Federal Reserve Bulletin, 1919-02

FEDERAL RESERVE BULLET ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON FEBRUARY, 1919 WASHINGTON GOVERNMENT PRINTING OFFICE 1319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD. EX OFFICIO MEMBERS. W. P. G. HARDING, Governor. CARTER GLASS, ALBERT STRAUSS, Vice Governor. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. JOHN SKELTON WILLIAMS, CHARLES S. HAMLIN. Comptroller of the Currency. J. A. BRODERICK, Secretary. M. C. ELLIOTT, General Counsel. L. 0. ADELSON ] H. PARKER WILLIS, m „ ) Assistant Secretaries. Director, Division of Analysis and Research W. T. CHAPMAN J F. I. KENT, W. M. IMLAY, Fiscal Agent. Director, Division of Foreign Exchange. M. JACOB SON, Statistician. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUBSCRIPTION PRICE OF BULLETIN. The Federal Reserve Bulletin is distributed without charge to member banks of the system and to the officers and directors of Federal Reserve Banks. In sending the Bulletin to others the Board feels that a subscription should be required. It has accordingly fixed a subscription price of $2 per annum. Single copies will be sold at 20 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. Member banks desiring to have the Bulletin supplied to their officers and directors may have it sent to not less than ten names at a subscription price of $1 per annum. No complete sets of the Bulletin for 1915, 1916, or 1917 are available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. Page. Review of the month 99 Business conditions in January .- 109 Development of acceptance movement 114 Report of Committee on Financial Facilities, presented to the British Parliament 114 Reports by British and American committees appointed to study gold production 123 Decimal system of coinage, weights, and measures 126 Directors of branch banks.... 126 Fiduciary powers granted to national banks 127 Banks granted authority to accept up to 100 per cent of capital and surplus • 127 Charters issued to national banks during the month 128 Commercial failures reported 128 , State banks and trust companies admitted to the system during the month 129 Extract from annual report of the Federal Farm Loan Board. • 129 Earnings and expenses of the Federal Reserve Banks for the year 1918 130 Movement of excess reserves ("free gold ") during the year 1918 136 Chart showing 138 Decrease in Federal Reserve note circulation 139 Gold reserves of principal banks of issue, 1900-1918 140 Silver production of the world : 141 Rulings of the Federal Reserve Board 142 Gold settlement fund transactions during 1918 144 Chart showing 146 Bank transactions during January 147 Index of wholesale prices 150 Discount and interest rates prevailing in various cities 154 Physical volume of trade 157 Discount operations of the Federal Reserve Banks 1.64 Resources and liabilities of the Federal Reserve Banks 172 Federal Reserve note account of Federal .Reserve Banks and agents 174 Interdistrict movement of Federal Reserve notes during year 1918 176 Member bank condition statement 177 Imports and exports of gold and ail ver , 180 Estimated stock of money in the United States 181 Operation of the Federal Reserve clearing system 181 Discount rates in effect 182 Foreign exchange rates 182 Abstract of condition of member banks 183 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 5 EEBEUAEY 1, 1919. No. 2 REVIEW OF THE MONTH. amount of these heavy demands may doubtless Two issues of short-term certificates of be expected from this time forward, due to the _ , _. _ . indebtedness have been placed gradual demobilization of the troops and the Public finance m , ,, -^ , , cancellation of outstanding Government conm January ^y the Treasury Department tracts and sales of war materials. It will conduring the month of January, tinue to be true, however, for some time to come the first on January 2, the second on January that the costs of the war carried over from the 16. The first, of which $750,000,000 was period of active hostilities and not yet provided offered, amounted to $751,684,500, and the for must be met and that they will maintain the second, of which $600,000,000 was offered, necessary expenditures of the Treasury Depart* amounted to 8600,101.500. With the sale of ment upon a high level. Annual reports of these two certificate issues the aggregate now Federal Eeserve agents filed with the Federal outstanding, which constitutes a claim upon Reserve Board show confidence in practically the proceeds of the forthcoming loan, is all of the banks that the war paper necessarily" approximately $2,538,000,000. Tentative an- growing out of the fifth loan, as out of its nouncement has definitely fixed the period predecessors, will not remain for an undue for the flotation of the next loan at the first length of time in the hands of the banks, but three weeks of April, 1919, and has made it will be steadily reduced. In some districts evident that the bonds then to be offered, progress is reported in disposing of the heavy preliminary estimates of which vary from five commitments growing out of the fourth billion to six billion dollars, will be the last Liberty loan. Some banks are raising the rate that will be offered in the open market under of interest charged to subscribers at each the general plan of financing which has thus far successive renewal period in order to discourage been in vogue. The designation of April as the unnecessary delay in payment. In some inperiod for the offering of the new bonds will stances subscribers are succeeding in settling involve continuation of the present method of their obligations for the fourth issue of bonds financing through the issue of certificates of sooner than they had thought they could. indebtedness for approximately three months The outstanding amount of war paper in the longer, a fact which will practically require member banks in 100 selected cities reporting almost the entire proceeds of the new loan for to the Board was $1,189,287,000 on January the purpose of funding the outstanding certifi- 24, as against $1,269,409,000 about a month cates. The war revenue bill, which has been earlier. It is probably true, as stated by some so long pending in Congress, is now on the point of the Federal Reserve agents in their annual reof passage, and this insures collection of taxes ports of fiscal operations, that with each sucupon the now basis, much of the proceeds from cessive Liberty loan conservative banking polwhich will begin to flow into the Treasury by icy has invariably forced a material reduction in the end of April. outstanding commitments on war paper, the re- Public expenditures will continue on a curring cycle of finance in every case passing diminishing though high basis, the outlays for a peak of high indebtedness and eventually December having bean $2,100,000,000, while sinking to a low point, from which it tends those for January are reported as slightly below upward as the next loan is launched. A feature $2,000,000,000. A further decline in the gross 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. in the situation has been the progressive raising munity determined to make the operation a of this low point from period to period, indi- success, and through the continued applicacating as it has the necessity of continuously tion of financial self-denial and restraint in greater permanent absorption of war paper connection with the use of capital in other by the banks in one form or another. directions. To those who have been express- The following table shows in compact form ing in positive language the belief that the the character of the "payments made in thenext public loan must necessarily be sold upon process of placing the fourth Liberty loan: a basis which would yield definitely competitive rates of return, this statement of opinion Total payments to Dec. 19, 1918, on account of fourth will serve as a reminder of the essential char- Liberty loan. acter of fiscal operations. The Secretary of [In thousands of dollars; i. c, 000 omitted.] the Treasury, however, was equally clear in his forecast that the rate of interest to be borne Federal Reserve Bank. pa T ym ot e a n l ts. Cash. Credit. T c r c e r a ti s f u l- r * y b}?- the new bonds must accommodate itself to catcs. ! the recognized conditions in the financial Boston 580,277 78,022 376,322 105,933 market and must be such as to yield a reason- New York 1,848,969 138,532 997,679 712,759 Philadelphia.. 532,094 112,978 306,261 112,855 able rate of return upon the funds furnished Cleveland 614,732 154,354 274,881 185,497 Richmond 289,103 104,574 153,074 31,454 by the investors who come forward to take up Atlanta 183,776 57,636 109,008 17,133 Chicago 794,317 279,658 253,345 261,315 the securities. What this rate is to be is still St. Louis 270,378 52,170 136,206 82,002 Minneapolis... 195,650 95,089 61,001 39', 559 to be determined, but whatever it may be, in Kansas City... 255,570 79,974 102,093 73,502 Dallas 109,496 29,701 65,397 14,398 this period of transition and change it will San Francisco. 363,212 124,601 136,057 102,554 evidently be subject to comparatively early Total ! 6.017.574 1,307,289 2,971,324 1,738,961 revision, as circumstances become more favorable for Government financing, hence the Total No. Federal Reserve Bank. full Accrued classifi- distinct announcement already previously payments.! cation. made on other occasions that the new securi- Boston ' 473,118 86,836 170 ties will be issued on a distinctly short-term New York ; 1.619,427 j 229,538 153 Philadelphia : .i.52,669 | 79,426 basis, running perhaps two or three years. Cleveland 510,575 I 104,157 Richmond -.; 219,688 j 69,334 81 Within the lapse of that period of time it Atlanta 153,345 I 30,432 Chicago :----! 632,581 160,605 should be possible for the Treasury Depart- St. Louis ! 237,282 ! 33,095 Minneapolis 152.093 ! 43,556 ment to complete the revision of war financing Kansas Citv 216; 388 39,181 Dallas 79,096 30,400 which necessarily follows upon the conclusion San Francisco 256,03-1 107,179 of the struggle, and to consolidate the out- Total 5,002,296 1,013,739 standing indebtedness upon a definite basis The Secretary of the Treasury, in his which will provide for its regular amortizaaddress before the bankers of tion and eventual extinguishment. The ad- Debt and in- AT v i T I n ±. dress is thus an important official forecast terest situation, f™ Yov& on 3 t a^ 13> «* and an outline of a comprehensive policy with iortn with great clearness the respect to the handling of this loan. Taken main factors by which the Treasury Depart- in conjunction with the later announcement ment is now confronted in connection with its made by the Secretary that he desires Congress financing. As Mr. Glass then made apparent, to extend the period within which the 4 per the offering and sale of so great a volume of cent bonds, heretofore deprived of the conbonds as must be placed upon the market version privilege, may be converted by their before the end of the fiscal year can not beholders into 4£ per cent bonds, it represents carried through upon a purely commercial distinct progress toward the establishment of footing. It must necessarily succeed through a uniform debt policy. the cooperation of all interests in the corn- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 101 Congress having failed to grant the permis- operations of the Capital Issues Committee, sion which had been requested may be regarded as the first important step Flotation of for the continuation of advances toward the reestablishment of freedom of foreign loans. financial transactions. to be made by the lreasury Department to foreign Governments, the The readiness with which the financial marlogical consequence has been a renewal of kets have accommodated themofferings of such loans in the American in^rlVate finan°" selves t0 the new conditions is market. On January 21 announcement was seen in the success that has atmade by the firm of J. P. Morgan & Co., acting tended the placing of various issues of notes as fiscal agents for the British Government, and bonds offered on the market, either for that a syndicate had been formed for the pur- refunding or for the purpose of obtaining new pose of refunding the maturing 5J per cent capital. Concurrently with the comparatively notes of the British Government due February ready and successful absorption of these 1. These 5J per cent notes are now to be con- issues, there has been exhibited a tendency verted into the issue of 20-year bonds already toward the increase of bank balances at outstanding, while those which are presented financial centers. Easier rates for money for payment will be purchased by the syndicate have accompanied this inward movement at par and accrued interest. Financing on the of funds, although the price paid for longer part of other foreign countries intended to meet term capital for industrial use has not their requirements as these develop during the been lowered, while rates for call loans period of reconstruction may shortly be ex- and other prime commercial paper have pected. This renewal of the flotation of foreign fallen but slightly. The tendency, however, securities in the American market represents a has been downward and may be taken return to the conditions which existed prior to as indicative of distinct recuperative power the date when the United States became a on the part of the financial community. belligerent. It was an essential element in These indications of capacity to reestabour financial policy during the war that the lish normal conditions explain the tendency Government should practically monopolize to a decline in the amount of war paper, the control of and access to the financial both at Federal Reserve Banks and at market of the country, regulating the allow- member banks. This decline has notbeen ances made to domestic necessities through as rapid as has been true after the close of the operation of its Capital Issues Com- former Liberty loans. The expiration of the mittee, while regulating and controlling the installment period of the loan with the close of access to be allowed to foreign Governments January has, however, seen the successful through its own advances made through liquidation of most of the installment accounts, the machinery of the Treasury Department. while there are encouraging indications that The latter class of advances were those neces- borrowers who obtained accommodation for a sarily guaranteed by the Treasury Department, 90-day period are either reducing or canceling inasmuch as they were provided out of the pro- their indebtedness, thereby offering a proporceeds of Liberty bond sales, the Department tionate amount of bank funds for use in financitself receiving in exchange the obligations of ing new enterprises. the foreign countries to which the funds were Thus far there has been little more than allotted. The termination of this period of a beginning of industrial financing for foreign Government guarantees is a natural and countries, and the scope of such operations will necessary concomitant of the restoration depend much upon the outcome of the peace of normal financial conditions and, taken conference. So much at least seems clear—that in conjunction with the suspension of the the United States will have a larger amount of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 FEDERAL RESERVE BULLETIN". FEBRUARY 1, 1919. new capital available for use in industrial from its hiding places, but it is also due in no development than will other nations. Our small degree to the slackening of business problem will be the determination of the basis activity and in lesser measure to the falling upon which this capital is to be divided of prices already noted. The decline in between domestic and foreign demands and business activity lessens the amount of cash the conditions under which it will be found required by individuals for their personal advisable to enlarge our holdings of foreign transactions, by firms and corporations industrial obligations. However this problem for the maintenance of their counter or may be worked out, it is already plain that vault cash as well as provision for pay rolls, a fundamental and essential aid in its so- and even by country banks for the curlution will be the accumulation of as much rent meeting of calls of depositors. Lowered fluid capital as possible. The requirement volume of business has in years past always that saving be furthered and promoted given rise to a flow of actual currency and is therefore again emphasized. There is money toward the financial centers, and unalready a tendency in many quarters toward der present conditions this flow is in no small a relaxation of the restraints upon ex- degree eventually a flow toward the Federal penditure imposed while the war was Reserve Banks, resulting in the ultimate canstill in progress. The call for moderation in cellation of outstanding note currency. outlay and actual accumulation of funds is, The movement thus observable will afford no however, as urgent as ever if real soundness ground for surprise to those familiar with the in national and individual finance is soon to be underlying principles of the Federal Reserve restored. note system, demonstrating as it does the elas- It must, however, be borne in mind that the tic quality of the Federal Reserve note, and tendency toward the accumu- showing that, with reduced business require- Accutnulation i ti n f f d in financial cen- ments, the circulation will reduce itself with of funds. a O .o . ml s . „ the same facility as it had previously shown in ters is in part the result ot a its prewar expansion to meet the increased natural contraction consequent upon the terrequirements. That it should return to its premination of war activities. One of the most war amount is not to be expected, especially in prominent features of the currency situation view of the fact that so large a volume of Fedin January has been the material reduction in eral Reserve notes has been issued in substituthe outstanding amount of Federal Reserve tion for the outstanding gold certificates which notes. This reduction has amounted in the have been impounded for the purpose of aggregate to over $200,000,000 and represents strengthening the reserve of member and Fedthe most extensive reduction that has occurred eral Reserve Banks. Remembering, however, since the organization of the system. Contemporaneous with this reduction in out- that, as shown in the FEDERAL RESERVE BULstanding Federal Reserve notes there has been LETIN for October, 1918, the real "inflation7' or abnormal expansion of currency in the United observable a tendency, not yet statistically States is less than the figures nominally repremeasurable, toward the reduction of other senting the growth of the circulation, the conforms of currency in circulation. It is a notetraction which has alread}7" occurred within the worthy fact that at many banks the over-thecounter deposits are beginning to include a short space of a month or a little more suggests considerable amount of gold coin and gold cer- that it may not be long before this excess expantificates. This return of funds to the financial sion will be materially reduced. The movement centers is in part the outgrowth of greater of Federal Reserve notes back to the banks is confidence due to the termination of the war, only in part paralleled by an increase in the which has called forth much hoarded currency reserve deposits of member banks. So far Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 103 as such a parallel increase has occurred it country is sufficient to absorb the labor signifies that Federal Reserve notes outstand- released in war industries, if possessed of ing in the hands of the community have been sufficient mobility to pass readily from one converted into the book obligations of Federal industry into another, there would still Reserve Banks or, in other words, that one be an unavoidable period of transition form of bank liability has merely been ex- during which labor would be confronted with changed for another to the extent that they some serious problems of readjustment. Capiare not used to liquidate the obligations of tal, too, is in a transition stage, various plants member banks to Federal Reserve Banks. The finding that it is now necessary to them to ultimate test of the inflation situation is found reconvert their machinery back to the manuin part in the volume of obligations of both facture of commodities required on a peace kinds taken in the aggregate, and in large basis, or to cease production entirely. The degree also through an analysis of the character great quantity of supplies accumulated by the of the assets held by the banks themselves. Government prior to the conclusion of the Judged even on this basis there has, however, armistice remain to be disposed of, and no. been a real liquidation. So far as these indi- matter how gradually they may be placed upon cations go, they show that abnormally active the market, will still continue to exert an effect or inflated business conditions 'and corre- upon the future course of prices and of employspondingly inflated credit are finding their ment, since it can not be absorbed into connatural corrective through the forces of finan- sumption, however gradually, without giving cial prudence. rise to a corresponding reduction in the volume "'Business recession, indeed, is the primary of demand. One striking evidence of this coneconomic phenomenon of the dition of affairs is afforded by the difficulty of Business re- moment in banking as well as various industries working on basic products, cession. in industry. That the process such as textiles, in maintaining a full weekly of liquidation has begun is not to be doubted schedule of hours, notwithstanding the desire by any close observer of existing conditions) of employees that this full working schedule be maintained, or in some cases, that overtime Prices, although still high, are showing an unwith corresponding higher wages, be continued mistakable tendency to drift to lower levels. if practicable. The month of January has witnessed striking reductions, both in textiles and in some of the The Bureau of Labor Statistics received and metals, the textile cuts being in some instances tabulated reports concerning the volume of the greatest ever made at any time since the employment in December, 1918, from repreclose of the Civil War. Food products con- sentative establishments in 13 manufacturing tinue high in price, but affected as they are by industries. Comparing the figures of Decemwholly abnormal conditions, this is not sur- ber of this year with those of identical estabprising. (The prospect for the harvest of 191-9, lishments for December, 1917, it appears that as predicted by the Agricultural Department, in four industries there was an increase in the anticipates as clearly as can be expected the number of people employed and in nine a deadvent of lower food prices. Meanwhile, the crease. Car building and repairing shows the process of readjustment and conversion of in- largest increase, 25.4 per cent, and the greatest dustry to a peace basis is necessarily bringing decrease, 19.1 per cent, is shown in woolens. some inconvenience and sufferingy Unem- Eleven of the thirteen industries sHow an inployment unquestionably exists at a consider- crease in the total amount of the pay roll for able number of industrial points throughout December, 1918, as compared with December, the United States, and even if it be true that 1917. The most important increase, 98.5 per the demand for labor in other parts of the cent, is shown in car building and repairing, 102001—19 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

104 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. which is probably due principally to the wage prices continue upon a level higher than that increases granted by the Director General of existing in other countries. Those countries Railroads. Respective increases of 38.7 and which first succeed in readjusting their costs of 32.4 per cent are shown in iron and steel and production and restoring their industry to a paper making. The decreases, 9.4 and 5.2 per normal level of values will be most successful cent, appear in woolens and men's ready-made in developing their exports and securing a footclothing, respectively. hold in the markets of consuming nations the The course of discussion since the conclusion world over. The facts in the case appear to be of the armistice with Germany understood abroad, as is indicated by the con- Prices and in- brought many indications tent of the reports of the various boards and nas dustrial transi- „ . J.- xi J. commissions which have lately been looking oi an expectation on the part of the business and banking into the banking and credit situation and which community that readjustment of prices is to have expressed their opinions with reference to be looked for. It is probably because of such the course properly to be followed in bringing expectation, indeed, that representative busi- about a return to stable conditions. ness concerns have already taken positive steps That the policy of British banking is likely toward the restoration of a more moderate to follow as rapidly as may be price level for their output. Reports of busi- alonS the lines marked out in ness conditions made to the Board by Federal the recent investigations com- Reserve agents show that the return of active pleted in that country, is suggested by the recent production and consumption is being retarded changes in the condition of the Bank of Engby high expenses of production. Uncertainty, land. Its percentage of reserve to liabilities not only among consumers, but also among has risen, the figure reaching 20. 13 per cent at those who would ordinarily be in the market the close of January, as compared with 15.78 for raw materials with which to manufacture per cent about a month earlier. That the goods, concerning the possibility or probability increase is not wholly due to an accumulation of a further drop in values, tends in the same of gold in the Bank of England is shown by the direction. It is argued that any such decline statement of reserves held by it at different will be carried by those who are at the moment dates. The result is partly due to liquidation in possession of the stocks of goods which are and consequent contraction of liabilities. At thus tending to move toward lower levels. the same time, the situation which is being Producers of secondary articles involving the experienced in floating popular loans among application of large quantities of primary raw British buyers in general upon a basis which materials are reluctant to absorb the loss calls for the steady exertion of saving power threatened, although some business men are and the exhibition of temporary or sporadic showing a disposition to treat such losses as one buying financed by the banks seems to point to of unavoidable charges upon business in the a-disposition on the part of the British people process of a speed}^ readjustment. The great to assist in the elimination of war inflation and volume of our export trade during the month in the process of restoring currency and bankof December furnishes a measure of foreign ing conditions in that country to a reasonable demand, but it remains true that this export and moderate basis, approaching as soon as trade is in large part concerned with raw may be the sound and stable conditions which materials, foods, and the like, and that we are existed prior to the war. This effort also is still facing the problem of finding or making a being made more effective by the renewed market for our manufactured goods in foreign control of foreign trade. Much time will be countries, a process in which we can hardly required in effecting a return to a stable ecohope to make the desired success so long as | nomic and financial status. The immediate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1919. FEDERAL RESERVE BULLETIN. 105 problem, it should be understood, is that of about 60 per cent. In addition the Federal beginning as soon as practicable the process of a Reserve Banks held— return toward more normal conditions, however Nonmember trust company acceptances 82, 949,000 much time may be required for that com- Nonmember State bank acceptances. 11, 669, 000 pletion. The working out of this problem in Private bank acceptances 30, 242, 000 the United States will require the careful Foreign bank- acceptances 14, 006, 000 adjustment of our loan and discount policy to Total. 58, 866, 000 the varying needs of trade. Upon the assumption that the Federal It has not thus far been deemed advisable Reserve Banks held 60 per cent of the total to increase the rates of discount outstanding acceptances of nonmember banks, to£S rates?11* at ^deral Seserve Banks, for the latter amount may be estimated as reasons already fully stated in $98,110,000, which is probably an extreme the past, and equally valid during the period high figure, while the amount of §58,866,000 set apart for the issue of the fifth loan. Rates held by the Federal Reserve Banks is a made slightly differential to assist member minimum. There is thus obtained an estibanks in rediscounting at Federal Reserve mated total of acceptances outstanding which Banks notes secured by the obligations of the is- not less than $580,689,000 and which may Government are considered essential to the run as high as §620,000,000. About the end success of the financing operations. On the of October the total acceptance holdings of other hand, any action which would tend to the Federal Reserve Banks, as shown above, permanently keep the rediscounting of commerwere as follows: cial paper at a disadvantage as compared with paper protected by Government obligations Member bank acceptances $314, 719,000 would tend to stimulate the tendency to Nonmember bank acceptances 58,866,000 borrow with Government obligations as col- Total 373,585,000 lateral rather than to bring to the Federal In addition the Federal Reserve Banks Reserve Banks commercial paper of a selfheldliquidating variety. It is not considered desirable to accelerate or emphasize any such tend- Acceptances discounted for member banks, ency, but rather if possible to facilitate the re- about $1,000,000 Trade acceptances purchased. 