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Federal Reserve Bulletin December 1922

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Federal Reserve Bulletin December 1922 FEDERAL RESERVE BULLETIN (FINAL EDITION) ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON DECEMBER, 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, i EDMUND PLATT, Vice Governor Secretary of tht Treasury, Chairman. I ADOLPH C. MILLER. D. R. CRISSINGER, CHARLES S. HAMLIN. Comptroller of the Currency. JOHN R. MITCHELL. W. W. HOXTON, Secretary. WALTER WYATT, General Counsel, WALTER W. STEWART, W. L. EDDY, Assistant Secretary. Director, Division of Analysis and Research. W. M. IMLAY, Fiscal Agent. M. JACOB SON, Statistician. J. F. HERSON, E. A. GOLDENWEISER, Associate Statistician. Chief, Division of Examination and Chief Federal j E. L. SMEAD, Reserve Examiner. j Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL. (For the year 1922.) DISTRICT NO. 1 (BOSTON;. PHILIP STOCKTON. DISTRICT NO. 2 (NEW YORK) PAUL M. WARBURG, Vice President. DISTRICT NO. 3 (PHILADELPHIA) L. L. RUE, President. DISTRICT NO. 4 (CLEVELAND) CORLISS E. SULLIVAN. DISTRICT NO. 5 (RICHMOND) J. G. BROWN. DISTRICT NO. 6 (ATLANTA) EDWARD W. LANE. DISTRICT NO. 7 (CHICAGO) JOHN J. MITCHELL. DISTRICT NO. 8 (ST. LOUIS) FESTUS J. WADE. DISTRICT NO. 9 (MINNEAPOLIS) G. II. 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. Federal Reserve Bank of— Chairman. Governor. Deputy governor. Cashier. I Boston Chas. A. Mcrss C. C. Bullen W. Willett. Frederic H. Curtiss.. W. W. Paddock N§w York. Benj. Strong J. IT. Case L. H. Hendricks.i Pierre Jay L. F. Sailer J. D. Higgins.i G. L. Harrison A. W. Gilbert.* E. R. Kenzel Leslie R. Rounds.1 J. W. Jones.* Ray M. Gidney.x G. E. Chapin i ! Philadelphia R. L. Austin George W. Norris. Wm. IT. Hutt, jr W. A. Dyer. ; Cleveland D.C.Wills..: E. R. Fancher M. J. Fleming. H. G. Davis Frank J. Zurlinden Richmond.. Caldwell Hardy George J. Seay C. A. Peple Geo. H. Keesee. R. II. Broaddus A. S. Johnstone* JohnS. Walden8 i Atlanta Joseph A. McCord.. M. B. Wellborn... L. C. Adelson M. W. Bell. J. L. Campbell. i Chicago... Wm. A. Heath I J. B. McDougai... C. R. McKay i W. C. Bachman.* S. B. Cramer, K. C. Childs.i John H. Blair. J. II. Dillard.i D. A. Jones.* O. J. Netterstrom.i A. II. Vogt.i Clark Washburne.* j St. Louis.... Wm. McC. Martin. D. C. Biggs... O. M. Attebery J. W. White. I Minneapolis. John II. Rich j R. A. Young.. W. B. Geery B. V. Moore. S. S. Cook Frank C. Dunlop l Kansas City... Asa E. Ramsay. ! W. J. Bailey , C. A. Worthington J. W. Helm. Dallas W. B. Nowsome i B. A. McKinnoy.. R. G. Emerson R. R. Gilbert. San Francisco. John Perrin .1 J. U. Calkins../... Wm. A. Day W. N. Ambrose. Ira Clerk* L. C. Pontious • * Controller. a Assistant to governor. 3 Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANES. i Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. ! New York: Minneapolis: Buffalo branch j W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Cincinnati branch L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch Geo. De Camp. Denver branch C. A. Burkhardt. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: W. C. Weiss. New Orleans branch.. Marcus Walker. Houston branch 1 Floyd Ikard. Jacksonville branch.. Geo. R. De Saussure. San Francisco: Birmingham branch.. A. E. Walker. Los Angeles branch C. J. Shepherd. Nashville branch J. B. McNamaira. Portland branch Frederick Greenwood. Chicago: Salt Lake City branch R. B. Motherwell. Detroit branch... R. B. Locke. i Seattle branch C. R. Shaw. St. Louis: Spokane branch W* L. Partner. Louisville branch W. P. Kincheloe. j Memphis branch J. J. Heflin. Little Rock branch... A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN. The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It is printed in two editions, of which the first contains the regular official announcements, the national review of business conditions, and other general matter, and is distributed without charge to the member banks of the Federal Reserve System. Additional copies may be had at a subscription price of $1.50 per annum. The second edition contains detailed analyses of business conditions, special articles, review of foreign banking, and complete statistics showing the condition of Federal Reserve Banks. For this second edition the Board has fixed a subscription pric.e 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 IK Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS. General summary: Review of the month « 1389 Business, industry, and finance, November, 1922 ]398 Index of production in selected basic industries 1414 The first three years of German reparation: Part II—Fixing Germany's liability 1422 Official: Law department- Court