinery iscapable of taking care of the farmer's short-term credit needs fairly well and that improve-ment in this field must be looked for in thedirection of greater standardization of thefarmer's business and products as well as inthe direction of well-managed cooperative ac-tion by the farmers themselves. A real needexists, however, for bringing the fanner incloser contact with the flow of investmentfunds, necessary chiefly for his so-called inter-mediate or productive credit purposes. I t isin this field that improvement of the farmer'seconomic condition may be anticipated fromlegislative action. «*

On January 12 President Harding sent tothe Senate the name of Mr.

Personnel. Milo D. Campbell, of Michigan,to be a member of the Federal

Reserve Board, and the appointment wasconfirmed by the Senate on January 25. Atthe time of his nomination Mr. Campbellwas president of the National Milk Producers'Federation and vice chairman of the NationalCouncil of Farmers' Cooperative Associations.He owns two dairy farms at Coldwater, Mich.Mr. Campbell was born in 1851. He has held anumber of offices in the State of Michigan andhas been a director of banks in Coldwaterand in Detroit. He was at one time a mem-ber of the State legislature, and has been

secretary to the governor, mayor of Cold-water, insurance commissioner, tax com-missioner, and member of the State prisonboard.

On January 6 Mr. W, P. G. Harding, for-merly governor of the Federal Reserve Board,was appointed governor of the Federal Re-serve Bank of Boston, and assumed theduties of the position on January 15.

TREASURY FINANCE.

On January 9 Secretary Mellon offered forsubscription a new issue of 4J per cent Treas-ury notes dated January 15, 1923, and ma-turing on December 15, 1927. The amountoffered was 3300,000,000, or thereabouts, withthe right reserved by the Treasury to allotadditional notes to the extent that paymentwas to be tendered in unregistered war sav-ings certificates of the 1918 scries or in 4J percent Victory notes. At the time of the offer-ing there were still outstanding nearly S400,-000,000 of war savings certificates, whichhad matured on January 1 of the presentyear, and about $200,000,000 Victory notes,called for redemption on December 15 of lastyear, and the new offering was intended, withthe balances on hand, to provide for theredemption of these securities and also to coverthe Treasury's current cash requirements forthe period until March 15, the date of the firsttax installment. As there are no large pay-ments of interest on the public debt fallingdue in either January or February, and noadditional maturities of principal of the publicdebt until March 15, the Treasury expectsthat in the ordinary course of events the pro-ceeds of the new offering will be sufficient tomeet its current needs to that date.

Reports received from the Federal reservebanks show that the offering was oversub-scribed to the extent of 8281,550,800, so that theTreasury was able to make allotments in fullonly upon applications for smaller amountsand had to make reduced allotments uponapplications for larger amounts. All exchangesubscriptions were allotted ip. full, while allot-



ments on other subscriptions were made on agraduated scale as follows: All subscriptionsup to amounts not exceeding $100,000 for anyone subscriber were allotted in full; sub-scriptions over $100,000 but not exceeding$500,000 were allotted 50 per cent, but notless than $100,000 on any one subscription;subscriptions over $500,000 but not exceeding$1,000,000 were allotted 40 per cent, but notless than $250,000 on any one subscription;subscriptions over $1,000,000 were allotted 25per cent, but not less than $400,000 on any onesubscription. Of the total allotments about$250,000,000 represent subscriptions in amountsof $100,000 or less, on which allotments havebeen made in full-

Amounts of subscriptions, and allotments,distributed by Federal reserve districts, areshown in the following table:

Treasury and Federal reserve districts.

Treasury . +BostonNew YorkrhiladelphiaCleveland..RichmondAtlanta *Chicago.....St. LouisMinneapolis.,...Kansas CityPallasSan Francisco

Total

Total sub-scriptionsreceived.

$53,90038,951,000

248,853,60065,440,20037,994,20023,521,10013,682,30065,856,20021,845,50014,855,3008,787,5009,425,600

42,254,400

581,550,800

Total sub-scriptionsallotted.

853.90032,151,000

131,412,00035,479,50023,319,20018,246,10010,046,30050,343,30017,893,10014,580,3006,285,9006,214,200

20,957,300

366,982,100


FEBBDABY, 1023. FEDERAL RESERVE BULLETIN. 145

BUSINESS CONDITIONS IN THE UNITED STATES.Production and prices remained relatively constant in December, while trade and credit

showed the usual increases in the holiday season, followed by declines in January.Production.—The index of production in basic industries, after rising rapidly since last

August, showed a slight recession in December, though production was maintained at a levelnear the peak of 1920. The output of pig iron and coal continued to increase, but the produc-tion of certain other commodities, particularly of cotton textiles and flour, showed declines.In southern districts the building industry continued active, and in all parts of the country muchnew construction was projected.

Railroad traffic continued heavier than a year ago, though the seasonal decline in carloadings and the reduction in bad-order cars partially relieved freight congestion.

Employment in industrial establishments made a further advance in December, accom-panied by wage increases in certain industries* Some shortage of labor in the eastern districtswas still reported, but in Pacific States a substantial surplus of unskilled labor was indicated.

Wholesale prices,—The general level of wholesale prices remained unchanged in December.Among various groups of commodities the price tendencies of recent months were continued.The prices of farm products, cloth, chemicals, and house furnishings registered further in-creases, while fuel and metal prices continued to decline.

During January a number of basic commodities advanced in price, and cotton, rubber, andlead rose to the highest points since 1920.

Trade.—Wholesale trade in most reporting lines showed a seasonal decline in December,but was considerably larger than a year ago. Farm implement dealers, however, reportedlarger sales than in November, and more than doubled their December, 1921, business. Retailsales of reporting stores during December reached the largest volume in the last 4 years.

INDEX OF PRODUCTION IN BASIC INDUSTRIESCOMBINATION OF 22 INDIVIDUAL SERIES

CORRECTED FOR SEASONAL VARIATIONPER CENT ( J3W = WO ) PER CENT

140

120

too

80

60

40

20

o

\ A)vv \

\ y

rAT

LATtST ftGUREPECEnerR

1919 1920 1921 1922 1923

l b U

140

120

100

80

60

40

20

0

PRICESINDEX NUMBERS OF WHOLESALE PRICES

U. S. BUREAU OF LABOR STATISTICSPERCENT (1313'100 BASE ADOPTED BYBUREAU) PERCENT300

250

COO

150

100

50

o

\

V

LATtST f IGUntDECEMBER

1919 1920 1921 1922 1923

00

50

ZOO

50

100

50

o


146 RESERVE FEBRUAHT, 1923.

BANK CREDIT800 MEMBER BANKS IN LEADING CITIES

BILLIONS OF DOLLARS16

14

BILLIONS Of DOLLARS16

DEMANDDEPOSITS/*

TIMEDEPOSITS^ ,

'*•„ LOANS Ah\ DlSCOUi

mvEsn

«• • -

fDNTS

i

ENTS**""**

LATEST FIG JRE JAN. tO

10

1919 1920 1921 1922 1923

BANK CREDITALL FEDERAL RESERVE BANKS

MILLIONS OF DOLLARS40OOI

3500

3000

ZSOOfl

2000

1500

1000

500

MILLIONS OF DOLLARS14-000

3000

LATEST FIGURE JAN.17

2000

1500

500

1919 1920 1921 1922 1923

Bank credit.—Dividend and interest payments and the disbursement of Government fundsin connection with the redemption of Victory notes and war savings certificates, together withthe usual decline in the demand for currency after the holiday season, were attended by a largeincrease in the volume of new security issues and by somewhat easier money conditions.Open-market commercial paper rates in financial centers which were 4£ to 4f per cent in Decem-ber declined to 4J to 4£ per cent in January.

Member banks in leading cities reported an increase in demand deposits, an importantfactor in which was the usual seasonal flow of, funds from country districts to financial centers.While the volume of loans on stocks and.bonds decreased in the first two weeks in January,there was a somewhat larger increase in the investments owned by the tanks.

• At the Federal reserve banks the principal change between December 20 and January 24was a reduction of $235,000,000 in Federal reserve note circulation caused by the seasonaldecline in currency reqirements. Reserves increased $65,000,000, while earning assets declined$171,000,000. These changes are similar to developments during the same period a year ago,although the decline in earning assets was less than last year.


FEBBUAKY, 1023. FEDERAL RESEltVE BULLETIN. 147

AGRICULTURE.

General improvement during 1922 in thefinancial conditions of agricultural producers,due chiefly to larger crops and higher pricesthan in 1921, was the outstanding factor inagricultural sections of the country. In alldistricts preparations for the new crop are evi-dent and in some considerable progress is indi-cated. Several districts, No. 8 (St. Louis), No.10 (Kansas City), and No. 11 (Dallas), have hadmuch dry weather during the winter months,which has slightly delayed progress in the de-velopment of winter wheat, while in othersopen and mild weather has permitted more falland winter plowing than usual. In districtNo. 8 (St. Louis) some corn still remainsshocked in the fields, but the general rule is thathusking has been completed and the crophoused. There is a heavy demand for corn forfeeding purposes, but the movement to marketcontinues in limited volume. The marketingof white potatoes in district No. 9 (Minneapolis)has been retarded by the unsatisfactory priceoffered to the producers and a shortage of suit-able cars. Rice threshing in district No. 8(St. Louis) was completed, early in December,and the final estimate on yield is about 88.7 percent of normal. Prices have advanced re-cently and vary from 75 cents to $1.25 perbushel. District No. 6 (Atlanta) reports thatthe rice production of Louisiana is 19,980,000bushels, an increase of 2,700,000 bushels over1921. The production of sugar in Louisiana in1922 was 482,752,000 pounds, compared with648,861,430 pounds in 1921.Grain movement.

Receipts of grain at 17 interior centers weregreater during December than in November orDecember, 1921. Receipts of wheat approxi-mated 47,700,000 bushels, an increase of23,000,000 over December, 1921, and 3,921,000over November. Corn receipts were 36,901,000bushels, compared with 24,022,000 in Novem-ber and 41,731,000 in December, 1921. Re-ceipts of oats were slightly smaller than m No-vember but exceeded the December, 1921,total by 7,621,000 bushels, or approximately 52per cent. The movement of rye was similar, asthe December receipts were less than thoseduring November and considerably greaterthan receipts for December, 1921. Barleyshowed increases over both November and tiiecorresponding period one year ago.Cotton.

Prior to January 16, 9,652,601 running balesof cotton were ginned, while the final estimate

was 9,964,000 bales. This is the second"short" cotton crop in two successive years,and as a result the total .visible supply ofcotton on January 19 was 5,125,933 bales,compared with 6,435,617 at the correspondingdate in 1922 and 6,590,358 in 1921. The priceof middling upland cotton at New Orleans was27.13 cents on January 16, as compared with26 cents on December 20 and 25.87 cents onNovember 15. The gradual increase in theprice of cotton has induced plans for increasedacreage in 1923 and for renewed and greaterattacks on the boll weevil. Stocks on hand atmills and public warehouses on December 31were 5,996,000 bales, compared with 5,919,000bales on November 30 and 6,945,000 bales onDecember 31, 1921. Exports were less duringDecember than for the preceding month orDecember, 1921.Tobacco.

Weather in December in district No. 5(Richmond) and district No. 8 (St. Louis) wasfavorable for the marketing of tobacco, andas a result increased movement was noted dur-ing the month. Average monthly prices werehigher and the quality of tobacco sold wasbetter than in December, 1921. The averagemonthly price reported from 69 markets inNorth Carolina was 328.24 per hundred pounds,compared with $23.72 during December, 1921.The total sales by farmers in the NorthCarolina and Virginia markets to January 1were 341,294,896 pounds. The Governmentestimate of tobacco in North Carolina was306,900,000 pounds, and as 241,294,896 poundswere sold to January 1 there remains approxi-mately 65,703,000 pounds to be sold, about 21per cent of the total crop. The movement inthe burley and dark tobacco sections of districtNo. 8 (St. Louis) is reported to be in "fullswing" and prices realized to date have beensatisfactory to growers.

Cigar manufacturers in district No. 3 (Phila-delphia) report an unusually strong demand forcigars for this season of the year. All manu-facturers indicate that demand is considerablybetter than it was a year ago and factories areoperating at about 90 per cent of capacity.Many factories still have some unfilled ordersfrom 1922, while others are placing theirsurplus production in stocks. Prices for cigarsare holding firm and reports indicate that pricelists are unchanged. Prices for leaf tobacco,in general, are firm, although some slightreductions are evident in certain grades ofdomestic wrapper. Strong demand for fillersand binders has caused an increase in the price


148 FEDERAL BESEEVE BULLETIN. FEBRUARY, 1923.

on these grades. Increased prices are alsoindicated for good grades of tooacco from theWest Indies.Fruit.

Although the shipments of citrus fruit fromFlorida for December were slightly smallerthan shipments during December, 1921, thetotal shipments for the season ending Decem-ber 31, 1922, were greater than the season'stotal for the corresponding period a year ago.Despite the serious drought that was evident inFlorida last spring, the indications are that thecommercial movement of fruit this season willexceed that of any other year. Too much rainand too little cool weather have retarded theprogress of shipping to a small extent, butshipments prior to January 1 amounted to15,000 cars, containing approximately5,400,000 boxes. In district No. 12 (San Fran-cisco) shipments of deciduous fruits duringDecember were 4,290 cars, as compared with3,584 cars in December, 1921. Shipments oforanges were in excess of shipments for thecorresponding period in 1921, but lemon ship-ments, due to a shortage in the crop, were 119cars less than in December, 1921. The move-ment of apples to market was considerably re-tarded, as only 8,229 cars were shipped, com-pared to 18,740 cars in November.

Live stock.

Estimates of the Department of Agricultureindicate that the number of all live stock onfarms and ranges is 191,344,000. An increaseover the same period a year ago is indicated forall classes except horses, where a small declineof 203,000 is noted. The total value on Janu-ary 1, 1923, of all live stock was $5,111,256,000,as compared with $4,799,170,000 on the samedate one year ago, an increase of $312,086,000,or 6.5 per cent.

Conditions affecting the live-stock industryvaried considerably tnroughout districts No. 10(Kansas City) and No. 11 (Dallas). In thewestern portion of Wyoming storms werefrequent and heavy feeding was necessary.The temperatures, which were considerablyabove normal in spme sections of the district,caused rapid melting of snows, winch in turnopened the lower ranges throughout Colorado.In New Mexico the lack of precipitation wasadverse to both stock and range, causing theranges to become barren and the stock tobecome thin and unable to withstand severeweather. However, in spite of the unfavorableinfluences affecting the industry at the be-ginning of 1923, the general condition showed

a marked improvement over one year ago, andgreater confidence was expressed by growers aswell as by feeders, with a favorable outlook forall classes of live stock. The movement of livestock as represented by arrivals to six leadingmarkets in the Kansas City district during the12 months was 22,737,071 head, the highestfigure since 1919. Receipts amounted to5,839,085 cattle, the largest number since 1919;972,516 calves, the largest in market history;and 9,023,235 hogs, the greatest number since1919. Receipts of sheep fell below the totalarriving at tne markets in 1921. In districtNo. 11 (Dallas) some of the ranges deteriorated,due to dry weather. With the exception ofsoutheastern Arizona, no rains of any con-sequence came to any range country since earlyin December. Feeding has been necessary,but in many sections where feed is not acces-sible live stock have been weakened. Receiptsof live stock in the principal markets showedthe usual falling off as compared to November,but generally exceeded the volume received inDecember, 1921. Sheep receipts, however, weremuch smaller than in December, 1921.

MINING.Coal.

Coal production showed a steady expansionfrom August to December, but has beenslightly curtailed in January. Bituminousmines produced 46,450,000 tons in December,as compared with 45,262,000 tons in Novemberand 30,975,000 tons in December, 1921. Thechief limiting factor in the production of softcoal continues to be a shortage of shippingfacilities, although many western mines alsoreport "no market" for their output. Pricesof many grades of bituminous coal registered asharp upward movement in the last week ofDecember and first week of January. DistrictNo. 3 (Philadelphia) attributes this improve-ment in demand to large orders from steel com-panies, public utilities, and railroads. Retaildealers are also buying much bituminous coal,as there is an insufficient supply of anthracitefor householders7 consumption. Operators andminers from all parts of the country who metin conference at Chicago were unable to reachany agreement concerning wages, but negotia-tions were continued in the various fields.The United States Coal Commission recom-mended in a telegram to the Chicago confer-ence that the present wage agreement be con-tinued until April 1, 1924, if no other satisfac-tory settlement could be reached. The com-mission stated that this extension would allowtime for them to make a full report and for



Congress to take action on the facts presented.On January 24 representatives of operators andminers from the fields of Illinois, Indiana, andnorthern Ohio signed an agreement along thelines suggested by the coal commission con-tinuing the present wage scale to April 1, 1924,and provided for another conference not laterthan January 8, 1924.

Anthracite production in December waslarger than in the corresponding month of anyprevious year. Mine output totaled 8,430,000tons as compared with 8,385,000 tons in Novem-ber and 6,203,000 tons in December, 1921. Pro-duction continued at about this same rateduring the first three weeks of January, due toinsistent demand from consumers. Despitethe large output of anthracite coal during thepast four months, the supply is still insuffi-cient to meet householders' demands, with theresult that coke and bituminous coal have beenwidely used as substitutes. There have beenfew price changes in domestic sizes, but steamsizes show a distinct upward trend. Operat-ing conditions at mines are quite satisfactory,as the supply of labor is reasonably adequateand car movements are more prompt.

The demand for coke for domestic use andthe expansion of the iron industry has resultedin a further increase of prices, in spite of thelarge volume of manufacture. By-productand beehive ovens increased their output 4.7per cent and 8.3 per cent, respectively, inDecember, and weekly reports for Januaryshowed continued expansion in the Connells-ville district.Petroleum.

Increased production, accompanied by in-creased stocks, again characterized the pe-troleum industry during December. The aver-age daily output during that month totaled1,617,000 barrels, to be compared with 1,-596,000 barrels in November. Production forthe year totaled 551,152,000 barrels, an in-crease of 17 per cent over the 1921 output.Stocks at the end of the year fell off slightlyfrom the high point reached in December.Consumption of crude oil in the United Statesexceeds domestic output, but an excess ofimports has resulted in the continued accumu-lation of stocks. Recently an increase in con-sumption has resulted in a lowering of theestimated number of days' supply on hand.Reports indicate that daily average crude oilproduction increased further during the earlypart of January.

In all States of district No. 10 (Kansas City)output was larger during December than dur-

30425—23 2

ing the preceding month, but there was a de-cline in the number of new wells completedfrom 714 in November to 597 in December*At the close of the year 2,312 rigs and wellswere drilling in Oklahoma, Kansas, and Wyo-ming, as compared with 2,307 on the last dayof November and 2,366 at the close of 1921. Indistrict No. 11 (Dallas) the production of crudeoil increased in December, .reflecting greaterdrilling activity. The increase was due chieflyto the influence of a few of the Texas fields, usin many parts of Texas and in Louisiana pro-duction fell off slightly during December,Completion of new wells in the Dallas districtfor December totaled 509. For the seventhconsecutive month, production of crude pe-troleum in district No. 12 (San Francisco) wasgreater than in the preceding month.

Advances in the price of crude oil were an-nounced during January by producers in theMid-Continent fields and later in the Wyomingand Central States fields. On December 30quotations on many grades of eastern crudewere raised 25 cents a barrel, and on January23 Mexia crude was advanced 25 cents a barrel,following an increase of 20 cents on Decem-ber 28.Metals.

Copper production exceeded 100,000,000pounds in each of the last three months of 1922and reached the maximum for the year inDecember. The December output of mineswas 103,845,000 pounds, which was 1 per centmore than in November and 43 per cent morethan in December, 192L The copper marketcontinued to be strong during the past month,despite the large production. The price ofrefined electrolytic copper delivered at NewYork rose from 14.625 cents on December 19to 14.75 cents on December 22. The quotationcontinued at 14.75 cents until January 15, whenit was reduced to 14.625 cents as a result of thetense situation in Europe and the curtailmentof English purchases. Two years ago therewas a stock of over 1,000,000,000 pounds ofmarketable* copper in the United States. Thishas now been reduced to a very small reserve,and current consumption is still reported to bein excess of production. Mills manufacturingwire, brass, and sheet copper are operating on alarge scale, and domestic demand is very heavy.

The price of lead at New York has advancedsteadily from 4.70 cents in March, 1922, to 7.60cents on January 17, 1923. This increase inprices has been Sue to the fact that the threechief lead-consuming industries—pabit, storagebatteries, arid cables—have all been extremely


150 FEDEEAL RESERVE BULLETIN. FEBRUARY, 1923.

active during the last six months. Lead pro-duction decreased 5.9 per cent in December,but was 3.2 per cent larger than in December,1921. Zinc production, on the other hand,increased 6.6 per cent in December andamounted to 42,841 tons. Zinc stocks werereduced by 1,245 tons during December andare less than two weeks' supply at the currentrate of consumption. Zinc prices at St. Louisdeclined from 7.05 cents per pound on Decem-ber 21 to 6.70 cents per pound on January 17,due to disinclination on the part of galvanizersto contract ahead. Foreign buying, however,continued to be large during January. Ship-ments of both lead and zinc ores irom themines of district No. 10 (Kansas City) wereexceptionally heavy during December, exceed-ing those of any other month of 1922.

Silver production in December totaled5,052,000 ounces, which was 4 per cent largerthan in November and 30 per cent larger thanin December, 1921. Purchases under thePittman Act to the end of 1922 aggregatedabout 150,750,000 ounces out of a total of208,000,000 ounces to be purchased.

MANUFACTURES.Food products.

Wheat-flour production during Decemberwas 11,041,000 barrels, compared with13,424,000 barrels in November and 8,856,000barrels in December, 1921. Although thedecrease in December was due in part to theholiday curtailment of operations, the totalproduction for 1922 shows an increase of4,371,000 barrels over 1921. Production offlour in district No. 10 (Kansas City) was1,822,342 barrels, which was a decrease of only9 per cent as compared with November, whilethe decrease in district No. 7 (Chicago) was 24per cent, the greatest decrease in any reportingdistrict. Domestic and foreign demand wereboth slack. Sales to domestic trade weremade largely in small lots and for promptshipment. Sales, in barrels, at* ten mills indistrict No. 7 (Chicago) decreased 17 per centduring December, while dollar sales decreased13 per cent. Little export demand was re-ported. # In district No. 9 (Minneapolis) theproduction of flour was almost one-third largerthan in December, 1921, but was smaller thanm November, 1922.

Forty-seven meat packing companies in dis-trict No. 7 (Chicago) report a slight seasonaldecline in dollar sales during December, butsales were 17 per cent higher than in Decem-ber, 1921. Average prices for live stock forslaughter during the first half of January were

slightly higher, with the exception of lambs,than prices in December, Receipts and slaugh-ter of cattle, calves, and sheep declined, com-pared with November, while hogs increased.Similar conditions were reported from districtNo. 10 (Kansas City). Packing operations atsix leading markets during December and theyear 1922 showed marked increases over theoperations of the corresponding month andthe 12-month period in 1921. The totalslaughter of meat animals at six markets was13,699,123 during 1922, as compared with12,792,870 during 1921. There were increasesof 13 per cent in the slaughter of cattle, of 21per cent in the slaughter of calves, and of 18per cent in the slaughter of hogs, while theslaughter of sheep decreased 16 per cent.Reports indicate that the operations of thepacking industry are practically back to nor-mal conditions. Domestic and foreign demandare reported to be fairly good. Domestictrade in meats has been stabilized and the con-sumption of meat is increasing. A greatervolume of products for export was reportedfrom district No. 7 (Chicago) than in Novem-ber, while district No. 10 (Kansas City) indi-cates that exports are greater than in pre-waryears but still less than in 1916 to 1919.

Textiles.Allowing for seasonal variations incident

to the holiday and stock-taking periods,the demand for cotton textiles was consideredto be satisfactory during December and earlyJanuary, Consumption of raw cotton bymills during December was 527,945 bales,having declined 9 per cent from the highpoint attained during November. On theother hand, a few more spindles were activeduring December. Orders recently placedfor yarns in district No. 3 (Philadelphia)largely called for delivery in March and April.A moderately active demand for staple cotton;oods, according to reports from the Phila-ielphia district, accompanied the recent

strengthening of quotations^ Mills in districtNo. 5 (Richmond) are enjoying a high degreeof prosperity. Yarn manufacturers in dis-trict No. 6 (Atlanta) report decreases inoutput during December as compared withNovember and with December, 1921, butunfilled orders were double those of a yearago. ^ Cloth manufacturers in the Atlantadistrict produced and shipped a considerablylarger volume of goods than they did inDecember, 1921, and had 50 per cent moreorders on their books. Reports from finishersof cotton fabrics throughout the country


FEBRUARY, 1923. FEDERAL, BESERVE BULLETIN. 151

indicate slight decreases in productive activityand in new orders booked as compared withNovember, with an increase in shipmentsof finished goods.

Interest in the woolen industry in Januarywas chiefly centered around the openingsof fall lines during the latter part of thatmonth. Prices were advanced in varyingdegrees upon most lines, and the averageincrease in the quotations on men's wearlines by the largest producer was about16 per cent over those of a year ago. Fultonserge (10^-11 ounce), which is customarilyregarded as an indicator, was priced at $2.67£per yard, compared with 82.42\ at the fall,1921, opening, with $2.35 a year ago, $2.50last July at the spring opening, and with$2.80 in October after a series of increaseshad been made. Advances of women's wearlines ranged from 1.3 per cent to 11.6 percent above last year's quotations. DuringDecember and January there was a fairlygood demand for spring fabrics, accordingto reports from district No. 3 (Philadelphia).Cloth mills in that district are operating at80 per cent of capacity, and spinners wereable to maintain a high rate of productionduring January because of the quantity oforders booked for delivery within the nextfour months. The carpet and rug industrycontinued maximum operations. The raw-wool market experienced seasonal dullnessduring the latter part of December and earlyJanuary in districts No. 1 (Boston), No. 3(Philadelphia), and No. 7 (Chicago), butprices remained firm. The statistical positionof raw wool is strong now, as good wools arescarce and consumption is large. Statisticsof active machinery indicate increased pro-duction during December. Wide looms were81.1 per cent active, woolen spindles 84.5 percent, and worsted spindles 89.2 per cent. Con-sumption of raw wool, on the other hand, was8 per cent less than in November.

Seasonal conditions, according to district No.3 (Philadelphia), curtailed orders for broad silksbetween December 15 and January 15, butlater the demand was revived. Deliveries ofraw silk to American mills were reduced duringDecember from the November figure, but con-tinued to be relatively large, exceeding thoseof December, 1921, by nearly 50 per cent.Loom operations continued active duringDecember and early January, according toreports from manufacturers in district No. 3(Philadelphia) and statistics from mills inPaterson and North Hudson. Activity in these

two centers on January 13 was at the rate of54 per cent and 62 per cent of capacity, respec-tively, as compared with 24 and 49 per cent ayear ago. Quotations on raw silk advancedsharply early in the year.

Further seasonal recessions during Decemberwere reported by clothing wholesalers indistrict No. 2 (New York) and by tailors to thetrade in district No. 7 (Chicago), but 23 clothingfirms in district No. S (St. Louis) reported aslight increase in sales as compared withNovember. In all of these districts businesswas much better than during December, 1921,sales of women's clothing in the New Yorkdistrict showing the largo increase of 71 percent. Clothing manufacturers in district No. 3(Philadelphia) have found the demand for

spring lines of men's wear to be good, and ordershave been received in sufficient quantityto permit production approaching capacity*Spring suits are priced from 10 to 20 per centhigher than in 1922. Advance orders forspring in the St. Louis district were generallyheavier than last season.

Underwear production declined 25 per centduring December, according to comparativestatistics for November and December from37 mills. Shipments also fell off, but moreorders were received, leaving a larger volume ofunfilled orders on hand at the end of the month.Production of winter underwear showed aseasonal decline, whereas the output of summergarments increased. Reports from firms indistrict No. 3 (Philadelphia) show similar tend-encies. Orders are now being booked forwinter garments and shipments are light; onthe other hand, in the case of summer under-wear, the buying season has ended and deliv-eries have begun. All statistics of winterunderwear in the Philadelphia district showedsubstantial increases as compared with Decem-ber, 1921, whereas in the case of the light-weight products business has been relativelyquieter.

Declines occurred in business done by hosierymanufacturers during December, and reportsfrom district No. 3 (Philadelphia) indicate thatthat industry has not fully shared the generalimprovement in manufacturing noted duringthe past few months. Different mills, however,report contrary tendencies. Statistics fur-nished by mills in the Philadelphia districtshow declines in production, orders, and ship-ments, with an increase in cancellations andstocks during December as compared withNovember. Orders, however, are materiallylarger than they were a year ago. In the


152 FEDERAL RESERVE BULLETIN". FEBRUARY, 1923.

Atlanta district all items were smaller than inNovember, but showed substantial improve-ment as compared with December, 1921; thatis, orders, production, and shipments increased,while cancellations and stocks were smaller.

Iron and steel.Demand for iron and steel products continues

to be very strong, and factory operations areon as large a scale as the labor supply permits.Pig-iron production amounted to 3,087,000 tonsin December, an increase of 8.3 per cent, whilesteel-ingot output declined 3.8 per cent to atotal of 2,780,000 tons. Prices renewed theirupward movement in January, after decliningfor 3 months. Advances were registered bothin pig-iron and finished steel prices. Unfilledorders of the United States Steel Corporationdecreased 1.4 per cent during December andtotaled 6,746,000 tons at the end of the year.Particularly large orders have been placed byfarm-implement manufacturers, railroads, andautomobile factories since the beginning of1923, and wire mills have been obliged to allo-cate their output for the first quarter of theyear.

District No. 4 (Cleveland) reports that thegeneral rate of production of steel mills is 85per cent of capacity and that there is little pros-pect of increasing operations on account of theshortage of common labor. As a result of thelarge accumulation of business at westernplants, a considerable amount of tonnage hasbeen diverted to eastern mills. In districtNo. 3 (Philadelphia) mill operations are esti-mated to average 80 per cent of capacity.Manufacturers are somewhat hindered by ashortage of labor and by delays in railroadshipments of both raw materials and finishedproducts. Manufacturers of iron bars andsteel plates are receiving especially large ordersfrom railroads, automobile manufacturers, andmines. Structural steel, forgings, wire rope,and machinery are also in good demand.Automobiles.

Production of automobiles was only slightlycurtailed in December and was almost threetimes as large as a year ago. Passenger-caroutput totaled 207,501, as compared with215,225 in November and 70,435 in December,1921; while the number of trucks producedwas 19,640, as compared with 21,291 in Novem-ber and 8,183 in December, 1921. Shipmentsfrom factories in December were also muchlarger than in the corresponding month of1921, and driveaways were more numerous thanin November. Both production and ship-

ments indicate that the large demand forclosed cars has greatly increased winter salesand has substantially modified the seasonaltrend in the industry. Demand this fall andwinter has been well sustained, with consider-able acceleration in January from the variousautomobile shows. Sales of trucks in urbandistricts have been particularly large, due toactivity in building, manufacturing, and trade.Seven leading manufacturers of automobileshave announced an aggregate production sched-ule of 1,750,000 cars for 1923. Rubber com-panies announce that demand from dealers hasbeen much strengthened as a result of the newdating plan by which dealers are furnished withtires during December, January, and Februaryfor which payments are not due until thespring.Leather and shoes.

Greater activity characterized the marketsfor hides and skins in districts No. 3 (Phila-delphia) and No, 7 (Chicago) during Decemberand the early part of January. Prices wereslightly lower in both markets the first weekin January and large sales were transactedin Chicago. Quotations were later raisedto the December levels. December pricesof green hides and skins were considerablyhigher than those prevailing a year ago.

Leather sales in district No. 7 (Chicago)were less in December than in November,except in the case of belting and harnessleather. Reports from district No. 3 (Phila-delphia) indicate that sales of all leathersduring January increased as the month pro-gressed. Prices of heavy and upper leatherswere on the whole well maintained. Soleleather production in the United States fellfrom 1,482,074 sides in November to 1,425,512in December, and was about 19 per cent lessthan during December, 1921.

Seasonal recessions were noted in the pro-duction and shipments of shoes during Decem-ber by reporting firms in districts No. 1(Boston), No. 3 (Philadelphia), and No. 7(Chicago), and production figures for thecountry as a whole show-the same tendency.Orders were larger in the Boston district,but in the other districts they were less thanin November. As compared with December,1921, production and snipments by firms indistrict No. 1 (Boston) fell off, but in theChicago and Philadelphia districts all itemsshowed substantial increases. In district No.3 (Philadelphia) shoe manufacturers receiveda fair volume of business during January,some firms having booked all the orders t h y


FEBRUARY, 1923, FEDERAL KESERVE BULLETIN. 153

can fill for the Easter season. Shoe manu-facturers in district No. 8 (St. Louis) wereoperating their plants at from 90 to 100 percent of capacity early in January, and advanceorders were being booked in a larger volumethan at the same time a year ago. Whole-sale shoe dealers reported that Decembersales were smaller than those for Novemberin all districts except No. 8 (St Louis.), butretail sales as reported by 30 firms in districtNo. 3 (Philadelphia) exceeded November figuresby 21 per cent and those of last Decemberby 7 per cent. Stocks were 9 per cent smallerthan either a month or a year previous, andthe rate of turnover for the half-year exceededthat of the same period in 1921.Paper.

Contrary to the usual seasonal trend, pro-duction of newsprint fell off 7 per cent inDecember to 119,404 tons, the lowest figure forany month since April. Shipments also de-clined to about the same extent, but remainedslightly larger than output, and as a resultstocks on hand decreased further. Newsprintproduction for 1922 totaled 1,447,688 tons, 18per cent above the aggregate for 1921 and 4per cent below that for 1920, the best year onrecord. Declines occurred in the total pro-duction and' shipments of all grades of paperduring November, the latest month for whichstatistics are available, but activity continuedat a relatively high rate. Contrary to thegeneral tendency, the production of book paperand paper board increased during Novemberto the largest totals attained in over two years.Production of wood pulp in November exceededthat of any other month since June, but con-sumption fell off.

Seasonal slackening in the demand for paperwas noted during January by producers in dis-trict No. 3 (Philadelphia), but orders are muchgreater than they were a year ago, and mills arerunning at close to capacity. Prices in generalare firm, and quotations on paper board haveadvanced 10 per cent since December. Thedemand for paper boxes in the Philadelphiadistrict was fairly good in January. Whole-salers in district No. 7 (Chicago) report thatDecember sales exceeded those of November.Inventories were larger than at the beginningof the year. Production of boxes m theChicago district was 60 per cent larger than inDecember, 1921. The fine paper business indistrict No. 4 (Cleveland) fell off somewhatafter the first of December, but this is consid-ered to be largely seasonal. Stocks of pulpheld by both pulp and paper manufacturers inthe Cleveland district are reported to be large.

Lumber.

Lumber movement during December andearly January was featured by an excess oforders booked and shipments over the amountcut. Production, although large for this timeof the year, was necessarily curtailed becauseof winter weather, and shipments which usuallyexceed the cut at this season were particularly-heavy because improved transportation facili-ties enabled many delayed shipments to boforwarded. Furthermore, dealers are prepar-ing for spring demands by building up stocksand by placing orders for future delivery.

The above developments are reflected instatistics published by the various associations.Production by 583 mills reporting to theNational Lumber Manufacturers Associationtotaled 1,103,194,000 feet in December, a de-crease of 11 per cent from the November figureand an increase of 68 per cent above the cut forDecember, 1921. Shipments from these millsaggregated 1,280,660,000 feet. Mills of theSouthern Pine Association in districts No. 6(Atlanta) and No. 11 (Dallas) reported anincrease in orders received during December ascompared with November, with a slight de-cline in shipments and a greater decline in pro-duction and stocks. Orders received, snip-ments, and orders on hand at the end of themonth all exceeded production. All items wereconsiderably larger than the correspondingfigures for December, 1921. Similar conditionswere found among reporting manufacturers indistricts No. 9 (Minneapolis) and No. 12 (SanFrancisco), except that in some cases stockswere smaller than they were a year ago. Re-ports from retailers in the Minneapolis districtshow that sales during December were only 40per cent of November sales but exceeded tnoseof last December. Stocks on hand were smallerthan they were either a month or a year pre-vious. Purchases by domestic and foreignbuyers in district No. 12 (San Francisco) wereunusually heavy during December and a largevolume of cargo business was transacted.

BUILDING.

Construction was somewhat curtailed in thenorthern districts during December and Janu-ary, as a result of severe snow storms^ On theother hand, operations have actually increasedin many sections of the South. The total valueof contracts awarded in seven Federal reservedistricts (compiled from statistics gathered bythe F. W. Dodge Go. for 27 northeastern States)aggregated §191,263,069 during December,wLich was 13 per cent less than in Novemberand 4 per cent greater than in December, 1921.


154 FEDERAL BESERVE BULLETIN. FEBHUARI', 1923.

The value of contracts decreased from Novem-ber in the Boston, New York, Cleveland, Rich-mond, and Chicago districts, the reductionsvarying from 0.7 per cent in district No. 7 (Chi-cago) to 24 per cent in district No. 2 (NewYork). Districts No. 3 (Philadelphia) and No.9 (Minneapolis) each reported an increase ofabout 10 per cent in December contracts. Thegain in contracts let as compared with a yeara»o was entirely due to large increases in theChicago, Cleveland, and Phfladelphia districts,as new operations in the four other reportingdistricts were slightly smaller. The value oresidential contracts awarded decreased from5117,514,900 in November to $111,278,491 inDecember, although increases were reportedfrom the Cleveland, Philadelphia, and Bostondistricts. Permit statistics for December,which are published on page 242, show thatthere was a considerable increase in numberand value of new projects in the Atlanta, St.Louis, and Dallas Federal reserve districts, forwhich contract figures are not available.

The average level of building material priceswas unchanged in December. Prices of build-ing materials, however, are now 85 per centabove the average for 1913, whereas the indexfor all groups published by the Bureau of LaborStatistics nas only increased 56 per cent.Shipments of cement showed a marked reduc-tion in December, but were slightly larger thanin December^ 1921. Production of cement andof various kinds of brick was moderately cur-tailed, as is customary in the early winter.

TRANSPORTATION.

The railroads made substantial progress inthe elimination of traffic congestion duringDecember and the first week of January. Theaverage car shortage in the week ending Janu-ary 8 was 73,285, as compared with 133,786cars m the last week of November and 179,239cars in the last week of October. The short-age of box cars has been reduced 66 per centsince the last week of October, while the short-age of coal cars has only been reduced 28 percent. The comparative slowness in relievingthe coal situation is due to the accumulated de-mand for coal, the difficulty in expediting ship-ments at certain mines on account of insuffi-cient trackage, and the shortage of locomotiveson some coal roads due to the prolongation oflabor difficulties.

The American Railway Association reportsthat car loadings of all important groups ofcommodities except coal were larger in 1922than m any previous year, being 16 per cent

greater than in 1921 and 3.5 per cent largerthan in 1920. Loadings of coal were curtailedby the miners' strike, but amounted to 93 percent of the 1921 total and 69 per cent of thetotal for 1920. In December there was a totalof about 3,635,000 cars loaded, which was 11per cent less than in November, but 20 per centmore than in December. 1921. Loadings de-creased in all operating regions and for all com-modity groups except coke. The most impor-tant reduction was m the loadings of miscella-neous merchandise freight.

The supply of available railroad equipmentwas increased during December by a furtherreduction in the number of bad-order cars andby large shipments from locomotive and carfactories. The number of freight cars awaitingrepairs was reduced from 226,288 on December1 to 216,011 on January L The output of newlocomotives in December totaled 210, as com-pared with 159 in November, while unfilledorders decreased from 1,619 to 1,592.

TRADE.Wholesale trade.

Wholesale trade declined somewhat in De-cember, as is customary at the close of thevear. The volume of sales, however, waslarger than in December, 1921. Farm im-plements were the only reporting line whichshowed considerable increases as comparedwith November and had very much largersales than in the corresponding month ayear ago. These increases in implement salesover December, 1921, amounted to 194 percent in the Minneapolis district, 159 per centin the Dallas district, 115 per cent in tne Kan-sas City district, 41 per cent in the Atlantadistrict, and 28 per cent in the San Franciscodistrict. Dry-goods dealers reported thelargest decreases in sales during December, thesedecreases ranging from 12 per cent in districtNo. 4 (Cleveland) to 44 per cent in districtNo. 11 (Dallas). Large declines were also re-ported in the sales of boots and shoes in theRichmond, Atlanta, and Minneapolis districts,but an increase of 20 per cent over Novemberwas reported by nine wholesale shoe firms inthe St. Louis district. Sales of grocery firmsdeclined in all Federal reserve districts, thereductions being larger in the West than inthe South and East. Hardware sales werealso somewhat smaller than in November inmost reporting districts, but averaged over 20per cent larger than in December, 1921. Thetable on page 246 gives detailed figures ofwholesale trade,



Retail trade*Retail trade reached record volume during

December as a result of the Christmas buying.Sales in all Federal reserve districts exceptNo. 11 (Dallas), where a slight decline of 1per cent was noted, increased over December,192L Increases, compared with December,1921, ranged from 4.7 per cent in district No. 1(Boston) to 16.1 per cent in district No. 7(Chicago)* Considerable activity was shown inthe Cleveland, Minneapolis, and San Franciscodistricts, as well as in the Chicago district. Theactivity in retail buying was reflected more insome lines than in others. In district No. 6(Atlanta) mild weather hampered the buyingof winter clothing and other articles incidentto cold weather. In district No. 5 (Richmond)several stores report that the month's businesswas the nest in their histories and as a resultstocks were reduced to a satisfactory level forinventory taking in January. Stocks of de-partment stores decreased during the monthin all districts from which reports were obtainedbut were larger than on the corresponding datein 1921 in districts No. 2 (New York) and No.5 (Richmond). Outstanding orders of depart-ment stores decreased in all districts exceptCleveland, Chicago, Minneapolis, and Dallas.

Sales of all reporting lines of chain storesincreased in December, and music stores,shoe stores, and 5 and 10 cent stores reportedthe largest monthly sales during the last fouryears. Mail-order sales were slightly smallerthan in November, but were substantiallylarger than in the corresponding month of theyears 1920 and 192L

PRICES.

Wholesale prices in the United States werevery stable during the month of December,the all-commodities index numbers of boththe Federal Reserve Board and the Bureauof Labor Statistics remaining unchanged—theformer at a level of 164 and the latter at 156.

Agricultural products showed only a slightincrease in December, following the extreme riseof the previous month. Bituminous coal, coke,and pig iron prices have been steadily decreas-ing during the last months of 1922, but anthra-cite prices have not yet turned downward. Theaverage monthly price of raw cotton remainedunchanged from the November average.

Structural steel and billets continued todecline, other steel products remaining steady.

Acetate of lime, after remaining unchanged inprice for a year and a half, began to increasem price in August, and lias continued to risemonthly. Cotton yarns have shown a steadyincrease throughout the year, and with therise in December stood 54 per cent higherthan in January, 1922. Worsted yarn pricesin December were only 18 per cent higher thanat the beginning of the year, but have alsoshown fairly steady advances throughout theyear. Producers' goods as a group declinedslightly in December. Consumers' goods in-creased, due to rises in the prices of staplefood products.

The various groups of the Bureau of LaborStatistics index moved as follows: Farm prod-ucts and cloths and clothing up 2 points;chemicals and drugs and house furnishinggoods up 3 points; foods up 1 point; fuel andlighting and metals and metal products clown2 points; while building materials and mis-cellaneous items remained unchanged.

COMMERCIAL FAILURES.

Commercial failures in the United Statesduring December, in accordance with theusual seasonal trend, exceeded the Novemberinsolvencies both in number and in totalliabilities involved. The number of failuresin seven districts and the liabilities in fivedistricts were, however, smaller than thecorresponding figures for November. As com-pared with December, 1921, the number offailures declined 26 per cent, and the liabilitieswere 41 per cent less. In every district thefailures were fewer by from 6 to 49 per cent,except in district No. 12 (San Francisco),where there was an increase of 44 per cent.The liabilities were larger than they were ayear previous in only four districts, the largestincrease being 98 per cent in district No. 5(Richmond). In the first three weeks ofJanuary the number of failures in the UnitedStates totaled 1,424, a reduction of 25 percent from the large total of 1,898 recoraedduring the corresponding period of 1922.

The liabilities involved in the 1922 insolven-cies were a fraction less than the record-breaking figures reached during 1921, but thenumber of failures in 1922, 23,676, exceededthe corresponding figure for all former years,topping the previous record of 1915 by 7 percent. Comparative figures by districts areshown in the table on page 219.


156 FEDERAL RESERVE BULLETIN. , 1923.

EMPLOYMENT.

Employment at industrial establishmentscontinued to increase during December for theeighth consecutive month. The Bureau ofLabor Statistics reports that 3,294 establish-ments located in all parts of the United Statesemployed 1,587,708 workers in December,which was 2.4 per cent more than in November.Plants manufacturing pottery and agriculturalimplements made particularly large increases intheir forces, while the railroad equipment andmachine industries continued their recent ex-pansion. The most important decrease in em-ployment occurred in the fertilizer industry andamounted to about 11 per cent. There is stilla large demand for many kinds of skilled laborin all parts of the country, but a pronouncedsurplus of common labor has developed in dis-trict No. 12 (San Francisco). Fewer wage ad-justments were reported from November 15 toDecember 15 than in the three precedingmonths, but practically all adjustments wereincreases. The industries most affected bythese changes were machine shops and glassfactories.

Shortages of textile workers, shoe workers,machinists, and building mechanics are re-

Sorted from many New England cities. Laborifficulties in the granite industry have been

settled and quarries resumed operations onJanuary 2. The textile strike is at length com-pletely settled and a number of cotton andwoolen mills report overtime operations. TheNew York State Department of Labor an-nounces that the number of employees in re-porting establishments increased 1 per cent inDecember and was 15 per cent larger than inDecember, 1921. Gains occurred in the metaltrades, the wood manufacturing industries, theshoe factories, the printing establishments, andthe silk mills, while women's apparel shops, can-neries, candy factories, biscuit factories, andbrickyards reduced their forces. Railwayequipment factories added the greatest numberof workers to their pay rolls, whereas the men'sclothing industry recorded the largest percent-age gain. The Pennsylvania State Departmentof Labor reports that there was a slight increaseof unemployment in reporting cities of east-ern Pennsylvania during the month endingJanuary 15, despite substantial reductions atScranton and Reading. Railroad equipmentplants near Philadelphia are employing nightshifts, while many textile mills report a short-age of skilled workers. In district No. 4 (Cleve-

land) the pottery industry reports a scarcity ofworkers, and steel mills, garment manufacturers,and automotive factories are increasing thenumber on their pay rolls.

Cotton mills and coal mines in district No. 5(Richmond) increased their forces duringDecember. The surplus of clerical workers inWashington is increasing, due to further cur-tailments of the Government departments.In district No. 6 (Atlanta) manufacturers ofcotton goods, steel, lumber, tobacco, and paperhave added to the number of their employees.The supply of transient labor in Florida is stillin excess of the demand, although some arebeing employed in harvesting citrus fruits andvegetables.

District No. 7 (Chicago) states that there wasa decrease of 3.2 per cent in the number ofemployees of 183 reporting firms during Decem-ber, while the average pay per man declined2.9 per cent. Employment m the automobileand lumber industries is unusually large forthis season of the year. Packing plants andrailroads in district No. 8 (St. Louis) increasedtheir forces during December, and new con-struction operations continued to employlarge numbers. The surplus of farm labor, onthe other hand, became more pronounced inboth the St. Louis and Minneapolis districts.In district No. 9 (Minneapolis) there is anabundance of common labor due to the de-crease of farm and road work, but lumbercamps, flour mills, and steel mills continue toincrease their forces. Meat packers in variouscities of district No. 10 (Kansas City) areincreasing their forces, and wholesale dealershandling groceries, dry goods, furniture, drugs,and millinery are also adding to the number ontheir pay rolls. The demand for common laboris slack, but is being partially absorbed in ice cut-ting. Sugar factories in Colorado closed duringDecember, releasing several thousand workers.

Lumber mills, railroad shops, and oil com-panies in district No. 11 (Dallas) increased thenumber of their employees during December.Cotton-oil mills reduced their operations. Amoderate surplus of building .craftsmen hasdeveloped and common labor is in excess ofrequirements. The reduction of agriculturalactivities has resulted in a large surplus ofunskilled labor in district No. 12 (San Fran-cisco). Weather conditions have forced theclosing of lumber mills and construction campsin higher altitudes, adding to this surplus.The shipbuilding and steel industries are stillvery inactive in Oregon and Washington.


FEBRUABY, 1923. FEDERAL RESERVE BULLETIN. 157

FOREIGN TRADE.

Following the increase in the value of ex-ports during last October and November to thehighest point reached since early in 1921, thefigures for December show a decline of nearly10 per cent—from $380,000,000 in Novemberto $344,000,000 in December. The latter figureis still in excess of that a year ago and is higheralso than for any month in 1922 previous toOctober. Taken altogether, therefore, thereports for the last 3 months of the year showdecided gains in our export trade* For the12 months ending with December, 1922, exportstotaled $3,832,000,000 as compared with$4,485,000,000 for 1921, the decrease beingdue to a fall in average unit values rather thanto a decline in quantities. Provisional importfigures are now available for October, and aregiven as approximately $319,000,000, which islarger than for any previous month sinceNovember, 1920. In the last 9 days of.Sep-tember, when the provisions of the new tarifflaw first became effective, imports are nowreported as having amounted to approximately869,000,000.

GOLD AND SILVER MOVEMENTS.

A further addition of $23,730,000 to the coun-try's monetary gold stock through net importsis shown for the month of December. Totalgold imports for the month amounted to$26,440,000. Of this total nearly 60 per centcame from England and about 20 per cent fromFrance, while Egypt and China together,ac-count for another 10 per cent of the total soldimports. About 60 per cent of the total ot$2,710,000 of gold exported was consigned toCanada, while smaller amounts, aggregatingover $1,000,000, were shipped to Mexico,China, and Hongkong.

Net gold imports for the year totaled$238,295,000, compared with $667,357,000 forthe year 1921. • Of the total gold imports forthe year; $275,170,000, about 44 per cent, camefrom Great Britain, about 22 per cent fromScandinavian countries, and about 10 per centfrom France and Netherlands. Gold broughtto the United States from Great Britain islargely of South African origin; gold comingfrom the Scandinavian countries and from

of the Netherlands was the gold shipped tothis country taken from the country's centralreserve. Substantial gold imports from theFar East, mainly China, are also noted, whileamong imports from Latin America those fromColombia and Central America are most im-portant. Of the total gold exports of $30,-875,000, about 60 per cent were directed toCanada, largely during the last quarter of theyear. British India, Mexico, and Hongkongcombined are credited with about one-third ofthe total gold exports for the year.

Silver imports for December, $7,S4S,000,came mainly from Mexico, Peru, and Canada,while silver exports for the-month, SO,913,000,were consigned to Great Britain, British India,and the China coast. Silver imports for thepast year totaled $70,807,000, compared with863,242,000 for the year 1921. Imports fromthe leading silver-producing countries, viz,Mexico, Canada, and Peru, were all on a largerscale than in 1921, indicating a larger worldoutput of silver for the year. Silver exportsfor the year totaled -802,807,000, comparedwith $51,575,000 in 1921. These exports areall of foreign silver, as the domestic productwas purchased by the Government for mone-tary use under the provisions of the PittmanAct. There remains to be purchased underthis act about 50,000,000 ounces, and Govern-ment buying of silver at the fixed SI rate islikely to continue during the greater part ofthe present year.

FOREIGN EXCHANGE RATES.

Sterling exchange advanced during the firstpart of January to the peak rate of $4.68,which had been touched but once (December13, 1922) since 1919. On January 31 the ratehad receded to S4.64.

French and Belgian francs and Italian lireshowed a general downward trend and stoodat the end of the month at 5.S2, 5.12, and 4.70cents, respectively. This brings the Frenchfranc down to its post-war low figure recordedat the end of 1920. The German mark fellfrom 0.0139 cent on January 2 to 0.0021 centon January 31, or from about 7,000 to 50,000marks per dollar.

Neutral and South American exchanges re-France is linked with previous imports of Rus- proined fairly steady, while Shanghai taels andsian gold into these countries. Only in the case Indian rupees showed slight advances.


158 FEDERAL EESERVE BULLETIN. FEBRUARY, 1923,

RULINGS OF THE FEDERAL RESERVE BOARD.Bankers' acceptance to finance purchase of gold.

The Federal Reserve Board was recentlyrequested to issue a ruling upon the questionwhether or not a draft drawn under the fol-lowing circumstances would be eligible foracceptance by a national bank.

A customer of a national bank desires topurchase gold for refining purposes and pro-poses to finance the purchase of such gold bymeans of bankers' acceptances drawn on andaccepted by a national bank. The gold will beshipped to the bank, which in turn will deliverit to its customer on a trust receipt. Theacceptances are to have a maturity of 30 daysin order to finance the customer during theperiod of manufacturing the gold into certaindental supplies. It is understood that thegold will be shipped through an express com-

r y and that no negotiable bill of lading willissued covering the shipment.

Section 13 of the Federal Reserve act pro-vides, in part, that—

Any member bank may accept drafts or bills of exchangedrawn upon it having not more than six months' sight torun, * * * which grow out of transactions involvingthe domestic shipment of goods provided shipping docu-ments conveying or securing title are attached at the timeof acceptance.

Thus the law makes it a condition precedentto the eligibility of such a draft for acceptanceby a national bank that the draft be accompa-nied at the time of acceptance by shippingdocuments conveying or securing title to theeoods shipped. H, therefore, in the case underdiscussion, there is attached to the draft at thetime of acceptance merely an express companyreceipt in the usual form, the draft would notbe eligible for acceptance by a national bank,since such a receipt can not be considered ashipping document conveying or securing titleas required by law. It is conceivable, how-ever, that some arrangement could be madewith the express company whereby it wouldissue shipping documents conveying or secur-ing title to the gold, which could be attachedto the draft at the time of acceptance.

The board has held, however, that a draftdrawn by a purchaser of goods is not eligiblefor acceptance merely because it is secured by a

bill of lading covering the goods purchased,and that in such a case it is also necessary thatthe proceeds of the draft be used by thedrawer—that is, the purchaser—to pay forthe goods covered by the bill of lading. Inorder, therefore, to bring the transactionwithin the spirit and purpose of section 13of the Federal reserve act, it must be establishedalso that the draft is drawn and used to financethe' purchase and shipment of the gold.

There is also a question as to the propermaturity of such a draft. Where a draft isdrawn to finance the shipment of goods, theboard has ruled that the maturity of the draftshould bear some reasonable relation to theperiod required for the actual shipment of thegoods and that the draft should not be drawnfor the purpose of furnishing to the buyerworking capital during the process of manu-facture of the goods shipped. It appears fromthe statement of facts in the present case thatthe underlying purpose of the acceptance creditis to furnish the national bank's customer withcapital to enable him to refine or manufacturethe gold after its receipt. The board is of theopinion that the use of a banker's acceptanceto finance such an operation is an abuse of thedomestic acceptance privilege, and that if thematurity of the draft exceeds the period rea-sonably necessary to complete the shipment ofthe gold, it should be deemed ineligible foracceptance. It is fundamental that an accept-ance is not intended merely to supplement aborrower's normal line of credit, but is intend-ed as an additional means of financing self-liquidating commercial transactions.

In conclusion, the board is of the opinionthat the drafts under consideration would notbe eligible for acceptance unless (1) shippingdocuments conveying or securing title areattached at the time of acceptance; (2) it isestablished that the proceeds of the drafts areto be used to pay for the gold shipped; (3) thematurity of tne drafts is not greater than theperiod reasonably required for the process ofshipment and delivery of the goods to thebank's customer; and (4) the drafts complyin other respects with the relevant provisionsof the law and the board's regulations.


FEBRUARY, 1923. FEDERAL KESERVE BULLETIN. 159

New National Bank Charters.The Comptroller of the Currency reports the following

increases and reductions in the number and capital ofnational banks during the period from December 30,1922,to January 26, 1923, inclusive:

New charters issuedEestored to solvencyIncrease of capital approved1 ,

Aggregate of new charters, banks restored tosolvency, and banks increasing capital —

Liquidations .Reducing capital2

Total liquidations and reductions of capital..Consolidations of national banks under act of Nov.

7,1918Aggregate increased capital for periodReduction of capital owing to liquidations, etc.

Net decrease

Num-ber ofbanks.

Amountof

capital.

$2,930,0000

8,735,000

16,385,000

1,323,000,000

16', 385,0004,720,00C

1 Includes one increase in capital of $175,000 Incident to a consolida-tion under act of Nov. 7,1918.

* Includes two reductions in capital aggregating $100,000 Incident toconsolidations under act of Nov. 7,1918.

Fiduciary Powers Granted to National BanksDuring the month of January the Federal Reserve

Board approved applications of the national banks listedbelow for permission to exercise one or more of the fidu-ciary powers named in section 11 (k) of the Federal reserveact as amended, as follows:

1. Trustee.2. Executor.3. Administrator.4. Kegistrar of stocks and bonds.5. Guardian of estates.6. Assignee.7. Receiver.8. Committee of estates of lunatics.9. In any other fiduciary capacity in which State banks,

trust companies, or other corporations which come intocompetition with national banks are permitted to actunder the laws of the State in which the bank is located.

The numerals opposite the name of each bank indicatethe power or powers it is authorized to exercise, as givenbelow:

Place.

Ocean Grove, N. IMonticello,N.Y.Wilmington, DelBradford, PaMhBradford, PaMauch Chunk. PaState College. Fa.Alliance, OhioColumbus, Ohio...Toledo, Ohio

Ford City, PaVandergrift. Pa . . .Bay ton, Ohio

Salem. VaWashington, D,C.

Dis-trictNo.

Name of bank.

Ocean Grove National Bank..National Bank of Monticello..Union National BankCommercial National Bank...Mauch Chunk National Bank.First National B a n k . . . . . . . . . .Alliance-First National Bank <Commercial National Bank. . .

First National Bank

First National BankCitizens National Bank. . .American National Bank.

Farmers National Bank...District National Bank.. -

Powersgranted.

Ito9.Ito9.Ito9.Ito9.Ito9.Ito9.Ito9.Ito3,5to7 and 9.

Ito7and 9.

Ito9.Ito9.1 to7 and

9.Ito9.Ito8.

Place.Dis-trictNo.

Name of bank.

Elberton, GaBockford.IllIndiana Harbor, Ind.Highland, IIIChippowa Falls, Wis.Stockton, Calif

Taeoma, Wash '. 12 j Pupcl Sound National Bunk.

6 First National Bank7 j Forest City National Bank. . .7 j Unitod States National Bank.S [ First National Hank

Lumbcrmciis National 13onk.First National Bank12

Powersgranted.

l t oO.1 toO.l t o Ol tow.1 toO.I to 3,

fi to 7.l to y.

Officers and Directors of Federal Reserve Banks.

Following is a list of officers and directors ofFederal reserve banks, including directorselected for the three-year term ending Decem-ber 31, 1925:

FEDERAL RESERVE BANK OF BOSTON.

Frederic H. Curtlss, chairman and Federal reserve ajrent. Allen ITollis,doputy chairman. W. P. G. Harding, governor.

Director.

Class A:. Thomas P. Beal

Edward S. KennardFrederick S. Chamberlain...

Class B:Philip R.AllenCharles G. WashburnE. R. Morse

Class C:Frederic H. CurtfssAllen HolllsJesse H. Metcalf

Residence.

Boston, MassRumford, MeNew Britain, Conn

East Walpolc, Mass...Worcester, MassProctor, Vt

Boston, MassConcord, N. HProvidence, R. I

Termexpires.

Doc. 31,1923Dec. 31,1924Doc. 31,1925

Doc.' 31,1023Dec. 31,1921Dec. 31,1025

Dec. 31,1923Doc. 31,1024Dec. 31,1925

FEDERAL RESERVE BANK OF NEW YORK.

Pierre Jay, chairman and Federal reservo agent. Win, L. Saunders,deputy chairman. Benjamin Strong, governor.

Class A:R. H. TremanCharles SmithGates W. McGarrah...

Class B:Richard H. Williams..Frank L. StevensOwen D. Young

Class C:Wm.L. SaundersC M . WoolleyPierre Jay

Ithaca, N. YOneonta, N. YNew York, N. Y

Madison, N. JNorth Hoosick, N. Y.New York, N. Y

New York, N. Ydo

Dec. 31,1923Doc. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Doc. 31,1925

FEDERAL RESERVE BANK OF PHILADELPHIA.

Richard L. Austin, chairman and Federal reserve agent. H . B. Thomp-son, deputy chairman. Geo. W. Norris, governor.

Class A:Jos. Wayne, jr .Francis DouglaiiglasjohnC. Cosgrove....

Class B:Edwin S. S t u a r t —Charles K. Haddon.Alba B.Johnson.. . .

ClassC:R.L.AustinChas. C.Harrison...H . B . Thompson....

Philadelphia, P a . .Wilkes-Barre, P a -Johnstown, Pa

Philadelphia, P a . .Camden, N. JPhiladelphia, P a . .

. . . .do ,. . . . .doWilmington, Del.

Doc. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec. 31,1925


160 FEDERAL EESERVE BULLETIN. FEBRUARY, 1923.

FEDERAL RESERVE BANK OF CLEVELAND.

D. C. Wills, chairman and Federal reserve agent. Lewis Blair Williams,deputy chairman. E. R. Fancher, governor.

Director.

Class A:Robert Wardrop..O.N.SamsChess Lamberton.

Class B:Thomas A. CombsJohn Stambaugh..R.P.Wright

Class C:D.C.WUISW. W. Knight....L.B. Williams....

Residence. Term expires.

Pittsburgh, PaHillsboro, OhioFranklin, Pa

Lexington, KyYoungstown, OhioErie, Pa. . .^

Cleveland, OhioToledo, OhioCleveland, Ohio

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec, 31,1925

FEDERAL RESERVE BANK OF RICHMOND.Caldwell Hardy, chairman and Federal reserve agent. Frederic A.

Delano, deputy chairman. George J. Seay, governor.

Class A: |L. E.Johnson Aldcrson, W. VaCharles E. Rieman Baltimore, MdJohn F. Bniton Wilson, N. C

Class B: ;D.R.Coker Hartsville, S. CEdmund Strudwick Richmond, VaEdwin C. Graham i Washington, D. C

Class C: |Caldwell Hardy \ Richmond, VaFrederic A. Delano j Washington, D. C.Robert Lassiter i Charlotte, N. C

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec. 31,1925

. FEDERAL RESERVE BANK OF ATLANTA.Joseph A. McCord,. chairman and Federal reserve agent. W.

Kettig, deputy chairman. M. B. Wellborn, governor.H.

Class A:P. R. KittlesJohn K. OttleyOscar Newton

Class B:Leon C.SimonJ.A.McCraryW.H. Hartford....

Class C:Joseph A. McCord..Lindsey Hopkins..,W.H. Kettig

Sylvania, GaAtlanta, GaJackson, Miss

New Orleans, LaDecatur, GaNashville, Tenn

Atlanta, Ga.do.

Birmingham, Ala.

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec. 31,1925

FEDERAL RESERVE BANK OF CHICAGO.William A. Heath, chairman and Federal reserve agent. James

Simpson, deputy chairman. James B. McDougal, governor.

Class A;E. L; JohnsonGeorge M. Reynolds...Charles H. McNider...

Class B:iA. H.VogelS. T. Crapo

Class C:James SimpsonWm. A. HeathF.C.Ball

Waterloo, Iowa.. .Chicago, 111Mason City, Iowa.

Milwaukee, Wis.,Detroit, Mich....

Chicago, III.,do..

Muncie, Ind.,

Dec.Dec.Dec.

Dec.Dec.

Dec.Dec.Dec.

31.192331.192431,1925

31,192431.1925

31,192331,192431,1925

FEDERAL RESERVE BANK OF ST. LOUIS.William McC. Martin, chairman and Federal reserve agent. John W.

Boehne, deputy chairman. David C. Biggs, governor.

Class A:John G. LonsdaleJ.C.UttcrbackJohn C.Martin

Class B:LeRoy PercyRolla WellsW. B. Plunkett

St. Louis, MoPaducah, KySalem, 111

Greenville, MissSt. Louis, MoLittle Rock, Ark

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec. 31,1925

FEDERAL RESERVE BANK OF ST. LOUIS—Continued.

Director.

Class C:John W. BoehneWm. McC. MartinC. P. J. Mooney

Residence.

Evansville, Ind'St. Louis, MoMemphis, Tenn

Term expires

Dec. 31,1923Dec. 31,1924Dec. 31,1925

FEDERAL RESERVE BANK OF MINNEAPOLIS.

John H. Rich, chairman and Federal reserve agent. Homer P. Clark,deputy chairman. R. A. Young, governor.

Class A:J. C. BassettWesley C. McDowellTheodore Wold

Class B:N. B. HolterF. P. HixonF. R. Bigelow

Class C:JohnH. RichHomer P. ClarkGeo. W. McCormick.

Aberdeen, S. DakMarion, N. Dak...Minneapolis, Minn

Helena, MontLa Crosse, WisSt. Paul, Minn....

Minneapolis, MinnSt. Paul, Minn....Menominee, Mich.

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec. 31,1925

FEDERAL RESERVE BANK OF KANSAS CITY.

Asa E. Ramsay, chairman and Federal reserve agent. Heber Hord,deputy chairman. W. J. Bailey, governor.

Class A:E. E.Mullaney ,J.C.Mitchell ,Frank W.Sponahle..

Class B:Harry W.Gibson...,T. C. Byrne ,M. L. McClure

Class C:AsaE. RamsayHeber HordFred O. Roof.../....,

Hill City, Kans.Denver, Colo....Paola, Kans

Muskogee, OklaOmaha, NebrKansas City, Mo

.do.Central City, Nebr.Denver, Colo

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec. 31,1925

FEDERAL RESERVE BANK OF DALLAS.

W. B. Newsome, chairman and Federal reserve agent. B. A. McKinney,governor.

Class A: IHowell E. Smith j McKinney, Tex.T " " Houston, Tex...,

Clarendon, Tex.,John T. Scott,W. H. Patrick

Class B:J. J. Culbertson Paris, Tex<J . * . V J U 1 U D I l i O V J U . - . . . . . . . . . . . . X t t l l O , i . O A . . . . . . . . . . .

Frank Kell Wichita Falls, Tex.. . ." " " Fort Worth, TexMarion Sansom.

Class C:*Clarence E.LinzW. B. Newsome.

Dallas, Tex.do

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924

FEDERAL RESERVE BANK OF SAN FRANCISCO.

John Perrin, chairman and Federal reserve agent. Walton N. Moore,deputy chairman. J. U. Calkins, governor.

Class A:John W. BaerM. A. BuchanC. K. Mclntosh

Class B:A. B. C. Dohrmann..Wm. T. SesnonE.H.Cox

Class C:John PerrinWalton N. MooreWm. Sproule

Pasadena, Calif ,Palo Alto, Calif ,San Francisco, Calif.,

. . . .do

. . . .doMadera, Calif

San Francisco, Calif..do I ,do

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec. 31,1925

Dec. 31,1923Dec. 31,1924Dec. 31,1925

1 One vacancy.


FEBRUARY, 1923. FEDERAL RESERVE BUI/LETIN. 161

State Banks and Trust Companies.

Admissions.

The following list shows the State banks and trustcompanies which were admitted to membership in theFederal Reserve System during the month ending January31, 1923, on which date 1,641 State institutions weremembers of the system:

District No. 2.

Fort Lee Trust Co., Fort Lee,N.J

Irving Bank of New York, NewYork,N.Y

District No. 3.

Oxford Bank & Trust Co., Phila-delphia, Pa. (succeeding theOxford Bank of Frankford)

District No. 5.

North St. Louis Trust Co.Louis, Mo

St.

District No. IS.

Union Trust Co., San Francisco,Calif

Capital.

$100,000

12,500,000

250,000

200,000

1,200,000

Surplus.

520,000

1,500,000

100,000

40,000

1,975,000

Total

$130,000

300,140,206

3,826,595

2,795,295

38,903,541

Converted into national banks.—Alpine State Bank;Alpine, Tex.; American Savings Bank, Pontiac, Mich.,Oklahoma State Bank, Cordell, Okla.; Cordell State Bank,Cordell, Okla.; First Guaranty State Bank, Quanah,Tex.; Puget Sound Bank & Trust Co., Tacoma, Wash.

Merged ivith another member bank.—Community Bank,Whittier, Calif.; Industrial Bank of New York, New York,N. Y.; Ocean Park Bank, Ocean Park, Santa Monica,Calif.; Commercial Trust & Savings Bank, Memphis,Tenn.; Bank of Fergus County, Lewistown, Mont.

Rechartered.—-The Oxford Bank of Frankford, Philadel-phia, Pa., a member bank, has been rechartered underthe name "Oxford Bank & Trust Co." and the new organi-zation admitted to membership.

Voluntary liquidation.—Bank of Southern Wisconsin,Janesville, wis.; Farmers & Merchants Bank, Hartwell,Ga.

Withdrawal—Security State Bank, Ponca City, Okla.Change of name—The Dallas County State Bank, Dallae

Tex., to the Mercantile Bank & Trust Co.; the Trust Com-pany of Georgia, Atlanta, Ga., to Lowry Bank and liustCompany of Georgia; American-Liberty Bank & Trust CcNew Orleans, La., to American Bank & Trust Co.; OgdenSavings Bank, Ogden, Utah, to First and Utah SavingsBank of Ogden; Union & Mercantile Trust Co., LittleRock, Ark., to Union Trust Co.

Acceptances to 100 Per Cent.

Since the issuance of the January BULLETIN the followingbank has been authorized by the Federal Reserve Boardto accept drafts and bills of exchange up to 100 per centof its capital and surplus:

Irving Bank of New York, New York, N. Y.

FOREIGN LOANS PLACED IN THE UNITEDSTATES IN 1922.

In continuation of similar tables furnishedfor the two previous years the Guaranty TrustCo. of New York has furnished to the FederalReserve Board a summary table setting forthamounts of principal foreign government,municipal, and corporate loans placed in theUnited States during the calendar year 1922.Corresponding figures for 1921 appeared onpages 1050-1051 of the September, 1922,BULLETIN and for 1920 on page 135 of theFebruary, 1921, BULLETIN.

SUMMARY OP PRINCIPAL FOREIGN GOVKRNMKNT, MUNICI-PAL, AND CORPORATION LOANS OFFKHKD FOR SUB-SCRIPTION IN TIIK UNITED STATES DURING 1022, IN-CLUDING LOANS OF AMERICAN CORPORATIONS DOINGBUSINESS ABROAD.

[In thousands of dollars.]

Country.

Australia •.Dutch East IndiesBelgiumCzechoslovakiaDenmarkFrancoNetherlandsNorwayYugoslaviaArgentinaBoliviaBrazilChileColombiaPeruUruguayCubaDominican Republic...HaitiUnited States posses-

sions4

Canada.Newfoundland

Total.

Govern-mentand

munici-pal.

Corpora-tion.

1O.75S100,000 |

21,500 !.

*3i,*666'47,40021,575

28,0952-1,000361,38019,3505,0002,7506,000(*)6,700

16,000

5 50,5875207,220

G,000

GS0,565

2,500

5o66"41,07518,220

Total.

13,258100,000

2,50021,5005,00072,07565,02021,575

Loans ofAmer-ican

corpora-tions

abroad.

4,000|

28,500

46,520

153,206

15,2502S,09524,00005,38019,3505,0002,7506,000

28,5000,71)0

10,000

41,072245,801

6,000

«S33,771

10, (XX)

23,421

2,800

30,221

0 randtotal.