9,004,000 discounting of the commercial paper in order Trade acceptances discounted 20,273,000 that the normal composition of Federal Reserve Bank portfolios may as early as possible be Total 30, 277, 000 restored. The increase in the volume of Governor Harding, in an address before the acceptances afloat in the market is evidence American Acceptance Council of the desire on the part of the banking and on 3«n«7 21," took occasion business community to return to a commercial to set forth the present posibasis of financing as soon as may be. tion with respect to acceptances, both trade On November 1 acceptance liabilities of all and bankers'. He pointed out that the applibanks in the Federal Reserve system were as cation of the acceptance principle is practifollows: cally a necessity in the successful develop- National banks $332, 719, 000 ment of our foreign trade and that the more Nonnational member banks 189,104, 000 extensive use of the principle in. domestic trade will prove of great benefit to the economic Total 521. 823,000 financing of that branch of our business. Mr. Of this total the Federal Reserve Banks held ! Harding fully recognized the abuses that may (on Oct. 31, 1918) a total of $314,719,000, or! exist in connection with the trade acceptance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. and noted that it was not strange that such Further description of its purposes and methods errors should have occurred in connection with will be found elsewhere in this issue of the the introduction of a new instrument. He was FEDERAL RESERVE BULLETIN. of the opinion, however, that in considering the During the five weeks between December 20, acceptance critically we must assume that its Operations of 19i8> and January 24, the use is to be developed along the line of the the Federal Re- Federal Reserve Banks were greatest soundness and most correct principles, serve Banks. instrumental in placing two and that eventually temporary errors or mis- additional issues of Treasury certificates in applications of the instrument will be elimi- anticipation of the coming fifth war loan, nated. The great development in the use of totaling over 1,350 million dollars. These bankers' acceptances which is now in progress large war finance operations are accompanied he regarded as of special significance to the by an increase of nearly 200 millions in the foreign trade, and in order that it might pro- holdings of war paper, the New York bank ceed unhampered suggested to the Acceptance alone reporting additional holdings of over 129 Council consideration of a plan for the enlarge- millions of this class of paper. On January 3, ment of the acceptance powers of banks. He immediately following the placing of the 750 said in part: million issue, the Federal Reserve Banks show the record total of 1,545.3 millions of war "In the development of an open discount market there are two essentials. First, there paper on hand. Two weeks later these holdmust be a disposition on the part of exporters ings had declined to 1,347 millions, to be foland importers to draw their bills in dollar lowed by an increase of 151.3 millions subseexchange. Second, there must be a ready quent to the placing of the January 16 issue of market for the bills when drawn. In discuss- 600 millions of certificates. Other discounts ing the vast exchange and bill business done on hand declined from 306.8 to 263.7 millions. in the London market, v/e must not forget that for many years there has been a vast As the result the share of war paper in the accumulation of money in that city. These total discounts on hand rose from about 80 funds have always been used for the purchase to 85 per cent. For each of the eastern banks of bills, which have been regarded, as the this percentage is in excess of 90 per cent. soundest and safest investment. Some liquidation of acceptances is indicated, "The difference in rates between the open discount markets of London and New York the holdings of this class of bills showing a will be equitably cared for in time. The great decline from 340.7 to 284.5 millions, Chicago thing now is to make the purchase of these reporting a decrease of 58.7 millions under bills so widespread in this country that a trethis head. Both the New York and Boston mendous andf continuous buying power will banks report some increases in acceptances always be at hand. "The function of this council is to arouse on hand. interest in acceptances so that large amounts Redemption of Treasur}^ certificates held of money will be attracted to them because of by the New York bank to cover temporary their safe and liquid character. The Federal advances to the Treasury practically accounts "Reserve Banks will then only be needed as a for the reduction from 325.1 to 147.4 millions sheet anchor for the market. We may expect at that time that the going market rate will be in the totals of United States short-term seconsiderably lower than the bank rate. The curities shown, the latter figure representing main thing is to build, up such a strong market largely 1-year 2 per cent certificates, deposited that all bills offered will be certain of being with the Treasury to secure Federal Reserve taken up.'7 bank notes in circulation. No material changes The Acceptance Council plans to embark are shown in the amounts of United States upon a campaign of educating the financial bonds, largely circulation bonds, likewise on public to the broader use of the acceptance. deposit with the Treasury. Total earning Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL. RESERVE BULLETIN. 107 assets, as the result of the changes above noted, some decrease in these holdings ma;/ have show a decline from 2,301 millions on Decem- taken place on January 2 and 16, when two ber 20 to 2,174.7 millions on January 17, and series of certificates issued on September 3 an increase to 2,222.5 millions in the follow- and 17 in anticipation of the fourth Liberty ing week. loan fell due. For the period under review the Federal Loans secured by United States war obliga- Reserve Banks increased their gold holdings tions declined from 1,266.8 millions on Decemfrom 2,079 to 2,101.3 millions and their net ber 20 to 1,182.7 millions on January 17, deposits from 1,549.7 to 1,686 millions. Fed- the banks in the 12 Federal Reserve cities eral Reserve notes in circulation reached the reporting net liquidation of such loans to an high level of 2,685.2 millions on December 27 amount of 57.8 millions. Other loans and of the past year. Since then a marked return in vestments foil off 162.7 millions, also largely movement of these notes to the issuing banks at the banks in the 12 Federal Reserve cities. has set in, the total outstanding circulation on Aggregate holdings of United States war January 24 being 218.6 millions less than the securities and loans supported by such securiamount shown 4 weeks before. ties increased from 3,100.2 to 3,475.3 millions, Aggregate liabilities of the banks on Federal and constituted on the latter date 25.1 per cent Reserve bank notes in circulation increased of the banks' total loans and investments, during the 5 weeks under review from 111.9 compared with 22.7 per cent on December 20 to 126.8 millions. Mainly as a result of the of the past year. For the banks in the 12 considerable reduction in Federal Reserve note Federal Reserve cities a rise in this ratio from liabilities the banks' reserve percentage shows 24.0 to 26.6 per cent and for the New York a rise from 50.6 to 52.2 per cent. city banks alone an even larger rise from 26.7 Between December 20 of the past year and to 30.2 per cent are noted. Januarv 17, reports from mom- No great change is shown in the amount of ber bai*ks in about 10° seloctod Government deposits, the January 17 total of 65.9 millions exceeding the December 20 total cities indicate a reduction from 872.3 to 825,6 millions in their holdings of by 34.5 millions. A large reduction in these United States bonds, other than circulation deposits is noted on December 27, more than bonds, and an increase from 961.1 to 1,467 made up, however, by the increase shown on millions in the amount of Treasury certificates January 17. Greater concentration of these hold. Bond holdings wore lowest on January deposits in Federal Reserve cities is noted, the 10, when 798 millions arc shown, but show banks in the 12 Federal Reserve cities reporting increases for the following week in all the dis- total gains of 73.6 millions. Other demand tricts except New York, apparently following deposits show an upward movement until the payment on January 16 of the 20 per January 3, when a total of 10,145 millions is cent installment on the fourth Liberty loan. shown, an increase since December 20 of 223.1 Certificates on hand show considerable in- millions. At the end of the following week a creases on January 3 and 17 following the decline of 78.6 millions is shown, while the dates of the two now issues. Judging by the total for January 17 was 158.2 millions above increase in the total holdings of certificates, the total for the initial week. Time deposits the reporting member banks appear to show a steady growth from 1.451.3 to 1,605.1 have taken less than 40 per cent of the millions, all classes of banks reporting substancertificates offered during the month, though tial gains under this head. it should be remembered that among the banks' An increase from 1,278.9 to 1,298.8 millions certificate holdings there is included also a is shown in aggregate reserve balances (with certain amount of tax certificates and that the Federal .Reserve Banks) while cash in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. vault declined from 404.2 to 386.6 millions. production situation and the trend of British For the banks in the 12 Federal Reserve cities opinion upon this important question. the ratio of deposits to loans and investments The gain in the country's stock of gold since shows an increase from 85.1 to 85.6 per cent. August 1, 1914 was 31,071,576,000, as may be For the New York City banks, because of seen from the following exhibit: the relatively larger investment in certificates, Gold imports and exports. this ratio declined from 91.7 to 90.9 per cent. [000 orml;t(Kl.] "Excess reserves'7 have moved within fairly narrow limits, the total for the banks in the 12 Excess Federal Reserve cities on January 17 being Imports. Exports. im o p v o e r r ts exports. 82.3 millions, or 3.8 millions less than on December 20 of the past year. Aug. 1 to Dec. 31, 1914 §23,253 $104,972 i §81,719 Jan. 1 to Dec. 31,1915 451,955 31,426 420,529 During the month ending January 10 the Ian. 1 to Dec. 31, 1916 685,745 155.793 529,952 Jan. 1 to Dec. 31, 1917 553,713 372,171 181,542 net outward movement of gold Jan. 1 to Dec. 31, 1918 61,950 40,848 21,102 Jan. 1 to Jan. 10,1919 711 541 170 and exporSP°rtS ™s ^OOO, as compared Total | 11,,777777,,332277 705,751 1,071,576 with a net inward movement 1 Excess of exports over imports. of $1,280,000 for the month ending December 10. Secretary Glass announced on January 17 Gold imports for the month amounting to Financial ^a^ w^ ^e approval of $1,595,000, came largely from Canada, Mexico, representation the President, Mr. Albert and Colombia, while gold exports totaling abroad. Strauss and Mr. Thomas W. $1,688,000, were consigned chiefly to Colom- Lamont would shortly leave for Europe for bia, Mexico, and Canada, the Treasury in an advisory capacity in con- Attention is called to the report of the nection with the armistice discussions and British Gold Production Committee, addressed other financial questions arising at the Peace to the Lords Commissioners of the Treasury Conference. Mr. Strauss has been voted a under date of November 29, an abstract of leave of absence by the Federal Reserve which is printed elsewhere in this issue. It Board to enable him to undertake these furnishes much additional light upon the gold duties. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDEBAL KESERVE BULLETIN 109 BUSINESS CONDITIONS IN- JANUARY, 1919, Practically throughout the country the In a variety of lines in which the Governmonth of January has been characterized by ment has controlled the bulk or a large part of the uncertainty incident to a period of transi- the stock of a commodity, the process of bringtion in business. In some cases more re- ing about readjustment is not proving easy. adjustment than had been expected has proved The wool auctions, for example, which were to be necessary. Favorable developments first held seemed to be on too high a price which some had thought would present them- basis, but subsequent revisions of prices have selves immediately after the conclusion of the brought about better buying and stronger armistice with Germany have been delayed. demand. The large supply of wool now avail- There has therefore been "hesitation77 in able has limited buying in South America. Producers of dry goods, however, find trade business, but no essential loss of confidence in slack, while in the cotton trades reductions of the future of the general situation. Vast prices which have already occurred are the changes are now occurring in industry and largest at any time since the Civil War, and the extensive readjustments in labor. Slackening profits at the mills have been correspondingly in productive effort is reported from manucurtailed. Nevertheless, buyers are still relucfacturing districts, but retail trade has as yet tant to take the product off the hands of the shown only moderate decline, and in some manufacturers at existing levels. In the concases little or none. Such dullness as exists is suming parts of the country purchases of attributed to the usual after-holiday reaction, retailers are nevertheless reported about norand it is the general opinion that the influence mal, although in many places buyers are of changes in manufacturing and wholesaling cautiously operating upon a cash basis, so far as lines have not yet reached the retailer and conpracticable. In leather and shoes prices consumer. tinue high and retailers7 stocks are reported low. In the manufacturing field the changes that The steel business has been unsatisfactorily are taking place are affected primarily by small, and as a rule the industry has not much alterations in the prices of raw materials and more than a month's orders ahead. Although a changes in the direction of demand. The ex- reduction of prices ranging from $4 to $6 per tensive cancellation of Government war con- ton on finished materials had been recommended tracts has resulted in modifying the plans of before the close of 1918, demand has not been many producers, while the withdrawal of enlarged, while the purchases by the shipbuild- Government restrictions upon the movement ing companies and the railroads have fallen off of raw materials has led others to the adop- materially. Purchases for building purposes tion of a conservative policy, pending the have been small and would-be consumers who "settling down77 of prices upon a stable basis. had made contracts at high prices have de- The changes that have taken place are, how- manded a revision of the rates charged them. ever, described as being productive of less Price movements show, on the whole, a disturbance than might reasonably have been general tendency to decline, which has beexpected, while the tone of the business com- come more marked since the opening of the munity and its expectation of prosperous con- new year. While the general index number ditions to develop in the near future is strong. of the Bureau of Labor Statistics remains There has been some disappointment over the unchanged at 206, the number for producers' failure of export trade in manufactures to goods, as computed by the Federal Reserve develop promptly, but confidence in the Board, shows a falling off from 205 in November capacity of export demand to develop vigor- to 199 in December. In raw materials there ously is still felt. is a slight increase from 197 to 198, due to an Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 FEDERAL RESERVE BULLETIN". FEBRUARY I, 1919. increase in the prices of farm products, from declines expressed in terms of percentages as 234 in November to 237 in December. Animal to wheat, oats, corn, barley, and rye. Flour products remained unchanged at 208, as did production has increased about 20 per cent forest products at 150, while mineral products during the month, the stocks on hand at the declined from 183 to 182. On the other hand, close of the month, however, remaining pracconsumers7 goods showed a continued increase, tically unchanged. In the coal trade, bitumirising from 214 in November to 216 in De- nous production shows recovery, but has not cember. During the early part of January yet reached the high normal level established there was a sharp downward tendency in many during the month of October. Anthracite classes of prices, particularly in staple woolens, production still shows a decline as compared cottons, iron and steel, and finally in some with October and even with November, when classes of farm products. The movement the influenza epidemic was at its worst. The toward price reductions is now fully under production of beehive coke for the month of way. From the second district it is reported December was 2,255,000 tons, which is lowest that producers of raw materials and manu- since February, 1918. The by-product, howfacturers generally express the belief that ever, shows an increase over November, the prices will hold about as they are now, at least figure being practically the same as for October, for a considerable time to come, and that those which was the high month of the present which are holding off from purchasing in the year. Conditions during the early part of hope that prices will be lower soon are likely January indicate continued increase in the to be disappointed. Retailers and jobbers, production of anthracite and bituminous coal, however, take the view that prices must come as compared with the low point reached durdown, and that while there has been a seller's ing the holidays, and are practically back to market for the past four years, the situation is the standard of the first half of December. now entirely changed and we are having a In iron and steel, production during December buyer's market. An interesting evidence of shows an increase in pig iron and a slight fallthis is given by an important firm dealing ing off of about three points in steel ingot largely in dry goods, which states that those production, the index number (1911-1913 who speculated too freely in piece goods have average being taken as a basis) being 128 for been obliged to cut prices sharply, so that November and 125 for December. The corwoolens and worsteds are offered to-day on a responding index numbers for pig iron were lower basis than mills can manufacture them. 145 for November and 148 for December. The volume of business during the month, Unfilled orders of the United States Steel as already indicated, has shown a decided Corporation at the close of December were slackening in most productive lines. Informa- 7,380,000 tons, as against 8,125,000 tons a tion received by the Board's business index re- month earlier, the index number being 154 porting section, covering returns up to the end for November, as against 140 for December. of December, indicates an upward movement Information for the first two weeks of Janin total receipts of grain at primary and second- uary, which was transmitted by one of the ary markets, while shipments from these principal producing centers, indicates that tho same points show a further slight decrease. production of steel mills in the district is about Stocks on hand in these markets at the close of 65 per cent of capacity, such production, howthe month are not materially changed, the ag- ever, being equal to about 90 per cent of the gregate reported at the end of December being prewar production of the plants. In the non- 427,000,000 bushels of total grains. The ferrous metals, reports from various producing movement of grains, both to and away from districts are unfavorable. In Colorado the value the markets, was practically parallel, figures I of gold, silver, copper, lead, and zinc was only showing substantially the same increases and I $33,000,000 for 1918, a falling off of 810,000,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FKURUAKY 1, 1919. FEDEEAL KESERVE BULLETIN. Ill from the previous year. In the Joplin district the so-called "war industries." The process the end of the war brought an end of the price of absorbing the labor made available in these agreement on high-grade zinc ores, and the two ways into other lines is still relatively slow. price of all grades of zinc blende was $44.60 In spite of the existence of unemployment at in December against $56.20 in November. some points, this condition has not become Sales were about stable, or 26,000 tons per sufficiently general to cause serious difficulties month. In spelter the decline in prices brought thus far, and the early restoration of full an increased production in December the out- activity in business, if accomplished, may put being 47,000 tons, the largest figure since result in absorbing the surplus supply of labor April, 1918. The stocks on hand at the close from the market comparatively soon. of the year increased slightly over the figures The labor situation varies very greatly from for the close of October and the close of No-place to place, and in some of the eastern vember. Lead showed the sharpest reduction sections of the country where returned soldiers in prices yet recorded, going down from $100 have been demobilized in large numbers unemper ton to $80 early in December, and $65 at ployment presents a problem of difficulty. the close of the month. Wages were cut The following table prepared by the United correspondingly. States Employment Service gives a general Cattle receipts at the six markets of the estimate of the situation beginning with the Kansas City district have been about 43 week ending November 30, 1918: per cent larger than in January a year ago and have shown a higher level of prices than prevailed at the beginning of last year. The j X u m b e r cities showing indussupply and movement of meat animals is more trial relations as: extensive than at the opening of 1918 and Week finding. receipts of hogs as well as of sheep are particu- 1 larly heavy. Packers report a continued run of the heaviest business they have ever handled. Cotton, consumed during the month of Decem- 1918. Nov. 30... 115 ber was slightly larger than during November, Dec. 7 122 Doc. 14 1.22 the relative index numbers being 101 and 105, "Dec: 21 120 Dec:. 28 122 respectively. During the early part of January 1919. there lias, however, been a tendency of cotton Tan. 4 121 consumption to decline. The number of active I J a a n n . . 1 1 8 1 1 1 2 2 2 2 spindles during December was slightly more Jan. 25 122 than during November, but since the opening of January has also shown a tendency to fall off. Both cotton and woolen mills are rigidly curtailing their production for the first time in three or four years. Labor is passing through, a period of redistribution. Demobilization is proceeding rapidly and is already liberating a considerable quantity of men available for employment, while it is also bringing about a redistribution of men, many deciding not to return to their original 'places of residence. On the other hand, many employees are being set free in 102001—19 3 -wo £53b gf It | CJ "ci s E "" d 1 o 29 33.878 12 11,114 90 12 29 48.226 16 22,200 91 8 30 47', 130 20 30,000 95 7 25 41,002 37 CK>, 350 88 7 26 35,542 4.1 91.889 91 u 27 33,397 48 120,G82 87 9 22 20,033 47 176,145 81 8 18 18' 644 55 211.700 83 12 12 18 14.350 61 258,332 83 14 i At Cleveland the unemployed, as reported by the United States Employment Service, for the week ending January 25, 1919, amount to 65,000, as compared with 55,000 for the preceding week; Detroit. 83,000, as compared with 30,000; Buffalo, 17,000, as compared with 1.5,000; Seattle, 10,000, as compared with 8,000; and Milwaukee, 10,000, as compared with none. Other cities showing a considerable surplus are the following: Toledo, 9,000; Dayton, 8,000; Pittsburgh, 8,000; Butte, 7,500; Bridgeport, 7,000; Portland, Oreg., 6,500; New Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 FEDEKAL RESERVE BULLETIN. FEBRUARY 1, 1919. Haven, 6,000; Worcester, 6,000; Minneapolis, confidence that building must promptly be 5,000; and Syracuse, 5,000. resumed on account of the shortage of accom- There has been some measure of industrial modations for business and for dwellings, but unrest evidenced by strikes, but several of the high prices which still prevail have prethese have already been settled, among them vented would-be builders from embarking on that of the New York City workers in men's any large operations thus far. In lumber and and boys' clothing, who, to the number of over other articles classed as materials, prices have 50,000, have been out for three months. They in some sections advanced even above war returned to work on January 23, the employers levels since the removal of Government rehaving granted their demand for a 44-hour strictions, while men employed in the building working week. A strike of 23,000 employees trades are in some cases asking higher wages of the General Electric Co. at Schenectady than they received during the war period. began December 19 and ended January 11. These factors tend to prevent recovery in con- About 15,000 members of the Marine Workers struction. Union quit work January 9, tying up practi- Financially it is reported that banking concally all shipping in New York harbor, but re- ditions are encouraging. Money is flowing turned to work January 12, and the Federal back to the financial centers, and there has War Labor Board is conducting hearings on been a shrinkage in the outstanding volume the matters in dispute* which include wages of Federal Reserve notes at a number of banks. and hours. The only large strike pending in United States Treasury certificates have genthe New York district is that called on January erally been satisfactorily disposed of, although 21 and involving about 35,000 garment workers some banks have had trouble in absorbing their in the New York City waist and dress trade. quota. This has led to some increase in redis- In Connecticut the labor situation is bad and counting at a number of banks. During the there is an oversupply due to the discharge of past 10 days, however, there has been an easier employees from munitions factories. Some- tendency in money and rates have been lower. what the same situation exists throughout the In some sections banks have not taken up manufacturing district of New England, with their entire quota of Treasuiy certificates. some few exceptions, the most favorable posi- Commercial paper is markedly easier, espetion being found where progress has been made cially for the prime varieties, but rates for coltoward the readjustment of industry to peace lateral loans are but slightly changed. The conditions, and where consequently demobi- rate tends to become firm as the period of the lized labor has been readily reabsorbed. In paper increases. Financing in the form of the agricultural regions labor is still scarce and short-term notes and bonds has been successexpensive. On the Pacific coast there is some ful, but rates have been firm to strong. Forunemployment, but the bulk of the labor eign loans sold in the New York market during available has been rapidly roabsorbed. It the month of December were offered on terms is still too soon to state with any degree very favorable to the investor, the conditions of certainty how the labor situation will indicating clearly appreciation on the part of develop after industry has returned to its nor- borrowers that the supply of available capital mal basis. is not overabundant. In New York call loans It had been expected that building would have fallen from 6 per cent to 5 per cent, and almost immediately expand with the removal occasionally a renewal rate of 4 per cent was of restrictions which had been imposed upon made. Time money is not only somewhat the movement of materials, but in most dis- lower in the New York market, ruling toward tricts it would seem that recovery has been the end of January at 5 per cent to 54 per cent, thus far very small. There is still considerable but is distinctly more abundant. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN, 113 SPECIAL REPORTS. cently they have been small purchasers and the demand for structural iron and steel also has COTTON TEXTILE INDUSTRY. been small. Many customers who had con- [Reported by First Federal Reserve District.] tracted at high prices insisted that prices be The market for cotton is the dullest it has lowered. At first mills were not disposed to been for years and brokers report very few sales. grant their requests or to offer reduced prices Mills are inclined to reduce the amount on hand on new orders, but there is now a tendency to rather than to make purchases. As in the case make some concessions, with the result that of woolen mills, buyers of goods are reluctant inquiries and orders have increased somewhat. to commit themselves for future orders until Production of steel mills in the district is now they feel sure that prices are to be maintained. about 65 per cent of capacity, but such pro- As a consequence, mills are curtailing as much duction is equal to about 90 per cent of the preas possible and reducing prices as much as war capacity of the plants. costs will permit. Everybody connected with the cotton textile industry, realizes that there ZINC AND LEAD ORES. is no surplus of goods and eventually a good [Reported by the Tenth Federal Reserve District.] demand is bound to develop, but the question In the Joplin district the end of the war is, at what price level. In the meantime, mill brought an end to the price agreement on owners are unwilling to accumulate goods high-grade zinc ores, and once more these manufactured at the present high cost of proores are practically on the open market, with duction, with mill labor receiving the highest heavy reductions in prices. The average wages on record. Some manufacturers claim price for all grades of zinc blende in December to be much discouraged both because of the was S44.60 against $56.20 in November, sales drop in price of their product and because of being about 26000 tons, or about the same as the small demand for it. They claim that the ; in November. Calamine ores remained steady, margin of profit is very small, if it exists at all, the average price being $33.86. Lead took a due to the decline in prices for the products and dramatic tumble early in December to $80 curtailment of part of their machinery, thereby per ton, after holding steady for months at causing an increase in proportionate overhead $100, and with a further decline closed the charges. The larger interests, however, and month at $65 per ton, a reduction of 35 per those experienced over a long term of years, cent in 30 days. To meet this, operators feel that they will have a big demand for they revised the scale of wages downward, the cut output as soon as a price level can be found amounting to 50 cents per day for day men satisfactory to buyer and seller, and this, their and 4 cents a ton for piecework shovelers, feel, will come within a month or so. effective January 1. But, aside from a small reduction in the price of powder and steel, IRON AND STEEL. mining supplies are the same in cost. Pro- [Reported by the Third Federal Reserve District.] ducers are making efforts to adjust themselves In the iron and steel industry a waiting policy to this new condition. Coal mining operations by both buyers and sellers has apparently been were generally more satisfactory in 1918 than pursued. A few weeks before the end of the in the previous year, althougn restricted by year the general committee of the American labor shortage and sickness; production from Iron and Steel Institute recommended certain the mines in this district in 1918 were about reductions in prices, ranging from $4 to S6 per 1,400,000 tons more than in 1917. Indications ton on finished materials. These prices were are that the output will bo larger this year suggested for the free market which was to with the improvement in conditions. hold sway after the first of the year, when price restrictions were all removed. The turn of the OIL DEVELOPMENT. year did not bring as much activity as was [Reported by the Eleventh Federal Reserve District.] expected', as main' of the largest sellers were The activity caused by oil development is unwilling to cut prices while costs remained at spreading like wildfire, and a genuine "boom" so high a level. After the holidays, in keeping exists in many of the smaller towns in Eastland, with the small quantity of iron and steel being Erath, Comanche, Stephens, and other counties ordered, many mills resumed operations with in the central west portion of the State, where reduced working forces. The two largest con- wells are being brought in daily. All sorts of sumers of iron and steel products are the ship- rumors are being circulated to entice investors; building companies and the railroads. Re- principally those, of course, which chronicle Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. the making of fortunes overnight. As a result Providing Increased Financial Facilities in of this activity, local business at the smaller Great Britain. towns in the counties mentioned is the heaviest Herewith is reprinted for convenience of of record. The influx of oil men, the resultant reference and as an important official contriincrease in the population of the oil centers, and the business resulting has caused a dearth bution to the discussion of after-war policies of housing facilities, and locations for new dealing with the problem of trade, industry, business are greatly sought. The overflow and finance, the report of the Committee on contributes to the business of the larger towns Financial Facilities, presented to Parliament adjacent to the fields. Oil exchanges are under date of November 21, 1918. The combeing opened daily in Dallas and Fort Worth. mittee was appointed by the chancellor of the exchequer, jointly with the minister of reconstruction, on November 28, 1917, and Development of Acceptance Movement. consisted of the following: Sir Richard V. Two events of interest to the establishment Vassar-Smith, Lloyd's Bank (chairman); Sir of a discount market have occurred during John Bradbury, K. C. B., Secretary of the the month of January—the formation of the Treasury; Mr. A. E. L. Chorjton, of Rust on, Acceptance Council and the opening of the Proctor & Co. (Ltd.), Mr.*% Brocklehurst New York Discount Corporation. Fielden, deputy chairman, Lancashire & York- At a meeting held at the rooms of the New shire Railway Co.; Mr. Algernon F. Firth, York Merchants7 Association in New York president of the Associated Chambers of Com- City on January 21, there was formed a body merce of the United Kingdom; Mr. Robert Fleming; Mr. A. C. I). Gairdner, Union Bank to be known as the American Acceptance of Scotland; Mr. Frederick C. Goodenough, of Council, to succeed the American Trade Messrs, Barclay & Co. (Ltd.); Sir Alexander Acceptance Council. The purpose of the or- McDowell, K. B. E.; wSir Alexander Roger, ganization is set forth in Article I of its arti- Ministry of Reconstruction; Mr. John Sampson, cles of association, as follows: as representative of the Controlled Establish- The American Acceptance Council is hereby organized ments Association; Mr. A. W. Tiiit, of Messrs. for the purpose of conducting and directing a nation- G. A. Toucho & Co., with Mr. R. C. SmaUwood wide educational campaign designed to inform the business as secretary. people and bankers as to the merits of trade and bankers' acceptances, the method of their use in foreign and domes- The committee was instructed "to consider tic merchandising, and for the further purpose of aiding and report whether the normal arrangements for in the establishment of a comprehensive open discount the provision of financial facilities for trade by market and to assist in other matters that will improve means of existing banking and other financial inthe credit system and strengthen the financial position of America. stitutions will be adequate to meet the needs of British industry during the period immediately In line with these efforts to develop a sound following the termination of the war; and. if discount market is the -work of the Discount not, by what emergency arrangement they Corporation of New York which began busishould be supplemented, regard being had in ness on January 2. The company will devote particular to the special assistance which may its resources and energies to the development be necessary— and maintenance of a stable, open discount "(a) To facilitate the conversion of works and market and will discount, purchase, and dis- factories now engaged upon war work to normal tribute bills originating in foreign and domes- production; tic trade. Its policy will be to direct to its " (&) To meet the exceptional demands for raw bank customers attractive acceptance business materials arising from the depletion of stocks." originating with sound commercial and indus- The report of the committee follows: trial enterprises and to furnish to or purchase INTRODUCTORY. from its customers bills desirable both as to 1. We have now the honour to submit our quality and maturity. report upon the matters referred to us. In the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDEKAL RESERVE BULLETIN. 115 course of our enquiry we have held seventeen RECONVERSION OF WOUKS. meetings and examined eleven witnesses; we have also considered a large amount of docu- 5. One of the largest factors in the demand mentary evidence, together with the reports of for assistance undoubtedly will be the necessity certain departmental committees dealing with for rcequipping factories and works, and altervarious branches of trade and industry. ing machinery only useful for war production, 2. Although, the provision of financial facili- to machinery suitable for peace-time producties is undoubtedly an important factor in the tion. The volume of the demand will differ reconversion of trade and industry, wo do not in various industries in accordance with the think that it is by any means the primary magnitude of the displacement which has taken factor. The remedy for the wastage of capital place, and the degree in. which the character during the war lies mainly in increased produc- of the war output is removed from the normal tion and genuine saving. A rapid return to peace-time output of the firms concerned. normal conditions will depend primarily on the During the reconstruction period the manufacamount of raw material and labour available, turer will be confronted by two separate calls and should there be a shortage in either case, upon his financial resources, operating more upon the efficient distribution of the available or less at the same time. In the first place, supplies to the''most urgent national needs of he will have to provide for the expenditure production. This problem is intimately bound necessary for the reconversion of his plant and up with questions such as the amount and works, and secondly, in order to produce the utilisation of the available shipping tonnage, same amount of output after the war as was the rectification and maintenance of the foreign produced before the war, a larger amount of exchanges, and the "manner in which the cur- working capital will be required to meet the rency note issue will be dealt with. Much, enhanced cost of labour and materials and the depends upon, the successful solution of these general increase in standing charges. Stocks of problems, which form the foundations upon raw materials have -been depleted and stocks which financial policy rests ultimately, par- of the manufactured article have likewise ticularly in connection with the granting of been depleted, or have disappeared altogether. credit facilities. Raw material must be acquired, generally speaking, at substantially higher prices: while 8. The terms of reference which have been interrupted industries are in the process of being submitted to us appear to fall naturally into reestablished, stocks, both of raw material and two main divisions— semimaTitifaoturcd articles, may have to be (1) The financial needs of trade immediately carried, for longer periods than under normal after the war, and the respect in which these conditions. There will be, moreover, in many needs will differ from the needs under normal of these industries, a more or less unproductive conditions. period by reason of the shortage of materials, (2) The provision of financial facilities to during which standing charges will have to be meet these needs. provided for. This will vary, but it will ob- In the first part of our report we propose, viously be greater in those industries which are therefore, to deal with the financial requiresubsidiary in the sense that the raw material ments of trade and industry. required is the finished article in one or more previously applied manufacturing processes. PART I.— The financial needs of trade and in- This unproductive period will, in many cases, dustry after Hie war.. have to be bridged, by means of increased finan- 4. In the course of our enquiry we came to cial facilities. We anticipate an increased the conclusion that it was 'not possible to demand for loans to meet the circumstances obtain information upon which to frame an which we have just described, which are abestimate of the total cost involved in the recon- normal in character and unprecedented in diversion of industry from a war to a peace foot- mensions. ing. And, as the special circumstances of 6. The very great increase in the volume of many of the more important trades and. indus- production which has taken place—notably in tries have been, or are now, the subject of the engineering and steel trades—must also be enquiry by special committees appointed by taken into account. The increased demand various departments of State, we determined, for war material of all descriptions has resulted after a review of all the circumstances, to rely in the establishment of many entirely new mainly upon documentary evidence in connec- firms, and necessitated very large extensions tion with this section of our enquiry. of plant and works on the part of established Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. ['he situation will, therefore, be com- post-war trade and industry. We think that plicated by the formation, in man}7 industries, these fears are exaggerated. of an enlarged basis for a greatly increased 11. The ability to meet the requirements for commercial output compared with the pre- the reconstruction of factories and works is war output. This will necessitate seeking new dependent mainly upon the amount of reserves markets, and the establishment of new indus- which it has been possible to accumulate out tries, and consequently an increased demand of past profits. Speaking generally, in this for credit facilities and additional capital. connection, trade and industry may be grouped into three main divisions. REPAIRS AND RENEWALS. 12. In the first place, there is undoubtedly a large group of firms, previously established 7. The necessity for undertaking, at higher in various industries, who have been engaged prices, repairs which have been in abeyance upon the manufacture of war materials from owing to the war and which are now much a date soon after the commencement of the in arrear, constitutes a large item of expendi- war. These firms have been able to do a very ture which will affect industries at present considerably increased amount of business, engaged upon supplying the needs of the civil and have made large profits. In spite of the population, as well as those industries engaged increased taxation, we think that a very large upon war work. number of these firms will have been able to accumulate reserves sufficient for the needs of GENERAL CHARACTER OF THE DEMAND. reconstruction. Speaking of these Established firms, the evidence submitted indicates that 8. Owing to the unprecedented nature and their financial position has improved to an dimensions of the change, the general character extent which should enable them to raise any of the demand for assistance will differ from new capital which may be required, and to the demand in normal times, in that it will obtain from their bankers any increased consist of a greater percentage of demand for facilities, which may be necessary during the loans secured upon capital goods, i. e., con- reconstruction period. structional material, etc., compared with loans 13. The second group consists of a number secured upon consumable goods. of firms who became engaged on war work at 9. These demands may be summarized a later period of the war, when taxation was briefly as follows: on a higher level, and the opportunity for ac- (a) For a considerable period after the war cumulating reserves was, consequently, not so a greater demand for working capital, owing great. Many of these firms have been called to the increased cost of labor and materials, upon to make large extensions to their works the necessity for giving longer credit, and the in order to cope with the increased demand for anticipated expansion in the volume of trade. war material of every description. In cases (?>) A greater demand for extended credits where extensions have been made, we underfor the purpose of replacing, at higher cost, stand that in the majority of instances these machinery and plant which has fallen into extensions have been written down to the estidisrepair'on account of the war. mated post-war value, to the controlled owner, (c) Requirements for reconversion of plant and that the writing down has generally been and works which may, in many cases, be on the on a liberal scale. Although it is true that, border line between working credit facilities in many cases, this may result in the bulk of and new capital requirements in respect of their liquid resources being locked up in bricks permanent outlay. and mortar and fixed plant, it must also be (d) New fixed capital requirements in respect taken into consideration that alteration by of permanent outlay. way of readaptation to a different class of output, or bj way of reduction in size, is a much ABILITY TO MEET FINANCIAL REQUIREMENTS. less expensive matter than an extension. 14. The third group comprises a number of 10. It remains for us to consider the ability entirely new firms, which Have come into exof trade and industry generally to meet their istence owing to the increasing demand for financial needs during the reconstruction war material of all kinds, without any previous period. Some of our witnesses have given commercial history and with no trade or inexpression to fears of a general shortage in dustry to which to revert after the war. From the supply of money and credit for financing our own knowledge and experience, and from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1.919. FEDERAL RESERVE BULLETIN. 117 the evidence which has been placed before us, (c) The break clause in connexion with the we are of opinion that the chief financial diffi- termination of contracts for munitions of war. culties will bo experienced in connection with (d) The disposal of State owned factories this group. It has been urged upon us that and surplus stores. it is not in the national interests that these We have already drawn your attention, in a firms should be allowed to peter out after the letter dated 1st November, 1918, to the neceswar, and that every inducement should be sity for immediate action in connexion with given them to continue in business and under- the break clause. Judging by the evidence take commercial manufacture, if necessary placed before us, there existed a great deal of even to the extent of granting them State finan- apprehension with regard to the effect of those cial assistance. We feel that, even if State clauses. Stress was laid by witnesses, not only financial aid is desirable, there are many diffi- upon the dislocation and financial loss which culties in granting such aid. Apart from the would result from too sudden a termination of fact that it might be regarded as unjust were those contracts, but also upon the effect which these firms enabled, by means of State aid, to such a step would have upon the labour market compete in established industries with firms through a great number of hands being thrown previously employed in the same industry, it out of employment. They urge the desirability will be difficult, if not impossible, to guard of continuing contracts on a gradually reducing against wastefulness and inefficient manage- scale, rather than imposing an abrupt terminament, and to insure that the money was prop- tion, wherever this can be done without serious erly and economically employed. economic objection. We understand that steps The solution in these cases appears to us to have been taken to encourage manufacturers lie mainly in the establishment of new indus- to undertake commercial contracts as quickly tries. Everything will depend, however, upon as possible, and we think that, wherever posthe economic soundness of the industry under- sible, steps should also be taken to secure in taken, and the ability to meet and maintain advance adequate supplies of raw material for the industry in the face of possible future com- essential industries, either by immediate purpetition. It is not possible to formulate any chase or by forward contracts. specific scheme for providing financial assist- 16. As the question of providing assistance ance for cases of this kind; the capital required for the reconstitution of the small one-man for establishment of these industries must businesses is,we understand, uiider consideration necessarily be furnished by the investor or by by the civil liabilities demobilisation committhe individual partners engaged in the business. tee, and the question of providing financial Each case must be judged on its individual assistance for housing by the housing (financial merits, and the ability to attract the capital assistance) committee, we consider these quesnecessary for its establishment will depend tions are outside of the scope of our enquiry, upon the inherent soundness of the proposition and also that the question of providing finanand its future prospects. cial assistance for the acquisition of land and the promotion of agriculture does not come FUTURE GOVERNMENT POLICY. wTithin our terms of reference. 15. An uncertain outlook for the future is one of the greatest deterrents to industry and PART II.—The provision of financial facilities. finance alike. Whilst we recognise the dif- THE CREDIT SYSTEM BEFORE THE WAR. ficulty at the present time of laying down in detail the future policy to be adopted in this 17. To arrive at a correct understanding of country in connexion with trade and industry, the financial position after the war, it is necesthere are certain questions upon which we sary to describe, very briefly, the credit system think the Government might make known their before the war, and the changes which have policy at an early date. It would, undoubtedly occurred during the intervening period. In be of great assistance to manufacturers and normal times, the necessity for maintaining an others in laying down their plans for the future, effective gold standard acted as an automatic if the policy to be adopted with regard to the check upon the undue expansion of credit. As following wTere made known: the balance of indebtedness of this country with (a) The future fiscal policy of this country. foreign countries became unfavourable and the (&) The rationing of raw materials, and prior- exchanges moved against us, it became profitable ity of essential industries and urgent require- to export gold to meet foreign claims. This exments. port caused a gradual shrinkage in the available Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. supplies, and the consequent reduction in the trading, and often adjusted situations which, Bank of England ratio of reserve to liabilities, had they remained unchecked, might have deand so necessitated a rise in the bank rate, veloped into severe commercial crises. which, in turn, caused a general rise in interest rates. This rise in interest rates had a two- THE POSITION TO-DAY. fold effect. In the first place, it attracted gold to this country and induced gold which other- 21. Owing to the war, the conditions prewise would have been exported to remain, and vailing to-day are entirely different. There is secondly, it induced people to pay off loans, and no free international market in gold, the natdiscouraged new loans being sought for and ural operation of the foreign exchanges has created. If the drain of gold was severe money been interrupted, and the internal gold circubecame "tight" and it became difficult to re- lation has been replaced by a currency note new existing loans; this caused the sale of issue. There is no legal limit to the amount of goods and produce upon which the loans were currency notes which may be issued, and there secured, and so brought about a fall in prices is, therefore, no automatic check upon the exwhich encouraged exports and discouraged im- pansion of ciedit. ports, and so gradually adjusted the situation. 22. The total deposits of the banks of the 18. But, apart from the external or inter- United Kingdom (other than the Bank of national aspect, the internal currency also con- England), which amounted on the 31st Desisted of gold (or notes secured upon gold) cenibei, 1913, to £1,070,000,000, are now apwhich was the only legal tender for the settle- proaching £2,000,000,000. These figuies are ment of debts. It is true that gold was un- an indication of the very great expansion of necessary for the settlement of commercial credit which has taken place up to the present transactions, and that the majority of these time, and which still remains unchecked. The transactions were settled, by cheques, but every enormously increased purchasing power thus depositor, with money lying to his credit at his created has, in our opinion, been one of the bank on current account, besides the right of main factors contiibuting to the rise in prices transferring the amount by cheque, had also which has taken place. the right, at any time, to withdraw the whole or any portion of the amount in gold. As the THE POSITION AFTER THE WAP,, manufacture of banking credit by the process of granting loans also involves a corresponding 23. The financial situation during the reconincrease in the deposit liabilities, the amount of struction period will be influenced profoundly additional loans which it was safe to grant had by the prevailing financial conditions at the to bear a relation to the supply of, and possible termination of the war. Having regard to the demand for, gold. fact that the very great expansion in credits 19. There was also the further check that which has taken place (luring the war will whilst a great expansion in credits caused an probably persist for a considerable period after increased activity in trade it also caused a rise its termination, we are unanimously of opinion in the price of commodities, owing to the in- that, if the reconstitution of industry and comcreased competitive demand due to the crea- merce is to bo achieved on permanent and tion of additional purchasing power; this in sound economic lines, some restriction must be turn caused a rise in wages, and so, in one way imposed at as early a date as possible upon or another, brought about an increased demand the creation of additional credit by the restofor gold for currency purposes, which resulted ration of an effective gold standard. To atin a larger amount remaining in circulation tempt to rebuild industry by means of a furwith a consequent reduction in the reserves. ther indiscriminate expansion of credit would This set of circumstances thus acted in the same not only endanger our position as the financial manner as an adverse foreign exchange, and centre of the world but would inevitably lead brought into play the same remedial measures. before long to grave disaster. 