decisions in the Atlanta and Cleveland par clearance cases "1408 State banks admitted to system 1407 Fiduciary powers granted to national banks 1407 Charters issued to national banks 1407 Business and financial conditions abroad: Survey for United Kingdom, France, Italy, and Germany 1428 Financial and economic conditions in Central America 1439 Economic conditions in Czechoslovakia 1445 Price movement and volume of trade: International wholesale price index—United States, England, France, Canada, and Japan 1453 Comparative wholesale prices in principal countries 1456 Comparative retail prices and cost of living in principal countries 1461 Indexes of industrial activity—United Kingdom, France, Germany, Sweden, and Japan 1462 1 Foreign trade of principal countries 1464 Foreign trade index 1467 Ocean freight rates 1468 Report of knit-goods manufacturers of America 1468 Production and shipments of finished cotton fabrics 1469 Physical volume of trade 1470 Building statistics 1476 Retail trade 1477 Wholesale trade 1480 Commercial failures 1467 Banking and financial statistics: Domestic— Discount and open-market operations of Federal reserve banks 1481 Condition of Federal reserve banks 1488 Federal reserve note account 1491 Condition of member banks in leading cities 1492 Savings deposits 1467 Bank debits 1495 Operations of the Federal reserve clearing system 1499 Gold settlement fund 1501 Gold and silver imports and exports 1500 Money in circulation 1501 Discount rates approved by the Federal Reserve Board \ 500 Discount and interest rates in various centers 1502 Earnings and dividends of State bank and trust company members 1505 Foreign exchange rates 1503 Foreign—England, France, Italy, Germany, Norway, Sweden, Japan, and Argentina 1506 Charts: Index of production in basic industries 1414 International wholesale price index—Federal Reserve Board 1453 Index numbers of domestic business 1470 Monthly sales of chain stores 1477 Debits to individual accounts 1495 German mark rate •. 1503 Foreign exchange index 1504 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 8 DECEMBER, 1922. No. 12 REVIEW OF THE MONTH. The purpose of this review is to survey Economic conditions in Europe at the present fundamental economic conditions now exist- time, and particularly the degree of economic ing in various European countries. Atten- revival that has occurred, are tion will be confined chiefly to Great Britain, Industrial situ- ,, •, . , ,-, France, and Germany, and the topics to be matters u whlch th ation in Europe. pon ere is treated will center around the industrial great diversity of opinion. situation, the object being, first, to set forth Lack of agreement among observers comes in quantitative terms, so far as possible, the partly from the fact that conditions differ condition of industry as indicated by prices, widely in various parts of Europe. Closely production, and foreign trade; and, second, as the several nations of the Old World are to discuss certain banking and currency prob- related in certain respects, nevertheless there lems as they affect European business and are to-da}^ economically speaking, several industry. Europes rather than a single well-knit eco- Under all circumstances, price movements nomic unit. Further cause for conflicting are intimately connected with business activity, interpretations arises from the varying im- portance attached by observers to different but they have never been more Prices since ^^ ^ during the aspects of the present situation. Conclu- the armistice. J? ". sions based on figures showing productive period following the armistice, output and employment usually have a more when the upward and downward movements hopeful tone than those drawn from a study have been exaggerated by currency disorders of inflated currencies and fluctuating ex- of an extreme sort. Before the war price levels changes. The fact is that neither industrial in various countries followed a fairly uniform nor financial statistics taken alone, nor even course and the markets of Europe were bound a combination of the two, can measure the to one another and to world markets by the economic well-being of European countries. flow of commodities, credit, and gold, but To be able to appraise clearly the degree of under present currency conditions prices move prosperity enjoyed by a country, it is neces- in diverse directions and furnish no common sary to have information, not only in regard basis for international trade. The influence to the productive output of its industries, but exercised by these price movements has been also in regard to the distribution of that so important that a brief review of them may output.
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