13.2.18100, OfX)

2,50021,500ft, 0<X)

82,97505,02021,57515,25028,09521,00065,3SG19,3505,0002,7500,000

51,9210,700

16,000

41,0722iS,G01

0,000

809,992

1 The balance of an offering of $25,000,000 is understood to have beenwithdrawn.

2 State of Bahia $5,000,000 issue oftcrcd in October is understood tohave been withdrawn and is not included.

* Bank loan of $5,000,000 in January is not included.* Government and municipal figures include Hawaii.5 Compilation of Commercial & Financial.Chronicle for 11 months,

plus December offerings as advertised.* Foreign currency issues converted into dollars, with two exceptions,

on the basis of the original offering price, comprise $03,303,000 of thegovernment and municipal total and 522,095,000 of the corporate total.

The following exhibit shows the total foreignfinancing for each of the last three years:


1920 . . .1921.1922

Year.Govern-

ment andmunicipal

3S6,922507,070CS0,5G5

Corpora-tion.

189,400118,7501S9.427

Total.

576,322625,820869,992


162 FEDERAL RESERVE BUULETIN". FEBRUARY, 1923.

It is seen that while the total volume offoreign financing in this country in-1921 wasover 50 per cent larger than in 1920, this in-crease is limited entirely to foreign govern-ment and municipal issues. The large declineof foreign corporate issues in 1921 reflected thegeneral industrial depression, affecting pri-marily Cuban and European issues, and to asmaller extent those of Canadian corporations.The latter show the largest decline during,1922, though this decline was more than fullymade up during that year by the large in-crease in the sale of Canadian Government andmunicipal securities in the American market.

COTTON FINANCING.1

With the rapid development of the cotton-producing and the cotton-manufacturing in-dustries has grown the problem of financingcotton from the time the seed is planted to thetime when the finished product is sold. Thenumber of bales of raw cotton produced hasincreased from 154,000 in the year 1800 to anaverage of 13,000,000 bales for the 10 years1911-1920. Likewise the value of the crophas increased from $33,000,000 to $1,000,000,-000 for the same periods. The problem offinancing this billion-dollar crop is a gigantictask best understood by those most intimatelyconnected with the production and distribu-tion of cotton.

Customary methods of financing cotton arethe result of practices that had their inceptionin the early days of cotton production. Asthe industry developed the original methodsof financing were improved and new institu-tions grew to aid in the process. Until thebeginning of the war, in 1914, the problem offinancing cotton was clearly divided into twoparts. The task of extending credit for grow-ing and domestic shipment was borne by thebanking structure within the United States,while the financing of cotton exports washandled largely through the London discountmarket. Since 1914 the problem of financingexport shipments of cotton has been graduallyshifted to the shoulders of American bankers.

1 This is the first of a series of articles prepared by Sir. W. J. Carson

Information upon which this article is based was obtained largelythrough replies to a number of questionnaires which were sent to plant-ers, merchants, bankers, and others who are interested in the industrym various capacities, and from some publications of the United StatesJJepartment of Agriculture. To all of them acknowledgment is due.Acknowledgment is also due to the Federal Reserve branch bank atent is also due to the Federal Reserve branch ban

Cotton financing is largely a banking prob-lem, but it is one that calls into use everyform of modern instruments of credit and isdependent upon these instruments for itsproper functioning. A study of the probleminvolves an analysis of the small grower andhis credit needs; of the plantation owner andhis financial connections with local credit in-stitutions; of the cotton factor as he establishesfinancial relations with local banks and, inturn, finances the planters; of the merchantor broker as he concentrates his purchasesand holds the cotton in storage a/svaiting de-mands from the mills; of the^ mills as theypurchase and hold cotton awaiting demand forcotton goods; and of the cooperative market^ing associations which, in recent years, havebeen established to aid the growers in collect-ing their cotton and distributing it accordingto the demands of the trade.

After a brief description of the cotton indus-try as a whole, the financing of the grower inupland long-staple areas will be discussed.

I. THE COTTON INDUSTRY.

Cotton grown in the United States may beclassified into four groups according to itsuses and commercial value—(1) sea-island, (2)American-Egyptian, (3) upland long staple,and (4) upland short - staple. In addition,these cottons are classified according to (1)grade, (2) color, (3) length of staple, and (4)character, all of which are important in de-termining the value of the cotton, as theyindicate the spinning qualities. The four typesare found in different geographical sections andare of different staple lengths. Sea-islandcotton has a very fine fiber, varying from 1 \ to2 inches in length, and is the most valuable ofall cottons. American-Egyptian cotton has astaple from If to 1-J-& inches in length and ranksnext to sea island in value. Upland longstaple, known as "staple cotton/ ' l ias a fiberlength of \\ to 1J inches and constitutes thegreater part of the long-staple cotton grown inthe United States. Upland short staple,which represents about 90 per cent of theAmerican cotton production and 60 per cent ofthe world's crop, has a staple varying from f to1 \ inches in length. There are other methodsof classifying cotton which are commonly ap-plied in the trade. These have given rise tofive regional trade names, known as uplands,sea island, Gulf, Texas, and American-Egyp-tian. The accompanying map shows the sec-tions of the country in which each type of cot-



ton is grown and the regional trade namethat is commonly applied.

The average acreage, production, and yieldper acre of cotton for each of the cotton-producing States for the 10 years 1911-1920are given in the following table:

AVERAGE COTTON ACREAGE, PRODUCTION, AND YIELD PERACRE FOR 10 YEARS, 1911-1920.

State.

United States....

Alabama..Arizona 3

ArkansasCalifornia3

Florida .Georgia

Louisiana..Mississippi.Missouri

North CarolinaOklahomaSouth CarolinaTennesseeTexasVirginia

Acreageharvested.1

34,939,900

3,227 500120,000

2, 554, 200112,750187 800

5,234, 8001 202,10(02,991,900

129,2001,519,7002 698 2002 S07 900

844 10011 341,800

43, 600

Cotton produced, ex-clusive of linters( e q u i v a l e n t 500-

pound bales 2).

Gross.

13,053,256

1,055,43660,080

933,01104,11746,669

2,039,040435,001

1,055,98067,793

828,956949,746

1, 273, 239338,046

3,7S9,30923,346

Net.

12,4SS,967

1 009,22457,449

940,97101,17544,904

1,949,401415,9S2

1,010,06264,926

790, 874909,213

1,304,94(3323,509

3,630,81022,2S5

Yield(lint

poundsper acre).

178.4

1,56.3239.31S4.2271.2119.5185. 2160. 91CS.S

to t

o

10S. 5232. 4191.6160. 0255. 5

1 Yearly acreagculture, 1920.

Y

figures taken from Yearbook,' Department of Agri-

,* Yearly production figures taken from Cotton Production and Distri-

bution Bulletins, Bureau of Census.3 Average for 4 years, 1917-1920.

average value, 1911-1920, which is shown inthe following table for the leading States:

AVERAGE AGGREGATE VALUE OP COTTON CHOP, LINTCOTTON, AND COTTON SEED FOR 10 YEARS, 1911-1020.l

State.Av5n ?of°

couoncr°op.

Uuited States :$1,300,807,(KM") Si, 100,377,(XX)

Alabama 01,107,000Arizona* n,:v.»."i,oooA rkansas I 101,51 o, i K W»Califoraia 3 t 9,522, 5iH)Florida I 5, '390, 000Georgia | 211,01S,<>00Louisiana ! 47,or>,oOOMississippi ; 100,5-10,000•* r ; ^ ; ^ J"1 i i* ru w \

7S, 591)

KV

MissouriNorth CarolinaOklahomaSouth CarolinaTennesseeTexasVirginiaAll other States

G,Glfi,000KTvis.-), ooo91,074, (KM)

147,233,000:j3,oos,ooo

303 , (Wi, 0002,42">,0002, 111; (XX) i

122,2S,

308

\T*'921,(MX)Tioo.ooo7S1, (KH)M3'000700,000(K)3,0TX)970, 000010, 000791,000

V a l u e ofco t ton .NO

$200,

IT),1,

in,l,

7,17,l,

u,13,21,

4 IK)

0071202.VJ'2^uS25{):>()CISciy

Ml.

(XX)

(XX)000(XX)

:>oo(KX)(XX)000000

140 0000 0 1 ,9 3 1 ,•107,

110,Ho,320,

(XX)(XX)000000(XX)(XX)000

1 Yearly valuation figures taken from Cotton Production and Dis-tribution* Bureau of the Census, 1911-1920.

a Average for 4 years, 1917-1920.

In the above tables the average figures forthe years 1911-1920 were taken, rather thanfigures for a specific year within that period,because of the fact that the cotton industrywas undergoing rapid changes from year toyear. Within this period the price reached itslowest point (1914) and its highest point (1920).

DISTRIBUTION OF DIFFERENT TYPES OF COTTON GROV/N

COTTONS^

GUL.F

COTTON^

Cx;;;;^ U

[ T I JAMERICAN EGYPT/AN

The annual value of the cotton crop, bothlint cotton and cotton seed, increased fromapproximately §500,000,000 in 1900 to almost$2,500,000,000 in 1919. Since then the yearlyvalue of the cotton crop has been near the

The crop also reached its maximum figure in1914, totaling more than 16,000,000 bales.Since 1920 two of the smallest crops within thepresent century have been produced, but thevalues have been near the 10-year average.


164 BESEBVE BULLETIN. FEBRUARY, 1923.

Although cotton is the principal staple cropof the Southern States and therefore of greatimportance as a cash crop, the disadvantagesof relying entirely on one crop have been real-ized. Diversification and rotation of cropshave in recent years been practiced to a large

extent in many sections of the Cotton Belt,and as a result the farm income in those sec-tions has become more secure. The followingtable shows the main crops that are producedin the cotton States and the relative acreageof each for the separate States:

TOTAL IMPROVED ACREAGE IN 1920, AND ACREAGE IN COTTON, TOBACCO, PEANUTS, CEREALS, AND HAYFORAGE, HARVESTED IN 1919 FOR PRINCIPAL COTTON STATES.

State.*Improvedacreage,

1920.Cotton. Tobacco. Peanuts.

Cereals.

Total. Corn.

Hay andForage.

AlabamaArkansas. ,GeorgiaLouisianaMississippi.1...North CarolinaOklahomaSouth Carolina,Tennessee3

Texas

9,893,4079,210,556

13,055,2095,626,2209,325,6778,198,409

18,125,3216,184,1593,218,432

31,227,503

2,628,1542,553,8114,720,4981,343,3342,948,3871,373,7012,732,9622,631,719800,069

11,522,537

3,435

25,007

459,011

103,49629,479

334,23921,692201,78817,67016,933125,76613,9697,4601,898

165,407

3,456,6672,868,5834,620,9601,996,6902 718,0553,133,89110,053,9312,048,1941 045,171

10,768,930

3,334,2042,292,1194,269,4551,504,9702,657,0092,311,4622,472,9051,753,813

943,9204,748,655

705,2791,002,3331,248,814

208,631483,544992,374

2,073,513668,538341,972

2,390,457

1 In addition to the above crops certain others are grown extensively in some States. The chief of these are 234,049 acres of sugar cane inLouisiana; 456,959 acres of rough rice in Louisiana and 143,211 acres in Arkansas; 1,482,663 acres of kafir and milo in Texas and 1,152,430 acres inOklahoma. Oklahoma and Texas are also the two greatest wheat-producing States in the cotton belt. Wheat nearly doubles corn in acreageharvested in Oklahoma. Oats are grown extensively throughout the cotton States, but Texas and Oklahoma exceed the other States in acreageharvested.

3 Figures represent only 21 counties in west Tennessee, containing 800,039 acres in cotton out of the total 807,770 acres in cotton for the entireState.

The principal items of expense in producinga cotton crop are labor, rent, fertilizer, seed,stock feed, ginning, and baling. Of these laboris the greatest expense. Hand labor is neededin the growing season (April to July) to chopand hoe the cotton. In the fall, beginningabout September 1, hand labor is used entirelyto pick the cotton. The expense for culti-vating the crop is gradually being reduced insome sections through the adoption of bettermethods of cultivation arid the use of im-proved implements. But a machine to lessenthe greatest of all labor expense, that o l pick-ing, has not yet been successful. An itemizedlist of expenses for two years (1913 and 1920)is given in the following table for a 100-acrefarm in northern Texas under a crop-sharinglease, the landlord taking one-fourth of bothlint and seed as his rent on the basis of anaverage yield of 200 pounds per acre.1

ITEMS OF EXPENSE IN COTTON PRODUCTION.

Labor:Two hands for six months..Chopping cotton twice.,Picking 40 bales..Hauling cotton to "ginnery!!

Total..

1913

$240150510

48

948

1920

$840350900

96

2,186

»Items taken from Cotton Statistics, Official Report of World CottonConference, 1921, prepared by John A. Todd.

ITEMS OF EXPENSE IN COTTON PRODUCTION—Contd.

Tenant's capital:Four mules^Harness '.Breaking plowTwo cultivatorsTwo plantersTwo wagonsOne pair harrowsOne stalk cutterSixhoesScales for weighing cotton-Buggy and harnessHorseCotton sacks

Total 1

Interest thereon at 10per cent « . . . .Depreciation thereon a t 124 per centCotton seed, 75 bushelsGinning and baling, 40 bales ;.Stock feed:

450 bushels of c o r n . . . . .365 bales of hay

Supervision

Total cost (excluding tenant ' s capital)

1913

70032557560

1801526

42

130150

10

1,439

144ISO150120

225182120

2,069

1920

650100

70150112230

2765

63

135100

20

1,658

167209300320

562365180

4,289

Fertilizer is not included in the above listbecause very little is used in Texas. In theAtlantic States fertilizer is a principal expense,while in the intermediate areas, Mississippi,Tennessee, Arkansas, and Louisiana, it is usedto a lesser degree and therefore is not as heavyan expense as in the older States. Thecotton States using the most fertilizer in 1922were Georgia, Nortn Carolina, South Carolina,


FFBRUABY, 1923. FEDERAL RESERVE BULLETIN. 165

and Alabama. The values of the amountsused by these States were SI 1,057,000,$9,666,000, $8,076,000, and $6,819,000, re-spectively.

II . FINANCING THE GROAVER—LONG STAPLE

AREAS.

The two important problems in comiectionAvith financing the cotton industry from thetime the seed is planted until the raw cottonreaches the spinner are, first, that relating tothe growing and the sources of credit for plant-ers and tenants; and, second, that involvedin financing the marketing of cotton and itsmovement from the farm to the Americanand foreign mills. Of these, the first canclearly be separated into two parts—(1)financing the grower in the long-staple ordelta areas of Mississippi and Arkansas, and(2) financing the grower in short-staple orupland areas of other sections of the CottonBelt.

A. THE LONG-STAPLE COTTON INDUSTRY.

The principal long-staple areas of uplandcotton are found in the alluvial soil sections ofMississippi and Arkansas. The territory in-cludes 10 counties in Mississippi and parts of14 others;2 2 counties in Arkansas composedentirely of alluvial land and other countiesadjoinmg these or bordering on the MississippiRiver that have alluvial strips.3 A largepercentage of the cotton produced in Chester-field, Darlington, and Marlboro Counties inJSouth Carolina, some counties in northeasternTexas ôrdering on the Red River and itstributaries, and some counties in central andsouthern Oklahoma bordering on the Arkansas,Canadian, and Red Rivers is long-stapleupland, but the methods of operating farmsand financing the grower are not differentfrom other sections of these States where short-staple upland cotton is grown. Long-staplecotton is also produced in the irrigated regionsof Arizona and southern California. Thisis chiefly American-Egyptian cotton, and theindustry there is comparatively new.

The alluvial or delta areas of Missisippi ex-tend along the Mississippi River from just

»Theparts oi ^JJAÛL, ît"s> w w - j *•".-*Francis. Seventeen others contain

30425—23 -3

strips.

below Memphis on the north to Vicksburg onthe south. The region is a largo triangulararea between the Yazoo and MississippiRivers, comprising about 6,400 square miles.The soil is very fertile, as it has frequently beensubject to the overflows of the MississippiRiver but is now protected by a system oflevees. The climatic conditions and the fer-tility of the soil make the section particularlyadaptable to cotton growing, and an adequatesupply of labor is provided from the lurgepopulation of negroes.

Cotton is the principal crop grown in thedelta. The farms are very large and are oper-ated entirely on the plantation system. Theplantation owners either live on the plantationsand supervise the farm operations themselvesor in the nearby towns and operate themthrough managers who live on the plantations.The latter is more often the method used. Thesystems of tenure are not altogether differentfrom those found in other plantation areas ofthe South. But it is in the delta sections,perhaps to a. larger extent than elsewhere, thatthe plantation system is maintained as it wasin the early period of cotton cultivationthroughout the Cotton Belt. The principalsystems of tenure in the delta are threo innumber—(1) share-cropping system, (2) share-renting system, and (3) cash-renting system.4The main points of difference between the sys-tems are determined by contract with thelandlord and tenant and they vary with thefinancial standing of the tenant.

Share-cropping system.—Under the share-cropping system, often called the half-and-halfsystem, the landlord furnishes the land, acabin for housing the tenant, all necessaryteams, harness, and feed for the teams, theseed, one-half of the fertilizers used, and thetenant's fuel wood; the tenant supplies thelabor for preparing the land/ cultivating, andgathering the crop, and works according to thedirection of the landlord. Each party underthis contract receives half of the crop and insome cases pays for his half of the ginning andbaling; in others the tenant pays for theginning and baling. When other crops aregrown besides cotton and corn, they are usu-ally divided equally between the landlord andtenant. The landlord exercises careful super-vision over the share croppers, who can onlybe considered as tenants from the point of

< E A Boeger and E. A. Goldenweiser—A Study of the Tenant Sys-tems of Farming in the Yazoo-Mississippi Delta. A professional paper.Bulletin No. 337, of the United States Department of Agriculture, 1916.


166 FEDERAL KESERVE BULLETIN. FEBRUARY, 1923.

operation; from the point of supervision theyare laborers, receiving half of the crop and theuse of a cabin in return for their services.

In some cases when the tenant plants anycrop other than cotton on his land he pays thelandlord a stated sum per acre for the use ofthe land and receives all of the crop raised.The following is a clause from a half-and-half," One-half/' contract of employer with em-ployee :

The said employee shall prepare the land, put inthe crop, cultivate and gather the same, in accordancewith the directions of said employer; and that said em-ployer agrees to provide cabin for housing saidemployee , and to furnish the necessary teams, tools,gear, and feed for said teams, at its own expense; and toadvance all necessary supplies to said employee , atprices to be agreed upon when delivered.

Share-renting system.—Under this system,often called the two-thirds or three-fourthscontract system, the tenant furnishes at hisown expense the necessary work stock, equip-ment and feed for the stock, tools, machinery,seeds, and all the labor for preparing the land,cultivating, and gathering the crop; the land-lord furnishes the land, cabin, and the tenant'sfuel. Fertilizers, if any are used, are paidfor by both landlord and tenant, the proportionbeing determined by the ratio of each party'sshare of the crop. The landlord also advancesall the necessary supplies to the tenant at pricesagreed upon when delivered. The tenant paysfor the ginning and baling. In return for allhis services he receives three-fourths of thecrop for his share. In some sections he re-ceives only two-thirds of the crop. The land-lord exercises supervision over the tenant'soperations, but the care of stock and machineryis not in accordance with the direction of thelandlord, as they belong to the tenant.

If any crop other than cotton is grown thetenant pays for the use of the land at a statedprice per acre out of his share of the cottonand cotton seed and receives all of the cropproduced. The following is a clause from a" Three-fourths" contract with employer andemployee:

The said employee shall, at own expense, fur-nish the necessary teams, tools, gear, and feed for the teamsand shall prepare the land, put in the crop, cultivate andgather the same, in accordance with the direction of saidemployer; and that said employer agrees to providecabin for housing said employee , and to advanceto said employee all necessary supplies at pricesagreed upon when delivered.

Cash-renting system.—The cash-renting sys-tem is found to a smaller degree than either

of the other systems. I t is similar to the share-renting system in that the tenant pays a fixedrent per acre in cash or lint cotton instead of ashare of the crop. If fertilizers are used theyare paid for entirely by the tenant- Theamount of supervision exercised by the land-lord over cash renters varies with the characterand ability of the tenant. If the landlordadvances supplies to the cash renters he has agreater interest in the crop than if the tenant isable to supply himself or establish independentcredit connections with local merchants.

B. ACCOMMODATION TO PLANTERS.

The methods of financing the large plantersin the Yazoo-Mississippi Delta differ in somerespects from those in use in other sections ofthe Cotton Belt, especially in the eastern cottonStates, where the farms are smaller and diversi-fication of crops has been introduced. I t isnecessary for most planters to borrow early inthe spring in order to prepare the soil, in somecases, to purchase seeds, equipment, and newimplements that are necessary, and to arrangeto supply their tenants with provisions duringthe seasons of cultivation.

Few planters have built up sufficient liquidassets to carry them through the period of cul-tivation. This has partly been due to the factthat much land is being constantly cleared oftimber, ditches are being dug, and other pioneerwork is being done, all of which involves a greatdeal of expense. Kecently the construction ofgood roads and drainage systems have laidheavy tax burdens on the planters and havealso absorbed much of their available liquidresources.

The planter in the delta secures his accom-modation for growing his crop from four prin-cipal sources—the bank, cotton factor, whole-sale merchant, and the local merchant. Thetenant receives his credit advances principallyfrom the landlord through the commissary orplantation store. In the alluvial sections ofArkansas the local merchant supplies the ten-ant with about 50 per cent of his credit needs,and the remainder is supplied by the landlord.The accompanying diagram illustrates the prin-cip al sources of credit for the delta cottongrowersand the various agencies through which itpasses before reaching the final consumers.

Advances by factors.—Formerly it was cus-tomary for the planters to make credit arrange-ments in the spring with a cotton factor. Theplanter agreed to deliver to the factor a certain


, 1923. FEDERAL RESERVE BULLETIN. 167

number of bales of cotton, and if the numberdelivered should be less than the numberspecified the planter was to pay a specifiedsum per bale as damages. A credit wasplaced upon the f actor7s books and the planterdrew against this foiJ all purposes. The factorwould secure the advances by either a croplien contract, chattel mortgage, or contract forcotton.to be delivered when ginned and baled.In some cases the loan was made on open ac-count, when the factor knew the financial

CREDIT STRUCTURE IN DELTA AREASFOR GROWING COTTON

CITYBANK

FEDERAL RESERVEBANK

LOCAL BANK

FACTORWHOLESALE

MERCHANTLOCAL SUPPLY

MERCHANT

PLANTER

COMMISSARY

SHARECROPPER

SHARERENTER

CASHTENANT

standing and the integrity of the planter.Loans were always made by factors to planters,with the expectation that cotton would be con-signed to the factor for sale. The consign-ments were to be made by the planter as soonas the cotton was gathered and prepared formarket. In recent years factorage businesshas suffered heavy losses from the decline inprices in 1920-21 and losses to R ^ t o " • ^the destruction by the boll weevil. Tlus hasled the factors to strengthen their Joans withreal-estate mortgages g^en b y P antei^^cover-ing their plantationsspecimen of a grower'sfactor:

y P ^The /ollowmg is a

contract with the

19.Whereas of , has this day agreed to advance

during the season of 19.. . . . . . . dollars, in moneyand supplies, at their discretion (all money to bear percent interest and supplies to be charged at their regularcredit prices), for the purpose of enabling to mako,gather, and market a crop

And whereas are in the commission busincKs andhave gone to a large expense in making preparations forthe handling and sale of cotton, it is hereby agreed that inconsideration of the above-mentioned advances thatagree to bind myself to ship said company as many as

bales of cotton or pay them commission on anynumber of bales less than said number than '. mayfail to ship said company at the rate of 1 and 25/100 dollarsper bale as agreed liquidated damages.

Witness Hand, day, and date above.Witness

Supplies, $.Cash, $-

Spring advances have declined considerably,and it is estimated that planters in Mississippionly receive about 10 per cent of such advancesfrom factors for the 1922 crop. In Arkansasthe amount was still smaller, averaging about5 per cent. There are some planters, however,able to secure their loans satisfactorily whoprefer to borrow entirely from the factors.

Bank loans.—It is estimated that the plantersin Mississippi secure from 50 to SO per cent oftheir loans from banks. In Arkansas the esti-mates range from 40 to 60 per cent, as the localmerchants play a greater r61e as a source forloans than in Mississippi. Loans by the banksare made principally on promissory notes se-cured by crop liens and chattel mortgages.The crop liens cover the growing crops and thechattel mortgages are given to cover live stock,implements, farm machinery, tools, and feedstuffs. Under present conditions real estatemortgages are frequently required. Prior to1920 it was the custom in Mississippi to loanon a straight promissory note, but the lossesthat resulted in 1920-21 have made banksmore cautious and security is taken in theforms mentioned. The conditions vary forbanks in Arkansas. One bank reports that 50per cent of the loans made to cotton plantersare made on unsecured promissory notes, whileanother reports that only 10 per cent of suchloans are thus made, and 90 per cent are madeon promissory notes secured by chattel mort-gages, realty mortgages, or crop liens.

The basis upon which loans are made by thebanks to planters varies in different sections ofthe delta. One bank reports that loans aremade in a flat sum for each acre in cultivation,varying from $4 to $10; another.states thatloans are made entirely on the planter's finan-


168 FEDERAL RESERVE BULLETIN FEBBUAEY, 1923.

cial standing and without any reference tothe number of acres under cultivation. Insome instances loans are made from monthto month to cover actual expenses incurred bythe planter in obtaining supplies and in meetingpay rolls. The planter in turn gives his noteeach month for the amount borrowed. Onebank in Arkansas states that loans are made onthe basis of $10 for each acre planted in cottonand corn. Another says that the banks ad-vance up to 50 per cent of the anticipated valueof the cotton crop.

Within recent years the presence of the bollweevil has influenced loans by banks to cottonplanters. The extent to wmch this influencehas been felt is not uniform for the differentbanks. But the general effect has been tocause banks to curtail their cotton advancesand to make the planters more conservative inthe use of credit. One bank reports that addi-tional loans have to be made to assist thefarmers to fight the weevil, but they are madeonly after a conservative use has been madeof credit extended earlier in the growing season.In connection with the presence of the weevilthe extent to which crop diversification hasbeen introduced is an important aspect infinancing the planter. Some banks haverefused to extend loans to planters unless theyproduce feed and feedstuffs. Others have in-creased advances to planters that have insti-tuted a system of diversification. In Arkansasone banker states that the problem of diversi-fication there has not been solved and has nothad any effect on bank advances. The oppo-site opinion is held by another, who thinks thatloans have been made much easier for thefarmers who are diversifying their crops.

The dates for maturity vary with the dif-ferent banks and different planters. Theloans are generally made to mature about thetime the crop begins to move to market. Theearliest notes made in the spring mature asearly as October 1 or October 15. Those thatare made later in the spring mature as late asNovember 15. In many cases the early notesare renewed, but renewals always depend uponthe rapidity of the crop movement. In normalyears it is not necessary to renew paper whichmatures after December 1. However, withinthe last two years the conditions have beenvery abnormal and many renewals have beenmade. Some loans have been extended for ayear. One bank reports that instead of renew-ing the notes of planters for funds used ingrowing the crop a new commodity loan isfrequently made on a note secured by ware-

house receipts. This liquidates the originalloan and gives the bank better security for anew loan.

The practice as to interest payments is notuniform. In Arkansas it is customary forthe notes to bear interest from their date; inMississippi some banks report that interest isdeducted in advance but the usual custom isto collect it at maturity.

Wholesale merchants.—Advances by whole-sale grocery companies, jobbers, and manu-facturers to the large planters in the delta areof importance. It is estimated that about 20per cent of the credit accommodations toplanters in Mississippi are from wholesalemerchants, while in Arkansas the amountvaries from 5 to 10 per cent, averaging undernormal conditions about 10 per cent. Whole-sale grocery companies making sales largelyin the delta estimate that from 50 to 90 percent of their sales in the delta are made toplantation owners operating plantation storesor commissaries. The other sales in the terri-tory are made to retail merchants operatingin the smaller towns.

Terms of sale.—The terms of sale by whole-sale merchants to planters are not uniformwith the several wholesale houses. Hereto-fore the terms of credit have frequently beenspring to fall, but within the past two years thewholesale merchants have been shorteningthe terms and approaching a cash basis. And,although some cash sales are made by a fewhouses, the general practice with the mer-chants is to make sales for 30 days. How-ever, this is subject to variation, as underpresent conditions it is often necessary for thetime to be extended to 60 or 90 days and in afew instances to 120 days. It is the practicefor the planters to borrow from the factorsand banks to pay the wholesale houses ratherthan have merchants carry them for a longerperiod than 30 days. The usual custom withthe merchants is to make sales to planters onopen account or unsecured promissory notes.It is estimated that normally about 75 percent of sales are made on open account and25 per cent on unsecured promissory notes.Since 1920 the wholesale companies have beenmore cautious in extending credits, and whensales were made for a longer period than 30days whatever available security the planterscould furnish was taken; in many cases thishas been real estate mortgages or crop liens.The tendency is for the planters to give thebanks or factors the choice security and there-by obtain funds with which the wholesale



merchants can be paid. The wholesale mer-chants often find it necessary to borrow fromthe banks in order to advance to the fanners.Such loans are generally made on "opennote," but the planters7 notes, when available,are sometimes discounted or used as collateralby the merchant.

The plantation commissary.—The local storeis of small importance as a source of credit forplanters and tenants in the delta. The planta-tions usually operate commissaries to supplythe tenants and thus serve the purpose 01 thelocal stores or merchants in the Eastern States.

The plantation commissary is a warehousefrom which the planter periodically deliversrations to his tenants. Share croppers andshare renters are supplied entirely by the land-lords through the commissary. " Cash renterssometimes receive their supplies from the samesource, but they usually have a better financialstanding and can secure credit accommodationelsewhere, chiefly from retail merchants in thesmall towns. It is generally stated in the con-tracts, when written, that supplies will be ad-vanced to the tenant by the landlord "atprices agreed upon when delivered." If thecontracts are verbal, a similar agreement isusually made. The principal articles that areadvanced by the commissary are meat, meal,sugar, coffee, tobacco, and' clothing. Whenfeedstuffs for the stock have to be furnishedthe commissaries advance them to the tenanton the same terms as other articles are ad-vanced.

The methods of advancing to tenants arcfairly uniform. Each tenant is given a line ofcredit based upon the number of acres ho isto plant. This is divided into monthly install-ments and the tenant is allowed to draw thestated amount each month. Advances aremade on open account to share renters andshare croppers. The commissary is alwayssecured against losses through advances of thiskind by the landlord's lien. If advances aremade to cash renters they are often secured bythe renter's promissory note collateraled by achattel mortgage covering the tenant s growingcrop, live stock, and farm machinery.

The credit price charged by the commissariesis somewhat higher than the cash price. Whenit is customary for the commissaries to makesome cash sales, the cash price often rangesfrom 10 to 20 per cent lower than the tuneprice. In all cases the time price covers theexpenses of deferred payment and in only afew instances is there an additional charge asinterest jnajfe on the entire sum advanced.

The time price charged is about the same assimilar prices charged by retail merchantsoperating in the small towns of the delta.

Advances aro made to tenants as long as theyare cultivating the crop. Many tenants aro ofvery limited means, and it is often necessaryto make advances in the late winter and earlyspring before work on the now crop actuallybegins. Advances are made regularly untilpicking season. At that time the tenant beginsto bring his cotton to market and liquidatesthe advances that were made to him from theproceeds of the sale.

The periods for settling with the tenants varywith different planters. In many cases thosettlement is not made until after the crop hasbeen sold, but tho general practice is to makesettlements as soon as the cotton has beenginned. Tho basis of settlement is tho marketprice for similar cotton on tho day of settle-ment. The planter settles with tho tenant ac-cording to the terms of tho contract. Theamounts of advances made to tho tenant by thecommissary aro totaled and deducted from hisshare of the crop. The remaining proceedsfrom the tenant's share in tho crop aro madeeither in cash or in credit on the books of thocommissary. If the latter process Ls used, thotenant builds a balance against which ho"draws" supplies in tho form of food andclothing throughout tho winter.

C. THK PROBLEM OF MARKKTlMi.

Tho problem of marketing cotton in the deltais solved in a manner somewhat different fromthat followed in other sections of the CottonBelt where local buying has become important.As has been stated earlier in this article, thoprincipal sources of funds for growing tho cropare the local banks, factors, and wholesale mer-chants. Tho local banks and factors are alsothe principal sources from which funds areobtained for marketing the cotton.

Consignment to factors.—Since 1920 the mar-keting process has been undergoing consider-able changes. Formerly it was customary forthe planter, as soon as tho cotton was ginnedand ready for market, to ship it directly to afactor in one of tho larger cities of that section,for sale and to strengthen the former's credit.Additional drafts were drawn on the factor forfunds, in tho form of currency and coin, whichwere needed to meet expenses arising frompicking and ginning and to make settlements.The draft was met by the factor in the samemanner as those that were drawn by the planter



to meet spring needs. The cotton upon reach-ing the factor was sampled, warehoused, in-sured, and eventually sold. The proceeds ofthe sale were added to the credit of the planteron the books of the factor. The factor alwayscharged the planter a commission for handlingthe cotton, and if credit had been extended tothe planter in the form of spring advances itwas deducted, with interest, from the proceedsof the sale of the cotton.

Although spring advances by the factors, as awhole, have been considerably reduced, largequantities of cotton are still sold by them forplanters on commission. The factor in orderto provide himself with funds for advancing toplanters on cotton consigned to him often bor-rows heavily from local banks. The loans areusually made on unsecured promissory notes,but frequently warehouse receipts for cottonconsigned to Him are pledged as collateral. Hisborrowing usually begins in August andSeptem-ber, as the cotton begins to come in, and con-tinues until December and January when,generally, all of the cotton has been sold.

Cooperative marketing.—The principal changein the methods of marketing and of financingthe long-staple cotton has been worked outthrough cooperation among the growers. Thecooperative marketing idea has not been con-fined to the delta regions of Mississippi. Ithas spread widely throughout the cotton States,and each State has organized a cooperativecotton-marketing association. The question offinancing the cotton-marketing associations isreserved for a later article, but as the StapleCotton Cooperative Association of Mississippioperated successfully in 1921, it is well here togive some facts relating thereto.

The association began business in September,1921, and handled 158,714 bales of staplecotton, valued at approximately §20,000,000for the delta planters in the season of 1921-22.This was about one-third of the total cottonproduced in the alluvial soil sections of Missis-sippi. The association borrowed largely fromthe War Finance Corporation and from banks inthe larger cities through the medium of bankers'acceptances.

In the delta counties of Arkansas local buyingis more important than in those of Mississippi.It is estimated that from 50 to 60 per cent ofthe staple cotton is sold through local and resi-dent buyers, and the problem of financing themarketing there is one of financing the buyer,a topic also to be discussed in a later article.

D. SUMMARY.

Methods of financing cotton in the delta havedeveloped simultaneously with the plantationsystem of cotton farming. After the CivilWar the system in other sections of the CottonBelt was supplanted in part by the small farm,but in the alluvial soil sections of Mississippithe plantation system remained intact. Theproblem of extending credit for cotton grow-ing involves the question of financing thelarge planters, who in turn extend credit to thetenants. The planters are usually of strongfinancial standing and are able to establishcredit lines with factors, banks, and wholesalemerchants in the larger cities and do notapply for credit to the local store or localsupply merchant.

The chief problem that has confronted thefactor in extending funds for growing the crophas been to obtain adequate security. Whilethe factor has accepted chattel and realtymortgages as collateral, he has in all instancesbeen secured principally by his contract withthe planter, who bound himself to consign cot-ton to the factor to be sold on commission.Under this arrangement the factor has notalways been adequately protected againstlosses, nor has the planter always been suppliedwith sufficient funds. The violent decline incotton prices in 1920 brought great losses tothe factors and caused many of them to reducetheir advances to planters and induced othersto withdraw entirely from the business.

In the delta region the wholesale merchantssell directly to the planters, who in turn supplythe needs of tenants through the medium ofthe plantation commissary. The provision offunds for the planter, to enable him to makepayments to the wholesale merchants and tosupply his tenants on a credit basis, is gen-erally accomplished through the factor. The,recent decline of the factorage business hasresulted in the local banks and those in near-bycities being called upon to aid the planter inmaking cash purchases and to aid tne whole-sale merchants when sales are made to plant-ers on a time basis.

The problem of the hanks.—Although there arcseveral media through which credit often passesbefore reaching the planters and tenants, theentire process of financing falls heaviest onthe banks not only in the local cities of thedelta but in the larger cities of the immediateterritory. The proolem which confronts the



banks is threefold. It relates, first, to the ques-tion of financing the planter himself duringthe growing season; second, to financing thefactor and wholesale merchant; and, third, tofinancing the cotton buyer and the coopera-tive marketing association during the market-ing season. The local banks finance the grow-ing process directly through advances toplanters, while the banks in the larger cities,especially Memphis, New Orleans, and St.Louis, aid indirectly through advances to fac-tors, who in turn advance to planters in theform of cash and supplies. The city banksalso make very heavy advances to buyers.Loans by banks increase as the season pro-gresses, and those in the smaller towns reachtheir peak in the late summer—in July, August,or the early part of September.

As the crop is marketed the planters7 loansare paid and likewise their indebtedness to thefactors and wholesale merchants is reduced,so that the latter in turn reduce their indebted-ness to the banks. But as the planters beginto reduce their indebtedness tne banks arecalled upon to finance the marketing process.They supply some funds to the factors through-out the marketing season, usually from Sep-tember to January, and to the buyers andmerchants as they concentrate the cotton andhold it for shipment to American consumers orabroad. The country banks make some loansto cotton buyers, but the heaviest financing ofthe marketing falls on the city banks. Loanswhich the city banks make to the buyers pro-vide funds which are spent in the smallertowns, and thus the demands upon smallerbanks diminish, while the borrowings of thecity banks continue to mount until they reachtheir peak in late autumn and early winter—in November, December, or early January.The cooperative marketing association requiresfunds to make advances to planters for cottondelivered to it. This is a new factor in themarketing process and has been financed in

gart with funds advanced by the War Financeorporation, but in the future the problem of

extending funds to the marketing associationwill in all probability depend upon the banksfor its solution.

The burden of financing the growing andmarketing of staple cotton is often greaterthan local banks can easily support, and theyborrow considerably from the Federal Reservebank and banks located in larger ci t ies-Memphis, St. Louis, New Orleans, New Yorkand Chicago. Factors often establish credrlines in som$ of these cities when local banks

can not accommodate them fully. Some ofthe large buyers and merchants also dependupon outside banks for a considerable part ofheir funds for moving the crop. Many of

Jiese banks may in turn rediscount or borrowat the Federal lleserve banks. This providesti lonp chain of credit amounting in the aggre-gate in some years, it is estimated, to as muchus $100,000,000.

THE TREND. OF DEPARTMENT-STORESTOCKS.

A measure of the trend of merchandise stockstit retail stores is important to the retailer incomparing his own business with the averagebusiness. Furthermore, knowledge of the trend

retail stocks is of value to the wholesaler andmanufacturer, as it furnishes them with nbasis for measuring the* probable course of'uturc orders.

About 500 department stores are now re-porting the value of their stocks of goods on handto the Federal reserve banks at the end of eachmonth. For 1G0 of these stores, distributed[throughout seven Federal reserve districts,figures are available in dollar amounts sinceJanuary, 1019.1 Using the average stocks in1010 as a base, relatives have boon computedfor the groups of stores in each of these districtsund are shown in the accompanying table.

Comparison of the expansion ana contractionof department-store stocks during the four-year period shows that there has boon, on thewhole, a remarkable uniformity of movementfor these seven groups of stores. In each dis-trict during each of the four years there isnoted a regular seasonal trend—a moderateincrease in the spring months, a contraction inthe slimmer, a largo expansion in the earlyautumn, and a drastic reduction in December.In addition to this regularity of seasonal move-ment there is indicated a noticeable correspon-dence in year-to-year trend for the several dis-tricts. The trend of stocks was upward in allreporting districts throughout the year 1010.This upward movement reached a peak in theRichmond, Minneapolis, and San Franciscodistricts in the spring of 1020, while in theBoston, New York, Atlanta, and Dallas dis-tricts the upward movement continued untilthe fall months. The value of stocks declinedabruptly in all reporting districts in the monthsof November and December, 1020, and in

* For a small number of these stores it was necessary to estimate stocksfor certain months of 1919.


172 FEDERAL EESEEVE BU3XETIN. FEBRUARY, 1923.

January, 1921. At the end of January, 1921,retail stocks were at the lowest level since 1919in all districts. The volume of stocks indicatesthat retailers bought very conservativelythroughout 1921 and 1922, as the value ofstocks at the fall peak of 1922 was lower thanin the fall of 1921 in the Atlanta, Minneapolis,Dallas, and San Francisco districts and smallerthan in the fall of 1920 in every reporting dis-trict. As a result of the heavy Christmastrade in 1922, stocks were much depleted, andat the end of the year were at the lowest pointsince 1919 in the Boston, Atlanta, and Minne-apolis districts.

trict. The changes in volume of stocks inthe San Francisco and Minneapolis districts,on the other hand, have been much less markedthan in other districts, and San Franciscostocks were only slightly smaller in 1922 thanin the corresponding months of 1921.

The last column of the table shows an index ofdepartment-store stocks for the United Stateswhich is constructed by combining the rela-tives for the seven reporting districts by theuse of a system of weights. The weights arethe number of persons engaged in retail tradein the various districts according to the UnitedStates Census of Occupations. In the accom-

PERCENT

180

140

120

100

80

60

LJT\

p r t

0

STOCKS AND SALES OF DEPARTMENT STORES( 1919 = 100 )

* ^ 9

•

Ai i

1 • /j

!

1

- V1/.

IfI 1

V

N

It

tit/ts

h

i i

i

•AIIIII I1 !

M

\

iii

ii

KI /

i

/ / \

» . /

;

i

•

J. F. M. A.M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A- S. 0- N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. 5. 0- N. D. J. F. M

1919 1920 1921 1922

•

—__

A . M . J . J . A S . 0 . N. D

1923

PERCENT

180

160

140

100

80

60

40

20

0

The outstanding differences in movement ofstocks between sections have been differencesof degree rather than of seasonal or cyclicaltrend. The most noteworthy variations fromthe average in size of movement occurred inthe Dallas, Minneapolis, and San Franciscodistricts. Department stores in the Dallasdistrict increased their stocks much more in1920 than the stores in any other section. Asa result their stocks reached a very high peakin September, 1920, and in the succeedingpaonths a much more drastic reduction occurredin the Dallas district than in any other dis-

panying chart this index of merchandise stocksfor 160 stores is compared with an index ofdepartment-store sales. It should be notedthat stocks at any date are equal in size to threeor four months' sales, so that a 3 per cent in-crease in monthly sales would not result inmore than a 1 per cent decrease in stocks.Consequently, the fluctuations in the volumeof stocks would ordinarily be less violent thanthe fluctuations in the volume of sales.

Examination of the chart reveals certamdefinite relations between the trend of stocksand the trend of sales. Stocks regularly in-


FEBEUAKT, 1023. FEDERAL RESERVE BULLETIN. 173

crease in February and reach a peak duringApril, while sales begin to increase in Marchand reach a peak between March and May (thepeak being much influenced by the date ofEaster). Stocks usually decline in May andJune and reach a low point during July, whilesales show a similar decrease to alow point ineither July or August. Stocks are expandedin the months of August, September, andOctober, while sales expand in September andOctober, continue at aoout the October levelduring November, and rise to a very sharppeak in December. The large Christmasbusiness in December and the desire to reduceinventories at the close of the year usuallyresults in a marked reduction of stocks duringDecember and January. Sales, in turn, are

reduced to a small volume in the first twomonths of the year.

This brief summary of seasonal tendenciesshows that there arc two peaks and two troughsin the volume of both sales and stocks eachyear. The changes in volume of stocks usuallyanticipate changes in volume of sales by aboutone month, but this is more clearly the case atthe fall peak and the winter trough than at thespring peak and the summer low point.

Latest data for department-store sales andstocks disclose that sales in December reachedthe largest monthly total in the last four years,while stocks at the end of December werepractically the smallest since July, 1919. Thelarge sales and small stocks indicate an excel-lent condition of department-store business.

TREND OF DEPARTMENT STOKE STOCKS.

(Average monthly stocks, 1919-100.)

District No.1—Boston(24 stores).

District No.N

York (64stores).

District No.5—Rich-mond (19stores).

District No.G—Atlanta(9 stores).

District No.9— Minneap-

olis (10stores).

District No.11—Dallas(16 stores).

District No.12—San

Francisco(18 stores).

Index forUnited States(100 stores).

J anua ry . . . .February.. .MarchAprilMay.TuneJulyAugustSeptember.,OctoberNovember..December..

1919.

January. . ,February. . .MarchAprilMayJune.JulyAugustSeptember.,OctoberNovember..December..

1920.

January . . .February. *.MarchAprilMayJuneJulyAugustSeptember..October . . . .November..December..

1921.

January . . .February. . .MarchAprilMayJuneJulyAugustSeptember.,OctoberNovember..December..

1922.

82.784.690.092.991.187.400.008.5

113.9125.9129.9113.1

107.9115.3126.6134.0130.7123.4119.0123.9136.4140.9140.1113.6

98.299.8

106.3109.3107.1102.7100.1101.4111.611B.9125.1106.2

99.1103.2110.3111.6110.4105.7103.3103.6115.4123.4128.477.1

80.583.989.990.8S8.4R6.fi90.9

103.0116.9124.6129.9114.7

116.8128.0142.8145.1137.2131.013a 2138.0148.7149.9143.0114.7

101.4106.4114.4117.5115.4109.2105.1110.6122.4127.6130.0109.0

105.1108.5120.7121.6116.5110.4104.5109.1120.2124.5131.4110.4

SO. 579.898.689.7S3.fi83.700.4

104,1123.2129.6130.5106.3

111.1125.3149.4143.0139.8131.6130.8135.0149.2149.2137.4101.8

S7.105.4

103.4106.5104.399.797.7

104.3121.4124.5124.096.8

90.8102.4111.7110.6107.0103.799.8

105.0119.5130.3126.0103.2

92.394.304.892.488.485.1K7.499.9

113.5112.0123. A106.3

115.4125.71.10.9131.9132.7125.3130.6138.2155.3155.6144.5108.4

104.6110.4115.4117.7112.6107.6107.8112.5126.7132.1130.6104.9

10$. 1112.7130.2120.8115.4107.9108.8114.0123.7125.5128.0102.4

79.582.5Jsi.0

1012110.205.4

106.2107.4104,7114.fi115.505.9

109.8121.5128.2133.0130.8124.8119.5126.4128.4128.4123.702.5

92.504.9

100.9100.199.895.294,4

100.5105.0106.7108.292,5

92.793.3

102.4101.3100.995.890.994.499.5

102.5103.989.8

79.583.186.988.097.8W2..S91.7

109,8123.0128.1124.495.2

109.8122.3132.8136.2149.313a o155.4175.11S8.0182.2163.6103.6

95.8102,6110,1110.8117.9115.2111.8129.0137.3138.3139.2104.3

101.8113.5126.9117.7114.7105.3103.4113.4119.9123.2122.096.5

85.185.389.791.2 jSS.6 iJtf.4 !

(13.0 !105.6 !119.3 j122.9124,9109.0

111.7125.1137.3141.4137.2128.3126.8128.9133.3138.7136.3105.1

100.8104.3109.4114.4111.9108.4109.7117.8126.6127.5129.4107.6

108,4113.3120.7122,6119.110S.9109.3113.4119.121.5125.1100.0

82.ft84.790.892.0P0.7S7.291.0

116.fi123.3127.110*. ft

112.9124.2137.2130.6I3G.4128.0129.1136.0146.R148.2141.1108.9

08.4103.1109.9112.7111.0106.1104.0110.1121.3125.5127,3104.9

102.1107.2117.0116.9113.3106.9103.710S.O118,0130.1126.3100.4



THE FIRST THREE YEARS OF GERMANREPARATION.

PART IV.—FULFILLMENT OF THE TREATY.

In this final article of the series/ the firstpart runs parallel to the narrative of the pre-ceding article. In the latter an account wasgiven of the negotiations between Germany andthe Allies subsequent to the announcement inMay, 1921, of the schedule of payments deter-mined by the Reparation Commission. It isnow necessary to relate the measures taken infulfillment of the agreements reached betweenthe parties, and to outline the efforts made byGermany acting alone to comply therewith.The present article then summarizes and ana-lyzes the total payments made up to the endof August, 1922—their composition, theirnature, and their distribution between theAllies.

EARLY DELIVERIES.

I t will be remembered that under thetreaty of Versailles, Germany had been requiredto pay 20 billions of raid marks before May 1,1921.- The main bulk of Germany's paymentsup to that time was in the form of coal, alongwith, of course, large amounts of shipping, andother payments in kind. Even in the matterof coal, however, and under the reduced de-mands of the Spa agreement, Germany was indefault by the end of 1920. In January, 1921,the Reparation Commission called her atten-tion to a shortage of 500,000 tons up to the endof the year. Germany confessed in reply herinability to make up the deficit within thenext three months. As a matter of fact,despite the commission's subsequent demandsfor 2,200,000 tons monthly, Germany con-tinued to be increasingly in default, the deficits,however, being more or less acquiesced in bythe commission. For at this time there was aglut of coal in the European market, and theBritish coal industry was working at muchbelow its full capacity.

Including coal deliveries up to February,1921, the Germans claimed to have liquidatedthis obligation to pay 20 billions of goldmarks by May 1. The prices at which theyvalued the goods were, however, much inexcess of those allowed by the ReparationCommission, which then demanded paymentof 1 billion gold marks by March 21 and 12

1 The preceding articles appeared in the BULLETINS for November andDecember, 1922, and January, 1923. This series of articles does notdiscuss events which have occurred since October, 1922.

* See November, 1922, BULLETIN, p. 12 2, col. 2.

billions in all by May 1. Germany protestedthe impossibility of these demands and thelow values placed on their deliveries by thecommission, and demanded a mixed valuationcommission. The commission, however, re-plied by ordering the removal of the metalreserve of the Reichsbank to its branchesat Cologne and Coblenz (both of which werein the occupied area) as security for Germany'sobligations. This, and later the demand to put3 billion marks at the commission's disposalin the Bank of France before May 1, werenot carried out, Germany protesting that theremoval of practically all of the reserve (thenabout 1,092,000,000 marks) from the Reichs-bank would precipitate a panic. The Londondecision relieved Germany from an immediateobligation which she could probably in nocase have carried out the payment of thebalance of 12 billions owing before May 1.But before the end of that month 1 billion waspaid over.3 One hundred and fifty millionsof this was paid at the middle of the month ingold and foreign currency and 840 millions inthree-month treasury bills, while 10 millionswas held in Berlin at the disposal of the com-mission. During the next three months Ger-many was accumulating credits in New York,botli to meet the bills falling due and forimports of grains and food, by means of jointguaranties by German banks. ThroughoutJune, July, and August these were graduallybeing paid off, the whole transaction being com-pletea by a final shipment of 68 millions ingold to New York on August 31.

The accomplishment of this payment broughtabout an important step toward normality,the Supreme Council having agreed to lift theeconomic barrier of the Rhineland oa Septem-ber 15, provided Germany paid the amountdue by September 1 and removed the boycotton French goods.

In August, 1921, the Inter-Allied FinancialCommission met to discuss the appropriationof the 1 billion marks being paid. I t wasagreed then that it should be divided betweenGreat Britain, for the costs of her army ofoccupation, and Belgium, in part considerationof her prior claim to reparation. France, inconsideration of her receipts in kind, reJin-

auished anv claim to a share thereof, beingebited'with the value of 15 years' production

of the Saar coal fields, valued provisionally atfrom 300 to 400 millions of gold marks. These.items more than covered her occupation ex-

3 In accordance with the terms of the London settlement, see Decem-ber. 1922, BULLETIN, p. 1426, col. 1.



penses. Great Britain's claim was for thedifference between costs to date of 1,200,000,000and receipts of 300,000,000. She was there-fore to receive 600,000,000 on account, thebalance of the receipts going to Belgium. Thescale of charges against Germany for occupa-tion costs was based upon man power. Thatfor France was 16 francs per day; for GreatBritain the French scale plus 2 gold marks;and for the United States the French scale plus3 gold marks per day per man.

The next payment was due on November 15,being the first export levy. This sum, how-ever, amounting to 300 millions, was easilycovered by payments in kind prior to that date.

PREPARATIONS FOR 1022 PAYMENTS.

About this time, however, it began to beperceived that Germany would have difficultyin meeting the payments due in January andFebruary of 1922. There was much discussion,particularly in German financial circles,4 as tothe possibilities of obtaining a moratorium.Accordingly, on November 5, the ReparationCommission decided to visit Berlin to study themeans of paying the pending installments andof carrying out certain plans recommended bythe guarantees committee. On December 2 atelegram was dispatched to Berlin urging theGovernment to pay full attention to the matterof preparing for tfie payments due on January15 and February 15. This communication wasimportant in that it asserted that Germany'sdifficulties were financial rather than economic.The Government, it charged, had failed to taketimely steps to balance the budget, the resultbeing that Government expenditures had beenmet in increasing proportions by credits fromthe Reichsbank, involving continuous. expan-sion of the fiduciary note issue* The immediateoutcome was the appointment by ChancellorWirth of a commission concerned with directdealing with foreign security brokers to obtainforeign credits to meet the German obligationsimmediately pending. These cash obligations,exclusive of deliveries in kind, were estimatedat 400 millions of gold'marks on January 15and 240 millions on February 15, the latterbeing the export levy.

Some days later the Chancellor dispatched alengthy memorandum on the subject to thecommission. It asserted that reparation pay-ments were dependent on the flotation of aforeign loan. It was well known that HerrRathenau had been negotiating for some time

past with London financiers with this object inview. These negotiations, however, had brokendown with the assurance that, in view of thereparation claims of future years, such a loancould not be raised in England, either as along-dated loan or as a short-dated bank credit.Hence it was impossible to make full paymentof the January and February installments.Apart from deliveries in kind anil receipts underthe British reparations recovery act, Germanycould not- procure for these payments more than150 to 200 millions of gold marks. The com-mission was therefore requested to extend thetime limit for payment. The note closed witha very significant passage: "The Government,"it said, " confines itself to this request, althoughit realizes that similar difficulties will arise inconnection with subsequent payments."

In its consideration of this note the commis-sion recognized that under the circumstancesthere existed only three ways of making thepayments. First* Germany might make use ofthe money held abroad by German nationals.The objection to this method ^yas, however,that the German Government might well pro-test she had no power to acquire these balances.Second, payment might be made out of thegold reserve in the Keichsbank,- which now,after the last payments, stood at only slightlymore than 1 billion marks. It was, of course,true that as a reserve this sum was almost use-less, representing as it did only 1 per cent of thenote issue. Nevertheless it was felt that eventhis amount of gold is of great importance inany future rehabilitation of German currency.The third course was to buy foreign exchangewith paper marks sold abroad, and the Jesuitsof such a procedure were patent to all observers.

TAXATION AND 1NTKKNAL KKFOUMS IN !'»i!2.

While the Cannes Conference was proceed-ing, the commission conferred with Germandelegates and granted a provisional postpone-ment 5 of the January and February payments,on certain very definitely prescribed conditions.Germany was to pay in lieu thereof 31 millionsof gold marks every 10 days, beginning January16, these continuing until the Allies shoulddecide on a more permanent scheme. But,furthermore, Germany was to submit within14 days a plan of reforms and guaranties forthe budget and the currency and for repara-tion payments. This scheme would supply thestarting point for the elaboration of the Allies'plans.

& Sec January BULLETIN, p. 32, col. 2.


176 FEDERAL EESERVE BULLETIN. FEBRUARY, 1923.

On January 26 Chancellor Wirth announcedin the Eeichstag the Government's taxationproposals. These included a compulsory loanof 1 billion gold marks, bearing interest onlyafter a period of three years, abandonment ofthe taxes on post-war profits and impositionof a 2 per cent business tax, and raising of theduties on coal and sugar and the property,capital, and corporation taxes.

The German reply to the conditions imposedby the commission asked for a general reduc-tion in the cash payments, accompanied, ifnecessary, by an increase in deliveries in kind.To this end Germany was walling to conclude,with other powers, agreements along the lineof that made with France at Wiesbaden. Thecommission was also asked to permit the ex-penses of occupation to be credited to the totalsum in cash and kind paid in 1922. The notepointed out that the recurring periodical pay-ments in foreign currency greatly hamperedthe efforts being made to put the Germanfinances in order; and proceeded to outline themeasures of reform and guaranties proposed.An internal loan was to be raised, as well as aforced loan, in order to reduce the floating debt.Further, since recovery to the extent neces-sary to pay reparation obligations was im-possible without a restoration of the world'sconfidence in Germany, the Allies were askedto assist in floating an external loan for her.Strong measures, such as the abolition of theobligation to secrecy imposed on the banks,would be taken to prevent the removal ofcapital out of the country and the evasion oftax payments. The postal and telegraph sys-tems were to be reformed and food subsidieswere to be cut from 2\ billions of paper marksto 1 billion in 1922, thus tending further toincrease the cost of living. In place of theexisting unemployment relief system, insuranceat the expense of employees and employed wasto be instituted. The ordinary budget nowshowed an estimated surplus of 16£ billions 6

(paper) toward reparation payments.The evils of currency speculation had by

this time become apparent, and accordingly alaw was passed in March to check exchangespeculation in Germany. Only through cer-tain recognized exchange banks, including theReichsbank, might dealings in exchange beundertaken. Even these banks were only per-mitted to sell foreign exchange after havingobtained information as to the buyer's purposeand furnished a statement thereof to the taxcollector.

• Revenue, 103 billions; expenditure, £6* billions.

In answer to the German note, the Repara-tion Commission on March 21 announced its1922 program of 720 millions (gold marks) incash and 1,450 millions (gold marks) in goods.Germany had fulfilled her obligations underthe 10-day installment plan, paying in all 282millions. The commission, therefore, demand-ed 18 millions on April 15, 50 millions monthlyfrom May 15 to October 15, inclusive, and 60millions on November 15 and December 15.

This demand being a material reduction fromthe London schedule, certain conditions wereimposed upon which the granting of the partialmoratorium was dependent. These were inthe form of specific obligations. Germany wasto raise an additional 60 billions of papermarks in the coming fiscal year, of which 40billions were to be raised in 1922. An internalloan, which must not take the form of treasurybills discounted at the Reichsbank, and whichmust be of sufficient amount to balance thebudget, must be raised. Plans for this loanwere to be submitted before April 30. Theflight of capital was to be stopped. TheReichsbank must be made independent andthe prewar system of economic and financialstatistics reinstated. Expenditures were to beradically reduced and Germany was to submitto a system of supervision tln:ough obligatoryconsultations with the guarantees committee.Lastljr, Germany must either float an inter-national loan or make a levy on the personaland real property of its citizens in order toraise a substantial sum for reparation. Thecommission reserved the right to revoke themoratorium if at any time Germany shouldcease to comply with these conditions.

In his speech in the Reichstag on March 28,referring to the Allies' demands, ChancellorWirth was very insistent upon the outrightimpossibility of raising a further 60 billions intaxation and mentioned that "the cost of thearmies of occupation and control commissions,where there was nothing to control, was anexceedingly heavy burden on Germany."While the suggestion of economic and financialsupervision was flatly rejected, Germany wouldcertainly proceed to stringent economies in theGovernment departments. In the course ofthe speech 14 new taxes were proposed, aswell as the forced loan of 1 billion gold marks,these being enacted early in April. The finalterms of the loan, as adopted by the Reichsrathin May, were for the payment of no interestup to October, 1925, and 4 per cent thereafter.

Most of these points were contained in thereply sent to the commission. The inability of



Germany to raise the extra 60 billions de-manded was reiterated, as was the refusal ofconsent to control of revenues and expendi-tures. Again it was emphasized that the onlymeans of acquiring currency to meet the repa-ration payments was by aforeign loan. Thecommission, however, insisted on the executionof the measures laid down by them. Never-theless, it expressed its willingness "to considerany plan which the German Government might* * * propose, giving a reasonable prospectof dealing satisfactorily with the whole of thebudget deficit." Coupled with the adherenceto its previous decision was a threat7 by thecommission to exact penalties on May 31.Forthwith, therefore, Germany paid, on April21, the first installment of 18 millions, and onMay 16 the second of 50 millions.

In accordance with the commission's de-mands, Germany, at the end of May, set forthbefore it the steps taken toward the requiredfinancial reforms. The autonomy 01 theReichsbank had been assured by the act ofMay 25, withdrawing from the Governmentthe right of direct intervention in the conductof the bank's operations, and the publicationof statistics, as in pre-war days, reinstated.Economies of 24£ billions, as compared with the1921 appropriations, had already been effected.With regard to financial control, Germanyacquiesced in control by the commission ofrevenues and expenditures, provided it did notinfringe on German sovereignty or violatesecrecy as to the fortunes and incomes of tax-payers. Furthermore, Germany agreed toconfer with the guarantees committee to workout suitable measures to stop the flight ofcapital. To this reply the commission gaveits approval, and the partial moratorium wasformally granted. Germany met the 50 mil-lions installment due on June 15 by deposits inParis, London, and Brussels.

NEGOTIATIONS FOR AN INTERNATIONAL LOAN.

In the meantime the commission had takenthe step of appointing a subcommittee of ex-perts to examine the possibilities of an inter-national loan for Germany. The membersappointed to this " bankers' committee, as itwas popularly but improperly termed, wereSignor 5'Ameglio (Italy); M, Delacroix (Bel-gium), chairman; Sir R. Kindersley (GreatBritain); Dr. G. Vissering (Holland)• Mr. J. P ;Morgan (United States); and M. Ch. Sergent

' "The commission would be obliged to exact penalties/' was thactual wording used.

(France). The committee met on May 24 and,owing to a certain indefiniteness in its termsof reference,8 requested from the commission amore precise definition of them. With regardto the most vital matter—that of the repara-tion payments—a majority of the commissionsaw no object to the committee's suggestingsuch readjustments as it thought a necessaryincident to the proposed loan. This decisionwas concurred in by the British, Belgian, andItalian delegates and was personally agreedto by the American unofficial observer, butunanimity was prevented by the dissension ofthe French member. It was this fact whichrendered the committee's work more or lessabortive.

The committee pointed out in its final reportthat had the commission named a definitelimit to any reduction of reparation paymentsit could have proceeded on its investigationsupon a more stable basis. Failing this, had itbeen invited to name a limit to the paymentswhich they thought necessary to any internalloan they would have done so. Such limitwould merely have represented what popularopinion would judge to bo well within Ger-many's capacity to pay. For want of eitherof these prerequisites of useful inquiry, thecommittee felt it could not usefully continueits discussions in response to the majority invi-tation of the commission, the reasons beingtwofold. First, France, being Germany's big-gest creditor and also the dissenting memberof the commission, the committee could notwell proceed with its deliberations against thedesire of France. Second, an unfavorable at-mosphere for desirable achievement had beencreated by the dissensions in the commission.

The question was then taken up: Was a loanpossible under circumstances of the presentschedule of payments ? The reply was in thenegative, the avenue of approach to the prob-lem being the possibility of various classes ofinvestors becoming interested in such a loan.Underlying the whole question was the in-ability of Germany to give sufficient security.The investing public, lacking confidence inGermany's capacity to pay, and in her "willand intention to do so, was at the presenttime in fear of social upheaval in Germany.Passing on, then, the committee found that"investors in the United States and Great

• According to Mr. J. P. Morgan there was a difference between theFrench and English texts of the terms of reference. "This diitcrencetouched the very root of the matter in that the French reading definitelyprohibited the committee giving consideration of the schedule of pay-ments as now determined * * *. The English text, on the otherhand, was susceptible of a broader interpretation."



Britain would find no real attraction in a loanto Germany which was not calculated to pro-mote the permanent settlement of the repara-tion problem." At the same time, neutral in-vestors would not be attracted, owing to theirhaving suffered heavy losses in exchange spec-ulation and industrial competition through thedepreciation of the mark. And lastly, a loanwould be difficult to raise in France, becauseonly a part of it would find its way directlyback to France in reparation payments.Clearly, then, what all this amounted to wasan opinion, necessarily circumlocutory, that noloan could be floated without a radical reduc-tion of the present schedule of payments ofreparation.

The report went on to offer some generalobservations. An essential condition of anyloan to Germany was that the investing publicshould feel Germany was doing her best tostabilize her finances. To this end the removalof uncertainty regarding reparation paymentswas essential. Mere leniency, without a mod-ification of the total obligation, was not enough.Then, again, in order to attract the Americaninvestor, the loan would have to be raised atthe unanimous request of the Allies. This isparticularly interesting, in view of the state-ment that a loan might be impracticable unlessit were preliminary to other financial adjust-ments, such as adjustments of the externalindebtedness of the Allies.

From this report M. Ch. Sergent dissented,submitting that "he could not, in order to pro-mote a loan, contemplate new limitations onGermany's liability which did not appear tohim justifiable, nor any diminution whatsoeverof the rights of France recognized by the treaty."

The results of the committee's work were,then, in a tangible sense disappointing. Never-theless, they did, at least to some extent, putbefore the world the enormous difficulties,based on national economic circumstances,with which those attempting an all-round set-tlement were faced. On the one hand was thenecessity of providing for the rebuilding of thedevastated areas and their restoration to theirpre-war productive capacity. On the otherwas the desire to restore the old freedom ofeconomic intercourse and revival of Europeanmarkets. Not confined to Europe, there wasthe further problem of reimbursing the UnitedStates for the financial assistance rendered bothduring and after the war to the allied nations.The impossibility under these circumstances ofnegotiating an international loan for Germanyin itself added to the difficulties of the situation.

PROPOSALS FOR FINANCIAL SUPERVISION.

Following the receipt of the report the com-mission on June 14 advised Germany to pre-pare measures to establish reasonable limita-tions of the Reichsbank's right to issue. Thecommittee on guarantees, in conjunction withthe German Ministry of Finance, had in themeantime appointed four subcommittees toinvestigate^ respectively, revenues and ex-penditures, the smuggling of capital out ofGermany, the German floating debt, and im-ports and exports and industrial data and sta-tistics. The result was the urgent call to theReparation Commission to take steps to stopan imminent financial collapse in Germany, andthe Fischer-Schroeder mission to confer withthe commission.9 The formal request for a 2\-year moratorium on cash payments was pre-sented on July 12, and decision thereon de-ferred pending receipt of the full report of theguarantees committee.

Following the payment of the 32 millions ofgold marks, mainly in the form of dollarexchange, on July 15 Chancellor Wirth, in anote to the Reparation Commission dated July22, accepted certain further measures of finan-cial control for the period of the expected mora-torium. Representatives of the guaranteescommittee were to supervise all departments,particularly those dealing with revenue andexpenditure, the movement of capital, and thepublication of economic and financial statistics.Daily statements of the floating debt, dailyreports on the Government's financial position,moiithly accounts of the progress of tax col-lections, the receipts from customs, post offices,railroads, telegraphs, etc., and quarterly re-sumes of receipts and expenditures under thecurrent budget were to be rendered to the com-mittee. In addition, the committee was to befurnished with budget estimates, copies of allfinancial bills, and applications for supple-mentary budget credits. Statistics of foreigntrade, inland and international transportation,and steel production were also to be supplied.The export of capital was to be severely penal-ized. A special department was to be set upin the Finance Ministry to pass upon all re-quests for the export of capital, and only thoseauthorized were to be permitted to engage inthe export trade. All these measures of finan-cial control were to come into effective opera-tion on November 1.

At this point a new element enters into thenegotiations, for in reply to the German Gov-

•See January BULLETIN, p. 33.


FEBRUARY, 1923. FEDERAL. RESERVE BULLETIN. 179

ernmentJs expression of its intention to sus-pend payments to the clearing house, theFrench Government on August 1 made publica note threatening ''measures of retortion7'unless assurances were given by August 5 thatthe £2,000,000 due on August 15 would be paid.

Fearing the nature of these measures, theGerman banks, early in July, removed theirParis balances to banks in Holland andSwitzerland. Failing to give the required as-surances, the "measures of retortion" wereinaugurated on August a5. These took the formof the suspension of adjustments then proceed-ing of claims between French and German na-tionals, the payments to Germans for war lossesin Alsace-Lorraine, the arbitration of disputedclaims, the liquidation of German property,the restitution of the household effects of Ger-mans formerly resident in Alsace-Lorraine.Further, all German property in Alsace-Lor-raine was placed under seal, France having theright to sell it should Germany fail to resumepayments to French citizens.

'On the due date only £500,000 of theagreed payments was handed over to theFrench and British clearing offices. At theLondon conference just closed, however, ithad been agreed that payment must be madewithin one month, and that separate agree-ments should be made subsequently betweenGermany and the several Governments, withthe approval of the Reparation Commission.Germany eventually failed to meet the balanceof the August payment (£1,500,000) due onSeptember 15, and, as already noted,10 onOctober 23 was freed from further payments un-der the clearing-house scheme until July, 1923.

In the meantime the guarantees committeehad completed its report, making its recom-mendations to the Reparation Commissionon July 28. I t suggested the eliminationfrom the budget of 30 billions of marks(paper) unnecessary expenditure, the levyingof a series of new and increased taxes, and theraising of an international loan, to be sharedin equally by the Allies and Germany. Inorder to deal with the flight of capital, amatter causing increasing anxiety, the com-mittee suggested supplementary measures tothose of December, 1920, and March, 1922,already in force. Regular payments, in theordinary course of business, might be madewith a chamber of commerce authorization;but otherwise all payments abroad must besanctioned by a foreign office vise, im-porters who could be shown to have held tiie

10 See January BULLETIN, p. 35.

proceeds of exports abroad intentionally,and to the detriment of German economiclife, should not be allowed to engage in anyfurther exporting without special "permission.Heavy penalties were to be levied for infrac-tions of the rules.

To these measures, aimed at preventing theexport of capital, wore added others in thepresidential decree of October 12. In addi-tion to the rules mentioned, regarding thepurchase of foreign currency, banks weredebarred from purchasing foreign currenciesexcept from sucn person who signed a docu-ment explaining his identity and the natureof his transaction. Permissible transactionsdid not include speculation or the use of foreigncurrency as an investment. Furthermore,the fixing of domestic prices in foreign cur-rency—a practice which had grown commonwith, the rapidly falling purchasing powerof the mark—was forbidden.

The decision of the Reparation Commissionpostponing further cash payments due in1922, and the agreement reached betweenBelgium and Germany in September, calledfor deliveries of German treasury bills in largoamount. Accordingly, on September 25 theGerman Government handed over to the Repa-ration Commission 90 millions of gold marksin treasury bills, guaranteed by the Reiclis-bank, payable at the bank of England. Thisamount was in respect of the August and Sep-tember payments, the balance of 4 millionsbeing credited in respect of merchandise. Sub-sequently the Belgian Government announcedthat these bills had been discounted at English,American, and Swiss private banks. Furtherpayments were made in accordance with the plan.THE PAYMENTS—THEIR NATURE AND DIS-

TRIBUTION.

At this time the latest published accountof the Reparation Commission showed totalpayments by Germany, up to August 31, 1922,amounting to nearly 1\ billions of gold marks,made up as follows:

[Thousands of gold marks.J

(a) On pre-May 1, 1921, army costs and coaladvances account.

6) On capital debt account) O o t M a y 11921 arm\cj On post-May 1,1921, army costs account... 2G

?d) On schedule of payments account:* On Installments due to Aug. 15,1922 \ 1,9,'

Payments Balancemade. owing.

2,621,6502,50-1,342

268,190

952,923On installments falling due"Oct. 15 j ' 38,023

Total | 7,385,12$

913,084134,999,058

50,100

1,049,153*3S023

137,580,032

i Credit.