20. It will be seen, therefore, that the gold 24. For this reason we think that State borstandard not only maintained the whole finan- rowing should cease as soon as possible after cial structure in a state of equilibrium, but the conclusion of the war. It must be borne in through finance it exerted a powerful influence mind that new commercial capital issues have upon, and kept the general level of domestic been largely in abeyance since the commenceprices in equilibrium with gold or world pi ices. ment of the war, and that, consequently, there It acted as a wholesome restraint upon over- will be a great demand from trade and industry Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 119 for additional capital, State borrowing can EXTENDED CREDIT FACILITIES. only be undertaken in competition with these demands. We are also of opinion that any 29. By extended credit facilities we mean Government guarantee to bankers to enable loans involving a lock-up of funds for a more or them to provide, by means of credits for fixed less extended period and secured upon assets capital expenditure necessary for the reconsti- not readily realizable, including loans required tution of industry is undesirable as being likely for giving "long trading" credit, either at home to cause a further expansion of credit together or abroad, and loans secured against capital with an additional rise in prices. goods which are either dependent upon future 25. On the contrary, we believe that the profits for repayment or will be replaced ultirestoration of sound financial methods will mately by an issue of new capital. The pronecessitate the institution, at an early date, of vision of adequate facilities of this character., measures to reduce gradually the undesirable if the demand be upon a great scale, which in credit inflation arising out of the present enor- many quarters is thought will be the case, mous volume of short-dated Government debt, presents one of the chief difficulties with which and that it will be necessary for the State to we have to deal. It is clear that the banks, as undertake funding operations for this purpose. at present constituted, however willing they 26. The objects to be aimed at in order to may be, will only be able to assist in a limited achieve the reconstitution of industry on sound degree, owing to the necessity for keeping a financial and economic lines may be summar- large proportion of their funds in a liquid state, ized briefly as follows: 30. We have already stated (pars. 5-9) that, (1) To reestablish a sound financial basis by in our judgment, the character of the demand means of an effective gold standard. for assistance during the reconstruction period (2) To check any undue expansion of credit will differ from that of normal times. This which can only be reflected by a further rise in difference is likely to be of a temporary nature. prices. To meet these demands, we are of opinion that, (3) To take steps to reduce to more normal in the first place, the banks will, for the time proportions the inflation of credit due to the being, have to depart in a measure from traditional customs when judging the character of war. the risk involved. It will be necessary to exer- BANKING FACILITIES. cise discretion upon rather broader lines. And 27. By banking facilities we mean the normal secondly, to enaole them to do this with greater requirements for carrying on the ordinary busi- safety and confidence, we are strongly of opinness of the country which assumes the granting ion that a substantial increase in tliefr paid-up of loans which do not constitute a lock-up of capital is desirable. Apart from the necessity funds such as would impair the liquidity of the for being in the strongest possible position to resources of the banks. meet the demands which we have foreshadowed, 28. In order to obtain from bankers them- such a measure is in our opinion also necessary selves an opinion as to the ability of the banks to enable the banks to grant the extended credit to meet these demands, a meeting of repre- and generally wider facilities which will foe resentatives of the London clearing banks was quired in the future, if trade and industry is to held on June 20, 1918. under the auspices of be in a position to compete successfully "with, our chairman, at which the representative of the foreigner. Moreover, in view of the decline the country bankers7 association and others in recent years of the ratio of paid-up capital were also present. This meeting was unani- and reserves to deposit liabilities, and increase mously of opinion that the banks would be able is eminently desirable. From the evidence to provide all the facilities of this character re- which has been placed before us and from the quired by trade and industry during the transi- trend of recent events in the banking world, we tion period. In addition to this, banking wit- believe that bankers themselves are, generally nesses have given evidence before us, and we speaking, agreed upon the desirability of this have also examined evidence given by similar increase. We recommend, therefore, that every witnesses before the committee on financial facility should be given by the Government to risks attaching to the holding of trading stocks. enable the issue, at the earliest possible moment. From the evidence thus submitted to us, we are of any new share capital which may be found of opinion that, so far as demands of this char- necessary. acter are concerned, the situation may be left 31. During the period immediately following safely in the hands of the banks. the war it is essential that the available supply 102001—19 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. of capital and credit should be devoted in the to; and we suggest that they should, by infirst place to the assistance of the most urgent creasing their capitals—thereby increasing their national needs for production, and, whilst it available resources not only by the increased will be necessary for the banks to take a liberal capital itself but also by tfie improved credit view of the requests for loans, we think that, in facilities which it will enable them to comorder to check* ajiy outburst of speculation and mand—put themselves in a stronger position prevent the inception of enterprises of an un- to meet the hoped for extension of production, essential character, it will also be necessary to to carry stocks abroad, to furnish longer credits exercise some discretion as to the purpose for to their customers where necessary and adwhich the money is required. The rationing visable, and to take a part in the financing of of the available supplies of raw material, if it large contracts which they may obtain for their be found necessary, will furnish a measure of manufactures, either within the Empire or guidance in this connection. elsewhere. 32. To enable the banks to do more in the Additional capital so raised would also enable direction of granting long trading credits, we leading concerns to develop new lines of enterare also of opinion that it is desirable that prise, more or less allied to their existing busibankers should make more widely known their ness, with much less risk and more prospect of willingness to accept deposits for long periods, ultimate success than by the formation of new at fixed rates of interest. Y\7e believe that, and independent concerns. if they were encouraged to do so, a number of If a portion of any such issue of shares of a depositors would be willing to deposit their preferential character, and giving a good return money at fixed rates of interest, for periods in dividends, were reserved for their workof from one to five years, without the right people, it would materially assist financially of withdrawal. The removal of the liability and in other equally important directions. to withdrawal would thus enable the banks 34. In our opinion, institutions are necessary to grant loans for longer periods. to provide additional assistance for trade and 33. In the foregoing paragraphs we have industry by developing similar facilities to those recommended the only practical remedies which have been provided by the German which appear to us to be possible at the pres- banks. In this connexion we have to notice ent time. It must, however, be borne in the formation of the British Trade Corporamind that the efficient organisation of trade tion. This institution was formed as a result and industry on up to date lines is, in itself, of the deliberations of the committee appointed an important factor when considering finan- by the Board of Trade to investigate the quescial assistance. We welcome, therefore, the tion of financial facilities for trade. Its conpolicy of trade organisation and co-operation stitution and functions were laid down by the which has recently become manifest, as fur- committee as follows: nishing greater financial security, and a (1) It should have a capital of £10,000,000. sounder basis for the granting of credit facili- The first issue should be from £2,500,000 to ties. A well balanced capital account with- £5,000,000, upon which, in the first instance, out an undue proportion of debenture debt only a small amount should be paid up, but compared with the share capital is also of the which should all be called up within a reasongreatest importance when considering long able time. A further issue should be made credits. It is obvious that a bank cannot be afterwards, if possible, at a premium. expected to take the risk of advancing money (2) It should not accept deposits at call or for long periods in cases where there is already short notice. a prior lien upon the assets in the form of a (3) It should only open current accounts for large debenture issue. parties who are proposing to make use of the The principal manufacturing establishments overseas facilities which it would afford. of this country (although their capitals are (4) It should have a foreign exchange departsmall compared with those of Germany and the ment where special facilities might be afforded United States) are now organised on a joint- for dealing with bills in foreign currency. stock basis, and have access through their share- (5) It should open a credit department for holders (who, in individual cases, number many the issue of credits to parties at home and thousands) to the source from which new capital abroad. can be obtained. The war has placed them, (6) It should enter into banking agency argenerally speaking, in a. position where issues rangements with existing colonial or Britishof new capital are likely to be well responded foreign banks wherever they could be con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 121 eluded upon reasonable terms, and where such 36. Several suggestions have been laid before arrangements were made, it should undertake us for the formation of trade banks or conot to set up for a specified period its own operative credit associations of other types than branches or agencies. It should have power to those already referred to, but after careful conset up branches or agencies where no British- sideration of all the circumstances we have foreign bank of importance exists. come to the conclusion that it will be better to (7) It should inaugurate an information utilise the machinery already available rather bureau. than to create now, to meet a set of unknown (8) It should endeavour no „ to interfere in any circumstances, new types of institutions. business for which existing banks and banking houses now provide facilities, and it should try NEW ISSUES. to promote working transactions on joint account with other banks, and should invite 37. We have already alluded to the fact that other banks to submit to it new transactions commercial issues of new capital having been which, owing to length of time, magnitude, or largely in abeyance since the commencement other reasons they are not prepared to under- of the war, it is reasonable to expect a very take alone. large number of appeals for new capital, and (9) Where desirable, it should co-operate with that if the State is also under the necessity of the merchant and manufacturer, and possibly borrowing, it will create a further element of accept risks upon joint account. competition which is likely to force up money (10) It should become a centre for syndicate rates to a high level. But it is also most operations, availing itself of the special knowl- essential for the future prosperity of this counedge which it shall possess through its informa- try that the available supply of capital should tion bureau. flow, in the first place, to essential industries, 35. We have had the advantage of an inter- and not to the support of enterprises of a view with Lord Faringdon, chairman of the speculative or unessential character. The inabove-mentioned committee, and now governor creased cost of living and high taxation will of the British Trade Corporation. Lord Far- induce many people to seek a high return on ingdon explained the work which will be under- their capital with less consideration for safety, taken, and gave us particulars of some of the and will consequently encourage the issue of plans which have been laid down for the future. enterprises of the latter character. Whilst we The corporation was designed to fill a gap in are in favour of an early removal of all measures the financial machinery of this country and to of State control of finance and industry alike, supply needs which have long been felt by trade at the same time we are of opinion that it will and industry. Apart from the assistance be advisable to maintain, after the war, some which it will be able to render in connexion control over new issues, at any rate until such with overseas contracts, the development of time as State borrowing in connection with the existing markets and the securing of new ones, \var is completed. its sphere of usefulness is large, and one of great For these reasons we are also of opinion that importance to the development of trade and it will be necessary for the same period to exerindustry. cise, as far as possible, supervision over the But, as the business which the corporation export of capital, and the objects for which was formed to undertake exists to-day only to such export may be desired. Apart, however, a limited extent, owing to the restrictions im- from control of new issues during the reconposed upon trade in consequence of the war, it struction period, we are of opinion it is most is difficult for us to estimate either the volume desirable that, if possible, permanent measures of demands which will be made upon it, or its should be taken to prevent, or make more competency to meet them in their entirety. difficult, the promotion and issue of unsound Obviously its power to do so will be limited by propositions. Consideration of the subject in the means ROW at its disposal and by its ability this wider aspect does not come within the to raise additional capital. Additional insti- scope of our enquiry, but we think it might be tutions of this character may be required in the possible to strengthen the companies' acts so as future. The corporation has, however, not yet to achieve this purpose, and we hope that this had adequate opportunity for demonstrating may be carried out. its usefulness, which we believe will be great, 38. We are impressed by the enormous and is not yet firmlv established as an integral potential increase in the number of small inpart of our financial machinery. vestors, which is shown by the figures pub- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. lished by the National War Savings Committee. and ensured that enterprises were not offered The continuance on the part of the people of for public subscription until they were more or this country of the habit of investing their less found to be successful as going concerns. savings constitutes a most important factor in There is also the further substantial advantage the provision of the capital necessary for the that the bank was able to maintain a measure rapid reconversion of trade and industry. of control through the banking account of the The destruction of capital during the war business, and thus was able to prevent overcan only be made good by genuine saving. trading, and ensure that the business was con- An increase in the habit of saving on the part ducted on sound lines. of the community in general means an increase 41. We do not suggest that the deposit in the real capital wealth of the country which banks in this country should adopt the German is bound to benefit trade and industry. method of conducting this class of business. It is impossible to overestimate the value of We believe that the machinery, to which the the work done by the National War Savings British Trade Corporation should form a valu- Associations throughout the country in encour- able addition, is already in existence. It conaging habits of thrift and economy. Govern- sists of a group of financial houses, comprising ment securities furnish by far the best and investment trust companies, well-known issusafest medium for the investment of small ing houses, merchant bankers, and others. sums of money, and we are glad to notice that There will be many openings in this country, steps are to be taken, by means of saving asso- after the war, for the remunerative employciations, to continue the policy which has ment of capital. We think that it is within proved so successful during the war. the power of this important group, without 39. The provision of the capital required for neglecting enterprises abroad whicli would be the reconversion of trade and industry is likely to be advantageous to trade, to render dependent largely upon the machinery for further assistance, by identifying themselves promoting enterprises, and offering for public with productive industries in this country and subscription new issues of capital which will rendering financial support in the earlier stages be required by commercial and industrial of development, ultimately undertaking the concerns. In Germany the great banks under- placing of the issue of new capital with the took a large amount of this class of business; investor. they were willing to take a hand in any prom- 42. The institution of a system of working ising industrial enterprise, and furnish money arrangements between the members of this at an early stage in its career, ultimately, if the group and the various joint stock banks concern proved successful, themselves making would, we think, be of great assistance. It the issue to the public. For this purpose, and would form a well-defined channel through in order to spread the risk during the initia- which the business could flow and would cointory stages, they surrounded themselves with bine, on the one hand, the knowledge gained a secondary group of industrial banks, syndi- by the bank of the past history, integrity, and cates, &c, who participated with them in the ability of the customer and, on the other business. There were many advantages in hand, the financial knowledge and experience this system. In the first place a channel was of the trust company or issuing house. And provided through which the business could further, if means can be devised by which the now, and secondly the customer of the bank banks can undertake some responsibility for was able, through the branch of his own bank, the bona fides, not necessarily the future sucto obtain an opinion upon any enterprise or cess of the undertakings on behalf of which contemplated extension to his works or busi- they agree to accept subscriptions, it will add ness without having to go further afield, and a very considerable measure of protection to this, too, with the additional knowledge that the investor. if his project was a sound one he would re- STATE AID. ceive their assistance in raising the necessary capital. 43. We have considered carefully the neces- 40. A second important point is that the sity for State aid, more particularly as applied German method furnished a greater degree of to banking. We have discussed schemes for protection to the investor, as the banks were the issue of industrial securities guaranteed In a measure responsible for the bona. fides and by the Government wholly or partially, as to sound character of the proposition. This led interest only and as to both principal and to a more careful examination of the prospects, interest, and also the possibility of making Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL EESBBVE BULLETIN. 123 direct advances to individual firms. We have issue of securities with some form of a Governalready stated (par. 24) that we do not recom- ment guarantee will be found to be the best mend any assistance to bankers; and in para- means of raising the necessary capital in cases graph 14 we have discussed the difficulty of of this character, but we do not think this granting such aid to individual firms. Speak- method could be adopted with advantage as a ing generally, State aid by means of advances means of assisting the ordinary commercial and implies also a measure of State control. manufacturing enterprises in this country. From the evidence that has been placed before 47. It has been urged upon us that the present us we believe that manufacturers and traders high rate of excess-profits duty has prevented are unanimously in favour of the removal of all the formation of adequate reserves and has State control of industry at as early a date as resulted in many cases in the depletion of the possible. This being the case, it is clear that liquid resources necessary to furnish working applications for assistance by means of a loan capital and provide for reconversion expendifrom Government would only be made after ture during the reconstruction period. Whilst refusal in other quarters. Obviously the ma- this subject is under more intimate considerajority of applications would therefore be an tion by the committee on financial risks attachinvitation for the State to step in where ex- ing to the holding of trading stocks, we are of perts had already refused, and would hardly opinion that it would be of great assistance to form suitable investments for public funds. manufacturers and others who find themselves 44. We think, however, that cases of hard- in this position if arrangements can be made ship may arise, more particularly in connection by which a portion of the tax can be retained with firms who have undertaken, under con- for a period in the form of a loan. The rate of siderable pressure from the Government, the interest to be charged and the terms and conmanufacture of munitions of war. This hard- ditions upon which it is granted, whilst not of ship is likely to be accentuated in cases where a penal character, such as might render the a great change in plant or the building of large concession useless, should be so framed as to extensions has been necessary. It is possible secure early repayment, protect the Governthat in many cases, owing to high taxation ment from loss, and prevent applications of a and other causes, the full significance of the frivolous nature. change and the expenditure necessary for reconversion of plant and machinery has not been realised by the manufacturers in question, actu- Gold Output Question. ated as they may have been by patriotic motives or under pressure from a Government de- Two reports—one British, the other Ameripartment. We think that it is only just that the Government should give sympathetic con- can—relating to the general question of gold sideration in all such cases. We do not think production and supply, have been rendered it is possible to design any scheme for dealing available to the public during the past month. with them on general lines, either by means of One of these is the work of the Department loans or otherwise. of the Interior committee named sometime 45. We understand, however, that individual ago; the other the product of a special comcases already receive sympathetic treatment at the hands of the department, but we are of mittee under the chairmanship of Lord Inchopinion that it would ^facilitate the investiga- cape, charged with the duty of reporting to tion of them and create an additional measure the British Treasury. of confidence if a small committee were formed, consisting of Government officials and business ^BRITISH COMMITTEE REPORT.1 men in leading industries, cither to consider The committee presided over by Lord Inchthem in the first instance or to act as a tribunal cape, which was appointed last September to to which appeal could be made when the apconsider and report upon the effect of the war plicant considered that he had not received upon the gold production of the British Emadequate consideration at the hands of the pire, with reference particularly to the treat- State. ment of low-grade ores and how far it may be 46. Circumstances may arise in connexion of importance to the national interests to with certain key industries which will necessecure the continuance of the treatment of sitate the granting of State financial assistance in some form or another. It may that the * As abstracted in the Manchester Guardian of Dec. 28,1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL RESERVE BTJIaLETIST, FEBRUARY 1, 1919. such ores, and generally how to stimulate the which otherwise would not, conformably with production of gold, has submitted its report to the economic laws of supply and demand, be the treasury. " The committee says it is not produced at all. Other things being equal, the prepared to recommend any bounty or subsidy result would be that the purchasing power of tor the purpose of stimulating the gold output the whole of the world's gold would be diminof the Empire. Gold being the standard of ished pro tanto. The value in terms of gold value, no more can properly be paid for it than of the commodities for which it is exchanged its value in currency. would rise. In 1917 there was a reduction as compared with the previous year in the value of the GOLD RESERVES AND FOREIGN TRADE. gold produced in the Empire of £3,429,415, and in 1918 a further fall of £4,652,207, as It is undoubtedly desirable, the committee compared with the 1917 production, is antici- go on to say, that considerable gold reserves pated. The decline in the Transvaal last year should be held in this country, but in our view was due to a combination of shortage of ex- the most important function of a gold reserve plosives and shortage of labor and in 1918 is that it should be available for export at the mainly to the shortage of labor, not due to standard price when required to meet foreign any large extent to the war. The decline in indebtedness. We think it essential to pre- Australasia in 1917 and 1918 was normal and serve a free market in gold, but clearly itdue in the main to natural causes, but it was would not be a business proposition to do so if accelerated by the increase of costs and de- we had to pay £4 10s. 3d. for an ounce of gold crease in the efficiency of labor caused by the in order to export it at £3 17s. lOJd. We can war up to the date of the committee's appoint- only maintain our gold reserves if the value of ment. our exports, visible and invisible, exceeds on the balance the value of our imports. The treatment of low-grade ore in the Trans- The London Chamber of Commerce apprevaal has not to any extent which could be hend that prices may fall rapidly at peace, determined been reduced by the war. From with disastrous results to industry, and contend the point of view solely of gold production the that it might be in the public interest to take abandonment of the treatment of low-grade steps to prevent the rapid fall in the price of ore in favor of higher grade ore will not within commodities by stimulating the production of any measurable period reduce the total output gold at the expense of the taxpayer. We of the Empire, and the continuance of the neither share their apprehension nor accept working of low-grade mines which are unable their contention. We have no reason to beto worK at a profit to themselves is not therelieve that there will not be forthcoming from fore a matter of any great importance to the British Empire on a parity basis as much national interests. gold as we shall need for the purpose of strengthening our reserves, but in any case the SUBSIDY WOULD ENHANCE PRICES. additional amount of gold which at best we A subsidy for the production of gold appears could hope to secure by a subsidy would, in to the committee to be fundamentally unsound. the opinion of our witnesses, be of no advantage Gold has been adopted as the standard of to this country for building up reserves unless value because by reason of the operation of we can afford to keep it. natural causes it is available in such quantities and at such a cost of production in terms of AMERICAN COMMITTEE REPORT. other commodities as to give it a more or less stable value. Its value in terms of commodi- The findings of the committee appointed in ties is directly influenced by the laws of supply July, 1918, by the Secretary of the Interior to and demand. Periods of "increased gold pro- investigate the gold-mining situation in the duction, following on the discovery of further United States, consisting of Hennen Jennings, deposits of gold capable of extraction at a low chairman; J. H. Mackenzie and Charles Janin, cost, have been marked by an increase in the of the Bureau of Mines; and H. D. McCaskey price of commodities. The exhaustion of these and F. L. Ransome, of the United States Geosources of supply has been accompanied by a logical Survey, are set forth in the following decline in the price of commodities. The in- abstract of the committee's report. tention of the subsidy suggested by the gold The status of the industry and the concluproducers is to enable gold to be produced sions and recommendations of the committee, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919, FEDERAL RESERVE BULLETIN. 