About the Book
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 Excerpt: ...was a decline. In this period, loans and discounts of all banks, State and National, excluding savings banks, declined from $27,368,231 to $24,761,929, a decline of $2,606,302, or 9.5 per cent. Loans and discounts of National banks for the same period decreased from $13,611,416,000 to $12,004,515,000, a decrease of $1,606,901,000, or 11.8 per cent. In the same period, total bills discounted and bills bought by Federal reserve banks declined from 82,830,979,000 to $1,803,163,000, a decrease of $1,027,816,000, or 36.3 per cent. Federal reserve notes in circulation declined during the same period from $3,116,718,000 to $2,537,617,000, a decline of $579,101,000, or 18.5 per cent. The general stock of money in the United States, in the same period, increased from $7,804,528,000 to $8,073,737,000, an increase of $269,209,000, or 3.4 per cent. In general, loans and discounts decreased during this period 18 per cent, while prices of all commodities decreased 44.9 per cent, and prices of farm products declined 53.9 per cent, as indicated by the Bureau of Labor Statistics index. The ratio of Federal reserve total cash reserves to net deposits and Federal reserve note liabilities rose from 43.6 during this period to 60.8. This increase in the reserve ratio was partially due to the liquidation of the borrowings of member banks from the Federal reserve banks, and in part to the net importations of gold, which during the fiscal year ending June 30, 1921, amounted to $511,309,539. Table 14 shows imports, exports, net imports and net exports from 1914 to and including the first six months of 1921: There was a good deal of complaint that the hardships imposed upon the member banks by the policy of high discount rates were increased by the application of the so-called progre...