Of the amount paid, 21 per cent was in theform of gold and foreign currencies, 45 percent in deliveries in kind, and 34 per cent inState properties in ceded territories. Thefollowing are the actual figures (in thousandsof gold marks):I. Gold and foreign currencies:

Co) Direct payments 1,447,814(b) Receipts from other sources on German

account—1. Payment by Denmark re Schleswig-

Holstein cession 65,0002. Destroyed war material sold 44,6923. Sundry-items 4,738

114,430Total 1,562,244

II. Deliveries in kind (provisional figures):fa) To allied and associated powers 3,260,878(6) Sold to Luxemburg, Textile Alliance of

United States, e t c . . . . 57,6643,318,542

III. State properties in ceded territories (provisionaland incomplete figures); exclusive of Schleswig-Holstein cession in I (6) 1 2,504,342

Total : 7,385,128

Of the deliveries in kind the most importantin point of amount were (a) rolling stockhanded over under the armistice convention;(6) coal, coke, and lignite; and (c) ships; con-stituting 25, 26, and 21 per cent, respectively,of the total amount. Omitting deliveries underthe armistice convention, coal, etc., has com-prised 40 per cent of the deliveries and ships33 per cent. The full details of the deliveriesare given below (in thousands of gold marks):Under armistice convention:

Abandoned war material 317 804Holling stock (127,039 wagons, 4,553 locomotives) 826 653Motor lorries (4,959) . . 17509Fixed railway material (1,896 metric tons) 2 461Agricultural material •„ . . . . 22 709

Louvain library " \ i '4 5 1

Proceeds of reparation recovery act . . . . . . . . . 1147744Under Annex III: '

Ships (2,593,057 gross tons) 706,129Inland water craft and installations . 24 836

Under Annex IV: 'Reconstruction material . . . . 19 810Live stock (99,300 horses, 175,439 cattle, 218,076 sheep",

21,064 goats. 4*5.688 poultry) ' . . „ . ' . „ 157,073Miscellaneous under Annexes II and IV 110 268Under Annex V: '

Coal, coke, and lignite (actual tonnage, 41,019,432 metrictons; coke, converted tonnage, 45,760,053 metric tons).. 776,618

Coal, credit in suspense . 30 970By-products of coal (121,855 metric tons) Y.'.Y.Y.Y.'. 22,855Dyestuffs (17*363,990 kilograms) 46937Pnarmaceuticalproducts (753.775 kilograms) 12 813

TinderiAnnex VII: Submarine cables....! 49Jo6oMiscellaneous SfiSales by Reparation Commission:C(2?k-Cn, ?' a n d . ttgoite t 0 Luxemburg (actual tonnage,

2,52o,314 metric tons; coke, converted tonnage, 3,406.387metnctons) ' * 50 074

Dvestuffs to United States Textile Alliance '(2.34L497kilograms) * ' A ZAA

Dyestuffs to German buyers (626,805 kilograms)..!!!"!."! 3,' 026T o t a l 3,318,542

In the final table below there is shown thedivision of the receipts amongst the variouspowers:

DISTRIBUTION OF RECEIPTS.

[Thousands of gold marks.]

United StatesBritish EmpireFranceItalyJapanBelgiumOther powers

TotalCession to—

F r a n c e—S a a r(provisional)...

Poland (provis-ional)..;.

Danzig (provis-ional)....

Other items in sus-pense and undis-tributed assets:

Pre-MaylPost-May 1

Total

Cash and deliveries inkind.

In repay-ment of

net armycosts and

coaladvances.

159,4912 955,161

* 1,322,70939,106

254,640

2,631,107

Uponreparationaccount.

14i*922"101,013157,723

8,9781,208,202

136,627

1,754,465

Cessionsof State

propertieson repara-

tion ac-count.

538*2,042

59,000635

6,031

68,246

Totaldebits.

59,4911,097,6211,425,764

196,82967,978

1,463,477142,658

4,453,818

300,000

l,730,5S2

305,514

563,28944,350

7,397,553

11,007,283,000 gold marks still unpaid.* 60,159,000 gold marks still unpaid.* 155,635,000 gold marks still unpaid.

Reverting now to the figures of total pay-ments, it is found that 39 per cent of the totalwas absorbed bv the expenses of occupationand the coal advances made under the Spaagreement. If to the actual amount paid onthis account be "added the amount still owing,the full expenses of occupation and coal ad-vances are equal to 56 per cent of the pay-ments.

Another important fact is that up to August31, 1922, Germany had reduced the capitalsum owing by her by little more than 1 billiongold marks. This result of the early years ofpayment is made still less encouraging by thelarge proportion of the total payments whichconsist of the handing over of capital goods.What might be callea "current payments"—that is, payments out of current production—amount to only 65 per cent of the total, or4,766,356,000 gold marks. So that apartfrom cessions of State property, etc., the capitaldebt would have stood on August 31, 1922, atjust about the amount at which it was fixedon May 1, 1921. Such, in a word, is the netresult, from Germany's point of view, of theevents outlined in the preceding series ofarticles.



ADDENDUM—PAYMENTS UNDER OTHERTREATIES.

Treaty of Neuilly.—The inter-allied com-mission appointed under the treaty with Bul-garia 12 began an investigation into the eco-nomic condition of the country in the springof 1921, the result being the postponement ofcash payments for one year. A further partialmoratorium was proposed, subject .to certainguaranties. These being unacceptable in to to,the commission announced, on July 21, 1922,that the full provisions of the treaty hadagain come into force, and that the 112,500,000gold francs already due therefore became pay-able immediately. The annuity payable underthe treaty amounts to about 131,000,000 goldfrancs (about 3 | billions of leva at presentrates of exchange). The payments made up toAugust 31, 1922,13 are as follows:

[Millions of leva.]

Nov. 11,1918, to Aug. 9,1920Aug. 9,1920, to Apr. 1,1921Apr. 1,1921, to Aug. 31,1922Private reclamations from Nov. 11, 1918, to Aug.

31 1922 .

Total

Alliedarmy; inBulgaria.

2S5.G6.7

14.0

108.1

414.4

Variousallied

commis-sions.

22.053.8

111.8

187.6

Thus, the Bulgarian Government has al-ready paid about 600 millions of leva on occu-pation and control, an amount estimated 13

to be equivalent to some 2 millions of poundssterling. In addition, there is still owing overand above these amounts a sum of 120 millionsof leva in respect of the military mission ofcontrol. Up to May 31, 1922, deliveries inkind had been made valued at the followingamounts:

Millions ofleva.Railway material 250.0Coal delivered to Serbia : - • • 19o. 0Cattle delivered fo Serbia, Greece, and Rumania.. 162.5

Total., M7.5

Treaty of St. Germain.1*—The subcommitteeof the Reparation Commission appointed todeal with the case of Austria began its work inNovember, 1919. In this case, however, thecommission has been concerned, not so muchwith securing payments, but with extending

u See November, 1922, BULLETIN, p . 1295.13 According to the London Economist, Nov. 18,19£J." See November, 1922, BULLETIN, pp. I29o, 1296.

30425—23 4

the relief which from time to time appearednecessary for Austria's rehabilitation.

Ajmrt from tho periodic extensions of creditthe first important stop to this end was takenin May, 1921, when a delegation, consisting ofMM. Avenol (French) and Gliickstadt (Danish)and Sir Drummond Fraser (British), submittedto the financial committee of the League ofNations a scheme of financial restoration. Itwas proposed to set up a new bank of issue,with one-half foreign capita], to be given a25-year monopoly of note issue. The essentialconditions for the inauguration of the schemeincluded the suspension for at least 20 yearsof liens told on Austrian assets in respect ofreparation and relief credits. Great Britainand France thereupon agreed to accept adelay of 20 years in pressing their liens derivedfrom the treaty of St. Germain.

During the early months of 1922 negotiationswere proceeding for loans abroad, to be raisedin England, Czechoslovakia, Italy, and France,but no success had been met with in attemptsto secure financial aid from tho United States.In June the Reparation Commission announcedits preparedness to release for 20 years therevenue from State forests, salt mines, anddomains as security for the new bank, and itsapproval in principle of the liberation of thecustoms and tobacco monopoly, to be used assecurity for a foreign loan. The actual releaseof the assets was communicated by the com-mission on August 5.

On September 20 the League authorized theraising of a loan by Austria up to 560 millionsof gold crowns to meet the estimated budgetdeficits for the next two years. The internalfinancial reforms were to be controlled by aLeague of Nations committee, consisting ofrepresentatives of Great Britain, France, Cze-choslovakia, and Italy.

Early in October these powers entered intoan agreement assuring the maintenance oftho territorial sovereignty and integrity of*Austria, and that no economic or financialmeasures would be taken to threaten her inde-pendence. The loan to Austria was not toexceed 650 millions of gold francs, and the fourpowers were to guarantee the service of theannuity of the loan up to 80 per cent. Austriaon her side agreed on financial reforms, thepledging of the customs and tobacco monopolyas security for the loan, and to dispose of noneof the proceeds of the loan without the per-mission of a commissioner-general, appointedby the League of Nations,



BUSINESS AND FINANCIAL CONDITIONS ABROAD.A NEW STATISTICAL SUMMARY.

In this issue of the BULLETIN there is published for the first time a condensed summarytable of basic foreign statistics designed to showthe trend of business in the United Kingdom,France, and Germany. For purposes of com-parison a column has been added giving similarfigures for the United States, wherever possi-ble. The items selected have been groupedunder three broad heads: (1) Credit; (2) pricesand exchange; and (3) production and trade.For detailed information in regard to thesources from which the data have been ob-tained, reference-should be made to page 184 ofthis issue.

The object in view has been to select fromthe mass of diverse statistical data publishedin the four countries such items as would beindicative of business trends and at the sametime be reasonably comparable between theseveral countries. The limitations of the fig-ures from the point of view of exact compari-son are many and various, since the methodsof collecting and classifying somewhat similardata frequently differ in different countries.More important still, aside from all questionsof statistical exactness, it should be remem-bered that the same item has different degreesof importance in reflecting conditions in differ-ent countries. Thus, for instance, foreigntrade is a better business index for the UnitedKingdom than for France. Moreover, in inter-preting the changes from month to month itshould not be forgotten that seasonal influencesare to some extent responsible for the fluctua-tions of certain of the items.

Since the accompanying table is designed toshow trends in business rather than the absoluteamounts of items at a given time, the data areshown as relatives on a 1913 base (i. e., the1913 monthly average is taken as 100) whereversufficient data are available. In other casesthe actual absolute figures are used and thatfact is indicated by the word "actuals" aftereach item. It will be obvious from what hasbeen said about the comparability of the dataof different countries that comparisons fromcountry to country in a single month are notparticularly significant. In using the figures,therefore, it is the trend of an item for onecountry from month to month which should becompared with the trend of a somewhat simi-lar—but usually not strictly comparable—item

for another country. That is, the figures inthe table should generally be read verticallyand the trends observed before comparisonsare made from country to country.

The accompanying figures, although by nomeans complete, may be used as indicators ofeconomic conditions in the countries consid-ered. They reflect the expansion and contrac-tion of credit, the increase and decrease ofprices, the movement and exchange of goods,and the condition of employment. Thus, forexample, it is possible to trace the easing ofcredit in the United Kingdom during 1922 bythe fall in loans and deposits and the loweringof the discount rate from 5 per cent to 3 percent between January and July. The Frenchcommercial banks, on the other hand, show again both in loans and deposits, though thechange from 1921 is not great. Throughout1922 money rates remained comparativelyhigh in France, the Bank of France changingits discount rate only once. In Germany theenormous increase in the Reichsbank discountsand note issues, in spite of the sharp rise inthe discount rate frpm 5 to 10 per cent duringthe second half of 1922, indicates extremeinflation and highly depreciated currency. Thestatistics for the United States, showing thedefinite turn toward a larger volume of de-posits, discounts, and note issues in the middleof the year, differ markedly from the data foreither England or France. In the field ofproduction and trade the increased activitywhich has been going on in the United King-dom and France, as well as in the UnitedStates, is clearly reflected by the data herepresented. The figures for Germany are notso clear or conclusive by reason of the disturb-ing factor of progressive currency inflation.Nevertheless, snipping displayed much greateractivity at German ports in 1922 than in theprevious year, and the lower unemploymentfigures for 1922 indicate also greater industrialactivity.

In general, a study and comparison of thevarious figures shows unmistakably an increaseof business and industrial activity during thepast year in these countries. A somewhat de-tailed analysis of credit and business situationin England and France during 1922 will befound below. Similar studies of conditions inGermany and Italy will be presented in theMarch issue of the BULLETIN.


FEBRUAKY, 1023. FEDERAL EESEUVE BULLETIN. 83

THE TREND OF BUSINESS ABROAD.1

Items.UnitedKing-dom.

1,2071 1271,1911.19611921,0551,0561,0331,0311,031

1,8101,7101,7851,6021,8261,7371,7301,C861,6671,085

5,107ftC41

3,132.3,27212,728[3,37513,03013,13913,181^3,549

,2,749!2,93312,57513,01912,88013,01513,06313,527

8,00152,203^3,667'8,461'2,248'1,435tf,936% 158

452447434416408405400388390405

3,0682,8842,7692,4732,3922,580 !2,1032,1522,8182,401

37,91338,21136,94137,15436,43335,78736,05036,69436,11436,359

536181

100128158216578919

1,607

617t792

115140190469754

1,'28C

I. CREDIT (Actuals).COMMERCIAL B A N K LOANS:

1921—January . .AmilJulyOctober

1922—JanuaryAprilJuly

' October ,NovemberDecember *

COMMERCIAL BANK DEPOSITS;1921—January

AprilJulyOctober

1922—JanuaryApril . . . . . . . . . . : . . .July : . . -OctoberNovember *December

CENTRAL'BANK DISCOUNTS:1921—January

AprilJ u l y . . . . . .October

1922—JanuaryAprilJulyOctoberNovemberDecember

CENTRAL B A N K N O T E ISSUES:1921—January

April •JulyOctober

1922—JanuaryAprilJulyOctoberNovember.December.. •

CENTRAL B A N K DISCOUNT RATE (p.ci.):1921—January.

AprilJulyOctober

1922—January.. - -A p r i l . .JulyOctober,

1 N o v e m b e r . . . .December

I I . P R I C E S AND EXCHANGE.WHOLESALE P R I C E INDEX (relatives):

1921 average1922 average1922—January -

A p r i l . . . .JulyOctoberNovemberDecember.:

RETAIL P R I C E INDEX (relatives):1921 average1922 average1922—January

AprilJulyOctoberNovem berDecember V

FOREIGN EXCHANGE (per cent of par)'.1921—January.

AprilJu ly .October.

1922—January.AprilJuly-OctoberNovember,December. t

i the units employed in this table ate listed

Ger-many.

20116717C167171163165165

226183192182184178180 jISO

321298285299307294307315

33730131930t297290297305

Jnited |Itates. Herns.

12,95612,24911,60211,42210,91910,81610,73911,249 ,11,219 I11,329

10,04310,13810,00210,19210,27110,67611,04311,16211,09111,255

2,4562,0641,6501,309

850500380

'169614630

3,0912,8302,5382,4092,1842,1582,1272,2992,3302,464

77

2,13032,7154,2176,7039,10243,22394,492.66,495

1,19913,433

1,8253,1754,99C

19,5G4 ,40,017 !61,156

III. PRODUCTION AND THADE.

Via IRON PRODUCTION (relatives):1921 average k1922 average ,1922—January

AprilJulyOctoberNovemberDecember *

UnitedKing-dom.

1481571421491651G5164164

153142142139J42143145147

COAL PRODUCTION (relatives): \1921 average |1922 average i1922—January. |

A p r i l . . . .July. iOctober ;November —December • j

UNEMPLOYMENT:3 j1921 average1922 average1922—January

AprilJulyOctoberNovemberDecember

BANK CLEARINGS (aduaU):1921 average1922 average1922—January

AprilJulyOctoberNovember —December

SHIPPING ACTIVITY (relatives):1921 average1922 average1922—January

AprilJulyOctober...N ovemberDecember

VALUE OF EXPORTS (actuals):1921 average1922 average1922—January

AprilJulyOctoberNovemberDecember •

VOLUME OF EXPORTS {relatives):1921 average1922 average1922—January

AprilJulyOctoberNovemberDecember

VALUE OF IMPORTS (actuals):1921 average1922 average '1922—January

AprilJulyOctoberNovember '.December

VOLUME OF IMPORTS (relatives):1921 average1922 average • • -1922-January

AprilJuly -OctoberNovemberDecember . . -

13. s13.316.2H.412.312.012.412.2

2,9113,0973,3993, Mi3,23f>3,1242,9S92,709

.hi8809748599

10091

58,60050,0115314755,50S>0,41960,39013,4918,883

7288

11U

m

10190

103U3

Ger-many.

20,0711,0794, CwS2.447

«tt2722HT)414

55052548'J411502

rw7S3630

S3

9011G107113

90,45883,66076,48880,661SI,78485,01595,60094,912

1,7981,8901,0391,9031,4331,9371,7003,079

74102

8593

105111111132

1,9621,9921,4881,7441,9952,1092,3482,923

9111692

1031151231213:

lor,

170243789

1,404

6792749490

10889«8

UnitedStates.

04829)

lot111121

85

m4043

m114117

84KS949ft

33132532ft3372902.

r).

!i

42:1

2829333527252529

51733050868.5532533590

3061138487991

1.V9W10,02.1I.%h7215,07110,343IS, 42*17,133ID, rm

no12089

109141J35139109

373,760319,316278,898318,100301,313370,720380,0523H4a5

10010195

10695

12011297

209,085

71

217,195217,073252,12S319,000

16016918S

2 For January.a For the Dnited States an

index of employment, instead of unemployment, U shewn.



THE TREND OF BUSINESS ABROAD—SOURCES.

The sources from which the summary tableon the preceding page has been compiled aregiven below:

I. CREDIT.Commercial bank loans.

United Kingdom.—Discounts and advances of the nineLondon clearing banks, expressed in millions of poundssterling.

France.—The following items of three commercial banks,expressed in millions of francs:

Comptoir National d'Escompte: (a) Portefeuille etbons de la Defense Nationale; (6) Reports (stock exchangeloans); (c) Correspondants; (d) Comptes courants debiteurs;(e) Avances sur garanties.

Socie'te' Ge'ne'rale pour Favoriser le DeVeloppement duCommerce et de Tlndustrie en France: (a) Portefeuille;Effets (bills) et bons de la Defense Nationale; (b) Reports;(c) Avances sur garanties; (d) Comptes courants divers.

Credit Lyonnais: (a) Portefeuille et bons de la DefenseNationale; (b) Avances sur garanties et Reports; (c)Comptes courants.

United States.—Lome of 800 reporting member banksin leading cities, expressed in millions of dollars. Theseappear under the caption: Total loans and discounts, in-cluding bills rediscox.nted with the Federal reserve banks.

Commercial bank deposits.United Kingdom.—Deposits of the nine London clearing

banks, expressed in millions of pounds sterling.France.—The following items of the three commercial

banks, expressed in millions of francs:Comptoir National. d'Escompte: (a) Comptes de

cheques et comptes d'escompte (checking and other de-posit accounts); (6) Comptes courants crediteurs.

Socie'te' Gene*rale pour Favoriser le Developpement duCommerce et de l'lndustrie en France: (a) Comptes decheques; (b) Comptes courants divers.

Credit Lyonnais: (a) Depots et bons a vue (time anddemand deposits); (b) Comptes courants.

United States.—Net demand deposits of 800 reportingmember banks in leading cities, expressed in millions ofdollars.

Central bank discounts.United Kingdom.—Figures in the Bank of England

statement appearing under the heading of "Other securi-ties/' expressed in millions of pounds sterling. Theseare largely, but not exclusively, commercial bills.

France.—The following items from the statement of theBank of France, expressed in millions of francs: (a) Porte-feuille—Effets sur Paris; Effets sur 1' Etranger (foreignbills); (b) Portefeuille de succursales (branches).

Germany.—The following items from the statement ofthe Reichsbank, expressed in billions of marks: (a) Wech-sel und Schocks (bills); (6) Diskontierte Reichsschatzan-weisungen (discounted treasury bills).

United States. —Discounts of the Federal reserve banks,including those secured by United States Governmentobligations, expressed in millions of dollars.

Central bank note issues.United Kingdom.—The sum of Treasury notes and cer-

tificates outstanding and Bank of England notes in circu-lation, less bank notes held as part cover for currencynotes, expressed in millions of pounds sterling.

France.—-Billets au porteur (bearer notes) en circula-tion of the Bank of France, expressed in millions of francs.

Germany.—Notenumlauf (note circulation) of theReichsbank, expressed in billions of marks.

United States.—Federal reserve notes in circulation,expressed in millions of dollars.

Central bank discount rate.United Kingdom.—Discount rate of the Bank of England.France.—Discount rate of the Bank of France.Germany.—Discount rate of the Reichsbank.United States.—Discount rate on commercial paper of

the New York Federal Reserve Bank. v

II. PRICES AND EXCHANGE.

Wholesale price indexes.United Kingdom.—The index number computed by the

Federal Reserve Board, using an arithmetic averageweighted according to 1913 production and trade, withaverage prices in 1913 taken as 100.

France.—The index number computed by the FederalReserve Board according to the same method as for theUnited Kingdom.

Germany.—The index number computed by the Frank-furter Zeitung, using an arithmetic mean of relative pricesof 98 commodities weighted to some extent by the systemof multiple quotations. Prices of July, 1914, equal 100.

United States.—The index number computed by theFederal Reserve Board according to the same method asfor the United Kingdom.

Retail price indexes.United Kingdom.—The index number of cost of living

constructed by the Ministry of Labor, using the retailprices of food and clothing, rents, and the cost of fuel andlighting, weighted according to the importance of theitems in the budgets of working class families. Prices inJuly, 1914, are taken as 100.

France.—The index number computed by the GeneralStatistical Office, using the retail price of 13 commoditiesin Paris, weighted according to the average annual con-sumption of a workingman's family of four persons.Prices in July, 1914, are taken as 100.

Germany.—The index of cost of living computed by theFederal Statistical Bureau, using prices of food, fuel,light, and rent in 46 cities. The year 1913-14 is taken as100. •'

United States.—The index computed by the Bureau ofLabor Statistics, using the retail prices of 43 commoditiesin 5(J cities, weighted according to family consumption.The average for 1913 is taken as 100.

Foreign exchange.United Kingdom, France, Germany.—Monthly averages

of noon buying cable rates on London, Paris, and Berlin,in the New York market, expressed as percentages of par*

ni . PRODUCTION AND TRADE.Pig iron.

United Kingdom.—Total production during the monthas compiled by the National Federation of Iron and SteelManufacturers, reduced to a relative on the base of averagemonthly production in 1913.

France.—-Total production during the month as pub-lished in the League of Nations Monthly Bulletin ofStatistics, reduced to a relative on the base of averagemonthly production in 19]3.


FBBRUAHY, 10L\'J. FEDERAL RKSKHVH BULLETIN. 185

United States.—Total production during the month asreported by the U. S. Geological Survey, reduced to arotative on the base of avemtre monthlv production in1013. "

Coal.United Kingdom.- -Average weekly production for the

month, as published by the Board of Trade, reduced toa relative on the base of average production in J91S.

France—Monthly production as published in theLeague of Nations Monthly Bulletin of Statistics, re-duced to a relative on the base of average production in1013. Since 1920 the figures include the output of Lor-raine and the Saar.

Germany.—-Monthly production as published in Gluck-auf, reduced to a relative on the base of average productionin 1913.

United States.—Monthly production as reported by theU. S. Geological Survey, reduced to a relative ou thebase of average production in 1913.

Unemployment.United Kingdom.—The percentage of unemployed in

insured trades, as published in trie Ministry of LaborGazette.

France.—The actual number of unemployed in the cityof Paris at the end of the month, as published in theBulletin du Ministere du Travail.

Germany'.-—The number of applicants for every hundredavailable positions, as published in the Reichsarbeits-blatt.

United States.—An index of employment in 12 repre-sentative trades, computed from statistics published inthe Monthly Labor Review, weighted according to therelative importance of the different trades in the censusof 1910, with 1919 average employment taken as 100.

Bank clearings.United Kingdom.—Total clearings for the month as

published by the London Bankers Clearing House, ex-pressed in millions of pounds sterling.

France.—Average daily clearings of,the Chambre ofCompensation of Paris, expressed in millions of francs.Since Dec. 1, 1917, 34 banks in Paris have reported.

Germany.—Total clearings during the month of theReichsbank, expressed in billions of marks.

United States.—Total debits to individual accounts dur-ing the month by banks in 140 reporting centers, not in-cluding New York City, as compiled by the FederalReserve Board, expressed in millions of dollars.

Shipping activity.^ These figures, expressed originally in net tons, havebeen reduced to relatives, with 1913 averages as bases.

United Kingdom—Total of ships cleared with carg

Statistics. . . . t , .forman?/.—Ship arrivals at Hamburg as published in

Wirtschaftdienst.United States.—Total of ships cleared with cargoes, a*

published in Monthly Summary of Foreign Commerce ofthe United States.Value of exports.

United Kingdom.—The value of total exports of f inest" 'merchandise as published in Accounts Relating to rradeand Navigation, expressed in thousands of pounds sterling.

F/amr.—Tho value of total exports a published in theDocuments Statistiques sur lo Commerce de la France,expressed in thousands of francs.

<;frma?iy.—Tho value of tola! export HE published inthe Monatlie-he Narhweiso iiber don Aumvurt.igcii HandelOeutschlamte, expressed in thousands of gold marks.

United States.—Tho. value of total exports JUS publishedin the Monthly Summary of the Foreign Commerce of theUnited States, expressed in thousands of dollar*.

Volume of exports.Untied Kingdom.—Volume of exports, evaluated at lOJ.'t

prices and reduced to relatives with the correspondingfigure for 11)13 taken as 100. These figures nre calculatedquarterly,by the Board of Trade.

France.— Tonnage of exports reduced to a relative, with1913 average tonnage taken as 100.

Gcnnuny.—Tonnage of exports reduced to a relative,with 1913 average tonnage taken as 100.

United States.—The. Federal Reserve Board foreigntrade index indicating relative quantities of principal ex-ports at 1913 prices, with 1913 monthly average valuetaken as 100.

Value of imports.These* are compiled from the same sources as the value

of exports.

Volume of imports.These are compiled from the same sources as volume of

exports.

UNITED KINGDOM.

ECONOMIC AND FINANCIAL CONDITIONS IN 1922.

General survey.—The year 1922 is note-worthy in that it marked a definite upturn inBritish business following the extreme de-pression of 1921. The principal lines of in-dustry have been more active, production hasincreased, and especially toward the end of theyear foreign trade has been expanding. Ster-ling exchange, moreover, increased dtiring De-cember to a point within 20 cents of gold parity.In spite of such indisputable signs of improve-ment, conditions in England are far fromnormal. Unemployment is still widespread,and many workers' are being retained on onlya part-time basis. As the present year opened,the internal situation in England appeared tobe fundamentally sound and slowly improving,but the uncertainty of European affairs, andabove all the disturbed state of Britain's Eu-ropean markets, make the prospect of furtherimmediate progress doubtful.

Industry and trade.—No serious labor dis-turbances such as those which gravely affectedindustry in 1921 occurred during the pastyear. The result was that the principal in-dustries were able to maintain a steady and


186 FEDERAL RESERVE BULLETIN. FEBRUARY,

generally increasing output throughout theyear. Coal production toward the end of theyear had expanded -to almost the pre-warvolume, partly in response to the greaterdemand from domestic industries and partlyto the demand from the United States andGermany. Exports of coal were largely inexcess of those in either of the two yearspreceding, hut were not up to the pre-warlevel. Production of pig iron likewise showeda steady increase throughout the year, -but wasstill not much more than 50 per cent of theaverage monthly output in 1913. Semimanu-factured and finished steel products were alsoturned out in steadily larger quantities through-out 1922, but they were well below the averagemonthly output for either 1920 or 1913. Inthe textile trades the situation improved verydecidedly as compared with the previous year.

The foreign trade results of the year affordground for encouragement when compared withthe immediate past, although the situation isstill far from normal or satisfactory. Amongthe favorable aspects is the reduction in theadverse visible trade balance by more than£100,000,000 in 1922. In the latter part ofthe year exports of coal and of iron and steelwere particularly heavy, the 'foreign demandfor these products having the effect, as alreadyindicated, of stimulating production. In thecase of imports the somewhat larger receiptsof raw cotton and raw wool show up f avorably,as do the importations of raw hides. If, how-ever, comparison is made with the 1913 figures,it becomes evident at once that trade in .mostlines is far from its pre-war level, and that toomuch optimism may easily result from notingthe degree of progress since the extreme depres-sion of 1921.. The money marTeet.—The general tendency ofmoney rates was downward during the firsthalf of 1922, after which the market steadiedfor a time and then stiffened toward the endof the year. The Bank of England discountrate was 5 per cent at the beginning of 1922,was reduced to 44 per cent on February 16, to4 per cent on April 13, to 34 per cent on June15, and finally to 3 per cent on July 13, whereit has since remained. The rate paid by thejoint-stock banks on deposits was kept at 2per cent below the Bank of England rate, sothat during the latter part of the year deposi-tors were receiving only 1 per cent for the useof their funds. Both the banks and the dis-count houses as a result of this rather widedifferential have been enabled to do better

than might be expected in the face of lowinterest rates and the abnormal state of trade.Nevertheless, bank profits have been quite gen-erally reduced, as the recently issued yearlystatements of the banks disclose. As illustra-tions may be mentioned the London Joint Cityand Midland Bank, whose net profits in 1922were £2,253,492 as compared with £2,454,083in 1921, and Lloyds Bank, whose profits in1922 were £2,068,875, a reduction of some£460,000 below the preceding year.

Government finances.—The position of theGovernment will be clearer when the results ofthe entire fiscal year ending March 31 areavailable, but the details of revenue andexp*enditure for the first nine months arenevertheless instructive. Revenues have thusfar exceeded expenditures by nearly £13,000,-000, as compared with a deficit of over £63,-000,000 in the same period of. the previousfiscal year. This year both expenditures andreceipts have been lower, but whereas thelatter dropped £91,000,000, expenditures havebeen cut down by £167,000,000, giving rise tothe surplus already mentioned. An analysis ofthe individual items under the head of receiptsshows that the principal reduction has been inspecial miscellaneous receipts, which comprisesales of surplus war stocks and the like. Netreturns from the excess-profits duty havealmost disappeared, being less than £1,000,000in the nine months as against estimated netreceipts of about £28,000,000 from that sourcefor the entire fiscal year. The income tax, onthe other hand, has yielded more than wasexpected, showing an increase of £13,000,000over the same period of the previous year,although a reduction of some £70,000,000 forthe full year was anticipated when the Gov-ernment made up its pudget. I t may benoted here that the new income tax rate of 5s.instead of 6s. in the pound did not becomeeffective as regards payments until after Dec-ember 31.

Under the head of Government expenditure,reductions are to be noted in all of the principalitems. The largest savings in the first ninemonths of the current fiscal year, comparedwith the same period a year earlier, were£96,000,000 in the civil services, £45,000,000in the army, navy, and air services, £14,000,000in the revenue and post-office departments,and £11,000,000 in war-debt interest, etc.Unless supplementary expenditures of largeamount are necessary in the remaining threemonths of the fiscal year, the Government


FKBRIARY, 102fi. FKDKKAL HKSKUVK lU'LLKTIX. 187

accounts should balance with something kspare.

An important feature of Government Jinan-cial operations during the year has been thecontinued reduction in the "floating debt. OnDecember 31, 1922, the total floating debtamounted to £941,000,000, of which £719,000,-000 was in the form of short-term treasury billsand the remainder in temporary advances onthe credit of ways and means. As comparedwith the figures for the end of the previousyear, this represents a decline of £341,000,000in treasury bills, which, coupled with an in-crease in temporary advances, brings about anet reduction of £319,000,000 in the totalfloating debt. Most of this reduction occurredin the first quarter of 1922, the decrease in thefloating debt since the beginning of the newfiscal year in April being £88,000,000. In thefirst nine months of ttie fiscal year, neverthe-less, there has been a net reduction of some£163,000,000 in treasury bills outstanding.Retirement of war bonds and other obligationsduring this period brings the total net retire-ment to about £260,000,000. The surplus ofrevenues over expenditures, as indicated above,has been £13,000,000, so that, allowing for areduction of £8,000,000 in exchequer balances,it has been necessary to create new debt to theamount of £239,000,000. Treasury bonds ofvarying maturities totaling nearly £133,000,000have been issued to supply the larger part ofthe required sum, while the remainder has beenprovided for through national savings certifi-cates (£30,000,000 net) and through additionaltemporary advances (nearly £75,000,000). Asa result of the Government's conversion andfunding operations during the year, the nomi-nal amount of the national debt has beenslightly increased at the same time that theburden of interest charges has been consider-ably reduced.

FRANCE.

REVIEW OF THE YEAR 1922.

The year 1922 was marked by notableimprovement in practically all branches ofFrench industrial and commercial activity.Production was high in most lines; crops,with the exception of wheat, were good; rail-way traffic increased and foreign trade, meas-ured by volume, was materially in excess ofpre-war figures; labor was continuously em-ployed, and the savings of the people sup-plied capital for increasing the meai^ of pro-

duction, especially through the restoration oftho devastated regions.

Financially, tho year was loss bright. Nowcapital could bo obtained only at high rates.Bank figures show little reflection of thoincreased activity. Exchange rates closedthe year at low levels. Tho Government,still unable to balance even its ordinary budget',was obliged U* continue borrowing on mostburdensome torms. Yet even tho rathergloomy financial record of the year is notwithout encouraging signs. For the first yearsince 1913 the floating debt of the Govern-ment was not increased. The average volumeof the note circulation was lower than inthe preceding years, and the Governmentsucceeded in reducing its expenditures whileat the same time its income was considerablyincreased,

IXDUSTUV AXD THADK.

Production.—Industrial activity, which inJanuary, 1922, had rebounded somewhat fromthe depression of 1921, continued to increasethroughout the year. The figures for ironand steel are particularly important, as theygive some evidence of the fundamental changein French economics brought about by therecovery of Lorraine. For December, 1921,pig-iron production was 301,000 metric tons;in November, 1922, it had reached 513,000metric tons. Tho significance of these figuresis emphasized by the statement that Frenchproduction of pig iron exceeded that of GreatBritain in every month but two of the year.Production of crude steel increased throughoutthe vear, though not on the same scale.

The metallurgical industry of France, itshould be remembered, is dependent uponimported coal and coke. France is nowproducing within its own borders about three-fourths as much coal as before the war, andproduction is showing a steady but slowincrease. It is, however, far from sufficientfor current needs, and practically none of itis capable of reduction to coke. The principaloutside sources are the Saar, Germany (theRuhr), England, and Belgium. Productionin the S'aar was much higher than in 1920 or1921, and is virtually at the 1913 level; con-sequently, not much further increase is to beanticipated. Germany, in the first 10 monthsof 1922, exported to 'France 7,031,369 metrictons, which is about 90 per cent of the 1921leliveries (7,755,895 metric tons). As German



deliveries declined while the needs of Frenchindustry were expanding, imports fromEngland were enormously increased, risingfrom 4,028,976 metric tons for the first 10months of 1921 to 9,780,081 metric tons forthe same period in 1922. The influence ofthese increased coal purchases in Englandwas a major factor in the decline of Frenchexchange in the latter half of the year.

Despite the radical economic changes in-troduced by the war, agriculture is still theleading industry of France. Crops in generalwere good, the wheat crop being poor and thepotato and sugar-beet crops excellent. Wineproduction was exceptionally large. This situ-ation necessitated heavy imports of wheat,but these can not be offset by exports of wine.In 1913 Germany and England were heavyimporters of French wines, but exports to boththese countries were much reduced in 1922.

Internal trade.—The year witnessed alsoincreasing activity in internal trade. This isshown clearly in railroad traffic and earningsand in the figures for the sales tax.

The following table shows the receipts ofthe principal French railway companies for1922.

FRENCH RAILWAY RECEIPTS FOR 1922.

(In thousands of francs.]

Railway. Receiptsfor 1922.

Nord •. 1,100,100Est : J 1,003,038P . L . M | 1,800,950Paris-Orleans 1 917,817Midi j 462 460State Railway ! 1,004,777

Increaseover 1921.

109,531102,924114,85510,52317,24353,601

Per-centageof in-

crease.

11.011.46.381.2

3.875.64

The net deficits, which must be made up bythe State under the guarantee law, are givenin the following table:

(In millions of francs.]

Railroad.

NordEstParjs-Lyon-Me'diterran&s.Paris-OrleansMidiState Railway

1920

57S303644494275718

Total. 3,012

1921

233160426

'385184

2,084

1922

17080230250150430

1,310

This betterment is supported by the figuresfor car loadings, which nave shown an irregu-

lar increase throughout the year, with thistendency becoming more pronounced in thefall months.

DAILY AVERAGE FREIGHT CAR LOADINGS.

1022—July 50,031August 51j 095September.. 53,155

] 922—October 57,185November- . . 56,046December. . . 55,848

The more recent figures are still below the1913 average of 60,000, though the presenttotals include Alsace and Lorraine, whichaccount for more than 10 per cent of theloadings. The recovery of the railroads fromthe impoverished position in which they wereleft by the war and the remarkable improve-ment in their situation in the last two yearsare most encouraging signs. I t is to be notedthat none of the lines is yet free from theneed of State aid under the guaranty lawdescribed in detail in the FEDERAL RESERVE

BULLETIN of November, 1922; but the draftupon the treasury has been reduced by over50 per cent from 1920.

The returns from the turnover tax alsoshow evidences of increasing business activity.

RECEIPTS FROM THE T U R N O V E R T A X .

[In millions of francs.]

January..February,March....AprilMayJune

1921

183152148157146147

1922

192165169183ISO189

JulyAugust....September,October...November,December.

1921 1922

146147157168172173

19718818720S210213

These figures indicate progress during recentmonths, though their reliability as a business in-dex is yet to be tested, as the tax has not beenin operation a sufficient time. The recentfigures, however, are still far from equalingthe monthly average of the third quarter of1920 (the first three months of its operation),namely, 309,381,000 francs.

Foreign trade.—The complete figures for1922 are given on page 216. At the date ofwriting, detailed statistics for the first 11months only are available. These figuresshow an apparently favorable balance of tradewith England, Germany, Belgium, Switzer-land, and Spain, and unfavorable balanceswith the other countries reported. The fol-lowing table shows the trade relations with theprincipal,commercial countries:


Y, 1923. FEDERAL RESERVE BULLETIN. 189

FOREIGN TRADE OF FRANCE (COMMERCE SPECIAL) INFIRST 11 MONTHS OP 1922.


Country.1 Imports.I to! France.

Exports.from

France

Kngland \ 2,0SlGermany | 1170BelgiumSwitzerlandItalyUnited StatesBrazilArgentina

, !1,170 t1,499 i

7223,356 ,

397 i"Ob

3,2361,5923,297

S74628

1,807m256

In the first 11 months trade with Englandnearly balanced. Belgium was the best cus-tomer of France, while the latter purchasedmore in the United States than in any otherone country.

In value, the principal imports of Francefrom the United States have been as follows:


Merchandise.

CerealsSugarTobaccoCottonMineral oil

First 11months—

1921 1922

5107465

918653

1731721289S7521

Merchandise.

Heavy oi l . . . .Iron and steelCopperMachinery...Coal

First 11months—

1921 1922

16870

158254189

161145214T-64

2

Perhaps the most interesting of these itemsis that of cereals. Although her own cropwas poor, France reduced xier purchases ofcereals from 50,860 metric tons to 33,304metric tons in 1922. France has been pur-chasing less wheat in the United States andmore from the Argentine; but imports of oatsand corn from the United States show notableincreases. .

Labor situation.—The revival of industry liaseliminated what little unemployment therewas in France in 1921. Although at no timesince the war could unemployment in Francebe considered a vital problem, the course ofunemployment is summarized here to drawattention to data of this kind as a very valuableindex of the economic condition of the country.The peak of unemployment was reached mMarch, 1921, when unemployment reliel wasextended to 45,504 persons (March 11). lnesame month the number of situations foundfor the unemployed reached its lowest l<romthat time the recovery was very rapid; and itis perhaps significant that the turn m employ-

ment figures was the iirst indication of re-oovery from the business depression of 1020-21.During 1922 unemployment was at nil timesnegligible, but the decline in I lie number ofpersons aided in Paris from 4,(io8 (January 21),the high point of the yo\\v. to the low figureof 272 (October, 1922) indicates iho (rend.While these numbers do not include nil personsout of work, they furnish a valuable index ofunemployment. During the year there were*only two strikes of consequence, a metalworkers' strike at Havre and the, shippingstrike. The former has had no lasting result;but the latter, which arose from nn attempt tomodify the 8-hour law, has brought con-siderable losses to French shipping.

There is at present a shortage of labor inFrance. The demand for workers at highwages for restoring the devastated regions hasdepleted the supply of labor, particularly inthe coal mines. To an extent this short«go isbeing met by immigration, notably from Italyand Poland.

FINANCE.

Money rates.—While business was showingremarkable improvement in 1922, financialrecovery was still opposed by numerousobstacles. ' With the Government still a con-stant borrower in competition with the urgentneeds of industry, money rate$ remained high.Early in the year an attempt was made toreduce these rates. On March 11 the Bank ofFrance reduced its discount rate from 5J to 5per cent, and the same day the reductionin the rate on bons de la Defense Nation ale wasput into effect. • The following table shows theaverage rate on the issues of new securitiestabulated by the Association Nation ale desPorteurs Fran<;ais do Valours Mobili&res.

INTEUEKT RATH ON XEW SECURITY J.SSI'ES.

Jan 0.60 MayFeb ....0.61. .TuneMar •...6.57 JulyApr G.45 Ang

6.37 | Sept 6.;M. . . .0 .30 ! Oct <>.'M. . . .6 .02 J\ov 6.59. . . .6 .32

This table is valuable because it shows thetrend, but it does not accurately depict thecost of capital. Some of the issues are taxfree; in others the tax is assumed by the issu-ing corporation, so that for October the costof money for an industrial enterprise of highstanding would have been nearly 8 per cent.In October several departments were author-ized to contract loans; the maximum ratesauthorized ranged from 7.95 per cent to 8.10


190 FEDERAL RESERVE BULLETIN. FEBRUARY. lirJ.'t

per cent, though none was for a sum of over750,000 francs and most of them were for muchsmaller amounts. It will be recalled that onthe 3-5 year treasury loan of October the Gov-ernment had to pay over 6i per cent. InDecember the Credit Foncier reduced chargeson mortgage loans to municipalities from 7.60to 7.45 per cent and to private persons fromS.25 to 7.60 per cent.

Security markets.—In spite of the price ofmoney, a great number of new issues wasbrought out.

SECURITY ISSUES FOR 1022.


Month.

January . . .February..March. . . . .AprilMayJuneJulyAugustSeptember.October....November.

Indus-trial.!

7915,054

456340769

3,9S912592

601421179

Railroad.

241285392222186333271

1,80434

Treasurybills.

1,3673 305

747689

1,362920

al,2S4412

1,011702

*8,190

1 Includes Credit National issues in February and June.* Also 33,000,000 francs obligations de la Defense Nationale issued in

January and February.* Cancellations exceeded new sales.* 3-5 year Treasury bonds. Figure of Treasury bills unavailable.

The course of securities listed on the ParisBourse shows two distinct movements. Dur-ing the early part of the year, when business wasstill dull, securities bearing a fixed rate of re-turn advanced; during the latter part of theyear popular interest turned to securities ofvariable return, including foreign bonds whoseinterest is payable in currencies higher or morestable in value than the franc.

INDEX NUMBERS OF SECURITY PRICES (STATISTIQUEGENERALE.)

[End of month figures, 1901-1910=100.]

Average:1913191919201921

1922—January...February..MarchAprilMayJuneJulyAugustSeptember

Securitieswith fixed

return.

Securitieswith vari-

able return.

91.375.867.96,5.9 !66.868.169.269.2fi9.6W.771.372.572.3

127157192145142138137135HO141146159158

It will be noted that for the securities bear-ing a fixed rate of return, the course is parallelto that of the American bond market, the peakof this movement in both countries beingreached at nearly the same time. In the caseof securities not bearing a fixed rate of return,the average rate declined during the first fourmonths and then began to rise sharply. Theaverages for the last three months of the yearare not available, but they will probably showa continuation of the rise into November, whenthe list reacted slightly, but closed the year athigh levels. The course of the Bourse this yearhas run approximately opposite to the course ofthe foreign exchange rate of the franc; and thefluctuation of the exchange has often been em-ployed to explain the movement, especially inthe autumn rise in stocks which, because of itssimilarity to the phenomenon of the BerlinBorse, some persons described as a "flight fromthe franc." There can be no doubt that sucha factor might have a strong influence, particu-larly in the case of a security whose interest ordividend was payable in a foreign currency.In the case of French stocks, however, the influ-ence of improving business and rising com-modity prices was also a material factor in therise. The recovery has been well distributed,though concerns whose products could be usedfor reconstruction purposes have done particu-lar^ well. Stocks of gas companies and ship-yards have shown little improvement. A com-parison of security prices with such other in-dexes as commodity priens or foreign exchangerates shows how little the security marketshave reflected the depreciation of the franc.

Banking.—The marked revival in trade andindustrial activitj^ finds comparatively littlereflection in bank figures. For the purpose ofthis discussion typical items of the SocieteGenerale pour Favoriser le Developpement duCommerce ct de Tlndustrie, the Credit Lyomnais, and the Comptoir National are givenbelow:

A S S E T S .


Bills, in-cludingtreasury

bills.

Dec. 31,1921 9,866Mar. 31,1922 9,594June30,1922 i 10,671Sept. 30,1922 ; . 10,532Dec. 31,1922 j

Openaccounts.

2,3542 2702,2962,069

Bank of France.1

Port-folio.

2,5052,9142,3322,1042,401

Ad-vances

to privatepersons.

2,2412,3112 1882,0862,069


FEBRUARY. FEDERAL RESERVK RTLLETIX. 191

LIABILITIES.

(In millions of francs.)

Date.

Threecommercial

banks—Demand

I depositsland current

accounts.

Bank ofFrance -Currentaccountsand de-posits.

Dec.31,1921 ' 12,873 iMar.31,1922 '• 12,374 |June 30, 1922 ' 13,582 \Sept. 30,1922,... 13,147 jDec. 31,1922 ! I

2.7182,2102,3912, ISO2,289

» For the Bank of France the figures are those of the last weekly state-ment of the month.

The changes, though nut so large as mighthave been expected, are distinctly encourag-ing. They are more noticeable in the case ofthe commercial banks than in the Bank ofFrance. Several explanations are offered toaccount for the relatively small changes. Thefirst is that the three banks chosen, in spite oftheir great size, are not so widely representedin the northeast, where the metallurgicalindustry, which has had a remarkable recovery,is largely located. The second theory is thatthere is a lag of several months between anindustrial revival and its reflection in bankfigures, owing to the gradual reduction offrozen credits. Still another possibility lies inthe relative proportion of commercial bills totreasury bills in the item of " Bills, includingtreasury bills.'1 I t is impossible to say defi-nitely, as this item is not given in detail,but it is at least possible that the banks havebeen getting rid of the treasury jpaper, with itsrelatively low rate, and increasing their hold-ings of commercial paper. Another reason—and perhaps one of the most important rea-sons—for the phenomenon lies in the fact thatmuch of the revival of business is due to thedirect activity of the Government in recon-struction. Such governmental transactions donot require banking service to the same degreeas the enterprises of individuals. ^

Savings deposits.—Deposits of the ' ordinarysavings banks showed a net increase in everymonth of 1922, the average being 52,910,000francs. This figure compares with 66,688,000francs in 1921 and 48,471,000 francs in 1920.The highest month was February and thelowest October. The reason for the declinein this month was probably the competitionwith the 3 to 5 year treasury bonds. The netincrease for the year was 634,917,000 francs(provisional figure). These figures are for tne

Caisses d'Eptirgne ordinaircs. and do not repre-sent the total savings deposits of tho yrnr.These figures are not yet available.

Foreign exchange. -The course of (wehnnyerates on France was exceedingly irrogulnr in1022, but for the second conserutive year thefranc, as measured by the dollar, registered im-provement. The average for the 12 monthswas 8.20 cents per franc, as contrasted with7.45 cents in 1921 and 7.0J cents in 1920, again of 1.16 cents in two years. During theyear there were a great number of fluctuationswhich it is at least plausible to ascribe to specu-lation. But, besides these minor fluctuations,it is possible to trace two major movements ortrends, which appear distinctly in tho followingtable of monthly averages:

FRENCH EXCHANGE ON NEW YOUK IN 1022.

January $0.0810February 0S73March 0000April 0922May 0011June 0S7G

July *0.0K2;iAugust O7i»5September 07(10October 07:j7November OOKGDecember 0723

This shows an uninterrupted rise in thofranc from the beginning of the year, a risewhich started in November, 1921, and culmi-nated in April, 1922. From that peak of 9.35cents on April 24, it declined steadily to a lowof 6.20 cents on November 8, rallying in Decem-ber. The length of these swings up and downrenders necessary a search for fundamentalcauses.

In considering the nuisos for these majormovements it is worth while to consider thoinfluence of the visible balance of trade and offoreign loans. The following table shows thocourse of trade for 1922:

VISIBLE Tit APE BALANCE OF FRANCE FOR HI22.

[Thousands of francs.]

Period.Tn favor-

Imports, i Kxports. ablebalance.

First 6 months ; 10,671,M2July ! 1,99.%74GAugust i 1,959,729September ! M93,121October HSSi?NovemberDecember

2,348,2,923,000

9.3f>s fifiO1,433,0*21,676,3141,741,0621,937,4671,706,499 I3,079,000 ;

1,302,1)32

2 3 , 4 1lf>2,039171,40.16-11,746

Uftf.OOO

Total for year 23.900.305 20,942,014 I 2,95S,261

i Favorable balance.


192 FEDERAL KESERVE BULLETIN. FEBRUARY, 192,'J.

For the first fire months of the year, whenthe exports were valued on a higHer scale ofprices, the total indicated balance was slightlym favor of France. The readjustment of thescale in June changed this to an unfavorablebalance for the first six months, but so far ascan be determined from such statistics itappears that French foreign trade for the firstfive months of 1922 was very nearly in equilib-rium. During the same period France floatedseveral good-sized foreign loans, particularlyin England and the United States, as may beseen from the following summary:

FRENCH EXTERNAL LOANS IN 1922.

Month.

January...

FebruaryMarch

Do

DoDoDoDoDo

AprilJuly

Amount.

JS25,000,000

[£3,000,000£5,000,000$ 6,000,000510,000,000

$30,000,000£2,000,000£3,000,0001*1,075,000£5.000,000$10,000,000250,000,000

Issued by—

Department of theSeine.

doP . L . M . R . RSoissonsFramerican Industrial

Development Corpo-ration.

P. L. M. R. R....Paris-Orleans R. R.. . .MidiR.R

doNordR.RP. L .M.R.RParis-Orleans R. R.. . .

Where placed.

United States.

England.Do.

United States.Do.

Do.England.

Bo.United States.England.United States.Switzerland.

1 The issue was in francs; 25,000,000 francs, sold at. $79 per 1,000 francs.2 Swiss francs.

The following table showing the movementof gold from France to the United Statesshould also be noted in this connection:EXPORTS OF GOLD FROM FRANCE TO THE UNITED STATES.

Month.

TanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total

1921

$4,695,4S113,683,37426,956,33310,895,1709,725,9297,482,146

27,973,32734,999,29417,784,30218,596,50715,051,3313,730,062

191,473,266

1922

fl , 874,7991,425,8816,649,9711,161,039

543,754667,019

1,688,202889,784

2,070,3892,635,2541,910,8445,526,222

27,043,158

Since July no French loan has been floatedabroad. The influence of these loans on theexchange rate, at a time when the risible tradebalance was approximately in equilibrium, isso obvious as to require no comment. It wasequally obvious that after the proceeds of theseloans were spent, and the exchange marketdeprived of their temporary support, the franchad to decline. The French wheat crop was

known to be poor, while under the influence ofthe trade revival the demand for raw materials,especially cotton and coal, was certain to beheavy. Against this inevitable increase inimports, France had no increased item ofexports to offer. Finally in November, whenimports increased and exports diminished, theunfavorable balance for the single month washalf of the entire first six months of the year.In that nionth only about three-fourths of theimports were covered by exports. The Frenchpress is particularly insistent on the part playedby speculation iii the sensational decline inNovember; and in all probability, encouragednot only by the known economic facts, but alsoby alarmist statements of French Governmentfinances, and the unpromising reparation situ-ation, speculative selling was a factor. Doubt-less, also, speculative purchasing or shortcovering was a factor in the abrupt rise inearly December. But the fact remains thatthe actual status of the visible balance ofFrench trade will go far toward explaining thevulnerable condition of French exchange inNovember, and, in fact, since. The suddenincrease in French exports in December maybe explained in part, at least, by low exchangein the preceding month.

Government finance.—The finances of theGovernment have been discussed at length inthe December, 1922, and January, 1923,BULLETINS. The most encouraging fact tonote is the increased yield of taxation, esti-.mated at 23,623,000,000 francs, about 960,000,000 francs greater than in the preceding year.As to the total estimated expenditures of theyear, they were discussed in the DecemberBULLETIN and no further information hasbecome available. They arc stated to havebeen almost 8,000,000,000 francs less than inthe preceding year. The budget for 1923 hadnot been passed at the end of the year, but theproject indicates a material deficit. The minis-try made several attempts to introduce taxlegislation, looking toward stricter methods ofassessment or increasing rates. These pro-posals met with effective resistance; on theother hand, the lower limits of tax exemptionwere actually raised during the year. Whilethe loss in revenue on this account is not likelyto be large, the incident is significant.

The public debt.—As the public debt hasrecently been discussed in the BULLETIN., onlytwo facts may be mentioned here. The Minis-ter of Finance announced at the end of theyear that there had been no increase inthe floating debt, and that the October loan



brought in only 2,400,000,000 francs of freshmoney. This is interpreted as meaning thatapproximately 5,600,000,000 francs of theOctober issue, which carried a rate consider-ably over 6 per cent, was exchanged fortreasury bills or bons de la Defense Nationaleon which the highest rate is 4^ per cent.Further, by convention with the Bank ofFrance, dated December 21, 1922, the conven-tion of December 29, 1920, was modified,reducing the repayment of advances to thebank from 2,000,000,000 francs to 1,000,000,000francs. The repayment was largely met outof the amortization fund of the Bank ofFrance, which on December 28, 1922, stoodat 796,310,223 francs, and on January 4, 1923,at only 2,937,929 francs. Although the con-vention of December 21, 1922, specified thatthe reduction to 1,000,000,000 francs of theannual amortization of the debt to the bankis exceptional and is not to be regarded as aprecedent, the discussion about it has shownthat there is a considerable opinion opposedto the extinguishment of this debt, preferringto accept as permanent the devaluation of thefranc rather than to subject the country to theproblems arising from an attempt to elevatethe value of the franc by such measures, atleast for the present.

From the point of view of internal Govern-ment finance, it would appear that the twomost pressing problems are (a) to balance theregular budget and (b) to relieve the situationof the floating debt, particularly the bons de laDefense Nationale. The former, of course,may be accomplished either by reducingexpenditures or increasing income, which willpresent new problems in the future as returnsfrom war taxes and the sales of war stocksdimmish. The question of the floating debt ismore difficult. The October loan did notindicate that the condition of the money mar-ket was very propitious for a funding loan.The increase in business activity has renderedthe bons, with their present low rate, rela-tively less attractive as short-time invest-ments. Proposals have been offered to reducethe rates still further; one effect ol sucft areduction might be to improve the marketfor rentes, wlile other results may be con-

ThTtotal budget includes also the so-calledrecoverable items of pensions and reconstruc-tion. At present there is no prospect 01meeting these items out of. current income

Reconstruction represents a capital invest-ment and as such it is manifestly sound financeto fund the costs, whether or not they arejveritually met out of reparations.

Note circulation,—The note circulation wasiubject to only slight fluctuations during theyear. The average circulation was 36,330,19S,-300 francs, compared with 37,404,000,000 francsfor 1921, and 38,065,628,000 francs for 1920.The low figures of 35,281,790,000 francs wastouched March 23 and the high of 37,514,493,000francs on October 5. A part of this reduction incirculation is due to the reduction of the State'sdebt to the Bank of France, by 2,000,000,000francs in 1921; and the fact that the circulationdid not decline by an approximately similaramount may be ascribed to the increase in in-dustrial activity during 1922. French businessmethods require a very large per capita circula-tion, as compared with the United States. OnDecember 28, 1922, the per capita circulationof Bank of France notes was about 947 francs,while on a comparable date (January 1, 1923)the circulation for the United States was only§42.81 per capita, which at the average rate forDecember was about 600 francs, though goldprices for France are materially lower than inthe United States. This difference is com-monly ascribed to the greater use of checks inthe United States and to a higher velocitv ofcirculation. The purpose of mentioning it hereis to call attention to the fact that an increaseof note circulation from the levels of last yearwould not necessarily imply inflation of thecurrency, nor would a decline in the circulationof itself indicate a sounder financial condition,unless carefully checked against the generalcommercial and industrial condition of thecountry.

Summary.—The year 1922 brought a pro-nounced industrial and economic improvementto France. Industrially the greatest obstacleto further improvement lies in the problem ofsecurino- a sufficient quantity of coal, and moreparticularly coke, to exploit the natural re-sources of the country. Agriculturally theshortage of the 1922 wheat crop was ratherserious, but indications for the current year aremore promising. Financially the record olthe year is less bright, for it brought a consid-erable increase in the already heavy publicdebt; but to offset this it must be rememberedthat the revival of industry which marked 1922has rendered France more capable of bearingthe burden of that debt.



GERMANY.

THE ECONOMIC IMPORTANCE OF THE RUHR.

The occupation of the Ruhr district byFrench and Belgian troops brings the coaland iron situation of Continental Europeagain into the center of European politicaland economic discussion. With the ces-sion of Alsace-Lorraine to France underthe treaty of Versailles, the political divi-sion between the iron and coal districts ofEurope became much more pronounced thanit was before the war. France, as a result,now possesses about 48 per cent of the totaliron-ore deposits of Europe, thus being in aposition to become an iron and steel produc-ing country of the first importance.

Nevertheless, in spite of her full control ofthe Saar Basin, the development of the Pont-a-Mousson coal fields, and the increase in pro-duction of the Pas de Calais mines, France isunable to produce enough coal, and especiallycok6, for the proper exploitation of her irondeposits and the full development of her metal-lurgical industry. Even in the present stateof that industry, which is operating at abouthalf of its capacity, France is forced to importlarge quantities of coal and coke from othercountries, especially from the Ruhr district.Germany, on the other hand, as long as sheretains control over this district, is in posses-sion of the most important coal fields, withthe largest reserve of coking coal on the Euro-pean Continent, but at the same time is with-out the necessary iron ore at home for fullyutilizing her coal and coke. Even before thewar, with Germany in control of Lorraine,large quantities of coal and coke were shippedfrom the Ruhr to France, which in turn ex-ported considerable quantities of iron ore intothis industrial district. This exchange of coalfor iron between Germany and France wasimmediately resumed after the armistice.

The treaty of Versailles drew a politicalboundary between these two important rawmaterials,1 neither of which can well be ex-ploited without the other. To state it moreexplicitly, the French metallurgical industrycan hardly be developed to its full capacit^ywithout the coke of the Ruhr, while the Ger-man metallurgical industry, chiefly located inthe Ruhr, can attain only about half of itspre-war output if it is deprived of the Frenchiron ore. The rich coal fields of the Ruhr are

1 See small inset map on p. 195 showing location of the Ruhr coaldistrict of Germany and the principal iron district of France in Lorraine.

thus of great economic importance to bothFrance and Germany. But while the Ruhrdistrict is of vital significance to France onlyfor the future development of her metallurgicalindustry, it is one of Germany's greatest eco-nomic resources and the basis of a large partof her industries. For upon the coal of theRuhr rest not only the German coal and ironindustries (the so-callecl {i heavy" industry—Schwerindustrie), but also the electrical, dye-stuff, and, to a considerable extent, the textileindustry. In the Ruhr Valley there arelocated the largest German iron and steelplants and the head offices of the large Germancombines; from this part of Germany comes alarge percentage of Germany's exported goods,especially iron and steel products; and finallyfrom here the German railways and publicutilities derive much of their fuel.

The importance of the coal fields of theRuhr is not limited to the two mentionedcountries. Ruhr coal plays an importantpart also in the Belgian, Dutch, Italian, andother central European industries.

RELATION OF THE RUHR DISTRICT TO GERMANY.

The Ruhr district is the most important in-dustrial region in Germany. I t coiitains therichest coal fields of the country, and there arealso located the most important German keyindustries. The cession of a large portion ofUpper Silesia to Poland crippled Germany's in-dustries located in that section of the countryand enhanced the relative importance "of theRuhr. Furthermore, after the conclusion ofpeace a great readjustment and expansion tookplace in the Ruhr district, which further in-creased its economic importance to the rest ofGermany. The big German industrialists,after the loss of their Lorraine iron and steelplants, concentrated their efforts mainly in theRuhr district and established there a numberof new factories in order to replace those locatedin Lorraine. This district thus became ofgreater importance to Germany after the warthan it was before the armistice.

The Ruhr district is not an administrativeunit. It forms a part of the Rhineland Prov-ince and Westphalia. I t comprises a territoryof about 7,920 square kilometers and is inhab-ited by about 6,000,000 persons, of whom about1,500,000 are employed in mining. In thiscomparatively small area are located some ofthe most important industrial cities, such asEssen, Dortmund, Bochum, and Gelsenkirchen.(See accompanying map.)


FEBRUARY, 19E3. FEDERAL RESERVE BULLETIN. 195

- '—iGeisenkircherw-1 — V*!• • •• • • •* •

• . • ' • • * • • • ••• •• • \ . . - M . Bochunj ••

• \m\ *

MAP OF THE RUHR DISTRICT IN GERMANY, t

Although the lamest industrial plants, espe-cially those engaged in the production of steeland iron, are located in the Ruhr Valley, itseconomic importance is due to the prevalenceof coal. The Ruhr coal region embraces anarea of 2,000 square kilometers, and, accordingto German experts, has a visible reserve oi54,300,000,000 tons, distributed as follows: 11billion tons down to a depth of 700 meters; 18.3billion tons between 700 and 1,000 meters; and25 billion between 1,000 and 1,500 meters.Besides black coal, the Ruhr has also an in-visible reserve of 4 billion tons of lignite orbrown coal.

The dominating position of the Ruhr as acoal-producing district becomes more apparentfrom the following table, which compares thetotal output of coal and the number of em-ployees engaged in mining in Germany withthe output and number of miners in the Ruhr.

/ l The small inset map shows the location of the Ruhr coal district(black area); the iron district of Lorraine (hatched area); and the Saaiiron district (cross-hatched area).

BITUMINOUS GOAL PRODUCTION IN GERMANY IN 1920.

RuhrTotal GermanyPer cent Ruhr.

Numberof minesin opera-

tion.

263407

64.6

Numberof

miners.

452,620713,199

63.5

Totalamount ofwages and

salaries(000 marks).

7,509,4SS10,825,856

69.5

Output of coal.

Quantity(tons).

88,380,212131,355,904

69.4

Value(000

marks).

13,437,44120,100,311

66.7

The relation of the pre-war and post-war coaloutput of the Ruhr to that of Germany as awhole is as follows:

OUTPUT OF COAL, IN TONS.

GermanyRuhrPercent Ruhr

1913

190,109,000114,550,153

60.3

1920

131,347,00088,380,000

67.3

1921 1922 »

1136,210,000 j 120,664,00094,114,785 97,350,000

69.1 80.7

»Estimated.


196 HESEKVE ITEBRUARY, 1928.

As already mentioned, the chief quality ofthe Ruhr coal is that it can easily and cheaplybe converted into first-class coke. In fact, thepercentage of coke produced in the Ruhr dis-trict of the total coke production in Germanyis much larger than that of coal, as may beseen from the following figures:

COKE PRODUCTION IN GERMANY, IN T O N S .

Ruhr ; .Total GermanyPer cent Ruhr of total

19221 1921

22/300,000 24,203,00029,409,000 i 27,921,000

76.8 ! 86.7^ I

1920

21,546,00025,177,000

85.6

1913

29,379,00034,630,000

84.8

1 Estimated.

The by-products of coal and coke are of noless importance to many German industriesthan these raw materials themselves, and theabundance of coal has made the Ruhr the cen-ter of Germany's coal and coke by-product in-dustries upon which the dye and other chemicalindustries depend. The value of the total out-put of coal and coke by-products in the Ruhras compared with that of Germany may beseen from the following table:

PRODUCTION OF BY-PRODUCTS OF BITUMINOUS COAL.

1913.

Ruhr districtTotal GermanyPer cent of Ruhr district

1918.


1919.


Tar andtar prod-

ucts.

934,5461,152,772

81.1

893,2541,102,659

81.0

581,016734,484

fcl

Benzol.

155,086194,425

79.8

198,410247,160

bO.'S

113,910146,440

77.8

Ammo-nia.

390,530456,411

85.6

421,266492,142

85.6

natinggas (000cubic

meters).

145,863161,805

90.1

280,307320,210

87.5

230,358 [ 246,373274,167 287,224

84.0 85.8

The abundance of rich coking coal, coupledwith its geographical proximity to the Lor-raine iron ore and its closeness to tidewater,has made the Ruhr district not only the great-est coal and coke producing center in Conti-nental Europe, but also the heart of the Ger-man steel and iron industry. Of the 288 Ger-man blast furnaces operated in 1913 (excludingLuxemburg), 103 were located in the Ruhr dis-trict. This region also produced, in 1913,8,220,000 tons of pig iron, out of a total Germanoutput of 17,760,000 tons, or 46.3 per cent. Of

Germany's 159 steel plants in 1913, 91, or 57.2per cent, were in the Ruhr Valley, and of the17,617,000 tons of steel produced in 1913,10,112,000 tons, or 57.4 per cent, came fromthat region.

Since a large percentage of German mines,steel and chemical plants, and other industriesare located in the Ruhr district, one can easilycomprehend its importance in Germany's for-eign trade. Although no definite figures areavailable as to the quantity of exported goodsoriginating in the Ruhr, the following datathrow some light on the situation. Of thetotal value of German exports in 1913, amount-ing to about 10 billion gold marks, about 700million gold marks represent the value of ex-ported coal, coke, and briquettes, and about3 billion gold marks the value of the exports ofcast iron and steel, which came to a large ex-tent from the Ruhr district. In the importa-tion of food products the Ruhr district is ofsimilar importance.

The economic influence of the Ruhr districtupon the rest of Germany is so important thatone is justified in saying that the presence ofcoal in the Ruhr district is largely responsiblefor the great transformation produced in Ger-man industry, whereby Germany changed froman agricultural nation to a highly developedindustrial nation.

THE GREAT GERMAN COMBINES.

As stated before, the Ruhr district containsthe bulk of the coal, iron, and other industriesof the nation and furnishes the coal for a largenumber of public utilities, railways, and otherindustrial enterprises throughout Germany.Consequently, the Ruhr became the center ofGermany's industrial and economic system,which at present is more completely organizedand more closely controlled by a small number ofcombines than is the case in any other countryin the world. The powerful combines andsyndicates which to-day control Germany'sindustries have their head offices in the Ruhror in near-by cities. The activities of thesesyndicates are so closely connected with theentire industrial structure of the Ruhr districtthat a discussion of their organization anddevelopment is necessary for a more completeanalysis of the present industrial status of theRuhr district.

Long before the outbreak of the war a numberof concerns in Germany combined the manu-facture of iron and steel products with theproduction of such primary materials as ironore, coal, and coke. Although the formation of


FEBRUARY, 1923. FEDERAL EESERVE BULLETIN. 197

combines dates as far back as 1862, when thefirst German tin-plate syndicate was formed,their present organization and economic im-portance date only since the armistice.

The isolated condition in which Germanyfound herself at the end of the war, the greatloss of valuable territories and of importantsources of raw material, especially iron ore andcoal, and the heavy burden of reparation allnecessitated closer cooperation among the vari-ous industries of the country. The promotingof "vertical" and "horizontal" syndicates wasfurther encouraged by the fact that many Ger-man independent concerns which had lost theirconnections and plants in Alsace-Lorraine andLuxemburg combined with other firms to formbetter working units. The greatest resultswere achieved in the mining and closely alliedsteel and iron industries. Here the verticalform of syndicate is predominant and mostlyfavored. The 13 great combines at presentexisting in Germany are so organized that theyappear as entirely independent and self-suffi-cient units, beginning with the production ofiron ore, coal, and coke, and ending with themanufacture of finished products such as loco-motives, cars, and a large number of hardwareand other highly finished steel products.

Not satisfied with the full control over rawmaterials and the plants involved in the variousphases of production of the above-mentionedcommodities, these combines brought undertheir influence a number of transportationcompanies operating on land and sea. Further-more, they established their own sales officesin Germany as well as abroad, so that the goodsproduced by them are under their control untilthey reach the final consumer. Most of thecombines are closely connected with largebanking institutions which enable them to doth^ir financing on most favorable terms.

In the following paragraphs is a brief dis-cussion of the 10 most important combineswith headquarters in the Ruhr or in near-bycities. Although some of the plants of theabove concerns are located outside the Ruhrdistrict, the most important plants, especiallythose engaged in the mining of coal and theproduction of steel and iron, are located in theRuhr district. In most cases the operationof all plants is so closely connected and inter-locked, and the plants located outside of theRuhr district are to such an extent dependentupon the raw materials and half-finished prod-ucts of their allied organizations in the Ruhrdistrict, that any economic rupture or theestablishment of a tariff barrier between the

30425—23 5

two would immediately result in a decreasoof output of all the plants and in some caseseven lead to a complete standstill.

1. Siemens Rhein Elbe Scliuckert Union.—This is the most important of all syndicates ofGermany and consists of the following fiveconcerns, each of which is in turn a separatointegrated group.

1. Gelsenkirchener Bcrgwerks A. G.2. Deutsch Luxemburgischo Bergwerke und lltitten

A. G., Bochum. •3. Bochumer Yerein fur Bergbau n. Gusstahlfab-

rikation, Bochum.4. Siemens & llalske A. G., Berlin.5. Elecktrizitate A. G. vornials Schuckert & Co.

These five concerns, each of which controls anumber of industrial and electrical plants andcoal and iron mines, are combined into onehuge corporation whose board of directors isin charge of the entire operation and disposi-tion of the output of all tho mines and plants.The vastness of this enterprise can bo gaugedfrom the, fact that one concern alono, thoGelsenkirchen, employed during tho fiscalyear 1920-21 more than 55,000 men. Thoplants and mines of tho first three concernsare located almost exclusively in tho Ruhr orother occupied territory. Tho third and fourthgroups also have interests outside tho Ruhr.The executive ollices ot tiio corporation, uow-ever, aro in Dtisseldorf, just outside the RuhrValley. This combine controls 05 iron-oremines, 26 coal mines, 26 blast furnaces, 12different kinds of steel plants, 21 puddlingfurnaces, and 24 rolling mills. Statistics ofthe output of iron ore and the production ofiron and steel products of all combines to bodiscussed in this article aro very incompleteand therefore will not bo reproduced hero.The quantity of coal produced, however, iscarefully recorded and ior the combine underdiscussion is as follows:

[In tons.]