125 as presented therein, may be briefly summa- with 57 cents for 1915. Gold mining under rized as follows: present conditions offers little inducement for Statistics of production dating from the dis- capital. covery of America in 1492 show that the an- Various means of stimulating the production nual average output was small until 1850, when of gold in the United States have been prothe discovery of gold in California and Australia posed. The committee reports on them as marked the beginning of great gold output. follows: The figures show a slight decline from 1355 to Payment by the Government of a bonus on the opening of the mines in the Transvaal in newly mined gold has man7/ advocates. The 1887; then there was a very large increase in committee does not believe that the granting the yearly output until 1910, since which date of a bonus would be beneficial at this time., there have been irregular fluctuations until The United States Employment Service can, 1915, when a serious decline took place. if properly authorized, be of great help in di- Though the increase in the output of gold verting labor to the gold industry. Gold minhas been rapid dining the past 25 years, it has ing has been officially declared an essential not kept pace with the output of coal, iron, industry, and in the opinion of the majority of copper, or petroleum, or with the rapid growth the committee should rank in this respect with of bank deposits. other preferred industries. Exemption from The present decrease in gold production de- draft and deferred classification of gold labor mands serious consideration, as the mainte- has already been granted to a certain extent nance of a sufficient gold reserve is essential by the War Department. to the security of our national finance and The furnishing of supplies to gold mines at credit. The United States is at present the prewar or cut prices does not seem to be feasible. most favored nation in regard to gold reserves, The elimination of the excess-profits tax on holding over $3,000,000,000 or more than one- gold mining and the encouragement of a maxithird of the gold stock of the world, but it has mum output thereby might result in larger contracted debts on a gold basis many times revenues than with the tax outstanding, as that existing before the war. larger dividends paid to shareholders would The principal causes of the decline in gold mean greater revenue for general taxation. mining in this country are the shortage of labor As the profits of a gold mine, no matter how and higher wages due to the war, lower effici- large, can not be ascribed to war conditions, ency of available labor, the great increase in but, on the contrary, are diminished by them, the cost of supplies, and the higher cost of the remission of this tax is just and logical. power. In addition, the depletion of certain Gold mining as an essential industry is endeposits and the lower grade of ore mined in titled to preferred classification for railroad otliers have contributed to reduction of output. freight, etc., and should receive the benefit of Bankers and political economists nearly all any modification of freight rates granted any agree that the gold standard should be main- other preferred industry. tained in principle. When electric power is used, gold mines The war has changed the United States should have a high-class rating with regard to from a debtor Nation into a creditor Nation. power consumption, and power should be cur- Since the outbreak of the war, prices of all tailed only when necessary. commodities have increased greatly except The privilege of free export and of sale to that of gold, which as the standard of value is manufacturers would stimulate production and fixed at $20.67 per ounce. Thus the purchas- might also be a safeguard against inflation. ing power of gold has diminished, the prices of The committee recommends the removal of reother commodities have risen. strictions on the export and sale of gold. The great increase in the cost of gold mining The committee suggests that gold and other has discouraged new enterprises and curtailed mining companies might properly be required existing operations. Many mines have been by law to furnish to the Government with such compelled to close and await more favorable frequency as may be desirable statistics of conditions. Those mines that have continued their costs, production, and profits, and these operations have been able to do so only by should be available for publication. practicing the most rigid economies and by the The Government should, through the Bucurtailment of development work. The aver- reau of Mines, assist in improving methods of age operating cost of producing a dollar's mining and metallurgy of gold ores, particuworth of gold at the large and most-favored larly in the treatment of complex and low-grade quartz mines in 1917 was 70 cents as compared ores. A wide field of work is presented here. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 FEDERAL BESBKVE BULLETIN. FEBRUARY 1, 1919. Some aid in reducing costs might be obtained Directors of Branch Banks. b.y cooperative buying of supplies by mining Directors of branches of Federal Eeserve companies through central agencies in each banks to serve for the year 1919 have been State or district, but the organization of a gennamed as follows: eral system of cooperative buying would be difficult. BALTIMORE BRANCH. Possible methods of maintaining the visible (Federal Reserve Bank of Richmond.) gold reserve, apart from mine production, are: Manager.—M. M. Prentis. (1) The curtailment of the use of gold for manu- Directors.—M. M. Prentis, Charles C. Homer, William factures, and (2) making a call on the public to Ingle, Waldo Newcomer, H. B. Wilcox. turn in hoarded gold. In France voluntary BIRMINGHAM BRANCH. contributions by the populace since the (Federal Reserve Bank of Atlanta.) war began have amounted to more than Manager.—A. E. Walker. 2,000,000,000 francs. Directors.--W. H. Kettig, Oscar Wells, T. O. Smith. Further relief might be obtained by amend- W. W. Crawford, John H. Frye. ing the war minerals bill to include gold and voting an appropriation to be used in directing CINCINNATI BRANCH. the search for new deposits. (Federal Reserve Bank of Cleveland.) Manager.—L. W. Manning. Directors.—Judson Harmon, Charles A. Hinsch, W. 0. Procter, W. S. Howe, L. W. Manning. The Decimal System of Coinage, Weights and Measures.1 DENVER BRANCH. Changes to a decimal system of British coin- (Federal Reserve Bank of Kansas City.) age have recently been proposed. The infor- Manager.—C. A. Burkhardt. mation the author1 gives us in regard to it is Directors.—C. C. Parks, A. C. Foster, C. A. Burkhardt, John Evans, Alva Adams. taken from a publication of the Decimal Association, which together with the Institute of DETROIT BRANCH. Bankers and the Association of Chambers of (Federal Reserve Bank of Chicago.) Commerce has been responsible for the intro- Manager.—R. B. Locke. duction of a bill into Parliament. This led to Directors.—John Ballantyne, Emory W. Clark, Julius H. Haas, Chas. H. Hodges, R. B. Locke. the appointment of a Royal Commission, with Lord Emmet as chairman, including Sir Rich- EL PASO BRANCH. ard V. Vasar-Smith among its members. (Federal Reserve Bank of Dallas.) The arrangement proposed retains the pound Manager.—Sam R. Lawder, sterling as monetary unit, it being universally Directors.—U. S. Stewart, A. F. Kerr, Sam R. Lawder, recognized in the settlement of international W. W. Turney, A. P. Coles. transactions. The tabular form in Palgrave's JACKSONVILLE BRANCH. article is self-explanatory. (Federal Reserve Bank of Atlanta.) Table of coins. Manager.—Geo. R. De Saussure. Directors.—John C. Cooper, E. W. Lane, Bion H. Barnett, Giles L. Wilson, Fulton Saussy. Value in— Equivalent value Coins. in present cur- LITTLE ROCK BRANCH. £ Mills'. rency. (Federal Reserve Bank of St. Louis.) Manager.—John M. Davis. Gold or notes: Directors.—Ed. Cornish, John M. Davis, Moorhead Sovereign 1.000 1,000 Sovereign. Wright, G .W. Rogers, C. A. Pratt. Half sovereign .500 500 Half sovereign. Silver: Double florin .200 200 Two florins. LOUISVILLE BRANCH. H Fl a o lf r in florin or shilling . .0 1 5 0 0 0 1 5 0 0 0 F Sh lo il r l i i n n . g. (Federal Reserve Bank of St. Louis.) Quarter florin _\ .025 25 Sixpence. Manager.—W. P. Kincheloe. Nickel: 10-milI piece .010 10 2.4 pence. Directors.—Geo. W. Norton, W. C. Montgomery, W. P, 5-mili piece .005 5 1.2 pence. Kincheloe, F. M. Sackett, C. E. Hoge. Bronze: 4-mUl piece .004 4 0.96 pence. MEMPHIS BRANCH. 3-rnill piece .003 3 0.72 pence. 2-mill piece ,002 2 0.48 pence. (Federal Reserve Bank of St. Louis.) 1-mii] piece .001 1 0.24 pence. Manager.—John J. Henin. Directors.—R. Brinkley Snowden, John D. McDowell, 1 Sir R. H. Palgrave, " The Bankers', Insurance Managers, and Agents' Magazine," December, 1918. John J. Henin, T. K. Riddick, S. E. Ragland. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 3 919. FEDERAL, RESERVE BULLETIN. 127 NEW ORLEANS BRANCH. First National Bank, Morristown, N. J. City National Bank, Gloversville, N. Y. (Federal Reserve Bank of Atlanta.) National Exchange Bank, Lockport, N. Y. Manager.—Marcus Walker. National City Bank, New York City. Directors.—J. P. Butler, jr., John E. Bouden, jr., P. H. Guardian of estates, assignee, receiver, and committee of Saunders, Frank Roberts, H. B. Lightcap, A. P. Bush, estates of lunatics: James E. Zunts. National Newark & Essex Banking Co., Newark, N. J. OMAHA BRANCH. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, and receiver: Federal Resorve Bank of Kansas City.) National State Bank, Elizabeth, N. J. Manager.—0. T. Eastman. Directors.—Luther Drake, J. G. McNish, 0. T. Eastman, DISTRICT No. 3. P. L. Hall, R. 0. Marnell. Trustee, executor, administrator, registrar of stocks and PITTSBURGH BRANCH. bonds, guardian of estates, assignee, receiver, and com- (Federal Reserve Bank of Cleveland.) mittee of estates of lunatics: National Iron Bank, Pottstown, Pa. Manager.—Geo. De Camp. Reading National Bank, Reading, Pa. Directors.—Chas. W. Brown, James D. Callery, T. H. First National Bank, Sunbury, Pa. Given, R. B. Mellon, George De Camp. First National Bank, West Chester, Pa. Union National Bank, Philadelphia, Pa. PORTLAND BRANCH. Federal Reserve Bank of San Francisco.) DISTRICT NO. 4. Manager.—C. L. Lamping (acting). Directors.—E. A. Cookingnam, J. C. Ainsworth, C. L. Trustee, and registrar of stocks and bonds: Lamping, Nathan Strauss, Everett Ames. First-Second National Bank, Akron, Ohio. Second National Bank, Ravenna, Ohio. SALT LAKE CITY BRANCH. DISTRICT NO. 6. (Federal Reserve Bank of San Francisco.) Manager.—Chas. H. Stewart. Guardian of estates, assignee, receiver and committee of Directors.—L. H. Farnsworth, Chas. H. Stewart, Chapin estates of lunatics: A. Day, G. G. Wright, Lafayette Hanchett. First National Bank, Tampa, Fla. SEATTLE BRANCH. DISTRICT NO. 7. (Federal Reserve Bank of San Francisco.) Guardian of estates, assignee, and receiver: Manager.—C. J. Shepherd. Cedar Rapids National Bank, Cedar Rapids, Iowa. Directors.—M. F. Backus, M. A. Arnold, C. J. Shepherd, Trustee, executor, administrator, guardian of estates, C. H. Clarke, Chas. E. Peabody. assignee, receiver, and committee of estates of lunatics: Langlade National Bank, Antigo, Wis. SPOKANE BRANCH. Trustee, executor, administrator, registrar of stocks and (Federal Reserve Bank of San Francisco.) bonds, guardian of estates, assignee and receiver: Commercial National Bank, Oshkosh, Wis. Manager.—Chas. A. McLean. Directors.—J). W. Twohy, R. L. Rutter, Chas. A. Mc- Lean, Peter McGregor, G. I. Toevs. DISTRICT NO. 9. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: Fiduciary Powers Granted to National Banks. American Exchange National Bank, Duluth, Minn. City National Bank, Duluth, Minn. The applications of the following banks for First National Bank, Owatonna, Minn. Goodhue County National Bank, Red Wing, Minn. permission to act under section 11 (k) of the Federal Reserve Act, as amended September 26, 1918, have been approved by the Federal Reserve Board during January: Acceptances to 100 Per Cent. DISTRICT NO. 2. Since the issue of the January BULLETIN the following banks have been authorized by the Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and com- Federal Reserve Board to accept drafts and mittee of estates of lunatics: bills of exchange up to 100 per cent of their Jefferson County National Bank, Watertown, N. Y. capital and surplus: Seaboard National Bank, New York City. National Bank of Norwich, Norwich, N. Y. Guardian Savings & Trust Co., Cleveland, Ohio. First National Bank, Port Chester, N. Y. National Bank of Commerce, Norfolk, Va. Paterson National Bank. Paterson, N. J. Illinois Trust & Savings Bank, Chicago, 111. 102001—19 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. New National Bank Charters. the 12 districts, the reductions being marked in most instances, but only in the second, third, The Comptroller of the Currency reports the sixth, eighth, and twelfth districts are the liafollowing increases and reductions in the num- bilities less than in the earlier period. The ber of national banks and the capital of na- decreases, however, more than offset the intional banks during the period from December creases, the second district alone showing a 28, 1918, to January 31, 1919, inclusive: contraction of $1,600,000. Banks. New charters issued to 17 Failures during December. With capital of $1,530,000 Increase of capital approved for 23 With new capital of 3, 693,000 Number. Liabilities. Aggregate number of new charters and banks District, increasing capital 40 1918 1917 1918 1917 With aggregate of new capital authorized 5,223,000 Number of banks liquidating (other than First 127 $1,749,269 661,705 those consolidating with other national Second 129 212 3,805,610 456,864 banks) 13 Third 27 62 433,203 969,155 Capital of same banks 7,300,000 Fourth.... 49 98 1,045,883 030,496 Fifth 39 53 662,400 486,386 Number of banks reducing capital 0 Sixth 29 36 284,320 325,861 Reduction of capital 0 Seventh... 155 1,317,234 251,615 Total number of banks going into liquidation Eighth.... 50 173,388 372,682 Ninth 30 40 276,666 232,356 or reducing capital (other than those con- Tenth 29 41 483,042 388,011 solidating with other national banks) 13 Eleventh.. 33 50 1,191,850 380,606 Aggregate capital reduction 7,300,000 Twelfth... 101 131 828,618 488,079 Consolidation of national banks under the Total. 683 1,055 12,249,483 1 1-1,043,716 act of Nov. 7, 1918... 2 Capital 2,000,000 The foregoing statement shows the aggregate of Failures for year 1918. increased capital for the period of the banks embraced in statement was. 5,223,000 Against this there was a reduction of capital Commercial. Manufacturing. owing to liquidation (other than for consolidation with other national banks) and reduc- District. tions of capital of 7,300,000 j ! N b u e m r. - Liabilities. N b u e m r. - Liabilities. Net decrease 2,077,000 First 1,285 818,963,081 481 87,834,141 Second 1,785 44,460,856 672 20,407,956 Third 536 14,543,657 168 f>. 923i 062 Fourth 858 12,413,340 238 7,038,791 Commercial Failures Reported. F S i i f x t t h h 4 52 4 1 7 8 4 , , 1 8 4 9 3 6 , , 4 9 3 6 3 0 9 7 3 7 5 3 , ,7 1 0 9 1 7 , , 6 7 0 8 0 2 Seventh... 1,007 21,536,115 456 12,629,663 With the beginning of 1919 the country's N Ei in g t h h th.... 3 4 8 8 2 7 3 4 , , 4 6 9 7 7 2 , , 2 8 7 6 9 1 7 7 4 6 1, - 4 7 7 6 7 1 , , 2 7 4 5 6 8 business mortality reflects the same favorable Tenth 419 7,417,463 74 4,215,598 Eleventh.. 423 4,699,007 47 1,478,914 features which liave characterized the insol- Twelfth... 1,232 14,775,927 310 4,706,139 vency statistics for so long a period, commer- Total 9,9S2 ! 163,019,979 2,766 73,372,653 cial failures in the United States during three weeks of January, as reported to It. G. Dun Trading. Other commercial. & Co., numbering only 492, against 770 in the corresponding weeks of 1918. The statement District. Numfor December, the latest month for which com- ber. Liabilities. i Liabilities. plete figures are available, discloses but 683 defaults for 112,249,483 of liabilities, as con- First 694 $5,469,453 110 ! $5,659,487 Second 954 10,026,344 159 i 14,026,556 trasted with 1,055 for $14,043,716 in December Third 325 7,209,186 43 i 1,411,409 of 1917. In point of number the December, Fourth 557 4,614,435 63 i 760,111 Fifth 326 2,552,451 28 ! 642,909 1918, exhibit is the best for that month in more Sixth 427 2,670,530 17 ! 275,121 Seventh... 1,035 9,598,126 116 2,308,326 than two decades, while the indebtedness is Eighth.... 380 2,168,135 33 1,026,968 smaller than in any December since 1906. Ninth 285 2,539,967 21 190,066 Tenth 314 2,306,438 31 895,427 Separated according to Federal Reserve dis- Eleventh.. 352 2,698,104 24 521'. 989 Twelfth... 845 6,068,588 77 4,00i;200 tricts, the December returns disclose fewer insolvencies than in that month of 1917 in all of Total. 6,494 I 57,921,757 722 | 31,725,569 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919, FEDERAL EESEKVE BULLETIN. 129 State Banks and Trust Companies Admitted. Seeond Annual Report of Federal Farm Loan The following list shows the State banks and Board. trust companies which have been admitted to The second annual report of the operations membership in the Federal Reserve system of the Federal Farm Loan Board was transduring the month of January. mitted to Congress by the Secretary of the Nine hundred and sixty State institutions Treasury under date of December 27, 1918, are now members of the system, having a total The following is an extract taken therefrom: capital of $350,663,471, total surplus of $402, 804,242, and total resources of $7,360,703,683. Our previous annual report described the financial operations incident to the system down to the introduction m December, 1917, of the amendment necessitated by the Capital. Surplus. res T o o u t r a c l es. disturbed financial conditions then prevailing. Thw amendment, approved January 18, 1918, authorized the District No. 1. Secretary of the Treasury, upon the request of the Farm Market Trust Co., Boston, Mass. 8250,000 8290,000 §3,980,874 Loan Board, to purchase from any Federal land bank, at part and accrued interest, farm loan bonds issued by such District No. 2. bank, such purchases not to exceed in the aggregate No n r a t h he ,N rn . Y Westchester Bant, Xato- 50,000 25,000 75,000 $100,000,000 in each of the fiscal years ending June 30, 1918. and June 30,1919. It was further provided that any District No, 3. bonds so purchased might at any time be repurchased by Peoples Savings & Trust Co., I-Iazle- the issuing bank at par and accrued interest for the purton, Pa • 125,000 50,000 2,303,022 pose of redemption or resale, and that any bonds held by District No. 4, the Treasury one year after the termination of the pending Farmers Savings & Trust Co., Mans- war should be redeemed or repurchased upon 30 days, field, Ohio 100,000 100,000 1,269,594 Merchants Trust Co,, Grccnsburg, Pa. 188,600 100,000 1,584,055 notice from the Secretary of the Treasury. Under author, The Shiloh Savings Bank Co., Shiloh, Ohio 379,115 ity of this amendment there were sold to the Treasury, in 25,000 26,000 the fiscal year ending June 30, 1918, bonds to the amount District No. 5. of $64,160,000, of which bonds to the amount of $8,190,000 The Overlea Bank, Overlea, Md 5(55,084 were subsequently repurchased by the banks, leaving in 50,000 20,000 District No. 7. the Treasury bonds to the amount of $55,970,000, pur- The Elizabeth State Ban!:, Elizabeth, chased out of the authorization of §1100,000,000 for that 111 40,000 13,600 423,731 fiscal year. From July 1, 1918, to November 30, 1918, Whiteside County State Bank, Fulton, 111. 50,000 5,000 432,947 there have been bonds sold to the Treasury to the amount Peoples Savings Bank of Grand Rapids, Grand liapids, Mich 200,000 100,000 2.310,373 of $4,500,000 out of the authorization of $100,000,000 for the Indiana Bank & Trust Co., Rochester, current fiscal year. Ind 75,000 25,000 701,161 Farmers Savings Bank, Grant, Iowa.. 25,000 5,000 284,255 Armada State Bank, Armada, Mich.. 25,000 14,000 442,855 Bonds issued from the institution of the system up to April 30, 1918, bore interest at the rate of 4$ per cent. To District No. 9. allow time for the engraving and execution of the bonds Commercial and Savings Bank, Mitchell, S. Dak 100,000 .10,000 1,194,998 to be dated May 1, 1918. it was necessary to decide, some time in advance of that date, what interest these bonds District No. 10. should bear. It was problematical whether they would Fort Lupton State Bank, Fort Lupton, Colo 25,000 ! 4,000 398,501 sell at the 4J per cent rate. If it had been possible to make the experiment, and then change to 5 per cent in the event District No. 11. of failure, it would have been the part of widsom to have Farmers & Merchants State Bank, Ferris, Tex 50,000 9,000 410,251 done so. It was not possible, however. The subscription Continental Bank & Trust Co., Shrcve- period for bonds of the third Liberty loan extended to port, La 300,000 30,000 1,982,747 First State Bank, Bomarton, Tex 25,000 2,000 135,868 May 4, and it was deemed inadvisable to make any offering Gray County State Bank, Pampn, Tex 25,000 113,186 of farm loan bonds until subsequent to that date. A Guaranty State Bank & Tr. Co., Rails, fourth Liberty loan campaign was known to be necessary Tex...'. 00,000 214,371 in the early fall, and was actually made on September 28, District No. 12. It was necessary that offerings of farm loan bonds should Buckeye Valley Bank, Buckeye, Ariz. 25,000 2,000 163,101 cease before that date. The extreme possible period for Bank of Southern Utah, Cedar City, Utah 75,000 61,000 618,367 their sale was therefore limited to about four months. The Twin Falls Bank & Trust Co., Twin 4J per cent bonds were unsalable when the decision had Falls, Idaho 100,000 BO, 000 1,540,287 Farmers State Bank of Almira, Al- to be made; the time was too short to permit of a possibly mira, Wash 25,000 5,000 337,162 unsuccessful effort, and it was felt to be essential that th® Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. Treasury of the United States should be relieved of the Five banks have already overcome their initial losses, necessity of buying farm loan bonds and that the offering three of which show substantial surpluses. One other of them should be made in such a way as to assure success will show a balance on the right side of the ledger within and reestablish them as securities that would command a month or two. Two banks—those located at Spokane the confidence and approval of the investing public. The and St. Paul—having received subscriptions to capital decision was therefore reached to make the rate 5 per cent. stock from farm-loan associations to an amount in excess The fact that the bonds were redeemable in live years of $750,000 have, in accordance with the provisions of made any possible generosity in the interest rate less im- the fifth section of the farm-loan act, begun to apply portant than it would have been if the banks had obligated semiannually to the payment and retirement of the themselves to pay that rate for a long period of years. In stock originally subscribed one-fourth of all sums thereanticipation of the possibility of such an increase in the after subscribed. The bulk of the stock originally subinterest rate on the bonds the rate charged to borrowers scribed having been taken by the Secretary of the Treashad been advanced to 5J per cent in December, 1918, this ury on behalf of the United States, the bulk of the increase, however, applying only to loans which had not payments on this account will be made to the Federal already been appraised and approved. Treasury. The first payments on this account were made The same reasons which dictated the increase in the to the Treasurer of the United States in the month of Interest rate suggested the wisdom of once more enlisting November, being $74,583 by the Federal Land Bank of the cooperation of bond houses in the selling campaign. Spokane, and §52,131 by the Federal Land Bank of St. Arrangements were made for a short and vigorous cam- Paul. In May next second payments will be made by paign by both the Federal land banks and a group of over these two banks and first payments by the Federal Land 100 large investment houses scattered all over the country. Banks of Omaha, Wichita, and Houston. The selling began on May 20 and closed on June 5. A The total payments due by borrowers to the banks up combination of unexpectedly favoring conditions made it to October 31, 1918, exceeded $3,247,000, and on that even a greater success than had been anticipated. Sales date only $86,073 of this amount remained unpaid, of within these 16 days amounted to 156,000,000, taking care which only $10,730 was 90 days or more overdue. We of the loaning requirements of all the banks up to October scarcely venture to hope that such an exceptional record 1. With the exception of these 16 days there have been no as this can be permanently maintained, but the present offerings of farm loan bonds by the Federal land banks figures bear testimony to the care with which loans have during the past year. This method of selling bonds has been made, and justify the belief that losses on defaults been less advantageous to the banks than would have been and foreclosures will be negligible in comparison with the case if they had been free to choose their own times the great volume of business done. and methods, but the necessity of subordinating their interests to the exigencies of the Federal Treasury was cheerfully accepted by them as one of their contributions toward the winning of the war. EARNINGS AND EXPENSES OF THE FED- ERAL RESERVE BANKS FOR 1918. In our last report it was stated that a "spread" or "margin" of one-half of 1 per cent or even a full 1 per Total earnings of the Federal Reserve Banks cent between the rate paid on bonds and the rate charged for the calendar year 1918 were $67,584,417, on loans, would not meet the expense of the banks during compared with $15,438,858 for the calendar their first year, and that there would be an inevitable year 1917, while total current expenses were "deficit" or "impairment of capital" as the result of that £12,137,438, compared witb $4,235,866 for the year's operations. Confidence was expressed, however, in earlier year. Current expenses for the year the belief that "as to almost, if not quite, every bank such under review include besides $8,463,957 of impairment of capital would have ceased to grow at the expenses of operation proper—$2,448,973, the close of the first year, and would be overcome in the cost, including expressage, insurance, and other second or third year, after which the business should expenses incident to the issue and retirement prove to be very profitable." This expectation has been of Federal Reserve notes and bank notes, substantially realized. The total impairment of capital $1,108,091 depreciation on furniture and equipof the 12 banks on April 30, 1918, which was practically ment, and $116,417 the cost of alterations and the close of their first year, was 8411,954. In the sucrepairs to bank buildings. ceeding quarter it wa3 reduced by $26,834 to $385,120, and in the four months ending November 30, it was Total expenses shown above are exclusive of reduced by $246,594 to $138,526. All but two of the the expenses of the fiscal agent departments. banks—the two which have done the least aggregate The latter are treated separately, being reimbusiness—are now showing satisfactory monthly profits, bursable by the United States Treasury Deand these two are just about reaching the turning point. partment. For the past year the Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 131 Reserve Banks, as fiscal agents of the Government, mainly in floating the certificate issues Per cent Per cent of surplus of surplus and the last two Liberty loans, disbursed a to capital to capital total of $16,245,708. In addition there was paid in on paid in on Dec. 31, Dee. 31, outstanding at the opening of the year a reim- 1918. I .1918. bursable amount of $1,697,220 disbursed by the banks during 1917. Reimbursements re- Boston.. 22.9 ! Chicago 29.6 New York 40.0 ; St. Louis 21.1 ceived from the Government during the year Philadelphia 17.2 1 Minneapolis 24.8 totaled $8,377,983, leaving thus a reimbursable C R l i e c v h e m la o n n d d 2 19 8 . . 5 6 : ! K D a a n ll s a a s s City 3 1 3 8. . 8 1 balance at the end of 1918 of $9,564,945. Atlanta.. :. . 24.3 : Kan 7i"rar\pfsr»O- 26.4 Net earnings of the banks, i. e., the excess of earnings over current expenses, totaled For the system as a whole the ratio of sur- $55,446,979, or at the rate of 72.6 per cent on plus to paid-in capital is 28.2 per cent. an average aggregate paid-in capital for the Of the total earnings of the banks 71.5 per year of $76,342,000, compared with an aver- cent, as against 45 per cent the year before age rate of 55.9 per cent for the first six months came from discounts largely of war paper. of the year and 18.9 per cent for the calendar Bills purchased in the open market contributed year 1917. New York shows net earnings for 17.7 per cent of the total earnings, as against the year at the rate of 113.6 per cent, Kansas 32.2 per cent; United States securities, chiefly City at the rate of 78.4 per cent, San Francisco Treasury certificates, 5.7 per cent, as against at the rate of 72.3 per cent, and Chicago at 15.3 per cent; transfer operations yielded about the* rate of 67.7 per cent. Of the remaining 1.5 per cent of the total earnings, as against 3 banks six show net earnings at rates between per cent the year before, and the remainder 50 and 60 per cent and 2 at rates between came from penalties for deficient reserves, 40 and 50 per cent. All arrears in dividends service charges, commissions, profits on foreign having been paid at the end of June, dividend exchange operations, and sundry smaller profits. payments at the close of the year covered Expenses of operation of the banks proper, exonly the six months ending December. clusive of their fiscal agent departments, to- 1b the net earnings above shown should be taled $8,463,957, compared with $2,669,855 in added the net profits carried over from 1917— 1917. Of the larger total about 42 per cent, $1,158,715, also net amounts credited during the as against 28 per cent in 1917, went as comyear direct to profits—$74,772. This gives pensation to the clerical staff, and 11.5 per total gross profits of $56,680,466. Deductions cent, as against 23 per cent in 1917, as salaries from this total, $2,805,441, comprise depreci- to bank officers. Nearly 10 per cent of the ation allowances on bank premises $1,609,537, total operating expenses went for postage and on vaults $40,500, and on United States bonds exprcssage and over 6 per cent for printing $848,129, also special reserves of $307,275 and stationery. Contributions of the banks set aside by the New York and San Francisco for the support of the Federal Reserve Board banks to take care of future contingencies. This aggregated §382,641, as against $237,795 the leaves available for dividends, surplus, and fran- year before and constitute about 4.5 per cent chise taxes a total of $53,875,025, out of which of the total 1918 expenses of operation, as wore paid all dividend arrears and the maxi- against about 9 per cent the year before. Rent mum 6 per cent dividends for the year, totaling paid by the banks is about double in amount $5 540,684. Of the remaining amount one-half that for 1917, though some of the banks own 5 up to 40 per cent of the paid-in capital of each the premises or parts thereof occupied at bank was carried to surplus, the total thus carried present by them. This is true of New being $21,605,901. The balance, $26,728,440, York, Philadelphia, Richmond, Atlanta, Dallas, was reserved for franchise tax to the Govern- and San Francisco. With the exception of ment. It will be noted that in the case of the Cleveland and Minneapolis, all the banks have New York bank the amount reserved for fran- purchased ground on which it is proposed to chise taxis $12,795,215, or more than $5,000,000 erect buildings for use as permanent banking in excess of the 40 per cent of the capital, the quarters. Total book value of the investments maximum which the bank is permitted at in "bank premises" after allowing $1,609,537 present to carry to surplus. For the other for depreciation, stood at $8,081,841 at the end banks the ratios of surplus to average paid-in of the year, compared with $707,611 at the capital for the year stand as follows: beginning of the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. Earnings and expenses of each Federal Reserve Bank and of the system as a whole for the calendar year 1918. EARNINGS. Philadel- Boston. New York. phia. Cleveland. Richmond. Atlanta. Chicago. Discounted bills i S3, $17,736,261 §3,241,105 S3,124,696 1,390,422 §1,758,075 $6,447,466 PPurrcchhaaseedd bbiilllls 931,701 5,411,821 756,313 1,141,585 273,634 302,231 1,253,259 United States securities 107,719 1,561,839 233,489 611,895 83,437 114,451 310,616 Municipal warrants ; 2,621 49 2,889 662 Transfers, net earnings : 51,214 33,757 275,758 Commissions received : 22,646 Deficient reserve penalties (including interest) j 18,426 27,192 29,784 66,462 122,654 35,240 65,382 Net service charges received i 59,695 50,167 47,714 41,029 49,065 21,752 26,570 Profits realized on United States securities ! 