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Federal Reserve Bulletin September 1922

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Federal Reserve Bulletin September 1922 FEDERAL RESERVE BULLETIN (FINAL EDITION) ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON SEPTEMBER, 1922 WASHINGTON GOVERNMENT PRINTING OFFICE 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD. Ex officio members: | , Governor. A. W. MELLON, j EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman. I ADOLPH C. MILLER. D. R. CRISSINGER, CHARLES S. HAMLIN. Comptroller of the Currency. I JOHN R. MITCHELL. W. W. HOXTON, Secretary. | WALTER .S. LOGAN, General Counsel. W. L. EDDY, Assistant Secretary. | W. H. STEINER, i Acting Chief, Division of Analysis and Research. W. M. IMLAY, Fiscal Agent. I M. JACOBSON, Statistician. J. F. HERSON, i E. A. GOLDENWEISER, Associate Statistician. Chief, Division of Examination and Chief Federal ! E. L. SMEAD, Reserve Examiner. \ Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL. (For the year 1922.) DISTRICT NO. 1 (BOSTON) PHILIP STOCKTON. DISTRICT NO. 2 (NEW YORK) PAUL M. WARBURG, Vice President. DISTRICT NO. 3 (PHILADELPHIA) L. L. RUE, President. DISTRICT NO. 4 (CLEVELAND) CORLISS E. SULLIVAN. DISTRICT NO. 5 (RICHMOND) J. G. BROWN. DISTRICT No. 6 (ATLANTA) EDWARD W. LANE. DISTRICT NO. 7 (CHICAGO) JOHN J. MITCHELL. DISTRICT NO. 8 (ST. LOUIS) FESTUS J. WADE. DISTRICT NO. 9 (MINNEAPOLIS). G. H. PRINCE. DISTRICT NO. 10 (KANSAS CITY) E. F. SWINNEY. DISTRICT NO. 11 (DALLAS) R. L. BALL. DISTRICT NO. 12 (SAN FRANCISCO) D. W. TWOHY. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OFFICERS OF FEDERAL RESERVE BANKS. I Federal Reserve Bank of— Chairman. | Governor. Deputy governor. Cashier. Boston Frederic K. Curtiss.. Chas. A. Morss C. C. Bullen W. WUlett. W. W. Paddock New York.. Pierre Jay Benj. Strong L. II. ITendricks.i J. II. Case J. D. Higgms.i L. F. Sailer A. W. Gilbart.i G. L. Harrison Leslie It. Rounds.1 E. R. Kenzel J. W. Jones.i Hay M. Gidney.i Philadelphia ' R. L. Austin .! George W. Norris. Wm. II. Huttjr W. A. Dyer. Cleveland i D. C. Wills .j E. R. Fancher i M. J. Fleming H. G. Davis. Frank J. Zurlinden......... Richmond ! Caldwell Hardy I George J. Seay C. A. Peple Geo. H. Keesee. i R. II. Broaddus A. S. Johnstono * John S. Walden * Atlanta Joseph A. McCord . M. B. Wellborn... L. C. Adelson M. W. Boll. J. L. Campbell Chicago Wm. A. Heath .1 J. B. McDougal... C. R. McKay W. C. Bachman.1 S. B. Cramer | K. C. Childs.i John II. Blair j J. II. Dlllard.t D. A. Jones.i O. J. Netterstrom.i A. H. Vogt.i i Clark Washburne.1 St. Louis Win. McC. Martin.... D. C. Biggs O. M. Attebery J. W. White. Minneapolis John II. Rich , R. A. Young \V. B. Geery 15. V. Moore. S. S. Cook Frank C. Dunlop » Kansas City... Asa E. Ramsay.. j W. J. Bailey C. A. Worthington J. W. Helm. Dallas Win. F. Ramsey. : B. A. McKlnney. R. G. Emerson U. R. Gilbert. San Francisco. JoKn Perrin i J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk* L. C. Pontious* 1 Controller. - Assistant to governor. 3 Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: ! Minneapolis: ! Buffalo branch j W. W. Schneckenburger. Helena branch I II. E. Towle. Cleveland: Kansas City: ! Cincinnati branch j L. W. Manning. Omaha branch i L. H. Earhart. Pittsburgh branch i Geo. De Camp. Denver branch j C. A. Burkhardt. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: , Atlanta: El Paso branch ' W. C. Weiss. New Orleans branch Marcus Walker, Houston branch j Floyd Ikard. Jacksonville branch Geo. R. De Saussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch j C. J. Shepherd. Nashville branch J. B. McNamara. Portland branch ' Frederick Greenwood. Chicago: Salt Lake City branch ...i R. 15. Motherwell. Detroit branch R. B. Locke. Seattle branch C. R. Shaw. St. Louis: Spokane branch i W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch J. J. Heflin. Little Rock branch A. F. Bailey. i SUBSCRIPTION PRICE OF BULLETIN. The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It is printed in two editions, of which the first contains the regular official announcements, the national review of business conditions, and other general matter, and is distributed without charge to the member banks of the Federal Reserve System. Additional copies may be had at a subscription price of $1.50 per annum. The second edition contains detailed analyses of business conditions, special articles, review of foreign banking, and complete statistics showing the condition of Federal Reserve Banks. For this second edition the Board has fixed a subscription price of $4 per annum to cover the cost of paper and printing. Single copies will be sold at 40 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. No complete sets of the BULLETIN for 1915, 1916, 1917, or 