1913 1920

Coal i 17,405,000Coke. 4,494,000

12,002,0003,090,000

This combine is generally known abroad asthe Stinnes Syndicate, and in fact Mr. Stinnesas the main shareholder of the Deutsch Lux-emburger Werke was primarily responsible forthe formation of this syndicate. A clear dis-tinction, however, must be made between thiscombine, which is an integrated unit in itself,and the original Stinnes group usually knownunder the name of Hugo Stinnes Mublheim-



Ruhr. The former is mainly interested inmining and in the production of steel and iron,while the latter is more in the nature of a largeholding company, which controls a number ofshipping companies such as the Hugo StinnesShipping Co., Hamburg, export and importhouses, and other mercantile establishmentsin Germany and abroad. The last especiallyare of great importance, for the " Stinnes " salesoffices abroad are in many cases agents for theother German combines. Since a number ofplants and firms of the original Stinnes groupare located outside the Ruhr and little dataregarding their production are available, nodetailed discussion of the original Hugo Stinnescombine can be undertaken nere.

2. Kloclcner combine.—This combine is jessimportant as regards output of coal and ironthan the two groups controlled by Sttanes.The chief member of this group is the Loth-ringen Bergwerks und Hiitten Verein, most ofwhose iron and steel mines were located inLorraine. After the cession of this Prov-ince to France, the " Verein" had a number ofsteel mills, rolling plants, and blast furnaces,but no iron and coal of its own. During thethree years following the armistice it acquiredcontrol of a number of mines and also reacheda working agreement with other organizationscontrolling iron and coal mines. At present itis a complete vertical combine consisting of8 ore mines, 7 coal mines, 7 blast furnaces, 5different kinds of steel plants, 7 puddlingfurnaces, and 13 rolling plants. The coaland coke output of the mines of this concernfor the years 1913 and 1920 were:

[In tons.]

CoalCoke

1913

3,504,0001,297,000

1920

2,856,0001,013,000

5. Haniel group.—This combine is an out-growth of the Haniel concern controlled bythe Haniel family. After the armistice itreached a working arrangement with a num-ber of other concerns, so that at presentthe group has under its control 6 ore mines, 7coal mines, 11 blast furnaces, 4 steel plants, and8 rolling mills. Its coal and coke output forthe years 1913 and 1920 was:

[In tons}

CoalCoke

1913

10,449,0002,045,000

1920

7,257,0001,889,000

Although this group possesses a number ocoal and iron mines, its main activities are concentrated on the production of finished steeand iron products such as wharves, bridges, lo-comotives, etc. Its output of steel and ironduring 1921 amounted to 800,000 tons of castiron and 850,000 tons of steel.

4. Stumm combine.—The organization of thiscombine is more or less in the nature of a hold-ing company which controls and operates anumber of industrial establishments and ironand coal mines. I t also differs from the organ-ization of the previously discussed combines inthat the various concerns under its controlform both a vertical and horizontal syndicateand that French capital is interested to a con-siderable extent in one of the important con-stituent companies. At present this grouphas under its control 9 ore mines, 3 coal mines,3 blast furnaces, 7 steel plants of differenttypes, 1 puddling plant, and 14 rolling mills.Its coal and coke output for 1913 and 1920 was:

[In tons.]

CoalCoke

1913

2,431,000683,000

1920

1,758,000475,000

5. Henschel Loihringen Essener SteirikolilenVereinigung.—This group was founded, in 1921mainly as a horizontal syndicate controlling anumber of coal mines. In 1922 a number ofiron and steel plants were brought under itssphere of influence, so that it has assumed inpart the character of a vertical combine.About the middle of 1922 it controlled 12 oremines, 21 coal mines (not including those incourse of development), 5 blast furnaces, 2steel plants, and 2 rolling mills. Its coal andcoke output for 1913 and 1920 was:

[In tons.]

CoalCoke

1913

5,491,000889,000

1920

3,978,000738,000

Recently the chemical interests of this syn-dicate have been enlarged and the well-knownBadische Anilin works have come under itsinfluence.

6. RJieinstdhl Areriberg.—This combine wasfounded in February, 1921, and is to a largeextent under the control of Otto Wolff, who



lias large interests within and outside theKuhr district. It controls 6 ore mines, 8 coalmines, 6 blast furnaces, 5 different types ofsteel plants, and 12 rolling mills. Its coal andcoke output for 1913 and 1920 was:

[In torn.]

1913

Coal*.•Coke.

4.822.0001,229,000

1020

4,175,000963,000

7. FriedricJi Krupp,—This is perhaps themost completely integrated of all combines inGermany. It consists of a number of smallergroups, which in turn are generally integratedand independent. After the armistice a com-plete reorganization was carried through inpractically all Krupp plants, for during the en-tire period 1914-1918 the Krupp works wereproducing mainly war material. The adapta-tion to the changed conditions was thereforemuch more difficult for the Krupp combinethan for most German plants. After the re-organization a working arrangement was reachedwith several other groups, including the Ger-man General Electric Co- and the Otto Wolffinterests. This combine controls 37 ore mines,6 coal mines, 17 blast furnaces, 5 various steelplants, and 12 rolling plants. The output ofcoal and coke of the mines under its controlwas:

[In tons.]

Coal . . . .Coke

1913

7,560,0002,263,000

1920

5,881,0001,850,000

During 1921-22 it produced 1,500,000 tonsof cast iron and 1,300,000 tons of steel. Sincethe beginning of 1922 a further expansion hastaken place, mainly with regard to sales officesand transportation companies.

5. Hoesch Koln Neu-Essen—This group wasfounded at- the end of 1920, and its syndicateagreement runs for 80 years. The group in-cludes 5 ore mines, 4 coal mines, 7 blast fur-naces, 2 steel plants, and 7 rolling plants. Itsproduction of coal and coke for 1913 and 1920was:

[In tons.]

Coal. . . .Coke. . .

1913

4,497,0001,073,000

1920

3,679,0001,115,000

0, Phoenix combine,— Although this grouphas suffered heavy losses in Lorraine, where itsmain iron mines and plants were located, itfollowed a policy of expansion to a smallerextent than the other Ituhr combines. Fur-thermore, about 25 per cent of its total capitalstock is owned by Dutch steel interests. Atpresent it controls 1 ore mine, 5 coal mines,18 blast furnaces, 5 stool plants, 21 rolling mills,and 1 puddling plant, its coal and coke out-put for 1033 and 1920 was:

1913

Coal..Coke.

1930

.r>, 189,000670,000 | 384, m)

During the past two months a tendencytoward a much larger expansion has set in,and a number of iron and steel plants as wellas transportation companies nave becomeclosely allied with the Phoenix combine.

10. Tfiyssen.—As with the Phoenix, so theThyssen concern suffered heavily from thecession of Lorraine to France. It also fol-lowed a policy of expansion to a lesser degreethan most other Itunr combines and thus hasremained more or less a one-family organizationcontrolled by the Thyssen familw The num-ber of plants and mines controlled to-day bythis combine is almost the same as it wasbefore the war, and includes 15 ore mines, 3coal mines, 3 blast furnaces, 10 different classesof steel plants, and 19 rolling mills. Its pro-duction of coal and coke during 1913 and 1920amounted to:

CoalCoke

[In tons.]

i

1913

4,506,5001,490,000

1920

3,345,000888,000

THE RHEINISOH-WESTPHALIAN COAL SYNDICATE.

The best illustration of how far the concen-tration of German industry has proceeded ispresented by the Rheinisch-Westphalian CoalSyndicate, of which all previously-discussedcombines are members. The leading purposeof this combination, whose head office is inEssen, is to eliminate all price competitionamong its members, to regulate the production,and to fix the prices of coal. With this endin view it entered into an agreement with themine owners, members oi the syndicate,


200 FEDERAL EESERVE BULLETIN", FEBRUARY, 1923.

whereby it undertook to buy the entire out-put of their mines; the mine owners, on theother hand, undertaking to sell their coal andcoke exclusively to the syndicate under certainarrangements as to price and payment. Themine owners further agreed witn the syndicateand with each other to form an organizationof mine owners (mine owners' assembly), whichmay make certain rules and confer authorityon certain members of the syndicate whichall mine owners agree to obey.

The chief function of the mine owners' assem-bly is to determine (a) the amount of coal tobe produced; (6) the quota of contribution andcompensation; and (c) admission of new mem-bers. Heavy penalties are provided for non-compliance with the rules adopted by the syndi-cate, and a special commission is establishedwith authority to examine the books andrecords of the members and to supervise alltheir activities.

The duration of the syndicate is only for acertain limited period and must be renewedfrom time to time. The next to the last re-newal took place in 1917, when the duration ofthe syndicate was prolonged for five years. Itwas recognized in 1919 by the Reichskohlenrat(Federal Coal Council), which was granted bythe Government the power to exercise super-visory powers over the coal syndicate, especiallywith regard to fixing the price of coal. The1917 agreement expired on March 30, 1922, butdue to the uncertain economic and politicalconditions prevailing in Germany at that time.it was not renewed until May, 1922. Thenew contract runs only for 11 months, i. e.; upto April 1, 1923.

The importance of the syndicate is seen ifone compares the output of coal from the minesunder its control with the total coal productionof Germany.

COAL PRODUCTION OF THE RHEINISCH-WESTPHALIANSYNDICATE COMPARED WITH THE TOTAL PRODUCTIONOP GERMANY.

[In thousands of tons]

Rheinisch-Westphalian SyndicateTotal GermanyPercentage of syndicate out of total

1921-22

93,733145,785

64.3

1920-21

87,546140,757

62.2

1913-14

101,652190.109

53.5

The percentage of the coal produced by thesyndicate mines increased steadily, especiallyduring the fiscal year 1921-22. The loss ofimportant coal fields in Upper Silesia furtherincreased the percentage 01 the coal produced

by the mines of the Rheinisch-WestphalianCtoal Syndicate.

Its control of the coke output of the countryis even larger than that over coal. Out of atotal production of coke during the fiscal yearApril, 1921-March 30, 1922, amounting to *27,963,000 tons, 26,430,350 tons, pr 94.5 percent, were produced by members of the syndi-cate.

The syndicate played also a very importantpart in the delivery of coal and COKO for repa- .ration account. Of the total quantity ofcoal and coke delivered during the fiscal year1921-22 amounting to 38,757,780 tons of coaland coke,1 10,071,283 tons of coal and briquetsand 4,309,165 tons of coke came from theRheinisch-Westphlian Coal Syndicate. Onlythrough the complete organization of practi-cally all the coal mines located in the Ruhr wasthe" German Government enabled to makethese huge deliveries without demoralizing theentire coal and coke industries of the country.

Upon occupation of Essen by French andBelgian troops, the syndicate removed itsrecords and head office to Hamburg. This stepin itself will make the delivery of coal forreparation account very difficult, even if theGerman mine owners should be willing to makedeliveries, for instead of dealing with one bodyhaving full authority as to total output andparticipation of almost all mines, the repre-sentatives of the French Government wouldhave to make separate contracts with a consid-erable number of individual mine owners.

SWEDEN.

Because of the exceptional importance ofprice and exchange movements since the armi-stice in different parts of the world, and par-ticularly because Swedish prices have followedmuch the same course as prices in the UnitedStates, it is believed that the following articlefrom a Swedish source will be of interest toreaders in this country. The article originallyappeared in the issue of Social-Demokraten forDecember 6,1922, and the translation has beensupplied by the American consulate at Stock-hol

THE COUBSE OP PBICES IN SWEDEN—SOME INTERNATIONALCOMPARISONS.

When the great price wave at last reached its culmina-tion during the fall of 1920 and the long expected down-ward trend became a certainty, the question uppermostin the minds of all was," At what figure above the pre-warlevel will the bottom be reached?" It was generally con-ceded that a return to the prices of 1914 was out of the

i Coke converted Into its coal equivalent.


FEBRUAKX, 1923. FEDERAL RESERVE BULLETIN. 201

question, and estimates and guesses usually stopped atdouble these prices, or in other words, an index figure of200. In less than a year, however, this limit was passedby the wholesale price index published by the SwedishJournal of Commerce (Svensk Handelstidning), which wasfollowed April 1, 1922, by the cost of living index calcu-lated by the Department of Social Affairs. At that timethe prophecies had come down to the figure of 175 andwere later, as a result of continued further reductions, toremain for the time being at a level one and one-half timesas high as the pre-war prices. Now even this point haspractically been reached. The wholesale price index,now made public by the Goteborg Commerce Journal(Goteborgs Hand els tidning), reports for the month of Octo-ber, 1922, the figure of 155, and the Board of Trade's indexfigure for the price of raw materials is 149, while manufac-tures still remained at 186, according to the Board ofTrade, whose general wholesale price index was 169.Simultaneously the Department of Social Affairs reporteda cost of living index figure of 190.

Thus far, therefore, the attempts at prophesying thelimit of the fall in prices have proved just as fruitless asthose during the war to determine the limit of the rise inprices. Will the 150 limit now prove as unstablo as theformer ones, and the prices fall still lower? Lately theopinion has been expressed that not only will a stabiliza-tion of prices take place at this level, but a gradual increaseis to be expected. As a principal objection to all theseprophecies, Professor Cassel has stated that it is impossibleto talk of an international price level and draw conclusionstherefrom, as has been done in this case, until a universalgold standard exists. Theoretically this is naturally quitecorrect, but, on the other hand, it would seem that theSwedish exchange is now so near its gold value that calcu-lations can profitably be made upon the supposition thatthe Swedish krona will even in the future maintain its goldparity—that is, approximately its normal peace value incomparison with the dollar. I t is evident that the basisof all estimates of the above nature must be the Americanprice level.

As a matter of course^ the problem actually divides itselfinto two, viz, first, that of forming an idea of the wholesaleprice level's future movements based upon internationaland domestic tendencies, and, second, that of endeavoringto make clear, on the basis of such movements and otherfactors influenced by the cost of living, what is to be ex-pected in connection with the question of the developmentof retail prices and other living costs. The first questionwill be discussed below, while the latter must be sparedfor another article. - I T

As regards wholesale prices, the Swedish price levelhas, like that of other countries with a high exchange,followed the price index of the United States very closely.As long as the latter continued to fall, it was only to beexpected that there should be a continued fall in thoseother countries in which the demand has been and ismaintained that the exchange be restored to its formerposition of parity with the dollar so that the redemptionm gold of paper currency might again be resumed bythese Governments on the old basis.

The American wholesale price index has, for the pasthalf year, not shown any tendency downward, but on thecontrary a considerable increase has set in. For tins rea-son it has been assumed that the bottom has been reachedin America and a rise in prices is to be expected, uponcloser examination of the American price movements andfactors operating in connection therewith, it becomes evi-dent that such a conclusion must be considered ratherdoubtful. ' . .. . ,, , ' ,

A glance at the American figures indicate that theincrease was mainly due to the rise in the price of coal and

coke, resulting from tho recent coal mino strike duringthe first half of this year. From an index figure of KJO inFebruary, theso commodities have boon recorded as highas 5G0 in August, but have successively fallen to 382 and32J) during the two following months. Tin's last figure isabnormally high, however (compared, for example, withthe coal and coke price index in England of 165, andSweden of 109). These high coal and coke prices con-tribute indirectly toward raising tho general index figureby causing a rise in production costs of various industries.Thus the main increases in the metal group can be ascribedto this cause. The coal prices arc, however, rapidly fall-ing again and there is no reason to suppose that tho aboveincrease in the price index will have any permanenteffect.

During October, however, there has been such a generalrise in the American index figures that it can not be laidto the results of the coal strike. On tho contrary, it ispossible to trace in this action a direct influence of theconsiderably increased tariff effective September 22.

Neither tho one nor the other of the above-mentionedfactors would seeemingly reflect upon the wholesale priceindex of this country, however, at least not in any onodirection. As the increased duties produce a riso in theproduction costs in America, a certain rise can also beexpected here, but this will be counteracted by tho effectof the high tariff wall on the importation by America, afact which Professor Cassel has likewise pointed out.

Comparing the Swedish and American index figures forvarious groups for the month of October, it is found thatthe American figures are always lower than the Swedishas regards most of the commodities, so that the rise ofprices in America must reach considerably greater dimen-sions before any influence upon the rise in prices here canbe expected. The American figures arc higher only forcoal and coke (according to tho G&teborgs Ilandelstidning329 compared with 1C9), metals (1C2 compared with 117),and hides and leather (114 compared with 91). In theopposite direction the differences are considerable for theimportant groups of vegetable food products (]22 for UnitedStates compared with 143 for Sweden, which difference,however, can be explained by the price of sugar in Sweden,which difference, however, can change), animal foodproducts (138 compared with ICG), and agricultural sup-plies (119 compared with 15S). As regards the last-nameditem, a further approach toward the American figure canbe expected shortly.

The above conclusions are likewise evident from a com-parison of tho Swedish and English figures for October.Considering that the English pound is now from 7 to 8per cent lower than the Swedish krona in relation tothe pre-war parity, there is no group of commoditiesregistering a higher price than tho Swedish, and manywhich fail far below the Swedish prices.

From the above it would be reasonable to concludethat the rise in prices in America or England have notgone so far that a corresponding rise in Sweden shouldresult. On the contrary, a general stabilization of pricesand a tendency toward reduction is rather to be expected,with possibly a rise in the prices of some commodities, butvery likely a reduction in others.

The index figure of the Board of Trade mentioned aboveshows, among other things, the difference in the develop-ment of the pre-war prices between raw materials andmanufactures. Tho index figure for October is, withoutdoubt, worthy of notice. The difference is great, the figurebeing 149 for the former and 186 for the latter. Thisdifference is, without doubt, of some importance. Sincethe price of raw materials during the entire past year hasshown only a small reduction, and in certain cases a slightincrease, the margin of difference can not be explained by



saying that the manufactures have necessarily been madefrom higher priced raw materials and therefore naturallymust cost more than those now made from cheaper rawmaterials. The correct explanation is undoubtedly theone which is most natural, namely, that manufacturingindustries have not yet been able to adapt themselves tothe reduced price of rav»* materials, but continue to operatewith factory and transportation costs which are greatlyout of proportion to those prevalent before the war. Incertain instances the monopoly existing within industrycan be shown to be the cause of the high prices.

As examples of the large disproportion between theprices of raw materials and manufactured articles, thefollowing index figures for October, according to thecalculations of the Board of Trade, may be cited:

Pig iron 134Steel and iron

manufactures 150

Textiles.. . . 157 j Leather 117Yams 185 ! Shoes 1G4Weavings.... 221! Iron ore 112Hides 02 I Coke 88

t In certain cases, as in the last-mentioned examples,it is to be expected that the prices of raw materials willrise as soon as the manufacturing industries begin operatingon a larger scale. The general rule will be, however,that the manufacturer will have to take the largest stepin order to restore reasonable proportions as comparedwith the prices of raw material. No other proportioncan be called reasonable than that under which the rela-tive costs of merchandise become the same as in pre-wardays. In other words, the finished article is to correspondto that of the raw material.

Even with regard to manufactures as a whole a successivereduction may be predicted, but naturally it is to beexpected that the reduction, as hitherto, will take placeslowly, at least in certain branches, especially in the caseof such articles where a monopoly exists for the supplyingof the demand of the internal market and where the publicdemand is steady and not as elastic as is the case withregard to the articles that are "most necessary.

CHILE.

^ The Chilean economic situation was dis-tinctly more favorable during the last threemonths of 1922. The recent weakening ofChilean exchange seems to have been due tospeculative influences, in view of the essen-tially sound general situation. Sales of nitratehave continued to increase in volume and stillbetter results are expected during the busyseason from December until March. Unem-ployment has been considerably reduced in thenitrate and copper industries as well as in under-takings of the nature of public improvements.Commercial transactions increased in volumeduring the last quarter of the year, and if theadverse conditions prevailing in Europe do nothave too great an influence upon the generalmarket for raw materials produced by Chile, arapid advance toward economic normalcy inthat country may be expected. According torecent reports, a larger flow of American invest-ment capital has been apparent in Chile duringthe latter half of 1922, which is being employedprincipally in real estate mortgages, bonds,

and mining property. The losses of capital onaccount of tne recent earthquakes are not suf-ficient to affect foreign trade seriously.

THE EXCHANGE SITUATION*.

Notwithstanding the increasing exports ofnitrate, the gradual weakening 01 the Chileanpeso, which started early in October, 1922,continued until the close of the year. Theaverage quotation for dollar exchange in Chilein January, 1922, was 10.42 pesos. The risewhich began in the following month was dueprincipally to the considerable advance sellingof foreign ^exchange by the nitrate producers,who were confident that the gradual liquida-tion of the large stocks of nitrate in Europe andthe exhaustion of those in the United Stateswould result in a renewal of sales at a new scaleof prices. The result was that before the salesof the new nitrate year started, the Chileanpeso had advanced in value over 25 per cent.Thus, on the one hand, the speculative opera-tions of the nitrate producers, who sold inadvance at from 37 to 45 pesos per poundsterling the bills which they expected to receiveat a later date in payment for nitrate ship-ments, were responsible for the decline in theChilean exchange which started in October;and, on the other hand, speculation in antici-pation of the Government loan of $18,000,000recently placed in the United States was astrong factor responsible for the sudden changein the trend of the value of the peso. Thegeneral belief in Chile was that the entire pro-ceeds of the loan would be spent in Chile afterbeing converted into paper pesos. This coursewould naturally have resulted in bringing abouta rapid rise in the value of the local currency.When the fact was made clear that the majorportion of the loan had been assigned to firmsin London and New York to take care of matur-ing obligations of the Government, the suddenaction on the part of traders to cover theirtransactions brought about a considerabledecline in local exchange. That portion ofthe proceeds of the loan which was actuallybrought into Chile was used by the Governmentprincipally in the payment of salary arrearsand the liquidation of accounts with severalmunicipalities. The position of the Govern-ment has been temporarily improved as aresult of the distribution in Chile of theimported portion of the.New York loan, but apermanent improvement is not to be expecteduntil further revenue-producing measures, suchas the income-tax legislation now under con-sideration, are put into effect.



TRADE CONDITIONS.

The movement of foreign trade, as judgedby the customhouse collections, has been satis-factory. At the end of September, 1922, thetotal sales of nitrate effected for delivery sinceJuly 1 amounted to about 900,000 tons. Salesfor delivery during July and August amountedto 405,000 tons. Exportation of nitrate duringthe same period totaled 272,000 tons, and it isestimated that there remained at the beginningof October on the coast about 150,000 tons soldbut unshipped. As a result of the encouragingprospect for the nitrate industry, it is reportedthat about 50 plants will be opened for produc-tion within a short time, as against a total^ of31 producing plants during the dullest periodin 1921. Reports of several nitrate delegationsin Europe reveal a general condition of depletedstocks there. It is upon the European con-sumption that the success of the nitrate seasondepends, and the hope is entertained in Chilethat the European demand will warrant thecontinuation of nitrate production on thepresent basis and a consumption sufficient tohelp toward the liquidation of the Chileanstocks. This would bring about, within a shorttime, the renewal of production in Chile upon ascale that would result in economic equilibriumin that country. The feeling exists at presentamong nitrate producers in Chile that nitrateprices are too low, and the association has an-nounced that sales for delivery later than March,1923, will not be made at prices in force atpresent. An indication of the strong confi-dence which prevails in-Europe regarding theChilean nitrate industry may be, seen in thefact that when a nitrate company in the Anto-fagasta district recently offered bonds for£300,000, the issue was oversubscribed sixtimes in the one hour that the books remainedopen. Unemployment in the nitrate districtsno longer exists. There is now employment forall the labor available, and laborers from otherparts of Chile are returning to the nitrate sec-tion.

Exports of copper for the eight monthsended August 31 amounted to about 83,464tons. This amount compares most favorablywith the total exports for the same period in1921, which amounted to about 40,000 tons.Although the recent slight fall in the price of cop-per as well as the decrease in the demand fromthe United States have affected production inthe small mines, the stronger companies areproceeding to produce copper on a considerablylarger scale. This is probably due to the factthat the copper companies will be able to take

advantage of lower production costs, since production at present is not attended with the restrictions and difficulties incident to times of wa]or market inactivity. It is reported also thaistocks of wool held in the southern region arebeing reduced, although large stocks held inPunta Arenas still remain unsold.

The import trade has not shown signs ofconsiderable activity, although it is moresatisfactory than at an\r time during the pasttwo 3Tearsl! While its volume has not in-creased to any large extent, it representstransactions on a sound basis of credit andof volume proportional to current demands.Importations have been almost entirely lim-ited to articles of necessity, luxuries andcostly merchandise being rather the exception.This has undoubtedly been due principally tothe low level of Chilean exchange.

GOVERNMENT FINANCES.

Thb loan for 135,000,000 paper pesos waspartly negotiated in New York and partlym Chile. The American loan amounted to$18,000,000 and was recently offered by theNational City Co. of New York. The otherportion of the loan, amounting to 30,000,000pesos, was placed among four banking institu-tions in Chile, the Bank of Chile underwriting20,000,000 pesos of the loan. The bonds areissued for a term of seven years, bear 8 percent interest, and are exempt from all taxation,either fiscal or municipal. Whatever sums maybe produced by duties collected on exports ofnitrate during the year 1922 in excess of38,870,000 gold pesos, and during the vear1923 in excess of 54,418,000 gold pesos will beapplied to amortization of the loan.

During recent months municipal loanshave been under discussion in Santiago andValparaiso and, according to recent reports,authorization of these loans by the NationalCongress is expected within a short time.

CUBA.

THE SUGAR CROP.

The harvesting of the 1922-23 sugar crop,which started in November, has shown satis-factory results, and a general feeling of op-timism prevails throughout the island. I t isof importance to note, however, that the ma-jority of the sugar mills in operation atpresent are foreign owned and that the domes-tioenterprises are still more or less extensivelycommitted to foreign banks. This means that



a considerable portion of the sugar producedduring the present season will be exportedfrom Cuba without bringing into the islandcorresponding returns which would affect thecurrent trade balance.

The final figures showing the total amountof sugar produced during the sugar seasonof 1921-22 indicate that this crop was largerthan in any previous year, notwithstandingthe fact that several centrals remained closedthroughout the season. The following tablegives a comparison of the 1921-22 sugarcrop with five preceding crops ?

Crop. obtained(tons,

2,240 lbs).

1016-17 ! 3,051,9971017-1S ' 3,473,1*41918-10.... i 4,000,7371919-20 3F735,4-r>1920-21 3,934,2971921-22 4,033,455

Molasses j Sugarobtained j yield i(gallons), (per cent)

Cane ground(arrobas,

25 lbs.).

160,287,484 I174,612,257227,083,679 !185,091,804 i210,945,113 I203,146,196 '

2" I

11.2310.8G10.7610.9910.9111.77

I

2,522,225,7532,785,649,8883,231,937,2313,024,123,5783,268,660,5463,069,958,733

The estimates of the 1922-23 sugar cropindicate a further increase in the total out-put. According to the most reliable esti-mates the crop will amount to about 4,223,000tons of 2,240 pounds each. In December,1022, 46 sugar mills were grinding, as com-pared Ayith 19 in the same month in 1921and 18 in 1920.

TOBACCO CROP.

The tobacco crop for 1921-22 was a smallone, and it is therefore expected that there willbe no difficulty in disposing of the stocks held.During the first nine months of 1922, 6,082,775kilos of leaf tobacco, valued fit $8,521,434,wore exported through Habana, besides 4,629,-136 kilos of stemmed tobacco, valued at$8,996,533.

CREDIT CONDITIONS.

Loans are still being made with a great dealof caution by banks at rates of interest whichrange between 10 and 12 per cent on first-classcommercial paper, The general improvementin the situation, however, has been reflected inthe operations of the credit institutions, sincecommercial credits are being obtained moreeasily and upon better terms than in anyperiod during 1922. Branches of foreign banksoperating in Cuba have been instrumental inintroducing into the island the use of tradeacceptances. These documents are meetingwith increasing popularity. The supply of

capital available to finance buildingand otherlong-term operations is not organized in amanner that would produce the most effectiveresults. Up to the present time there hasbeen no apparent movement toward the estab-lishment in Cuba of associations of joint invest-ment to finance building projects. Consider-able activity may be noticed, nevertheless, inbuilding operations, which is partly due tothe desire on the part of the public to investtheir surplus funds in operations of that char-acter instead of depositing them in banks.

BANKING LIQUIDATION.

The process of liquidation pursued by thebanking commission has been attended bymany difficulties which have delayed the finalliquidation of the affairs of the banks under itsjurisdiction. This has given rise to severecriticism on the part of the creditors, voicedthrough the Cuban press. According to Mr.Clarence Marine, a member of the Bank Liqui-dating Commission,1 this institution has at pres-ent under its control 18 banks and about 300branches, with combined assets at the time ofthe suspension of payments amounting to$166,091,901, and liabilities amounting to$142,118,004. One of the principal difficultiesencountered has been that of harmonizing theprovisions of the banking liquidation law withthe commercial code and laws formerly in force.Mr. Marine has further stated that it has beenalmost impossible to find a market for even thehighest class of securities held by the banks;ordinary collections have been" difficult toeffect; and forced liquidation has been con-fined almost entirely to transactions involvinga small percentage of payment in cash and thebalance in checks or mortgages to be liquidatedat public sales. One of the principal reasonsfor delay, he also stated, has been that thecommission, hoping that conditions would im-prove, especially in the sugar market, has inmost cases restrained the liquidating com-mittees from accepting compensation in papersecured by collateral or by mortgages, althougha movement has been on foot to secure theremoval of all restrictions on compensation as ameans to more rapid liquidation. However,the various liquidating committees have re-duced to 20 the 300 branches of the banksunder their control. Expenses have been cur-tailed extensively, and during the period thatthe banks have been in liquidation the totalliabilities have decreased to $127,440,339.

l A full description of the creation and functions of the Bank LiquidatingCommission was given in the July, 1922, issue of the BULLETIN, p. 827.



GOVERNMENT FINANCES.

In the month of July, 1922, the Cuban budgetfor the fiscal year 1922-23 went into effect. Afull discussion of this budget was presented inthe August, 1922, issue of the BULLETIN (p.960). According to statements recently issuedby the Treasury Department of the island, theactual revenues obtained since the budgetwent into effect have exceeded the estimatedrevenues in the budget law for 1922-23. Byarrangements with the banks of the HabanaClearing Houso, all current expenses of theGovernment are being promptly paid, withthe result that a remarkable improvement liasbeen noticed in the general attitude toward theGovernment's credit. The following tableshows the revenue collected by the CubanGovernment during the first four months (July-October) of the fiscal year 1922-23, as com-pared with the revenue estimated in themidget law, on the same basis of four months.It may be noticed that the total excess of actualrevenue over estimated revenue amounted to$132,576 during the period mentioned.

Items.

Customs:Tariff dutiesTonnage duesOther income

TotalTort duesConsular feesPostal revenuesTaxes on profits:

Banks, stock com-panies, sugar pro-ducers , caneplanters, etc

Mining, 6 per cent..Industry and com-

merce, 4 per cent.Total

Inheritance and trans-fer of property

Documentary stamptax

Tax on sugar produc-tion

State rights and prop-erties

Tax on liquors andother articles for theservice of externalloan of 1901

National lotteryMiscellaneous income:

Amount to be paidin by the munic-ipalities for pub-he health services

0 ther income

Grand total..

$28,000,000400,000600,000

Revenueestimatedin budget

law for1922-23.

29,000,000

1 600,0002,000,000

3,500,000

ljooo

1,900,000

3,500,000^000,000

950,000260,000

Estimatedrevenue

for 4months

(one-thirdof precedingcolumn).

$9,333,333133,333200,000

9,666,666

400,000533,333666,667

1,166,667333

633,333

1,800,333

366,667

1,300,000

666,667

142,600

1,266,6671,333,333

316,66686,667

Actualrevenueobtainedin first 4

Increaseor de-creaseover

estimatemonths of | in 1922-23

1922-23. I budget! law.

$9,919,694184,856157,915

+$586,361+ 51,523- 42,085

10,262,465470,312342,972667,599

1,041,30711 571

,359,723

- 190,361

- 125,360+ 11,238

- 273,605

1,412,606

893,561

799,225

156,131

107,761

1,414,2221,549,968

4U,0S9185,931

T87678784T

- 387,

• 595,799

531,894

- 500,775

- 510,536

- 34,839

+ 147,555216,635

94,42399,264

The external debt of Cuba amounts at presentto about §51,000,000 and the internal debtto about $39,000,000. The new loan for

$50,000,000, which was approved by theCuban Congress on October 9, 1922, will in-crease the indebtedness to about $128,500,000,after liquidating the $5,000,000 loan of J. P.Morgan & Co. iloated in January, 1922, andthe S6;640,800 in bonds of the issues of 1904,1905, and 1917, held by the same bankingfirm. The new loan, offered for subscription bya New York syndicate headed by Messrs. J. I \Morgan & Co., is dated January 15, 1923, andmatures January 15, 1953* It was offered tothe public at 99^ and accrued interest. Accord-ing to the terms of the contract the principaland interest of this loan are payable in UnitedStates gold coin in New York City and areexempt from any Cuban taxes now existing orwhich may hereafter be levied. These bondsare the direct obligation of the Republic ofCuba and, in addition, they are secured by lienon certain revenues of the country. Theseinclude customs revenues, subject to existingcharges but prior to any future charges, andmore specifically a first charge on 10 per centof the amount by which the revenues of theGovernment in each fiscal year exceed860,000,000. Recent reports from Habanaindicate that the proceeds of the loan will beused by the Government as follows:Fund of special accounts $$, 000,000Liquidation of J. P. Morgan & Co. loan 5,000,000Salaries, wages, etc., due before July 1,1922.. 7,000,000Pensions due before July 1, 1922 2,000,000Department of public works, for liquidation

of past-due indebtedness 12,000,000Other departments, and for expenses of audit-

ing and tax collecting (any surplus to de-partment of public works) C, 000,000

Department of public works, for reconstruc-tion and repairs G, 000,000

Interest and sinking fund internal debt (dueprior to July 1,1022)... 3,000,000

Total 50,000,000

The deficit which will probably be createdby the pledging of certain revenues to the newloan will be met, according to the Government,by two new taxes recently created. A 1 percent tax on gross sales is to be levied on allmerchants, manufacturers, or individual estab-lishments. The tax will be based on the exactvalue of the article at the time of sale. Thefollowing will be excepted: Exports of rawmaterials or manufactured products, exceptsirup, wines, and tobacco, when sold directlyby the producer; gross sales of merchandisewhich do not exceed SI,000 for each quarter;and sales made by small retail dealers. Thetax became effective on December 1, 1922.Hotels and restaurants, public utility com-panies, and others are to be taxed 1 per centon gross receipts.


206 FEDERAL, RESERVE BULLETIN. FEBRUARY, 192.°.,

PRICE MOVEMENT AND VOLUME OF TRADE.

INTERNATIONAL WHOLESALE PRICE INDEX.

Wholesale prices in December were exceedingly stable in most of the countries covered bythe index numbers of the Federal Eeserve Board. In the United States and Canada there wasno change from the November price level; and in England and Japan there was but a one-point increase. In France, however, there was an increase of 8 points, in comparison withthe rise of 13 points in November. The improved condition of the French and Britishexchanges during December brought about a rise in the price levels of these two countries on agold basis.

The outstanding feature of the price situation in December was the rise of prices of con-sumers7 goods in every country, which, with the increases in this class of goods during theprevious month, seems to indicate the beginning of a marked upward trend from the low pointsof two and three months ago. The other groups showed little change, there being an unusualnumber of commodities among raw materials and producers' goods which remained unchangedin price, and no definite movement of such groups as farm products, steel products, orchemicals.

Prices in France have recently been quite out of line with those of the other countries.The last two months have witnessed striking price increases in that country, especially in agri-cultural products, foods, metals, and textiles.

€00

550

500

450

400

350

300

250

ZOO

ISO

100

INTERNATIONAL WHOLESALE PRICE INDEXFEDERAL RESERVE BDARD

1913 =100

/

//

//

S;

N\

V

\

\

\\ >

\• \

\

\

\

'"V

I

• *•••

Z7-~\

—FRANCECA W AftA

•JAPAN

„ *

s

********

* F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. O. K. D. J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J. J. A. S. 0. N-

1919 1920 1921 1922

600

550

500

450

400

350

3 0 0

Z50

2 0 0

1S0

100


FEBRUARY, 1923. FEDERAL, BESE11VE .BULLETIN. 207

INTERNATIONAL WHOLESALE PRICE INDEX—FEDERAL RESERVE: IKOAKD.

Year and month.

1913, average1919, average1920, average1921, average1922, average.. .

1021.December ,

1922.JanuaryFebruaryMarchAprilMayJunoJuly -.AugustSeptemberOctober .*.NovemberDecember :

Based on prices in respective currencies.

UnitedStates.

100211239148157

142

i 14214614714915S161

! 165! 1651 161

105104164

England.

100241314201167

172

170167168167171169171IRS165103105ICG

France.

100

473

21>S

287

2862832872993023Q130729s2942043'J7315

Canada. 1 Japan. |i ™

100 100 100207 . . ' 211250 '•' 2o!>lf,7 1KI : 14S149 ISO : 257

145 103 142

144 191 142H'J 185 i 140150 182 ii 147152 180 ; H'J154 ISO ! 1.18153 184 ; 101151 192 !' U,r>110 184 ' 1G5114 J7<; lfil145 171 \G5147 109 i 164

i 147 170 ' 101

Converted to gold basis.

England.

100221242

Ts5ira

147

us150151151150154150tr>4150

us| 1511 157

France.

100

1S5124V27

117

121128134Ml143

m123117

m109UN

Canada.

100

223150147

U 5

137145145US152151152149144145147140

Japan.

100

1*75173

186

15117C1731711711761*41761C9lf.5161lt>7

INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES.'

[Average prices in 1913=100 1

Year and month. Good*produced.

1919, average.1920, average.1921, average.1922, average.

Goods | Goods Raw'imported:exported, materials.

December.,

JanuaryFebruary. •.MarchAprilNfayJuneJulyAugustSeptember.OctoberNovember.,December..

1921.

1922.

214 I242 J

154 i

140 i

139143 I144 !140 1155 '1531021G2161161ICO160s

174191irti

123

11111011011111511912412812712813513713S

221

157

141

142141144155103

157 i

173174 i

200 jm IH i i

1 4 0114V I145 !147 '1501041G7 j177)H% [I Hi j

!5?l177 i

Fro- |(lurpri!* igood*. !

mZM[42no

127

127127 -120129137141143144147150150 '140

Con- AJJ rom*i

1A complete description of the United States index number, as originally published, may bo found in the M^y, 1020,503. Revisions in nrices or weights appear in the BULLETINS for Juno, 1920; June, 1921; and >fay, 1922.

244l M

157 i1

153 !

If/)155 !157 !150 ;i100 (ir»i '163 I150 I

1 5 7 •'•

DULLKTIN,

INDEX NUMBERS OF WHOLESALE PRICES IN ENGLAND, i

fAverage prices in 1913—100.]

211

us

157

142142J4fl147149

Ifi4U-51H104

Year and month. | Goods ! Goodsproduced.; imported,

Goods Rawexported.; materials.

Pro-d i irers'Roods.

Con- |sinners' !goods. !

All com-

1919, average.. i1920, averape ;1921, average1922, average

1922.JanuaryFebruary *..."" '. *March...AprilMay ; ; ; ;JuneJulyAugust !SeptemberOctober . . . . ;November * 'December j

1923.January

233 I315207 i109 i

!174171 -172171175 i172172 i170 '105160 I161 i163 !

165 j

247291171155

14914S14714S15315415S155157161165103

164 j

27543S

155 j

15S151153152155

159154149154157

1C5

2262911971CS

1711GS1701G710910710S1701001C5160100

167 i

201355178145

147H4142143146145147143M3144146140

151 '

2412922191S1

1S1lfil1S31S3191 j

1S6100

IBi170 |172 !177 !

175 I

314201167 !

170107 !

lftS167171 ;ir»g '•171108165 !103 |1G5105 j

167 j

221242

1481501511M15515415616415014s151157

160

1 A complete description of the British index may be found in the February, 1922, issue of the BULLETIK ,pa$ei 147-153.



INDEX NUMBERS OF WHOLESALE PRICES[Average prices in 1913=100.]

Year and month.

1920, average. . . . . . . .1921, average1922, average -

1921.December

1922.JanuaryFebruaryMarch.. .AprilMay . .June ,JulyAugustSeptemberOctoberNovember :December

Goodspro-

duced.2

466322295

284

2842822883023053053002962S92S6296306

Goodsimported.

536313310

303

29528628228228829530S309320333302361

Goodsexported.

5122SS295

283

27727527227427929229729630130S336333

1 IN FRANCES

Rawmaterials.

506341324

313

308300305318322327332329323328348352

Pro-ducers'goods.2

533248235

230

229227229228226231237238238238

• 248253

Con-sumers'goods.

474348309

294

299300306327333327325303296290296310

All cora-moditias.2

478321298

287

286283287299302304307

•298294294307315

Convertedto goldbasis.

185124127

117

12112S134143143138131123117112109118

'A complete description of the French index may be found in the August, 1922, issue of the BULLETIN, pp . 922-929.

INDEX NUMBERS OF WHOLESALE PRICES IN CANADA.1

[Average prices in 1913=100.]

2 Revised figures.

Year and month.

1919, average..1920, average..1921, average..1922, average.,

January . . . .February.. ,MarchAprilMay ,June ,JulyAugustSeptember..October. . . .November..December...

1922.

Goods ! poods Goodsproduced.,imported, exported,

January..1923.

207249168147

143148150152153151153146140141143143

146 171

Pro-ducers'goods.

188 !255 I174151

147147146146 I147 |150 I152154 !154155 j157 i159 !

160 j

Con-sumers'goods.

227270183164

161164166169168168171166157158160161

163

All com-modities.

207250

: 167149

1441 1491 150

152154153151149144145147147

149


199223150147

137145145148152151152149144145147146

148

1 A complete description of the Canadian index may bo found in the July, 1922, issue of the BULLETIN, pp. 801-806.

INDEX NUMBERS OF WHOLESALE PRICES IN JAPAN.*[Average prices in 1913-100.]

Year and month. Goods | Goodsproduced, imported.

1921, average1922,average ,

1921.December

1922.JanuaryFebruaryMarchApril

wSy : :.JuneJulyAugustSeptemberOctoberNovember,December

186185

201

19819218718618518S107189ISO173170171

154159

154

153151153151157166167160156159166165

Goodsexported.

173189

192

197186175176183192196189189195194192

Rawmaterials.

154165

167

16816315715716416S170161159166173171

Pro-ducers'goods.

18S181

192

1911831S3183182191195187177171168167

Con-sumers'goods.

193189

209

203198195192189191203196185174167171

All com-modities.

181ISO

193

191185182180ISO184192184176171169170


175173

186

1S1176173171171176184176169165164167

* A complete description of the Japanese index may be found in the September, 1922, issue of the BULLETIN, pp . 1052-1059.


FEBEUABY, 1923. FEDERAL BESERVE BULLETIN. 209

COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.ALL-COMMODITIES INDEX NUMBERS.*

Year and month.

1913.1914.,19X5.1916.1917.1918..1919.,1920*1921,1922.

1922.JanuaryFebruaryMarchJuneJulyAugus t . . . . . . .September....OctoberNovember.. . .December. . . .

January..1923.

Bel-Minis-try of

Labor.*

(128)

"100

367

356350356360360364385408407

434

Bul-garia;eneral

Statis-

gaiGer

Den-mark;

Finans-tical jtidende.'

Bureau.

(33)

1001031372668

"667W830

« 1,1601,9402,0062,473

2,1722,2722,2872,4362,4892,5262,5312,5582,5642,630

1*100138164228293294382250179

178177182179180180178176180182

181

France;GeneralStatis-tical

Bureau.4

(45)

100101137187262339357510345327

314306307325325331329337352362

387

Ger-many;Frank-furter

Zei-tung.*

(98)

1*100

1,9652,130

32,715

4,2174,5995,4207,8519,102

13,97829,11643,22394,492

166,495

205,417

Ger-many;FederalStatis-tical

Bureau.*

(38)

100106142153179217416

1,4861,911

34,182

3,6654,1035,4337,030

10,05919,20228,69856,G01

115,100147,480

278,476

Italy;RiccardoBachU

(100)

10095133202299409364624578562

Nether-lands;CentralBureauof Sta-tistics.'

(53)

i

5775026335375585715S2601 !59f> j.%0 I

100105145222286392297282181100

16116216116716215515315615S158

Norway(Chris-tiania);Oekono-

miskHevue.»

(93)

2002,=>3240230232227225221221220

220 i

Poland;CentralStaticticalOffice.

(58)

"1151592333413453223772G9220

" 1 0 0

137.579

Spain;Instituteof Geog-raphy

and Sta-tistics."

(74)

100101119141106207204221190170

Sweden;Oo'to-borgs

Handclsoch

SJOfarts-tldnlng."

(47)

59,23163,44573,72987,694

101,587135,786152,365201,326275,047 t346,400 !

179179177177174174173172174172

"100116145185244339330347211162

170179179164165163158155154155

150

Switzer-land;D r . *

Lorenz.*

(71)

100

195160

1761441351601611C3163153100170

175

Year and month.

KUBOPE—continued; NORTH AMERICA.

UnitedKing-dom;

Board ofTrade.

(150)

UnitedKing-dom;

Econo-mist.*

(44)

UnitedKing-dom;

Statist.*

(45)

UnitedStates;Bureauof LaborStatis-tics.

(404)

Canada;Depart-ment ofLabor."

(271)

ASIA AND OCEANIA.

Aus-tralia;

Bureauof Censusand Sta-tistics.*

(92)

China(Shang-

hai);Mlnistr*oin-'

nance.

(147)

DutchEast

Indies;Statis-tical

Bureau.

(17)

India(Cal-

cutta);Depart*ment ofStatis-tics.*

(75)

Japan(Tokyo);Bank orJapan.'

(56)

NewZealand;Depart-ment ofStatis-tics.

(106)

AFRICA,

Egypt(Cairo);Depart-ment ofStatis-tics.

(23)

SouthAfrica;Oflice ofCensusand Sta-tistics.

<187)

1913.1914.1915..1916..1917..1918..1919..1920..1921..1922..

100

1922.JanuaryFebruaryMarchJuneJulyAugustSeptember....OctoberNovember.*..December.....

307197159

164162160160160156154155157155

January,1023.

10099

123161204225235283181159

159158160163163158156I5S15915S

158

100101126159206226242295188153

156 j155 !157 |159157 !152150153 ,153152 I

I

100OS

101127177194206226347149

138141142150155155153154156156

156

1001011101351772062172461S2166

168169166265166164163162104165

IG5

"100

141132155170180218167154

14714714615615715515S1591C2161

moo

133140145146

149150152144144142140143143149

is 232"281is 226186

1641631041671081G3159163164

"10011212S14718019S2041S1ISO

178179182183181178176177178176

1009697117147192236259200190

2062042011972011951931901SS1S3

184

100104123134151175178212201177

1S6181ISO175177177174174175172

"10010212416S207225299171145

150152153139138139138140144147

141

"100

127145158170231

"m

135

131

*133

1 The number of commodities or quotationsused in the computation of each index is indi-cated by figures in parentheses at head of eachcolumn.

* Average of last half of month.* First of month.4 End of month.* Beginning of month—not always the 1st.* Average for the month.T 38 commodities prior to 1920; 76 commodi-

ties during 1921. End of month.

»Based upon price of 52 commodities during1920; 53 during 1921.

9 End of year and end of month.* 15th of the month."Middle of month.M July 1,1913, to June 30,1914-100."April, 1914-100." July 1,1912, to June 30,1914-100.1* July, 1914=100.w Dec. 31,1913, to June 30,1914=100."January, 1914-100.

14 December figure.19 January figure.so As of last Wednesday in month.11 February, 1913=. 100.12 As of Jan. 1.» End of July, 1914-100.*< Jan. 1,1913, to July 31,1914-100.s Average for year.


210 FEDERAL RESERVE BULLETIN*. FEBRUARY, 1923.

The foreign index numbers published on thepreceding page are constructed by variousforeign statistical officers and are sent to theFederal Reserve Board by cable. References tothe BULLETIN in which these are described maybe found in the BULLETIN for January, 1923.

.Index numbers showing the price levels ofseparate groups of commodities in the UnitedStates and a few foreign countries are presentedon the following pages. Group index numbers

for the other countries are published only occa-sionally, but such figures may be obtained fromthe Division of Analysis and Research at anytime upon request.

A comparative summary table showing theboard's international index for the UnitedStates, England, Canada, France, and Japanappears on page 207. Group index numbers,computed as part of this international series,will also be found on that page.

GROUP INDEX NUMBERS—UNITED STATES—COMMODITIES IN BUREAU OF LABOR STATISTICS INDEX REGROUPED BTFEDERAL RESERVE BOARD.

Year and month.

19131919192019211922

1921.December

1922.JanuaryFebruary-MarchAprilMayJuueJulyAugustSeptember . . . . . . . . . . . . .OctoberNovemberDecember '

Raw materials.

IS£fproducts.

(21)100251255134145

130

130

no14114515214614713S136147160161

Animal Forest | Mineralproducts, products.! products,

(21) | (11) | (35)

100221180110125

ioa

109121122120122123130127132132129128

1002113111R5185

169

1671661651671741861S3191199204207211

100179236184207

179

178177178180202211241261236218209208

Totalraw ma-terials.

(88)

100217228142158

137

13914C14714S157159171173168106166167

Pro-ducers'goods.

(117)

100179214135128

125

123113120122125127129129132135136135

Con-sumers'goods.

(199)

Allcommodi-

ties.

(404)

100211231159151

151

146 ;148 I150 ;149150 I151 j152 i149150152155 !157

100206226147149

140

13314114214314S150155155153154156156

GROUP INDEX NUMBERS—UNITED STATES-BUREAU OF LABOR STATISTICS.

Year and month.

1913191919201021..1922

January....February-..MarchAprilMayJuneJulyAugustSeptember.October...,November..December..

January

1922.

1923.

Farmprod-ucts.

(56)

100231218124133

122131130129132131135131133138143145

143

Foods.

(HO)

100207220144138

13113513713713814014213813S140143144

141

Clothsand

clothing.

(65)

100253295ISO181

176174172171175179180181183188192194

196

Fuel andlighting.

(20)

100181241199218

195191191194216225254271244226218216

218

Metalsand

metalproducts.

(37)

100162192129122

112120109

. 113119120121126134135 i133131

133

Buildingmate-rials.

(41)

Chem-icals and

drugs.

(43)

100201264 I165168

157156155156160167170172180183185185

188

100169200136124

124123125124122122121122124124127130

131

Housefurnish-

inggoods.

(31)

100184254195176

178177175175176176173173173176179182

184

Miscel-laneous.

(25)

100175

»196128117

11711711711G116114114115116120122122

124

Allcommod-

ities.

(404)

100206226147149

13S141142143145150155uh153154156156

156


FEBRUARY, 1923. FEDERAL EESERVE BULLETIN, 211

GROUP INDEX NUMBERS-UNITED KINGDOM—BOARD OF TRADE.

Year and month.

1913 average1920 average1921 average. . . . . .1922 average

1921.December

1922.SeptemberOctoberNovemberDecember

Cereals.

(17)

Meat aiidfish.

(17)

100273194151

153

143145144141

100263219172

180

174169173174

Otherfoods.

(19)

100279214172

180

152157152156

Totalfood.

(53)

1002722091C5

173

156157160150

Iron andsteel.

(24)

10035S210137

152

132131131131

Other |

S S Cotton.minerals.

(20)

100252179141

140 j139139138

(10)

1004S01921S2

1S3

185184193189

Othertextiles.

(15)

Other !Total notarticles. food.

100 t

172 i

(22)

J0027319G

105

1CS170172172

177

lf.0io:>10S160

(97)

10032a191

105

153151150155

Allarticles.

100307197I.VJ

1GS

154155157155

GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU,

Year and month.

1913 average1919 average1920 average1921 average1922 average

1922.JanuarySeptember . . . . . . . .OctoberNovember . .December.

1923.January

Animalfoods.

(8)

100392503380349

309346341365387

Vegetablefoods.

(8)

100313427330295

306279283289300

322

Sugar,coffee, and

cocoa.

(4)

100253422343329

2S9333311345364

412

Allfoods.

(20)

100336459355325

302318313331349

367

Minerals.

(7)

100272449275270

258279309305311

346

Textiles.

(6)

100444737355390

3634184464GS473

533

! A Hindus.Sundries. ! trial

i materials.

(12) (25)

100 i405 j524374 !338 I

350 !

341 '347363 |365 |

377 I

100373550333329

3213393573G9373

404

All corn-mod HI os.

100357510345327

314329337352302

3S7

GROUP INDEX NUMBERS—GERMANY—FEDERAL STATISTICAL BUREAU.

Year and month.

1913 average1919 average .1920 average . . . . . . .1921 average1922 average „

1922.January

Goodsproduced.

(16)

100385

1,2531,786

29,655

3,383

GoodsImported.

(22)

100558

2,6522,533

56,818

5,075

All com-modities.

(38)

100416

1,4861 911

34,182

3,665

Year and month.

1922.SeptemberOctober..*NovemberDecember

1923.January

Goodsproduced.

(16)

25,81549,85395,290

12S,33O

239,005

Goodsimported.

(22)

43,11300,343214,150213,230

475,832 !

All com-modities.

(38)

28,COS50,fX)l

115,100147.4S0

278,470

GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG.i

Year and month.'

July, 1914January, 1920January, 1921 .January, 1922 -

l 9 2 2 -FebruaryMarch. . .

fc::::::::::::::::::::::::::::::::::::::::::::::::::June . . . - -JulyAugustSeptemberOctoberNovemberDecember •

1923.JanuaryFebruary •

) Latest figures subject to revision.

Foodstuffsand

luxuries.(26)

1001,9722.0193,840

4,3005,2110,3300,6496,967832313,69129 17538,5958S980144,753

175,845555,005

Textileand

leather.(16)

1002,6112,3255,789

6,2816,8058,5519,2239,626

11,00119,66132,18466,157

153,896266,622

320,6321,413,673

Minerals.

(18)

1002,7492,7805,178

5,525C,8108,5850,305

10,14112,16818,35542,64854,905

128,982 i219,395 j

262,212931,239

Miscella-neous.

(17)

1001,1011,7763,149

3,4924,2015,28S5,9616,4136,881

10,99321,60532,13472,038

134,177

177,752534,734

Industrial [finished

products.(21)

All com-modities.

(98)

100 ;1,4651,704 j3,347 I

1001,9652,1304,217

3,5Sl4 060i4 9725,9826 3117,292 !

10,001 !22,654 i35,025 '57,683 1

118,385 i

151,793 1476,564 I

4,5995,4206,70373847,8519,102

13,97829,11043,22394,492

166,495

205,417715,8S1

* Beginning of month—not always the 1st.


212 FEDERAL RESERVE FEBRUARY, 1023.

GROUP INDEX NUMBERS-ITALY—RICCARDO BACHI.

Year and month.Vegetable

foods.

(25)

Animalfoods.

(13)

Chemicals.

(11)

Textiles.

(12)

Mineralsand metals.

(16)

Buildingmaterials.

(6)

Othervegetableproducts .

(5)

Sundries.

(12)

All com-modities.

* (100)

1920 average ,1922 average

1922.JanuaryOctoberNovemberDecember

100110

112113112110

100105

114114112110

10071

737271

10074

72858278

100

64

10083

92

100113

112124127129

10092

94969894

10090

92969693

GROUP INDEX NUMBERS—SWEDEN—Gi)TEBORGS HANDELS OCH SjOFARTSTIDNING.

[July 1,1913^Tune 30,1914—100.]

Year and month .

1913-141919192019211922 * . . . .

1921.December

1922.SeptemberOctoberNovemberDecember

1923.January

Vege-tablefoods

(16)

100261262210161

156

146143132136

137

Animalfoods.

(7)

10040929G220164

186

179166171165

161

Raw ma-terials

for agri-culture.

(5)

100340312227168

202

160158159162

163

Coal.

(2)

100804

1,007285172

1&7

169169175178

184

Metals.

(5)

100258278159123

134

119117117117

117

Bui ldingmate-rials.

(7)

100286371243217

243

215216203209

211

Woodpulp.

(3)

100308675310163

154160178181

185

Hidesand

leather.

(5)

10021121510791

n o !I

90 ;9189

Textiles.

(5)

100

324144165

146

171176194198

205

Oils.

(2)

All com-modities.

(47)

100

294228160

179

150150150150

150

100330347211162

172

15S155154155

156

COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES.In the following table are presented statistics showing the trend of retail prices and the

cost of living in the United States and certain other countries:

Year andmonth.

191419201921

1921.November. . . . .December

1922.JanuaryFebruary

AprilMay

JulyAugustSeptemberOctoberNovemberDecember

INDEX NUMBERS OF RETAIL

Retail prices.

UnitedStates.

"100199150

149147

139139136136136138139136137140142144

Can-ada.

a 100215164

149148

149143142138138137138141139138139140

Czecho-slo-

vakia.

*100

]

1,467i,m1,4141,4151,4441,475L,430L 2901,1051,016

984

France1

(Paris).

*100371337

326323

319307294304317307297289291290297305

Italy.

3 100454548

583585

576559546524530

522531

Swe-den.

3 100298237

211202

190189185182178179179181180178170168

PRICES AND COST OF LIVING.

Cost of living.

Austria(Vienna).

«1

533

669?70792875

1,0921,8712,6455,932

11,30610,3689,730

Bel-gium.

UOO

434

451447

418394372368365373372369

• 384406433429

Ger-many

(46J

cities).

51.09.1

12.0

1617

1822263235385070

114195400612

Ger-many(Ber-lin).

•1.010.812.4

1819

19222732354161

103164261565868

Po-land.

*100

28,622

47,62846,740

46,88348,08552,35858,62763,91468,40678,79890,823

107,663128,415170,987

Swit-zer-

land.

7 100

210

192189

186175170162156155159154154155

, 1 6 8

UnitedKing-dom.

*100249226

203199

192188186182181180184181179178180ISO

India(Bom-bay ) .

>100

173

182179

173. 165

165162163163165164165162160

NewZea-land.

•100

160158

157156153152152151150150150149

SouthAfrica.

MOO155133

127124

122120120123122121120120120121122

> Average for the month .* Average for 1913.

*July.* Apr. 15,1914-100.

* 1913-1914=1.• August, 1913-July, 1914-1.

*June.»1909-1913-100.

NOTE.—The Canadian index, computed by the Department of Labor, consists of the retail prices of 29 foods in 60cities. Descriptions of the index numbers for the other countries will be found in the FEDERAL RESERVE BULLETINfor January, 1923.



INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES.UNITED KINGDOM.

Year andmonth.

Monthly av:1913-. .-19201921

1921.November. -December.-

1922.JanuaryFebruary . . .MarchApril .May. .June . .Ju ly . .AugustSeptember..OctoberNovember. .December-.

PRODUCTION.

Coal.

Longtorn}23,953!19,108113,696

17,87522,594

17,69319,76419,921•22,87519,14615,82723,13519,151

• 25,68121,20721,712

|«25,841'

Pigiron.

Longtons}

8551670218

272275

288300390394408369399:412430482494534

Steelin-

gotsandcast-ings.

Longtons.* ]

639;7561302

444381

3281419|549404462400|473,528556565601546

Fin-ishedsteel.

Longtons*

646238

3301292

271|321369294|334,316|345338386493410

Rawcot-ton,

visible]sup-ply.3

EXPORTS.

Ironandsteel

manu-lac-

tures.

. LongBales}\ tons.1

414271142

1,3971,234

1,2161,271

1,2981,2401,1121,1811,1431,111

890864853882

1,0561,138

194205

253224290258272236252270279347372341

Cot-ton

manu-fac-

tures.

• 596'374!2441

Coal. Rawcotton.

Longions}6,1172,0782,055

366J 3,5941333! 4,309;

342! 4,021254! 4,0143071 5,201305! 4,097315 5,057315' 4,794447 5,064381i 6,146400, 7,0S3,357| 6,196402 5 671364 5,955

IMPORTS.

\

Lbs.*18115S|98

195166

1349983

1011201271118160

12S183205

Rawwool.

Lbs*

677363

6784

90|1111231117138

9779

107]52j

$

Rawwet

hides.

UidcsJdryand

salted.

Lbs}6,9274,02514,792|

8,9677,875

4,55712,184,4 5083,164'2,9942 7727,390'7,2817,3395,0905 5005,009

Lbs}

TRANSPORTATION.

VCS- jscls <

under: Vessotecon- cleared,

struc-tion. !

llritlsh 'railways.

Grantons} Tons}

Netton-

miles.

Ton-miles}

Totalfreight

re-ceipt!?.

Povndssterling.1

5,1S91 2,003: 5 , 6 5 2 . . . .0,277i 3,603! 3,049. 1,540]2,460 3,313 3,032 l,10S

4,5013,800] 2,640]

4,18612,8824,1023.590]2,4713,39329S24,4223,6166,57li5,4G9|6,20-1

2,236

1,920

1,617

1 I n thousands; 000 omit ted.* I n millions; 000,000 omitted.

8 Figures for end of the month .* Expressed in yards.

FRANCE.

3,9444,003!

3,9193,8914,8144,1875,1044 9754,82*5,8555,7315,5905,6535,145

,318,300

,320..3C31

,527,230,379,100,309,,455404

Unem-ployedamongapprox-imately12,000,.(XX) in-suredper-

sons.

Percent.

10,581

9,370,

11,1439,198

10,44281KW9,5019.W89,2049,922

15.7!10.2l

10.215.714.614.413.512.7|J2.312.012.012.0|12.4,12.2

N e tprofits

ofIndus-trialcom.

Ipanlcs-

Vetcent.

11.715.210.3

6.1

*7.*2

'b'i

s Figures for 5 weeks.

Year and month.

PRODUCTION.

Pig iron. Crudesteel.

Cottonstocks

atHavre.1 Total.

IMPORTS.

Total.

Raw Raw|cotton for silk forconsump- consump-l

tion. I tion.

Coal forconsump*

tion.

TRANSPORT A TION.

Vesselscleared.

Receiptsof

principalrailways.*

Unem-ployed

receivingmunicipal

1 Aid InParis.

Monthly average:1913.19201921

November.December-,

1921.

JanuaryFebruary . .March . . . . . .AprilM a y . .JuneJulyAugustSeptember.OctoberNovember.,December..

1922.

Metrictorn.1

* 4342S6280

295301

312323386383442410428447462503513

Metrictons.1

6 391254255

277302

315317367324364358369397407430410

Bales.1'*Metrictons}

274225169

19220S

1881631271331691451531359913115S197

1,8401,0711,333

1,5152,507

1,5541 5201,5701 7941,5381,7991,9361 7882 6162,0342,0342,429

Metrictons.1

3,6854 2113 165

5,1615,197

3,3964 1264 4343 787L396

307,223.512t 138J54345774,930

Metrictons.77,42819,57716,666

29, OSS30,835

14,87014,71420,97817,39118,09032,38026,32516,29117,30227,87720,337

Metrictons.

629390206

477382

50246740320740439156657955072252fi

Metrictons}

1.55S2,0051472

2,2442,895

1,6762,1532.0S11,53S2,0531 8291,6311 7671,6921,7631,965

Tons}2,1761,4121,802

1,8621,992

1,7351 7441,9342, OSS2,3402,4732,5232,3992,3592,3362,455

Francs}•165.892

479,894516,397

483,216 1641,887

454,323453,175472,779603 764472,607504,431651,720516,310720,210563,314532,152539,073

Kumbtr.

3,02220,671

3,7304,175

4,6584,3353,5462,4471,636

9536026064102722K5344

* In thousands; 000 omitted.! K a U w a y s S d W r o r s t a t e Railways, ParU-Lyon-MMiterrande, Nord, Orl&as, Q t , Midi, Alsace-Lorraine, and GuiUaum.Luxembour* Bale of 50 kilograms.' I S ^ S ^ L t n d GniUaume-Luxembourg Railways.

30425—23



GERMANY.

Year and month.

PRODUCTION.

Coaland

coke.Lignite

EXPORTS.2

Ironandiron

manu-factures

Ma-chinery

andelec-tricalsup-plies.

Dyesanddye-

stuffs.Coal.3

IMPORTS.

Raw-wool.

Halfmanu-

fac-turedsilk.

Cot-ton .4

Ironore.5

SHIPPING.

Arrivals ofvessels inHamburg.

UNEMPLOY-MENT.

Appli-cants

forevery

100avail-ableposi-tions.

Unem-ployedpersonsreceiv-ing

Stateaid.

Monthly average:19131920...1921

1921.NovemberDecember

1922:JanuaryFebruaryMarchApril . . .MayJuneJulyAugustSeptemberOctoberNovember

Metrictons.1

17,00313,01313,664

14,05214,343

14,64013,65515,93113,80014,67011,41611,97212,78012,62313,32912,9S6

Metrictons.1

7,2669,303

10,241

10,47911,029

10,97810,09112,26010,63411,43710,48711,41112,14711,82312,08911,896

Metrictons.

541,439145,883203,681

233,204214,812

221,743172,709211,979200,677209,432213,220212,365198,408244,012246,074233,553

Metrictons.

Metrictons.

60,919 i 21,8124G,772 | 8,46239,037 8,530

35,69746,397

39,47045,05948,81346,11247,35449,34744,16250,97840,15050,69941,044

9,9539,212

9,5529,33212,29911,09512,62916,33512 67112,61613,47715,18711,110

Metrictons.

2, SSI, 12660S, 749518,937

569,657

Metrictons.16,608« 4,02511,860

12,628640,877 | 10,98-1

752,340669,433795,200795,940701,941528,766199,961121,359110,245125,670137,341

10,40026,20226,98824,09125,61915,72314,11911,0118,708

10,0239,198

Metrictons.

920»232

346388

347383440462486436435459342371425

Metrictons.

43,42412,49030,894

27,24228,313

23,42617l 91526,13024,07026,11222,03726,03520,91513.95910,58420,62?

Metrictons .*

1,225538619

937791

942493810866

1,5191,159

962997

1,0901,316

842

Number,1,256

401700

838503

745461894972

1,1431,092

7931,005

9451,016

877

Tons.1

1,182374794

881873

875716969

1,1121,2441,28710651 1711,2081,2721,046

Number,Num-ber.*

169165

136148

150145113113107103106109122129

366310

150149

16520321311665292015121624

1 In thousands; 000 omitted.> Export and import figures for first 4 months of 1921 not available; 1921 averages based on 8 months.» Not including coal for reparations account.* Includes linters.* Includes manganese ore.* Average based on 6 months.

SWEDEN.

Year and month.

PRODUCTION.

PigIron.

Iron andsteel ingots.

Unplanedboards.

Paperpulp. Coal.

TRANSPORTATION.

Vesselsentered. cleared.

Freightcarried

on Staterailways.

Unem-ployed

workmenper 100

vacancies.

Monthly average:1913.19201921

November.December..

1921.

January. . . .February. .MarchAprilMayJuneJulyAugustSeptember,OctoberNovember..

1922.

Metric tons.

013926

Metric tons:

493717

Cubicmeters,}

32830G162

361356

8725636699

500608539508494465

Metric tons.*717340

5499

104

2311362176SO89

104113144189

Metric tons.*408234122

192246

11462

197206230172214294229270302

Net tons.*1,147

677519

601575

4422S5617524600596625694684699705

Net tons*1,147

692

578582

409255509485633738787836808822751

Metric tons.1

830991589

721558

485630730622578645715765776799796

Number.

112107276

3S4473

482479381368257215203172155177

* In thousands; 000 omitted.



CANADA.

Year and month.

PRODUCTION.

1921 average.

1921.JanuaryFebruaryMarchAprilMay . .JuneJulyAugus t . . . . . .September...OctoberNovember...December-..

1922.JanuaryFebruary. . . .M a r c h . . . . . . .AprilM&yJuneJulyAugustSeptemberOctoberNovember..

Pig iron.

Tomi50

Coal.

Tons i1,255

1,3731,2151,143

933993

1,1071,1701,5191,3211,4081,5221,354

1,2081,3131.400

666721811858789

CrudeSteel.

Tons, i56

3342302217336359365351

Planksand

boards.

Pre-served

fish.

Feet*85

444667418588889397115351110

828811984156214215213191239205

11,007

8,5958,1307,5646,4246,083

10,6499,246

14,96715,61619,78015,2389,786

10,1807,1408,9295,0755,7116,7499,9367 607

20,67513,2399,995

Woodpulp.

Lbs. *87,871

43,51037,07758,92930,16376,01264.8S9A4.51592,109123,982118,343155,714169,204

124,01287,039

117,54362,)53

105,197168,169155,502169,611180,068154,019173,ISO

Wheat.

12,238

11,4469,1817,4804,98:18,1126,0033,6493,9727 145

21,13129,25434,492

6,1035,6026,0421,940

14,20711,7609,487

11,5879,233

55,316

Coal.

Tons A

1,525

1,9071,4541,787

9711,2141,5711 7221,7181,5531,4161,5281,401

1,0691,148J,S57

896548412427440GG3

1,4652,127

7,7747,9408,4275,8353,0734,2124,9037,4010,005

• 8,0449,972

12,377

11,0078,758

12,5387,2309,7888,4387.5188,4594,2764,383

11,284

Railroadreceipts.

j Dollars.»

2,288 33,508

3,0332,8203,4232,1792,4351,9082,2142,0941,7281,9211 7441,803

1,0401,5732,410l.arr1 9992,O0S1,5591,96.11,9181,9312,114

31,8082R,14431,88028,925Z), 13630,20933,0f>935,70039,08043,84140.20033,852

20,o:>320, aw31,90026,80930,79930,53632,02434,93739,15847,04144,259

1 In thousands; 000 omitted. * In millions; 000,000 omitted.

JAPAN.

"X ear and month.

Monthly average:1913 . .19201921

1921.OctoberNovemberDecember

1922.January. .* . .FebruaryMarch . /Apr i l . . .MayJune*. . .JulyAugus t . . . . .SeptemberOctober , . . .

PRODUCTION.1

Cottonyams.

Bales.126151151

159168178

168174\U191194192181179179193

Silkfabrics(habu-taye).

BikL*

""Hi"

145170

. 169

166129153110160173159116121118

Paper.

Pounds,

: : : ; : : : :44,538

45,96945,65846,781

46,48846,60549,64452,68753 97552,79153,73454,55353,32654,892

Rawsilk

stocks,Yoko-hamamar-ket.

Bales.

53,11158,477

53,53548,83244,766

40,56132,21344,70140,77718,29318,54745,84856,0324S,S1048,472

EXPORTS.

Silk,raw.

Piculs*16,85714,55721,836

24,00629,16937,250

16,92418,10216,04727,38035 14729,56934,54136 19635,95935,970

Silkfabrics(habu-tayc).

Piculs.2,3022,2641,702

1,2531,8551,857

1,0801,5512 0031,6691,9772,1761 7932,0171,0861,839

Cotton,yams.

Piculs.113,37474,83973,064

53,50653,4Si68,032

61,4H63,719

123,605138,226146,354139,05751,66040,07568,773

118,431

Sheet-ingsand

shirt-ings,gray.

Yards*7,921

28,46523,210

13,28916,70720,352

19,12421,99024,19424,72525,S2l29,71325,2S422,31317,60825,259

Rawcotton,ginned.

Piculs.15376*8718

6S5690640

1,1611,167l,0S4

707580490433731766330

IMPORTS

Wool.

Piculs.13,16240,91822/277

31,01314,03924,004

41,72493,41161, $6576,41624,75308,41537,43129,93617,55916,994

Ironplatesand

shoots.

PicuhA13252S312

218206371

4025046375S27o2890872697351332

TRANSPORTATION.*

Vesselscleared

inforeipntrade.

Tons.2,0752,2162,324

2,4912,6112,718

2,7492,8173,0942,9713,2S73,0242,9S73,1192,8192,784

Freightcarried

onStaterail-

ways.

Tons.2,0234,5484,342

4,6254,6104,922

4,1024,2615,0064,90S5,2254,9054,6414,4894,5024,920

Re-ceipts

ofSlaterail-

ways.