41,821 167,239 11,139 51,820 Sundry profits ! 247,805 502,189 49,286 22,744 59,836 13,52-1 50,214 Total earnings 4,475,195 25,314,736 4,357,740 5,226,864 2,979,048 2,293,058 8,481,747 St. Louis. Minneapolis. Kansas City. Dallas. San Francisco. Total. Discounted bills S2,218,069 SI, 547,842 52,643,113 $1,497,379 I 671,397 848,343,853 Purchased bills 226,164 211,602 157,983 175,885 097,630 j 11,939,788 United States securities 89,096 116,370 312,463 152,159 135,268 i 3,828,802 Municipal warrants 7,995 14,222 Transfers, net earnings 48,209 202,522 149,733 127,388 978,189 Commissions received 35,383 58,029 Deficient reserve penalties (including interest). 52,107 29,101 99,929 56,305 j 96,409 698,991 Net service charges received 25,943 27,719 23,493 28,323 19,862 421,332 Profits roalizod on United States securities 294 272,313 Sundry profits 17,240 27,706 12,453 21,747 4,154 1,028,898 Total earnings., 2,676,828 2,049,954 3,451,936 2,089,526 4.187,785 67,584,417 CURRENT EXPENSES. Boston. New York. Ph p i h la i d a. el- Cleveland. Richmond.! Atlanta. Chicago. Expense of operation: Assessments account expenses, Federal Reserve Board. $32,190 $100,876 §33,929 $43,073 $19,814 §15,369 $49,378 Federal Advisory Council (fees and traveling expenses). 475 1,650 372 781 150 455 996 Governors' conferences (including traveling expenses). 70 28 145 210 70 91 Federal Reserve agents' conferences (including traveling expenses) 199 113 140 191 321 142 381 Salaries— | B ank officers i 75,975 189,901 64,288 81,307 48,455 70,643 105,819 Clerical stall 204,942 1,082,719 283,624 297,579 173,118 124,938 405,610 Special officers and watchmen 9,115 25,854 14,976 16,901 4,868 5,280 32,550 Allother 9,049 5,008 3,060 11,958 Directors' fees 4,150 19,505 4,160 f 3,060 3,320 2,295 4,920 Per diem allowance 1,220 60 670 i 1,060 680 2,548 740 Traveling expenses 938 1,262 1,120 1,709 1,218 2,689 1,941 Officers' and clerks' traveling expenses 4,337 4,519 2,463 15,513 3,015 3,007 5,536 Leeal fees 2,600 3,017 1,570 2,000 1,122 3,495 3,850 Rent 33,328 139,008 5,050 37,465 5,206 18,722 53,078 Taxes and fire insurance 25,035 2,423 1,939 1,823 3,276 513 Telephone 6,759 13,54.0 6,779 I 5,489 2,110 766 6,781 Telegraph 3,970 19,514 3,170 6,680 2,960 5,030 12,311 Postage 1 52,954 99,440 40,283 54,346 45,519 23,998 63,774 Expressage 25,070 47,204 26,951 5,646 9,767 5,140 10,231 Insurance and premiums on fidelity bonds 10,899 32,871 16,599 20,125 8,464 2,041 25,157 Light, heat, and power 5,116 6,997 4,801 2,551 6,648 762 4,899 Printing and stationery 39,348 137,960 34,366 46,566 36,516 23,782 75,877 Repairs and alterations 2,687 42,146 2,565 15,430 12,275 133 20,261 All other expenses 89,735 176,198 45,588 49,135 15,680 56,282 179,972 Total expense of operation 691,112 2,146,805 593,464 717,740 408,267 378,923 1,076,624 Cost of Federal Reserve currency, including expressage, insurance, etc 167,828 335,044 243,857 182,092 144,255 149,390 Miscellaneous charges account note issues 7,558 27,921 -,081 6,569 6,700 9,314 13,004 F urniture and e quip ment 41,622 170,933 215,043 85,784 66,353 89,846 172,365 Repairs, alterations, etc., to bank buildings 61,895 31,471 18,245 Total current expenses 970,015 2,680,703 1,086,916 992,185 643,820 627,473 1,650,675 Net earnings for year 1918 3,505,180 22,634,033 3,270,824 4,234,679 2,335,228 1,665,585 6,831,072 Per cent of average paid-in capital 54.7 113.5 46.3 49.3 60.3 54.7 67.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN". 133 Earnings and expenses of each Federal Reserve Bank and of the system as a whole for the calendar year 1918—Continued. CURRENT EXPENSES—Continued. St. Louis. Minneapolis. Kansas City. Dallas. San Francisco., Total. Expense of operation: Assessments account expenses, Federal Reserve Board.\ 818,397 514,117 $17,998 $15,223 822,277 j S382,641 Federal Advisory Council (fees and traveling expenses).! 582 1,034 270 1,894 3,043 i 11,702 Governors' conferences (including traveling expenses)..! 269 204 430 232 354 j 2,103 Federal Reserve agents' conferences (including travel- j ing expenses) | 370 422 601 | 3,491 Salaries— j Bank officers ! 72,573 49,125 68,045 68,544 94,605 989,280 Clerical staff \ 206,763 1213,402 188,680 170,134 287,608 3,609,117 Special officers and watchmen : 7,218 5,609 4,314 1,595 ' 128,280 Allother ...; 5,212 120 784 5,464 1,117 ! 41,772 Directors' fees j 8,245 3,610 8,260 1,960 4,307 67,792 Per diem allowance j 1,750 850 3,675 995 1,480 15,728 Traveling expenses ! 2,317 1,562 6,553 1,487 22,796 Officers' and clerks' traveling expenses ; 3,309 1,982 2,426 7,757 14,193 68,057 Legal fees I, 1,732 1,225 2,215 2,919 25,745 Rent ; 25,739 11,298 21,263 659 18,306 369,122 Taxes and fire insurance \, 167 169 1,211 7,768 44,324 Telephone I 2,323 2,213 2,481 1,883 4,859 55,983 Telegraph ; 4,775 3,193 4,455 9,668 11,716 ! 87,442 Postage ' 34,813 36,501 60,974 24,688 41,813 584,103 Exprossage :• 25,192 13,039 486 28,843 53,888 ! 251,437 Insurance and premiums on fidelity bonds 6,116 7,776 6,005 10,774 9,343 I 156,170 Light, heat, and power.. 2,523 2,413 2,960 ! 39,670 Printing and stationery.. 25,386 18,361 25,370 25,072 50,933 539,537 Repairs and alterations. 5,092 2,016 5,020 14,742 122,367 All other expenses. 15,692 16,238 53,950 20,278 | 126,550 845,298 Total expense of operation , 472,046 308,910 486,959 406,130 I 776,977 8,463,957 Cost of Federal Reserve currency, including expressage, insurance, etc 147,347 114,287 98,542 82,730 | 238,746 2,292,800 Miscellaneous charges account note issues 4,597 10,734 57,017 9,678 156,173 Furniture and equipment 102,031 30,477 46,710 41,758 i 45,169 1,108,091 Repairs, alterations, etc., to bank buildings 4,806 ; 116,417 Total current expenses 726,021 464,408 689,228 535,424 | 1,070,570 12,137,438 Net earnings for year 1918 1,950,807 1,585,546 2,702,708 1,554,102 ! 3,117,215 55,446,979 Per cent of average paid-in capital 53.9 56.5 78.4 52.2 ! 70.6 72.6 PROFIT AND LOSS ACCOUNT OF EACH FEDERAL RESERVE BANK AND OF THE SYSTEM AS A WHOLE FOR THE CALENDAR YEAR 1918. Boston. New York. P^adel-i Cleveland. Richmond.! Atlanta. Chicago. Earnings §4,475,195 $25,314,736 ! 54,357,740 $5,226,864 82,979,048 $2,293,058 88,481,747 Current expenses.. 970,015 2,630,703 | 1,086,916 992,185 643,S20 627,473 1,650,675 Net earnings for year 3,505,180 22,634,033 3,270,824 4,234.679 2,335,228 1,665,585 6,831,072 Profit and loss account Jan. 1,191S. 220,238 132,311 Total 3,505,180 22,634,033 3,491,062 j 4,366,990 2,335,228 | 1,665,585 6,831,072 Less amounts charged against profit and loss on account of: I ! Bank premises 200,000 803,800 182,604 10,000 I 12,797 Amounts reserved for depreciation on United States bon ds 116,131 84,406 ', 13,198 j S pecial reserves 299 375 Miscellaneous debits during year a 132,059 i4*477 !!!"!"""!; sih 25,991 •| Total deductions 200,000 971,116 | 298,735 98,883 23,198 13,112 25,991 Net amount available for dividends, surplus, and franchise taxes Dec. 31, 1918 3,305,180 21,662,917 3,192,327 4,268,107 2,312,030 I 1,652,473 6,805,081 Dividends paid. 384,180 1,195,026 583,983 716,107 232,432 j 182,473 604,635 Profit and loss Dec. 31,1918, after payment of dividends.... 2,921,000 20,467,891 I 2,608,344 3,552,000 2,079,598 ! 1,470,000 6,200,446 Distribution of profit and loss: Carried to surplus account 1,460,500 7,672,676 1,304,172 1,776,000 1,039,799 735,000 3,100,223 Reserved for Government franchise tax 1,460,500 12,795,215 1,304,172 1,776,000 1,039,799 735,000 3,100,223 a Net credit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. Earnings and expenses of each Federal Reserve Bank and of the system as a whole for the calendar year 1918—Continued. PROFIT AND LOSS ACCOUNT OF EACH FEDERAL RESERVE BANK AND OF THE SYSTEM AS A WHOLE—Continued. St. Louis. Minneapolis. Kansas City. Dallas. I San Francisco.' Total. Earnings 32,676,828 $2,049,954 $3,451,936 $2,089,526 $4,187,785 $67,584,417 Current expenses. 726,021 464,408 689,228 535,424 1,070,570 12,137,438 Net earnings for year 1,950,807 1,585,546 2,762,708 1,554,102 3,117,215 55,446,979 Profit and loss account Jan. 1,1918. 230,338 293,407 205,736 76,685 1,158,715 Total 2,181,145 1,585,546 3,056,115 1,759,838 3,193,900 56,605,694 Less amounts charged against profit and loss on account of: j Bank premises ' 100,000 61,736 238,600 1,609,537 Vaults 29,500 11,000 40,500 Amounts reserved for depreciation on United States bonds 172,997 220,734 240,663 848,129 Special reserves 7,900 307;275 Miscellaneous debits during year , io,I99 *"4,"226 528 1,551 a 74,772 Total deductions -L 172,997 39,699 324,960 313,927 248,051 2,730,669 Net amount availabl e for dividends, surplus, and franchise taxes Dec. 31,1918 2,008,148 1,545,847 2,731,155 1,445,911 2,945,849 53,875,025 Dividends paid 404,838 168,103 309,729 261,503 497,675 5,540,684 Profit and loss Dec. 31,1918, after payment of dividends.. j 1,603,310 1,377,744 2,421,426 1,184,408 2,448,174 48,334.341 Distribution of profit and loss: Carried to surplus account 801,655 i 688,872 1,210,713 592,204 1,224,087 21,605,901 Reserved for Government franchise tax. 801,655 | 688,872 1,210,713 592,204 1,224,087 26,728,440 FISCAL AGENT DEPARTMENT DISBURSEMENTS OF EACH FEDERAL RESERVE BANK, AMOUNTS REIMBURSED AND BALANCES REIMBURSABLE AT THE END OF THE CALENDAR YEAR 1918. Philadel- Boston. New York. phia. Cleveland. Richmond. Atlanta. Chicago. Total disbursements during 1918 $1,143,633 $4,821,309 $1,074,146 $1,443,183 $446,770 $774,197 ! 82,415,011 Amounts reimbursable Jan. 1,1918.. 143,211 360,350 100,033 139,248 43,221 45,694 | 287,428 Total 1,286,844 5,181,659 i 1,174,179 1,582,431 489,991 819,891 2,702,439 Reimbursements received during 1918.. 729,235 2,132,129 i 415,420 820,055 I 263,916 383,683 1,440,554 balance reimbursable Jan. 1,1919. 557,609 j 3,049,530 ; 758,759 762,376 j 226,075 456,208 1,261,885 St. Louis. Minneapolis, j Kansas City. Dallas. San Francisco. Total. Total disbursements during 1918 i $1,046,297 $421,043 j $778,217 $596,108 $1,285,794 I $16,245,708 Amounts reimbursable Jan. 1, 1918 ! 124,849 j 54,127 I 86,450 65,005 247,604 j 1,697,220 Total 1,171,146 ! 475,170 I 864,667 661,113 1,533,398 17,942,928 Reimbursements received during 1918 720,804 ! 324,958 I 415,293 151,973 599,963 8,377,983 Balance reimbursable Jan. 1,1919.. 450,342 i 150,212 | 449,374 | 509,140 933,435 j 9,564,945 COST OF FURNITURE AND EQUIPMENT, INCLUDING VAULTS, ALSO BANK PREMISES. Philadel- Boston. New York. phia. Cleveland. Richmond. Atlanta. Chicago. Balance as reported Jan. 1,1918 $25,581 !. $9,065 Additional purchase during year 1918 $41,622 170,933 189,462 . $85,784 57,288 $89,846 $172,365 Total 41,622 170,933 215,043 : 85,784 66,353 ! 89,846 172,365 Charged to current expense or profit and loss during year.. 41,622 170,933 215,043 ' 85,784 66,353 I 89,846 172,365 Balance Jan. 1,1919 „ Bank premises 800,000 $2,317,692 500,000^ 290,000 2i7*6o6T "2*936^49 St. Louis. Minneapolis. Kansas City. Dallas. San Francisco. Total. Balance as reported Jan. 1,1918 $44,499 329,501 313,750 $11,000 $133,396 Additional purchase during year 1918 57,532 30,476 46,710 41,758 $45,169 1,028,945 Total 102,031 59,977 60,460 52,758 45,169 1 162 341 Charged to current expense or profit and loss during year.. 102,031 59,977 46,710 52,758 45,169 l', 148,591 Amount recovered account previous expenditure for vault equipment 6,875 6,875 Balance Jan. 1,1919 6,875 6,875 Bank premises 400,000 221,000 400,000 8,081,841 o Net credit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 135 Earnings and expenses of each Federal Reserve Bank and of the system as a vjhole for the calendar year 1918—Continued. COST OF UNISSUED FEDERAL RESERVE CURRENCY. Boston. New York. Ph p il h a i d a e . l- Cleveland. Richmond. Atlanta. Chicago. Balance reported Jan. 1,1918 §512 §588 Additional" cost during year 1918 §167,828 §335,044 243,345 §182,092 §144,255 148,802 §388,682 Total 167,828 335,044 243,857 182,092 144,255 149,390 388,682 Cost of Federal Reserve notes charged to current expenses during vear 167,828 335,044 243,857 182,092 144,255 149,390 388,682 Balance Jan. 1,1919 St. Louis. Minneapolis. Kansas City, j Dallas. San Francisco.: Total. Balance reported Jan. 1,1918 316,167 812,915 $10,161 §40,343 Additional cost during year 1918 -I 1 131,180 101,372 72,569 8238,746 2,252,457 Total 147,347 114,287 '8,542 j 82,730 238,746 j 2,292,800 Cost of Federal Reserve notes charged to current expenses during year 147,347 114,287 «,542 j 82,730 238,746 i 2,292,800 Balance Jan. 1,1919. i Exclusive of §658 representing cost of Federal Reserve notes in transit to branches. Earnings and current expenses, by months, for the calendar year 1918, of each Federal Reserve Bank and of the system as a whole. EARNINGS. Boston. New York. Ph p i h la i d a. el- Cleveland. Richmond.! Atlanta. Chicago. January,,,.. S $1,338,457 §191,710 §323,991 §161,076 §88,287 §435,984 February... 320,216 1,324,642 175,229 268,970 141,842 80,665 380,723 March 276,920 1,866,517 209,376 281,121 152,822 98,726 366,369 April 274,298 1,838,393 226,898 339,897 195,000 120,035 510,314 May 263,715 1,949,912 256,525 330,207 226,812 123,881 544,357 June 323,463 1,964,753 292,353 328,261 248,867 127,786 546,379 July 455,418 1,828,034 331,912 510,415 265,603 154,957 818,756 August 344,092 2,085,662 370,339 509,010 , 277,790 186,527 884,659 September.. 407,991 2,634,482 411,267 458,327 ! 278,659 247,396 938,386 October 512,690 2,825,751 509,593 553,835 i 302,226 339,952 1,090,029 November.. 517,025 2,862,607 695,778 608,936 i 364,219 350, ISO 979,099 December... 549,504 2,795,526 686,760 713,894 I 364,132 368,696 986,692 Total. 4,475,195 25,314,736 4,357,740 5,226,864 I 2,979,048 8,481,747 St. Louis. Minneapolis. J Kansas City. Dallas. I San Francisco, Total. J_ January $157,599 §87,962 : §184,296 §109,953 i §177,636 §3,486,814 February.. 126,773 82,443 ! 143,098 92,314 ! 219,174 3,356,089 March 133,235 79,780 i 148,032 107,067 255,202 3,975,167 April 189,521 109,530 ! 245,115 135,677 233,689 4,418,367 May 180,044 138,007 j 287,308 153,537 258,778 4,713,083 June 206,413 158,683 : 292,166 146,696 264,850 4,900,670 July 262,522 234,198 i 344,592 156,379: 335,374 5,698,160 August 211,371 250,148 ! 337,747 188,137 ; 410,053 6,055.535 September. 249,923 288,150 ; 300,762 235,610 i 465,024 6,915j977 October... 330,758 236,362 ! 389,591 263,725 i 564,012 7,918,524 November. 320,691 182,225 407,645 234,711 ; 482,721 8,011,807 December. 307,978 202,466 I 371,584 265,720 ! 521,272 8,134,224 Total 2,676,828 2,049,954 ! 3,451,93,6 2,089,526 4,187,785 67,584,417 102001—1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. Earnings and current expenses, by months^ for the calendar year 1918, of each Federal Reserve Bank and of the system as a whole—Continued. CURRENT EXPENSES. Boston. New York. Ph p i h la i d a. el- Cleveland. Richmond. Atlanta. Chicago. January S33,030 §150,095 $30,962 863,628 §21,523 $17,832 Sol, 281 February.. 38,017 154,282 41,460 59,966 28,292 16,821 54,167 March 47,763 147,036 42,992 66,183 40,671 19,869 65,471 April 39,754 141,295 38,567 77,965 40,006 19,546 123,181 May 41,376 139,873 58,766 72,779 36,609 18,177 89,769 June 205,851 154,477 266,542 76,959 41,607 35,885 120,030 July 48,791 238,062 43,954 69,645 41,043 26,891 129,409 August 52,426 188,137 47,058 72,049 47,537 58,452 142,255 September. 65,578 214,376 45,731 63,421 57,444 55,712 151,448 October 97,061 271,419 60,441 71,440 46,536 79,316 153,559 November. 62,302 312,784 57,787 91,880 74,886 64,802 152,427 December.. 238,066 568,867 352,656 206,270 167,666 214,170 417,678 Total current expenses. 970,015 2,680,703 1,086,916 992,185 643,820 627,473 1,650,675 St. Louis. Minneapolis. Kansas City. Dallas. San Francisco. Total. January 828,236 $21,829 $41,816 $19,517 §37,456 §517,205 February... 28,301 19,596 40,698 20,034 37,282 538,916 March 33,221 22,814 45,941 22,725 46,458 601,144 April 30,416 26,031 37,401 23,532 47,620 645,314 May 34,279 25,667 50,775 23,333 65,987 657,390 June 37,790 30,135 47,107 29,472 61,274 1,107,129 July 47,710 31,326 60,994 79,531 94,415 911,771 August 56,453 41,607 58,034 41,599 86,349 891,956 September.. 73,055 51,284 53,959 49,545 70,394 951,947 October 73,854 38,697 57,596 49,777 68,685 1,068,381 November.. 52,752 36,039 65,542 42,283 64,637 1,078,121 December.. 229,954 119,383 129,365 134,076 390,013 3,168,164 Total current expenses.. 726,021 464,408 535,424 1,070,570 12,137,438 Movement of Excess Reserves ("Free Gold") smaller extent of reserve cash deposited with During the Year 1918. the Federal Reserve banks by newly admitted members. Of the total gain" of 413.2 millions In the following table and attached diagram in actual reserves about 282 millions, or nearly there are presented data showing weekly 70 per cent, represents the gain for the first half changes during the past year in the amounts of the year. of minimum reserves required to be held by the Required note reserves show an increase for Federal Reserve banks against their net de- the year of 573.6 millions, corresponding to an posits and Federal Reserve notes in actual increase of over 1,434 millions in actual Federal circulation, also like changes in the total cash Reserve note circulation. As distinct from the reserves held by the Federal Reserve banks figures of cash reserves the required note reserve and agents. By deducting from the total figures show a larger increase during the seccash reserves held the amounts required to be ond half of the year, viz., 357.5 millions, or 62 held as reserves against net deposits and notes, per cent of the total gain shown for the entire there are obtained figures of excess reserves, or year. the "free gold," which may serve as basis for Net deposits and reserves required against additional reserve deposit credits or additional such deposits show but a slight increase reserve-note issues. during the year, the end-of-December figures During the year total cash reserves of banks being below those reported about the middle increased by 413.2 millions, required note re- of the year. It is evident therefore that the serves by 573.6 millions and required deposit decrease in "free gold" is due primarily to the reserves by 37.3 millions. As a result the large increase in note liabilities offset only in amount of "free gold" shows a decrease for the part by the gains in the banks' cash reserves. year of 197.7 millions. Gains in cash reserves On December 27 the total of free gold amounted are composed largely of gold received in ex- to $528,619,000. On the basis of 40 per cent change for Federal Reserve notes taken either required reserves against Federal Reserve note by the banks or the Government, and to much liabilities and of 35 per cent required reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 137 against deposit liabilities this amount would Federal Reserve notes in circulation has desupport additional reserve-note issues of creased 235 millions. As a result the amount $1,325,547,500 or additional net deposits of of free gold on February 1 has increased to $1,510,340,000. $618,544,000. This amount will support an Since the close of the past year there has additional reserve-note circulation of $1,546,been a further gain of over 30 millions in the 360,000 or additional net deposits of $1,767,system's cash reserves, while the volume of 269,000. net deposit and Federal Reserve note liabilities, and amounts of gold held in excess of required reserves, [In thousands of dollars: i. e., 000 omitted.] Net deposits. Fede in ra l c i R rc e u s l e a r t v io e n n . otes Total net to R t a a t l i o c a o s f h deposit Total Gold in reserves to and Fed- amount Total cash excess of net deposit Amount. r R e e se q r u v i e r e o d f ! j Amount. | \ r R e e se q r u v i e r e o d f s li e e a r r b v a i e l l i R n ti o e e - t s e . o r f e r s e e q rv u e ir s e . d re h s e e l r d v . es (f r r r e e e q e s e u g r i v r o e e l d d s ). s a e e n r r v d a e l F R n e e o d - t - e 35 per cent.; I 40 per cent liabilities combined. 1918. Per cent. Jan. 4... 1,446,228 506,180 1,251,205 500,482 2,097,433 1,006,662 1,733,030 726,368 64.2 Jan. 11.. 1,444,904 505,716 1,242,199 496,880 2,687,103 1,002,596 1,748,031 745,435 65.1 Jan. 18.. 1,496,386 523,735 1,238,797 495,519 2,735,183 1,019,254 1,784,307 765,053 65.2 Jan. 25.. 1,492,878 522,507 1,234,934 493,974 2,727,812 1,016,481 1,782,759 766,278 65.4 Feb.1.. 1,488,036 520,813 1,236,101 494,440 2,724,137 1,015,253 1,775,457 760,204 65.2 Feb. 8.. 1,502,853 525,999 1,261,219 504,488 2,764,072 1,030,487 1,813,094 782,607 65.6 Feb. 15.. 1,403,634 491,272 1,281,045 512,418 2,684,679 1,003,690 1,818,736 815,046 67.7 Feb. 21.. 1,462,627 511,919 1,314,581 525,832 2,777,208 1,037,751 1,832,524 794,773 66.0 Mar. 1... 1,439,887 503,960 1,351,091 540,436 2,790,978 1,0-44,396 1,837,773 793,377 65.8 Mar. "8... 1,472,439 515,354 1,383,990 553,596 2,856,429 1,068,650 1,847,883 778.933 64.7 Mar. 15.. 1,464,519 512,582 1,406,228 562,491 2,870,747 1,075,073 1,852,193 777,120 64.5 Mar. 22.. 1,505,774 527,021 j 1.429,509 j 571,804 2,935,283 1,098,825 1,862,372 763,547 63.4 Mar. 29.. 1,535,367 537,378 ! i; 452,838 i 581,135 2,988,205 1,118,513 1,874,063 755,550 62.7 Am. 5.., 1,529.364 535,277 ! 1,479,920 591,968 3,009,284 1,127,245 1,877,433 750,188 62.4 Apr. 12.. 1,533; 827 i 536,839 I 1,499,377 599,751 3,033,204 1,136,590 1,894,995 758,405 62.5 Apr. 19.. 1,502,246 ' 525,786 i 1,514,287 605,715 3,016,533 1,131,501 1,898,307 766,806 62.9 Apr. 26.. 1,556,303 544,706 I 1,526,232 610,493 3,082,535 1,155,199 1,890,945 735,746 61.3 May 3... 1,520,957 5132,335 i 1,556,660 622,664 3,077,617 1,154,999 1,919,983 764,984 62.4 May 10.. 1,651,324 577,963 1,569,618 627,847 3,220,942 1,205,810 1,942,500 736,690 60.3 May 17.. 1,524,453 533,559 1,569,445 627,778 3,093,898 1,161,337 1,952,712 791,375 63.1 May 24.. 1.557,618 545.166 1,578,621 631,448 3,136,239 1,176,614 1,956,056 779,442 62.4 May 31. - 1,586,608 555;313 1,600,968 610,387 3,187,576 1,195,700 1,975,709 780,009 62.0 June 7... 1,576,364 551,727 1,639,579 655,832 3,215,943 1,207,559 1,977,724 770,165 61.5 June 14.. 1,588,771 556,070 1,651,500 660,600 3,240,271 1,216,670 2,005,263 788,593 61.9 June 21.. 1,445,403 I 505,891 1,677,951 671,180 3,123,354 1,177,071 1,981,111 801,040 63.4 June 28., 1,529,819 535,437 1,722,216 688,886 3,252,035 1,224,323 2,006,199 781,876 61.7 July 5.. 1,473,927 515,874 1,791,569 716,628 3,265,498 1,232,502 2,015,163 782,661 61.7 July 12.. 1,553.664 543,782 1,813,425 725,370 3,367,089 1,269,152 2,015,984 746,832 59.9 July 19.. 1,566; 680 ! 548,338 1,829,045 731,618 3,395,725 1,279,956 2,031,095 751,139 59.8 July 26.. 1,622,870 i 568,005 1,870,835 748,334 3,493.705 1,316,339 2,029,329 712,990 58.1 Aug. 2.. 1,558,839 j 545,594 1,906,465 762,586 3,465', 304 1,308,1*0 2,034,918 726,738 58.7 Aug. 9.. 1,576,322 551,713 1,955,276 782,110 3,531,598 1,333,823 2,044,523 710,700 57.9 Aug. 16.. 1,512,507 I 529,377 1,985,419 794,168 3,497,926 1,323,545 2,045,523 721,978 58.5 Aug. 23.. 1,594,068 I 557,924 2,032,837 813,135 3,626,905 1,371,059 2,055,266 684,207 56.7 Aug. 30.. 1,572,898 I 550,514 2,092,708 837,083 3,665,606 1,387,597 2,066,962 679,365 56.4 Sept. 6.. 1,601.650 ! 560,578 2,180,679 872,272 3,782,329 .1,432,850 2,070,494 637,644 54.7 Sept. 13. 1,622,165 ; 567,758 2,245,429 898,172 3,867,594 1,465,930 2,077,732 611,802 53.7 Sept. 20. 1,629,264 ! 570,242 2,295,031 918,012 3,924,295 1,488,254 2,076,039 587,7S5 52.9 Sept. 27. 1,667, .109 583,488 2,349,326 939,730 4,016,435 1,523,21S 2,072,176 548,958 51.6 Oct. 4... 1,606,262 562,192 2,431,004 972,402 4,037,266 1,534,594 2,077,371 542,777 51.5 Oct. 11.. 1,638,159 573,356 2,478,378 991,351 4,1.16,537 1,564,707 2,083,358 518,651 50.6 Oct. IS. - 1,580,802 553,281 i 2,502,488 1,000,995 4,083,290 1,554; 276 2,087,685 533,409 51.1 Oct. 25.. 1,723,902 603,366 ! 2,507,912 1,003,165 4,231,814 1,600,531 2,098,169 491,638 49.6 Nov. 1.. 1,063,377 582,182 ! 2,515,504 1,006,202 4,178]881 1,588,384 2,105,685 517,301 50.4 Nov. 8.. 1,661,521 581,532 ! 2,558,196 1,023,279 4,219,717 1,604,811 2,100,839 496,028 49.8 Nov. 15. 1,665,677 582,987 i 2,562,517 1,025,007 4,228,194 1,607,994 2,109,816 501,822 49.9 Nov. 22. 1,632,772 571,470 j 2,555,215 1,022,086 4,187,987 1,593,556 2,116,257 522,701 50.5 Nov. 29. 1,668,283 583,899 i 2,568,676 1,027,470 4,236,959 1,611,369 2,120,371 509,002 50.0 Dec. G... 1,704,351 590,523 ! 2,584,523 1,033,809 4,288,874 1,680,332 2,121,367 491,035 49.5 Dec. 13.. 1,672,726 585,'} 54 ! 2,604,580 1,011,832 I 4,277,306 1,627,286 2,134,263 506,977 49.9 Dec. 20... 1,549,750 542,413 ! 2,663,701 1,065,480 4,213,451. 1,607,893 2,133,624 525;733 50.6 Dec. 27.. 1.552,892 543,502 j 2,085,244 1,074,098 4,238,136 1,617,600 2,146,219 528,619 50.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. TOTAL CASH RESERVES AND EXCESS RESERVES OF ALL FEDERAL RESERVE.BANKS DUR/NO THE CALENDAR YEAH 1918: Gzrv&l?:£o$k>Me$erre$' required against; Qzrre BsJotexZ Cajsh 7/00 im . j MOi. I APR\ MAY \JUH£\ JULY \ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 139 DECREASE IN FEDERAL RESERVE NOTE CIRCULATION. Since the beginning of the year there has | January 24 as compared with the last Friday been a continuous return flow of Federal of the past year. This return flow of notes Reserve notes to the issuing banks, with the seems more pronounced in the eastern sections, result that the volume of Federal Reserve notes notably in the New York district, than in in actual circulation has decreased during the the western agricultural sections, including four weeks between December 27, 1918, and the Minneapolis, Kansas City, Dallas, and January 24 by $218,688,000 or at a weekly San Francisco districts. rate of $54,672,000. For the last week under review the return In the following table are presented details movement of notes seems to have somewhat of the Federal Reserve note movement during slackened. For the last week in January the the month, showing the amounts of notes issued decrease in circulation amounted to about 16 by the agents to the banks, amounts redeemed, millions only, while daily figures for the first excess redemptions, amounts on hand, and week in February indicate a practical cessaamounts in actual circulation reported by each tion of the return flow. The short period bank. It is seen that while the volume covered by the figures does not permit of any of Federal Reserve notes outstanding has but tentative conclusions and forecasts, but in decreased through excess redemptions by connection with the recession of the general $124,688,000, the reduction in actual circula- price level noted for January in another part of tion has been 94 millions larger, the latter the BULLETIN this back flow of notes acquires amount representing the larger amount of a certain significance. own notes held by Federal Reserve Banks on Federal Reserve notes outstanding and in circulation, amounts issued, redeemed, and outstanding. ]In thousands of dollars.] " F R e e d s e e r r a v l e W Ja e n e . k 3 e ,1 n 9 d 1 i 9 n . g W Ja e n e . k 1 0 e , n 1 d 9 i 1 n 9 g . J W an e . e k 1 7 e ,1 n 9 d 1 in 9 g . Total. E o x f c r e e s - s R Fe es d e e r r v a e l notes ! demp- notes out- | tions outs D ta 1 e n 9 c 2 . d 8 i 2 . n 7 g , ' ! i Issued. de l e i m e- ed de R em e- ed. de R em e- ed. D s 1 e i 9 c n 1 . c 8 2 e . 7, s J t a a 1 n 9 n . 1 d 9 2 i . 4 n , g Boston 169,413 | 1,000 443 2,196 1,360 7,538 5,738 163,675 New York 811.137 ; 19,500 5,034 2,000 6,399 40,121 59,645 38,145 772,992 Philadelphia 242)206 : 3,136 6,803 6,557 21,601 21,601 220,605 Cleveland 264,911 ' 2,000 446 *2,"666" 2,090 7,452 ,000 12,960 8,960 255,951 Richmond 151,155 ! 232 2,000 753 5,474 5,720 13,622 7,902 143,253 Atlanta 126,253 2,989 1,230 2,522 3,402 3,435 14,298 10,863 115,390 Chicago 452,852 : 2,640 2,388 2,428 3,185 4,640 11,258 6,618 446,234 St. Louis..... 129,607 i 1)750 1,711 5,127 1,603 1,950 10,176 8,226 121,381 Minneapolis 98,968 249 300 1,204 2,874 500 6,126 5,626 93,342 Kansas City 119,420 : 1,000 590 463 4,434 3,000 7,244 4,244 115,176 Dallas 60.432 ! 