1918 are available Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS. General summary: Page. Review of the month 1021 Business, industry, and finance. August, 1922 1032 Lord Balfour's note on interallied debts 1047 Member bank acceptances 1048 Foreign loans placed in the United States 1050 Federal Reserve Board's price index for Japan 1052 Official: Rulings of the Federal Reserve Board 1044 State banks admitted to system , 1043 Fiduciary powers granted "to national banks 1043 Charters issued to national banks , 1043 Banks granted authority to accept up to 100 per cent of capital and surplus 1042 Business and financial conditions abroad: Survey for United Kingdom, France. Italy, Germany, Argentina, Brazil, Chile, and Cuba 1060 Economic and financial conditions in Mexico 1080 New Austrian bank of issue 1083 Pr e movement and volume of trade: International wholesale price index—United States, England, France, Canada, and Japan 1086 Comparative wholesale prices in principal countries. .• 1090 Comparative retail prices in principal countries 1100 Foreign trade—United Kingdom, France. Italy, Sweden. Norway, Japan, Germany, and United States 1101 Indexes of industrial activity—England, France, and Germany ". 1103 Foreign trade index 1105 Ocean freight rates 1106 Report of knit-goods manufactures of America 1106 Production and shipments of finished cotton fabrics 1107 Physical volume of trade 1108 Building statistics 1113 Retail trade 1114 Wholesale trade 1116 September crop report, by Federal reserve districts 1117 Commercial failures..'..." 1043 Banking and financial statistics: Domestic— Discount and open-market operations of Federal reserve banks :. 1118 Condition of Federal reserve banks 1125 Federal reserve note account 1128 Condition of member banks in leading cities 1128 Savings deposits 1105 Bank debits 1132 Operations of the Federal reserve clearing system • 1136 Gold settlement fund ". 1138 Gold and silver imports and exports 1137 Money in circulation 1138 Discount rates approved by the Federal Reserve Board 1137 Discount and interest rates in various centers 1139 Foreign exchange rates 1140 Abstract of condition reports of member banks 1142 Foreign—England, France, Italy, Germany, Sweden, Norway, Japan, and Argentina 1147 Charts: Movement of principal assets and liabilities of Federal reserve and member banks 1030 International wholesale price index numbers—Comparison of United States with England, France, Canada, and Japan 1054 Comparison of Federal Reserve Board index for Japan with other index numbers 1055 International wholesale price index—Federal Reserve Board 1086 Index numbers of wholesale prices in the United States—Federal Reserve Board 1087 Index numbers of domestic business 1108 Monthly value of sales of chain stores 1114 Debits to individual accounts 1132 Foreign exchange index 1140 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 8 SEPTEMBER, 1922. No. 9 REVIEW OF THE MONTH. between these debtor countries and the allied nations, especially those of the latter which Developments during the past month, not possessed a much more highly valued cur- only in Europe itself but in the trade between rency, has grown more and more dfficult. The Europe and the United States, rapid and unregulated advance of wages and liaVe a«ain made {t evident prices in Germany consequent upon the de- that problems relating to the cline of the mark has moreover thrown the interallied debts and to the claims of the entire economic system of that country into Allies against Germany on reparations ac- confusion. All of this has made the con- count must be regarded as among the issues temporary European financial problem as- which unavoidably affect current business de- sume an acute character which it had not pre- velopment and a solution of which is neces- viously possessed, even in the minds of those sary to business stability. The Genoa Con- who already recognized its essential seriousness. ference itself, although not called for the pur- This state of things is enlisting a degree of pose of discussing reparations or debt prob- attention which it has not received for a good lems (these indeed being ruled out of its while past, both at the hands of British and agenda), nevertheless found that most of the French official investigators. questions which must be met in the near The Hague Conference, which with the future were closely interwoven with debt projected meeting of representatives of the and reparations. The same was true of The central banks appeared as one Hague Conference, succeeding that at Genoa, Financial devel- f opment ofl922. at which it had been intended to devote at- S °necessarily scanty results oi the tention entirely to the Russian situation.
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