Yen.11,72327,58931,182

3-1,90031,72932,520

28,57628,03636,33742,0743H,4S632,18032,97733,94432,46135,374

1 In thousands; 000 omitted. * One hlki equals two pieces. i A picul varies from 133 to 140 pounds avoirdupois.


216 FEDERAL, RESERVE BULLETIN. FEBRUARY, 1923.

FOREIGN TRADE OF PRINCIPAL COUNTRIES.

In the following tables are presented figures from official sources showing the monthly valueof the foreign trade of a group of European countries, Canada, Brazil, India, Japan, and theUnited States.

FOREIGN TRADE OF UNITED KINGDOM.

[In thousands of pounds sterling.]

Year and month.

Monthly average:191319201921

1921.December..

1922.JanuaryFebruaryMarchApril..MayJ unoJulyAugustSeptemberOctoberNovemberDecember

IMPORTS.

Food,drink,and

tobacco.

24,1M03.S1747,391

39, U5

33,97232,25745,26140,09743,07539,9363S,81737.76235,55538,01745.50142,292

Rawmate-

rials andarticlesmainly

unmanu-factured .

23.48559,19622,598

27,792

24,56520,22022,09521,40425,35825,24224}2.'t724,14121,8482li, 40930.22332,499

Articleswhdlly

ormainlymanu-

factured.

Miscel-laneous,includ-

ingparcelpost.

16,13137,78720,421

18,291

17,71016,57620.30918,96220,20718,857IS,;,79 i20,32« I19.244 I19,726 Ilfl.ft«719,S3S

259254268

165

2413222151991762031514322902022902S3

Total.

64,061161,38790.458

So, 364

76,48869,37587,87980,66188,81484,29881,78482,66176,94485,01595,60094,912

Food,drink,and

tobacco.

2,7164,2453,122

3,187

2,8612,7543,2703,0113,0453,0442,8063,1053,1543,0663,40$2,790

Rawmate-

rials andarticlesmainly

unmanufactured.

5.82512,1265,297

7,446

7,0326,8698,4657,3768,7577,6718,0418,90010,0999,21110,1019,493

Articleswholly

ormainlymanu-

factured.

34,28193,31249,055

47,364

51,82448,00051,76044,33645,07340,55648,45547,14948,36147,01051,96444,932

Miscel-laneous,includ-

ingparcelpost.

9491,5231,126

1,378

1,429712

1,085785

1,171875

1,117878S97

1,1121,0181,662

Total.

43,770111,20658,600

59,375

63,14758,33564,58155,50858.04552,14660,41960,03262,51160,39966,49158,8*3

Reex-ports.

9,13118,5638,921

9,20*

8,45910,17410,1549,2008,9658,7208,3177,5046,3818,2779,1488,479

Totalexports

andreex-ports.

52,901129,76967,521

G8,579

71,(>0668,50974.73564,70867,01060,86668,73667,53668,89368,67675,63967,362

FOREIGN TRADE OF FRANCES

Year and month.

IMPORTS.

In thousands of francs.

Food.Raw

mate-rials.

412,1442,096,3791,033,170

1,850,148

887,2531,137,8551,005,463

983,000996,000

1,082,3711,200,7641,096,9031.0S7.0001,190,0001,478,0001,904,000

Manufac-tured

articlos.

138,1691,072,787

412,045

543,445

247,827324,150465,737323,000310,000285,448318,109352,229333,000349.000353;ooo390,000

Total.

-j thou-sands of; metrici tons.

In thousands of francs.

Food.Raw

mate-rials.

Manufac-tured

articles.Parcelpost. Total.

Inthou-

sands ofmetrictons.

Monthly average:191319201921...

December.1921.J

JanuaryFebruary..March ,AprilMayJune*JulyAugustSeptember.October...November.December..

1922.'

151,465989,576517,15S

754,671

352.572385,021460,765438,000504,000483,356476,813510,597473,000570,000517.000629,000

701,7784,158,7411,962,373

3,6354,2113,165

3,154,264 I 5,197

1,487,6521,847,0261,931,965l,743,G401,810,1251,851,1841,995,7461,959,7291,893,0002,109,0002,348,0002,923,000

3,3964,1264,4343,7874,3964,3074,2234,5124,1384,5434,5774,930

69,908217,733161,031

259,605

121,526153,892130,595136,000132,000

154,841509,485463,219

549,495

458,460443,455456,930461,000498,000

301,4211,413,5481,067,413

1,193; 161

994,8521,106,5071,189,7121,231,0001,127,000

47,182100,479104,430

180,059

63,903144,45399,431134,000111,000

573,3512,241,2451,796,092

2,182,320

1,638,7411,853,3121,876,6681,962,9971,880,064

113,435179,407141,000195,000196,000249,000

371,959408,005477,000494,000537,0001,186,000

885,029931,066

1,055,0001,099,000856,000

1,120,000

59,619157,83668,000149,000117,000224,000

1,433,0421,676,0001,741,0001,937,0001,706,0003,079,000

1,8401,0711,333

2,507

1,5541,5201,5701,7941 5381,7991,9361,7882,6162,0342,0?,42,429

1 Not including reexport trade.3 Calculated ou 1919 value units.

3 Imports calculated on basis of actual declared value.* Value of exports not available. Beginning with June, exports calculated on 1921 value units.


FEBRUARY, 192P>. FEDERAL BESEItVE BULLETIN. 217

FOREIGN TRADE OF DENMARK, NETHERLANDS, SWEDEN

Year and month.


1921.OctoberNovemberDecember

1922.JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Denmark.(In millions of

kroner.)

Im-ports.

712-1213G

143143155

10270

10312615914011713413414S

Ex-ports.

fiO151121

113102107

8076

10076

10S125101

121112

Netherlands.(In millions of

guilders.)

Im-ports.

278187

17917GISO

152

180167194151J641791051S7172163

Ex-ports.

142114

11510797

86S4

11393

108101105

116112104100

Sweden.(In millions of

kronor.)

Im-ports.

; 71i 2MI JOG

| 101! 95; 112

7749

1091029793

* 83105109118111

no

Ex-ports.

OS19191

9910310S

61' 38

71GO90

101113132123122 I12S |120

. CANADA, IIIIAZH., INDIA, AND JAPAN.

Canada.(In millions of

dollars.)

Im-ports.

50

ire.*

6061

ou5151794SGO62Gl67on0770

Ex-ports.

31107101

81

ss :

474761337073727473

104132

I™" " ~Brazil.

(In millions ofinllrds.)

Im-ports.

1 si171141

11290

113

9210113112712712V)

1401,13220170

Ex-ports,

S2HO142

100

175

ICi1721S7111 I110

1^2202 j

_2iiS j

India.(In millions of

rupees.)

Im-| ports.

134

235201232

2701S9215

191

1K22121S2 |2.15200

i

Ex-ports.

205272214

1*2 :

J'J'J218

210222 :'111

273192214252an;1*2 \2M

! Japan,i (In millions of

yen.)

Im-port?.

m135

130152101

179I'.IS20S

1WI157142137I.Ti105110143

Ex-ports.

53102104

112121140

H7101115129lr>4J40144140150101139158

1 Italian yearly figures for 1921 based on average for six months only.8 Dutch figures for 1913 not comparable with later figures.

FOREIGN TRADE OF UNITED STATES.


Year and month


1921.December....

1022,JanuaryFebruary..March. /April...May. . .June . . .Ju ly . . . . . .AugustSeptember8

October 5. . .November*December...

Gold. Silver.

Merchandise.

Crudemate-rialsfor

use inmanu-factur-ing.

I Food-stalls

incrudecondi-tionandfoodani-mals.

I

5.3091 2,9891 50,414 18,39934,756 ! 7 33* 145.995 48,13657,606 5,270 71,090 25,331

31,685 5,510

6,4964,7716,953

94,016

82,63926,5712S,701j33,488112,244 j 4', 800 ,8 904 5,512 88, OSS

12 9691 0,346 "42,987| 6.05719,092,24,464;20,80fi,IS,30S26,440'

80,97180,910G'J,80188, OSS9 1 , HO87,29ft

4,944 110,2856,370! 80,8183,940137,378r>,855|7,84S

32,707

27,49S22,37028,75025,71131,20426,17027,59t>22,489IS,70937,465

Food-stuffspartly

orwhollymanu-

fac-tured.

Manu-fac-

turesfor

furtheruse inmanu-factur-ing.

10,52903,17830,737

136103,178 66,87128,35466,87128,669

25,473

25,90027,762!30,014|32,48234,78537,34638,51142,404124,023)30,324

32,083

30,27234,04142,82037,25239,39846,47148,398;48,430,41,020!65,685!

Manu-!fac- !

tures ! Totalready

for

sump-tion.

mer-chan-dise.^

34,453 149,38373.060J 439,87351,577 209,085

51,171

49,81149,375

50*82u|58,254-58,43l<!49,464j55, H5S!54,03*171,452;

237,373

217,195215,743250,17S217,073252,817260,391252,1282*1,412228,795315,0S3

Gold.

7,65020,841

1,991

2,1G2

8031,732

9(i31,57'j:3,407l,C0l!

645!950

l,399i17,5923,431:2,710,

Silver.

Merchandise.

Food-Crude sttills Food*mate* in stuITsrials ! crude I partlyfor Icondt- or

use in j tioumanu- andfactur

5,231 64,0729,40* 155,8974,2'JS S2,002

7,145

3,9777,0924.302!5 , ICh* I5,677;6,OOi:6,28'J3,8013,735:

3,2Gl?!fif/J0

89,950

whollyinami*

fac-foodani- 1 tared.mals. I

Miuiu*fac-

turesfor

furtheriiho i nmanu-factur-

ing.

Manu-fac- ituns \ready !

for !con-

sump- '!

lion. '

Totalmer-

chan-dise.*

14,132' 27,OVJ 33,077 64,WS 207,00270,4W*i 93,050 Ty.875l 207.071 i"^5,60S57,0SH 55,809 33.323 135.450 373,760

2S,73i

72.S3.sj 31,05155,1*95!

3S,2S2 35,14T

76,WV70,511!64,441:70/219;00,02447,S72:00,019;

133,703;i»4;W9

3l,5*)731,17434,14341,000;41.95S!61,339;55,142|40,7(JV

: 2^7G4[

43,01'J4f

47*372150,370'

i(j)22ti40,071!43,231!47,91951,47149,ti20

35,1433L\ i'SA43,032

40,4f73y,035,ti7o35,TON35,50632,9433:i5'j:i|

98,370 290,306

91, M0S4,OS4

112.7t>5'113,S70|112,112

100,5441 0 1 , N 7 1106,5421110,1771

0 5 «35,8^9; 113,937

278,893250,748330,2t>731^100307 6S9334,684301,313301,s04313,092370,7203sO,O52344,425

1 Including miscellaneous merchandise imported.1 Including miscellaneous and foreign merchandise exported.'Imports under old tariff law September 1-21,1922, only,< Import figures delayed owing to change in tariff.

5 Imports for Sept. 21-Oct. 31.


218 FEDERAL RESERVE BULLETIN. FEHRUARY, 1923.

FOREIGN TRADE INDEX,

There are presented below the Federal Re-servo Board's series of index numbers designedto reflect relative quantity movements in theforeign trade of the United States. Changesin the level of prices have been allowed for bymultiplying the quantities of selected com-modities exported or imported each month byfixed 1913 prices.1

Exports.

! Rawinate-

' rials

! coin-j modi-

ties).

1913, year.1919, year.1920, year.1921, year.1922, year.

1921,January...February.MarchAprilMayJuneJulyAugustSeptemberOctober...NovemberDecember.

1922.January...February.MarchAprilMayJune ,July ,AugustSeptember.October....November.December..

100.088.992.2

103.1

103.291.078.276.597.6

107.9111.6142.7115.7121.795.193.8

82.668.589. S90.578.380.379.188.891.2

122.9112.686.7

Pro- Con-due- ! sum-ers'

goods(10

com-modi-ties).

ers'goods

com-modi-ties).

100.0155.1158.7116.9

208.61G2.4135.1132.596.494.278.099.689.7

107.0100.296.0

104.386.0

121.7120.9128.81213124.090.098.996.8

101.6109.9

100.0183.6133.6121.1

126.2110.4120.2116.4110.8132.2133.8160.7142.3113.2106.2107.8

129.7127.6156.5150.5155.4169.2133.5126.3111.5121.0117.2122.8

Total(29

com-modi-ties).

100.0115.310T.5108.9

120.2104.192.790.5

100.3111.5112.9142.1118.6118.498.196.9

94.582.6

100.9106.099.4

107.495.090.796.2

119.8112.495.5

Imports."

Rawmate-rials(10

com-modi-ties).

100.0157.5135.8113.6

74.5118.2160.6153.398.794.599.3

116.8102.896.1

115.1133.0

118.4123.3148.1125.5144.6148.7146.9174.2138.5

roduc-ers'

goods(12

com-modi-ties).

100.0192.9227.5162.8

130.9143.7177.2177.6150.0152.3126.6165.1137.7173.5109.4219.1

228.7281.3306.8236.1227.9273.32G6.3255.5182.7

Con-sum-ers'

goods(5

com-modi-ties).

100.0147.5138.9141.4

123.9135.4178.9185.1162.1130.4121.4129.899.3

116.5149.2164.8

135.2133.5161.1152.0168.0137.3137.5120.390.6

Total(27

com-modi-ties).

100.0168.4168.8135.6

102.6130.1169.5167.1127.2120.8112.6136.0114.6126.9150.6168.7

160.1183.4206.5169.1177.9191.01S7.7194.2148.6

The December figure of 96.5 shows a decreaseof 15.9 points, or over 13 per cent, from theNovember figure for volume of exports. Thelevel is thus back to that of late summer. Thedecrease took place in raw materials, which fell26 points, while producers' and consumers'goods showed increases. The change in rawmaterials was occasioned by a falling off in theexports of grains; oats 87 per cent, barley 51per cent, and corn 36 per cent. Crude oil was

t l The list includes 27 of the most Important imports the value of whichin 1913 formed 49.3 per cent of the total import values, and 29 of the mostimportant exports the value of which in 1913 formed 56.3 per cent of thetotal export val ues. The classification of the original list o7 commoditiesused was given in the July, 1920, BULLETIN. The classification of 11additional 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.

the only raw material to increase in exportvolume. An increase in the amount of acetateof lime and sole leather exported caused therise in producers' goods, and consumers' goodswas affected by the rise in lard exports.

From a comparison of the yearly figures, itis evident that exports in 1922 did not averageso large in volume as in the preceding threeyears. Raw materials fell 13 per cent below1921 and producers' goods 7 per cent below.There was an increase, however, in the volumeof consumers' goods exported in 1922.

SAVINGS DEPOSITS,

During December the volume of savings de-posits increased in all Federal reserve districts,and for the entire country the increase was 3per cent as compared with the preceding monthand 7.6 per cent over January 1, 1922. Theincreases were due in part to the transferring ofChristmas club funds to savings accounts andto the increasing of individual accounts throughthe crediting of proceeds received from the re-demption of maturing Government securities.

Comparison of savings deposits on January1, 1923, with deposits on December 1, 1922,and January 1, 1922, are shown for 880 banksdistributed throughout all sections of theUnited States. The figures for the Boston andNew York districts are those of large mutualsavings banks, but in all other districts reportsof other banks are included to make the figuresthoroughly representative. In all - districtswhere reporting commercial banks subdividetheir-time deposits, statistics of savings depositssubject to notice (excluding time certificates ofdeposit) are used. This is in accordance withthe definition given in the board's RegulationD ; series of 1920.

SAVINGS D E P O S I T S .

[000 omitted.]

District.

No. 1—BostonNo. 2—New YorkNo. 3—Philadelphia....No. 4—ClevelandNo. 5—RichmondNo. 6—AtlantaNo. 7—ChicagoNo. 8—St. LouisNo. 9—MinneapolisNo. 10—Kansas CityNo. 11—DallasNo. 12—San Francisco..

Total

Numberof banks.

643080189381

2193515.58

11275

880

Jan. 1,1923.

1,130,9981,807,550

435,122407,761278,891173,355828,579124,19783,79394,31186,686

831,018

6,283,261

Dec. 1,1922.

1,116,5461,746,127

419,046393,214276,936168,426805,640120,58981,24691,98586,173

796,128

6,102,056

Jan. 1,1922.

1,069,1061,704,986

420,123378,702250,878154,318779,265109,16577,23984,13976,222

733,220

5,837,363


FEBRUARY 1923. FEDERAL RESERVE BULLETIN. 219

REPORT OP ASSOCIATED KNIT UNDER-WEAR MANUFACTURERS OF AMERICA.

Production of winter and summer underwearby months since December, 1921, is given in thefollowing table:

Year andmonth.

1921.December..

1922.January... -February..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December-,

Number of mills.

Total.

49

Win-ter.

37

Sum

30

Production (in dozens).

Totat.

519,231

612,490063,316756.247522,03551S,150564,893422, S72519,511513,572524,4SG599,891461,695

Winter.

235,617

293,510332,224392,595275,91129S, 080345,605269,223311,713318,220283,242321,944233,459

Slimmer.

2*3,611

34S, 0S0331,122333,052240,124220,070219,2NS153,649177,798195,332241,214277,94722S,236

Order and production report for the monthending December 31, 1922, follows:

[Number of reporting mills, 42. In dozens.]

Unfilled orders first of month... .1; 286, 510New orders received during

month 761,233

Total (A) 2f 047, 743Shipments during the month 363,481Cancellations during month 5,311

Total (B) 368,792

Balance orders on hand January 1 (A-B) . 1,678,951

Thirty-seven representative mills which re-ported for November and December, 1922,furnished the data for the following table:

{In dozens.]

Unfilled orders (end ofmonth)

New ordersShipmentsCancellationsProduction

November. December. Loss. Gain*.

1,014,665712 636412,10814,860

473,034

1,282.832740,833339,244

5,311355,126

72,8649,549

117 908

26S,16728,197

INDEX OF OCEAN FREIGHT RATES.The accompanying table shows the monthly

fluctuations in'ocean freight rates prevailingbetween United States Atlantic ports and theprincipal European trade regions. The figuresare derived from the actual rates quoted onthe following commodities: Grain, provisions,cotton, cottonseed oil, and sack flour. Rates

in January, 1920, havo been used as a base.For the methods used in constructing theindex see the August, 1921, BULLETIN, pages931 934.

RELATIVE OCKAX FREIGHT KATKS IN UNITED STATES ANDK TRADE.

United States Atlantic ports to—

Month.

January, l'.*:o.January, 11)21.

1D22.January.FebruaryMarch. "April..May...June. .July...August...SeptemberOctober...November.December.

1923.January...

I Xcther-Frcnrti | lands

nnd

100.0 ! 100.0CO. 7 30. 2

27. T) <

27.o ;2o.32X027.1

25.3 !

M. I

Zi. I21.12:j. 923.425.6

24.7

Soamli-I1.1VJU.

Medi-terra-nean.

ffK). 0

;.:i !

100.0 !42.9 i 'J.I 2

2,1.4 32.2

21.«22.722. S !2:u> !22. «i j20.7 )i9.i !ls-u;21.3

19. 8

2.5. 121.0Z\. \2!1. 12.J.022. i22. (>22. U22.9'22.7

22.3 I

30.127.127. \27. t2ft. 121.022.221.021.321.8

21.2

AllEurope.

100.0

27.12'J. 12<s ;{2:.! \

21.62:1.422.721.021.4

22.0

COMMERCIAL FAILURES REPORTED.

FAILURES DURING DECEMBER.

District.

FirstSecondThird ,FourthFifthSixthSeventh. . . .EighthNinthTenthEleventh. . .Twelf th . . . .

Total

Number. Liabilities.

1922

MS40773

117IOS100257819iC3

129225

1921

190551124ISO212100302142100100197150

2,444

1922

51,010,8709(87l»,K294,2<J7,2SQ3,519,317

11,236,2021,570,3589 0 7 5 W 2

807,4911,224,1521,55S, 1302,118,0075,101,812

1921

$ , 7 , 1 93fi, 079,320

4,170,3774, aw, 4905,679,4 S70t0fA4017,830,3133,873,5102,158,5152,152, m4,307,2513,507,4.53

52,069,021 87,W2,3S2

FAILURES DUKINO YEAR.

Number. Liabilities.

District.1922 1921 ! 1922

First. . . . . : 1,9.50Second 4,263Third | 1,000Fourth 1.0S1

1,8472,1593,15")1,49G1,021

9£i

Fifth,Sixth...Seventh.Eighth..Ninth. . .TenthEleventh l,40STwelfth 2,201

Total, United States. . . 23,676

1921

1,5813,614

9411,6031,5151,9142,4331, 2f)0

723883

1,4911,699

:S4It314,SSTi1172,017,462i 31,311,905i 52,901,306 !

I 46,617,428! 41,320,948! 95,231,154

27,821,25120,179,98519t 686,21133,242,89635,300,819

*39,314,G30195159&O0, , & O 031,335,43753,675,49234,3*0,33543,477,70468,904,59448,742,07415,499,07S27,347,62434,414,77635,149,739

19,652 j'317,896,251 627,401,883



PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1

Total finished yards billedduring the month:

District l23

68

Total

Total average per cent of ca-pacity operated:

Districtl23568

Average for all districts

Total gray yardage of finish-ing orders received:

District l2356

Total

Number of cases of finishedgoods shipped to customers:

District l2356

Tota l . . . . : . . ;

Number of cases of finishedgoods held in storage at endof month:

Distr ict l23568

Total

Total average work ahead atend of month (expressed indays):

District l23568

Average for all districts.

November, 1922.

White goods.

14,758,9406,554,2488,977,8579,103,398

512,534

^39,906,977

656S

1218939

78

13,339,9495,966,758

10,535,0277,974,982

37,816,716

5,8714j 4115,6232,003

17,908

4,9825,020

694

10,696

3.49.9

17.0. 8.9

0.0

7.7

Dyed goods.

26,833,1931,520,4207 855,607

88,065

36,297,285

926394

SS

29,678,5915,510,8288,512,164

195,484

43,897,067

8,819412

3,040

12,271

5,000481405

5,8S6• • -

18.07.5

21.0

17.0

Printedgoods.

.9,618,7013,808,807

13,427,508

5259

54

11,633,6675,005,189

16,638,856

2,647

2,647

2,061

•2,061

21.011.0

19.0

Total.

54,441,29619,253,73316,833,4649,191,463

512,5342,665,253

102,897,743

7174

1078939

105

78

58,289,24222,239,28319,047,1918,170,466

2,465,306

110,211,488

29,55511,9158,5634,328

425

54,786

22,21614,6147,969

951

219

45,969

13.011.019.08.90.08.2

13.0

December, 1922.

White goods.

13,046,0396,958,7049,966,9757,812,100

188,260

37,972,078

5269

1286314

68

10,941,36651789,7109.932,1956,959,108

33,622,379

5,3494,6026,8521,590

18,393

4,9704,293

482

9,745

3.07.0

13.06.70.0

6.0

Dyed goods.

28,881,2122,628,9878,944,720

60,053

40,514,972

8959

102

87

25,086,9185,222,0527,903,381

134,658

38,347,009

8,199735

3,643

12,577

5,191676401

6,268

14.56.5

18.0

14.0

Printedgoods.

10,623,0113,015,175

13,638,186

5453

54

8,957,3644,227,235

13,184,599

2,223

2,223

2,549

2,549

20.06.0

17.3

Total.

57,085,71520,594,29818,911,6957,872,153

188,2602,064,235

106,716,356

GS72

115631487

74

50,740,41319,309,90717,835,5767,093,766

i,578,i84

96,557,846

28,03412,74710,4953,996

492

55,764

23,21913 4737,5051,441

208

45,846

12.09.0

15.46.70.04.2

11.0

the i1nS l«t?5 t l (Th1 A s s o £ a t i o . n , o f Finishers of Cotton Fabrics at the request of the Federal Reserve Board have arranged for a monthly survey withinconcenmiir the tah"*tS)xr ^ q t u n e s are herewith presented in tabular form. The secretary of the asscciaticn makes the following statement

g figures are compiled from statistics furnished by 32 out of 57 member firms of this association. I t is probably fair to statehaving specific detail at hand, but according to our best estimate it is probably well within the fact that the figures given forwort: would cover, approximately, the following percentages of the entire industry: White goods, 70 per cent; dyed goods,

per cent. The figures given represent reports from exactly the same finishers for the two menths, both for the totals, therefore, are strictly comparable.

t h e i f t o t f i ^ f v ^ h ^ f r ^l™ U ? a b l e £° g i v 5 S * 8 ! 1 3 , / ? ^ t h e r esP«*i™ headings of white goods, dyed goods, and printed goods, and reportedtheir totals only, therefore the column headed " T o t a l " does not always represent the total of the subdivisions, but is a correct total for the district.



PHYSICAL VOLUME OP TRADE.

Complete monthly statistics of commoditymovements for the year 1922, together withyearly totals since 1919, are published in thisissue of the BULLETIN. A total of 289 seriesof statistics, divided into general commoditygroups, are listed in the tables below.1 Thesedata cover the field of agricultural movements,mining, manufacturing, fisheries, and trans-portation. In the manufacturing group itwill be noted that not only are statistics ofproduction given, but also of shipments andstocks of many commodities, and, in a few

1 CLASSIFICATION OF PHYSICAL VOLUME OF TRADESTATISTICS.

(2S9 Series.)

1. GRAIN AND FLOUR (40 series):Receipts, shipments, and stocks; visible supply; wheat flour pro-

duction.2. LIVE STOCK (22 series):

Receipts and shipments, animals slaughtered, and cold storageholdings of meats.

3. DAIRY PRODUCTS (6 series):Receipts and cold storage holdings.

4. OTHER AGRICULTURAL PRODUCTS (26 series):(a) Cotton seed received, crushed and on hand; cottonseed-oil

production and stocks. t(5) Oleomargarine consumption.(c) Tobacco—sales at loose-leaf warehouses; sales of revenue

stamps on manufactured products.(d) Shipments of certain fruits.(e) Shipments of certain vegetables.(/) Sugar—receipts, meltings, and stocks.

5. FISHERY PRODUCTS (2 series):Fish landed and cold-storage holdings.

6. FOREST PRODUCTS (12 series):(a) Lumberproduction'andshipments.(b) Naval stores—receipts and stocks.

7. FUEL AND POWER (21 series):(a) Coal and coke—production of 4 products and shipments of

anthracite.(6) Petroleum: Crude petroleum—production and stocks and new

wells completed; refined products—production and stocks,(c) Electric power produced.

8. METALS (11 series):(a) Iron and steel—production, unfilled orders, shipments, and

sale| of various products.(b) Nonferrous metals—production of 5 metals and stocks of zinc.

9- TEXTILES (22 series):(a) Cotton—sight receipts, spinners' takings, stocks at mills, mill

consumption, and active spindles.(6) Wool—mill consumption and active machinery.(c) Silk—imports, mill consumption, and stocks.

10. HIDES AND LEATHER (19 series):(a) Hides and skinsT-sales and stocks.(b) Leather production.(c) Boots and shoes, production.

IK BUILDING MATERIALS (36 series):(a) Brick—production, shipments, stocks and orders.(b) Cement—production, shipments, and stocks.(c) Oak and maple flooring—production, shipments, stocks,

orders booked, and unfilled orders.(d) Enameled sanitary ware—shipments, stocks, and orders

received.12. MISCELLANEOUS MANUFACTURES (40 series):

(a) Paper and wood pulp—production, consumption, ship-ments, and stocks of wood pulp; production and stocks ofcertain grades of paper. •

(fi) Rubber and tires and tubes—Imports and consumption of' *>er; production, stocks,andshipments of tires and tubes.

LObifes—production and shipments.' ! — i-+;~«o chinnnmts. and unfilled orders.

rubber;(c) Automobiles—production ana smpmems.(d) Locomotives—completions, shipments, and unfilled(0 Vessels built in United States.

13. TRANSPORTATION (32 series):(a) Railroad operating statistics.(b) Railway car loadings, by commodities am(c) Surplus and shortage of freight cars, and ](d) Vessels cleared in foreign trade.(0 Canal traffic—Panama Canal; Sault Ste. Marie.

id districts.id bad-order cars.

instances, of now orders booked and unfilledorders on hand.

Indexes of production and movement ofgoods, computed by the use of certain series,selected from those given in the followingpages, are plotted on the accompanying chart.These three indexes, representing respectivelythe monthly movements of agricultural com-modities, the output of mineral products, andthe production of manufactured goods, showthe outstanding characteristics of businesstrends since 1919. An analysis of the fluctu-ations of these indexes and of the importantindividual series included is made in thefollowing paragraphs.

The year 1922 began with a temporary haltin business activity, following an encouragingupward trend during the fall months of 1921.An increase in the volume of business evi-denced in March was checked by the coal strikein April, but the upward movement was re-sumed in May. This improvement likewisebecame retarded during the summer by thecombined effects of the coal and railway shop-men^ strikes. After the settlement of theselabor disturbances in September, recovery wasrapid, and many new high records in the volumeof business were reached during the last threemonths of 1922. The large production ofagricultural commodities during the year wasreflected in the record-breaking movement ofcrops to market. This movement, togetherwith coal shipments, placed a strain upon thethe railroad system, already weakened by theshopmen's strike, and the car shortage be-came acute. Nevertheless car loadings werenearly the largest on record. The year endedwith a slight check in manufacturing activityduring December and with mineral outputgreater than at any time since the high pointreached in October, 1920.

Agricultural movements fell in April to thelowest point reached in the four years coveredby the index, but in August a sharp upwardtrend became evident and the index rose inOctober to the highest point on record. Re-ceipts and shipments oi live stock exceededthose of a somewhat similar period in thefall of 1919, but for the year they were smaller.Movements of grain and cotton, althoughthey did not attain in any one month to theirhigh records of 1919, were spread out over alonger period and reached larger totals. Cot-ton receipts, however, fell below figures for



1921. The index for leaf tobacco sales wasabnormally small throughout 1922, owing tothe fact that records of monthly sales at co-operative associations, ^yhich were of con-siderable importance during that year, werenot available.

Indexes of mineral production during theyear reflected the combined effects of the coalstrikes, the high rate of building activity, andthe enormous production of automobiles. Theoutput of coal was large during the first threemonths, as operators were attempting toaccumulate a surplus in preparation for theimpending strikes. At the same time pig ironand nonferrous metals were steadily recoveringfrom the extremely low point to which theyfell in 1921. The drastic decline in the mineralindex in April and the low levels at which itmoved until August were due entirely to thecoal strikes, as the output of most of the otherproducts were rising. Pig-iron productionwas substantially curtailed in August, owin^to the deterrent influences of the coal andrailway strikes. After the settlement of these

strikes, the composite mineral index rose from67.5 in August to 124.5 in December. TheDecember figure was the largest in the post-war period with the exception of that ofOctober, 1920. The production of bituminouscoal was so large in the first three and last fourmonths of 1922 that the yearly total nearlyequaled that of 1921. The output of anthra-cite, however, has not been so low since 1902and was less than 60 per cent of the 1921 pro-duction. The volume of pig iron produced inDecember was the largest since October, 1920,and the total production for 1922 was over 60per cent above that of the preceding year.Crude petroleum output showed a strong up-ward trend throughout the year and broke allprevious records. The consumption of petro-leum was large, but did not keep pace with thetotal of production and imports, and the yearended with enormous stocks on hand. Theproduction of copper was well below that of.1919 and 1920, but was more than double the1921 figure. Zinc output was nearly 75 percent greater than in 1921.

PERCENT

140

130

120

110

100

90

80

70

60

50

40

30

20

10

INDEX NUMBERS OF DOMESTIC BUSINESS1919 - 1922

J

J•fL(*

\\\

\!\!i

?\v •/

V

J V/

//

r VI••\

•**••••«••••••••••j

\v A,7

V

IGRICULTURE1IN1NGMANUFACTURE

/

V

\

\

\

/ ,

nV"\

K

¥

h

114

V77/ 1

\

CENT

130

120

110

100

90

80

70

60

50

40

30 "

20

10

J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D.

1919 1920 1921 1922


FEBRUARY, FEDERAL RESERVE BULLETIN. 223

Manufacturing during 1922 continued therecovery begun in the preceding year. Aretardation of the upward movement waseffected by the strikes in the spring and a^ainin the summer, but activity increased rapidlyafter the settlement of tlie strikes, and themanufacturing index in November reached109.4. This figure has been exceeded onlytwice in the last four years—by 110 in Janu-ary, 1920, and by 110.4 in March of the sameyear. The downward movement evidencedin manufacturing activity during Decemberwas largely seasonal. Steel ingot outputin November reached the highest point sinceOctober, 1920. Lumber production reflectedthe great building activity ' and was main-tained at high levels throughout the year,and the output was the largest since 1918.Shipments of lumber in December attainedthe highest point since August, 1918. Thoproduction and consumption of cement in1922 were the largest on record. Textile millsoperated during the fall months at around 90per cent of capacity, and the index for thisgroup of industries' reached a high point inNovember. In that month mills consumedmore cotton than in any month since January,1920; wool consumption was the largest onrecord; and deliveries of silk to manufacturerswere only slightly less than in October, 1922,the record month. The yearly total of cottonconsumption exceeded that of all years since1918. The output of petroleum productsmoved rapidly upward during the year to newhigh records. Food products were manufac-tured at a fairly steady rate during the year,and although below the 1919 levels, the pro-duction of these commodities exceeded thefigures for 1920 and 1921. Sugar meltings byAmerican refiners broke all previous records.Sole leather production was low throughoutthe year, ranging between 70 and 88 per centof the average output in 1919. Wood pulpand paper production remained fairly steadyduring the year at a level higher than in 1919and 1921, but lower than in 1920. The out-put of tobacco products, owing to the increasein production of cigarettes, exceeded all pre-vious records.

IXDKXKS OF DOMESTIC HUHINKSH.

[Monthly average of 1919- lOO.jAGRICULTURAL MOVEMENTS.

Date.Total Total

agricui- ani-lure.* mals.

1922.'JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

SS.977.770.7.'>7.482.07.*). I7i). S

10G.712S.S151.2137.9121.3

91. S7(i. A79.27J.S90.28S.781.2%. 5

106.0132.0122.2101.0

Totalgrains.

83.892.373.04S».G

92.577.1

100.4153. Smo);«. 7118.2128. :>

Cotton.

70.843.342.837.0M). 143.033.44N.3

139.5227. S201.1139.2

Fruit.

90.155. 5

130.4103.0JO:>.793.859.343.138.040.049.0

100.1

to-bacco.

113.2101.227. 55.53.91.5

12.355.2Sfl.7

144.7on. 397.3

1 Combination of 14 iudeptuitlent series.

MINERAL PRODUCTS.

Date.

1922.January.. . .February..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember..December..

Totalmin-eral

prod-ucts.»

91.39.5.4

117.559.5G7.970. Gas. 467.599.9

118.5120.1121.5

Bi-tumi-nouscoal.

98.5107.3131.541.353.158.444.558.3

107.3118.3118.6121,7

An-thra-citecoal.

85.192.0

119.1.3.6

1.11.62.2

67.7116.1Ui.i114.7

Cruilepetro-leum.

137.1129.7149.1141.9147.7143.814S.0147.1143.8150.1152.1159.3

Iron.

64.363.979.981.390.592.694.271.179.8

303.511L8121.1

Cop-per.

24.134.858.071.783.789.085.093.989.896.79-1. S90.7

Zinc.

60.357.367.565.609.872.681.279.9£1.3

101.0102.3109.0

101.093.493.0SS.889.089.184,496.705.3

ion. :;t i l . 6100.0

i Combination of 7 independent series.

PRODUCTION OF MANUFACTURED GOODS.

Date.

1922.JanuaryFebruary...MarchApril....MayJuneJulyAugustSeptember..OctoberNovember..December..

Totalman-ufac-ture.1

Steel.

87.0SO. 290.984.798.199.195.3104.6100.3107.5109.4

Lum-ber.

63.469.394.397.0

107.8104.898.98S.194.4

114.118.9110.5

100.795.4

102.598.1

121.1104.4104.3116.2101.5115.112.9103.

Pa-per.

Petro-1 Tex- Loath- F _nr1 To-

95.090.0

10S.499.9

112.110.699.9

110.107.8112.8113.4106.8

119.0108.6123.9124.4132.2133. S146.2141.2139.1147.2149.7

11.2296.81

107.6!91.3

10S.9I107.195.0

115.7110.71120.0|125.0113.3

SS.2! 01.378.11 8S.578.5! 06.570.7i SI. 970.4 96. S72.41 9S.972.180.4

97.5104.5

79.5: 97.,82.71 106.779.11 114.076.0] 106.1

90.683.8OS. 489.6

10S.1119.8114.8134.1121.0115.0112.489,4

i Combination of 34 independent series. * Partly cstlnrctod.


224 FEDERAL RESERVE BULLETIN. F E B R U A R Y 1923.

BECEIPTS OF GRAIN AND FLOUR AT 17 INTERIOR CENTERS.

[Compiled from reports of trade organizations at Chicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis-Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indi,anapolis, Louisville, Omaha, Spokane, Toledo, Wichita.]

Year and month. Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Total grainand flour.

19191920392119221921—December.1922—January...

February..MarchAprilMayJuneJulyAugust . . . .September.October...November.December.

Bushels.400,589,032354,358,805468,810,549441.696,83024,572,14920.341,25824,108,99020,396,20516,892,87930,125,79721,092,99345,407,44462,643,64859,905,15348,936,90243,779,36548,016,196

Bushels, t193,675.010226,405,509355,470,146395.835,60241,730,56555,068,80157,893,22730,650,6S215,356,74427,304,11332,693,59626,365,94922,058,39634,740,80932,577,31024,021,79937,044,116

Bushels.257,402,057235.377,864235,617,178244,774,02614,660,54S18,323,11619,328,47716,464,83110,810,06621,471,26519,138,70318,442,91426,519,12822,910,07525,092,73223,761,35022,511,369

Bushels.47,852,76844,546,73930,910,02664,232,5842,345,5201,266,9391,589,0533,254,0641,417,1764,563,6861,823,9811,433,103

14,084,51611,980,4967,867,2967,831,5687,120,716

Bushels.92,948,30646,033,61339,852,76440,414,4801,704,2542,205,3392,357,8843,291,0331,880,9602,933,4403,269,1292,283,2314,121,2235,086,5724.606,8594,103,6124,215,192

Bushels.992,467,173906,722,530

1,130,660,6631,186,953,532

85,013,03697,265,453

105,277,63174,056,81546,357,83186,458,30178,018,40293,932,641

129,426,911134,623,165119,131,099103,497,694118,907,589

Barrels.26,538,14122,500,23527,608,15330,664,2551,889,5631,768,0171,851.9132,054,4801,992,7182,204,2402,198,3702,611,9982,989, .5083,924,1993,337,2803,305,4542,426,078

Bushels.1,111,889,4141,007,973,5861,254,857,3541,324,940,337

93,516,070105,221,530113,611.24083,301,97555,322,71896,377,38187,911,067

105,686,632142,879,697152,282,061134,1*8,859118,372,237129,824,940

SHIPMENTS OF GRAIN AND FLOUR AT 14 INTERIOR CENTERS.

[Compiled from reports of trade organizations at Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis,Omaha, Peoria, St. Louis, Toledo, Wichita; shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, Wichita.]

Year and month. Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Total grainand flour..

1919..1920192119221921—December.1922—January...

February.,MarchAprilMayJuneJulyAugust . . . .September,October...November.December.

Bushels.255,918,478240,776,552305,782,592290,995,03414,051,38612,211,71512,463,16114,719,42011,837,30126,267,51022,561,75528,551,52449,633,37132,941,63428,019,62927,399,16324,388,851

Bushels.99,709,408

104,639,381224,400,360248,703,89417,309,78229,167,37131,100,28122,999,30815,399,87321,987,94317,048,31323.904,66819,963,72417,873,04422,061,65613,166,04414,031,669

Bushels.193,251,608153.225,257142,295,973199.865,00110,883,19112,148,25412,105,32116,825,94813,350,59222,838,14321,716,14714,4*5,25417,846,14717,066,34117,186,35618,654,64415,681,854

Bushels.35,014,15552,688,63225,628,74065,893,3841,996,283

359,446721,166881,600

1,558,1577,783,0792,986,170

11,161,15011,902,74910,042,5574,389,6397,459,4456,648,226

Bushels.65,323,81627,604,06327,824,08125,983,5551,335,1791,434,9841,372,6711,919.6261,250,5002,800,2542,276,6021,995,4172,152,3313,055,4172,336,1553,145,5162,244,082

Bushels.649,217,465580,933 885725 931,746831,440,86845,575,82155,321,77057,762,60057,345,90243,396,42381,676,92566,588,98780,058,013

101,498,32280,977,99373,993,43569,824,81262,994,682

Barrels.46,199,23539,972,30544,534,17351,793,1713,271,6382,895,7363,246,9753,878,0903,032,1323,623,7993,554,452 j3,997,5374,845,6426,404,3885,600,7196,470,5784,243,223

Bushels.857,114,026760.809,260926,335,525

1,064,509,13660,298,19268,352,58272,373,98874,797,30757,041,01797,984,02182,584,02198,046,930

123,303,261109,797,73999,196,67198,942,41382,089,186

STOCKS OF GRAIN AT 11 INTERIOR CENTERS.

[Compiled from reports of trade organizations at Chicago, Detroit, Duluth, Indianapolis, Kansas City, Milwaukee, Minneapolis, Omaha, PeoriaSt. Louis, Toledo.[

Year and month. Wheat. Corn. Oats. Rye? Barley. Total grain.

1919, monthly average1920, monthly average.1921, monthly average,1922, monthly average,1921—December1922—January

FebruaryMarchAprilMayJuneJ u l y . . . . ;AugustSeptemberOctoberNovemberDecember

Bushels.46,538,08619,948,41517,273,96919,655,43929,868,64926,671,02827,831,88526,561,40723,840,72817,562,66310,487,06810,365,07511,851,76018,70S,39020,715,81119,796,27921,473,183

Bushels.2,440,7464,020,417

13,268,55515,016,85915,590,90216,836,42226,177,91929,882,93923,911,30215,819,48421,356,26711,803,7434,390,263

t 8,071,6335,153,0134,854,358

11,944,564

Bushels.12,066,92913,118,61139,522,28938,741,76653,917,61852,899,92056,563,70354,040,76450,329,33340,369,04534,857,10730,328,53332,047,61229,562,42930,014,05226,999,32426,889,379

Bushels.11,710,8185,268,7161,515,1163,986,5073,181,5843,854,4824,336,6296,665,8326,295,5621,746,478643,271634,352

2,213,1213,735,5826,095,5775,965,5635,651,633

Bushels.4,717,2841,837,1121,806,9121,214,6611,831,5261,620,0251,475,5011,316,7901,476,349

641,455855,384398,138979,948

1,295,1471,755,1381,325,8461,436,209

Bushels.77,473,86444,193,27173,386,84378,615,231

104,396,279101,881,877116,385,642118,467,732105,853,27476,139,12568,199,09753,529,84651,482,70401,373,18763,733,59158.941,37067 395,363


FEBRUARY, 1923. FEDERAL RESERVE BUIXETIN. 225

TOTAL VISIBLE SUPPLY OF GKAIN IN THE UNITED STATES EAST OF THE ROCKY MOUNTAINS.

[Bradstreet.]

Year and month.

1921—December1922—January..

February.MarchAprilMay.. . . . .June

Wheat. Corn. Oats.

Bushels.53,278,00047,221,00044,388,00038,258,00033,383,00028,061,00015,943,000

Bushels.25,070,00029;06S,00043,801,00050,036,00037,S9S,0O029,463,03031,534,000

Bushels71,323,00071,602,00074,384,00068,920,00059,538,00050,917,00044,610,000

Year and month.

1922-JulyAugustSeptemberOctober...November.December.

Wheat. Corn.

Bushels.21,533,00030,586,00036,610,00037,410,00037,128,00041,027,000

Bushels.20,561,0008,229,000

13,041,0009,678,00012,034,00017,706,000

Oats.

Butheli.38,224,00040,073.00037,458,00036,401,00034,8S7,OOO34,725,000

RECEIPTS OF GRAIN AND FLOUR AT 9 SEABOARD CENTERS.

[Compiled from reports of trade organizations at Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Orcg.),Seattle, Tacoma; receipts of flour not available from Seattle ami Tacomo.]

Year and month. Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Total Rralnand flour.

19191920192119221921—December1922—January

FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Bushels.158,774,444208,026,929256,135,821223,593,91527,304,39818,03G, S5413,792,44214,218,7535,369,675

12,703,55713,390,S4617,501,42432,479,72718,878,44517,717,45532,738,72926,766,038

Bushels.10,550,81719,342,43671,9t>0,240

123,470,58011,340,89617,531,85222,240,07221,395,1408,573, SOS6,223,1675,264,0476,478,0176,200,5103,943,1988,791,9047,974,5158,788,350

Bushels.67,074,15030,619,818'26,075,25653,60S,557

1,940,7172,305, 8532,341,9973,930,6613,536,8138,730,4987,279,5214,018,1063,846,0555,406,22S4,937,4824,385,6S42,883,999

Bushels.29,381,95349,880,22020,619,23635,253,8942,094,4421,104,3KS

912,179865,497

1,330,5503,771,3774,278,5522,453,9323,80S, 2324,451,6172,909,3135,052,8624,315,395

Bushels.37,845,48120,121,92229,914,89020,514,032

1,116,1S8647,N02639,G90

1,290,0021,292,7012,062,6151,493,7983,072,5772, K27,1334,500,1444,429,9S02,002,0612,249,403

Bushels.303,599,815327,997,1X1404,825,413462,441,0084.'I,7%, 64139,020,74039,932,3S041,700,11320,103,60733,491,21431,700,76433,524,11049,222,257:j7,17(J,fj323S, 780,14052,153,*5145,008,185

Bushels.23,827,75122,036,83926,300, 23922,132,502

1,745,8731,601,3771,659,7592,0S9, 80S1,559,2"i,s7o,i:>t1,579,4131,375,657l,7(»,0391,77*,0741,955,3572,207,3412,091,309

BunhrU.410,821,627427,102,0105Zi,2dV)21502,037,271

51,653,07040,832,91047,401,29051,110,21927,120,07041,900,9(1738,hi4,12339,714,573rjG,K>4,93345,ISO,90547,5*5,21762,356,8*557,119,076

STOCKS OF GRAIN AT 8 SEABOARD CENTERS AT CLOSE OF MONTH.

[Compiled from reports of trade organizations at Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, and San

Year arid month.

1919, monthly average-1920, monthly average1921, monthly average1922, monthly average1921—December *1922—January

FebruaryMarch iAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

Wheat.

Bushels.13,45S,79111.922,62811,407,4539,117,3653,486,041

13,156,67110,367,4158 359,9576,411,9535,020,0705,919,4307,235,245

11 207,51810,277,13110,026,27411 781,2029 645,563

Corn.

Bushels.303,842878,182

2,205,4774,345,1412,136,1283,959,4638,250,719

10,510,3887,187,4365,907,2703,402,447

935,805781,694

1,009,7782,619,8863,514,6SS4 065,233

Oats.

Bushels.3,902,6851,645,1181,477,2212,452,5361,058,6521,751,4921,692,1072,0SG,7091,276,9262,744,9363,199,1462,026,8682,813,7642,768,1742,176,6443,255,2003,638,483

Rye.

Bushels.1,307,3181,970,0721,270,0981,52S,9S7

157,3972,60S', 5982,342,5341,840,0891,401,612

760,787363,643257,619339,5095.58,245

2,170,1573,006,5482,695,511

Barley.

Bushels.4,274,2792,705,6302,520,4S22,244,0201,664,0742,229,5052,058,1831,731,2111,395,0791,382,1291,224,2952,901,7343,414,8882,355,8722,638,4752,880,7482,710,149

Total grain.

Bushds.23,246,86419,121,63018,880,73219,6S8,064S, 502,892

23,705,78924,710,95324,528,35117,676,00615,815,19214,108,96113,357,27118,557,37316,^)60,20019,631,43624,43S,3S622,760,939

WHEAT FLOUR PRODUCTION.

[January, 1919, to June, 1920, U. S. Grain Corporation: since July, 1920, estimated by Russell's Commercial News (Inc.), New York.l

Year and month.

191919201921..19221921—December1922—January

Barrels.

132,334,000109,879,000121 225,000128,596,000

8,856,0009 496,000

Year and month.

1922—FebruaryMarchAprUMayJuneJuly

Barrels.

9,232,0009,658,0007,823,0008,073,0008,136,000

10,321,000

Year and month.

1922—AugustSeptember ,October ]NovemberD ecember

Barrels

12,271,00012,540,00013,581,00013,424,00011,041,000


226 FEDERAL BESEKVE FEBBUAEY, 1923.

RECEIPTS OF CATTLE AND CALVES, HOGS, AND SHEEP AT 59 MARKETS, HORSES AND MULES AT 43 MARKETS.

[Bureau of Agricultural Economics, Department of Agriculture.l

Year and month. I Cattle and1 calves. Hogs. Sheep.

Head.26,374,08622,963,58523,725,96621,890,0811,622,3151,797,8811,374,0021,438,6661,205,3851,646,4451,675,9001,653,2241,912,7862,216,7083,253,2162,240,7391,475,129

Horses andmules.

Head.1,012,133

694,004306,322415,41923,77644,90335,10744,82327,22419,51114,19215,09723,34639,17455,95252,37443,716

Total.

Head.96,416,05787,425,56784,428,67189,056,8216,945,2957,670,2596,363,7446,462,1345,736,3647,253,2117,203,4096,334,4497,089,2507,657,6189,883,0269,098,0308,305,327

19191920192119221921—December..1922—January

February..MarchAprilMayJuneJulyAugustSeptember.October....November.Docember..

Head.24,441,18521,993,52119,644,73023,027,8981,405,7191,611,0901,401,5551,607,6041,456,4381,867,0791,749,6201,701,7602,137,5312,358,9532,916,6092,407,6321,812,027

Head.44,588,65341,775,45740,751,65343,723,4233,893,4854,216,3853,553,0803,371,0413,047,3173,720,1763,763,6972,964,3683,015,5873,042,7833,657,2494,397,2854,974,455

SHIPMENTS OF ^ATTLE AND CALVES, HOGS, AND SHEEP AT 59 MARKETS; HORSES AND MULES AT 43 MARKETS.

[Bureau of Agricultural Economics, Department of Agriculture.]

Year and month. Cattle andcalves. Hogs. Sheep. Horses and

mules. Total.


February.,MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.

Head.10,594,6769,709,2908,527,1798,689,400

677,571663,064576,758624,497555,169774,847698,575664,543

1,030,5911,234,3201,557,4311,332,968

839,792

Head.14,108,74215,120,65214,524,92814,439,0061,734,0961,746,2891,287,5901,158,9131,056,9391,114,5231,109,8231,018,2771,052,3551,142,6681,287,4911,494,5971,648,174

Head.13,893,04012,208,97911,093,76310,920,414

841,946869,625646,104664,438557,624803,665770,154710,791884,555

1,232,7242,158,4601,435,617

668,597

Head.991,152699,341296,084314,64423,60044,16134,48844,86826,45519,24814,79414,17122,46036,48054,62262,19042,160

Head.39,587,61037,738,26234,441,95434,363,4643,277,2133,323,1392,544,9402,492,7162,196,1872712,2832,593,3462,407,7822989,9613,646,1925,058,0044,315,3723,198,723

SHIPMENTS OF STOCKERS AND FEEDERS AT 34 MARKETS.

[Bureau of Agricultural|Economics, Department^ Agriculture.]

Year and month.

19191920...^192119221921—December1922—January

FebruaryMarchApril

Cattle andcalves.

Head.5,225,9173,999,0583,453,8534,799,593

242,334231,294241,325278,420231,305

Hogs.

Head.857,504666,668456,836553,86233,39725,14656,64166,66852,409

Sheep.

Head.6,927,4085,115,9623,085,7654,142,814

205,291182,739168,564143,15497,138

Total.

Head.13,010,8299,781,6876,996,4549,496,269

481,022439,179466,530488,242380,852

Year and month.

1922—MayJuneJulyAugustSeptemberOctoberNovemberDecember

Cattle andcalves.

Head.359,391306,712221,055446,170598,779832,972700,299351,871

Hogs.

Head.66,25654,84328,73729,53932,21847,70353,06340,639

Sheep.

Head.145,156181,819202,649350,201514,584

1,136,453756,596263,761

Total.

Head.570,803543,374452,441825,910

1,145,5812,017,1281,509,958

656,271



ANIMALS SLAUGHTERED UNDER FEDERAL INSPECTION.

[Bureau of Animal Industry, Department of Agriculture.)

Year and month. Cattle. Calves. Hogs. Sheep. Total.

19191920192119221921—December...1922—January

FebruaryMarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December...

Head.10,090,9848, COS, 0917,59S,25S8,077,807

5S0,192041,513500,153673,701589,916702,203724,41SG97,303701,12579fi,377883,949859,413778,730

Head.3,909,0274,058,3703, S07,5CS4,182,509

259,045288,487279,351)301,439305,323401,3403S8,919329,4453 14, 90S353, 095382,S37317,711308,010

Head.41,811,83038.018,0843S, 982,37843,093,0293,800,7'JS3,084,70*3,479,9073,340,2142,945,7573,710,1704,010,3013,094,3222,8S7,7552,747,4073,301,5104,315,0705,201,437

Head.12,091,11710,982,18013, (KM ,90510,928,941

KS9,08l954,329775,8118:17,210739,110R72,OG9

1,028,130904,103

1,023,7*71,013,281

981,2:12882,213857,011

Head.CS.5C2.95301,007,92503,393,10900,881,9405,542,0105,809,0335,104,2005,242,5704,010,113f>, 091,7820,187,7775,085,1795,017,0354,910,2205,552,5340,434,4137,140,430

MEATS—COLD STORAGE HOLDINGS ON FIRST OF MONTH.

[Bureau of Agricultural Economics, Department of Agriculture]

[000 omitted.]

Year and month.


February*MarchAprilMay ,June ,

Beef.

Pounds.80,33384,80878,29573,78269,51664,50756,852

Porkproducts.

Pounds.355,5S9462,637546.10060S, 747677,254690,296759,453

Lamb andmutton.

Pounds.7,5206,4443,9142,8632,8782,0712,310

Year and month.

1922—JulyAugust....SeptemberOctober...November.December.

1923—January...

Beef. Porkproducts.

Pounds..7), 70ft47,0304S,21H53,57267,81496,118

116,222

Pounds.801,03??826,53573%AZ'i565,140395,171418,280507,312

Lamb andmutton.

Pounds.3,7203,3083,3703,5393,4583,7084,528

EXPORTS OF CERTAIN MEAT PRODUCTS.

[Bureau of Foreign and Domestic Commerce, Department of Commerce.]

Year and month.

Beef.

Canned. Fresh. Pickled andother cured. Bacon,

Hog products.

Lard.Hams andshoulders.

Pork,pickled.

19211922... ""1921—December.1922—January...

February.MarchAprilMayJuneJulyAugust . . . .September,October...November.December.

Pounds.6,114,5682,526,570

154,646155,061193,1482S0,496132,258268,235233,766272,594258,006287,351199,022100,918142,712

Pounds.10,441,5903,665,006

274,250490,503308,736274,322155,168216,674189,045192,449300,117209.413370,411530,214424,891

Pounds.24,513,9S226,243,916

1,325,0561,764,7432,069,0152,797,5152,036,0S31,927,7512,566,9662,016,4092,621,1082,840,9332,36S,S251,888,4921,346,070

Pounds.415,251,197341,825.633

21,309,72926,095,09330,793,68831,180,27420,490,13019,069,74321,067,39132,584,10632,591,19930,447,01328,849,89626,17O,43S39,486,112

Pound*.232,380,4272S9,613,175

15,533,07022,012,00325,209,13623,5S3,14222,763,54924,9SS,32S31,553,32926,667,58218,761,34920,591,90022,090,14025,236,85926,155,858

Pounds,SOS,932,966766,950,112

61,533,03273,194,12875,519,63164,377,38142,459,08950, SIC,58357,249.30166,057,6.S66S,906,S1061.119,66766,332,52462,321,39478,595,915

Pound*.32,980,68038,607,5S1

2,021,7063,772,0S32,816,2602,953,4421,899,6272,342,0193,005,8S33,243,8753,3S3,7454,003,7694,219,5433,802,3423,219,993


228 FEDERAL RESERVE BTTLLETIST. FEBRUARY, 1923.

DAIRY PRODUCTS.


[000 omitted.]

Butter (pounds). Cheese (pounds).

Receiptsat five

principalmarkets.1

Cold-storage

holdings .2

Receiptsat five

principalmarkets.1

Cold-storage

holdings.2

Eggs (cases).

Receiptsat five

principalmarkets.1

Cold-storage

holdings**


February..MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.

569,367650,48237,17241,69738,89444,91942,69468,89393,13992,82962,49446,41941,35138,67838,475

65,12948,39135,04722,5829,0243,830

67,410103,329103,151112,03996,68073,85747,807

178,625203,49311,23710,68411,31914,58615,75718,80922,75623,94019,81917,72918,23816,10713,749

34,05527,64221,43015,00610,73110,86733,13046,28746,58053,62549,47340,85237,169

14,74816,288

538805

1,0261,9472,9112,5871,9291,5611,028815702491486

2,40388617913949

4,6489,81110,22510,1619,6087,9245,7263,257

1 Boston, New York, Philadelphia, Chicago, and San Francisco. 2 Holdings on first day of month.

FISHERY PRODUCTS LANDED BY AMERICAN FISHING VESSELS.

[Boston, Gloucester, Portland, Me., and Seattle. Bureau of Fisheries, Department of Commerce.]

[000 omitted.]

Year and month.

19211922..1921—December1922—January

February

Pounds.

163,294. 195,117

9,06513,53921,472

Year and month.

1922—MarchAprilMayJuneJuly

Pounds.

18,62313,16015,16815,75718,738

Year and month.

1922—AugustSeptemberOctoberNovemberDecember

Pounds.

20,10717,67117,60213,715

9,505

COLD STORAGE HOLDINGS OF FROZEN AND CURED FISH, ON 15TH OF EACH MONTH.


[000 omitted.]

Year and month.


FebruaryMarchApril

Pounds.

79,70867,062

40,11232,348

Year and moath.

1922—MayJuneJulyAugustSeptember

Pounds.

31,65436,34942,89054,13672,342

Year and month.

1922—OctoberNovemberDecember

1923—January

Pounds.

86,08184,73875,65367,781

COTTONSEED.

[Bureau of the Census, Department of Commerce.]

Year and month* Receivedat mills. Crushed.

On hand atmills, closeof month.

Year and month. Receivedat mills.

Crushed.On hand atmills, closeof month.


February.MarchApril

Tons,4,227,3213,656,7274,057,8893,203,685

270,190130,373135,64165,10721,371

Tons.4,713,4713,695,4533,932,1473,031,904

415,553329,961297,118214,91182,455

Tons.

620,117418,349256,872107,05845,970

1922—MayJuneJulyAugustSeptember.October. . .November.December.

Tom.13,55917,93514,97990,931

680,841959,340696,748376,860

Tons.36,21021,82320,53048,816

332,281590,235609,679447,885

Tons.23,31919,43113,88055,995

403,223771,197857,734784,386



COTTONSEED OIL.


[000 omitted.J

Year and month.

192119221921—December..1922—January...

February..MarchAprilMay

Produc-tion.

Pounds.1,284,517

931.662131,336

J00,70691,32172,23727,61012;3S9

Slocks.

Pounds.

100,16798,29569,9;>260,08931,08223,801

Year and month.

1922-JuneJulyAugustSeptember.October...,November.December.

Produc-tion.

Pounds.7,1155,825

13,354OS,COS

178,4061K3,522140,569

Stocks.

Pounds.12,1946,897

10,03851,90690,872

115,247100,983

OLEOMARGARINE.

[Commissioner of Internal Revenue.]

1919192019211922.1921—December1922—January..

Pounds.350,138,000359,906,000210,211,000179,628,00019,412,00016,887,000

Pounds.1922—February i 12,195,000

March '. I 15,263,000April ! 13,686,000May 12,765,000June I 10,010,000July. . . . . I 14,974,000

J 922—AugustSeptember..OctoberNovember..December..

Pounds.11,754,00010,113,00016,180,00019,800,00019,705,000

TOBACCO SALES AT LOOSE-LEAF WAREHOUSES.

[Reports of State authorities.]

Year and month.

192119221921—December..1922—January...

February..,MarchApril ,MayJuneJulyAugustSeptember.October . . . .November..December..

Dark belt,Virginia.

Pounds.58,259,0002-1,547,7107,040,5305,306,046G,3S0,556

862,39549,92149,030

1,850,1093,154,1926,895,461

Bright belt.

Virginia.

Pounds.98,368,21665,289,20911,895,3429,543,411

10,643,6622,712,491

1,585,31319,153,00813,476,6168,174,708

NorthCarolina.

Pounds.336,624,650210,420,66529,912,34616,718,38311,333,3164,302,126

18,159,58045,246,94661,578,03035,465,13217,617,152

SouthCarolina.

Pounds.48,190,13942,586,756

Burley,Kentucky.

17,994,5538,011,6611,223,593

Pound*.248,317,241100,561,33211,069,99427,f>75,37334,519,9244,579,8602,138,7052,26-4,675

832,6551,546,6751,161,5001,009,310

SSI, 8354,866,022

19,184,798

Westerndark.

Kentucky.

.Pound*.100,347,74664,977,54721,079,55720,901,77012,103,9797,189,4102,393,460

043,425363,500406,125178,190120,805315.500

1,278,80018,687,677

SALE OF REVENUE STAMPS FOR MANUFACTURERS OF TOBACCO IN THE UNITED STATES (EXCLUDING PORTO RICO A N DTHE PHILIPPINE ISLANDS). ™ « * u m t u j t«u

[Bureau of Internal Kevenuc, Treasury Department.]

Year and month.

19211922....1921—December..1922—January

February...MarchAprilMay

Largecigars.

Number.6,758,749,8266,892,597,657463,6C3,809443,260,802447,225,986529.162,382501,393,545569,208,725

Smallcigars.

Number.675,936,879706,371,84744,2*8,70061,495,00046,430,80059,535,56049,720,00756,503,200

Smallcigarettes.

Number.50,835,068,91953,529,180,5202,995,934,8733,705,516,4633,125,819,1973,636,032,4433,453,060,8504,601,372,883

Manu-facturedtobacco.

Pounds.350,705,049382,070,51222,057,10430,938,00929,215,61434,395,74328,564,59132,510,797

Year and month.

1922—JuneJulyAugustSeptember.OctoberNovember-December..

Largecigars.

Number.615,253,023585,874,114641,164,181635,771,966693,945,778679,300,302561,041,853

Smallcigars.

Number.57,382,293

114,041,28760,498,28055,496,50053,788,10050,966,80040,514,020

Smallcigarettes.

Number.5,301,643,0205,210,962,0106,373,890,4535,554,301,0974,497,685,1074,524,272,1773,544,623,820

Manu-facturedtobacco.

Pound*.35,099,26932,590 61738,020 97233,807,02032,740,28730,640,66823,546,925

30425—23 7



FRUIT SHIPMENTS.

[Bureau of Markets and Crop Estimates, Department of Agriculture.]

Year and month. Grape-fruit. Lemons. Apples, Year and month. Grape-

fruit. Lemons. Oranges. Apples.


February.,MarchAprilMay.

Carloads,12,27514,4181,1161,9291,8182,079'2,208

803

Carloads.11,8879,854

500595677925963

1,821

Carloads.65,89545,7787,5626,2924,443'5,9454,2363,558

Carloads.96,49892,9595,9914,2704,7312,9871,7731,163

X922—JuneJulyAugust. . . .September.October...November.December.

Carloads.1665711

2191,6451,93-41,549

Carloads.1,678

833796496314383368

Carloads,2,0111,5611,1731,1732,5604,7798,017

Carloads.1,1502,3854,315

13,90329,31318,7408,229

SUGAR.

[Seven ports—&ew York, Boston, Philadelphia, San Francisco, Galveston, Savannah, and New Orleans.Trade Journal.]

Willet and Grey, Weekly Statistical

Year and month.

192119221921—December1922—January...

February.MarchAprilMay

Receipts.

Long tons,3,557,6483,603,248

222,773320,773519,522657,700557,186556,511

Meltings.

Long tons.5,095,4575,109,894

264,941290,791415,723535,357531,962577,330

Stocks.

Lang tons.

62,41985,602163,817275,811316,973276,890

Year and month.

1922—JuneJulyAugustSeptember.October....November.December.

Receipts.

Long tons.508,299507,623501,203243,571222,485312,725188,859

Meltings.

Long tons.532,052530,334540,024312,909280,003309,274254,135

Stocks.

Long tons.277,150309,413262,959180,577

. 94,04369,18544,825

VEGETABLE SHIPMENTS.


Year and month. Whitepotatoes. Onions. Rice. Year and month. White

potatoes. Onions. Rice.

1919..192019211922.1921—December.1922—January...

February..,MarchApril ,

Carloads.

218,450237,93410,49615,39913,59622,10420,115

Carloads.20,88025,95621,88125,9901,0541,7811,022

7243,102

1004b.pockets.7,339,9326,656,076

11,491,062

759,564862,554

1,020,3751,198,126

499,480

1922—MayJ u n e . .

. JulyAugustSeptemberOctober...November.December.

Carloads.20,32221,845IS, 38117,53023,79533,71119,54711,5S9

Carloads.2,325

9451,2982,2014,3614,6872,0181,526

100-lb.pockets.

481,8122S3,198267,552519,652790,466

1,424,9301,287,210

LTJMBER.

Year and month.

National Lumber ManufacturersAssociation.

Numberof mills.

IProduction. Shipments.

Southern Pine Association.

Numberof mills. Production. Shipments.


February..March. . . . .April

• MayJuneJuly.AugustSeptember..OctoberNovember..December..

4394624524804454654484775355515645725S3

Board feet.12,711,300,00011,858,800,0009,509,900,000

12,927,893,000400,000400,000500,000600,000200,000

l,184i 900,0001,060,600,0001,091,800,0001,326,684,0001,207,220,0001 306,047,0001,235,748,0001,103,194,000

Board feet.12,639,300,00011,324,400,0009,328.100.00012,551,366,000

691,300,000781,500,000738,600,000899,900,000932,200,000

1,253,600,0001,100,600,0001,052,100,0001,230,050,0001,066,742,0001,065,678,0001,149,736,0001,280,660,000

174173169171172157176153150175174174

Board feet4,610,856,0004,530,506,0004,458,745,0001,655,931,000

377,332,000373,231,000352,717,000394,992,000369,008,000437,479,000379,838,000406,958,000401,340,000367,891,000

' 401,975,000405,488,000365,014,000

Board feet.4,606,500,0004,171,858,0004,685,549,000

""348,"i78,"666320,152, 000326,003,000398,599,000422,424,000507,767,000413,617,000405,139,000

301,046,000335,553,000416,683,000409,941,000


FEBRUARY, 192a. FEDERAL KESERVE BULLETIN. 231

LUMBER—Continued.

Year and month.

Western Pine Association.

Numberof mills. Production. Shipments,

West Coast Lumber ManufacturersAssociation (Douglas fir).

Numberof mills. Production. Shipments.


February •MarchAprilHayJuneJulyAugust *SeptemberOctober *NovemberDecember

Board feet*1,307,481,0001,646,715,000

896,129,0001,445,524.000

38,901,00035,385,00041,793,00066,609,000

107,892,000158,153,000163,127,000147,490,000169,000,000155,673,000167,813,000141,623,00050,53G,000

Board feet.1,350,237,0001,340,505,000

933,390,0001,477,342,000

83,350,00082,874,00089,272,000

110,551,000131,103,000160,809,000172,205,000133,865,000156,305,000133,325,000109,316,000100.616,00091,000,000

108119124129125119120119120116112135135

Board feet.3,608,297,0003,8-47,459,0002,759,761,0004,2.1*, 789,000

238,036,000326,588,000310,753,000306,618,00030S, 318,000411,529,000350,281,000303,437,000420,215,000342,4m, 000417,083,0003S7,866,000307,095,000

Board feet*3,420,877,0003,3S6,61f>,0002,786,501,0004,000,107,000

207,162,000308,817,000266,755,000280,203,000320,609,000431,975,000371,418,000321,276,000385,017,000298,032,000319,658,000291, am, ooo402,401,000

NAVAL STORES AT THREE SOUTHERN PORTS.

[Savannah, Jacksonville, Pensacola.J

Year and month.


February.MarchA p r i l . . . . .

Turpentine.

Receipts.

Casks.186,057253,318268,494263,06223,1367,1193,2403,301

13 139

Stocksclose ofmonth.

Casks.670,155333,168569,399322,93766,96553,42333,20419,28011,087

Rosin.

Receipts

Barrels.648,501836,399812,469951,118115,18162,1863S,53344,06958,015


Barrels.2,685,3441,895 3203,807,0013.707,522

336,680.327,932299,305282,428255,325

Year and month.

1922-MayJuneJulyAugust. . . .September.October...,November,December..

Turpentine.

Receipts.

Casks.29,29528,82338,16730,00029,95430,51925,09224,513


Casks.4,795

13,35916,72626,0-1128,44430,68140,16145,742

Rosin.

Receipts.

Barrels.59,71200.5SS107,82293,73792,4879S.80499,591

10-5,574


Barrels.253,787293,0S3303,588329,189334,785320,213352,465355,421

COAL AND COKE.

JProduction figures from Geological Survey, Department of the Interior. Anthracite shipments from Anthracite Bureau of Information.]

Year and month.

Coal,

Bituminousproduction.

Anthracite.

Production. Shipments,

Coke.

Beehiveproduction:

By-productproduction.

19191920 * ".""1921 './'3922 \ .1921—December.,1922-^Tanuary...

February. .MarchAprilMayJune.July .AugustSeptember.October. . . .November..December..

Tons.465,890,00056S,667,000415,922,000407,894,00030,975,00037,604,00040,980,00050,167,00015.779,00020,290,00022,309,00017,003,00027,358,00039,510,00045,141,00045,303,00046,450,000

Tons.88,092,00089,598,00090,473,00052,523,0005,984,0006,258,0006,762,0008,757,000

26,00035,00084,000

116,000161,000

4,979,0008,530,0008,385,0008,430,000

Tons,CG,S55,46266,871,15607,617,713

4,635,9224,848,0535,239,0146,778,667

0)0)

6,567,9286,420,1026,454,876

Tons.19,650,00020,846,0005,561,0008,037,000

oH,000496,000549,000732,000528,000432,000458,000450,000539.000606,000876,000

1,138,0001,233,000

Tons.25,138,00030,834,00019,750,00028,454,0001,844,0001,879,0001,795,0002,137,0002,208,0002,537,0002,5S0,0002,486,0001,794,0002,244,0002,806,0002,925,0003,063,000

1 No figures issued during months of coal strike, April to September, 1922.


232 FEDEEAL KESERVE BULLETIN. FEBRUARY, 1923.

CRUDE PETROLEUM*

[Geological Survey,yDepartment of the Interior.]

Year and month. Production.Stocks atclose ofmonth.

Producingoil wells

completed.Year and month. Production.

Stocks atclose ofmonth.

Producingoil wells

completed

1919. . . . . . . .1920192119221921—December1922—January

FebruaryMarchApril

Barrels.377,719,000433,759,000469,868,000551,197,00041,957,00043,141,00040,814,00046,634,00044,635,000

Barrels.

185,623,000196,228,000203,851,000221,588,000235,962,000

Number.20,96624,22214,612

o1,1511,1431,3231,442

1922—MayJuneJulyAugustSeptemberOctober.. .November.December.