725 654 1,040 1,285 1,252 1.795 4,660 2,865 57,567 San Francisco 229)250 i 300 1,600 131 3', 551 1'. (500 5,500 3,900 225,350 Total. 2,855,604 ' 28,615 18,172 10,170 | 31,701 7,050 81,265 ! 4,105 174,628 j 121,688 2,730,916 I Federal Reserve notes held by banks and in actual circulation. [In thousands of dollars.] Dec. 27,1918. Jan. 3,1919. Jan. 10,1919. Jan. 17,1919. Jan. 24,1919. Decrease in circulation H I e s l a d n k b . y In c i t r a i c o c u n t l u . a a - l tion. H b e a ld n k b . y In c i t r a i c o c u n t l u . a a - l H b o a ld n k b ." y In ci t r a i c o c u n t l u . a a - l H b e a ld n k b . y In c i t r a i c o c u n t l u . a a - l D s 1 e i 9 c n 1 . c 8 2 e . 7, Boston 6,208 163,205 9,464 160.506 8,421 159,053 17,629 148,985 15,343 148,332 14,873 New York.... 74'. 585 736,552 100,671 724'. 932 129,749 691,455 115,395 665,688 122,405 650,587 85,965 Philadelphia.. 8;725 233,481 7,698 231,372 8,157 224,110 9,409 216,301 9,354 211,251 22,230 Cleveland 9,425 255.486 17,795 248.670 16,442 249,933 19,317 239,606 20,387 235,564 19,922 Richmond 13,037 138;118 13,341 137! 582 14.348 137,822 12,293 136.403 9,526 133,727 4,391 Atlanta 3,489 122,764 3.623 119,641 3,835 118,137 3,567 117; 123 2,649 112,741 10,023 Chicago 19,077 433,775 26,975 426,129 30.219 420,457 36.632 412,859 35,969 410,265 23,510 St. Louis 8,885 120,722 10,507 119.139 8', 378 116,141 10;167 112; 949 12,255 109,126 11,596 Minneapolis... 1,607 97,361 2,408 96,311 2,543 95,272 1,957 93,184 1,373 91,969 5,392 Kansas City... 6,910 112,510 7:783 112.047 9,332 110,035 7,051 107.882 7,709 107,467 5,043 Dallas '854 59,578 ' 745 59;758 1,108 59;150 1.508 57; 528 1,586 55.981 3,597 San Francisco. 17,558 211,692 17.432 211,518 21,303 209,116 22', 287 204,581 25,804 199;546 12,146 Total... 170,360 2,685,244 218,442 12,647,605 253,835 2,590,681 257,212 2,513,089 264,360 2,466,556 \ 218,688 1 .. 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140 FiEDEKAL RESERVE BULLETIN. FEBRUARY 1, 1919. GOLD RESERVES OF PRINCIPAL BANKS Figures for the United States include— OF ISSUE, 1900-1918,. (1) Amounts of gold held in the Treasury of In the table below are shown the amounts of the United States at the end of the calendar year gold reserves held by the leading banks of and reported among the free assets of the Govissue at the end of each year between 1900 and ernment : i. e., exclusive of gol d cover for gold cer- 1918. The figures represent actual vault hold- tificates outstanding; also of amounts of gold ings, The amounts of gold held abroad and held for redemption of Federal Reserve notes. foreign gold credits have been uniformly ex- (2) Amounts of gold held by the national cluded. This affects chiefly the figures of the banks and reported in their statements to the Bank of France and of the Bank of Russia. Comptroller nearest the close of the years For the latter country the latest available data 1900-1916. Of the clearing-house certificates are those of October 29, 1917. For Italy, the reported by the national banks 60 per cent was figures given represent the amounts of gold estimated "to represent gold. in vault reported by all three banks of issue (3) At the close of 1914-1918, gold holdings and not merely by "the Bank of Italy. Swiss of the Federal Reserve Banks. These holdings figures prior to 1908 represent gold holdings are exclusive of the amounts of gold held by of all banks ot issue. Figures for 1908-1918 foreign agencies, but include amounts of the represent gold holdings of the Central National banks' and agents7 redemption funds held in Bank organized in 1907. the Treasury. Movement of the gold reserves of the principal central banks, 1900-1918. [In thousands of dollars.] United States Treasury, Banks n b a a a ti n n o k d n s a , l o B l f a a E n n n d k g- F B ra a o n n f c k e. R B S u a t s a n s t i k e a . n | o N f a a I n p t d a le l s y , , B B e a lg n i k u m of . bank. garian Federal Sicily. Bank. Reserve Banks. Dec. 31,1900.. __ __. 138,896 451,427 364,700 77,817 20,578 119,249 I 186,312 1901.. 532,656 156,042 475,494 351,300 22,185 150,586 j 226,129 1902.. 561,697 144,909 490,751 364,900 86,900 21,690 130,219 i 224,350 1903.. 544,836 140,699 455,731 378,000 116,372 22,600 132,942 j 224,803 1904.. 532,217 145,641 513,110 453,400 ! 120,806 23,169 233,601 1905.. 574,006 138,842 555,531 368,700 155,534 23,007 142,060 | 217,618 1906.. 618,846 141,442 522,200 458,300 ! 179,271 24,254 114,665 i 225,344 1907.. 569,849 149,625 519,344 488,500 i 217,419 25,586 118,515 ! 222,737 1908., 662,781 149,559 673,223 555,700 ! 227,508 30,638 183,000 I 239,549 1909.. 618,473 158,785 674,612 604,400 I 232,291 3o;eso 162,228 274.326 1 1 1 1 1 1 9 9 9 9 9 9 1 1 1 1 1 1 3 5 1 2 4 0 . . . . . . . . . . . . 3 6 6 6 8 1 6 2 9 4 2 1 7 1 4 , , , , , 3 5 7 5 4 2 0 4 1 4 9 3 3 4 3 3 2 1 1 1 1 5 3 7 4 5 5 0 8 0 7 7 2 , , , , , , 5 5 2 1 8 5 9 1 4 9 6 9 4 0 5 1 0 2 9 6 6 8 6 6 6 7 1 0 3 1 7 8 9 2 2 8 , . , , . , 9 8 0 9 8 5 5 2 5 0 5 9 0 4 6 9 5 1 6 6 8 6 8 7 3 8 3 4 0 8 4 3 1 8 3 6 , , , , , , 3 9 2 5 4 8 0 0 0 0 0 0 0 0 0 0 0 0 i 2 2 2 2 2 2 3 6 6 4 6 4 8 9 5 8 3 4 , , , , , , 5 5 4 7 2 2 4 8 7 3 7 6 4 4 6 7 8 1 3 4 5 5 5 9 5 9 6 8 , , , , , 1 4 8 6 0 3 2 1 1 9 1 3 6 9 2 5 1 1 2 4 1 8 8 5 9 7 7 1 4 7 8 8 3 , , , , , , 9 9 4 5 6 3 5 9 5 0 8 5 4 8 9 8 7 2 I j 2 2 2 2 1 2 6 4 6 3 5 1 7 5 1 8 3 1 , , , , , , 5 1 7 7 7 4 4 1 3 5 5 2 3 3 2 7 8 1 1916.. 442,229 264,275 652,885 758,396 223,400 599,873 58,759 1917.. 739, 750 283,899 639,682 667,041 206,700 572,768 53,717 1918.. 245,720 384,937 664.017 226.400 2561,566 Conver- S B w a e o d n f e k n. o B w f a N a n y o k . r - j i i S B p a o a f n i k n. N l B a e n a o th d n f e s k r . - 1 i I ! S B w la o a i n t n f z d e k . r-A s G i r o o g o n f e v t n f e h u t r i e n n n d e J B ap a o a n f n k . Total. raent. Dec. 31,1900 9,877 6,508 67,555 23,531 19,322 32,576 2,029,813 1901 12,591 7,212 67,627 27,699 21,058 34,326 2,165,594 1902 I 13,942 5,897 74,233 22,668 20,530 53,897 2,216,583 1903 15,814 5,678 70,175 20,208 20,776 36,895 58,306 2,243,835 1904 | 16,883 6,546 71,810 27,159 20,653 48,570 39,833 2,422,237 1905 j 18,281 6,522 72,505 31,863 20,546 86,979 57,624 2,469,618 1906 19,277 8,076 74,373 26,706 21,181 99,115 73,380 2,606,430 I907 1 18,847 8,281 75,521 36,899 p [4 1 1 0 4 , , 9 5 0 6 7 8 101,414 80,628 2,658,640 1908. I 20,957 8,380 76,259 40,608 22,674 122,261 84,498 3,097,595 1909. j 21,556 8,964 77,760 48,631 23,921 166,447 108,595 3,211,669 1910. I 21,535 9,711 79.280 49,948 30,034 179.447 110,857 3,248,433 1911. 22,758 10,844 80,693 56,426 31,009 182;394 114,233 3,310,410 1912. 26,816 10,814 84,384 65,032 33,416 215,031 123,141 3,404,475 1913. j 27,372 12,846 92,490 60,898 32,801 224,989 111,846 3,745,372 1914. I 29,088 11,181 110,444 83,663 45,922 213.906 108,791 4,413,348 1915. i 33,385 18,028 166,414 172,530 48,275 5 228; 939 123,836 5,137,386 1916. I 49,1&3 33,027 241,424 236,217 66,585 5 251,158 204,644 5,082,055 1917. ' 65,513 31,214 379,597 280,689 69,025 5 252.390 323,835 I 5,56-5,820 1918. 1 6 75,940 732,713 '430,064 8277,671 9 76,503 s 252', 380 "361,548 I 5.589,454 1 Sept. 30,1918. « Of the Central National Bank. « Nov. 30, 1918. sDec. 23,1918. 2 Dec. 19,1918. •r> Exclusive of the gold held in the Argentine legations abroad, and the 7 Dec. 31,1918. 10 Dec. 21,1918. s Of the banks of issue. 10,000,000 gold pesos in the conversion fund of the Banco de la Nation. » Dec. 14,1918. 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FEBRUARY 1, 1919. FEDERAL EESEEVE BULLETIN. 141 SILVER PRODUCTION OF THE WORLD. [Estimates of the Director of the Mint.] 1900 1901 1902 1903 1904 1905 Thou- Thou- Thou- Thou- Thou- I Thou- Thou- Thou- Thou- | Thou- Thousands of sands of sands of sands of sands of I sands of sands of j sands of sansd of sands of jsands of sands of ounces. dollars. ounces. dollars. ounces. dollars. ounces, j dollars. ounces. dollars. \ ounces. dollars. United States., 57,6-17 35,741 55,214 33,128 55,500 29,415 54,300 29,322 57,683 33,456 ! 56,102 34,222 Canada 4,449 2,758 5,243 3,146 4,223 2,238 3,150 1, 701 3,719 2,157 I 5,994 3,667 Mexico 57,438 35,611 57,657 34,594 60,177 31,894 70,500 38,070 60,809 35,269 j 65,041 39,675 Peru 7,296 4,523 5,601 j 3; 361 4,265 2,260 1,747 943 3,009 1,745 i 6,156 3,755 Bolivia 10,971 6,802 10,254 ! 6,153 8,970 4,754 6,083 3,285 6,083 3,528 ! 3,097 1,889 Spain 3,185 1,975 3,185 I 1,911 3,700 1,961 4,878 2,634 4,876 2,828 ! 4,000 2,440 Japan 1,730 1,072 1,730 ! 1,038 1,820 985 1,812 979 3,209 1,861 ! 2,410 1,470 Australia 13,340 8,271 13,049 i 7,830 8,026 4,254 9,683 5,229 14,559 8,444 j 12,562 7,663 Allother 17,535 10,873 23,066 ! 13,838 16,082 8,524 15,785 8,524 14,443 8,378 j 14,227 8,678 Averag T e o a ta n l n ual price of a fine oz. , 173,591 107,626 174,999 i 104,999 162,763 1 86,265 167,938 I 90,687 168,390 i 97,660 '• 169,589 j 103:449 of silver 80.62007 SO. 59595 SO.52795 30.54257 SO.57876 SO. 61027 1906 1907 1908 1909 1911 Thou- I Thou- ! Thou- j Thou- Thou- ! Thou- Thou- Thou- I Thou- Thou- Thou- ! Th&usands of j sands of j sands of jsands of sands of j sands of sands of sands of Isands of sands of sands of \sands of OU71CCS. dollars, ounces. dollars. ounces. \ dollars. ounces. \ dollars. ounces. dollars. ounces. \ dollars. United States 58,518 38,256 56,515 37,300 52,441 • 28,051 54,722 i 28,445 57,138 30,855 60,399 i 32,616 Canada 1,569 5,800 12,780 8,435 22,106 ! 11,825 28,879 ; 14,497 32,869 17,749 32,741 I 17,680 Mexico ! 55,225 37.381 j 61,147 40,357 73,664 ! 39,403 73,942 ' 38,450 71,372 38,541 79,032 ! 42,678 Peru 7,404 5; 012 I 9,666 6,314 9,566 i 5,117 9,566 i 4,974 6,627 3,579 6,627 i 3,579 Bolivia 3,097 2,096 5,222 3,447 5,806 ! 3,106 5,548 , 2,885 6,490 3,505 4,482 I 2,420 Spain 4,065 2,751 4,097 i 2,704 4,176 i 2,234 4,767 i 2,479 4.152 2,242 4,152 i 2,242 Japan i 2,451 I'®0 3,073 ! 2,028 3,993 i 2,136 4,278 2,225 4', 574 2,470 4, 414 I. 2,384 Australia I 14,237 9,637 I 17,949 j 11,846 17,175 ': 9,187 16,359 8,507 2i; 546 11,635 16,578 i 8,952 Allother I 14,189 9,606 13,858 j 9,146 14,310 1 7,653 13,155 7,370 16,940 9,147 16,913 I 9,132 Total ! 165,755 ; 112,198 i: 184,207 ; 121,577 203,237 i 108.712 211,216 ; 109,8 221,708 I 119,723 225,338 | 121,682 Annual average price of a fine oz. \ : of silver SO. 67689 I SO. 66152 SO. 53490 ! SO.52016 SO. 54077 I SO. 53928 1912 1913 1914 1915 1916 1917 19181 Thou- | Thou- Thou- ! Thou- I Thou- Thou- . Thou- Thou- Thou- Thou- ! Thou- j Thou- \ Thou- Thouounces.I dollars • j ) . / s o a u n n d c s e s o . f \ . s d a o n ll d a s r s o . f\ * s a o n u d n s c e o s j . s \ a d n o d l s la r o , f s o a u n n d c s e s o . f s d a o n l d la s r s o . f sands o] s d a o n l d la s n of s o a u n n d c s e s o . f s d a o n l d la s r s o . f s o a u n n d c s e s o . f s d a o n ll d a s rs Q . f United States 63,767 39,198 66,802 I 40,348 72,455 40,068 74,961 38,899 74,415 51,084 71,740 64,226 67,900 67,900 Canada 31,625 19,440 31,525 I 19,041 27,301 15,097 26,62(5 13,817 25,460 17,477 22,151 19,831 20,800 20,800 Mexico 74,640 45,881 70,704 j 42,705 70,704 39,099 39,570 20,534 22,838 15,678 31,214 27,944 51,000 51,000 Peru 8,352 5,134 R8, 235592 i R5 ,0(M4S5 8,352 4,618 9,420 9,420 6,467 11,000 9,848 12,000 12,000 Bolivia 4,050 2,490 4,050 2,446 4,050 2,240 3.870 2,008 2,052 1,409 2,435 2,180 3,000 3,000 Spain 5,153 3,167 4,232 2,556 4,232 2,340 4', 565 4,565 3,134 4,500 4,029 5,000 5,000 Japan 4,933 3,032 4,650 4,650 2,571 5,120 2.657 5,120 3,515 6,845 6,128 8,600 8,000 Australia 14,738 9,059 18,129 10,950 3,520 1,947 4,296 2,229 3,863 2,652 4,071 3,644 4,000 4,000 Allother 17,053 10,483 15,464 9,346 15,839 8,729 10,423 5,408 8,894 6,103 10,037 8,200 8,200 Total 224,311 j 137,884 223,908 1135,248 ;211,103 ;116,719 178,851 92,809 |l56,627 =107,519 |l63,993 |l46,814 179,900 179,900 Average annual price of a Quo oz. of silver SO.61470 SO.60458 SO.55312 SO. 51892 SO.68647 30-89525 si. co 1 Preliminary estimate of the Federal Reserve Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 FEDERAL RESERVE BULLETIN. FEBRUMIY 1. 1919. RULINGS OF THE FEDERAL RESERVE BOARD. Below are published rulings made by the "An unqualified order or promise to pay is Federal Reserve Board' which are believed to unconditional within the meaning of this act, though coupled with * * * statement be of interest to Federal Reserve Banks and a of the transaction wThich gives rise to the member banks. In connection with some of instrument." these rulings, the opinion of counsel upon In accordance with this section, it has been which the ruling is based is also published. held that the words "as per terms of contract," written after the words "value received" on Trade acceptances. the face of a promissory note by the maker A trade acceptance containing the statement before it is delivered, do not destroy the negotiability of the note or make its payment that "the obligation of the acceptor hereof to a holder in due course conditional upon the arises out of the purchase of goods from the performance of the contract intended to be drawer as per invoices, a record of which is referred to by the maker. (National Bank of given in thfe subjoined statement/' is a valid Newbury v. Wentworth, 218 Mass., 30, cited and desirable acceptance when offered with the with approval in Crawford's Annotated Nego- "subjoined statement'7 detached in accordance tiable Instruments Law, p. 18.) By analogy, the "subjoined statement77 with directions in the form. referred to in the case under consideration may An acceptance to pay at a particular place be treated as a part of the statement of the different from the residence of the acceptor is transaction giving rise to the draft. Such a a general acceptance, unless it expressly states statement, under the better authorities, is not an essential part of the draft, and to detach that the bill is to be paid there and not elseit should not, therefore, destroy its negotiabilwhere, and does not render the bill nonity. It could not be treated as an unauthorized negotiable. alteration of the acceptance, because the order of the drawer in the form submitted contains The following is the opinion of the counsel: specific authority to "detach this memorandum from the trade acceptance before dis- DECEMBER 20, 1918. counting or depositing it for collection." The drawee, therefore, assents to the order of the An opinion is asked on the following quesdrawer, and in the opinion of this office such tions: an acceptance may be treated as negotiable. The Board has heretofore approved a form 1. Whether a trade acceptance containing of trade acceptance containing the statement the statement that "the obligation of the that it is drawn ' 'in settlement of the purchase acceptor hereof arises out of the purchase of of goods as billed in our invoice No. goods from the drawer as per invoices, a record of which is given in the subjoined statement," dated ." (See FEDERAL RESERVE BULis a valid and desirable acceptance when LETIN,* May, 1917, p. 378.) The same general principles seem to be inoffered with the "subjoined statement" devolved in the present case. tached in accordance with the directions in In answer to question (2), this office, in an the form ? 2, Should a bank or bill house have any opinion published in the April (1917) FEDERAL hesitancy now, in view of the variant legal RESERVE BULLETIN, page 289, reached the conclusion that an acceptance to pay at a parrulings or decisions, in purchasing a bill payticular place different from that named in the able in New York drawn on a firm in Cleveland, draft is a general and not a qualified acceptance without the language suggested by the trade unless the acceptor expressly states that the acceptance council to cover this point ? bill will be paid at the place designated by him Considering these questions in the foregoing and not elsewhere. order, (1) Section 3 of the negotiable instru- As some counsel expressed some uncertainty ments law provides in part as follows: as to the correctness of this view, the trade Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 143 acceptance council recommended that the Accordingly in the case presented, unless the drawer incorporate in the body of the draft drafts are secured as provided by the statute, authority for the drawee to make such an the acceptance of an amount in excess of 10 acceptance. This would, of course, remove per cent of the capital and surplus of the bank, any doubt that may exist on the subject, but would constitute a violation of this provision after further considering the question involved whether or not the customer of the bank I am still of the opinion that even without this guaranteeing the acceptance is the drawer of authority incorporated in the draft the drawee the draft, or some other person. might accept a draft as above outlined without destroying the negotiability of the instrument. JANUARY 7, 1919. Increase of surplus by bank authorized to accept to Acceptances in excess of 10 per cent. 100 per cent. The acceptance by a bank of unsecured Where a bank has been granted permission drafts to an amount exceeding 10 per cent of to accept in an amount not exceeding in the the capital and surplus of the bank would aggregate 100 per cent of its paid-up capital constitute a violation of the limitation con- and surplus, it is not necessary for such bank tained in section 13 of the Federal Reserve to obtain additional authority from the Board Act, whether or not the customer of the bank each time it increases its surplus. guaranteeing the acceptance is the drawer of the draft, or some other person. JANUARY 7, 1919. Investment by national banks of funds held in trust. The following is the opinion of the counsel: Neither the provisions of the National Bank DECEMBER 23, 1918. Act nor of the Federal Reserve Act which A bank having a capital and surplus of relate to investments that may be made by $2,000,000 desires to accept drafts drawn by national banks of their own funds have any third parties aggregating more than $200,000 application to investments that may be made under the guarantee of one of its customers. by a national bank of funds held in trust Would the acceptance of such drafts con- which do not belong to the bank. This substitute a violation of that provision of section ject will be covered by the regulations of the 13 of the Federal Reserve Act which provides Board now in course of preparation. that— "No member bank shall accept, whether in JANUARY 7, 1919. a foreign or domestic transaction, for any one Acceptances in excess of 10 per cent. person, company, firm, or corporation to an amount equal at any time in the aggregate to A member bank may accept either in a domore than ten per centum of its paid-up and mestic or foreign transaction for one person in unimpaired capital stock and surplus, unless an amount in excess of 10 per cent, provided the bank is sequred either by attached docu- the acceptance remains secured throughout ments or by some other actual security growing the life of the draft. It can not accept in out of the same transaction as the acceptance.'7 domestic transactions without being secured at the time of acceptance, but may release the This section prohibits a member bank from security after acceptance upon tne execution accepting for any one person, drafts aggre- of a trust receipt or an agreement b}r the cusgating more than 10 per cent of the capital tomer that so much of the proceeds of the sale and surplus. The person who enters into an of the goods covered by the security as may agreement with the bank to protect it against be necessary to pay the "draft will be deposited loss and to whom the bank lends its credit in with the accepting bank when available and the form of an acceptance, is obviously the will not be used for other purposes. persons referred to in the statute. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. GOLD SETTLEMENT FUND. November caused by operations in connection with the fourth Liberty loan. The subjoined tables show the amounts of Figures showing the total debits in the clearclearings, transfers, and combined clearings and ings and credit transfers for the Federal transfers of the Federal Reserve system Reserve Bank of New York reflect the large through the gold settlement fund, by weeks, proportion of the total volume of business during 1918; also for the New York Federal handled by this bank. Heavy movements of Reserve Dank, total debits in clearings, credit funds away from New York through clearings transfers, combined debits in clearings and caused principally by interior banks drawing credit transfers, net debits and credits in clear- on their New York correspondents in payment ings, net debit and credit transfers and net of Treasury certificates of indebtedness and debit or credit of combined clearings and Liberty loan bonds, have been largely offset transfers. by the return movement of these funds through There has been a large increase in the volume transfers for account of the Government. The of weekly operations through the gold settle- total weekly net debits in clearings of the New ment fund during the calendar year 1918, York bank amount to $2,612,000,000, comcaused partly by Government war financing, pared wath credit transfers amounting to including large transfers of funds received from $2,443,000,000, the resulting net loss through sales of certificates of indebtedness and Liberty combined clearings and transfers for the year loan bonds and subsequent redistribution of amounting to only $159,639,000. these funds among the various centers in pay- Figures of total weekly operations through ment of munitions and supplies for account of the gold settlement fund, including both settlethe United States and Allied Governments, ments and transfers, also corresponding data and partly by the large use of the collection and for the New York bank have been plotted on clearing facilities of the system. the accompanying diagram to illustrate more Movements of funds during May "and June clearly the growing volume of these transactions were especially heavy on account of the Gov- and the high levels attained during the year in ernment fiscal operations in connection with the connection with the loan operations of the third Liberty loan and also during October and Government. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN 145 Weekly operations through the gold settlement fund during the calendar year 1918. [In thousands of dollars.] Transactions, ali Federal Reserve Banks. Transactions, Federal E eserve Bank of New York. I Combined; Clearings and ; debits in Clearings. Transfers. transfers com- Date. Total Transfers Total ! clearings bined. i Total Total c t o ra m n b sf in e e rs d fo o r f c N re e d w it d cl e e b a i r t i s n g in s an fe d r s tr a fo n r s- | clearings. transfers. and York of the credit of ! clearings. bank. the New ! Net Net Net Net Net Not bank. York i debit. credit. debit. credit. debit. credit. bank. ! 1918. ! Jan.3 536,945 36,400 573,345 2,000 I 160,147 I 162,147 15,752 I 23,900 39,652 |. Jan. 10 690,242 63,500 753,742 41,000 203,297 244,297 13,337 30,500 43,837 Jan. 17 723,635 72,500 796,135 22,000 251.710 i 273,710 io,"666" Jan. 24 819,561 , 97,000 910,561 74,000 271)157 | 345,157 *i,*422" "hi',000 "52,*422 Jan. 31 642,158 ! 96,140 738,298 56,000 208,438 i 204,438 24,217 16,000 "*8,"2i7": Feb.7 602,539 107,000 709,539 76,000 207,878 : 283,878 42.264 46,000 3,736 Feb. 14 551,908 112,362 664.270 101,000 201,467 i 302,467 79,030 98,000 18,970 Feb. 21 710,081 64,400 774,481 32,500 240,142 : 272,642 54,123 8,000 46,123 Feb. 28 587,027 35,000 022,027 24,000 183,098 I 207,093 31,494 20,000 11,494 Mar.7 771,168 85,000 856,168 55,000 253,017 : 308,017 39,903 32,500 7,403 Mar. 14 661,936 11,330 673,266 221,385 i 221,385 73,991 4,000 77,991 Mar. 21 696,825 37,000 733,825 i 34,000 213,710 247,710 14,395 "3*^666" i 16,605 Mar. 28 788,912 77,463 806,375 ! 70,000 i 260,840 : 330,840 42,258 65,000 i 22,742 Apr. 4 733,068 73,000 800,068 ! 64,000 ; 248,987 ! 312,187 25.278 55,000 I 29,722 Apr. 11 694,860 37,500 732,360 I 33,500 230,079 ' 263,579 38,022 29,500 . 8,522 ; Apr.18 811,089 169,900 980.989 I 130,500 282,915 . 413,43.5 59,528 93,500 I *33,"972 Apr.25 897,160 75,000 972,166 I 56,000 ! 306,703 i 362,703 55,749 i 44.500 I "il *249"| May2 769,773 136,000 905,773 ' 105.000 246,1.72 ! 351,172 43,090 i 8o;ooo! "36,"9i6 May 9 819,746 81,600 901,346 i 48,000 288,845 . 336,846 63.589 ! 17,400 ! May 16 855,420 150,700 1,006,120 ! 88,000 299,908 : 387,908 60,461 50,300 10*161 ! May 23 811,721 69,800 881,521 I 38,000 246,964 ' 284,964 14,753 I 22,000 7,247 May 31 746,483 72,000 818,483 l 43,000 24S,267 : 291,267 76.279 i 22,000 *54^279"| June 0 711,493 131,000 842,493 i 89,000 228,883 ! 317,883 13; 618 47,000 ' "34*382 Juno 13 824,499 83.000 907,499 | 40,000 254,463 • 294,463 ! 10,324 3,000 ! 13,324 June 20 944,258 196', 000 1,140,258 ! 97,000 304,608 : 401,608 ! 8,213 19,000 ! 27,213 June 27 898,409 114;400 i 1,012,869 I 60,000 290,582 i 350,582 28,472 i , 18.000 I July 3 1,090,900 251,679 i 1,342,579 i 180,605 ! 382,271 : 562,936 22,372 119,005 I "96," 633 July 11 743,803 25,000 ! 768,803 i 8.000 I 271,236 ! 279,236 73,839 ! 4,000 ! "77*839*1 July 18 995,740 114.000 1,109,740 95;000 ! 313,980 408,980 I 35,306 "'77,"{J66"j July 25 944,335 80)000 1,024,335 65,000 317,305 382,305 31,648 50,000 ! 18,352 Aulg. 838.707 97,000 935,707 93,000 I 273'. 774 366,774 30,371 89,000 49,629 Aug. 8 j 812', 164 15,000 827,164 15,000 300)421 ; 315,421 106,173 15,000 91,173 ! Aug. 15 | 806.193 55,056 861,249 35,000 278,269 ' 313,269 84,488 35,000 49,488 ! Aug. 22 ! 853,803 21,000 874.803 17,000 290,989 : 307,989 83,814 17,000 66,83.4 ! Aug. 29 j 894,369 47,000 941', 369 35,000 302.765 i 337,765 81)709 35; 009 46,709 I Sent. 5 i 787,282 79,000 866,282 j 74,000 259)372 ! 333.372 11,027 74,000 62,973 Sent. 12 ! 852,452 35,162 887,614 35,000 327.732 i- 382', 732 122.834 35,000 '87*834"! Sept. 19 959,528 59,000 ' 1,018,528 53,000 321,911 : 374,911 55;333 53; (XX) 2,333 j. Sept. 26 953,752 28,000 981,752 28,000 302,447 ; 330,447 36,374 28,000 8,374 I. Oct. 3 1,028,560 46,404 1,074,964 41,904 327,050 i 368,954 4,958 41,904 " 36," 948 Oct. 10 1,049,820 50,960 1,100.780 39,000 369,355 i 408,355 41,110 39,000 : 2,110 I Oct. 17 994,260 23,000 1,017; 260 ; 19,000 344,135 j 363,135 52,603 19, (XX) : 33,603'I. Oct. 24 1,208,203 56,588 1,264,796 49,COO 395,147 i 444,147 25,012 49)000 ; *23," 988 Oct. 31 1,263,293 73,667 1,336,960 58,000 442,451 ; 500,451 58,489 58,000; 489*1. Nov. 7 1,011,226 92,303 1,103,529 45,000 344,249 ' 389,249 21,661 45,000 : "23," 339 Nov. 14 955,719 93,743 1,049,462 18,583 319,087 : 337,670 3,148 "ii,"4I7" '14*565*!. Nov.21 1,100,780 226,058 1,328,838 89,861 405,420 ! 495,281 117,411 ""79,"86i"; 37,550 !. Nov. 29 1,160,334 144,741 1,305,075 99,631 426,856 ; 526,487 119,072 .... 99,631 ! 19,441 i, Dec. 5 930,853 127,103 1,057,956 76,171 348,230 ; 424,401 107,731 76,171 I 31,560 j. Dec. 12 1,044,159 287,468 1,331,627 234,698 401,266 635,964 133,022 234,698 • 100,776 Dec. 19 1,082,467 165,188 1,247,655 119,863 391,869 : 511,732 100', 862 119,863 j 19,001 Dec. 26 944,679 64,651 1,009,330 54,352 374,494 ; 428,848 156', 052 5^,352 ! 101,700 ! Total* 44.608,368 4,643,766 49,252,134 13,158,228 15,185,744 ;18,343,972 2,611,609 I 68,602 I 59,317 12,442,685 1,043,664 j 884,025 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 FEDERAL RESERVE BULLETIN". FEBRUARY 1, 1910, OPERATIONS THROUGH 6OLD SETTLEMENT FUND DURING THE CALENDAR YEAR 1918. Curve!: Stebite S M f ^ J ^ 7 d l € ^ J t J JC Curre4. Combined, WbelCUjJotalJigtzres cfSe&lenteTtfs and/ IrU&r - J S Jf 2123SJ2J92& Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 147 BANK TRANSACTIONS DURING JANUARY. for the immediately preceding weeks undoubtedly represent also payments of interest Bank transactions for the last week in and dividends and other quarterly and annual December and the first three weeks in Janpayments made at the beginning of the new uary, as measured by the volume of weekly year, also payments for Treasury certificates debits to deposit account of clearing-house of the January 2 and 16 issues. banks in 148 leading centers, averaged over 9 Debits to bank account on the whole show per cent above like transactions in December. changes parallel to those affecting debits to Large increases in debits to individual individual account, the larger figures for the account reported from all districts for the weeks ending January 8 and 16 reflecting week ending January 8 are due in a large probably even more than the correspondingmeasure to the fact that the report covers debits to individual account the volume of a full six-day week, whereas reports for the financing in connection with the certificate two preceding weeks covered only five-day issues named. periods. Some of the increase over the figures Weekly figures of clearing-house bank debits to deposit account. [In thousands of dollars; i. e., 000 omitted.] Debits to individual account. Debits to banks' and bankers' account. District. Dec. 31. Jan. 8. Jan. 15. Jan. 22. Dec. 31. Jan. 8. Jan. 15. Jan. 22. No. 1.—Boston: Bangor 3,320 2,910 2,744 2,808 342 539 276 785 Boston 205,667 288,651 241,858 293,855 271,923 216,795 203,902 214,966 Fall River 6,995 6,800 6,338 6,957 115 001 361 402 Hartford 18,313 24,828 17,486 20,473 1,814 1,853 1,537 2,110 Holyoke 2,760 3,276 3,027 3,358 619 904 869 912 Lowell 5,185 5,219 4,283 5,346 311 510 463 557 New Bedford 5,118 6,618 6,422 6.272 259 394 247 203 New Haven 14,884 17,879 18,045 17; 067 442 963 771 1,020 Providence 27,781 34,612 31,749 35,796 1,544 2,425 2,158 2,199 Springfield 13,216 18,437 13,129 15,884 302 572 506 561 Waterbury 6,184 10,200 7,067 7,059 609 626 699 743 Worcester 13,367 17,890 14,171 18,904 1,191 1,346 1,568 1,631 No. 2.