Oxford eagle. (Oxford, Lafayette Co., Miss.) 1876-current, 1922-05-11

with fac evalue of $30,405,25); the
handling of 2,012,032 checls and
warrants drawn on the United States
Treasurer, amounting to 81 2,O57,-
794; the sale and issue of 81 ),4S5,-
500 of Treasury Notes and Certifi-
Gates and the redemption of $107,
100000 certificates of Indebtedness
and the sale of 6 800 savings securi-
ties amounting TO 1891, 230, together
with the redemption of OPS such
securities OF a value of $1,23G,034.
On December 81, 1921, the Federal
Reserve Bank had membership of
58S, consisting of 4S3 national banks
and 105 State banks trust compa-
MES. It's total authorized capital
stock was s9,206,100 of which $4,-
603,050 was paid in. In the course
of the year the examination depart
ment participated with State Bank
ing Departments Of the district in 80
examinations of &c MembeY State
Banks and Trust Companies, il addi-
ton to Il independent examinations
of State institutions applying for
During 1921 the Federal Reserve
Bank of St. Louis continued to oc
cupy rented quarters in the Federal
Reserve Bank Building at Broadway
and Pine Streets, four floors in the
Commerce Trust Building
and space in the Custom House,
Ninth and Olive streets. All depart
ments were badly handicapped by
lack of space. At the end of 1921 the
Federal Reserve Bank and its
branches had 1852 officers and en-
ployees.
In regard to the volume of bust
ness during 1921, N Martin says:
THE closing months of 1920 were
marked by drastic reimbursement
which embraced all the great. indus
tries of the United States. This
which was the inevitable
sequel of the postwar period con-
tinued with varying intensity and
constituted the impelling influence in
business throughout 1921. The latter
year was the first in which business
as a whole suffered damaging effects
of the world war, these matelializ-
ing in the form of enormously re
duced volume, collapSing commodity
unemployment, curtailed
production and consumption, record
commercial morality, depression in
the agricultural industry and other
similar manifestations Like condi-
tons only more acute, obtained in
foreign countries and were reflected
in restricted export outlet for Amer
ican products, demorolized foreign
exchange markets and disrupted
agencies of distribution.
Fundamentally this country en-
tes ed md progressed through the
year N strong position. The unfav-
olabie forces affecting business
worked steadily in the direction Of
general economic levels
rather than to produce permanent
Enormous wealth was
created through agricultural produc-
tioa and the output of mines and
factories. The failure of trade to
respond favorably to these construc
tive factors was due to lack of bal
ance in the economic structure and
disturbed psychology of the consum-
ing public. At the close of 1921
there was abundant evidence that the
processes of readjustment had made
notable strides, and that substantial
foundations had been laid for recon-
In numerous important in
dustlies liquidation had run its
course, while in virtually all, peak
levels were left far behind and ap-
preciable progress made toward nor
mai.
inventories taken at the beginning
of the year disclosed in the main
heavy stocks of both raw and finish
ed materials, most of which had
been purchased at high prices. The
outlet for these goods was CONSTRUCTED
by the disposition to economic
among ultimate consumers, and ultra
conservatism on the part Of whole
sale and retail merchants. The prac-
tice of providing for future require
ments was almost completely aban-
doned, distributors holding down their
purchases to such good as they could
dispose of from week to week or
month to month. Unusual emphasis
was laid on values and prices, and
which was not reduced