Barrels,46,456,00045,559,00046,593,00046,521,00045,291,00047,SS5;00047,531,00050,137,000

Barrels.247,093,000255,817,000261,395,000262,707,000263,761,000265,073.000265,017; 000264,578,000

Number.1,5111,6541,7931,7091,5721,3SS1,4501,197

TOTAL OUTPUT OF OIL REFINERIES IN THE UNITED STATES.

[Bureau of Mines, Department of Interior.]

Year and month. Crude oil run. Gasoline. Kerosene. Gas and fuel oil. Lubricating oil.

19191920192119221921-December.1922—January

February..ItarchAprilM

Barrels.361,520,153433,915,029443,362,657

Gallons.957,857,097882,546,699153,549,018

Gallons.2,341,632,1642,320,095,4131,945,126,156

Gallons.7,627,288,5668,861,451,9319,663,516,135

Gallons.846,760,017

1,016,708,349877,859,074

MayJuneJulyAugustSeptember.OctoberNovember.December..

39,222,87538,581,81034,423,44139,093,95838,364,03442,561,63541,804,63344,378,40543,816,99642,534,49844,233,79544,203,471

439,031,398444,622,783398,223,146472,277,870472,920,182513,658,966525,940,600569,711,415549,958,376536,491,988566,278,689567,100,921

170,315,279172,917,141167,220,226178,785,027188,809,385173,824,113173,649,592192,924,420184,382,897197,935,102215,203,459234,436,275

865,769,078858,110,877761,085,329849,105,582791,642,710936,742,331903,056,578959,028,518944,289,105917,857,786921,606,114891,590,171

82,572,66274,313,83169,123,39073,391,25372,945,16879,848,372SO, 138,25791,714,9S788,824,13382,056,71287,340,81489,270,847

I

TOTAL STOCKS AT OIL REFINERIES AT CLOSE OF MONTH.

[Bureau of Mines, Department of Interior.]

Year and month.

1919, monthly average..1920, monthly average..1921, monthly average.,1922, monthly average..1921—December........1922—January

February. . .MarchAprilMay

.JuneJulyAugustSeptemberOctoberNovemberDecember

Crude oil run. Gasoline.

Barrels.14,935,06716,953,84920,650,536

Gallons.472,411,119464,484,812630,756,902

26,562,424 j30,635,70625,580,397 j31,297,83632,751,66935,475,52236,178,30835,2S6,79S34,029,91933,615,47832,765,84232,765,362

f

586,0S7,132705,711,191807,379,261854,231,655892,267,766856,607,102824,966,456772,908,949703,738,310690,050,809723,5S4,062776,723,619

Kerosene.

Gallons.300,5S1,792379,471, 438402,522,022

341,008,555327,484,281331,423,125321,427,757325, S36,126318,890,131317,574,464324,586,1282S5,520,131270,576,864256,259,432257,878,898

Gas and fuel oil.

Gallons.778,395,398687,857,986

1,161,925,822

1,331,265,4391,319,481,3591,321,5S9,4791,250,277,7611, 282,800,5691,321,437,9721,326,939,6621,353,870,2841,366,611,6111,304,957,1651,358,748,8801,352,347,667

Lubricating oil.

Gallons.161,491,337137,211,877231,171,628

216,765,516

236,886,381237,229,814226,293,334226,903,812226,690,749220,668,498214,727,811217,775,124226,429,537



ELECTRIC POWER PRODUCED BY PUDLIC UTILITY PLANTS.

[Geological Survey, Department of tho Interior.)

[In thousand kilowatt-hours.]

Year and month.

19191920 . . . . . . . .192119221921—December1922—January

FebruaryMarch. . .April

Produced bywater power.

24,348,67116,494,91014,932,80917,238,8031,322,1011,207,341], 222,8251,470,4241,490,254

Produced byfuels.

14,601,75127,444,99126,001,77930,437,2462,497,5912,512,3092,246,9242,352,9S02,108,215

Total.

38,950,42243,939,90140,937,58847,676,0493,819,6923, S09, (3503,469,7493,823,404

Year and month.

1922-May

JulvAugustSeptemberOctober

December

Produced bywater power.

1,550,9.101,494,7661,358,2921,352,4951,300,988

Produced byfuels.

2,176,9172,247,4S72,314,3682, WiO, 1422,690.9122,979,010

V, isJ' 190

Total.

3,825,3673,837,1153,871,3244,074,90*4,019,201

4|ioa'ssb4,574,574

IRON AND STEEL.

[Pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute; unfilled orders, United States Steel Corporation;structural steel sales, Bureau of the Census, Department of Commerce; steel barrels, Steel Barrel Manufacturers' Association.]

Year and month. Pig-ironproduction.

Steel-ingotproduction.

Unfilledorders,

U. S. SteelCorporation.

Structuralsteel sales.

Steel barrels.

Shipments. Unfilledorders.


February. .MarchAprilM a y . . . . . . .JuneJulyAugust —SeptemberOctober . . .NovemberDecember.

Tons.30,582,87836,414,11416,543,68626,880,3831,649,0861,644,9511 629,9912,035,9202,072,1142,306,6792,361,0282,405,3651,816,1702,033,7202 637,8442,849,7033,0S6,S9S

Tons.29,191,40034,432,25216,826,94629,116,4531,427,0931,593,4821,745,0222,370,7512,444,5132,711,1412,634,4772,4S7,1042,214,5822.373,7792,872,4152,889,2972,779,890

Tons. Tom. Number, Number*

4,268,4144 241,6784,141,0694,494,148 ;5,096,917 i5,254,228 i5,635,5315,776,1615,950,1056,691,6076 902,2876,840,2426,745,703

71,50072,10078,700139,300198,529180,558162,139152,023150,700141,418126,535106,315125,479

1,314,4982,308,655

124,00689,210

101,830168,476200,214225,3722G0.0U220,992244,291206,448189,4s!104,009201,319

193,814204,204248,315281 794350,445416,477427,739331,881309,044322,632287,141385, &S1424,107

NONFERROUS METALS.

[Copper and silver, American Bureau of Metal Statistics; zinc, American Zinc Institute; tin deliveries, Now York Metal Exchange.)

Year and month.

19191920.. . . .192119221921—December1922—January - —

FebruaryMarch.:

, AprilM a y . . .JuneJulyAugustSeptemberOctoberNovemberDecember

. . . . . . .

• - • • • *

. . .

- •

•

. \ . \

. . . .

• • •

Copper pro-duction.

Pounds.1,209,284,0001 270,496,000

472,020,310990,739,198

18,595,182•25,S4S,2S437,415,80862,305,40377,025,86092,043,03695,222,35893,486,402

100,320,48396,494,873

103,831,233102,845,152103,&45,306

Silver produc-tion.

Ounces.

53," 727," 891*55,468,8363,896,9523,937,7843,878,49S4,186,0*24,138,5804,257,9734,760,1604,340,5745,561,5235,324,8735,160,7324,869,9055,052,192

Zinc.

Production.

Pounds.943,112,000959,544,000431,228,000747,356,000

44,026,00047,412,00045,026,00053,064,00051,012,00054,83S,00057,094,00063,834,00062,846,00066,268,00079,SS0,O0080,400,00085,682,000

Stocks.

Pounds.

""l33,"216*666"131,356,000128,248,000120,524,000103,456,00080,818,00059,152,00057,216,00043,255,00037,612,00036,086,00038,994,00036,504,000

Tin deliveries.

Pounds.73,251,240

114,508,80058,051,840

128,876,4008,310,4009,576,0007,201,000

13,507,20011,188,80010,617,60011,491,20010,281,6009,462,000

11,312,00012,550,72010f 778,88010,903,600


234 FEDERAL RESERVE BULLETIN. FEBBUABT, 1923.

COTTON.

[Sight receipts, American Spinners' Takings, New Orleans Cotton Exchange; all other figures, Bureau of the Census, Department of Commerce.]

Year and month. Sightreceipts.

Americanspinners'takings.

Stocks atmills.

Stocks atwarehouses.

Consumptionby mills.

Spindlesactive during

month.

19191920192119221921—December1922—January . .

FebruaryMarchAprilMayJuneJulyAugustSeptemberOctober.November . . .December

Bales. j11,611,853 I10,903,821 I11,954,628 I11,667,8251,483,719 !

865,281462,383 i485,865 ;433,627 ]593,752 i506,575 |392,922540,895 !

1,389,0115,331,4782,155,597 I1,510,439 !

Bales.5,227,3323,928,3306,394,5566,362,025

953,765623,117307,990259,474212,103366,547371,910322,037403,803366,864788,272

1,149,9651,189,943

Bales. Bates.

1,738,0001,675,0001,597,0001,554,0001,458,0001,420,0001,332,0001,215,0001,025,0001,065,0001,380,0001,721,0001 921,000

5,207,0004,618,0004,222,0003,766,0003,214,0002,561,0001,936,0001,488,0001,550,0003,218,0004,330,0004,198,0004,075,000

Bales.5,919,5205,843,2005,407,3756,089,540

510,925526,552473,073518,450446,843495,674507,869458,875527,404495,344533,950577,561527,945

Number.

34,439,14234 457,50933,797,38031,874,49631,389,25631,653,06131,877,01531,975,26932,499,32433,296,51333,859,07634,664,63034,968,440

WOOL.

[Bureau of the Census, Department of Commerce. Total grease equivalent in pounds.J

Year and month.

1921. . . . .1922 v. . . . .1921—December1922—January

February

Consumption.

529,495,000654,125,99949,441,00052,280,00053,774,000

Year and month.

1922—MarchAprilMayJuneJuly

Consumption,

60,368,00042,574,00052,533,09152,620,98546,902,071

Year and month.

1922—AugustSeptemberOctoberNovemberDecember

Consumption.

57,339,99454,770,61259,281,77463,313,17059,366,980

ACTIVE WOOL MACHINERY.



February

AprilMayJuneJulyAugustSeptember..October...November . . . . . .December

Percentage of active wool machinery to total reported.

Looms.

Widerthan 50-inch reed

space.

69.765.768.565.160.362.763.664.164.772.477.180.869.7

50-inchreed

space orless.

78.872.872.972.264.064.766.671.567.576.479.182.078.8

Sets ofcards.

74.174.081.983.683.686.185.885.284.386.285.885.774.1

Combs.

81.581.786.476.370.372.975.073.176.078.386.887.081.5

Spinning spindle.

Woolen.

74.973.079.982.582.785.585.783.782.984.784.484.474.9

Worsted.

87.085.785.674.761.666.868.168.074.881.489.190.087.0

Percentage of active hours to total reported.

Looms.

Widerthan 50-inch reed

space.

67.164.865.963.158.462.463.862.863.672.478.680.067.1

50-inchreed

space orless.

72.208.068.163.553.455.259.962.558.371.377.772.772.2

Sets ofcards.

72.975.484.488.486.289.791.088.288.891.393.893.772.9

Combs.

98.696.397.282.372.779.281.280.485.593.2

106.4• 111.4

98.6

Spinning spindles.

Woolen.

74.474.681.685.984.888.689.986.086.288.190.689.774.4

Worsted.

86.286.182.770.862.165.368.560.171.484.094.093.786.2

Numberof firmsroport-

ing.

1,0011,002

992990988948958959954988994993987

SILK.(Silk imports, Bureau of Foreign and Domestic Commerce, Department of Commerce; consumption and stocks, Silk Association of America. J

Year and month.

1921.. . .1922L921—DecemberL922—January

FebruaryMarch..!

May ;."

Imports.

Pounds.45,361,663

5,824,2023,880,8772,963,976*42,508,4302,574,262]4; 217,137-

Consump-tion.

Bales.322,189367,620

20,93033,84222,10726,65124,24733,284

Stocks.

Bales.

19,60131,13928,98222,07719,26820,826

1Year and month.

1922-JimeJulyAugust .-SeptemberOctoberNovemberDecember

Imports.

Pounds.5,076,6653,592,5085,547,4863,887,4007,152,404

Consump-tion.

Bales.29,52924,99634,77234,21237,47135 46731,042

Stocks.

Bales.26,89527,47432,51536 79545,89347,15949 174


FKBRUAKY, 1923. FEDERAL RESERVE BULLETIN. 235

SALES OF RAWHIDES AND SKINS.

[Bureau of the Census, Department of Commerce.!

Year and month.


February..31arehAprilMayJuneJulyAugustSeptemberOctober.. .November,December.

Cattle hides, j Calfskins. Kipskins. Goat andkid.

Number.17,167,721IS, 043,6421,527,SO*1 293,9371,305,5643,501,6551,314,3S5 j1,492,349 !1,507,0011,035,4991.541,7701 565,9341,732,7791,541,5741,547,595

Number*8,700,250

11,326,987781,176077, 102642,723007,710811,129

1,001,1551,019,2791,15?,2S71,141,4331,358,0131,121,087

900,2308S0.449

Number.2,225,690

25,400,035292,16G250,010208,702 ,!136,819 i165,621 I151,713 |182,631 I200,533 !214,925 I209,0.W ;253,507 '335,578230,875

Number*.11,732,81010,265,3331,333,202

985, flttt813,032

1,230,3191,401,1591,009,2111,23I,2W1,534,8231,113,7301,589,4031,996,8101 508 1261,7SS792

CabrcLta.

Number.GG0.642588,338

18,80041,34509,87809,25125,08001,12527,05021,31121,SGS40,53000, CIS52,38291,301

Sheep andIamb.

Number.18,304,72029,100,9102,004,2231,613,1441,481,7411 276,2861,007,6112,131,0022,737,6032,892,3032,545,8633.1&5.9173,875,6483,000,9902,815,707

STOCKS OF RAWHIDES AND SKINS AT CLOSE OP MONTH.

[Bureau ol the Census, Department of Commcrcc.l

Year and month. Cattle hides. Calfskins. Kipskins. Goat andkid. Cabrctta. Sheep and

lamb.

1919, monthly average1920, monthly average1921, monthly average1922, monthly average1921—December1922—January

FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Number.5,721,1255,472,9956,859,5695,692,6335,819,2196,053,2125,761,3945,662,0975,553,0915,362,6075,347,2795,366,4145,342,6075,515,4205,838,4126,163,3876,345,676

Number.1,895,3082,331,6713,308,6123,338,8322,965,2572,897,4652,820,0762,964,7733,131,2703,319,1903,507,7223,624,7693,582,9053,674,3563,463,2963,691,7073,298,399

Number.G36,357917,397

1,079,1959*2,101

1,025,1691,040,018

950,505'916,091832,453903,229876,226917,007948,543 !989,661

1,OSS,7151,153,2281 163 547

Number.14,198,42017,738,6059,984,1538,769,245 i

10,379,703 |8,998,4627,627,0488,044,0799,404,784 ;9,838,941 !

10,799,335 i9,067,5169,196 731 I8,640,858 }8,680,967 i8,202,0008,730,219

Number.1,872,6401,802,6291,176,892

747,958547,335500,093455,972301,4G3704 787918,792878,239876,883602,534810,088840,855

1,036,120927,670

Number.8,401,7938,986,703

13,174,07410,916.94912,001,43812,280,83113,044,64411,940,72311,830,25911,142,15010,971,4459,896,733

11,294,35410,474,7409,501,3049,408,6410,151,484

PRODUCTION OF LEATHER.

[Prior to July, 1922, Tanners' Council; since July, 1922, Bureau of the Census, Department of Commerce.]

Year and month.

1919. . . . ,19201921 ""'1922 \ ..""'1921—December1922-January. . .

February.MarchApril ,

Soleleather.

Sides.22,515,41818,392,74017,990,69717,456,3601,753,7551,654,7441,466,1651,472,5281,327,037

Skivers.

Dozens,180,384159,284199,836300,15620,14917,95017,02119,45116,065

Oak andunion

harness.

Side*stuffed.1,142,9231,153,090

675,1951,261,460

62,55159,81565,06778,10094,59S

Year and month.

1922—MayJuneJulyAugust....SeptemberOctober...November.December.

Soleleather.

Sides.1,320,6351,358,9731,397,59-41,509,3041,490,0331,550,7901,482,0741,42.5,512

Skivers.

Dozens.16,09916,815

»25,238135,488»35,S95134,594133,797131,743

Oak andunion

harness.

Side*stuffed.

90,81395,9.53

115,561133,268130,944133,146134,589129,606

1 Reports from 13 additional contributors included.OUTPUT OF BOOTS AND SHOES.


Year and month.


FebruaryMarchAprilMay

Men's.

Pairs.89,984,0057,455,2187,770,6816,697,2767,731,5196fSQ2fU96,495,060

Women's.

Pairs.105,367,667

7,747,9267,976,1258,665,019

10,529,4658,921,9628,714,277

All other.

Pairs.12S,124,726

9,035,6299,373,1059,1SS,95S

ll,0S9,32210,927,40111,018,125

Total.

Pairs.323,476,45824,241,77325,119,11124,551,25329,350,30626,651,51226,227,402

Year and month.

1922—JuneJulyAugust. .SeptemberOctober.NovemberDecember

Men's.

Pairs.6,214,0746,317,6257,949,3678,514,0-138,556,8408,700,3358,235,090

Women's.

Pairs.8,257,2857,652,5539,061,8448,741,4499,530,7558,937,7328,379,200

All other.

Pair*.10,159,7088,715,569

10,664,77511,032,67712,268,04712,435,06111,238,978

Total.

Pairs.24,631,06822,685,74727,675,9862S,258,16930,365,64830,076,12827,853,268



CLAY FIRE BRICK.

[Refractories Manufacturers' Association."!

Year and month.


February.MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.

Production.

Number.608,975,000728,577,000384,347,000558,149,00034,000,00030,121,00034,683,00042,626,00041,446,00046,794,00048,367,00047,266,00051,828,00048,839,00055,996,0C056,546,00053,637,000

Shipments.

Number.607,598,000749,2(50,000349,362,000554,231,00030,596,00031,301,00030,043,00038,694,00038,458,00044,120,00045,772,00045,851,00049,075,00052,693,00059,299,00054,423,00054,502,000

Stocks.

Number.

145,406,000138,574,000146,911,000149,031,000150,292,000152,259,000153,517,000158,236,000162,876,000156,899,000152,101,000155,876,000155,011,000

New orders.

Number.617,446,000741,708,000275,496,00058^,201,00027,915,00031,222,00035,941,00043,098,00045,815,00051,041,00057,805,00055,681,00052,300,00059,771,00051,120,00054,187,00050,884,000

Unfilled orders.

Number.

23,108,00023,751,00030,357,00031,537,00039,402,00045,300,00056,861,00067,557,00074,399,00079,511,00070,860,00071,096,00067,400,000

SILICA AND FACE BRICK.

[Silica brick, Refractories Manufacturers' Association; face brick, American Face Brick Association.]

Year and month.

Silica brick.

Production. Shipments. Stocks closeof month.

Face brick.

Production.- Shipments.Stocks insheds and

kilns.

19191920 .

,192119221921—December.1922—January...

February..MarchAprilMayJuneJulyAugustSeptember.October. . .November.December.

Number.168,744,000178,850,00066,228,000

133,143,0004,754,0006,581,0006,663,0009,120,0009,830,000

12,233,00011,578,00011,332, COO9,666,000

12,861,00015,755,00013,871,00013,653,000

Number.168,096,000186,960,00066,624,000

126,260,0007,321,0008,246,0007,263,0007,837,000

10,485,00010,704,00010,676,COO12,533,0CO11,687,00011,332,00013,161,00011,359,00010,977,000

Number.

38,812,0^036,344,00035,743,00036,944,00036,316,00037,815,00038,747,00037,572,00035,743,00037,10S!00039,730,00042,269,00045,081,000

Number.542,202,000541,830,000428,174,000547,664,00038,444,00025,331,00022,926,00042,133,00046,767,00054,867,000'59,756,00052,408,00046,849,00051,674,00057,185,00042,587,00045,181,000

Number.

334,209,000476,331,00323,151,00014,902,00018,392,00037,491,00047,326,00056,433,00055,762,00050,579,00046,710,00043,621,00041,062,00032,900,00030,653,000

Number.

160,961,000152,485,000151,769,000156,906,000144,223,000121,540,000118,756,000109,545,00091,339,000

100,559,000101,782,00093,209,000

118,626,000

CEMENT.

[United States Geological Survey.]

Year and month.

19191920192119221921—December1922-^Tanuary

FebruaryMarchApriJ

Production.

Barrels.80,769,378

100,302,00098,293,000

113,870,0006,559,0004,291,0004,278,0006,685,0009,243,000

Shipments.

Barrels.85,596,61696,329,00095,051,000

116,563,0003,697,0002,931,0003,285,0007,002,0008,592,000

Stocks.

Barrels.

ll,93S,00013,316,03014,142,00013,848,00014,470,000

Year and month.

1922—MayJune. . . .July ;AugustiScptemberOctoberNovemberDecember

Production.

Barrels.11,176,00011,245,00011,557,00011,664,00011,424,00012,287,00011,349,0008,671,000

Shipments.

Barrels.12,749,00013,470,00013,850,00014,361,00012,444,00012,854,00010,167,0004,858,000

Stocks.

Barrels.12,893.00010,718,0008,433,0005,746,0004,724,0004,149,0005,320,0009,134,000


FEBRUARY, 1923. FEDERAL, RESERVE BULLETIN. 237

OAK FLOORING.

[Oak Flooring Manufacturers' Association.]

Year and month. Production, j Shipments. Orders booked.

1919. ...1920192119221921—December...1922—January

February.. .MarchApril ,MayJune ,JulyAugustSeptember.OctoberNovember.December..

Hoard feet.121,215,000128,931,0°014*, 929, Mm274,621,000

17,510,00019.202,00017,2*2,00021),3ii7,OMf>19.S92.00021,914,00023,495,00024,082,00027,009,00023,903,00026,357,0002G,S2S,00023,473,000

hoard feet.132,84 2, (XX) |

1 OS* 131*001) !2S7t33.V,O0O I

18,005,00014,970,00010,455,000

22,'2271000 I25,251, (XX) !2S,010,000 j24,201,000 !27,037,(XX) '25,072,00029,185,00020,431,00024,510,000

Hoard fed. !

7fiJi5*(XKJ10S, OM\(XK)2S 1,071*000

13,070,000i:*,ftoo,o(Xi :1fi,O03,(KX)23, 47l.»,(tfX)

3 , ,21, 472, (NX)21,310,00025,971,00021,991, IKK)23,97.1,00029,209,00023W\OO0

Stocks. !Unfilled orders.

Hoard feet, \ hoard fret.

21,703.000'27,407,(1002 \ K.Vi,(KKI2 \0W,0M20,015,000 ;23,531.000an, 21.1,0001*1,712,00021,0M,0M ;20,120,00019,ni4(fKK»19,132,000 ••212MW0

20,SKS,00021.230,00021,007,00024,03.1, (HX);n,f/)i,ofK)40,417,0003 \ 431,00035, (.37, (XX)37,173,0003.1,937,00032,?.«5,Onn35,209,00040,92^,000

MAPLE FLOORING.

[Maple Flooring Manufacturers' Association.]

Year and month.


February.MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.

Production. Shipments.

Board feet.120,468,000121,596,000100,53*, 000137,020,000 ]11,713,00011,021,0009,274,0009,218,0009,093,000

10,701,00011,806,00010,434,00013,047,00012,518,00013,442,000 i12,753,000 '13,648,000

Board feet.142,170,00099,108,00097,451,000

143,203,0000,042,0008,533,0007,947,000

10,5-18,00010,631,00013,GOO, 00014,280,000 !12,956,000 i14,002,000 !12,705,000 j12,243,000 !13,010,000 !12,752,000 |

Stocks. ; Orders booked. Unfilled orders.

hoard feet. Jioard fed.W,,i%mf>1,272, (XX)

107,S%,OriO140,50.1,(XX) i

30,S65,O00 | 0,927,000 :33,329,000 : 7,051,000 i31,24ft, 000 : S, 105,000 :3:3,032,000 11,923,000 :32,174, OW 13,S53,(W) ;2S,793,(KX) H),070,(XX> !2ft,719,000 i 13,920,000 ;24,52Ji,(XW 11,078, (XX)23,272,000 11,950,00023,111,000 12,093,000 |24,344,000 11,791,000 ;23,90S, (XX) : 11,2*1,000 !25,156,000 ! 14,444,000 •

hoard feel.

13, SOI, (XX)12,220, (XX)11,M8,00011,2*2,000]7,S39,(X)02.1,(^,0002033f)(XJ025,076,00022, frfW, 0(X)22,397,00021,872,00020,5SO,00022,324,000

ENAMELED SANITARY WARE.

[Enameled Sanitary Ware Manufacturers' Association.]

Year and month.

19191920192119221921—December....1922^—January

FebruaryMarchAprilMayJuneJulyAugustSeptember....OctoberNovember*...December

Baths.

Ordersshipped.

Number.415,295617,292498,137866,73338}$1S48,425

' 52,57565,24378,13082,10082,37870,70078,43575,76678,83474,94379,204

Stocks.

Number.

•""53*146"53,42256,75970,58760 26047,69437,84629,75022,77521,19526,79933,12634,517

Ordersreceived.

Number.838,464441,288490,934

l,0Sl,S3941,99358,42049,13463,815

107,566150,475128,87699,23582,53679,72276,73789,69095,6.33

Lavatories.

Ordersshipped.

Number.549,216617,256698,033

1,071,97345,17663,017

. 70,65491,039

101,482107,708102,34584,07794,219SS,16187,32590,32491,592

Stocks.

Number.

'*iii,'S34'102,190101,566126,228104,54378,0626S,55S62,34958,48352,82656,34059,64559,595

Ordersreceived.

Number.883,344641,256678', 780

1,374,80049,90180,12468,41495,891

138,757192,546102,788111,45593,76599,23293,800

103,976124,052

Sinks.

Ordersshipped.

Number.655,008722,772797,493

1,124,SSO57,43073,87773,66090,764OS,905

109,377107,07187,49295,23590,45097,37996,645

103,418

Stocks.

Number.

**i33,"6i4"129,580129,505152, ©SO135,071102,74782,83170,78959,4006S,03455,51261,18364,908

Ordersreceived.

Number.1,056,216

090,021774,922

1,403,20562,22281,79171,43495,137

140,020195,503160,095123,938102,617112,951103,089139,373132,847

Miscellaneous.

Ordersshipped.

Number.340,595372,744403,683531,447

27,51338, S3135,44044,91249,40250,64448,50740,18742,63447,45043,06942,42947,336

Stocks.

Number*

91,04383,24260,742SG,33485,52877,78806,63062,98159, OSS49,97550,10150,45156,284

Ordersreceived.

Number.502,800332,2923Sl,64l712,04329,87954,54535,24048,06263,01080,34174,15961,49156,51657,81351,83262,93565,199



WOOD PULP.

[Federal Trade Commission.]

Year and month.

1919....1920192119221921—December1922—January....-

FebruaryMarchApril

Produc-tion.

Short tons.3,384,7683,807,6562,801,4383,464,258

272,835266,921243,310314,591 1297,467

Consump-tion.

Short tana.2,609.8222,973,4562,297,9782,907,565

213,571220,034202,449249,204236,837

Shipments,

Short tons.763,598840,066506,191603,31747,89640,66738,26547,83943,991

Stocks, endof month.

Short tons.

176,113178,709196,257212,896

Year and month.

1922—MayJuneJulyAugust . . .SeptemberOctoberNovember,December.

Produc-tion.

Shortltons.331,694313,259279,308282,570272,679284,642300,746277,071

Consump-tion.

Shortw(ons.i 257,986t 250,978

238,173f 258,871

239,801261,320254,314237,568

Shipments.

Shortjtons.t 54,151*• 48,662* 47,987* r 52,962\ [54,318

64,90S58,52051,046

Stocks, endof month.

Short tons.232,453246,072239,220209,957178,517136,931124,843113,301

PAPER PRODUCTION.


Year and month. Newsprint.

Short tons.1,374,5171,511,9681,226,1891,447,688

107,877105,80897,786

117,507111,861129,950127,230120,839133,236125,402130,682127,983119,404

Book.

Short tons.914,823

1,104,164725,992

• 893,43070,79873,46669,40377,88970,50782,57483,51774,43587,92287,78292,86593,06588,489

Paper board.

Short tons.1,950,0372,313,4491,664,9311,970,716

149,047145,198153,704192,308164,327176,790183,759165,551195,115198,248196,769198,947185,397

Wrapping.

Short tons.694,207831,889651,605761,44964,85065,79162,03570,14161,56271,49468,37165,48174,31570,32974,63077,30074,822

Fine.

Short tons.343,762389,322242,485330,11825,84327,405

" 26,66329,31627,42030,12931,29127,76733,08131,57633,77431,66630,932

Total.


February..MarchApr i l . . . . . .MayJuneJulyAugustSeptemberOctober.. .November.December.

Short tons.5,277,3460 150,7924,511,2025,403,401

418,415417,668409,596487,191435,677490,937494,168451,073523,669513,337528,720528 961499,044

PAPER STOCKS ON HAND AT CLOSE OF MONTH.


Year and month. Newsprint. Book. Paper board. Wrapping. Fine. Total.

1921—December.1922—January...,

February...MarchAprilMayJuneJ u l y . . . . . . . .AugustSeptember.,OctoberNovember..December..

Short tons.23,93426,55027,81528,18024,87424,78123,36721,15619,90218,81019,74519,65119,2OS

Short tons.38,75738,46339,33438,36737,36739,49141,45638,52037,47336,71738,15836,77036,231

Short tons.63,01862,17363,90871,98669,75665,70267 07964,03359,62757,89952,96855,86454,693

Short tons.48,84854 50659,25164,93168,40170,90671,25969 36862,44454,84348,66145,53964,625

Short tons.34,00035,33135,80435 12335,80636,98538,67437 62137,88936,21336,49036,88036,742

Short tons.208,557217,023226,112238,587236,204237,865241,835230,698217,335204,482196,32219c,704211,499


FEBRUARY, 1923. FEDERAL BESEKVE BULLETIN. 239

RUDDER AND AUTOMOBILE TIRES AND TUBES.

India-rubber imports, Bureau of Foreign ami Domestic Commerce, Department of Commerce; all other figures, Rubber Association of America.)

Year and month.


FebruaryMarchAprilMayJuneJulyAugust . .SeptemberOctoberNovember. . .December....

India-rubberimports.

Pound:.415,274,280

58,641,82154,010,91666,744,21064,215,22243,407,35935,727,05S50,952,02456,851,75851,332,27544,314,862

Pneumatic ttrcs.

Produc-tion.

Thousands,21,82030,099

1,8102,0552, OS I2, GIG2,4012,7222,8392,4772,9052,5052,r,752,733

Ship-Slocks. ; incnts,

domestic.

Thousands.

3,097•1,1714,6015,1 S35,4615,5235,0424 8344,G29

4Ji83 !4,065 1

Thouwwdt,22, S».»720/222

1 'ISO1,.W1,5022,0712.0S72t(i3<»

! 3,1332,0953,0302,5022,5892,3S0

Inner tubes.

Produc-tion. Storks.

2,070

3 , S2,0512,9703,1313,0083,808350 l

Thousands. Thousand^27,102

72.4ft!1,7315,217

2rr,97 I 0,112

3,O1S ! ft,<>ftl7,2307,1900,1 S75,G7f>5,2075,1015,4883,783

3,851 6,210

.Ship-ments,

27t.rV)7

:Mifft

1,7(02 Ml2.3292,0393,0713,^14,2203,5593,4213,075

Solid tires.

Vrodur-t(on.

12 T

Stocks.

IS,019,07721, ISO, 410

26,771! 2 4ft21,125,450

02

2H, 05], Od.1.'i0,K'.M,00028,071,802

AUTOMOBILES.

[Automobile Chamber of Commerce and Federal Reserve Bank of Chicago.]

Year and month.

1920192119221921—Decem ber.1922—January...

February..MarchApril

Production.

Passen-ger cars(num-ber).

1,435,1612,316,641

70,43581,61498,487

152,647196,788

Trucks(mini'ber).

Shipments.

train(car-

loads).

147,009236,432

8,1839,162

12,86119,44921,862

251,064195,477331,22612,31015,35719,63627,75331,334

Drive- Bya ways boat(ma- | (ma-

chines), chines).

470,8671144,446304,75s

7,5017,479

10,17316,91722,381

32,8S322,3105S,2J2

188143180560

2,960 1

Year and month.

1922—MayJune ;JulyAugustSeptember .•...OctoberNovemberDecember

Production.

Passen-ger cars(num-ber).

231,829201,924223,057217,316180,103214,090215,225205,650

Trucks)

ber).

t r a * n

(car-d)

w a y s i boat(ml , (ma-

h i ) h i )(car (ml , (ma

loads), chines), chines).

23,1S9 !

2.5,274 |20,073 I23,787 I18^53

19,610

34,41034,23020,1 IG32,81720,33527,100 t ,27,232 27,20,000 ! 27

S27 1M7 !100 i7fiS :

177 !203370500

7,4007| 7377,030

70,1018,1187,0055,0701,300

LOCOMOTIVES.

[Compiled from reports of three largest locomotive companies.]

Year and month.

19191920.1921 .19221921—December1922—January

F e b r u a r y —MarchApril

Output.

Domes-tic,

shipped-

1,8621,316

8301,066

3011403513

For-eign,com-

pleted.

904966563218596344S

Total.

2,7662,2821,3931,284

• 8074443921

Unfilled orders.

Domes-tic.

143147173255515

For-eign.

122626675

102

Total.

265209239330617

Year and month.

1922—MayJuneJulyAugustSeptember...OctoberNovember...December

Output.

Domes-tic,

shipped.

G467

122130113133144194

For-eign,com-

pleted.Total.

16 i 8047 1146

216

121516

Unfilled orders.

1

Domes-tic.

497495

128 712151119145159210

i

For-dgn.

121

Total.

621101 i 59699

926 1001,3171,4201,5011,493

116USUS94

8111,0351,4631,5331,6191,592

VESSELS BUILT IN THE UNITED STATES AND OFFICIALLY NUMBERED BY THE BUREAU OF NAVIGATION.

Year and month.

19191920192119221921—December,1922—January...

February.March . . . .April

INumber.

2,3631,7831,0941,014

45713962

106

4,258,1412,860,7251,263,984

321,54246,10352,76438,3596,203

34,308

Year and month.

1922-May ,June ,JulyAugustSeptember.October....November.December.,

21,41916,959 '19,35611,51115,83433,81527,72043,294



RAILROAD OPERATING STATISTICS.

[Interstate Commerce Commission.)

Year and month.


FebruaryMarchApril

Net ton-milesrevenue

and nonrevenue.

396,904,574,000448,457,325,000344,592,802,000

Net tonsper train.

|25,706,855,00027,105,158,00028,348,199,00032,904,832,00024,727,919,000

609632673691614

Net tonsper loaded

car.

26.827.628.227.824.4

Year and month

1922—MayJuneJulyAugustSeptemberOctoberNovemberDecember .

Net ton-milesrevenue

and nonrevenue.

27,855,386,00029,048,643,00027,073,021,00030,452,607,00034,270,263,00039,260,029,00038,046,185,000

Net tonsper train.

635655645690721732719

Net tonsper loaded

car.

25.025.425.026.327.327.728.2

RAILWAY CAR LOADINGS.

[American Railway Association.]

LOADINGS BY COMMODITIES.

[Number of cars.[

Year and month.Grain and

grainproducts.

Live stock. Coal. Coke. Forestproducts. Ore.

Merchan-dise,

L. C. L.Miscella-

neous. Total.


Febniar} r.MarchAprilMayJuneJuly -.AugustSeptemberOctober...November.December.

2,036,6341,857,6572,293,9742,468,567186,458210,243206,005185,330136,975189,845171,658217,649252,795222,336225,942229,997219,792

1,727,0121,566,3831,496,9281,637,923128,444135,707116,449123,108112,963132,967126,535115,797133,492151,783174,861168,361145,900

8,747,3299,966,9637,974,1477,447,131582,010703,001759,294885,057302,209371 230406,190327,763443,244738,885845,630848,857815,771

457,006652,767318,289490,77430,62331,56031,54240,09034,00739,58740,87341,55837,63937,52945,98754,41655,986

2,971,3473,076,1182,486,5812,939,046197,840203,997200,495237,322233,559273,204271,358239,119260,282246,441258,503267,857246,909

1,946,4682,417,589906,841

1,586,39824,48318,38616,60623,64240,21582,735234,236275,285298,190227,275202,956125,61241,260

6,344,8399,067,62711,010,09011,877,812

942,819875,296863,973

1,068,7811,010,1681 084,2921.060,1941,004,7971,037,350984,917998,361975,379914,304

17,662,01316,616,97612,836,30615,265,776

940,823881,887880,599

1,159,8811,161,0951,348,1511,379,6541,366,1561,467,1691,441,7021,549,2481,434,7161,195,518

41,892,65445,422,08039.323,16543,713,4273,033,5003,060,1673,074,9653,723,2113,031,1913,522,0113,690,6983,588,1243,930,1614,050,8684,301,4884,105,1953,635,440

LOADINGS BY DISTRICTS.

[Number of cars.]

Year and month. Eastern. Alleghany. Pocahontas. Southern. Northwest-ern.

Central west-ern.

Southwest- Total, alldistricts.


February..MarchAprilMayJuneJulyAugustSeptemberOctober.. .November.December.

10,188,29010,827,5969,556,407

10,570,095757,049742,168760,593938,796711,865833,405830,063826,084921,683984,511

1,060,4461,040,970

919,511

8,903,1349,528,2247,938,5578,957,508

624,966607,982637,285793,295605,759664,281712,928713,60S811,662865,550889,410874,350781,398

1,729,9731,759,8671,503,0471,726,267

104,577130,402141,436164,527147,508183,278188,196134,719133,388116,719129,542131,270125,282

6,031,7796,581,9955,835,7706,437,813

462,89746S,543479,530588,655511,154577,8SS563,910503,153510,707523,151592,336589,632529,154

6,528,2387,004,5705,477,3246,537,428

379,491411,724379,033461,098421,240528,288648,497648,291697,519658,485663,171563,716456,366

5,714,4966,432,2725,909,5336,329,971

457,056468,712450,752513,496408,909478,354485,431502,794585,954614,644656,226610,508554,191

2,834,7353,287,5563,102,5273,154,436

247,464230,636226,336263,343224,756256,517261,673259,475269,248291, SOS310,357294,749269,538

41,930,64545 422,08039,323,16543,713,5183 033,5003 060,1673,074,0653 723 2113,031,9913,522,0113 690 6983,588,1243,930,1614,050,8684,301,4884 105,1953 635,440



FREIGHT-CAR SURPLUS, FREIGHT-CAR SHORTAGE, AND HAD-ORDER CARS.

[American Railway Association.]


February..MarchApril

- MayJuneJulyAugust... .SeptemberOctober...November,December.

Surplus.

Total.

396,371415,053271,263216,684334,075332,940261,990212,609121,38720,8184,4755.2099,719

Box.

154,403172,56810S, 84588,56896,034SO, 12362,42542,3159,6031,389

119739

2,245

Coal.

Shortage

Total.

192,851186,160109,59381,149

193,811212,'J IK165,238142,79295,13115,7011,9932,10S2,701

187513562437473

1,1482,935

12,13142,91997,919

100,7S715-1,77199,954

Box.

1102034142462295SS

1,1847,200

2K,25151,87980, 21779, SI 847,015

Coal.

1923f>390

162431

l t5813, 3908,654

28,91444,83343,72239,750

Bad-ordercars.

320,293313,190331,050334,028320,083327,704340,822345,013321,624291,654249,960220,288216,011

VESSELS CLEARED IN FOREIGN TRADE.

[Bureau of Foreign and Domestic Commerce, Department of Commerce.1


February..MarchAprilMay

Total.

62,635,86464,739,6895,020,6103,986,3314,025,3274,864,4634,884,0905,174,711

American.

30,086,27731,665,6602,434,3092,050,8561,855,9562,180,8682,388,7052,621,206

Foreign.

32,519,58733,074,0292,5S6,3011,935,4752,169,3712,683,5952,495,3S52,553,505

1922-JuneJulyAugustSeptember..OctoberNovember..December..

Total.

5,653,4866,338, 6.120,177,5116,478,7570,136,00*0,214,^24,775,471

American.

2,f»2.Vn4 I3,052,711 '2,WWf423 13,049,976 i3,35S,3G0 I3,440,003 !2,132,16J j

Foreign.

3,3i3,

028,05228.5,941274,0S8

3,428; 7812,2,2(

777,648798,879,643,309

PANAMA CANAL TRAFFIC AND COMMERCE AT SAULT STE. MARIE CANALS.

[Panama Canal and United States War Department, Engineer Corps.]

[Tons, 000 omitted.]

19191920192119221921—December..1922—January....

February...MarchAprilMayJuneJulyAugustSeptember..October. . . .November..December..

Panama Canal traffic.

Total cargotraffic.

7,46810,80910,648

953807838960

1,0461,159978

1,2111,16G1,1381,446

Americanvessels.

2,7565,5114,561

3433603804594996094805S2564543649

Britishvessels.

1,8773,3063,431

349277276287297319268307336372432

Commerce at Sault Ste. Marie Canals.

Totalfreight.

102,34 S105,70S64,33260,067

48,260,254

6393,3178,060

10,23510,28610,98611,2339,4681,838

Eastbound.

32,113,24855,020

938,271

4972,9407,5979,S279,8098,4517,9966,5591,337

Westbound.

16,146,00611,017

1,031,180

142371409408477

2,5353,2372,909

501


242 FEDERAL, RESERVE BULLETIN. FEBBUABT, 1923.

BUILDING STATISTICS.BUILDING PERMITS IN 168 SELECTED CITIES.

[Collected by the 12 Federal Reserve Banks.]NUMBER OF PERMITS ISSUED.

DistrictNo.l

(14cities).

DistrictNo. 2(22

cities).

DistrictNo. 3(M

cities).

DistrictNo. 4(12

cities).

District DistrictNo. 5 No. 6(15 (14

cities), cities).

DistrictNo. 7(19

cities).

DistrictNo. 8

citfi).

DistrictNo. 9

cities).

DistrictNo. 10

(14cities).

DistrictNo. 11

cities).

DistrictNo. 12

(20cities).

Total(156

cities).

1922—January...February.MarchAprilMayJuneJulyAugust.. . .SeptemberOctober...November,December.

8781,0242,3643,0233,4462,943.2,5972,8732,7342,9112,3011,285

4,1764,210

13,2849,056

10,1369,5727,7617,8288,4249,6729,0227,456

1,6232,0813,5574,3863,0913,624

3,0443,8603,1692,5041,639

1,7242,6194,9866,1496,6665,8394,6805,0934,7895,0614,1502,666

2,1882,3054,1014,3975,3214,5093,7564,0183,9973,9303,4332,458

2,1552,5663,2113,2153,4433,0852,9783,1303,1143,3353,0102,070

3,5054,S623,951

11,54613,7W11,89810,38511,11210,55311,9889,4376,620

523517

1,4933,3423,3912,4222,1252,2441,9322,0291,43769S

1,3361,7532,7113,1033,5542,8882,4672,7782,6292,9062,6691,601

1,6532,1142,6232,5862,7942,5452,2382,5342,2232,4702,1841,510

8,2987,600

11,19610,9f>611,26610,1509,41511,59611.29112,25410,4907,7d7

29,59033,09060,69564,41970,76261,98853,72258,60457,91962,23052,68537,453

VALUE OF PERMITS ISSUED.

1922—January. .February.MarchAprilMayJuneJulyAugustSeptemberOctober...November,December.

District No.1 (14 cities).

7,380,7019,280,82/

11,089,07714,921,50913,104,96710,600,4509,174,687

16,633,8198,656,4599,159,7318.387,6947,251,931

District No. District No.2 (22 cities), j 3 (14 cities).

50,145,296^50,372,553119,964,783

54,704,29257,843,58573,352,56447,144,023 j49,210,63756,670,10866,062,790 i66,0S3,756 !80,400,408 j

6,878,5238,275,33b

14,116,29217,020,50013,844,81318,177,75915,898,69615,352,65515,868,67013,806,29515,357,32110,639,801


5,713,2097,829,585

13,814,86815,693,18322,614,08422,428,25126,558,68022,036,88225,076,76614,906,54014,712,59813,050,152

District No. District No.5 (15 cities). 6 (14 cities).

8,352,6157,513,54211,329,04911,971,47113,348,59215,736,76615,514,62511,605,15312,969,81211,291,7959,519,32414,486,238

3,734,2624,630,0526,021,2114,951,5587,262,1676,498,6777,516,0367,985,2126,326,0748,048,8805,-124,9025,156,050


18,931,05620,500,53533,898,71435,0X9,30353,806,49949,934,58338,151,18240,452,97231,550,10934,088,48441,424,97853,13 J, 532

1922—January...February-.MarchAprilMayJuneJulyAugustSeptemberOctober..,November.December.


2,579,8944,150,4875,012,6076,076,6847,443,8555,855,4595,698,7925,815,8055,384,0426,353,6375,811,979

10,114,761


District No. I District No. District No.10 (14 cities), j 11 (9 cities). 12 (20 cities).

Total (166cities).

2,110,4241,569,7744,526,2098,196,1109,913,8536,020,1867,663,4438,284,6594,761,0654,716,8025,273,1423,685,882

5,023,6034,336,0117,165,9258,384,552

10,807,0848,894,1318,040,6069,793,3528,352,4408,989,0798,277,8716,922,598

4,960,0784,419,7895,630,3366,228,3854,752,6425,276,8195,861,6505,010,2044,980,0574,765,3403,859,9099,570,337

22,872, 87618,917,86827,432,28630,195,05223,271,23829,598,27822,391,01629,424,33223,968,07329,338,15926,200, 47222,034,644

138> 683,337141,795,961200,001,357213,432,599243,013,379252,373,923209,613,436221,605,682204,563,735211,527,532210,033,916'^36,446,400

VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS.[F. W. Dodge Co.J

VALUE OF CONTRACTS FOR ALL CLASBES OF BUILDINGS.

DistrictN o . l .

DistrictNo. 2.

DistrictNo. 3.

DistrictNo. 4.

DistrictNo. 5.

DistrictNo. 7.

DistrictNo. O.i

Total(7 districts).

1922— January «FebruaryMarchAprilMay . . .JuneJulyAugustSeptemberOctoberN ovember *December

1923-January

1922—JanuaryFebruaryMarchAprilHayJuntJulyAugustSeptemberOctoberNovemberDecember

1923—January1 Montana not Included

15,302,45314,799,47628,212 33042,196,91531,689,78336,259,42024,910,92626,780,10329,245,08725,305,05125,297,59919,739,63221,806,227

64,062.84760,152,42490,088,870

117,814,58591,441,14181,614,20579,819,08480,810,92264,298,55665,0(10,95677,700,08158,684,87165,232,664

12,128.90011,828,70024,558,10024,795,80025,739,29426,630,90028,768,37743,818,91124,917,91620,439,85216,929,28918,706,11516,770,003

21,066,28220,602,82329,681,05838,089,75458,432,71446,801,80052,224,00150,811,59634,634,72335,164,63029,337,24023,041,62125,691,021

14,002.39916,518,07924,116,01125,618,12032,268.76730,668,19125,362,18720,983,61922,997,45019,684,62719,848,00415,677,54217,632,808

29,182.32432,344,42458,081,52664,236,56671,117,05577,560,94083,159.79556,954,43462,219,68152,048,24145,428,67345,128,03543,137,028

3,613,1485,192,824

11,933,2709,878,501

12,455,41012,153,0619,304,3268,249,9055,868,2004,523,1264,810,1205,285,2534,524,178

160,258,353161,438,750264,651,165322,630,241323 044,164311 688,517303 548,695288,409,490244,261,613222 226,483219,351,00d191,263,069194,793,929

VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS.

4,767,5974,179,944

11,897,08613,524,82714,018,30312,518,84012,644,57411,945,45111,509,62713,552,66313,667,23913,962,70814,469,214

35,652.20338,657,15651,116,51453,677,47339,943,54740,483,06333,364,78729,091,73S34.536,71033,237,93651,891,84242.981,47847,701,735

6,280,2005,647,7009,552,500

10,408,700M,16S,SG8 |11,275,5177,826,581 I8,828,607 18,142,367

10,072,2007,397,453

11,526,3725,721,565

6,279,4596,545,073

10,641,17716,127,627

-19,121,79817,434,09515,406,30113,409,25812,736,60513,729,84011,405,40717,809,20211,802,697

6,587.8617,299,6059,796,405

10,297,28013.009,70016,036,7908,074,1636,320,0308,595,7177,416,1087,997,5135,002,9967,814,783

10.601.7619,388,615

17,225,20417,661,58624,574,83528,206,83820,033,34518,833,05015.011,66420,291,37922,307,99417,949,39314,567,012

1,049,594962,757

2,348,5114,175,9634,240,0472,677,1842,415,4382,535,5902,453,7232,227,6142,847,4522,046,3422,071,631

71,228,67571 680,853

U2 577,397125 873 463126 077,158128,032,327100 365,18990|963,78492,986,413100,527,800117,514,900111,278,491104,148,637



RETAIL TRADE.Sales of all reporting retailers increased very

substantially during December as a result ofthe heavy Christmas trade. Departmentstores, grocery stores, 5 and 10 cent stores,drug stores, shoe stores, and music stores all re-ported the largest monthly sales for the lastfour years. The accompanying chart illus-trates the heavy Christmas buying at chainstores dealing in musical instruments andcigars, as well as at drug stores wliich do alarge novelty business. Mail-order housesreport a slightly smaller volume of sales thanin November, but business in December wasmuch better sustained than is usual at thattime of the year.

The following tables are a summary of thedata obtained from 474 representative depart-ment stores in the 12 Federal reserve districts.In districts Nos. 1, 2, 3, 5, 6, 7, 9, 11, and 12the data were received in (and averages com-puted from) actual dollar amounts. In dis-tricts Nos* 4, 8, and 10 most of the materialwas received in the form of percentages, andthe averages for the cities and districts com-puted from such percentages were weightedaccording to volume of business done duringthe calendar year 1921.

The tables for the month of December arebased on reports from 25 stores in district No.1 (Boston), 64 stores in district No. 2 (NewYork), 133 stores in district No. 3 (Philadel-phia), 35 stores in district No. 4 (Cleveland),22 stores in district No. 5 (Richmond), 36stores in district No. 6 (Atlanta), 52 stores indistrict No. 7 (Chicago), 20 stores in districtNo. 8 (St. Louis), 21 stores in district No. 9(Minneapolis), 13 stores in district No. 10(Kansas City), 21 stores in district No. 11(Dallas), and 32 stores in district No. 12 (SanFrancisco).

A comparison of monthly changes in activityof different types of retail business sinceJanuary, 1921, is shown in the soxond of thefollowing tables. The 176 department storesare located in districts Nos. 1, 2, 3, 5, 6, 9,11, and 12, while the mail-order houses dobusiness in all parts of the United States.The United States index for department storesis computed by weighing the districts accord-ing to the buying power, as measured by popu-lation and banking resources. Cham-storefigures are based upon the total sales of thesame Reporting chains for each month, but theactual number of stores in these chains variesslightly.

INDEXNUMBERS

200

180

160

1<tO

1 2 0

1 0 0

8 0

6 0

4 0

2 0

AVERAGE MONTHLY VALUE OF SALES

DRUG CHAINS, CIGAR CHAINS AND MUSIC CHAINS1919-1922

( AVERAGE MONTH, 1919 « 100 )

\£-As""

j

/

h

; ;

• A..... • i\

y

1

\ v

% /

/

i

1RUG CHAINS (7 )GAR CHAINS (3)USIC CHAINS(M

1

T V "

:

- | , • * • * *

\ ••

"a

>nV w V r//

i:rM

I1

INDEXNUMBERS

200

180

160

^ho

120

100

80

60

40

20

° J . F. M. A. M. J . J. A. 5 . 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 . H. D- J. F. M. A. M. J. J . A . S . 0 . N 0 U

1919 1920 1921 1922


244 FEDERAL EESEBVE BULLETIN. PEBEUARY, 1923.

CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS.

[Minus sign (—) denotes decrease.]

Percentage ofoutstanding

orders at close of ,month to total

purchasesduring previouscalendar year.

Percentage ofaverage stocksat close of eachmonth to aver-

age sales forsame month.

Percentage of increase in net salescompared with correspondingperiod previous year.

Percentage of increase in stocks atclose of month compared with—

July 1,1922, toclose of—

Same monthprevious year.


-14.4-11.8-25.2-15.8-6 ,3-15.9-21.9-16.0

302.0364.3343.6293.7315.3318.5461.3304.1

345.5410.9392.3342.7357.0374.7544.7348.6

16.013.520.210.923.216.914.029.013.5

4SS.6446.9514.7590.1409.6435.3459.9501.3680.1488.1579.1413.0

14.512.020.35.4

15.513.231.014.1

17.518.111.411.517.59.5

21.516.3

16.814.010.34.1

11.48.8

24.612.6

-14.7-16.1-9 .2-19.1-14.9-18.4-19.4-15.8

300.5370.7669.1382.7324.3319.2327.0351.0

330.6358.4903.844S.6364.6365.9404.0372.8

17.018.117.222.218.2

299.3344.3382.5421.3358.6

350.3399.1454.6514.2420.0

16.824,916.219.417.314.015.213.5

474.6361.9697.5367.3420.4563.0459.1428.4

468.1426.4812.0515.5484.2662.4450.5497.2

District No. 1:BostonOutside

District,

District No. 2:New York and BrooklynBridgeportBuffalo.NewarkRochesterSyracuseOutside.

District

District No. 3:PhiladelphiaAllentownAltoonaChester....HarrisburgJohnstownLancasterReading.ScrantonTrentonWilkes-Barre"Williamsport.WilmingtonYorkOutside

District

District No. 4:ClevelandAkronCanton. __CincinnatiPittsburghToledoOutside

District

District No. 5:Richmond.Baltimore.."WashingtonOutside..

District.

District No. 6:Atlanta.BirminghamChattanooga.Nashville....New OrleansSavannahOutside

District.

District No. 7;Chicago.Des MoinesDetroitIndianapolis.Milwaukee..Outside

District.


, 1923. FEDERAL BESERVE BULLETIN. 245

CONDITION OP RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS-Continucd.

(Minus sign ( - ) denotes decrease]

District No. S:St. LouisLittle RockLouisvilleMemphisOutside •

District

District No. 9

District No. 10:Kansas City

OutsideDistrict.... . . . .

District No. 11:DallasFort WorthHoustonOutside

District

District No. 12:San Francisco...Los AngelesOaklandSalt Lake CitvSeattleSpokane. ..*

District..:

United States

Percentage of increase in net salescompared with correspondingperiod previous year.

Perem-bcr.

6.28.31.5

13.45.36.8

11.7

10.0

8.08.9

3.41.60.8

- 5 . 9- 0 . 1

12.014.88.74 2

12.35.0

12.0

iX

Novem-ber.

4.11.86.6

15.73.16.1

10.51.3

- 2 . 02.3

2.46.42.8

- 0 . 80.4

12.318.47 82.1

22.35.1

14.5

9.0

J u l y l , 1922, toclose of—

Decem-ber,1922.

5.0- 2 . 6

0.911.91.14.8

3.8

- 0 . 8

- 1 . 1- 0 . 9

2.91.50.3

- 9 . 1- 1 . 3

8.411.74.41.5

12.7- 1 . 1

8.9

6.5

Novcm-l>ei\1922.

4.7—6.0

1.711.2

- 5 . 34.3

- 2 . 7

- 3 . 6—2.1

0.5- 1 . 4

2.81.50.1

—10.2—1.8

6.910.60 71.1

12.8- 2 . 6

7.7

6.0

Percentage of increase in stocks atcloso of month compared with—

Same monthprevious year.

Decem-ber,1922.

- 0 . 79.2

-16 .8- 0 . 418.1

- 1 . 8

5.8

-13 .9

4.3- 3 . 7

- 3 . 7- 5 . 1—8.3- 7 . 5- 5 . 8

4.46.21 9

—1 47.7

- 1 . 43.8

0.7

Novem-ber,1922.

0.25.7

-15 .4- 2 . 7- 7 . 1- 1 . 9

1.7

- 4 . 1- 1 . 5

4.0- 0 . 1

- 8 . 1- 7 . 4

—11.4-15 .9- 3 0 . 9

- 0 . 8- 7 . 0—3.9

0.93.2

- 0 . 8- 2 . 5

- 0 . 7

Previous month.

Decem-ber,1922.

— 15.3-17 .0- 2 7 . 7— 15.6— 1.8

-16 .3

-15 .6

-24 .7

-10 .0-20 .2

-18 .1-10 .7-18 .2-20 .7- 1 7 . 1

-12 .2- 5 . 5

—10 9— 16.9- 1 7 . 9-14 .1-11 .3

-16 .0

Novem-ber,1922.

2.32.91.26.34.52.7

2.1

- 9 . 22.33.3

- 0 . 8

- 2 . 00.6

- 0 . 91.0

- 0 . 4

2.78.40 72.32.5

- 2 . 13.5

2.2

7Percentage ofaverago stocksat closo of eachmonth to aver-

age sales forsame month.


Decem-ber,1922.

320.9472.1303.1402.44RS.3349.3

282.5

394.4

457.2420.0

387,2417.2441.1402.3405.7

383.4347.6457.2471.4324.7517.8379.1

319.7

Novem-ber,1922.

360 0443. 2301.04 OS. 053S. 5302.8

300.3

4M.4.r/tf. 3478.3400.1

437. G491.2510.0453.44G4.3

431.03SG. 9545.7538.0393.25S2.5431.0

397.9

Percentage oft outstanding <

orders at closo ofmonth to total

purchasesduring previouscalendar year.

Decem-ber,

1922.

5 44 03.05.55.05.0

7.0

2.0

7.74.9

8.5fl. 56.46.27.5

ao9.3

8.17.9

ao6.6

Novem-ber,1922.

6 05 33.8

12.43.20.4

4.r>

2.711.00.26.8

8.55.83.70.67.2

10.610.8

3.68.2S.09.8

7.4

AVERAGE MONTHLY VALUE OF RETAIL TRADE.

[Average monthly sales, 1919=100.1

• JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

1919.

January....February...March..AprilMayJuneJulyAugustSeptember.,OctoberNovember..December..

1920.

Depart-ment

stores (176stores).

75.768.985.498.398.193.177.277.696,4

124.6122.1182.7

104.985.4

120.0117.5124.0118.092.290.9

106.9131.9135.9ISO. 7

Mail-orderhouses (4houses).

86.173.182.691.581.374.576.282.1

102.1155.9148.2146.4

120.2122.2130.7107.590.487.3SO. 780.290.5

103.7125.597.9

Chain stores.

Grocery |[21 chains).!

Five andten (4

chains).

S9.78S.495.693.195.490.3

100.993.499.4

US. 8112.0120.0

131.6127.8146.4154.9152.114S.7159.2142.2142.9144.9140.7139.9

70.272.390.893.996.486.387.991.692.5

107.9112.1195.1

85.682.6

111.1110.6112.9108.9112.0111.1111.129.9125.7214.6

Drug (8chains).

Cigar(3chains).

92.383.596.495.194.393.1

100.9101. S98.7

104.7103.9135.3

Shoe (5chains).

115.3108.2117.8110.6116.5117.6124.9121.1120.6124.5115.5150 3

74.877.193.791.7

102.192.298.290.995.2

110.2114.9H9.0

105.8106.2120.4123.2135.6129.6137.3129.2136.6151.0133.9ISO. 5

68.059.676.1

107.5103.292.3SS.5

103.910S.512S.6127.1130.7

90.076.1

121.5133.4146.4123.1119.791.5

111.6143.0135.1154.8

Music (ichains).

05.378.289.786.181.675.776.287.0

105.7133.7127.3193.5

94.795.0

112.991.391.993.981.7

101.6107.7125.6132.1179.1

30425—23 8


246 FEDERAL RESERVE BULLETIN. FEBBUABY, 1923.

AVERAGE MONTHLY VALUE OF RETAIL TRADE-Continued.

[Average monthly sales, 1919=100.]

1921.

FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember .December

1922.JanuaryFebruaryMarch...,AprilMayJuneJulyAugustSeptemberOctober INovemberDecember

Depart-ment

stores (176stores).

101.687.3

116.3111.7111.310S.579.7S3.292.7

127.8121.3175.8

87.280.0

101.5111.9113.9105.878.484.8

102.5131.2129.418S.2

Mail-orderhouses (4houses).

69.264.895.177.560.262.149.356.472.788.683.380.3

65.359.483.577.169.968.858.457.2

*76.1*110.0*112.5*108.7

Chain stores.

Grocery(21 chains).

126.0120.2131.5122.9120.2119.1116.0122.4121.7137.5135.8148.6

137.5130.3149.2139.2137.9136.7135.1139.1141.0148.6162.4

*165.5

Five andten (4

chains).

86.192.9

121.1111.9112.2109.7108.0116.0113.4141.9134.1241.6

94.6100.8118.4134.9129.6127.0126.3130.4136.1156.6152.3279.2

Drug (8chains).

118.1111.7125.0123.1120.5121.7123.5121.0120.3125.1116.0146.8

117.4114.8123.4120.5123.2123.8126.212S.2128.7133.1122.4161.0

Cigar (3chains).

119.9116.5131.8134.7129.5127.8128.5127.612S.0138.0124.8172.7

111.0109.3124.3124.5

•128.8123.4127.3126.9135.4127.1126.9178.7

Shoe (5chains).

85.782.4

140.8139.5136.3127.5100.886.5

103.0135.3119.0149.4

79.980.6

103.8156.1126.9121.7101.286.7

117.7121.1121.9164.7

Music (4chains).

79.078.381.975.165.159.955.171.682.399.2

107.0172.6

71.875.080.678.980.981.383.099.1

118.2118.8120.7203.7

CONDITION OF WHOLESALE TRADE.PERCENTAGE^OFJINCREASE (OR DECREASE) IN NET SALES IN DECEMBER, 1922, AS COMPARED WITH THE PRECEDING

MONTH OF NOVEMBER, 1922.

District.

No.2No. 3No. 4No. 5No. 6No. 7 ..No.8No.9No. 10 .No. 11No. 12

Groceries.

Percent.

—5.1—7.7

—12.7—9.0- 7 . 4

—12.3-10.7-13.7—14.0—9.9

-22.1

Num-berof

firms.

42612542353315497

1231

Drvgoods.

Percent.

—14.1-23.0-11.7-30.5-34 .6— 16.6-22.6-28.2—21.0-44.2-36.2

Num-berof

firms.

82212152210

Hardware.

Percent.

-11.7—4.2

-10.0—16.8- 0 . 4

—12.16 - 4 . 16;-13.03

112.0

—15.6-10.1

Num-berof

firms.

113410IS22146

129

1021

Shoes.

Percent.

-12.7-14.4

-22.9-30.8—5.420.4

-18.4

-8.7

Num-berof

firms.

1013

2011996

14

Furniture.

Percent.

—23.3—11.0

—0.7—15.5- 7 . 9

Num-berof

firms.

914

32

15

Drugs.

Percent.

—2 8—0 8—0 3

—13 7—2.4—1.6

3.2

—i.8—9 8- 9 . 5

Num-berof

firms.

61610135

103

279

Autosupplies.

Percent.

—1.8

- 2 . 1

Num-berof

firms.

4

20

Stationery.

Percent.

22 8

-22 .8

-11 .2

Num-berof

firms.

6

4

28

Farm im-plements.

Percent.

39.0

22.6—56 6

23 410.7

Num-berof

firms.

6

835

24

Auto tires.

Percent.

40.8

Num-berof

firms.

13

PERCENTAGE OF INCREASE (OR DECREASE) IN^NET^SALES IN DECEMBER, 1922t!;ASACOMPARED WITH DECEMBER, 1921.

District.

No.2No. 3No. 4No.5No. 6No.7No.8No.9No. 10No. 11No. 12

Groceries.

Percent.

26.014.911.39.8

10.48.24.8

11.48.2

22.915.9

Num-berof

firms.

42612542353315497

1231

Drygoods.

Percent.

—6.916.719.941.641.535.529.63.5

17.44.0

18.3

Num-berof

firms.

82212152210663

1115

Hardware.

Percent.

20.118.837.423.527.634.837.436.522.3

1.922.3

Num-berof

firms.

1134101822146

129

1021

Shoes.

Percent.

16.235.9

27.31.7

24 325.074.9

22.7

Num-berof

firms.

1013

2011996

14

Furniture.

Percent.

is.s30.4

36 33.8

31.4

Num-berof

firms.

914

3

1 5 i

Drugs.

Percent.

22.69.36 5

13.012 813 0

—2.5

4 0

Num-berof

firms.

1610135

103

279

Autosupplies.

Percent.

Num-berof

firms.

45 4 i

18.6

Stationery.

Percent.

20 1

Num-berof

firms.

6

44 7 4

i

1"•"JO 8.S 28

Farm im-plements.

Percent.

41 3

194 4115.5159 027.5

Num-berof

firms.

6

835

24

Auto tires.

Percent.

Num-berof

firms.

11.4| 15



BANKING AND FINANCIAL STATISTICS.DISCOUNT AND OPEN MARKET OPERATIONS OF FEDERAL RESERVE BANKS.

VOLUME OF OPERATIONS DURING DECEMBER, 1922.

Federal reserve bank.Bills discounted

for memberbanlrs.

BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicago ,St. LouisMinneapolisKansas CityDallas ,San Francisco..

Total—December, 1922..

December, 1921.12 months end-

12 months end-ing Dec. 31,1921 .,

5238,750,4001,853,415,414

246,9.51,464152,581,501223,477,32341,979,297

193,691,021132,224,33915,990,63854,758,85011,494,495

150,277,549

United States securities pur-chased.

Bills bought inopen market.

3,315,592,291 |

4,16S,565,865 |

22,0S2,8S7,C25

57,759,127,585

$28,185,45383,358,5249,681,197

10,070,022170,000

7,639,31921,50S,0055,479,488

275,0005,870,822

30,329,001

Bonds andnotes.

14,777,3707C,910,500

747,80045,20050,000

1,050,95016,017,500

8,8003,466,900

864,250

202,566,831

230,101,353

1,954,687,529

1,534,400,760

103,945,270

36,348,600

1,230,162,770

104,431,850

Certificates ofindebtedness.

$30,267,9oO277,746,60085,2.52,50054,019,00032,000,000

149,000190,405,00070,000,00014,522,50025,767,500

369,00063,000,000

843,495,950

Municipalwarrants pur-

chased.

Total.

December,1922.

$8,000

15,490

435,107,000 !

3,402,677,160

3,742,663,557

176,322

9S4,996

$301,0*1,17.12,291,436,938

342.632.961216,715,723255,697,32350,826,566

421,621,526207,712,62733,995,52881,665,00017,734,317

213,606,550

4,465,626,832

2S,670,591,406

December,1921.

$.150,636,5772,762,980,107339,714,28126*1,689,790217,518,152122,6S6 13230^,820,18312:»,667,2S940,930,91761,590,92545,052,713222,097,653

4,870,434,719

63,141,603,743

VOLUME OF BILLS DISCOUNTED DURING DECEMBER, 1922, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKSACCOMMODATED.

Federal reserve bank.

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Total: December, 1922November, 1922

December, 1921November, 1921

Customers'paper

securedby Gov-ernment

obligations.

5270,440539,492

1,718,025392,804528,488210,870241,330304,716

7,853145,74012,92532,311

4,411,0002,681,427

34,494,03641,791,530

Member bank collateralnotes.

Secured byGovernmentobligations.

5112,827,5001,725,654,250

155,679,450111,564,850195,980,93410,448,000

121,712,575109,081,000

6,153,95042,981,0253,353,050

74,381,322

2,6G9,818,5002,40S,641,651

2,643,303,7611,888,859,330

Otherwisesecured.

570,0003,871,200

388,237245,148

724,114

3SO,50015,399,237

21,078,49619,794,940

33,970,54935,352,233

Commercialpaper n. e. s.

Agricul-tural paper.

$125,009, C9S120,202,00589,193,85038,291,86720,153,83020,941,764G3,C54,48G21,092,4S34,507,2006,552,1794,167,206

57,640,900

$505,275416,919318,711203,079

2,302,7923,430,9377,763,8361,307,7103,502,4041,412,5721,600,0051,424,410

583,534,235GS5,308,062

1,370,207,2211,177,681,766

24,314,71620,253,C3S

52,253,70956,521,118

Live-stockpaper.

$28,00010,031

192,17810,2S8139,329

59,7941,034,9913,007,3341,839,8201,172,745

8,100,5107,558,456

17,040,50822,574,035

Bankers' acceptances.

Foreign. Domestic.

571,390

50,849

122,245518,187

$19,S70

19,8704SS.943

Dollarexchange.

2,238,395040,322


248 FEDERAL BESEBVE BULLETIN. F E B R U A R Y , 1 9 2 3 .

VOLUME OF BILLS DISCOUNTED DURING DECEMBER, 1922, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKSACCOMMODATED—Coutiuued.


Trade acceptances.

Foreign. Domestic.

Total, allclasses.

Total reduced to a com-mon maturity basis.*

Amount. Per centof total.

Member banks.

Numberin districtDec. 31.

Accommodated.

Number. Percent

Boston.New York $19,000PhiladelphiaCleveland...Richmond...AtlantaChicagoSt. Louis . . . .Minneapolis.Kansas City.DallasSan Francisco.

Total: December, 1922November, 1922

December, 1921..November, 1921.

• $43,487501,00141,422

,866,723623,791419,56073,640318,631

74,923149,839

$238,750,4001,853,415,4142-40,951,4C4152,581,501223.477,32341,979,297193,091,021132,224,33915,990,63S54,758,85011,494,495150,277,549

5285,535,202829,240,275228,454,464205,327,042203,300,133189,341,994602,253,993181,874,234109,289,135177,€82,23576,953,744226,333,840

8.625.06.90.20.15.718.25.53.35.42.36.8

427SOS716SSI032543

1,443610

1,0141,153801S2G

233370305327288237742221343297181209

54.645.851.037.145.643.651.436.233.825.821.032.0

19,000 4,113,677S22,140 3,703,172

10,057,0207,849,920

3,315,592,2913,155,775,616

4,168,565,8653,231,270,854

3,315,592,291 100.0 9,9149,916

9,8559,836

3,8733,859

5,6765,622

39.138.9

57.657.2

i Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (9.00) for system.

VOLUME OF BILLS DISCOUNTED DURING DECEMBER, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATESAND MATURITIES.

Federal reserve bank. 4 per cent. 4J per cent. Total. Average rate(365-day basis).

Averagematurity.

BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicago ,St. Louis ,Minneapolis...Kansas City...,DallasSan Francisco.,

$238,750,4001,853,415,414

150,277,549

$246,951,464152,581,501223,477,32341,979,297

193,691,021132,224,33915,990,03854,758,85011,494,495

$238,750,4001,853,415,414

246,951,464152,581,501223,477,32341,979,297

193,691,021132,224,33915,990,63854,758,85011,494,495

150,277,549

Per cent,4.004.004.504.504.504.504.504.504.504.504.504.00

Days.10.764,028.32

12.118.18

40.5727.9712.3761.4829.1960.2213.55

Total: December, 1922.November, 1922.

2,242,443,3632,168,771,726

1,073,148,928987,003,890

3,315,592.2913,155,775,616

4.304.29

9.008.43

VOLUME OF BANKERS* AND TRADE ACCEPTANCES PURCHASED DURING DECEMBER 1922, BY CLASSES.


BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt.LouisMinneapolisKansas CityDal las . . . . . .San Francisco

Total: Dec, 1922Nov., 1922

Dec., 1921Nov., 1921


Foreign.

$16,842,28960,866,4167,253,8378,630,929

4,432,22613,565.8884,150,509

'4*458,"926'19,301,663

39,502,677123,739,665

155,482,374114,452,173

Domestic.

