The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-03-31
us DOLLAR IS
NOW STANDARD
OF ALL WORLD
Federal Reserve Board, in
Annual Report, Shows
Improvement in Trade
IMPROVEMENT
Postwar Reimbursement Per-
i0d in This Nation Rapidly
Nears Completion

Washington, March 81 (By the A.
PD- The United States has taken
on Il new responsibility in its rela-
ton to world economic affairs, IN
the opinion of the Federal Reserve
Board which in its annual report
made public today indicates belief
that increasingly greater influence
on world economic progress Will
cmanatc from these shores.
The great influx of gold into the
United States which now has four
fenths Of the world monetary stock,
the growing use of the American
dollar with its gold standard AS II
trade basis, gradual expansion of
American foreign trade, the adop-
ton by many foreign interests OF
American trade and commercial pol
icieS-thcSe and other reasons--arc
cited by the board as showing the
responsibility that must be borne and
accounted for by the leaders in the
United States.
Since the federal reserve system
is accepted as charting the business
course at home, its correspondence
increased power and responsibility IN
the larger field is examined by the
board in its report, and it has set
itself to the task Of explaining the
peacetimc functions Of the system.
1t indicates a belief that the general
conception of how the system can
give full force and effect to it's
chartered powers of aiding COM
merce and industry is too limited
and makes Il definite move toward
4 policy of promulgating such in
formation hereafter.
The year 1923 as whole has pro
vided a good perspective of. postwar
readjustment, and the board says of
ment has proceeded rapidly, and is
now nearing completion This con-
dition, ncar-peacetime basis, has
caused the board to omit from it's
report the usual discussion of ad-
minstrativc matters and to turn it's
full attention to n discussion of the
broader aspects Of the workings Of
the reserve system.
The year covered in this report.
IL
interest since it has afforded an OPP
rortunity for the Federal reserve
system to function under circum-
stances less influenced by conditions
arising out of the war than any pre-
vious year. In the absence of those
major disturbances which SO pro
foundly affected business and credit
conditions during the war and earl!
post war read iustments, federal re
serve credit policies, in response t.
prevailing economic conditions ant
on the basis OF earlier experience
have under gone fuller develop
ment.
Volume, Character
The volume. character and occa
sion of rediscount operations ant
open-market transactions of the Fed
cral Reserve Banks. the extent an
influence of gold movements upo
the credit and currency situation
rate policy and the basic factor
underlying general credit policy
these and other related matters tina
viii be of continuous Importance i
the future have held an importan
place IN the year 1928 in tie fune
toning of the Federal Reserve Bank
and in the deliberations and dec
sions of its governing authorities.
Taking the year as whole an
regarding it in the perspective Of tn
postwar REIMBURSEMENT period, thel
is abundant evidence that, so far q
the United States is concerned, eco
monte REIMBURSEMENT has been pr'
cceding at rapid rate and is no
nearing completion. The econom'
balance as between various indu2
tries and sections of the country
not yet fully restored but durin
the past two years there has bee
rapid progress in the direction OF
more stable equilibrium and Of
better alignment of prices bctwce
different commodity groups.