$10,783,16417,578,8712,077,3601,399,093

170,0003,207,0937,237,1171,103,979

275,000966,902

9,814,503

54,613,08245,448,684

53,331,14637,061,462

Dollarexchange.

$560,0004,520,000

350,00040,000

705*6o6"225,000

"*"445*o66*1,167,300

8,012,3005,275,816

21,079,16910,307,071

Total.

$28,185,45382,965,2879,681,197

10,070,022170,000

7,639,31921,508,0055,479,488

275,0005,870,822

30,283,466

202,128,059174,464,165

229,892,689161,820,706

Trade acceptances.

Foreign.

$393,237

45,535

438,772859,466

208,664177,845

Domestic

54,420

Total.

$.393,237

45,535

438,772913,886

208,664177,845

Total billspurchased.

$28,185,45383,358,5249,681,197

10,070,022170,000

7,639,31921,508,0055,479,488

275,6665,870,822

30,329,001

202,566,831175,378,051

230,101,353161,99S,551

Total reduced to acommon maturitybasis.1

Amount.

517,830,59643,927,05617,620,58816,617,422

208,01810,824,55740,207,9479,152,616

606,7939,927,290

35,643,948

202,566,831

Percent oftotal.

8.821.78.78.2.1

5.319.94.5

.34.9

17.6

100.0

1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (39.14) for system.



VOLUME OF ACCEPTANCES PURCHASED DURING DECEMBER, 1922, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGERATES AND MATURITIES.

Federal reserve bank. 3 J per cent. 3J per cent. 3 | per cent 3J per cent. 3J per cent. I 3] per cent. 4 per cent. | 4 J per cent.

BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City. . .DallasSan Francisco.

$39,857 $15,678 581,381 |.$1,089,887

S3,9) 5

Total: December, 1922..November, 1922.

39,85710,366

15,67816,483

81,381 i105,928 !

3,91542,540

1.089.8871,564,151

$3,268,3856,975,372

2,557,680

$19,074,18973,232,8658,592,9554,329,249

1,367,460843,639

2,020,08012,1.56,8795,300,419

53,930,3491,911,186775 154

2,956,037170,000973.397

8,327,036148,096

3,389,5595,616,15712,248,698

18,402,50112,701,158

142,571,491123,204,175

173,82113,382,428

Federal reserve bank. 4TV percent.

BostonNewYorkPhiladelphia...ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis....Kansas City.. . .DallasSan Francisco..

Total: December, 1922...November, 1922...

4\ per cent.

$147,493

$782,259547,769165,595205,635

180,45130,973

80,8441,214,139

147,493 3,207,6653,608,593

4J percent

$10,000156,489

17,500

82,267

266,256253,547

4i percent

$15,115393,031

3,217,235

275,000

11,510

3,911,8913,157,957

4$ per cent.

$15,2694,8%

20,165

5J percent.

$61,147

Total.

$28,185,4.5383,358,5249,6S1,19710,070,022

170,0007,639,31921,508,0055,47(»,48S

275, (XX)5,870,82230,329,001

61,147 ! 202,560,831, jx 175,373,051

Averagerato (365-

day basis).

Per cent.4.044.074.084.114.184.354.124.06

4.564.064.12

4.114.10

32,747,50430,395,375

Averagematurity.

Daps.24.7620.6371.2464.5947.9055.4773.1865.38

86.3766.1946.00

39.1443.41

i Includes $120,679 and $197,099 of acceptances purchased at 3 and 3 | per cent, respectively.

NOTE.—All Federal reserve banks use 360 days to the year in calculating interest on bills bought in open market.


250 FEDERAL RESERVE BULLETIH. FEBRUARY, 1923.

HOLDINGS OF EARNING ASSETS, BY CLASSES.AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS

DURING DECEMBER, 1922.


Average daily holdings of—

All classesof earning

assets.Discounted

bills.Purchased

bills.UnitedStates

securities.

Earnings on—

Allclassesof earn-

ingassets.

Dis-counted

bills.

Pur-chasedbills.

Annual rate of earnings on—

Statessecuri-ties.

of earning

assets.

Dis-counted

bills.

Pur-chasedbills.

UnitedStatessecuri-ties.

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt.LouisMinneapolisKansas City.DallasSan Francisco

Total: Dec., 1922..Nov., 1922..

Dec., 1921..Nov., 1921..

$119,468,211324,025,628110,653,723139,316,84056 611,47747,853,019159,338,67465,564,84034,164,80972,113,39150,816,955124,505,072

280,853 $27,429,042 $24,758,316 $398,086" 50,053,656 102,363,340 1,067.066

21,114,533 "* '—'--58,768,2011,876,72911,766,32810,851,50912,752,972

$67, ,171,608,63256,263,71651,696,53950,575,13932,931,36693,587,48129,330,51021 479,51030,791,59914,641,96043,373,122

421,35524,106,66541,935 056

33,275,47428,852,1004,159,6093,153,51954,899,68423,481,35812,656,361

395.015484,574208,205175,464556,785233,040126,011

40',900;437j 258,35912,068,330; 171,19239,196,894' 418,911

$228,757582,476215,031197,656193,294125,861357,677112,10883 780118,01157,256147,455

$88,203156,43767,504195,0596,67440,86634,56843,179

1,63379 712138,311

$81,126;328,153!

112,480,91,859:8,237]8,730

164,54077,75342,120138,71534,224133,145

1,304,432,6391,210,125,593

663,560,427 261,076,046 379,765,422 4,492,708 2,419,362623,825,598 259,978,591326,294,504 3,980,435 2,198,846

852,1461,221,082767,2681,014,220

1,517,194,027 1,185,431,602 105,499,1,520,283,2451,232,575,771

05,499,127 226,005,008,6,109,243 5,144,49478,867,348 208,579,059 6,237,929 5,459,506

402,917318,528

Perd.3.923.894.204.094.334.324.114.184.344.223.973.96

Perd.4.004.004.504.504.504.504.504.504.594.514.604.00

Perd.3.793.683.763.914.194.093.753.99

4.563.893.88

Perd.3.863.773.973.752.333.263.533.903.923.993.344.00

4.064.00

560,640 4.74458,803 4.99

4.294.29

5.115.39!

3.843.59

4.504,91

3.793.78

2.922.68

NOTE.—The figures in the first, fifth, and ninth columns include average daily holdings of municipal warrants, earnings, and annual rate ofearnings thereon, as follows: Atlanta, $1,806, $7, and 4.56 per cent; Minneapolis, $28,938, $111, and 4.50 per cent; total, $30,744, $118, and 4.52 per cent.

HOLDINGS OP DISCOUNTED BILLS, BY CLASSES.

[End of December figures. In thousands of dollars.]


BostonNew York..Philadelphia

Richmond.AtlantaChicagoSt. LouisMinneapolis..Kansas CityDallasSan Francisco

Total: Dec. 30,1922...Nov. 29,1922...

Dec. 31,1921...Nov. 30,1921...

Total.

61,584184,28949,61038,54153,28526,33273,87130,08221,91626,54414,42237,304

617,780650,096

1,144,3461,182,301

Custom*ers'

papersecuredby Gov-ernmentobliga-tions.

78133826878253312030220713

1871275

•3,6183,535

41,51148,896

Member banks*collateral notes.

Securedby Gov-ernmentobliga-tions.

22,894167,89838,60419,12521,5591,996

24,57314,3422,5267,165

6986,792

32$,172311,745

443,722427,464

Other-wise

secured.

311,708

187120

401

2907,298

10,0359,506

17,75217,350

Commer-cial

papern-e.s.

36,77815,18610,13515,77823,96516,55521,97512,6294,1676,2534,734

17,461

185,616225,250

452,331486,313

Agricul-tural

paper.

951477489639

4,5666,539

26,4992,3409,5294,8013,6193,061

63,51069,047

129,037139,164

Live-stockpaper.

38

607139255

148r riot

8,1345,0302,219

21,65525,485

49,67051,715


Foreign.

99

101

200282

5055

Domes-tic.

10

120

.130193

288392

Dollarex-

change.

Trade accep-tances.

Foreign.

19

1975

516

Domes-tic.

142272114

1,579815680402406195

439

177

4,8254,978

9,98010,936


PEBBUAKT, 1923. FEDERAL RESERVE BULLETIN. 251

HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED BY CLASSES OF ACCEPTANCES.


Bankers' acceptances. Trade acceptances.


BostonNew YorkPhiladelphiaCleveland...RichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

25,54961,25423,49452,5862,54912,10214,90713,441

195406

26,86643,884

25,40760,86423,38051,0071,73411.42214,56513,028

25,40750,86523.3S051,0071,73*11,42214,56513,038

13,89049.OOO14,96442,297

451f>,4419,7159,673

Total : Dec. 30t 1922Nov. 29,1922Dec. 31,1921

277,296254,754155,586

271,274258,103145,383

196,121183,78699,069

65,41065,68434,250

Purchased in open marke t :Dec. 30,1922N o v . 29,1922Dec. 31,1921

272,122259,226145,263 !

270,914257,628145,045

195,9211&3,5O499,919

65,28065,49133,962

Discounted for member banksDec. 30,1922.Nov. 29,1922Dec. 31,1921

HOLDINGS OF BANKERS* ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS.


Branchesand

agenciesof

foreignbanks.


25,40759,86523,38051,0071,734

11,42214,56513,038

12,98619,3619,390

15,5531,063

.1,5966,7594,580

6,90617,7058,425

18,636526

6,3876,7874 435

3,9369,4542,4G26,761

BostonNew York."PhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

271,274258,103145,383

97,25894,06960,210

92,06591,80550,342

38,03632,77813,706

27,05724,63412,319

Total: Dec. 30,1922.Nov. 29,1922Dec. 31,1921.

Purchased In open market:Dec. 30,1922..Nov. 29,1922Dec. 31,1921.

Discounted for member banks:Dec. 30,1922.Nov. 29,1922Dec. 31,1921

270,944257,628145,045

97,12893,73660,173

92,04891,79050,091

38,03632,77813,656

27,01224,62912,319


252 FEDERAL BESERVE BULLETIN. FEBRUARY, 1923,

CONDITION OF FEDERAL RESERVE BANKS.CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR JANUARY,

1923, AND DECEMBER, 1922.

[Daily averages. Amounts in thousands of dollars.]

Federal reserve banks.

Total cash reserves.

January. December.

Total deposits.

January. December.

Federal reserve notesin circulation.

January. December.

Reserve percentages.

January. December.

BostonNew York....;Philadelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City...DallasSan Francisco..

Total....1922-21.1921-20.1920-19.

237,419991,720240,788305,503113,331145,320552,392119,50387,109101,31445,421262,149

217,5401,040,668240,579277,021110,658140,169540,243111,67781,77289,82563,184

262,683

132,490733,291117,858165,48965,24560,829279,84677,42655,17591,55856,334140,176

126,318717,518111,717148,00960,25754,870269,74871,49450,26785,35755,819140,083

198,919564,187204,597233,16893,373121,482400,05489,13357,66067,74335,714222,497

205,408600,336218,185245,797101,149126,993416,25095,77058,66170,46039,559236,947

71.676.474.776.671.479.781.371.777.263. G49.371.1

65.679.072.970.368.677.178.866.875.157.755.869.7

3,201,9693,043,9842,098,4982,164,167

3,166,0192,994,9822,221,5732,149,653

1,981,7171,800,9892,027,8611,825,147

1,891,4571,755,2261,821,7461,990,221

•2,288,5272,272,0572,887,8462,540,642

2,415,5152,416,0963,342,5202,955,476

75.074.7

M4.9

73.571.8

144.7145.7

i Calculated on basis of net deposits and Federal reserve notes in circulation.

RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JANUARY 3 TO JANUARY 24, 1923.

RESOURCES.

fTn thousands of dollars.]

Gold and gold certifi-cates:

Jan. 3Jan. 10Jan. 17Jan. 24

Gold s e t t l e m e nfund—F. R. Board:

Jan.3Jan. 10Jan. 17Jan. 24

Gold with F. R.agents:

Jan.3 ,Jan. 10Jan.17Jan. 24

Gold r e d e m p t i o nfund:

Jan.3Jan. 10Jan. 17Jan. 24

Total gold reserves:Jan.3Jan. 10Jan. 17Jan. 24 . „ ,

Reserves other thangold:

Jan. 3Jan.10Jan.17Jan. 24

Total reserves:Jan.3Jan.10Jan.17Jan. 24

Total.

272,504281,300296,840298,207

550,126543,591535,229556,642

2,165,6272,186,1942,195,4742,181,121

61,19451,87349,94944,167

3,049,4513,062,9581,077,492080,137

113,319124,509136,0-15141, $44

1,162,7701,187,467!, 214,137

221 9S1

Boston

16,17416,73116,85217,002

33,34529,12242,39336,210

158,528169,452169,523166,427

10,0588,1806,8078,547

218,105223,485235,575228,186

8,7S28,5518,5278,944

226,887232,036244,102237,130

NewYork.

117,648123,104137,326137,169

198,387204,557161,205158,883

658,892658,705648,474645,604

9,5888,060

10,6778,324

984,515994,426957,682949,980

29,05530,62S28,74627,468

:, 013,5701,025,054

9S6 428977,448

Phila-delphia.

19,60119,92820,49820,840

23,00515,82620,68526,100

180,438185,004181,943176,644

7,5653,8456,2403,172

230,609224,603229,366226,756

15,37913,30215,51815,148

245,988237,905244 884241,904

Cleve-land.

13,34913,62513,81413,874

65,84872,15376,03893,531

192,314192,576197,944198,279

6,1956,0173,2112,476

277,700284,371291,007308,160

6,2878,2399,86910,847

283,993292,610300,876319,007

Rich-mood.

6,8615,9256,1676,404

22,09020,84325,57731,155

63,35966,31469,24967,348

4,8723,7711,8362,005

97,18296,853102, S29106,912

8,43610,83211,55S12,230

105,618107,685114,387119,142

At-lanta.

5,6355,7425,8285,879

18,54919,77121,94923,489

103,568107,624106,919105,134

2,0971,76S1,5602,179

134,849134,905136,256136,681

4,6316,3158,0838,848

139,480141,220144,339145,529

Chicago.

51,08851,13051,41251,788

58,63651,93359,63962,146

411,802411,660415,863415,183

5,0103,7724,6S03,540

526,536518,495531,594532,657

20,85922,98225,79926,471

547,395541,477557,393559,128

St.Louis.

2,7962,9902,8763,045

28,67522,76021,14314,733

75,49279,67081,60581,409

2,7343,7613,632

109,697109,181109,259102,047

8,83911,23913,22615,506

118,586120,420122,485117,553

Minne-apolis.

7,5147,5757,6527,690

24,54123,78927,18431,709

46,37247,42448,31447,673

3,3233,8362,4952,661

81,75082,62485,64589,733

5S76729S46.56

S2,33783 29686,62990,389

KansasCity.

2,7352,8162,836

30,96337,99133,44134,209

51,65553,14558,44860,375

2,4762,4012,4832,764

.87,783.96,272.97,188.100,184

2,7392,9333,6024,70S

90,52299,205100,790104,892

Dallas.San

Fran-cisco

10,114 I11,152 '11,15511,176

8,79910,40910,89711,787

19,68418,680IS, 47315,319

1,6001,8S31,8681,562

40,13742,12442,39339,844

.4,6324,6175,5956,093

44,82946, 77147,98845,937

19,03520,66320,44420,504

37,28834,43735,07832,690

198,523195,940198,716201,726

5,6764,5794,4604,077

260,522255,619258,698258,99

3,0434,1695,1384,925

263,565259,785263,836263,922



RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JANUARY 3 TO JANUARY 24, 1923-Con.

RESOURCES.

[In thousands of dollars. ]

Nonrcscrve cash:Jan. 3Jan.10Jan. 17Jan. 24

Bills discounted:Secured by U. S.

Governmentobligations—

Jan.3Jan. 10Jan.17Jan. 24

Other bills dis-counted—

Jan. 3Jan. 10Jan.17Jan. 24

Bills bought in openmarket:

Jan.3Jan. 10 ,Jan.17Jan. 24

tf, S. bonds andnotes:

Jan.3 ,Jan. 10 ,Jan.17Jan. 24

U. S. certificates ofindebtedness:


Municipal warrants:Jan.3Jan.10Jan.17Jan. 24

Total earning assets:Jan.3Jan. 10Jan.17..Jan. 24

Bank premises:Jan.3Jan. 10Jan.17Jan. 24

Five per cent re-demption fundagainst F. R. banknotes:


Uncollected items:Jan.3Jan.10Jan.17Jan. 24

All other resources:Jan.3Jan. 10Jan.17Jan. 24

Total resources:Jan.3Jan.10...Jan.17Jan. 24

Total.

94,56592,16582,17876, 013

351,483281 9962S4.017341,454

276,162230,053229,328228,281

255,182225,760201,335204,547

182,315175,709156,878166,857

274,239332,467255,554185^962

3924104

1,339,4201,246,0091,1271221,127,105

45,28145,52145,89546,400

2,097911311310

770,070606,28S653,495580,151

15,50614,89415,32915, 497

5,429,7095,193,255" 138,467

067,487

Boston.

12,52314,02711,50010,912

20,88515,33414,35220,985

30,77522,89830,64228,305

23,62719,90616,18318,319

6,3126,8906,0206,556

34,49431,80622,07922,622

NewYork.

Phila-delphia.

116,09396,83489,27696,787

4,4344,4344,4344,434

422

72,66053,40955,33446,140

319344371397

433,338401,084405,023395,800

11,53012,8559,5128,95*

169,695154,575161,502191,283

15,8S913,27721,23125,358

51,79637,72429,39432,066

44,16436,68418,82929,933

77,205109,79591,22066,917

358,749352,055322,176345,557

10,10010,10110,10110,478

2,7374,4213,3372,627

38,03332,62532,30033,784

10,0106,9497,4067,379

21,91020,07421,51025,614

24,35024,34424,60724,798

9,75015,2564,6074,593

104,05399,24890,43096,168

640640660660

I

178,108123,186145,874124,0S1

2,0882,0432,1732,215

1,574,1451,525,2941,476,2941,468,737

68,07450,39056,88649,368

392416453478

421, SS4393,020396,650391,205

Cleve-land.

8,5556,S037,4055,010

24,33914,25215,08619,063

24,70414,27010,81310,099

50,06546,64143,14841,123

11,89711,86211,86212,326

36,86233,90326,89414,008

147,867120,928107, S0396,619

7,0057,2027,3687,439

Rich-mond.

3, 7074,4784,1083,718

19,82415,40713,15915,481

29,65927,51221,70323,75S

1,519962759706

1,2911,2911,3411,341

5,0008,0004,500

57,29353,17244,46241,286

2,6172,6172,6172,617

82,60456,8S265,95S56,939

5S9673707754

530,613485,098490,1774S5,798

59,60054,18657,62757,192

635455416450

229,470222,593223,617224,405

At-lanta.

9,53010,8239,5029,791

1,7642,1882,0552,472

20,6S720,33518,74220,149

10,8979,8758,1087,199

31330213639S

9,0319,1402,0312,031

Chicago. , ^ i s .

48,69241,84031,07232,249

1,9601,9642,0602,0G0

468 i

f

12,3111535t13,01412,594

31,21022,10523,42029,232

,40,5-1542,37237, 50838,148

10,09816,0559,85010,039

7,0337,3927,0266,716

49,16263,35358,87841,899

150,684151,277136,742126,034

8,2S88,2888,3058,30G

665665

25,928 ! 93,92923,797 1 75,03925,891 ! 80,45326,297 | 72,199

2S9305351 |290

6S3724939977

226,353 ! 813,985219,949 : 792,824213,575 \ 797,511216,216 ; 779,302

f>f4S75,0S24,717

13,1827,2827,3728,820

13,4877,8376,0025,975

12,77813,82014,92015,228

16,76516,86017,97218,218

7,7Sl8,8456,4786,025

63,99354,65052,75054,266

911911919919

Minne-apolis.

2,209a, 2053, («Ti2,302

2,4131,GS61,0501,073

IK, 83317,S7917,32217,529

11,81012,31410,8138,295

5,4953,495495495

392-i104

38,60135,39829,69027,390

943946978978

196

44,073 ! 18,55938,64740,32035,704

1,015460503524

15,30115,35914,293

1,8441,8311,7951,642

234,632 144,659220,575 ", 139,977222,059 i 137,485213,713 | 137,065

KnnsasCity.

4,9715,1784,6024,523

15,9788,3802,9544,768

18,75510,00010,09513,804

4021118585

27,52527,51920,92G20,931

17,63015,59516,59311,593

Dallas.

80,29368,27162,65357,181

4,7024,7024,7314,731

200200200200

50,25941,60440,40637,047

1,077996943912

232,027220,156214,3S5209,486

4,2004, $104, S975,825

1,0741,7001,0991,025

13,35213,64014,5S315,089

25,13223,5052-2,08221,308

2,6292,6293,7293,729

10,67911,1208,6298,029

SanFran-cisco.

10,1904,7185, OGS4,910

13,0500,45tf9,00812,803

27,40126,4182-1,22122, OSS

40,95837,08035,20032,800

27,r.l727,61627,61727,616

11,1.1022,15013,1507,150

52,80652,61050,72250,440

1,9371,9371,9371,937

146464646

32,16528,40726,54022,304

1,9191,9181,9401,940

13S, 062136,505134,070128,429

120,236-119,726109,346103,122

1,7441,7791,7851,841

44, 11145,44042,8473S,5S2

4,6564,7294,7384,91$

450, 511436, ISO427,620417, 331


254 FEDERAL RESERVE BULLETIN. 1923.

RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS. JANUARY 3 TO JANUARY 24, 1923—Con.

LIABILITIES.

[Tn thousands of dollars.]

Total. Boston.NewYork.

Phila-delphia.

Cleve-land.

Rich-mond.

At-lanta. Chicago. St.

Louis.Minne-apolis.

KansasCity. Pallas.

SanFran-cisco.

Capital paid in:Jan.3Jan.10Jan.17Jan.24

Surplus:Jan.3Jan.10Jan. 17Jan.24

Deposits:Government—

Jan.3Jan.10Jan.17Jan. 24

Member bank—r e s e r v e ac-count—

Jan.3 . . : . . . .Jan.10Jan.17Jan. 24.. . . . .

Other deposits-Jan. 3Jan.10Jan.17Jan. 24

Total deposits:Jan.3Jan.10Jan.17Jan. 24

F. R. notes in actualcirculation:

Jan.3Jan.10Jan.17Jan. 24...

F. U. bank notes incirculation—net lia-bility:

Jan.3Jan.10Jan.17Jan. 24

Deferred availabilityitems:

Jan.3Jan.10Jan.17Jan.24

All other liabilities:Jan.3Jan.10Jan.17Jan.24

Total liabilities:Jan.3Jan.10Jan.17Jan. 24

MEMORANDA.

Ratio of total reservesto deposit and F. R.notes liabilities com-bined—per cent:

Jan.3Jan. 10Jan.17Jan.24

Contingent liabilityon bills purchasedfor foreign corre-spondents:

Jan.3Jan.10Jan.17Jan.24

107,450107,465107,484107,648

218,369218,369218,369318,369

6,6306,1939,341

33,042

1,942,7491,960,3461,918,4631,924,521

75,39453,33741,64233,263

2,024,7732,019,8761,969,4511,990,826

2,411,0582,312,6742,256,4912,221,316

2,9472,8603,1173,132

655,632521,667573,705515,000

9,58010,3389,85011,196

,429,709,193,255,138,457,067,487

71.373.676.176.5

33,91233,91333,94133,928

8,1208,1278,1238,123

16,31216,31216,31216,312

73362709

4,240

127,649129,267128,061127,214

9,5753,4661,68S1,134

137,297133,095130,458132,588

207,208201,717197,663195,086

64,13941,57152,19443,331

202262273360

433,333401,0*4405,023395,800

65.969.374.472.4

2,5112,4742,4742,474

28,68828,69028,73728,737

59,80059,80059, SOO59,800

241376795

6,369

741,929762,804711,692722,717

12,285ll,S2011,44310,856

754,455775,000723,930739,912

597,350565,213552,218545,265

131,99294,253109,51292,055

2,3382,0972,938

,574,145,525,294,476,294,468,737

75.076.577.376.1

12,13012,46612,49412,475

9,3279,3279,3279,332

18,74918,74918,74018,749

574761511

3,992

114,912113,878113,349115,918

5,7392,478.1,9821,041

121,225117,117115,842120,951

212,917204,617202,412197,481

11,71211,71611,71611,711

23,49523,49523,49523,495

76565f>628

2,491

161,643151,715162,164163,669

14,0628,0944,4852,861

176,470160,465167,277169,021

242,859238,215229,016228,464

5,5975,5975,5975,607

11,28811,28811,28811,28S

83382440

1,181

62,85963,29061,76966,326

518814518271

61,21064,18662,72767,778

98,49903,89992,10490,582

4,3104,3104,2594,345

8,942*,9428,9428,942

319516572

2,222

59,06259,30654,97955,623

5,8483,0121,276851

65,22962,83456,8275S,696

126,325122,950120,164118,718

14,77814,77814.77514,845

30,39330,39S30,39830,398

1,5288S6999

2,270

269,917276,817284,166278,777

2,1722,44S2,4601,955

273,617280,151287,6252S3,002

419,333406,056395,522389,307

4,8294,8304,8304,837

9,6659,6659,6659,665

224424525

3,116

78,17173,75876,34970,739

2,3641,6551,165765

SO,75975,83778,03974,620

93,91SS9,533S3,145S6,419

59,40842,87949,97244,237

258331348455

421,884393,020396,650391,205

73.673.976.976.0

2,7522,7112,7112,711

75,29250,41357,93452,313

7S57947397S9

530,613485,098490,177485,798

67.773.475.980.3

2,8152,7733,7732,779

49,46047,17951,48348,700

416444418450

229,470222,593223,617224,405

64.968.173.975,2

1,6861,6611,6611,661

20,89720,27422,77524,880

65063960S629

226,353219,949213,575216,216

72.876.081.683.0

1,2331,2201,3301,220

130185

74,85560,34668,05360,510

1,004l,0G51,0081,055

813,985792,824797,511779,302

79.078.9ftl.683.2

4,0934,0334,0334,033

44,74540,00540,69237,453

716705688719

234,632220,575222,059213,713

68.072.873.773.0

1,6171,5931,5931,593

3,5353,5333,5783,57$

7.4737,4737,4737,473

436342874

2,330

50,94849,37249,38850,306

4,8355,57S4,0742,469

56,21955,29254,&3655,105

59,53958,74257,60456,39S

17,10814,11313,68413,676

S15824811835

144,689139,977137,486137,065

71.173.077.481.1

929915915915

4,6234,6174,6204,014

9,4889,48R9,4SS9,48S

4081,1811,236773

S4,96S83,37780,96880,449

11,6007,7095,5975,3S4

96,97692,26787,80186,606

70,32868,53267,21566,701

2,1772,0922,2042,185

48,00342,67942,65439,457

4,1954,1954,1774,182

7,4967,4967,4967.496

191452670

1,079

52,19255,22755,63754,254

2,0871,8101,600711

64,470"57,48957,90756,044

38,59536,78235,35334,437

770774.783762

31,09828,29726,84523,976

432 1,438481 1,472403 1,509435 1,532

232,027220,156214,385209,486

54.161.765.068.4

1,6511,6271,6271,627

138,062136,505134,070128,429

48.249.651.550.8

S94881881881

7,7367,7457,7457,737

15,26315,26315,26315,263

1,038155

1,3S22,979

13S,499141,535139,946138,529

4,3094,4535,3.544,965

143,846146,143146,682146,473

244,187226,338219,075212,458

3S, 53539,65837,90734,401

944983948

.999

450,511436,180427,620417,331

67.969.772.173.5

1,5961,5591,5591,559


FEBRUARY, 1923. FEDERAL EESEItVE BULLETIN. 255

MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY T H E 12FEDERAL RESERVE BANKS COMBINED.


Bills discounted:Jan. 3Jan.10Jan.17Jan. 24.

Bills bought in open market:

Jan. 10.Jan. 17Jan. 24

United States certificates of indebtedness:Jan.3Jan. 10Jan.17Jan.24

Municipal warrants:Jan.3Jan.10Jan.17Jan. 24

Total.

627,645512,019513,345569,735

2,55,182225,760201,335204,547

274,239332,46725-5, ,55118-5,9G2

3924104

Within 15days.

443,297353,518307,072421,946

97,52472,45262,98871,673

100,38.5145,78775,71013,970

2G176

16 t o 30days . .

43,82634,07831,09531,576

4-% 01948,56147,22941,930

5,914

31 to 60days.

01,39951,69048,2S952,300

as, 30961,8915.5,60452,446

71,27270,507

6544

61 to 90days.

49,55043,33938,84830,641

37, ISO35,37528,62829,204

66,61081,919

"14*607*

61

Over 00days.

29,57328,82427,44127,272

7,1207,4810,8869,294

107,23S104,701102,05880,918

1

FEDERAL RESERVE NOTES.FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, JANUARY 3 TO JANUARY 24, 1923.


Net amount of F. It.notes receivedfrom Comptrollerof the Currency:


F. K. notes on hand:Jan.3Jan. 10Jan.17Jan.24

F. R. notes outstand-ing:

Jan .3 . .Jan. 10Jan.17Jan. 24

Collateral securityfor F. R. notes out-standing:

Gold and goldcertificates-


Gold redemp-tion fund-


Gold fund, F.R.Board-


Eligible paper-Amount re-

quired—Jan.3..1 .Jan.10...Jan.17..Jan. 24..

E x c e s samountheld-

Jan.3.. .Jan. 10...Jan.17...Jan. 24...

Total.

3,683,6573,650,3033,620,4383,588,873

873,403902,598928,927934,748

2,810,2542,747,7052,691,5112,654,125

353,462352,462342*, 462339,809

130,431122,87613i,719133,647

1,681,7341,710,8561,718,2931,707,665

644,627661,511496 037473 004

206,123132,105189 362273 801

Boston.

308,815304,739299,810296,714

80,70084,90086,70084,700

228,115219,839213,110212,014

15,30015,30015,30015,300

15,22811,15216,22313,127

128,000143,000138,000138,000

69,58750,33743 58745 587

5,7007,751

17,59022,022

NewYork.

1,178,2481,168,9411,157,0011,148,519

398,690398,690398,690398,690

779,558770,251758,311749,829

283,184283,184273,184270,531

34,70834,52134,29034,073

341,000341,000341,000341 000

120,666111,545109,837104,225

91,09575,91786,580

124,226

Phila-delphia.

290,726287,2912S3,230277,932

48,92047,52055,52059,520

241,806239,771227,710218,412

7,0007,0007,0007,000

12,54914,11515,05414,755

160,8163,8159,8154,8

61,368€4,76745,76741,768

5,845507

5,22420,055

Cleve-land.

305,251299,713296,082292,817

31,34034,14038,39041,490

273,911265,573257,692251,327

13,27513,27513,27513,275

14,03914,30114,66915,004

165,000165,000170,000170,000

81,59772,09759,74853,048

16,1151,9818,167

16,990

Rich-mond.

138,618136,573134,503132,607

27,26029,20031,26031,360

111,358107,313103,248101,247

3,5641,5192,4543.553

59,79564,79566,79563,795

47,99940 99933,09933,899

2,1512,0343,7384,806

Atlanta.

210,487209,043207,338205,553

78,24980,74482,00480,849

132,233128,299125,334124,704

2,4002,4002,4002,400

6,16S4,7245,5198,734

100,000100,50099,00094,000

23,67020,67518,41519,570

15,616U 71710,48110,245

Chicago.

551,257549,115549,31854S,63S

83,76087,96092,00094,500

467,497461,155457,318454,078

16,15316,01614,21814,539

395,644395,644401,045400,644

55,69549,49541,45533,895

38,16130,98829,2633S,524

St.Louis.

130,897135,075134,513132,814

22,74026,54026,14020,140

114,157103,535108,373100,674

11,78011,78011,78011,780

4,2124,3904,8284,129

59,50063,50065,00065,500

SS,66528,86526,76525,265

78269

1,5354,75S

Minne-apolis.

KansasCity.

73,52372,57573,52572,884

10,3109,06512,11012,210

63,21363,51061,41560,G74

13,05213,05213,05213,052

1,3201,3722,2621,621

32,00033,00033,00033,000

16,84116,08613,10113,001

3,3602,7894,7045,105

98,29197,78197,OSG96,012

20,00021,36021,36021,3G0

78,23170,42175,72674,652

Dallas.

4,2953,7853, OSS4,015

47,3G049,38055,35050,360

26,57623,27617,27814,277

8,5591,8811,8564,3S0

00,33759,83359,12758,473

17,90418,34419,04420,744

42,43341,48940,08337,729

7,4716,4716,4716,471

2,7132,7092,5022,84S

9,5009,5009,5006,000

22,74922,S0921,61022,410

SanFran-cisco.

331,207329,621328,900325,910

53,47064,07565,70963,125

277,737265,549203,191262,785

15,47714,27219,61217,249

1S3,O46181,668179,104184,477

79,21469,60964,47561,059

16,561 i 2,17715,870 i 30116,620 ! 3,60415,548 7,142


256 FEDERAL RESERVE BULLETIN. FEBRUABY, 1923.

CONDITION OF MEMBER BANKS IN LEADING CITIES.PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM DECEMBER 27,

1922, TO JANUARY 17, 1923.

ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.


Total. Boston. NewYork.

Phila-delphia.

Cleve-land.

Rich-mond. Atlanta, Chicago. St.

Louis.Minne-apolis.

KansasCity. Dallas.

SanFran-cisco.

Number of reporting banks:Dec. 27Jan.3Jan.10Jan. 17

Loans and discounts, gross:Secured by U. S. Gov-

ernment obligations-Dec. 27Jan.3Jan. 10Jan. 17

Secured by stocks andbonds—

Dec. 27Jan.3Jan.10Jan.17

All other loans and dis-counts—

Dec. 27Jan.3Jan. 10Jan. 17

Total loans and discounts:Dec. 27Jan.3Jan.10Jan. 17

U. S. bonds:Dec. 27

U. S. pre-war bonds:Dec. 27Jan.3Jan. 10Jan.17

U. S. Liberty bonds:Dec 27Jan.3.Jan.10Jan. 17

XJ. S. Treasury bonds:Dec. 27Jan.3Jan.10Jan. 17

TJ. S. Victory notes andTreasury notes:

Dec. 27Jan.3 ,Jan. 10 ,Jan. 17

U. S. cerificates of indebted-ness:


Other bonds, stocks, andsecurities:


Total loans, discounts, andinvestments:

Dec. 27Jan.3Jan. 10....Jan.17

Reserve balance with F. R.banks:

Dec. 27Jan.3Jan.10Jan. 17.....

782783781781

290,261305,90a304,307296,581

3.774,7753,909,3923,786,6213,811,55c

7,263,94,7,382,1877,387,4997,387,560

11,328,97711,597,48411,478,42711,495,696

1,485,007

16,82116,74116,45916,287

104106106106

95,117106,358108,050105,534

248,1411,715,780247,2591,858,419241,4991,711,575247,3531,716,641

565,2712,239,802592,989 2,293,977594,178 2,315,670598,646 2,305 648

830,233 4856,— "852,862,

,8 ;1136 4;5 286 4;

100,718

275,280278,974279,442

12,47512,77512,775

1,083,8861,082,1181,081,531

80,32379,90582,610

19,84120,32420,32319,782

245,145251,320255,536242,247

327,432323,060326,558329,666

31,98731,88631,22331,537

379,144364,038376,137367,791

644,843642,497642,828648,112

i, 050,699:, 263,754,135,295,127,823

592,249

592,418,1,055,97'594,7041,038,421602,4171,050,188591,6951,047,440

63,080

43,87848,90448,034

11,49311,34311,343

486,784486,031487,102

47,42847,60948,403

175,008

12,62112,15711,47811,778

123,281125,941126,833127,352

323,478316,376313,110312,641

454,474451,421451,771

65,367

7,7008,0757,756;

57,09856,28655,67957,794

109109108108

46,45849,29049,30645,683

539,093544,665553,517573,258

19,93319,73219,56118,471

140,621138,757140,481142,578

335,341,333,332,

0331649117617651

,023,649 297,447,086,578! 295,253,077,261 297,7401,073,216 300,217

399,8311,609,200 458,001406,0101,680,533 453,742396,6111,680,084 457,782398,1431,692,157

30,587 142,342

47,18347,11247,486

30,49129,97129,971

13,85914,33614,543

23,42423,22323,481

118,635119,606120,778

30,62930,81730,962

13,23612,72311,144

461,266

50,263

8,0018,4087,9448,061

45,30945,93145,15445,495

194,077189,500194,128200,909

247,387243,839247,226254,465

29,262

10,73310,4609,9429,760

74,50773,50375,50076,166

364,059359,448355,702353,854

449,299443,411441,144439,780

62,941

4,7026,2785,9465,950

52,06349,46649,60450,217

211,100206,098206,146205,616

267,865261,842261,696261,783

34,520

66666666

16,34716,19616,31916,154

154,593153,807155,106164,663

737,750729,762731,002726,270

899,765902,427907,087

138,670

15,41215,35415,354

8,939 12,3648,2481 12,0948,811 12,032

108,089 26,189105,752 26,596103,391! 25,939

19,05619,11819,118

31,70636,49636,444

18,53819,378'18,960

45,19145,92746,148

15,18015,01713,144

93,66492,75792,950

145.676143,105149,653

825,736786,552792,671940,489

237,956209,857196,953210,543

2,274,1452,232,0722,193,6832,203,583

.6,151,821

.6,330,807

.6,165,93116,360,937

1,393,7551,457,9311,473,072'1,433,712

8,6088,5128,842

27,68028,49727,58835,942

5,1345,3155,384

12,095

171,120173,284173,881172,428

50,92448,77648,446

461,471458,188466,046523,110

124,526H3,301104,484113,408

757,335766,779761,875758,691

:, 134,885 5,986,280.,165,4916,188,608,,160,1816,051,4111,186,9786,106,614

85,01785,93489,070

639,948668,380694,794

88,0261 641,873

4,9315,1585,103

41,28241,05044,93962,587

7,0983,5772,0243,141

182,679183,650183,535187,510

886,557883,833897,025909,782

70,33374,05970,07469,402

11,0769,2749,494

49,06448,86048,53456,481

14,97614,76417,69216,019

293,444299,772294,152295,055

1,588,4661,578,7111,586,5581,592,753

103,017121,351101,341114,376

4,7944,8374,957

6,2946,180

14,084

3,7453,0102,8123,084

54,94655,50053,81053,043

591,264585,192579,848587,852

35,83337,51037,42735,418

2,2442,0792,885

7,2796 2046,2317,064

8,1457,0917,9096,316

35,64536,43533,40637,588

27,20026,85033,341

122,07892,21090,158

114,124

30,78229,50828,18128,568

432,776360,799354,116357,259

481,487 2,337,178485,079 2,321,763473,29512,308,364477,6832,352,321

34,814 195,35535,862 198,27736,434 205,83533,4241 211,893

10,51110,71210,896

20,07920,06719,75125,226

5,5725,2694,2463,528

88,23489,53683,70787,287

622,149620,726618,148629,496

43,05244,23743,05447\170

3,2482,8341,917

12,01115,26115,21120,683

6,0391,6421,2441 903

30,04228,85029,042

323,588321,509322,991335,811

5,2645,9235,337

20,04818,75519,06221,958

7,0384,7924,7264,180

60,28961 98761,26459,403

599,615591,764590,140588,888

2,7294,2294,045

16,44313,37412,88714,866

6,8676,5836 1545,181

14,14713,92114,360

8,9559,1118,8608,523

22,123 47,91124,665 51,53522,929 49,82622,9201.47,921

334,650327,875327,961326,6601

25,05824,27427,24727,695

40,47537,79236,08444,364

18,03415,00512,09713,140

159,833165 177156,227157,754

1,265,7021,257,2561,250,0091,266,099

90,29491,84794,14193,594



PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, DECEMBER 27,

1922, TO JANUARY 17, 1923-Continucd.

ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT-Continucd.


Cash in vault:Dec. 27Jan.3..Jan.10Jan.17

Net demand deposits:Dec. 27Jan.3Jan.10Jan. 17

Time deposits:Dec. 27Jan.3Jan.10Jan.17

Government deposits:Dec. 27Jan.3Jan,10Jan.17

Bills pavable and redis-counted with F. R. banks:

Secured by U. S. Gov-ernment obligations-

Dec. 27Jan.3 ,Jan. 10Jan.17

All other-Dec. 27Jan.3Jan. 10Jan.17

Total.

35S, 449320,250317,412200,124

11,255,42511,527,35011.595,70211,599,541

3,708,4663.748.20S3,715,3203,735,272

471,209351,373185,941298, 012

200,253253,784195,150198,769

163,322136,41194,14697,292

Boston.

22,59121,10420,72519,139

S13,832849,070 V, 018!852,742850,301 4j 970; 014 710,771

237, 567240,037241,554239,842

21,09016,1378,003

20,097

10,6039,2485,5725,5S0

36,82923,74010,42024,298

NewYork.

Phila-delphia.

114,083 20,00102,30-1 17,65393,840 17,01485,0321 10,70S

1,901,010 ft9S,0S9•,018,2001 704,381

,005,595| 729,571

764,230769,864772,351760,529

240,240183,10197,671

131,227

102,034148,809137, OH143,804

13,88110,4588,925

17,017

58, 85763,65704,90705,84S

29,9092L5S011 51520,943

17,37816,77812,82013,601

Cleve-land.

Rich-mond.

3S,O7S 16,57,30,813 16,01534,367i 14,01531,029! 14,173

85s , i9 .T r ,n«877,4211 346,231014.310: 340,702031, MM 349,867

Atlanta.

11,71412,08211,08310,612!

Louis,

I

9,78110,3 JOS, 4577,653

7,205 13,900' 11,1740,874! 13,2.11 [ 11,0186.972 13,012i 10,3246,307 11,770! 9,33*

502,241!569,7S1:

M l , 8425-13,483

30,49226,07314, .06015,0-10

14", 010140,1*92148,102148,351

0,9*37,2703,928

12,833

15,400 17,20713,114 12,4514,400 8,-5380,352 5,976

9,540' 10,3186,079| 19,0543,516[ 9,0184,523 5,S21

17,77517,01715,01212,428

271,310 1,407, <W 365,5722*4,412 1,493,002 375,142,290,6*21,490,914: 3S4,fil4'286,240.1,522,3411 380,1 Si |

101,505!101,084148,2-19160,306

11.7498,6724,4017,418

40972303192

10,38111,5036,7505,793

741,470, 170,37074r,,lO7| 179,973!

74 H, 002 180,000!75O,715j 181,951

50,012! 11,91530, S77j 8,83010,049 4,74O!

38,927 10,065

207,6522(W KSTij212,6771218,2011

81,320;85,4511Mi, 07280,178!

15,11018 24710,00212,410

23,12S12,7289,9707,104

9, mi7 2561,7751,430

8,8369,0003,44S1,330

0,833}4,759|2, IKS8 140

441,711 235,014445,340 237,010451,200 245,9614r/»0SS 241,277

1123,436! 70,527123,619' 70,053124,3S6 71,439121,2«». 72,0S4

8,0*>4l 13,4025,815! 10,0253,021' 5,7373,0501 5,120

KanFran-cisco.

21,01723,9^72,1,1742 2 4 V

05.1,20s017,245604,.'is I(iGS, S57

.176,210581,000587, OK3f»S0,705

25,27»

o! 82017,931

1,013 8,1 SO! 'MU\ 8,0751,30s H,oor 400; 11,1071,921 6,910 1,050: 3,813323' 1,013: 1,«JOJ 0,362

2,700|2,900!2,1001

1,605

8,845! 2,3SS|7,5.7)' 2,73S5,41.V 2,S0O4,902j 3,-100

12,00512,87010,6678,875

MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.

Number of reporting banks:Dec. 29Jan.3Jan. 10Jan.17

Loans and discounts, gross:Secured by U. S. Gov-

ernment obligations-Dec. 27Jan.3Jan. 10Jan.17

Secured by stocks andbonds-

Dec. 27Jan.3Jan. 10Jan.17

All other loans and dis-counts-

Dec. 27Jan.3Jan. 10... ,Jan.17 ,

Total loans and discounts:Dec. 27Jan.3Jan. 10 ,Jan.17

U. S. bonds:Dec. 27

17. S. pre-war bonds:Dec. 27Jan.3Jan.10Jan.17

U. S. Liberty bonds:Dec. 27Jan.3Jan. 10Jan.17

262261261261

197,818213,672213,453205,474

2,773,9582,915,1142,780,4862,798,185

4,449,842!4,521,885'4,539,732!4,542,196

7,421,6187,050,6717,533,6717,545,855

832,001

13,93313,71113,07313,372

63636363

85,602' 18,05596,920 18,53798,516 18,57795,999 17,990

196,5321,544,413 224,648195,74511,683,639 22S,932190,2811,535,104 233,842195,4461,537,891 220,829

424,352 1,949,205 295,472451,254 2,010,S63| 291,917452,299 2,027,604; 294,674455,979 2,017,399. 297,757

034,81713,570,220 5-38,175660,7103,791,422 539,3S0j655,6503,661,224: 547,093064,797,3,651,2S9| 636,576!

45,372 497,331! 48,014

7,2417,2097,1616,807

140,779138,464142,873140,082

294,872206,476297,141297,591

442,892442,149447,175444,540

30,531

2,296 1,4182,22l! 2,0712,013 2,0252,091 2,002

19,356 10,62620,34.2! 10,53621,360 10,62522,286 10,604

07,9706i. 15363)39263,923

89,05286,710;SO, 795|88,305!

37,40040,28240,37936,090

408,470409,345419,921440,502

51,910 629,27'49,471I 635,12250,376! 623,49'50,5S4 622,815

63,9541,075,24662,0781,084,74963,026;l,0S3,79463,3401,100,007

5,4971 5,196 59,29c

13;13;13;

15,825' 5,17215,730 5,45115,579 5,18714,4G2 5,205

106,109104,96S105,5S7107,521

165,520163,703169,222170,539

287,454284,407290,3SS202,572

30,657

2,4282,7052,3812,337

2,0292,235;1,0351,025

23,SOS25,01524,85424,996

95,120 119,92,865 119,624!95,197 118,050!100,060 116,815

124,190 142,838123,004 141,924125,23S 140,22.)130,8611 140,230

15151515

6,3206,5110,5970,444

20,580 11,143' G7,37419,595 10,924 67,00919,789 11,188! 65,05021,078 11,214! 65,676

55,739 300,575.52,49:): 293,88752,105' 206,11851,5281 290,551

6S,91ll 374,26965,699! 307,407G5,2SS 367,7746i,G67i 308,671

8,950 22,515 10,049; 63,544

97,48598,10698,097

2,3212,3212,321

38,735! 7,38338,358: 7,23338,304 7,233

4,580 1,825 2,9374,580 1,875 2,9204,580 1,775 2,937

1,736 8,2721,830 8,2242,073 8,224

3,7223,0313,031

2,127j 4,240 19,6072,131 4,240 21,3572,126 4,240( 21,253

660,964659,693661,038!

38,520 416,745 36,80038,295 418,246 36,960|39,619! 418,7111 37,710

24,94125,04025,156

3,790 l ,00S 51,465 15,6393,832 1,008 49,331 16,1313,852! l,00Sl 47,262' 15,63S

3,9361 19,532 4,5S0 44,0084,022i 19,619 4,593 42,6164,9S3! 19,S44l 4,594; 42,6S1


258 FEDERAL RESERVE BUUJ3TIK. , 1923,

PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANES IN LEADING CITIES ON WEDNESDAYS, DECEMBER 27,

1922, TO JANUARY 17, 1923—Continued.

MEMBER BANKS XN FEDERAL RESERVE BANK CITIES—Continued.


Total. Boston, NewYork.

Phila-delphia.

Cleve-land.

Rich-mond. Atlanta, Chicago. St.

Louis.Minne-apolis.

KansasCity. Dallas.

SanFran-cisco.

U. S. Treasury bonds:Dec. 27Jan. 3Jan.10Jan.17

U. S. Victory notes andTreasury notes:

Dee. 27Jan.3Jan. 10Jan.17

IT. S. certificates of indebt-edness:


Other bonds, stocks, andsecurities:

Dec. 27 ,Jan .3 . . . ,Jan. 10Jan. 17.. . .

Total loans and discountsand investments:

Dec.27Jan.3Jan. 10Jan. 17

Reserve balance with F. R.banks:


Cash in vault:Dec. 27 . .Jan.3Jan. 10Jan.17

Net demand deposits:Dec. 27Jan.3 ...sJan.10Jan. 17

Time deposits:Dec. 27Jan.3. .Jan. 10 ,Jan.17

Government deposits:Dec. 27 ,Jan.3 ,Jan.10Jan. 17

Bills payable and redis-counted with F. R. banks:

Secured by U. S. Gov-ernment obligations-

Dec. 27....?Jan.3..TJan. 10Jan. 17

AH other-Dec. 27Jan.3Jan. 10Jan.17

89,38487,92293,43"

038,181607.612616,430715,719

172,246149,836136,915150,491

1,206,5991,219,9871,191,7981,199,714

10.270,64510,475,93910,324,53510,464,346

999,3901,032,0201,072,2331,024,569

198,265169 163165,836152,430

7,787,1817,972,5878,002,8727,992,973

1,792,77711,809,7441,811,0191,801,980

358,727268,751141,424224,900

320,339171,430!141,543153,272

91,84369,93141,60156,702

5,4565,3605,68S

20,17421,33421,02426,895

4,0194,2004,3634,748

79,38480,85980,81480,884

783,766813,400807,838824,953

68,82067,98572,63070,673

10,9629,9599,4898,575

877 4631,652,914664, "™661,

487 4;5224

102,817103,484103,838101,231

15fG3511,6316,213

16,535

7,3007,1952,6973,030

36,33023,29016,03123,967

4,0664,2934,23S

38,19537,85341,38657,494

6,5313,2051,9482,652

145,690147,590147,404151,329

776, 605776,283786,317797,232

63,92467,60364,59762,969

15,97114,41114,21613,636

615,127621,213646,457633,678

530, HO! 41,967531,8871 45,886525,158! 47,062510,110 47,844

235,958 28,409175,481 20,41993,582 10,896

122,132 25,076

39,41737,83S37,669

438,855433,318441,540492,705

118,863108,14799,836

109,783

555,838566,741558,841556,302

5,190,1075,394,5255,255,8835,304,766

590,913617,013651,207592,369

98,49876,37378,32171,573)

J\t 402,6584,533,6761,507,574!t475376|

75,846121.199119,821128,844

6,1183,9053,425ll,20S

15,45315,00310,79512,211

9,5406,0793,5164,523

1,876l,92fl1 —

8,467S,13S7 9679,693

2,3021,8611,8062,171

65,91:68,15465,17064,849

550,154551,699553,664552,915

29,16135,52329,53833,542

10,48710,6518,9818,575

221,641230,166228,740233,965

310,669312,232314,786314,222

5,3293,8872,0963,656

770570225

6,22710,2584,1951,868

327223360

1,08$704733856

1,8251,7011,6781,878

6,2307,2996,6626,42S

104,292102,362101,798103,454

6,0507,0795,4346^55

1,1971,0091,016

956

56,12858,58259,66862,774

24,32024,78524,85825,006

2,8002,0631,097979

2,5271,683130149

4,8275 2973.6822,990

415359359

1,2971,3671,365310

2,5871,5561,5562,502

3,3472,8012,7813,908

76,38172,16273,01574,364

0151;

6,7335,7406,0176,217

2,0322,2912,2691,078.

20,48020,18325,907

82,04854,40252,3S666,617

20,91119,97818,30418,714

193,538189,843181,979185,387

,431,038,422,653,407,813,445,967

141,011136,548144,982152,402

40,54835,95333,26931,202

45,7221,008,71747,0931,018,25547,84411,020,77347,5961,043,797

20,370 361,27620,76121,062 363:60926,081 364 9841,4261,051

5251,145

5353535

9061,201

855951

30,34725,42411,88224,750

3,1273,699050

2,615

11,6362,5921,096290

7,831

13,59113,31513,06317,086

3,0993,4432,7582,296

56,73757,48053,09255,103

391,538390,634391,618398,750

27,81328,80428,11431,062

4,6994,8343,9393,583

239,326247,59525* 857255,521

104,254102,795103,226103,503

9,1606,6473,4609^043

4,9853,784450112

3,1354,1861,0901,045

1,5731,036

730

3,0154,2385,924

4,493222124124

11,71212,09011,57411,620

149,345148,522149,263157,273

10,75313,36310,69211,042

2,3182,1802 2552,259

100,126102,738102,000106,557

35,39935 87736,38736,360

3,1852,300

8814,112

123123123123

1,1001,329

389454

1,3901,3651,485

7,9457,1737,2758,250

1,6231,4201,316832

12,55011,88411,92211,162

187,471185,450183,848183,929

17,22517,50518,22515,868

2,9022,7752,6062,323

160,215157,384160,173158,071

16,04216,49410,47016,271

5,1253,8081 9341,821

2,1035,1092,064

243276245238

1,018! 5,3482,077 5,3001,803 5,435

8,1277,3026,878

3,0082,4671583l|906l

1,5151,4131,4791,502

91,61086,71986,13886,311

5,5134,8096,9548,400

1,5281,4041,5271 i—

63,11562,86064,46266,115

10,85711,39111,71811,838

7,9795,9343,5552 793

S50

SS81

1,2541 897

18,39419,69118,57522,237

2,9851,6361,6382,885

74,14673,83370,08071,240

538,338531,530527,340534,432

31,47430,04833,84333,570

7,1237 3237,9456,537

242,529240,111245,837248,001

234,596239,463242,845241,530

13,37410,0495 30312.S58

8,10010,0303,4005,17Q

10,90010,637

MB-



DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN REPORTING CENTERS.

SUMMARY BY FEDERAL RESERVE DISTRICTS.


| NumberFederal reserve district. (of centers

I included.

No. 1—BostonNo. 2—New YorkNo. 3-PhiladelphiaNo. 4--CleveIandNo. 5—RichmondNo. 6—AtlantaNo. 1—ChicagoNo. 8—St. LouisNo. 9—ianneapolisNo. 10—Kansas CityNo. 11—DallasNo. 12-San Francisco

Total 166

1922Week

ending-

Dec. 27.

414,9213,069,018416.8S7529,742195,851188,434941,938'226,092132,838236,219142,857445,964

7,540,761

Week ending—

Jan. 3. ; Jan. 10.

592,4056,045,605

523,888790,677235,743241,746

1,220,321332,435172,331316 726183,692562,683

514,0535.230,424

464,602I 619,009

240,631240,503

,110,025317,272157,555290,949167,635570,802

Jan. 17.

590,2175,455,191

467,818586,267230,239242,858

1,192,222293,750ICO 126287,641167,656587,537

Jan. 24.

510,1204,835,167431,506572,352224,170217,456

1,081,166259,443143,207260 761109,253527 860

1021Week

endmg™

Dec. 28.

358,4823,648,460

342,275389,340180,548140,69475-1,336176,762118,079182,314135,799397,142

192-2Week ending-

Jan. 4.

504,5034,800,781427,688001,810

208j405950,691250,388127,116232,761160,450509,037

Jan. 11.

, 484,2334,864,305

409 008409,786219,009198,242964,114228,118120,849241,836159,223519,219

# ! * r | #

11,218,252 J9,929,465 |l0,267,522 9.232,401 J6,833,231 JO,034,657 8,914,602 '8,970,330 j 7,5?9,6S7

Jan . 18. Jan . 25.

540,467 !5,002,491 !

395,213 I452,8-14 !197,516 i179.826950 469 '230,047 !123,079240,0S3149,100503,189

419,1184,138,0-10

.159,055428,188177,190163,9SU833,330187,005114 717212,987131,898431,158

DATA FOR EACH REPORTING CENTER.


District No. 1.—Boston:Bangor, MeBoston, MassBrockton, MassFall River, MassHartford, ConnHolyoke, MassLowell, MassLynn, MassManchester, N. HNew Bedford, MassNew Haven, ConnPortland, MeProvidence, It. ISpringfield, MassWaterbury, Conn. •Worcester, Mass

District No. 2.—New York:Albany, N.YBinghamton, N.YBullalo,N.YElmira, N.YJamestown. N. YMontclair, N. JNewark, N. J -NewYork,N.YNorthern New Jersey Clearing House

AssociationPassaic, N. JRochester, N. YStamford, Conn •Syracuse, N. Y

District No. 3.—Philadelphia:Allentown, PaAltoona, PaCamden, N. JChester, PaHarrisburg, PaHazleton, PaJohnstown, PaLancaster, Pa.Lebanon, PaNorristown, Pa •Philadelphia, PaReading, Pa

. Scranton, PaTrenton, N. JWilkes-Barre, PaWiUiamsport, PaWilmington, DelYork, Pa

1922Week

ending-

Dec. 27.

4,456279,804

4 0327,47921,3583 2954,4994,0324,0096,35014 7707 23528,06213,8825,79713,925

45,4326,58226,2612,51813 428

3,2339,1864,0828,2072 0725,8736,6901 318

734323,391

7,84816 30217 5639,1033 9576,4554,183

1923Week ending-

Jan. 3.

4,361407,257

4 7178,132

32,122,4 ,0851 5 170

5 7114,8227,709

20 1728992

41 62919 1239,760

19; 071

26,1944 789

78,8623,7194 3623,166

68,8035,866,014

54,0407,562

44,0892,899

18,095

7,5683,48014 1295 7066 8982,4635,7836,2111 528'732

426,0169,03318 05613,1639,8385,9119,0734,720

Jan. 10.

3,574344,0824,4597,85227,0534,1845,2885,7295,0096 21222,883

37,14917,8997,19417,580

26,5595 16379,8913,603

3,24360,428

5,056,168

53,4958,0S3

37,5614,58116,999

7,1S63,61810,6195,4337,6482,2675,6436,3621,478936

364,4109,93719,12913,8509,9494,7098,8095,105

Jan. 17.

3,386419,2906 5288,89125,95S4,0545,2405,6524,4768,21020,9419,10939,20715,7628,14417,543

22,4155,20472,2453,6104,4333,53571,077

5,298,006

48,8216,8S535,1773,26415,259

6,3764,08211,4936,6787,6342,6715,0806,8921,512915

371,22510,92815,88913,08710,0274,3038,3774,611

Jan. 24.

3,205357,4634 5298,03922,3384,0054,7184,6714 2936,93019,3347,62333,45615 8437,29015,517

17,8734,501

66,1773,5493,5703,335

59,9814,696,897

38,6845,945

29,4993,203

14,275

6,4183,429

10,1644 9216,6852,0184,5955 7891,360

798345,377

8,44717,02911,3908,0504,0517,4314,312

19*21Week

ending—

Dec. 28.

2,700249,413

5,37817 0892,6043,937

3,6774,80312,1405 20024,07410,7415,12111,485

22,7353 18243,426

Week ending-

Jan. 4.

3,707347,731

Jan. 11.

3,367335,724

6,76628,0402,7804,6035,3325,6296,410 !

18,938 !7,138 1

35,14114 7076,848

16,065

22,5754 085

64,289

3,541,421 4,057,565

5,02522,723

9,948

2,766

3,0546,279

4,7503,925

265,1956,695

13,84515,0017,7413,1576,4613,406

6,11536,802

15,350

2,776

4,5388,059

4,0954,667

345,3027,640

15,63511,1338,9094,4866,8943,554

6,82824,5573,0485,0046,0355,0326 226

18,4577,162

35,14112,3087 041

14,248

34,0784,51563,417

Jan. 18.

3,274382,488

7,15427,7183,0794,8996,4494,5807,165

19,6937,541

36,66513,8956,107

16,209

22,6503,724

61,524

703,125 4,800,232

Jan. 25.

2,909298,721

6,33718,9952.9283,fc605,4903,6105,653

14,9986,655

21,52312,9785,818

13,527

20,2313,33151,O0S

4,023,250

5,881 i39,190

6,004 |30,211

4,63924,452

14,159

2,727

4,2767,902

3,9734,636

322,2548,44.8

16,38511,4959,4214,1588,4865,447

12,146 11,135

2,878

4,6508,155

4,3624,549

317,8317,514

12,55410,5137,8153,8626,7263,804

2S 593

4,2098,087

3,5773,708

281,8746,877

15,91010,2588,3403,4036,8433,376


260 FEDERAL BESERVE BULLETIN. FEBRUARY, 1923.

DATA FOR EACH REPORTING CENTER—Continued.


District No. 4—Cleveland:Akron, OhioButler, PaCanton, OhioCincinnati, OhioCleveland, OhioColumbus, OhioConnellsville, PaDayton, OhioErie, PaGreensburg, PaHomestead, PaLexington, Ky.Lima, OhioLorain, OhioNew Brighton, PaOil City, PaPittsburgh, PaSpringfield, OhioToledo, OhioWarren, OhioWheeling, W. VaYoungstown, OhioZanesville, Ohio

District No. 5—Richmond:Ashevile,N.CBaltimore, Md 'Charleston, S. CCharleston, W. VaCharlotte,N.CColumbia, S. CCumberland, MdDanville, VaDurham, N.CG reensboro, N.CGreenville, S. CHagerstown, Md-..Huntington, W. VaLynchburg, VaNewport News. Va .Norfolk, Va. . . .KaIeigh,N.CRichmond, VaRoanoke, VaSpartanburg, S. CWashington, D. CWilmington, N. CWinston-Salem. N. C...

District No. 6—Atlanta:Albany, GaAtlanta, GaAugusta, Ga..Birmingham. AlaBrunswick, GaChattanooga, TennColumbus, GaCordele, Ga....Dothan, AlaElberton, GaJackson, MissJacksonville, FlaKnoxville, TennMacon, Ga ,Meridian, MissMobile, AlaMontgomery, Ala ,Nashville, Tenn ,Newnan, GaNew Orleans, La '.Pensacoia, FlaSavannah, Ga ,Tampa, FlaValdosta, GaVicksbuxg, Miss .

District No. 1—Chicago:Adrian, Mich ,Aurora, 111Bay City, MichBloomington, HICedar Rapids, IowaChicago, Hi

1922Week

ending—

Dec. 27.

13,6832,365

10,44566,338

120,44633,9821,457

12,3625,8234,760

7025,2583,5301,0742,2582,S41

199,9014,218

37,5962,9889,615

12,9192,455

4,61273,8005,9848,1417,5404,3761,7762,4503,3634,0093,9001,8456,1494,4551,427

14,3855,800

30,5214,5211,64138,5184,8784,460

1,20026,6826,08317,897

8216,6712,909340618201

2,40510,9665,7254,6501,7835,7033,941

14,115. 34266,651

1,18210,6415,7791,0481,748,

7162,5372,4102,0834,071

594,109

1923 -Week end ing-

Jan. 3. Jan. 10. Jan. 17. Jan. 24,

17,3333,053

10,593113,922229,50438,048

1,25319,3637,1385,806

8166,7723,7411,3562,6003,127

260,7395,796

55,5792,340

11,35416,1963,254

4,17495,0906,888

11,0699,5395,8001,9382,7914,7635,3404,4002,1386,6796,6381,82516,3048,00032,3575,9593,07444,1996,4S76,300

1,41134,2187,30526,230

8459,4263,316459

1,080354

2,86213,1727,9465,4251,7217,7125,62719,185

64681,7911,82412,8906,9301,4112,065

8623,0272,4532,9187,199

826,966]

16,6142,93311,61977,416

162,753 i47,912 |1 446 I

16,4229,2715,189 ,

8367,6294,2581,4572,6913,612

191,2245,680

47,3183,040

11,59116,3783,446

4,33293,7005,8009,4659,9106,9832,0333,1444,7985,6765,3002,2687,4346.4591,90818,2009,00035,9046,6273,18749,7154,6858,237

1,38032,0147,76227,735

78210,5183,204411732388

3,57513,3128,4734,7022,2898,6215,62221,124

52678,4171,76210,5667,7271,4352,148

1.0113,7352,5382,6577,530

703,978

15,3242,4409,98984,226145,34735,9191,54015,0997,6215,171886

7,9743,8171,2042,5533,147

186,3625,5SS44,3162,92315,61814,5552,913

4,75091,0005,3118,7439,2536,6641,8512,6204,8245,2665,4002,3856,2515,4102,00116,4388,50036,1275,4822,82346,4834,8127,738

1,10532,7567,69426,850

5989,5313,207322

1,080240

3,35513,2128,7285,3792,5947,2784,87719,085

43687,265

1,6059,3947,0791,2852,125

9993,1292,2862,6605,913

779,910

16,5652,3089,95874,2S0

142,00331,8241,162

16,2037,5024,678

7186,8983,6681,2612,1013,270

199,86S6,060

3S,5783,266

11,30913,3142,735

4,87183,70010,3839,2878,3975,6721,6752,7514,2875,6474,7002,0105,9154,7701,758

15,4167,950

33,9005,6052,304

44,1294,0087,170

1,03027,3037,592

26,005600

8,0773,160

267710205

2,87111,9866,6524,7592,4566,3815,0S8

15,596379

77,5481,5819,4016,7591,1482,728

9543,0552,2772,4185,831

698,362

1921Week

ending—•

T>ec. 28.

9,117

53,785113,05424,936

11,4734,5063,182

3,127

1,944118,241

2,98228,317

6,4448,232

84,5675,314

5,5264,290

3,106

3*803"

13,4633,05020,224

33,0314,174

20,5265,91712,346

6,143

8,8924,6053,827

5,6283,110

11,547

50,3651,1009,5224,704

1,462

2,3011,6396,315

495,008

1922Week end ing-

Jan. 4.

12,365

94,305179,28432,269

13,8855,4743,030

6,265

2,544194,410

2,50939,115

8,7247,631

121,9297,600

8,5047,071

5,198

4,462

14,8849,000

27,555

36,3515,807

28,2437,62116,687

8,058

10,1547,3454,015

7,3813,78114,356

76,8061,29514,6245,893

2,146

2,5322,47211,188638,713

Jan. 11. Jan. 18.

13,889

70; 828132,69229,122

14,4426,4722,659

5,408

3,001157,7215,04535,917

7,88314,707

99,2717,411

6,7795,542

4,922

5,125

14,5385,00024,460

41,0624,899

26,6137,32918,403

9,455

11,8436,7593,900

6,5103,887

13,535

70,2761,4929,9446,447

1,844

2,5362,2309,880

636,167

12,463

65,464119,69327,921

11,9055,4794,0S6

4,734

2,627146,317

3,76033,368

6,6808,347

78,8385,838

6,7786,162

3,347

5,003

14,7364,900

27,884

39,1794,851

24,9590,02213,382

8,177

9,6946,5553,496

4,9463,65217,289

64,0661,4208,8135,733

1,622

2,7152,1269,200

641,083

Jan. 25.

11,720

60,766105,23723,743

10,9924,8412,468

3,970

2,372144,929

3,6C037,278

6,7029,510

71,6045,780

5,5544,670

3,499

*4*0S2

12,4804,60025,049

36,2633,015

26,4825,835

13,541

6,003

9,4735,6863,296

6,3033,32313,765

59,1131,3268,6105,542

1,6

2,0781,8247 758

563,299



DATA FOR EACH REPORTING CENTER—Continued.


District No. 7—Chicago—Continued.Danville, HI.Davenport, Iowa.Decatur,IliDes Moines, Iowa,Detroit, MichDubuque, IowaFlint. MichFort wayne, IndGary. IndGrand Rapids, MichGreen Bay, WisHammond, IndIndianapolis, IndJackson, MichKalamazoo, MichLansing, MichMason City, IowaMilwaukee, WisMoline,IllMuscatine, IowaOshkosh, WisPeoria, 111 ,Rockford,IllSaginaw, Mich ,Sioux City, IowaSouth Bend, Ind ,Springfield, IUTerre Haute, IndWaterloo, Iowa

District No. 8—St. Louis:East St. Louis and National Stock

Yards. Ill 8,422EvansviUe, Ind 7,204Fort Smith, Ark 2,565Greenville, Miss 843Helena, Ark 1,252Little Rock, Ark 13,630Louisville, Ky 30,790Memphis, Tenn 30,775Owensboro, Ky 1,953Quincy.lU 1,957St. Louts. Mo 130,318Springfield, Mo 3,096

District No. 9—Minneapolis:Aberdeen, S. Dak 1,152Billings, Mont 2,100Dickinson. N. Dak 306Duluth, Minn 14,419Fargo. N. Dak 2,168Grand Forks, N. Dak 1,519Helena, Mont 3,293Jamestown, N. DakLaCrosse, Wis ' j 422Lewistown, Mont. 1,838Minneapolis, Minn ! 70,663Minot.N. Dak I 946Red Wing, Minn 497St. PauOIinn »31,271

Do H657Sioux Falls, S. Dak 3,602Superior, Wis 1,780Winona,Minn S71

District No. 10—Kansas City:Atcblson, KansBartlesviUe, OklaCasper, Wyo

1922 'Week :

ending— j1923

Week cnding-

1921Week

j ending—

2,900 i10,807 I4,23017,542146,5494, OSS5,8609,7402,62414,6032,2413,33037,9855,2155,23:t7,5002,78759,3721,G721,5422,600 |10,532 S5,576 I5,093 i16,1987,5756,2805,9454,228

Cheyenne, WyoColorado Springs, Colo.,Denver, Colo...Enid, OklaFremont. NebrGrand Island, Nebr.. .Grand Junction, Colo..Guthrie, OklaHutchinson, KansIndependence, Kans..,Joplin,MoKansas City, KansKansas City, MoLawrence, Kans

1,4172 7473,2443,0432,73136,1351,786712991510657

2,9521,7343,1854,090G7,45S

776

3,000 '10,4933,38620,920134,6794,1297,4198,9003,879 ;15,3952,5Si3,53041,5727,3785,6310,7002,05168,3.502,1002,0463,4009,4826,8315,89018,7769,3387,3307,4764,513

8,6849,0092,8601,1801,73513,21441,18741,1461,6532,812

212,3214,062

1,5812,882464

18,2352,8871,8642,867551

2,8231,23194,5801,334628

140,22546,4444,0751,7171,418

1,3284,1514,3094,5642,69740,3173,344

7951.459640954

3,7522,1983,3114,96690,4861,423

12,0079 1463,0001,4842,00618,73244,61943 7332,3252,875

181,9594,201

1,3872,030476

16,2652 9171 9692,56-1679

3,3761 60S80 6131,592591

2,7007,5473,39918,049152,3243,9867,0448,0422,96615,7162,3973,26044,4585,5666,1026,8002,19267,7571,7221,4602,70010,1966,0046,160

18,1607,9066,3145,9854,361

2,7007,9713,029

2OOJO

10,7598,25S2,8571,4681,506

15,79345,19640,749

1,9442,844

166,8423,309

1,2132,145

37315,1742,8532,0062,916508

2,9351,519

85,0161,047

525

146,188 i4,001 i8,003 ,7,525 i2,899 !

14,074 i2,063 L3,750 | .

36,669 I4,515 I4,430 i7,300 |2,103 j .

61,2401.642 !1,421 j .2,300 L8,464 ,4.643 !5,537 ;.

16,038 :7,101 :5,6165,4473,766 :

9,0S5 !6,970 i2,906 i1,122 !1,337 i13,009 !39,99536,1641,5572,311

147,8343,175

1,1271,622260

13,8312,4161,6532,590520

2,6111,16073,590

70S415

5,4S92,24712,05291,1552,2634,2316,001

Dec. 27. Jan. 3. Jan. 10. Jan. 17. Jan. 21. Dec. 28.

2,4007,3622,78815,429138,809

2,8585,9117,5763,578

14,5691,9883,400

33,1114,0654,7135,5002,394

51,3821,4431,4222,2007,2294,3895,213

13,8279,9165,1896,3433,199

1922Week ending-

Jan. 4. | Jan. 11. Jan . 18. J Jan. 25.

7,7812,797

14,868104,240

3,2044,1907,054

7,5543,002

17,769116,470

3,1324,3656,927

18,108 17,113i •

27,951 •3,518 ;3,35:13,052 '

31,1883,7524,61t»4,500

41,ISO !

1,28755,148

1,384

6,168 !

3,852 j7, G174,335

5,180 | 7,5904,437 I 5,9744,738! 5,179

2,202 t 3,256

19,850

31,6983,7174,8624,4UO

6,2642,997

16,614112,045

2,9295,450 .•6,799

32,671 l3,8733,8354,640

52,217 52,2771,772 I 1,847 i

8,0934,782

7,4915,9985,853

6,098 ;,4 ,962 I

7,5866,020

8,806 j

20', 529 !

1,532107,037

l,4S0

1,0401,502

10,4731,7531,0762,811

61,682

40,534 |4,476 |1,860 12,940 i

i1,6702,5625 1173,3503,095

43,4773,316 I1,076 I1 484 I

960 !S50 !

3,795•1,S223,4784,49886,254 ,1,127 ;

39,2154,6701,6S13,207

1,6692,7963,1422,9012,865

38,3823,096964

1,25569S890

3,0962,9SS3,4354,1168S,594

IKK

39,6113,6711,6111,4S5

1,6094,0663,1922,3952,551

35,8682,652

7201,254

421879

3,5612,1752,8437,91878,863

976

32,280

3,0011,724734

12,49430,51127,497

2,029106,2313,420

1,6212,085

12,1252,2961,2763,171

70,367

27,384

3,329

8,8220,603

11,34031,42731,082

2,247133,427

3,165

1,2621,740

7,662 I4,422 •

8,423 j5,184 <6,111 |

2,029

8,0936,431

9,03731,25327,257

2,092143,759

3,125

1,2781,753

12,9302,4331,4962,953

8,8832,1491,4782,336

67,705 62,261

28,652 |

4,1041,5681,119

8S5 1,0222,231 | 2,431

2,2821,759

30,414

1,911:i, 113

51,100

3,37y3,556

34,081

2,4053,911

05,873

4,7541,7141,210

1,2402,528

"2," 779*2,816

37,496

2,0783,364

63,350

36,1304,254i,5S7

970

1,3S32,099

""3 ," 253*2,651

33,100

2,4184,172

65,342

1 Debits of banks which submitted reports in 1921.

30425—23 9

7,1502,506

13,68991,4692,4774,6506,620

14,307 ; 13,205

28,9913,1073,5013,892

45,6901,518

6.6403,946

7,0214,6834,811

2,745

7,5105,081

9,37126,95721,191

1,922112,0332,940

1,0761,452

10,8621,8471,0532,169

57,372

33,1213,63S1,29T>

831

9601,799

***3,*3642,523

31,971

2,1023,471

58,038


262 FEDERAL BESEBVE BULLETIN. FEBRUARY, 1923.

DATA FOR EACH REPORTING CENTER-Continued.

(In thousands of dollars.]

District No. 10—Kansas City—Con.McAIester, OklaMuskogee, OklaOklahoma City, OklaOkmulgee, OklaOmaha, NebrParsons, KansPittsburgh KansPueblo, ColoSt. Joseph, MoTopeka, KansTulsa,OklaWichita, Kans

District No. l l~Dallas:Albuquerque, N. MexAustin, TexBeaumont, TexCorsicana, TexDallas, TexEl Paso, TexFort Worth, TexGalveston, TexHouston, TexRoswell, N. MexSan Antonio,Tex.:Shreveport, LaTexarkana. TexT ucson, ArizWaco, Tex

District No. 12—San Francisco:Bakersfield, CalifBellingham,WashBerkeley, Calif.Boise, Idaho..

1922Week

ending-

Dec. 27.

Eugene, Oreg..Fresno, Calif.Long Beach, CalifLos Angeles, CalifOakland, Calif.Ogden, UtahPasadena, CalifPhoenix, ArizPortland, OregReno, NevRitzville,WashSacramento, Calif.Salt Lake City, Utah..San Bernardino, Calif..San Diego, CalifSan Francisco, Calif...San Jose, Calif.Seattle, WashSpokane, WashStockton, Calif.Tacoma, WashYaldina,Wash

9585,925

16,9671,989

39,9801,0381,6025,133

12,3073,281

22,0909,730

2,0653,5643,1031 785

38,5507,116

25,7S816,07825,754

4746,1347,5762,0521,6753,402

1,9531,4692,7324,3722,300

11,8399,197

120,72819,096

5,3874,166

27,2692,198

13410,83414,7261,4657,667

142,0824,462

31,8779,7424,2808,0461,961

Jan. 3.

1923Week ending—

1,3608,318

. 23,2502.55854;0961,0961,3S06,08117,5363,87339,10512,597

2,0274,4363,7111,22854,7058,02227,42021,88136,067

7256,3049,0342,1303,0314,924

3,2261,7803,2773,0701,600 i13,02810,751 f145,81929,863•7,4266,509 i4,74332,4543,210

215 I18,346 j19,157 I1,30312,733183,1325,83340,78911,9324,9367,9042,509

Jan. 10. Jan. 17.

1,1617,70919,3582,65153,0961,1981,4134,29917,0654,98323,49612,559

2,2864,1454,9172,16446,5157,74627,10619,98827 764

6387,87210,6372,0852,0794,495

2,6811,6805,0924,1431,71314,19514,103149,96530,1998,6198,7605,19830,5472,907187

23,64215,3982,23012,832172,1947,23938,64913,029

9,9752,711

Jan. 24.

1,2626,61221,6963,05248,720

9371,7333,70717,1793,92028,37512,674

2,5433,9224,3671,31144,6927,12727,788.17,88632,453

721 ;7,61510,4172,0682,0524,721 '

2,841 i2,132 I5,107 !3 644 !2,12912,30912,699 j163,34726,4156,987 !8,1194,70736,7632,678154

20,74616,1861,82711,406186,5005,54640.49312,7855,5207,9322,055

1,0236,53316,4011,975

48,4461,0101,4093,388

14,2603,507

21,92810,185

2,0313,4723 7741,428

40,6607,081

27,97630,83029.317

4727,4168,6712,0581,8504,117

2,2081,6765,8952,7852,020

11,01112,587

146,40423,629

6,3266,4274,742

30,2442,545

10916,97913,4861,459

12,189170,295

5,41436,12710,7574,6208,2391,901

1921Week

ending-

Dec. 28.

3,204,15,353

24,980

3,39313,0862,613

18,7287,250

1,7882,6692,962

30,9218,87531,94013,57525,704

4,9796,3411,5811,5002,964

2,3432,626

8,9654,60590,80215,4913,3014,196

25,8201,712

16,56412,683

6,151148,6394,21429,0947,7543,8546,1802,148

1922Week ending- -

Jan. 4. Jan. 11. Jan. 18.

4,10422,192

3,42921,367

36,406 35,843

3,45015,7633,774

22,3328,082

2,0873,0333,221

41,1507,81932,56616,24632,535

5,4318,1802,6201,5713,992

3,4752,911

10,5940,045

128,01218,7455,9525,315

28,4943,241

11,13321,928

8,512190,0783,17935,82510,703*4,3708,3032,762

4,75917,0503,95028,5559,632

2,0113,3883,959

41,9539,57233,12717,22125,788

7,4767,7201,3S61,7923,830

4,4533,154

11,2467,825

121,70522,7505,8826,801

31,5332,849

18,20214,847

10,000196,6677,104

26,1069,8777,1878,3052,726

3,57518,187

38,401

2,69619,0643,88029,46810,394

1,9763,2283,362

34,042

33,10016,55125,769

7,7349,0591,2261,4503,800

4,1333,449

9,6766,846

127,85018,7043,9457,426

31,1622,325

15,81715,227

9,452183,5695,42832,8089,8394,5868,4172,530

Jan. 25.

2,65916,559

36,629

2,50516,1633,37221,406

1,5422,1763,575

29,7677,37831,26513,14325,645

5,3316,0821,2511,5533,190

3.1632,981

8,9965,876

111,56418,36647465,520

25,9991,851

11,06210,372

8,978145,131

4,30142,1899,2054,2617,7501,847


FEDERAL RESERVE CLEARING SYSTEM.

OPERATIONS DURING DECEMBER, 1922.

[Numbers in thousands. Amounts in thousands of dollars.]

Items drawn on banks locatedin own district.

Federal reserve bank orbrnnch.

BostonNow York

BuffaloPhiladelphiaCleveland

CincinnatiPittsburgh

RichmondBaltimore

AtlantaBirmingham..JacksonvilleNashvilleNow Orleans

ChicagoDetroit

St. LouisLittle RockLouisvilleMemphis

MinneapolisHelena..

Kansas CityDenverOklahoma CityOmaha

DallasEl PasoHouston

San FranciscoLos AngelesPortlandSalt Lake CitySeattleSpokane

Total: DecemberNovember

In Federalreserve bank or

branch city.

; Amount. Num-ber.

13,04811,840

618,0444,497,835

102,634919,287274,431142,321277,041154,868160,553197,54249,27024,54031,93852,053

666,114193,597269,184

32,13474,46047.734

134,6022,059

230,248<o2,22257 66961,0S992,01611,54246,320

139,757153,42836,33134.63339,28919,611

9,896,396 40,1989,641,082 30,671

Outside Federalreserve bank or

branch city.

4,0145,766

5162,5291,504

9251,0592,265808409222197253134

4,576625

1,666391501247

1,843153

1,515414

1,101697

1,657152402788

1,615249466261218

Amount. Num-ber.

457,839743,18060,578320,427174,31892,621115,123328,44480,83649,56717,89019,20122,33316,652362,27753,87096,50226,49530,15518,27797,87613,393100,70928,49476,49136,572212,44911,06436,14248,293117,20712,84832,69717,32811,608

3,939,7593,728,616

Items drawnon Treasurer of"United States.

Amount.

164

'' 171758878515159

I3J1416;39

1398

4113471593

s31715745G22194411

15,431121,844

2,49031,2146,5227,3796,0126,9466,5194,7191,4441 1441,51318,08156,6854 487

11,3061,5688,4932,629

Total itemshandled, exclu-sive of dupli-

cations.

Num-ber. Amount.

4,8129,143

7604,7702,379

11,2351 6682,4511 2 3 2 |1,160

4S22853402.54

6,204981

2, ISO479659349

Items for-warded to

other Federalreserve banks

and theirbranches.

Num-ber.

6,56S[*2,I73

3,0863^149

1,25211,7614,8991,7882,6144,5751,5201,440

165,58421,2846 r6433,967

10,1322,454

562,907352,937

1961,985596

1.186* 2

1,923218501

1,2142,072

347545445272

'56,34851,677

1,091,3145,362,859165,702

1,270,928455,271

a 243,965398,176490,258247,908251,828!68,604!44,88555,784!

86,78Gl1,085,076251,954376,99260,200113,10868,640

> 243,15216,704342,71885,615135,948

> 100,437309,04024,12683,902353,634291,91955,82271,29766,74933,673

'14,404,97413,730,270

2431,35715151279161001S71993324379493872443

12292

27183595094151837

122

162716

4,3813,836

Amount. Num-

55,767147,75525,24998,189

Items for-warded to

parent bankor to branch

in samedistrict.

ber.1 Amount.

6,28641,54966,70441,662

9,502!13,999i6,787jl,840 !

14,44136,844

6,6514,078

9851,097

30516, soi;4,26li

36,018'16,216!

8,149;5,396

10,335|2,198i2,3354,307!

17,041}1 3313,419!5,8S1|2,865!

2735

*34163542872831

746

125

11112212

755520205075

376243124820

722,883!705,189

852774

19,429

'"¥, 2233,1108,947

10,7268,8424,319

35,2701,4191,105

9332,490

Total items handled, includingduplications.

Number of nonmemberbanks.

Number.

1922

5,0555,30110,527

1921*

Amount.

1922

9465,2822,4921,2671,803

?;65f8:

'•SI3291

353;309

6,603, i l 010

1,829= 2,234!1,381 493!

166 673|266! 353;120; 2,266:

1,54112,26414,5066,8904,6396,176

6781,3394,775

2052,331

7341,265

92212,067

240!524t

1 ,2" '8,150 2,256;4,205 397;2,246! 573j5,925 5202,962! 308

4,6528,493

'9294,G79i1,826}1,128'1,4432,401j1 183

561i462!263|302274-

5,474!798:

1,891'389;557;289

*250.2,069

6181,055

713'1,572212462902

1,756341518393267

1921 >

1,147,0815,515,915

210,3801,369,117

469,084253,361448,672567,688298,412265,649117,87353,091'58,729!

102,1601,124,410

261,419382,899

62,566,114,37169,21l!

260,12322,500

391,000116,337\150,9S7f110,472325,551!27,002:87,5761

362,716:317,110

61,35s1

76,96278,555;39,500,

1,028,1862,879,242

183,6531,147,041

354,348206,477359,132514,113]255,101128,61878,34644,38156,94676,066

964,158197,544319,097

47,82385,15451,472!

230,57735,324

361,896101,948134,54292,038

282,32724,67875,788

216,509243,52860,43977,01365,17441,692

191,98661,5S1 50,984 15,319,843'll, 018,371182,81556,287 49,66014,61S, 274'10,8S0,891

159| 167ISO! 152

3? i

152 1S452! 23

2,2632,218

1 Incorporated banks other than mutual savings banks,a N 16 to Dec 15

m

a Nov. 15.I Ttiolud^itoms 'drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati, 11,000 items, $1,644,000; Minneapolis, 5,000 items, 14,106,000; Ornate 255

itemsT $162,000; total, 16,000 items and $5,912,000.NOTB —Number of business days in period for Nashville waa 26 and for other Federal reserve banks and branch cities, 25 days.

CO



GOLD AND SILVER IMPORTS AND EXPORTS.IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.

Gold. Silver.

Countries.

IMPORTS.DenmarkFranceGermanyNetherlandsNorwaySpain ]Sweden |United Kingdom:

England.Scotland

C a n a d a . . . . . . . . . . .Central America..MexicoWest Indies 1Argentina fChile

December- Twelve months endingi December- December—

1921

$2,021,1563,708,371

470,009673,280

1922 I 1921 1922

$.5,526,222

28,365

1,362,560

13,729,437

ColombiaPeruUruguayVenezuelaChinaBritish IndiaDutch East Indies..HongkongP h i l i

2,314,451694 734329,602188,878

7,23461,514

1,020,608166,102371,146156,08899,586195,167290,747

H o g gPhilippine Islands..British Oceaniaritish Ocea

AU^therV."

Total.EXPORTS.

SpainSwedenUnited Kingdom—England.CanadaCentral AmericaMexicoWest IndiesColombiaChina.ChinaBritish IndiaDutch East Ind ies . .French East Indies. .HongkongJapan.

218,7782,154,527

902,532529,320

31,665,827

25,000

206,209

"i,*685*386'

212,130

All other. 32,863

i5,46220,828

15,600,648

I $5,431,500190,666,45319,926,76119,893,0191,534,9853,319,281

66,355,925

202,091,349

501,657195,187493,76715,3325,84534,011255,239282,033

66,9971,177,273

95,884

73,978

26,439,677

10,000

15,4721,656,937

454,950135

250,200

311,700

"io'm'Total j 2,161,582 ! 2,709,591

36,856,1106,539,8205,588,7377,081,5631,066,471

447,63311,941,6851,613,6216,817,9031.353,846

17,912,68732,009,5531,316,5455,660,8251,399,808

16,970,2616,874,924

20,577,032

$17,769,57627,043,158

35,1189,957,8708 423,894

71,12532,885,875

121,732,152151,320

10,378,0324,373,2205,912,737

691,248,297

25,2002,643,013

2,913,783

7,090,419250,844

1,179,00060,000

9,621,655

23,891,377

389,3396,847,9101,619,119

273,689915,169

8,937,975

*i,"626,"9li'14 730

853,0344,230,9002,569,1016,350,983

1921

$8446,879

69,990

1922

$2,362

29,136

13,1S9 37,503

255,81875,348

3,842,400427

1,021123,62714,463

795,39124,244

6625

*"iii,"o28'

1,817137

179,190

275,169,785 | 5,515,904

727,00078,00020,990 ;

22,161,759 !12,127

4,303,6095,884

500,000350,200

4,445,339435,010

130,960656,879

94,4703,758

2,529,61584,325

3,582,385 J:

252,591

1,320,0002,005,797

34,243

36,874,894

285,000

7,145,047

924,17583,289

5,201,19939,308

270121,56611,645

1,180,316

804,398

2,212123

124,124

7,847,570

1,897,927133,660

182,334. 467

2,293,5942,114,046

291,172

6,913,200

Twelve months endingDecember—

1921

$1,2141S4,513

5,320,3372,4747,767

16,4716,604 ;

1,199,408 I

1922

$987206,856707,137

11,732145,621

1,790

236,576

3,807,2032,022,926

41,249,925306,510

19,6131,825,744

178,6325,598,218

28,1103,3098,029

12,368494,047

'39621,7734,679

169922,232

63,242,671

11,843,1034,591,373

284,8432,140,667

425,372239,500

12,782,8793,233,382

1,848,00010,408,0213,492,359

285,900

6,975,8811,461,229

48,453,079577,137

6,4191,639,639

253,0138,179,895

2 1673,718

12,215

6 ,75

12,6891 579

12,7881,287,759

70,806,653

60010,685,5402,220,671

7,3502,269,685

29,433805,703

20,225,80811,971,351

1,320,00012,852,797

47 237371,111

51,575,399 62,807,286

DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT JANUARY 31, 1923.


BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. . .Kansas City. . .DallasSan Francisco.

Paper maturing within 90 days.

Secured b y -

Treasury notesand.

certificates ofindebtedness.

United Statesbonds and

Victory notes.

Tradeacceptances.

Commercial,agricultural,

and live-stockpaper, o. e. s.

444444 !4- 44

4J4*444

84141414

444444444444444i44444

Bankers'acceptances

maturingwithin

3 months.

Agriculturaland live-stock

papermaturing

after 90 days,but within6 months.

4y41

4j

4


FEBBUARY, 1923. FEDERAL RESERVE BUIiLETIN. 265

GOLD SETTLEMENT FUND.

INTERBANK TRANSACTIONS FROM DECEMBER 29, 1922, TO JANUARY 25, 1923, INCLUSIVE.


Transfers.


Debits. Credits,

BostonNew YorkPhiladelphia...ClevelandRichmond.. . . .Atlanta..ChicagoSt. LouisMinneapolis...,Kansas City...,DallasSan Francisco.,

9,500214,0007,500

1,000

1,0001 0003,0003,000

Total 4 weeks end ing-Jan. 25,1923 240,000Dec. 28,1922 77,000Jan. 26,1922 82,475Dec. 29,1921 149,273

5,00019,00012,50023,50023,00014,00038,00031,00013,00024,000

1,00036,000

240,00077,00082,475

149,273

Daily settlements.

Debits. Credits,

574,7662,021,140656,011548,424457,097238, GOO

1,029,079525,805142,616376,406216,496275,966

7,062,4126,547,5245,123,0815,166,443

591,8562,117,665653,791560,103448,089226,460

1,023,911499,117137,264350,978210,365242,213

7,062,4126,547,5245,123,0815,166,443

Changes in ownershipof cold throughtransfers and settle-ments.

Decrease.

98,475

2,4288,131

763

109,787

Increase.

12,590

2,78035,17914 592

85432,8324,3126,648

109,787

Balance Infund atclose ofperiod.

29,070155,64821,224

100,35731,78725,25101,24516,08733,92937,25013,37934,627

559,854516,681503,703541,973

MONEY IN CIRCULATION, JANUARY 1, 1923.

[Source: United States Treasury Department circulation statement.]

i Money held by jStock of money I the U . S . j

Money in circulation.

in theUnited States.

Treasury andthe Federal !

reserve system. | Amount.

Gold coin and bullionGold certificatesStandard silver dollarsSilver certificatesTreasury notes of 1890Subsidiary silverUnited States notesFederal reserve notes } 2,817,191,215 ,Federal reserve bank notes 43,913,965National-banknotes ' 702,128,087 |

Total >Comparative totals:

Dec. 1,1922Jan. 1,1922Apr. 1,1917.July 1,1914Jan. 1,1879 :

$3,933,475,615 $3,50-1,283,430* (703,130,329) 405,380,430

441 754,404 ! — "* (344,280,093)'

Ml, 484,883)1209,288,995346,681,016 !

380,289,09555,696,884

1,00023,310,9S660,475,349

444,326,2947,186,171

54,480,566

$429,192,179302,743,89961,465,309

288,589,8091,483,883

245,978,0092S6,205,607

2,372,864,92136,727,794

707,647,521

8,614,433,297 I ' 4,935,43G, 211 I 4,732,898,991

8,482,254,5518,282,070,4525,312,109,2723,738,2SS,8711,007,084,483

*4,8S5,537,645•4,750,975,593* 3,896,318,653* 1,843,452,323

•212,420,402

4,616,508,0594,521,566,5704,100,590,7043,402,015,427

816,266,721

Percapita.

$3.882.74.50

2.61.01

2.232.59

21.46.33

6.40

42,81

41.8041.5139.5434.3516.92

1 Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents.* These amounts are not included in the total, since the money held in trust against gold and silver certificates and Treasury notes of 1S90 is

Included under gold coin and bullion and standard silver dollars, respectively.' 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 andmoney 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 thisstatement are shown in parentheses in the first column.


EARNINGS AND EXPENSES OP FEDERAL RESERVE BANKS FOR THE YEAR ENDING DECEMBER 31, 1922.

EARNINGS.

Discounted billsPurchased billsUnited States securitiesDeficient reserve penaltiesMiscellaneous

Total earnings

Total.

$26,523,1^35,628,956

16,682,463602,951

1,053,246

50,490,739

Boston.

$1,543,539591,647

1,391,6919,7774,659

3,541,313

NewYork.

$3,970,2101,619,5125,227,488

49,738474,371

11,341,319

Philadel-phia.

$2,393,G73712,383

1,119,45714,40912,028

4,251,950

Cleve-land.

$2,247,667743,759

1,946,91527,22328,718

4,994,282

Rich-mond.

$2,569,88774,65595,37887,0805,944

2,832,944

Atlanta.

$1,951,695164,704189,39044,3572,590

2,352,736

Chicago.

$3,862,291547,339

2,081,34049,761

208,132

6,748,863

St. Louis.

$1,303,808255,750832,16945,91518,805

2,456,447

Minne-apolis.

$1,451,659

383,531128,087

5,971

1,969,248

KansasCity.

$1,492,6578,828

1,408,73847,215

137,222

3,094,660

Dallas.

$1,609,383197,994195,04950,43232,917

2,085,775

SanFrancisco.

$2,126,654712,385

1,811,31748,957

121,889

4,821,202

CURRENT EXPENSES.

Salaries:Bank officersClerical staffSpecial officersAllother

Governors' conferencesFederal reserve agents' conferencesFederal Advisory CouncilDirectors' meetingsTraveling expenses l

Assessment for Federal ReserveBoard expenses

Legal feesInsurance (life, fidelity, casuality.

workmen's compensation, andgeneralliability)

Banking house:TaxesFire insuranceLight, heat, and powerRepairs and alterations (not

of permanent character). . . . .Allother.

BentFire insurance—furniture and

equipmentOffice and other suppliesPrinting and stationeryTelephoneTelegraphPostage (other than on money and

security shipments)Expressage (other than on money

and securities shipments)Security shipmentsCurrency and coin shipmentsFederal reserve currency:

Original cost, including ship-ping charges ,

Cost of redemption, includingshipping charges.,

Taxes on Federal Reserve banknote circulation

All other expenses

Total current expenses.

2,461,32314,222,021

818,7721,310,524

5,5154,0299,063

146,084293,236

722,54563,322

433,273

270,9159,238

175,908

89,63833,122

1,040,949

11,099443,193739,715203,023573,858

1,118,151

49,084139,392

1,078,518

1,578,592

434,179

304,261776,801

29,559,343

141,000925,07234,430

100,932411426250

7,3679,820

55,241775

29,072

90,9002,081

25,489

1,7671,886

52,772

38126,53974,58821,1697,977

81,415

2,43414,005

147,072

65,501

38,792

23,87138,965

2,022,400

494,8443,602,883

188,207280,085

490247845

23,07528,923

197,8823,982

63,887

29,184348

16,569

2,5813,345

350,284

90962,48190,27648,98363,943

128,952

4,17638,485228,530

553,125

70,174

69,374129,461

6,776,530

129,499982,60057,95283,477

206181461

6,40716,378

60,6254,370

43,202

21,276452

39,085

20,3961,4251,675

78431,45751,97323,43118,745

73,008

4,2836,498

142,359

118,014

43,381

24,72345,596

2,053,919

220,1001,081,239

93,785108,236

360260613

8,38621,036

76,7375,538 i

24,612

23,493'8977,494

6,84520,084162,648

1.09137,96566,08015,96936,516

82,843

3,04316,011101,218

124,508

37,788

21,33554,536

2,461,266

155,467760,88333,18978,739

166123629

5,79523,101

37,40212,218

22,541

40,901

10^989

24,854i 2744,341

61336,38448,4315,944

34,934

89,731

2,2155,669

59,415

68,358

24,734

13,18427,358

1,631,356

159,994487,75123,37538,758

656286690

21,75819,284

30,1648,948

27,651

9,393260

10,555

1,101562

25,841

24817,81933,2254,54664,789

61,085

1,8323,25152,634

107,938

25,219

22,36031,080

/367,1561,907,058155,333236,665

309348992

8,22142,083

98,3071,387

65,581

43

1,293,053

205,729

1,77583,090109,17231,328C2,168

150,434

3,82411,717136,943

95,378

82,631

33,425188,960

4,080,057

155,877829,07228,41840,750

456228

1,25010,67524,498

31,8202,919

40,587

3,076170

3,014

382193

73,627

1,02719,24437,9777,44842,841

97,582

3,4778,08143,711

52,719

11,586

16,37734,140

1,623,222

107,977463,39022,28116,446

467267

1,14011,40721,470

24,94511,592

25,311

1,578

902

1,66711

44,038

48121,95442,5157,09021,697

79,184

8874,01822,992

53,334

16,765

14,26044,876

1,084,942

161,530957,88362,918

107,316512250460

25,60417,941

32,2306,911

28,650

ir>,4951,962

28,253

25,8833,958

18,786

1,13332,40845,3009,127

73,831

121,593

3,99812,02839,118

64,990

28,077

37,71344,962

2,010,820

132,184680,62937,134

105,356261297250

6,00330,383

26,189708

24,454

30,485904

28,212

3,215

3,743

64331,79254,66712,21358,383

68,322

3,0803,93354,206

44,262

12,336

12,63948,508

1,515,391

235,6951,543,561

81,750113,7641,2211,1161,48311,3S638,319

51,0033,974

37,725

5,134347

5,346

947384

97,465

2,01442,06085,51115,77588,034

84,002

15,83515,69650,320

230,465

42,696

15.000S8,359

1

3,006,387

i Other than those connected with governor's and agents' conferences and meetings of directors and of the advisory council.


PROFIT AND LOSS ACCOUNT.

EarningsCurrent expenses.,

$50,490,73929,559,343

Current net earnings.

Additions to current net earnings:Amounts deducted from re-

serve for—Depreciation on U. S.

bondsProbable losses

Allother

Total additions.

Total.

20,931,396

630,1223S0,9S4328,838

1,339,944

Deductions from current net earn-ings: j

Depreciation allowances on |bank premises I 3,107,295

Furniture and equipment | 7SS, 244Reserve for probable losses j 8SG, 000Reserve for self insurance j 444,072Reserve for depreciation on }

U. S.bonds jAll other j

78,058469,935

Total deductions.

Net deductions from current netearnings

Net earnings available for divi-dends, francliise tax, and surplus

Dividends paidFranchise tax paid U . S . Govern-

ment.

5,773,604

4,433,660

16,497,736

6,307,035

7,450,5432,7-10,158

Boston.

$3,541,3132,022,400

$11,341,3196,776,530

1,518,913

32,100

41,594

328,215133,106

1,784

1,097,402

Transferred to surplus account —

MEMORANDA. \

Amounts added to surplus ac- !count through rcvorsal of ]charges previously made for— ,

Depreciation allowances onbank promises 2,630,277

Reserve for undetermined |liabilities... . . . . . - ; 1,000,000

Amounts deducted from surplusaccount and paid to U. S. Gov-ernment as a franchise tax for1921 • '3,400,002

481,951

538,88376,568

NewYork.

4,564,789

Philadel-phia.

$4,251,9502,053,919

2,198,031

Cleve-land.

$4,994,2822,461,266

2,533,016

2,743 I

67,732

*i4,*946

2,743 ! 82,678

365,05350,172 | 42,931

294,072

"i36,*642" 902

845,939 43,833

843,196 I * 38,845

3,721,593 2,236,876

1,652,138 541,552

1,862,509206,916

855,361839,960

247,350

1,000,000

'1,604,549 36,366

43,728

48,889

Rich-mond.

$2,832,9441,631,356

1,201,588

3,618

*8,*83i'

125,42842,779

100,000

"'45, 'J5I6'

313,217

12,449

178,35804,71050,00050,000

3,521

346,5S9

264,32S ]

2,268,688

692,436

714,OSS861,264

334, U0

867,448

333,321

480,71453,413

125,000 225,277

20,459

Atlanta,

$2,352,7361,293,053

1,059,683

2,590

4,413

163,29117,387

200,000

10,685

Chicago. St. Louis.

$6,748,803 $2,456,4474,080,057 1,623,222

Minne-apolis.

$1,969,2481,034,942

2,668,806 I 833,225 884,305

144,554300,000127,465

572,019

3,883

2,257

6,140

1,400,000238,921

2,00044,755125,000

196, CS7 20,03S

391,306 I 1,835,610 j 191,793

3S0,953 I 1,263,591 ! 185,653

672,730 I l,40.i,215 ( 647,572

256,618 j 876,203 2S-V6G

374,501 470,11141,611 52,901

87,95627«, 450

213,629

2,030,000 i

710,190 j

41,231

41,231

KansasCity.

$3,094,6602,010,820

1,083,840

95,999

5,960

101,959

9,71324,640 !

337,81060,128

78,0T>S30,431 4,825

142,842 j 402,703

Dallas.

$2,085,7751,515,391

570,384

231,52380,984

1107,113

419,620

161,01832,710439,000

3,151

SanFrancisco.

635,879

52,423 208,170 |.

$4,821,2023,006,387

1,814,815

4,395

1,814

6,209

36,40636,00372,000

16,259

160,668

250,000

306,926

to

S

1 Includes $55,000 representing excess of sale price over net book value of okl bank building sold during the year.

to


REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT.

Expenditures during 1922:Salaries ,All other '

Amounts reimbursable Jan. 1,1922

Total . . .Reimbursements received during

1922

Balance reimbursable Jan, 1,1923

Total.

$099,14448*, 67163,113

1,216,928

878,685

368,243

Boston.

$10,03723,7092,216

65,962

40,471

25,491

NewYork.

$12,093167,196

3,910

213,199

102,887

110,312

Philadel-phia.

$27,47026,1992,101

55,770

41,393

14.377

Cleve-land.

$58,72531,6227,148

107,495

72,767

34,728

Rich-mond.

$25,45015,4541,299

42,203

35,843

6,360

Atlanta.

$29,60317,4453,485

50,533

41,784

8,749

Chicago.

$89,53672,81111,488

173,835

134,094

39,741

St. Louis.

$53,98721,8125,280

81,079

55,911

25,168

Minne-apolis.

$104,36744,6628,737

157,766

129,734

28,032

KansasCity.

$107,95225,41110,319

143,682

109,900

33,782

Dallas.

$12,82812,1623,113

58,103

51,429

6,674

SanFrancisco.

$57,09626,1884,017

97,301

62,472

34,829

to

i

d

i


DISCOUNT AND INTEREST RATES.

In the following table are presented actual discount and interest rate3 pre-vailing during the 30-day period ending January 15, 1923, in the various citiesin which the several Federal reserve banks and their branches are located.A complete description of the several types of paper for which quotations aregiven will be found in the September, 1918, and October, 1918, FEDERALRESERVE BULLETIN.

A comparison of the discount and interest rates for prime commercial paperprevailing in the various centers during the 30-day period ending January 15and the 30-day period ending December 15 shows relatively little change, butrates for interbank loans, bankers' acceptances, and collateral loans were re-ported lower in some centers. Compared with the 30-day period January 15,1922, all rates are lower in almost all cities.

DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING THE 30-DAY PERIOD ENDING JANUARY 15, 1923.

Prime commercial paper.

District. j City. Customers'. Open market.

No. 1...No. 2. . .

No.3 . .No. 4..

No. 5..

No. 6..

No. 7..

No .3 . .

No. 9...

No. 10.,

No. 11..

No. 12...

30 to 90days.

//. L. aBoston . J 5 -4J 5

I New York* 8 4H2-5i Buffalo 7 5 6

PhiladelphiaClevelandPittsburghCincinnatiRichmondBaltimoreAtlantaBirminghamJacksonvilleNew OrleansNashvilleChicagoDetroitSt. LouisLouisvilleMemphisLittle RockMinneapolisHelenaKansas CityOmahaDenverOklahoma CityDallasEl Paso 10HoustonSan Francisco..PortlandSeattleSpokaneSalt Lake City.Los Angeles—

6 4J 57 4| 66 5 66 5 6

5 G66 58 48 5 6-7715 6J8 4f5j8 0 76 41 5-516 5 516 4 516 41 66 5 67 6 65 5 58 7 87 5 G7J5 618 6 6-7

10 41 7

4 to 6months.

/ / . L, C.5

30 to yodays.

4 to 6months.

5 4JI //. X. C. ! / / . X. C.I 5 4J 41 i 5 41 4J| 5 41 41-4* 5 4i 41-5

415141 65 651 651 65 5}

66-76167

G 4 | 5-516 5 51G V 516. 5 G

6 55 4141

5 5 5; 51 41 41i

\'h"h"h"" 'h"h 5| 6 5 51 G 51 6

51 5 51 > 51 5 5

Interbankloans.

/ / . X. C.5 41 56 41 4f-58 5 616 5

651

7 48 571571 58 6

67 6 6

! 51 5 5118 7 8! 7 5 6

715 618 6 6-7

101 G

751

. 5 66 5 5-518 41 78 5 618 51 6i-78 6 78 4i 6

to7 5 G6 5 5J8 41 78 G 618 G 7

41 4 45 4} 45 441 41 4;

41 4 41; 5 4J 4 i -

4|-5 i 51 4} 55 414}

5 41 5 5 41 41-5

3

f.«»541G5 44? 41 4141 4* 4_41 4 SiC 41 5-51 4 4

41 4i

"in'5*41*41*5 4 '

: 6 45 4i4? 441 45 4.6 5"

10 8 8"

6 6 66 5 5-51f> 4} 6' " 51

Bankers' acceptances,60 to 90 days.

Indorsed. Unin-dorsed.

II. X. C. II. L. C.4 !44 4 4 ! 4 | 4

41 4 4-41 5i 444-4&

I 5 1 5 54 | 4J 41 ! 4 i 4 4J41 4 4 j 4* 4 4

Collateral loans—stock exchange.

Demand, i 3 months.

- . . . . I

3 to 6months.

Cattleloans.

Secured bywarehousereceipts.

// . X. C.

8 5 68 5 661 G 67 5 68 G 6

5-51515 516 5 516 5 66 51 66 51 6

51 517 8

6 5 6 7 5

51 4* 41 5 * 4 1 *

5167666G66S8771

5315415555555

?

54-5656651-665165-66161

4 4 4 14 4 4

; 5 5 5

51

41 41 4 M H F M * 44-41[ 5 4 M 1 5 4J 41: 5 41 4j ( 5 41 41

fil Rl AL

687 5 671 51 618 "> G8 6 77 5 69 6 85 41 4

; 41414141 , 5 4141

6 415-516 5 66 51516 5 66 5 6

i 7 6 6! 61 51 6

: s s s7 5 6

??7 6 6 ! 7 6 6 [10 3 G

6 1 61 6 1

41

51 517 6 661 G 617 6 77 6 67 5 6

41 45 4 4}: 7 4 i 4{• 51 4 5 [ 4 4 4j 7 6 6 1 - 7 [ 7 6 7I I

41 31 4 | 4J 4 4

8 6 6110 8 8S 7 5 6! 6 5 51-6! 8 4 7I 8 6 6! 8 6 6-8

8 7 7• 7 5 6

// . X. C.i 51 5 5116 41 5

7 5 66 5 56 5 66 5 66 51 51-6

16 5 66 5 5J7 41 68 5 6-771 51 771 5 68 6 7

| 6 41 5-5J6 5 66 41 51

! 6 5 6i 6 6 6

8 6 761 51 68 7 88 5 6

: 71 51 618 5 6

10! 8 6,10 8

7 5 616 6 6

8 5 7; 8 4} 7. 8 6 7I 8 7 7; 8 5 61

6 87

II. L. C.51 5 516 4156 5 66 41 56 5 6 :6 5 6 j6 C 66 5 66 5 517 41 68 6 671 51 61 j715 6 18 6 7 I6 41 5-516 5 66 41 516 5 67 6 68 6 761 51 68 7 88 5 6

II. L. C. II. L. C.

Ordinaryloans to

customerssecured by

Libertybonds.

6 5 5-516 5 517 51 G6 6 6

10 G S8 6 7

10 8 8

6 5 68 6 68 6 88 6 78 7 78 5 61

! 8 G 6-871 51 61

! 8 5 6-710 G 8! 8 6 71,10 8 8"

7 6 76 6 6

17 61 616 6 G

. 8 6 7; 8 s s

8 61 6J

5 56 7G 65 6

c887188666667788718108107

888810

5566565515666518515156686666

5*t6

516661675-5166666-7G86616-786187G77r

n. L. c.41 41 4 |

; 6 4J 41-51 6 5 6'! 6 415i 6 5 6I 6 6 6

6 5 5-516 41 66 5 518 41 G8 6 67 5 77 5 517 6 66 41 56 5 66 41516 5 66 6 67 5 65 5 n

: 8 8 sI 7 416; 7 6 6118 5 610 6 8[ 8 5 610 8 8t 5 41 5I 6 5 51-6j 8 6 7! 8 6 7! 8 618 6

8 51 61

Iito

m a t e s for demand paper secured by prime bankers ' acceptances-high, 51; low, 3J; customary, 4-5.

toOSCO


270 FEDERAL RESERVE BULLETIN. FBBRUAKY, 1923.

FOREIGN EXCHANGE RATES.[General index for January, 1923 (preliminary), 68; for December, 1922 (preliminary), 70; for January, 1922,65. Noon buying rates for cable transfers

in New York as published by Treasury. Rates in cents per unit of foreign currency.]

COUNTRIES INCLUDED IN COMPUTATION OF INDEX.

BelgiumDenmarkFranceGreat BritainItalyNetherlandsNorwaySpainSwedenSwitzerland

Canada

Argentina.BrazilChile

China.India..Japan.

Monetary unit.

Franc.Krone..Franc.Pound.Lira...Florin..Krone...Peseta..Krona..Franc ,

Dollar

Peso (gold)....MUreisPeso (paper)..

Shanghai tael.RupeeYen

Par ofexchange.

19.3026. SO19.30

486.6519.3040.20£6.8019.3026.8019.30

100.00

96.4832.44

U9.63

* 60.8548.6649. S5

Low

Janu-ary.

5.120018- 73005.8200

463.31004.7000

39.3700IS. 410015.530026.06001S.5S00

9S.S750

S3.570011.190011.9800

70.730031.110048.3000

Decem-ber.

6.420020.38006.9700

451.98004.S200

39.5200IS.490015.360026.900018.7100

93.5005

83.750011.620011.8500

70.450030.030048.5100

High.

Janu-ary.

6.810020.55007.4100

467.73005.1700

39.720019.050015.790027.020018.9500

99.6181

85.680011.670013.3200

72.850033.200048.9600

Decem-ber.

6.950020.99007.6100

467.90005.1300

40.130019.2-? 0015.790027,030019.0000

99.9874

86.370012.240013.0500

72.070031.110048.9900

Average.

Janu-ary.

! Decem-I ber.

6.076519.79386.6769

465.46114.8792

39.564218.666515.660026.861018.7831

99.0943

84.7354 I11.3796 !12.8177 !

71.933131.720248.7454

6.644820.67007.2296

460.9S005.034039.836818.939615.635626.948418.9100

99.4484

85.568811.945212.4064

71.044430.G48848.8500

Index (per centof par) .i

Janu-ary.

3L4873.8634.6095.6525.2898.4269.6581.14

100.2397.32

99.09

87.8335.0865.63

107.6065.2097.78

Decem-ber.

34.4377.1337.4694.732G.0899.1070.6781.01

100.5597.98

99.45

88.6936.8263.52

106.2762.9997.99

OTHER COUNTRIES.

Monetary unit. Par ofexchange.

Low.

Janu-ary.

Decem-ber.

High.

Janu-ary.

Decem-ber.

Average,

Janu-ary.

Decem-ber.

Index (per centof par) .i

Janu-ary.

Decem-ber.

AustriaBulgariaCzechoslovakiaFinlandGermanyGreece... . . .HungaryPoland.;PortugalRumaniaYugoslavia

Uruguay..

China.HongkongStraits Settlements.

Krone..Lev.KroneMarkkaReichsmark..Drachma... . .Krone ,Polish mark..,EscudoLeuDinar ,

20.2619.30

10.3023.8219.3020.26

Cuba Peso. . . .Mexico do..

.do..

Mexican dollar..DollarSingapore dollar.

108.0519.3019.30

100.0049.85

103.42

3 48.11M7.77

56.78

0.0014.6586

2.77052.46S9.0021

1.1588.0373.0027

4.4600.3728.6955

99.900048.5417

82.3100

51.710052.7700£2.9600

0.0014.6783

2.72562.488S.0118

1.0000.0390.0054

4.2500.5775

1.0750

99.887548.3125

SO. 9800

51.420052.500051.9600

0.0014.7143

3.09252.5100.0139

1.28(33.0411.00.57

4.7900.5906

1.0864

100.000049.2031

85.6400

52.750053.960054.7100

0.0014.7180

3.18782.5263.0186

1.4200.0437.00604.8500.63381.4014

100.050048.7625

85.4500

52.900054.050053.6700

0.0014.69472.85562.4807.00731.2206.0392.00434.6050.5194.9560

99.950848.9082

84.6050

52.298553.424654.1412

1 Based on average.. * 1913 average.

SILVER.

[Average price per fine ounce.J

0.0014.6997

3.09692.5124.0136

1.2337.0430.0057

4.5212.6111

1.2231

99.945048.4468

84.2120

52.028853.228853.0100

0.013.60

0.013.63

12.85.03

6.32.19

13.02

6.39.21

4.262.694.95

99.9598.11 i

4.183.176.34

99.0597.19

81.81 ! 81.43

108.71111.8495.35

108.15111.4393.36

January.

London (converted at average rate of exchange).New York

50.66978.06094

December.

$0.65104.64250


FEBRUARY, 1923. FEDEKAL, RESERVE BULLETIN. 271

FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES*

A summary of banking and financial conditions abroad is presented statistically in theaccompanying tables.

ENGLAND.

[Amounts in millions of pounds sterling.]

Note accounts a n dBank of England de-posits.

London clearingbanks.*

Average of end of monthfigures:

1913192019211922

1922,end of—JanuaryOctoberNovemberDecember

i l ,370! 15' 3,252 1,078

309 I 1,768 ( 2,911 1,139- n I * ™ • 3 097 I 796

118.2123,0J124.6125. 8

1,1921,0331,031

J,031

i Held by the Bank of England and by the Treasury as note reserve.* Less notes in currency notes account.* Average weekly figures.< Statist.* Bankers Magazine.* Excluding Germany.

FRANCE.

[Amounts in millions of francs*)

Average of end of month figures:1913192019211922

1922, end of—January 9OctoberNovemberDecember

1923, end of—January

Bank of France.

Goldre-

serves.1

-3,3433,5863,5683,597

.3,576

.3,6353,6363,670

3,671

Silverre-

serves.

629253274285

280288289289

290

Warad-

vancesto theGov-ern-

ment.

Note | Totalcircu- de-lation. | posits.

26,00025,30023,042

23,00023,60022,90023,600

5,56538,06637,40436,177

36,43336,694 !36,114 I36,359 |

8303,5272,9272,307

2,3922,1702,1842,309

23,100 i 36,780 | 2,208

Government finances.

Gov-ern-

mentrev-

enue.

3201,0051,103

1,3231,5031,2071,311

BonsdelaDe-

fenseNation-

ale.

59,168

In-ternaldebt(in-

cludingBonsdelaDe-

fenseNation-

ale).

35,000

Priceof 3 per

centper-

petualrente.

86.7757.3456.5658.48

56.5558.2559.0059.02

58. SO

Aver-age

dailyclear-ings

of theParis

banks.

I New stock and[ bond issues.

Savigsbanks,;excess |ofde- :posits

with-draw-als ( - ) .

59 - 6 5554 +48550 I +67525 j +53

489 +41556 ] +17783 ( +43630 j +33

Value.Aver-

age ratoof

return.

4,6541,100

791421179

6.70

6.666.416.59

i Not including gold held abroad.* Converted to francs at par.



ITALY.

[Amounts in millions of lire.]

Average of end ofmonth figures:

1913*1920...19211922

1921, end of—December

1922, end of—SeptemberOctoberNovemberDecember

! Banks of issue.

Reserves.

Gold.

1,3751,0431,074

1,092

1,1251,1361,141

Total.

1,6612,0882,020

1,999

2,0242,0392,034

Loansanddis-

counts.

8576,3357,586

10,088

8,8589,082

! Note; circulation.

i For ac-count

ofcom-

merce.

2,2847,0359,304

10,304

9,9249,7829,892

Forac-

countof theState.

10,5819,064

8,505

8,0668,0758,074

Totalde-

posits.

3182,4742,475

3,103

2,6612,638

Leading private banks.*

Cash.

1291,3081,200

1,997

769781

Loansanddis-

countsinclud-

ingtreas-ury

bills.

1,09310,59410,677

8,012

8,7068,659

Duefromcorrtvspond-ents.

9145,9455,575

3,785

3,4603,568

Par-ticipa-tions.

55446465

316

337339

Totalde-

posits.

1,67415,81016,001

12,502

11,89711,960

•


Short-termtreas-ury

bills.

13,200

21,926

25,574

For-eigndebt.

Totalpublicdebt.*

21,245 109,092

Princi-palrev-

enuesduring

month.*

1,019

1,458

6821,354

7301,442

Indexnum-

bers ofsecurityprices.*

87.12

80.13

105.68109.9011L94112.91

1 Includes Banca Commerciale Italiana, Credito Italiano, Banco di Roma, and until November, 1921 Banca Italiana di Sconto.* Includes paper circulation of the State and of banks on account of the State.»Revenues from State railways; from post, telegraph, and telephone; from State domain; from import duties on grain; and from Government

sales of sugar are not included from November, 1921.* 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.]

Reichsbank.

Goldre-

serve.

Average of end of monthfigures:

1913192019211922

1922 end of—January ,OctoberNovember *.December


1,0681 0921,0561,002

9961,0051,0051,005

1,005

Notecir-

culation.

1,95853,96480,952

339,677

115,376469,457754,086

,280,095

,934,496

Totalde-

posits.

Dis-counted

Treasurybills.

66817,70220,213

108,633

23,412140,779240,969530,526

762,264

Com-mer-cial

*$?count-

ed.

Totalclear-ings.

47,98083.133

338,147 72,211

126,161477,201672,222

1,184,464

1,609,081

1,592101,155246,949422,235

697,216

6,13657,89889,297

530,647

116,680789,341

1,463,7662,078,969

Dar-lehns-

kassen-scheinein cir-cula-tion.

13,1458,861

11,217

8,04614,00913,80913,450

13,395


Re- .ceiptsfrom

taxes.

207

6,285

8,80250,175

103,658132,615

Rev-enue

ofStaterail-

ways.

13

2,358

4,41558,16192,959122,785

Treasurybillsout-

standing.

Valueof newstockand

bondissuesplacedon Ger-man

market.

1220

192,832475,835

255,678614,000839,000

1,495,000

2,082,000

2,655

4,8317,187

15,223

Index of secur-i ty prices.*

25stocks.

Per cent Percent.

100169

1,334

1,378

10 do-mesticbonds.

100105

312

322

> End of March, 1913.fi^K?6?1?^?*^ b y t^e Frankfurter Zeitung, using as base (100) prices for January, 1922, instead of for January, 1921, and eliminating thenve Donas in foreign currencies. Figures are as of beginning of month.


FKBRCARY, 1923. FEDERAL, RESERVE BULLETIN. 273

SWEDEN.

[Amounts in millions of kronor.]

Averages of end of monthfigures:

19131192019211922

1921, end of—December

1922, end of—SeptemberOctoberNovemberDecember

1923—January

Government Protested billsfinances. during month.

Fund-1 Float-ed i ing i Num

State i State | bcr.debt. debt.

> End of December figures.

CANADA.

[Amounts in millions of dollars.]

Average of end of month figures:1921 . .1922

1921, end of—

MarchApril .May.

. July . .

1922, end of—

April\fav

JUly

December

Goldcoinandbul-

lion.i

7275

747570747470707069696970

707070707070707071879293

Chartered Banks.

Cur-rent

loansanddis-

counts.

1.4031,272

1,4381.4291,4451,441

' 1.4311.4121,3921,3771,3911,4001,3541,319

1,2871,2991,3011,3141,2851,2661,2481,2481.2501,2761,2551,230

Moneyat call

andshort

notice.

282280

304303282264269277268264290277297288

261273267278288274272277279301303284

Publicandrail-waysecu-rities.

369332

362361355362394388386374361346372366

361352354343313319323331322;uo317341

Notecir-

cula-tion.

195166

206207206203193196193184187194182185

163164163165156166152158177179170176

i1

Individ-ualde-

posi ts-do-

mandand

time.

2,1252,009

2,2162,1862,1802,1342,1372,1532,0952,0752,0942,1012,0932,052

1,9251,9871,9812,0002,0592,0532,0161,9791,9852,0202,0362,061


Goldre-

serves

min-ion,

notes.

8590

OS9980818384R58181818281

818181SI83So8789919396

129

Do-min-ionnotecir-

cula-tion.

272240

294290278264257269263262260254287231

255247241242222233231229235240251257

Totalnet

debt.

2,335

2,3032,3072,311

2,3172,3492,3582,3452,3332,3292,3692; 367

2,3732,3722,385

2,3912,3972,3932,3882,3842,3702,3922,412

Rev-enue.

35

393532

6325332742263029

242528

! 57, 29

313032343430

Ex-pend-iture.

28

282024

4233232521196217

281828

4530202024175432

Dankclear-ings.8

1,4541,353

1,4871,3101,3471,4481,5241.4S21,3741,2921,3431,5461,6671,633

1,3491,1491,3461,1931,4971,3231,2781,1721,2531,4971,6191,555

Newin-cor-

pora-tions.

J1515

1417162518131710121219

111715101920121511181416

1

Busi-nessfail-ures.

•4773

504535413134454345585972

00899059076460646572

' 7683

1 Includes gold in central gold reserve but not gold held abroad.* Total for month.»Weekly average.


274 FEDERAL RESERVE BULLETIN". F E B R U A R Y , 1 9 2 3 .

ARGENTINA.

[Amounts in millions of pesos.]

End of—1913191919201921

1921, end of—November

1922, end of—AugustSeptember. \October jNovember i

Banco de la Naci6n.

Cash.

Gold

Clearingsin

BuenosAires

(paper).

823 1 1,4711,177 I 2,8051,363 ! 3,6121,363 | 3,482

1,363 I 2,133

1,363 I1,363 '1,363 '

2,5702,7252,827

Liabili-ties

underbank-

ruptciesduringmonth.

1435

13

13

71011

1 Includes Banco de la Nacidn.* 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 ]

Average of end of month figures:191319211922

1922, end of—JanuaryOctoberN ovGmbftrDecember


. ..,_ . .....

Bank of Japan.

Speciere-

servefor

notes.1

2161,2001,172

1,2411,0681,0661,064

1,062

Loansanddis-

counts.

47107208

224160183375

ISO

Ad-vances

onforeignbills.

333994

56142141205

159

Notecir-cula-tion.

3631,2261,291

1,3771,23612411,590

1,303

Gov-ern-ment

depos-its in

Japan.

Pri-vate

Idepos-1 its inJapan.

297409

277437445333

380

5036

35334066

34

Tokyo tanks. | G£*™^

Cashon

hand.

""129"

no126126169

113

Totalloans.

3331,9321,961

1,9841,9261,9292,011

2,002

Totaldepos-

its.

*1*7S9"

1,7431,8121,8281,869

1,860

Totalclear-ings.

3642,5722,834

2,2462,6972,9713,329

2,246

Aver- •age ! Inter-, Ex-dis- • nal iternal

count i loans, i loans,rate. ;

8.389.009.31

9.029.389.459.34

1,0751,956

1

1,4841,044

Capi-tal

issuesin

Japan.

32"186

83

Indexof se-curityprices.1

194

196160

1 Includes gold credits abroad, coin and bullion in Japan. 1 Tokyo market.



CONDITION OF PRINCIPAL EUROPEAN BANKS OF ISSUE, 1913-1922.BANK OF ENGLAND.

[Combined data for issue and banking departments.)

[From the London Economist and weekly statements of the Bank of England.)

[In thousandwS of pounds.]

Dec. 31, ! Dec. 30, Doc. 29,1913. ' 1914. 1915.

ASSETS.

Gold and silverGovernment securities:

Held by issue departmentHeld by banking department..

Other securities

Total.

34,9&3 \ 69,493 j 51,470

IS, 450 ; 18,450; 18,45013,199 14,808 ! 32,84052,138 100,236 I 112,070

118,770 I 208,9S7 | 214,842

LIABILITIES.

Proprietors' capitalRest (surplus)Fnblic depositsOther depositsSeven-day and other bills..Notes in circulation

TotalRatio of metallic reserve to deposit and

note liabilities combined—per cent

14,553 ;3,252 (

10,25G !61,087 ;

1429,608

118,770

Dec. 27, I Dec. 26,1916. I 1917.

Doc. 25,1918.

Dec. 31,1919.

54,305

18,45057,188

106,461

58,337 | 79,111

18,45058,30394,889

18,4.5071,10092,140

91,342

18,45092,469106,778

Doc. 29,1920.

12S,268

J8,450107,86586,028

Dec. 28,1921.

128,434

18,45036,96283,165

267,011

14,5533,283

2o,933123,055

2436,139

14,5533,312

49,677111,973

1835,309

34.65 i 36.36

208,987 I 214,842

26.14

236,404 229,979 j 260,807 309,039

14,5533,31152,116126,727

2239,675

14,5533,30142,009124,162

1045,944

236,404 j 229,979

24.85 ! 27.50

14,5533,25723,643149,037

1070,307

260,507

32.56

14,5533,27219,213180,638

1391,350

14,5533,340

14,305175,554

8132,851

14,5533,334

16,057100,532

15126,520

309,039 !

31.37

340,611

39.75

267,011

51.56

Dec. 27,1922.

127,443

18,45051,96878,153

276,019

14,5533,345

13,324119,903

16124,878

276,019

49.38

BANK OF FRANCE.

[From weekly statements of the Bank of France.]

[In thousands of francs.]

Gold in vault.

Dec. 26,1913.

3,517,392Other metallic reserve 610,063

Total metallic vault reserve. 4,157,455

300,000

Dec. 10,1914.

4,141,757351,034

4,492,791

300,000

Gold held abroad.Foreign creditsGovernment securities:

Permanent investmentsAdvances to Government I I

since outbreak of war 3,600,000Treasury bills discounted (ad- f i

vances to foreign Govern-ments) ,

Other Government securities.Loans and discounts - —Bills matured and extendedAdvances on bullion, specie, se-

curities, etcBank premisesSundry assets -. —

117,9581,526,462 213,291

3,637,514

772,403 *7S0,75S44 230

320,005

Total 7,238,513

LIABILITIES.

182,500

42,519

CapitalSurplus (including special re-

serves)Amortization account (laws 1914,

1917,1918)Dividends unpaidGovernment depositsOther depositsBank notes in circulationSundry liabilities

TotalRatio of metallic reserve to de-

posit and note liabilities com-bined—per cent

Dec. 30,1915.

5,015,287352,088

Dec. 2S,1916.

5,367,375

3,382,827294,809

1,056,790

300,000

5,000,000

630,000113,378 I429,321

1,834,206 ]

1,151,916 |50,272 |

363,233 !

3,677,0961,693, OSS

825.801

300,000

7,400,000

1,800,000112,652G10,GS4

1,338,833

1,317,75346,086502,718

16,296,500 19,634,311

182,500 j 182,500 j

\ 42,964 !

182,500

42,964

Dec. 27,1917.

Dec. 26,1918.

3,314,417217,657

3,562,0742,037,108

778,307

300,000

12,500,000

3,440,460318,318

3,758,8082,037,10S2,336,472

300,000

17,150,000

3,220,000 3,526,000112,979 112,729918,257 ! 1,052,336

1,140,832 i 1,028,568

1,224,79846,295627,520

1,215,71546,425

1,550,272

26,468,260 |34,114,433

Dec. 20,1919.

Dec. 30,1920.

3,600,215 ! 3,551,902208,035 ! 266,333

3,808,280 3, SIS, 2351,978,278 ! 1,918,3671,296,616 I 677,970

300,000 : 300,000

25,500,000 26,600,000

3,755,000112,913

1,280.361626,438

1,464,33147,261

1,927,158

I

182,500 I

42,961 ;

1,601403,359579,255

5,713,551315,728

2,671,951 2,123,814

441,658

7,238,513

62.09

176,557 ;21,818173,S96 ,

25,147 I 25,831, 15,009 i 251,8591 2,264,892 ! 2,917,555

9i9S6;042 13,309,850 16,678,818 122,336,799rt ' 424,981 710,752

182,500 I

42,961

437,4155,010

111,6842,368,61630,249,612| 716,602

42,162,636

182;500

42,972

702,9345,197

! 76,497! 3,129,393137,274,510' 748,603

3,980,000114,819

3,311,32*403,033

2,201,79546,655

1,579,028

44,9S2,132

Dec. 29,1921.

Dec. 28,1922.

3,575,861 3,G70,484279,765 289,464

3,855,626 3,959,94S1,918,367 1,864,345

623,733 600,822

300,000 ! 300,000

24,GOO,OOO ;23,600,000

4,112,000 4,355,000114,839 I 142,813

2,506,977 ! 2,402,46057,240 ! 28,707

2,210,918 ! 2,0S2(07654,460 j 107,6S0

2,117,383 I 1,980,030

42,561,543 41,423,881

116,296,500 119,634,311 126,468,260 '3-4,114,433

182,500

54,917

1,011,62828,95156,575

3,519,46137,901,5992,196,501

182,500 I 182,500

42,162,630

35.00 34.39 i 19.40 ! 13.97 I 11.48 9.56

72,618

1,829,02216,(HS26,014

2,718,01830,487,4571,229,866

44,982,132

84,754

1,335,38329,83120,482

2,289,66736,359,2871,121,977

42,561,543 41,423,881

9.21 ! 9.83 I 10.24

* No data available as at end of 1914. Incomplete data for Dec. 10 taken from report of Minister of Finance.• Advances on securities only.



GERMAN REICHSBANK.

[From annual reports and weekly statements of the Reichsbank.l

[In thousands of marks.]

I Dec. 31,1913.

ASSETS.

GoldOther metallic reserve.

Dec. 31,1914.

Dec. 31,1915.

.11,169,971 2,092,811 2,445,185

.| 276,832. 36,865 32,073

Total metallic vault re-serve

Imperial Treasury and LoanBank certificates

Notes of other banksBills and checksDiscounted Treasury billsAdvances on collateralSecuritiesSundry assets

!l,446,S03 12,129,676

! 46,202 i| 12,765 !}l,490,749

94,473403,410225,135

875,0005,312

3,936,568

22,87033,972215,013

2,477,253

1,287,8653,130

5,803,31412,93951,375

272,229

Total 3,719,537 J7,218,411 9,903,110 13,447,674

-LIABILITIES.

Capital paid inSurplusNotes in circulationGovernment and other Federal

depositsOther depositsSundry liabilities

TotalRatio of metallic reserve to de-

posit and note liabilities com-bined—per cent

I 180,00070,048

2,593,445

1793,120

. 82,924

180,00074,479

5,045,899

1,756,907

161,126

3,719,537

42.72

7,218,411

31.31

Dec. 30,1916.

2,520,47316,319

2,536,792

422,0891,394

9,609,7679,758

83,749784,125

Dec. 31,1917.

Dec. 31,191S.

Dec. 31,1919.

Dec. 31, Dec. 31,1920. ' 1921.

2,406,5S6 2,262,219 •181,350 19,948 :

1,089,49920,520

2,587,936

1,314,790674

14,596,1065,111

89,1612,091,394

2,282,167 ! 1,110,019

111, 025,2571^74

1,091,636 !5,773 i

Dec. 30,1922.

995,39211,612 j

1,004,84369,195

5,266,9192,908

27,415,7125,637

156,0732,390,080

20,685,172

180,00080,550

6,917,922

2,359,012

370,6269,908,110

26.70

180,00085,471

8,054,652

4,564,206

563,34513,447,674

20.10

41,744,5349,940

163,9332,459,598

1,097,409

123,416.674I 1", 624|60,634,023i 4,438i 183,590

9,728,125

37,519,496 56,515,305 95,065,853

1,007,004

6,963,6072,084

/ 1,061,754\132,330,906

8,476195,912

8,220,979

1,074,035

238,481,10510,393

422,235,2961,184,464,-359

773,974469,972

78,822,505

149,790,722 1,926,331,642

ISO, 000 | 180,00090,137 | 94,828

11,467,749 >22,1S7,815

8,050,389

896,897

13,280,398

1,776,455

180,00099,496

35,698,369

17,071,857

3,465,583

| 180,000104,258

68,805,008

22,327,114

| 3,649,503

180,000121,413

113,639,464/ 7,591,343\25,314,330

2,944,172

20,685,172 37,519,496 J56,515,305 |95,065,8S3 j 149,790,722 1,926,331,642

13.26 6.43 2.10 ! 1.20

180,000127,264

1,280,094,831

153,190,991377,335,296

115,403,260

.06

BANK OF BELGIUM.

[From weekly statements of the Bank of Belgium.1

[In thousands of francs.)

Dec. 31,1913.

Gold :Silver

Total metallic vault reserveForeign exchange and foreign creditsBills discountedPublic securitiesInvestment of surplusAdvances on national public securities. .*.Loans secured by foreign creditsProvincial bonds taken over by the State (law of Nov. 4,1919)Funds held for the National Institution of Savings

249,02756,367

Dec. 30,1919.

Dec. 29,1920.

266,40926,902

305,394166,625634,79558,51841,24061,419

11,823 :

293,31159,744

392,30361,05247,53862,83184,955

480,000

Advances to the Government for the retirement of German marks i : 5, SOO, 000Bank premises, furniture, and fixtures, net, i. e., less depreciation | 14,974 15,391" - J "" 9,447 2,454Sundry assets

Total

LIABILITIES.

1,304,265 ! 7,299,584

*|

50,00041,781

1,067,407

CapitalSurplusNotes in circulationDeposits in current account:

Government, including specie deposits ' 9 585Other. ! 117 098

Funds due to the National Institution of Savings "."."..II!!! n'907Sundry liabilities

50,00047,579

4,763,802

217,9322,216,665

Total.Ratio of metallic reserve to deposirand'n'oYe'UabU^^^

6,487 I 3,600

1,304,26525.58

7,299,5844.07

266,51927,920

294,43928,481756,68861,87048,749126,73184,653480,000

5,500,00015,5872,601

7,399,799

50,00048,750

6,119,239

89,4641,085,149

7,197

7,399,7994.04

Dec. 29,1921.

206,5S440,490

307,07420,684425,97262,77550,175

120,19484,653480,000

5,500,00014,9602,592

7,039,079

50,00050,175

6,289,576

168,073509,109

2,146

7,069,0794.41

Dec. 2S,1922.

268,91754,887

323,80418,169

634,54564,00351,698

129,50284,653

480,000

5,500,00015,4103,039

7,301,823

50,00051,698

6,700,886

215.902283i 010

3,327

7,304,8234.50

NOTE.—Figures for 1914-191S not available.



BANK OF NETHERLANDS.

[From annual reports and weekly statements of the Bank of Netherlands.]

[In thousands of florins.]

Dec* 27,1913.

Dec. 24,1914.

Dec. 31,1915.

Dec. 30,1916.

Dec. 29,1917.

Dec. 28,1918.

Dec. 27,1919.

Dec. 27,1920.

Dec. 27,1921.

Dec. 27,1922.

Gold coin and bullion.Silver .t

151,4909,016

208,1203,491

429,1826,195

587,6026,985

698,2337,028

689,4418,545

637,3236,103

636,14121,190

605,9698,241

581,790.8,990

Total metallic vault reserve -Domestic b illsForeign billsAdvancesGovernment securitiesOther securitiesBank premisesSundry assets

160,50667,50414,30086,0269,2358,9682,0001,196

211,611154,785

667133,353

4,2408,9991,800

10 719

435,37776,3482,506

93,579

"*8*925"1,600

24,812

594,58766,6858,024

85,50511 5779,0961.400

71,087

705,26181,8198,039

107,448

"9," 078*1,465

65,313

697,686243,691

8,930139,515

3 7298,8561,770

89 108

643,426168,86248,354

250,11612,2418,4563,312

40,656

657,331196,82452,754

247,60513,8328,3673,594

22,453

614,210270,18633,794

124,55413,4749.2423,747

19,238

590,780217,19275,399

126,77714,93996554,522

25,022

Total. 349,735 526,174 643,147 847,961 | 978,423 1,193,585 | 1,175,423 1,202,760

LIABILITIES.

CapitalSurplusNotes in circulation * —Order certificates (bank assignation)Government depositsOther depositsSundry liabilities

20,0005,000

312,6951,522

20,0005,003

473,1071,599

4,3336,185

17,4559,010

20,0005,000

577,0563,4695,482

20,0005,155

758,3793,739

24,2897,851

54,5776.111



349,735

50.38

526,174

43.00

643,147

71.34

847,961

72.80

20,0005,234

890,2733,568

21,584

20,0005,079

1,068,9472,051

32,0485,716

88,4789,030

978,423

74.44

1,193,585

60.20

20,0005,000

1,032,7321,740

20,0005,000

1,072,1461,924

1,088,445

20,0005,387

1,012,8781 0S5

1,064,286

20,0007,336

974 101862

102,34313,608

85,26118,429

30,57318,522

48,96513,022

1,175,423

56.60

1,202,760

56.70

1,058,445

5S.S0

1,064,285

57.19

BANK OF SPAIN.

[From Espaiia Econdmica y Financiera and weekly statements of the Bank of Spain.1

In thousands of pesetas.]

Dec. 27,1913.

Dec. 26,1914.

Dec. 31,1915.

Dec. 30,1916.

Dec. 29,1917.

Dec. 28,191S.

Dec. 27,1919.

Dec. 31,1920.

Dec. 31,1921.

Dec. 30,1922.

ASSETS.

GoldSilver*

Total metallic vault reserve.......Credits abroadLoans, discounts, and advancesGovernment securities.Other securitiesBank premisesSundry assets

Total

LIABILITIES.

CapitalSurplusGovernment depositsOther depositsNotes in circulationSundry liabilities

Total .*•*:•Ratio of metallic reserve to deposit and

note liabilities combined—per cent....

479,220716,488

572,257707,020

867,226752,905

1,250,896741,042

1,966,816710,538

2,228,351642,157

2,445,810630,498

2,457,140573,567

2,512,869625,042

2,524,754645,594

1,195,708193,650785,432594,43211,65514,84871,137

1,279,277147,534802,179594,43211,65515,081124,273

1,620,131103,195667,365594,43211,65513,088

137,597

1,991,93890,170

671,060594,43811,65514,250

104,664

2,677,35489,392

731,428594,43811,65514,27660,034

2,S70,50S87,468

1,145,070594,47511,65512,717

202,074

3,076,30866,418

1,621,445594,47511,65511,81521,882

3,030,70782,536

1,903,611594,47511,0559,270

380,555

3,137,91141 754

2,860,128594,47511,6558,82217,196

3,170,34836,665

2,070,494593,57311,6559,59715,310

2,860,862 2,974,431

150,00020,000155,709476,834

1.924,274140,045

150,00020,000

113,237610,531

1,965,068115,595

3,147,463

150,00024,00044,878710,758

2,100,174117,653

3,478,175

150,00026,00044,850760,859

2,360,084136,382

4,178,577

150,00026,00062,757

959,75S2,782,840

197,222

4,923,967

150,00058,00061,831

1,165,9693,316,215171,952

5,403,998

150,00060,000130,121

1,035,0753,856,300

172,502

6,012,809

2,866,862

46.77

2,974,431

47.5S

3,147,463

56.73

3,47S,175

62.92

4,178,577

70.36

4,923,967

63.17

150,00063,00082,549

1,169,4894,326,250221,521

6,671,941

150,00078,000

990,0001,011,8174,244,081

167,147

5,907,642

177,00053,000

307,8201,090,3054,130,958

•142,499

5,403,998

61.26

6,012,809 16,671,941

54.33 49.99

5,907,642

57.28

30425—23 10



NATIONAL BANK OF SWITZERLAND.

[From annual reports and weekly statements of the Bank of Switzerland.]

[In thousands of francs.]

Dec. 31,1913.

Dec. 31,1914.

Dec. 31,1915.

Dec. 30,1916.

Dec. 31,1917.

Dec. 31,1918.

Dec. 31,1919.

Dec. 31,1920.

Dec. 31,1921.

Dec. 30,1922.

Gold in vault-.Silver

169,95620,836

237,93624,913

250,13251,238

344,99852,454

357,64451,830

414,71958,412

453,11473,649

477,743121,571

549,521108,240

535,146103,865

Total metallic vault reserveGold held abroadWar loan bank certificates (Darlehens-

kassascheine)Loans and discountsForeign demand creditsAdvances on securitiesSecuritiesDue from correspondentsBank premisesSundry assets

190,792 262,819 301,370 397,452 409,474 473,131

146,54129,345

196,27117,103

190,0072,484

222,31912,674

360,312

28,3856,377

21,2406,4805,043

19,5529,32933,8266,2506,828

20,9548,099

30,9846,1509,014

22,1406,802

42,9446,6449,284

45.2017,295

32,9216,0089,781

9,765588,81850,06940,8998,553

28,0736,6008,048

526,76363,878

12,010511,60370,28532,6696,63836,1495,4257,721

599,31465,160

13,261474,8833,45636,6305,86434,9755,4279,123

657,761 639,011

18,317378,12315,30075,6965,407

6,74646,916

13,246424,5857,51661,9829,38018,242

27,405

Total. 404,858 564,250 583,681

LIABILITIES.

Capital paid inSurplusNotes in circulation..DepositsSundry liabilities....

25,0001 147

313,82159,0125,878

25,0001,495

455,88970,84211,024

25,0001,995

465,60982,7108,367

710,069

25,0002,441

536,518129,74716,363

883,666

25,0002,941

702,303138,70914,713

1,213,956 1,273,171 1,248,093 1,204,266 1,201,367

25,0007,441

975,706187,64118,168

25,00012,941

1,036,123180,85618,251

25,00014,441

1,023,712163,33421,606

25,0004,941

1,009,264128,76536,296

25,0005,441

976,426165,03229,468



404,858

51.19

564,250

49.90

533,681

51.96,

710,069

59.66

883,666

48.69

1,213,956

40.67

1,273,171

43.28

1,248,093

50.49

1,204,266

57.80

1,201,367

55.98


frb_021923

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