—New York: Albany 18,011 26,719 16,065 19,562 10,451 14,318 12,950 14,993 Binghamton 2 497 3 341 2,917 2,809 Buffalo 54|988 72|o06 62,656 59,953 11,002 14,158 13,357 13,572 New York 3,562,715 4,843,795 3,805,735 4,298,679 1,455,652 1,983,417 1,749,188 1,971,899 Fassaic 3,955 4,200 3,481 4,193 354 524 473 364 Rochester 21,621 32,220 24,022 24,249 549 7G7 640 630 Syracuse 12,226 20,859 14,043 14,454 360 650 1,347 552 No. 3.—Philadelphia: Altoona 2 192 2 767 2 548 2,202 Chester 4 197 5 15S •\' 658 4,725 25 118 68 Harrisb urg s',938 6| 183 4,721 14 6 20 90 Johnstown 2,503 3| 273 3,004 2,918 170 154 113 188 Lancaster 3,218 4,335 3,812 3,977 25 232 43 270 Philadelphia 228,384 362,478 286,392 327,248 398,267 398,514 373,801 362,182 Reading 2,414 3,382 4 462 3 205 Scranton 10,883 14,510 ll|717 ll| 573 1,846 2,395 1,800 2,535 Trenton 8,855 9,695 8,938 10,207 103 455 382 318 Wilkes-Barre 6,096 8,002 5,970 6,420 54 118 100 135 Williamsport 2,727 3,158 3,121 3,224 178 116 272 208 Wilmington 15,854 7,023 S 266 10,10s York 2,672 3,495 2| 984 3| 007 38 46 54 46 Wo. 4.—Cleveland: Akron 13,555 14,433 14,620 16,122 61 56 15 156 Cincinnati 54,782 63,163 52,840 61,537 36,278 48,331 41,747 49,941 Cleveland 143,687 154,467 133,582 132,446 101,631 126,865 102,302 133,033 Columbus 19,597 24,520 22,119 23,255 2,956 3,401 3,797 3,328 Dayton 12,366 13,110 12,126 11,204 515 612 472 396 Erie 6,305 7,288 5,893 6,911 84 129 111 49 Greensburg, Pa... 2,755 2,740 2 712 2,588 LexingtoD, Kv 4,045 8,129 10| 040 9| 373 3,143 6,369 7,375 10,274 Oil City :.... 1,918 3,818 2,889 2,836 2,066 3,317 2,735 2,623 Pittsburgh 150,902 166,352 159,276 189,723 279,803 339,148 319,951 378,035 Springfield 3,521 3,290 3, 111 3,115 2,351 2,242 2,124 2,159 Toledo 23,680 29,957 20,690 23,482 6,825 9,778 8,338 8,690 Wheeling 6,457 7,266 6,667 8,267 7,557 6,228 5,604 7,973 Youngstown 11,700 19,714 16,513 12,351 613 1,428 879 841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 FEDERAL, RESERVE BULLETIN". FEBRUARY 1, 1919. Weekly figures of clearing-house bank debits to deposit account—Continued . [In thousands of dollars; i. e., 000 omitted.] Debits to individual account. Debits to banks' and bankers' account. District. Deo. 31. Jan. 8. Jan. 15. Jan. 22. Dec. 31. Jan. 8. Jan. 15. Jan. 22. No. 5.—Richmond: Baltimore 71,030 94,712 75,922 85,574 43,826 43,625 42,743 Charlaston. 9,210 7,849 7,342 3,871 3,659 3,563 Charlotte 5,016 7,700 7,300 6,500 6,534 9,500 8,400 7,500 Columbia 5,828 8,259 7,792 6,291 2,931 3,557 3,196 2,979 Norfolk 16,371 18,615 17,103 16,951 26,252 31,508 25,812 22,731 Raleigh 4,000 5,580 4,250 2,800 2,600 3,600 3,160 3,200 Richmond 24,632 27,743 25,184 28,976 65,838 77,648 80,326 75,530 No. 6.—Atlanta: Atlanta 22,433 27,557 25,930 33,370 24,158 30,796 26,881 24,537 Augusta 5,871 8,605 7,428 6,442 2,117 3,628 3,308 2,488 Birmingham 11,157 18,419 13,319 12,376 3,405 4,792 3,727 3,482 Chattanooga 8,613 12,266 9,609 9,031 3,981 5,489 4,626 3,903 Jacksonville 8,944 13,849 9,609 9,506 7,121 8,597 8,865 7,646 Knoxville 4,400 7,150 5,660 5,700 1,465 1,600 1,880 1,459 Macon 5,436 5,746 5,363 5,377 3,675 ! 4,321 3,917 3,046 Mobile 6,297 8,018 6,502 7,621 697 j 895 876 874 Montgomery 3,385 5,437 6,292 4,618 352 ! 854 724 721 Nashville 19,637 23,924 23,648 19,559 12,420 i 16,281 16,038 13,921 New Orleans 59,866 74,701 78,465 71,969 35,131 ! 40,198 47,806 46,819 Pensacola 1,638 2,055 1,946 1,844 '752 I 958 1,023 98S Savannah 13,986 17,C>52 13,723 14,553 8,141 I 11,860 10,414 9,597 Tampa 4,287 3,495 4,733 4,969 1,092 i 1,379 2,010 1,509 Vicksburg 1,620 2,658 2,069 2,321 217 ! 319 230 201 No. 7.—Chicago: Bay City i 2,706 3,387 2,603 2,866 550 • 560 552 Bloomington 2,160 2,669 3,118 2,803 628 i 1,001 1,131 1,291 Cedar Rapids 3,917 6,000 3,494 5,739 7,225 I 9,221 9,440 9,648 Chicago 524,333 671,265 621,317 640,873 503,218 I 622,229 568,769 676,663 Davenport 6,741 8,858 6,905 7,244 1,236 ! 2,462 1,948 2,412 Decatur,Ill 2,281 2,967 3,530 3,342 277 ! 515 589 757 DesMoines 14,397 17,746 17,167 19,959 28,265 ! 47,232 42,770 44,858 Detroit 84,843 110,846 112,736 102,211 38,804 i 48,857 44,288 43,824 Dubuaue 1,750 2,400 2,004 2,035 1,260 j 1,500 1,32,5 1,425 Flint 2,894 4,782 3,699 5,456 5 I 25 34 106 Fort Wayne 5,389 5,413 4,587 5,220 1,438 i 1,904 1,824 1,954 Grand Rapids 15,661 17,836 18,018 18,208 3,217 ! 4,245 4,384 5,542 Indianapolis 28,023 33,499 32,966 32,181 21,432 29,406 26,886 27,348 Kalamazoo 2,833 4,050 3,344 3,052 385 496 618 705 Lansing 2,678 3,876 3,565 3,497 125 194 254 249 Milwaukee 46,591 59,475 53,839 58,277 25,685 j 30,898 29,897 31,554 Peoria 10,C99 14,211 12,623 12,184 2 274 ! 2,210 2,089 2,678 Rockford, 111 4,930 4,461 4,752 202 190 198 Sioux City, Iowa... 7.400 17,904 18,321 11,136 15,763 17,083 South Bend 5; 491 3,133 3,309 1,444 j 4,926 1,873 2,326 S W p a ri t n e g rl f o ie o l , d I , o 1 w 11 a 3 4 , , 4 2 1 4 0 8 3 4 , , 0 3 3 78 9 3 3, , 3 9 9 8 3 5 Cool \ 2 1 , J 2 2 9 2 9 7 2, 9 8 8 0 1 8 2 1 , , 1 29 8 0 7 No. 8.—St. Louis: Evansville 5,293 3,126 3,900 1,900 ! 1,875 870 2,403 Little Rock 8,588 8)383 7,500 7,480 I 7,286 7,624 6,819 Louisville 40,705 40,452 42,649 24,177 j 35,953 38,111 43,239 Memphis 39,150 36,069 31,108 23,133 33,686 26,589 25,689 St. Louis 174,877 149,425 144,850 118,410 j 140,034 132,929 141,736 No. 9.—Minneapolis: Aberdeen 1,039 1,642 1,254 1,287 701 | 1,370 1,162 1,174 Billings 2,498 2.400 2,181 2,037 1,093 ! 1.100 962 1,003 Duluth 34.563 4i;2S7 34,780 31,924 4,435 I 5)391 4,675 4)169 Fargo L559 2; 717 2:523 2,365 2,129 ! 2,763 2,789 2,693 Grand Forks 1.162 1)683 1.597 1,384 1,329 i 1,652 1,368 1.498 Great Falls 3,071 3,529 3,118 2; 893 5:226 ! 4,961 4,670 3,917 Helena 1,835 3.237 3,892 2) 711 3)621 ! 4,132 4,967 3,759 Minneapolis 77.442 94,098 I 77,668 80,296 76,733 ! 9(5,893 78,771 89,208 St. Paul 39;379 35)504 ! 33,730 44,421 44.505 ! 48,111 44,329 52)108 Superior.. 1,6(59 2.285 j 1,775 1,995 HOJ 164 213 133 No. 10.—Kansas City: Atehison 957 'osi! 922 940 439 j 613 491 647 Bartlosville, Okla.. 2.904 2,543 j 1,703 2.723 104 i 82 145 69 Colorado Springs... 1.752 2)628 ! 2.124 2,154 1,132 1,166 626 902 Denver 27,618 33.460 29,295 30,107 18,206 21,828 22,431 21,481 Joplin 2,755 3', 404 3i 758 3,143 516 681 661 583 Kansas City, Kans. 2i 816 3.634 6,062 4,936 4,296 5,380 5,603 5,515 Kansas City, Mo... 70,093 94;446 87,604 98,183 147,K01 181,166 172,539 190,687 Muskogee, Okla 3.105 3,786 4,143 3,569 2,540 2,749 2,371 2,683 Oklahoma City 12,623 16.496 15,538 15;188 8,442 12,552 11,735 11,479 Omaha 48.049 47)991 47,491 63,484 49,222 48,498 42,819 68,840 Pueblo 3,991 4,618 3,737 4,498 869 1,117 868 828 St. Joseph 12,961 23,664 24,316 28,071 13.998 18,534 21,323 19,745 Topeka.' 3,764 5,181 5.154 5,023 1)290 1,616 1,687 1,653 Tulsa 24,606 20,842 20,071 20,090 6,296 6,758 6,427 7,134 Wichita 7,231 7,691 8,300 11,449 13,968 13,212 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 149 Weekly figures of clearing-house bank debits to deposit account—Continued. [In thousands of dollars; i. e., 000 omitted.] Debits to individual account. Debits to banks' and bankers' account. District. Jan. 8. Jan. 15. Jan. 22. Dec. 31. Jan. 8. Jan. 15. Jan. 22. No. 11.—Dallas: Albuquerque 1,324 1,639 1,574 1,360 4,553 4,464 3,856 4,081 Austin 3,930 3,930 3,818 3,742 2,900 3,024 4,066 2,454 Beaumont 3,391 5,231 4,139 4,802 464 612 498 702 Dallas 30,944 38,879 34,704 31,251 66,093 71,542 77,180 76,057 El Paso 5,244 7,036 5,615 6,405 7,329 8,850 8', 177 9,056 Fort Worth 17,033 18,019 19,436 18,931 38.490 43,678 45,380 43.444 Galveston 7,528 12,559 8,854 7,878 5; 780 6,620 6,014 5,191 Houston 24,140 27,214 36,345 24,294 51,650 62,127 46,711 56,388 San Antonio a 5,166 a 8,364 a 6,795 a 6,493 Shreveport 4,606 6,758 7,652 5,324 2,978 3,795 4,947 5,487 Texarkana 1,260 1,935 1,249 1,517 476 531 404 669 Tucson 1,198 1,512 1,521 1,595 1,046 1,160 1,238 1,404 Waco 3,526 4,275 3,554 3,034 2,014 2,078 2,069 2,024 No. 12.—San Francisco: Boise 2,239 3,199 2,937 2,600 5,070 5,909 6,148 6,334 Fresno 5,613 7,346 7,196 6,014 3,469 3,853 4,111 3,512 Long Beach 2,077 3,212 2,607 2,331 49 107 138 90 Los Angeles 53,012 66,551 56,377 61,230 34,594 45,295 47,669 42,302 Oakland 11,466 13,605 13,107 11,853 2,409 2,651 2,659 2,971 Ogden 4,270 5,184 2,870 4,353 5,648 7,444 6,365 5,911 Pasadena 1,960 3,013 2,577 2,831 298 413 268 192 Portland 37,935 42,848 35,172 39,691 23,285 28,113 24,550 23,826 Reno 2,021 2,145 1,852 1,083 1,447 1,782 1,359 1,960 Sacramento 12,284 i 15,459 13,882 14,208 4,350 5,550 6,690 5,053 Salt Lake City 16,087 17,096 15,048 17,785 22,980 25,973 21,940 26,653 San Diego 3,834 6,493 5,645 5,732 962 607 386 512 San Francisco 142,378 161,114 148,389 182,947 92,336 122,471 106,382 132,967 Seattle 42,036 | 49,612 49,040 43,839 20,756 22,719 24,606 27,604 Spokane 7,926 I 9,730 8,782 9,861 8,162 9,452 8,549 7,618 Stockton 4,373 | 4,154 4,000 4,001 2,410 1,849 2,000 3,000 Tacoma 11,378 ! 11,871 11,146 12,314 7,924 8,482 9,132 7,504 Yakima 1,628 j 2,438 1,957 1,757 42 564 563 402 a Figures comprise debits to both individual as well as to banks' and bankers' account. Recapitulation showing figures for clearing-house centers reporting for each of the four weeks. [In thousands of dollars; i. e., 000 omitted.] Debits to individual account. Debits to banks' and bankers' account. Number District. of centers included. Dec. 31. Jan. 8. Jan. 15. Jan. 22. Dec. 31. Jan. 8. Jan. 15. Jan. 22. No. 1.—Boston 12 322,790 437,350 366,319 433,779 279,471 257,528 213,357 226,089 No. 2.—New York 7 3,676,013 5,003,646 3,928,919 4.423,899 1,478,368 2,013,894 1,777,955 2,002,013 No. 3.—Philadelphia 13 295, £03 433,257 352,115 393,535 400,720 402,036 376,709 366,040 No. 4.—Cleveland 14 455,270 518,247 463,078 503,210 443,883 547,904 495,453 597,498 No. 5.—R i chmond 6 126,877 162,609 137,551 147,092 142,235 169,699 164,519 154,683 No. 6.—Atlanta 15 177,570 231,532 214,296 209,256 104,724 131,967 132,325 121,191 No. 7.—C h icago 21 769,565 987,359 920,526 940,586 640,322 811,609 742,650 857,603 No. 8.—St. Louis . ... 5 216,195 268,613 237,455 230,007 175,100 218,834 206,123 219,886 No. 9.—Minneapolis 10 164,217 188,382 162,518 171,313 139,882 166,537 143,906 159,662 No. 10.—Kansas City 14 217, S94 263,079 251,918 282,109 255,151 302,740 289,726 332,246 No. 11.—Dallas 13 109 290 137,351 135,256 116,626 183,773 208,481 200,540 206,957 No. 12.—San Francisco 18 362,517 425,070 382,5S4 424,430 236,191 293,234 273,515 298,411 Total . 148 6,894,261 9,057,095 7,552,535 8,275,842 4,479,820 5,524,463 5,016,778 5,542,279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. WHOLESALE PRICES. than offset by increases in the prices of other commodities, among which certain foodstuffs, In continuation of figures shown in the especially milk, butter, cheese and eggs, coffee, January BULLETIN there are presented below potatoes, apples, beef (New York quotation), monthly index numbers of wholesale prices for and bacon, hams, and salt mess pork should be the period January to December, 1918, comnoted. pared with like figures for December of pre- The index number for the raw-materials vious years, also for July, 1914, the month group has increased slightly from 197 to 198. immediately preceding the outbreak of the The increase is due entirely to the increase in great war. The general index number is that the prices of farm products, the index number of the United States Bureau of Labor Statisfor the latter group having increased from 234 tics. In addition, there are presented separate to 237. Decreases in the prices of cotton (New numbers for certain particular classes of com- Orleans quotation), flaxseed, oats, hay and modities in accordance with plans announced tobacco were more than offset by increases in in previous issues of the BULLETIN. the prices of cotton (New York quotation), The quotation for canned salmon (Alaska corn, and winter wheat. The index number for red, New York) had to be omitted. On the the animal-products subgroup remains unother hand, quotations for hops (Pacific changed at 208, decreases in the prices of hogs coast) and canned corn (New York standard), and silk being offset by increases in the prices which had been dropped temporarily, have been of cattle and poultry. The index number for secured for the months of November and De- the forest products subgroup likewise remains cember, and the commodities again included in unchanged at 150, slight increases in the prices the calculation of the index numbers for the of plain white oak and maple affording the latter month. Index numbers for December only instances of change in price among the are provisional, due to the fact that certain commodities included in the group. The index data were not received in time to render them number for the mineral-products subgroup, available in the calculations. however, has declined slightly, from 183 to 182, For the month of December the general further increases in the prices of several sizes index number of the Bureau of Labor Statistics of anthracite coal being more than offset by remains unchanged at 206. Considerable decreases in the prices of copper ingots, pig diversity, however, is exhibited by the changes lead, and pig tin. in the numbers for the various groups, the A decrease of 6 points is shown in the number pronounced decrease in the index number for for the group of producers' goods, which now the group of producers7 goods being offset by stands at 199. But few of the commodities increases in the numbers for both the raw ma- included in the group have increased in price. terials and the consumers' goods groups. The Among these may be mentioned brick (New index number for the latter group shows a York quotation), lime, and oleo oil. On the further increase for the month in question from other hand, decreases in price have occurred in 214 to 216. Decreases in price occurred in the many instances, among which are cotton yarn, case of certain commodities included in the rope, and jute, wood pulp, certain chemicals, group, in particular print cloths and cotton such as alum and glycerin, California harness underwear, lard, citrus fruits and peanuts, as oak leather, tallow, naval stores, steel products, well as to a lesser extent for poultry, veal, and in particular billets, plates, and structural steel, mutton. The decreases were however more and tin plate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL BESERVE BULLETIN". 151 Index numbers of wholesale prices in the United States for principal classes of commodities. [Average price for 1913=100.1 Raw materials. All commodities Year and month. Producers* Consumers; (Bureau of Farm Animal Forest Mineral Total raw goods. goods. Labor Statistics index products. products. products. products. materials. i number). July,1914 102 106 97 88 98 92 103 December, 1914 99 99 9-1 86 94 92 102 97 December, 1915 109 97 93 100 100 115 107 105 December, 1916 153 131 99 174 143 164 142 146 December, 1917 233 178 129 158 178 180 185 181 1918. January 240 174 130 171 183 181 192 185 February 242 176 131 172 184 184 193 187 March 249 178 135 172 187 187 189 187 April 243 193 137 170 190 190 193 191 May 226 201 138 173 189 192 194 191 June 232 198 138 171 189 194 197 193 July 237 209 140 180 196 196 202 198 August 246 215 143 180 200 199 205 202 September 255 219 143 180 204 203 209 207 October 240 209 143 181 198 205 210 204 November 234 208 150 183 197 205 '214 206 December 237 208 150 182 198 199 216 206 In order to give a more concrete illustration for certain commodities of a basic character. of actual price movements there are also pre- The actual average monthly prices shown in sented in the following table monthly actual the table have been abstracted from the records and relative figures covering the same period ! of the United States Bureau of Labor Statistics Average monthly wholesale prices of commodities, [Average price for 1913=100.] Corn, No. 3, Cotton, middling, Wheat, No. 1, Wheat, No. 2, Cattle, steers, Hides, packers', Chicago. New Orleans. no M rt i h n e n r e n a p s o p l r i i s n . g, re C d h w ica in g t o e . r, goo C d h t i o c a c g h o o . ice, ste h e e r a s, v y C h n i a c t a i g v o e . Year and month. Average Average price per price per price per \ . pound. bushel. bushel. Price' July, 1914 SO. 7044 SO. 1331 SO.8971 SO. 8210 S9.2188 SO. 1938 December, 1914 . 6340 .0721 1.1921 1.2023 8.9125 .2250 i December, 1915 . 6794 . 1185 1.1311 | 1.2322 8.4875 .2575 December, 1916 .9125 .1757 1.7611 | 1.7275 10.2917 .3350 December, 1917 1.5875 2.1700 2.1700 13.2350 .3500 1918. January 1.6850 .3105 2.1700 2.1700 13.1125 3280 February 1.6375 .3097 2.1700 I 2.1700 13.0750 2925 March . 5563 .3291 2.1700 2.1700 13.2313 2625 April . 5850 .3350 2.1700 2.1700 15.1750 2719 May .5250 .2894 2.1700 ] 2.1700 16.4167 3110 June .5125 . 3066 2.1700 2.1700 17.1750 3300 July .5900 .2945 2.1700 2.2470 17.6250 3240 August .6225 2.2231 2.2325 17.8250 3000 September . 5313 .3578 2.2169 | 2.2363 18.4100 3000 October .3270 .3150 2.2155 2.2345 17.8563 3000 November .2675 . 3007 2.2206 2.2375 18.1563 2900 December . 4290 .2958 2.2205 2.3088 18.3600 2900 Average for 1914 1126 ! 1.0031 9.0387 1915 0961 I 1.3061 8.7015 1916 1410 ! 1.4108 9.5730 1917 2259 | 2.3248 12.8085 1918 3123 i 2.1905 16.3682 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 FEDERAL. RESERVE BULLETIN. FEBRUARY 1, 1919. Average monthly ivholesale prices of commodities—Continued. [Average price for 1913=100.] Hogs, light, Wool, Ohio, -K- Hemlock, Yellow pine, Coal, anthracite, Coal, bituminous, Chicago. grades, scoured. New York. flooring, stove, New York run of mine, New York. tidewater. Cincinnati. Year and month. Average price per Rela- Average Rela- Average Rela- Average j Rela- Average Rela- Average Relapou 10 n 0 ds. p t r i i v c e e. p p r o ic u e n p d e . r p t r i i v c e e. p M ric f e e p et e . r p t r i i v c e e. p M ric f e e e p t e , r i p t r i i v c o e. l p o r n ic g e t p o e n r . p t r i i v c e e, s p h r o ic r e t t p o e n r . p t r i i v c e e. July, 1914 38.7563 104 SO. 4444 94 §24.5000 101 $42.0000 94 84.9726 S2.2000 100 December, 1914... 7.1313 84 .4861 103 24.2500 100 41.0000 92 5.1796 102 2.2000 100 December, 1915... 6.2438 74 .6429 136 21.2500 38.0000 85 5.1710 102 2.2000 100 December, 1916... 9.7500 115 .7286 155 24.5000 101 41.0000 92 5.6801 112 4.5000 205 Deeember, 1917... 16.7150 198 1.3571 288 30.5000 126 57.0000 128 6.4736 128 3.7500 170 1918. January 16.2125 192 1.4545 30.5000 126 57.0000 128 6.5000 128 3.6000 164 February 16.6938 197 1.4545 309 30.5000 126 57.0000 128 6.5000 128 3.6000 164 March 17.4250 206 1.4545 309 30.5000 126 60.0000 135 6.4642 128 3.6000 164 April 17.5100 207 1.4545 309 33.5000 138 60.0000 135 6.2606 124 3.6000 164 May 17.5000 207 1.4182 301 33.5000 138 60.0000 135 6.3000 124 3.8500 175 June 15.5250 184 1.4182 301 34.5000 142 60.0000 135 6.3212 125 3. 7500 170 July 18.0000 213 1.4365 . 305 34.5000 142 60.000G 135 6.5968 130 4.1000 186 A Se u p g t u e s m t ber r. 2 1 0 9 . . 0 7 7 7 0 5 0 0 I 2 2 3 3 7 4 1 1 . . 4 4 3 3 6 6 5 5 3 30 0 5 5 6 6 3 3 . . 0 0 0 0 0 0 0 0 1 1 4 4 1 1 6 6 . . 9 5 0 9 0 9 0 2 j | 1 1 3 3 0 6 4 4 . . 1 1 0 0 0 0 0 0 1 1 8 8 6 6 October 18.0938 214 1.4365 305 63.0000 141 6.9000 ! 136 4.1000 186 November. 17.7063 209 1.4365 305 613.0000 141 7.8071 i 140 4.1000 186 December 17.4400 1.4365 305 63.0000 141 7.9500 I 143 4.1000 186 Average for 1914.. 8.3816 ! 24.3958 101 42.7500 96 5.0607 100 2.2000 100 1915.. 7.1870 | 85 .5714 121 21.5909 39.5909 89 5.0446 100 2.2000 100 1916.. 9.4000 111 144 23.5417 97 39.3750 88 5.4540 108 2.6750 122 1917.. 15.4594 183 1.1452 243 27.7083 114 50.9091 114 5.8724 116 4.5833 208 1918.. 17.6626 1.4394 306 60.7500 6.7582 121 3.8833 177 Co ta a s l , , P N o o c r a fo h l o k n . - Coke v , i C ll o e n . nells- | 1 I C e N o l p e e p c w e tr r o , Y l i y o n t r g i k c o . , t, d N L es e e i w a lv d e , Y r p i o z i r g e k , d . , Pe P t e ro n a l n t e s u w y m l e v l , l a s c n . r i u a d , e, Pig iron, basic. Year and month. Average Rela- Average Rela- \ Average Rela- Average Rela- Average price per tive price per tiyo I price per tive price per tive price per long ton. price. short ton. price. | pound. price. pound. price. July, 1914 S3.0000 100 31.8750 77 1.1340 85 SO.0390 89 December, 1914... 3.0000 100 1.6250 67 . 1275 81 . 0380 86 December, 1915.... 2.8500 95 2.3000 94 .1975 126 . 0525 119 December, 1916... 6.0000 200 5.7500 236 . 3450 219 .0730 166 December, 1917... 4.4120 147 6.00C0 246 .2350 149 .0650 148 1918, January 4.4120 147 ! 6.0000 246 . 2350 149 .0684 155 33.0000 February 4.4120 147 | 6.0000 246 .2350 149 .0706 160 33.0000 March 4.4120 147 6.0000 246 . 2350 149 .0724 165 33.0000 April 4.2440 141 j 6.0000 246 . 2350 149 .0698 159 32.0000 May 4.2190 141 6.0000 246 . 2350 149 .0891 157 32.0000 June 4.2320 141 6.0000 246 . 2350 149 .0728 165 32.0000 July 4.6320 154 6.0000 246 . 2550 162 . 0802 182 32.0000 August 4.6320 154 6.0000 248 . 2600 165 .0805 183 32.0000 I September 4.6320 154 6.0000 246 .2000 165 .0805 183 32.0000 October 4.6320 154 6.0000 246 .2600 165 . .0805 183 November 4.6320 154 6.0000 246 . 2600 165 | .0805 183 December 4.6320 154 6.0000 246 . 2540 161 ! .0667 152 Average for 1914.. 3.0000 100 1.8083 74 . 1338 85 | .3890 1.9167 1915.. 2.8500 95 1.7854 73 .1726 no ! .0459 104 1.5292 1916.. 3.7292 124 3.2458 133 . 2754 .0680 155 2.4833 1917.. 5.4320 181 8.2500 338 .2940 175 j .0912 207 3.2000 1918.. 4.4769 149 6.0000 246 .2465 187 i .0743 169 3.9739 157 '' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 153 Average monthly wholesale prices of commodities—Cotinued. [Average price for 1913=100.] n C or o t t h to e 1 n r 0 n / 1 y c . a o r n n e s s , , h L em ea l t o h c e k r , N so o l . e 1 , . S P t B e it e e t s l s , s b e b i ] i n i l r e l g e r h t , s . , S ta te n b e k u l, , r p g P l h i a t . t t e s s - , Ste P e i l h t , t e s r a a b r i u l t s h r , g , o h p . en 2 W -3 o 2 r 's s , t e c d ro , s y s a b r r n e s d , . Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per! tive pound. price. pound. price. long ton. price. pound. price. long ton. price. pound. price. July, 1914 SO.2150 97 SO.3050 108 819.0000 74 SO.0113 76 $30.0000 100 SO.6500 j 84 December 1914 .1600 72 19.0000 74 .0105 71 30.0000 100 .6200 80 December, 1915 .2100 95 .3250 iis 30.6000 119 .0180 122 30.0000 100 .8800 115 December 1916 .3850 174 .5700 202 57.5000 223 .0425 287 40.0000 133 1.2000 154 December 1917. . .. .4950 224 .5000 177 47.5000 184 .0325 220 40.0000 133 2.0000 257 1918. January . 5363 242 .4900 174 47.5000 184 . 0325 220 46.8000 156 2.0000 257 February. .5536 250 .4900 174 47.5000 184 .0325 220 57.0000 190 2.0071 258 March . . . .. . 5745 260- . 4550 161 47.5000 184 . 0325 220 57.0000 190 2.1000 270 April .6162 278 .4550 161 47.5000 184 . 0325 220 57.0000 190 2.1500 277 May .6332 286 .4900 174 47.5000 184 .0325 220 57.0000 190 2.1500 277 June .6437 291 .4900 174 47.5000 184 . 0325 220 57.0000 190 2.1500 277 July- .6412 290 .4900 174 47.5000 184 . 0325 220 57.0000 190 2.1500 277 August . .6400 289 .4900 174 47.5000 184 . 0325 220 57.0000 190 2.1500 277 September .6100 276 .4900 174 47.5000 184 .0325 220 57.0000 190 2.1500 277 October .6100 276 .4900 174 47.5000 184 . 0325 220 57.0000 190 2.1500 277 November .5927 268 .4900 174 47. 5000 184 . 0325 220 57.0000 190 2.1500 277 December .5500 249 .4900 174 45.1000 175 .0310 209 57.0000 190 2,0000 258 Average for 1914.... . . .1967 89 .3019 107 20.0775 78 .0116 78 30.0000 100 . 6400 82 1915 .1727 78 .3094 110 22.4408 87 .0127 86 30.0000 100 .7875 101 1916. .... .2646 120 . 3883 138 43.9458 170 . 0324 219 33.3333 111 1.0500 135 1917 .3971 179 . 5354 190 69.8558 271 . 0557 376 40.0000 133 1.5558 200 1918 * .6001 271 . 4841 172 47.3000 183 . 0324 218 56.1500 187 2.1089 272 Flour, wheat, B g e o e o f d c n a a rc ti a v s e s, ColXee, Rio No. 7. s 1 t 9 a 1 n 4 d -1 a 9 r 1 d 7 p ., a s t t e a n n t d s, - Hams, smoked, Ill 1 u 5 m 0° i f n i a r t e in te g s o t, il, Sug la a t r e , d g , ranusteers, Chicago. ard war, 1918, Chicago. New York. New York. Minneapolis. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. ! price. barrel. price. pound. price. gallon. price. pound. price. July 1014. $u 1350 104 SO. 0S82 79 84.5938 100 f>0.1769 106 SO. 1200 97 §0.0420 98 December, 1914 . 1428 110 . 0631 57 5. 9500 130 . 1633 98 . 1200 97 . 0483 113 December 1915 .1375 106 .0763 69 6.2250 136 . 1556 94 . 1300 105 .0592 139 December, 1916 .1375 106 .0925 83 8.6813 189 .1988 120 .1200 97 . 0892 162 December' 1917 .1870 144 .0756 68 10.1313 221 .3016 181 . 1100 114 .0804 18S 1918. January .1750 135 . 0853 77 10.0850 220 . 2950 177 .1600 130 .0744 174 February. .1750 135 . 0833 75 10.3000 225 . 2984 180 .1600 130 .0730 171 Marcli . - - .1750 135 . 0891 80 10.0938 220 . 3028 182 .1600 130 . 0730 171 AiDril .2050 158 . 0903 81 9.9850 218 . 3075 185 .1675 136 . 0730 171 May . . .2250 174 . 0873 78 9. 5250 208 . 3025 "<82 . 1700 138 .0730 171 June . 2338 181 . 0841 76 9.8250 214 . 2994 180 .1700 138 .0731 171 July - - . 2400 185 . 0855 77 10.7020 233 . 3025 182 .1710 139 .0735 172 August... . 2420 187 . 0853 77 10.2100 223 . 3225 194 .1750 142 . 0735 172 September ... .2450 189 . 0959 86 10.2 LOO 223 .3281 197 . 1750 142 . 0845 198 October . 2450 189 . 1010 93 10.2L00 223 . 3361 202 .1750 142 .0882 207 November.. . 2450 189 . 1069 96 10.2100 223 . 3541 213 . 1.750 142 .0882 207 December .2450 189 . 1725 155 10.2.100 223 .3670 221 . 1750 142 .0882 207 — r-z • -. • __ Average for 1914 .1364 105 .08J 6 ! 73 5.0962~ 111 . 1670 100 .1200 97 .0471 110 1915 .1289 100 . 0745 67 6.6630 145 . 1531 92 .1208 98 .0556 130 1916 .1382 107 . 0924j 83 7.2639 ! 158 . 1850 111 .1217 99 .0688 161 1917 .1672 129 . 0927! 83 11.3909 . - 249 . 2520 152 .1242 101 .0771 181 1918 .2209 171 .0974 88 10.1305 221 .3180 191 .1694 137 .0780 183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 FEDERAL RESERVE BULLETIN. FEBRUARY 1. 1919. DISCOUNT AND INTEREST RATES. Philadelphia, Chicago, and Minneapolis, the decrease occurs for the majority of the types of In the following tables are presented actual paper for which quotations are given. On the discount and interest rates prevailing in the other hand, rates in several centers, of which various cities in which the several Federal Re- Atlanta is an instance, on the whole show an serve Banks and their branches are located, increase. In a considerable number of cities, during the 30-day periods ending December 15, rates are either practically unchanged, as for 1918, and January 15, 1919. Quotations are example among others in Cleveland, El Paso, given for prime commercial paper, both cus- and Portland, or afford an approximately tomers' and purchased in the open market, equal number of instances of advance and deinterbank loans, bankers7 acceptances, and cline. Rates for commercial paper afford the paper secured by prime stock exchange or greatest number of instances of decline, espeother current collateral. Separate rates are cially paper purchased in the open market. quoted for paper of longer or shorter maturities Customary rates for the latter, as well as for in the first-named and last-named classes. In acceptances, have declined in a considerable addition, quotations are given for commodity number of centers, while for the remaining paper secured by warehouse receipts and for types of paper they remain practically uncattle loans, as reported from centers in which changed, movements in rates being confined such paper is current. with relatively few exceptions to changes in Quotations are also given of rates charged the high and low quotations. There is no on ordinary loans to customers secured by general movement perceptible in rates on inter- Liberty bonds and certificates of indebtedness. bank loans, while rates on acceptances, both Assistance to customers to enable them to pur- indorsed and unindorsed, in general have dechase such Government obligations has gen- clined. Though rates charged on collateral erally been extended at lower rates, either at loans have decreased in several of the larger the rate borne by such obligations or at a rate centers, such as Chicago and New York, in the slightly higher. The table also shows quota- latter center a low rate of 3| per cent being shown for demand paper as contrasted with tions in New York for demand paper secured by 4J per cent for the previous period, fewer prime bankers' acceptances, a type of paper changes in rates for this type of paper are which has made its appearance in the New York noted than in the case of rates on commercial market during the past several months. paper, and there is an approximately equal Quotations for new types of paper will be number of instances of increase and decrease. added from time to time as deemed of interest. Rates on paper secured by Liberty bonds and During the period under review, the decertificates, which on the whole are lower than crease in interest rates for the period ending on ordinary commercial loans, or on loans se- December 15 has been continued. In certain cured by other collateral, show little change. cases, conspicuous among which are New York, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Discount and interest rates prevailing in various centers. DURING 30-DAY PERIOD ENDING DEC. 15, 1918. Prime commercial paper. Bankers' acceptances, Collateral loans—stock exchange or Secured by 60 to 90 days. other current. i Secured by Liberty District. City. Customers. Open market. Int lo e a rb n a s. nk C lo a a t n tl s e . w r a e r c e e h ip o t u s s , e c b e o r n ti d fi s c a a t n e d s etc. of indebt- 3 d 0 a t y o s 9 . 0 m 4 o n to t h 6 s. 3 d 0 a t y o s . 90 m 4 o n to t h 6 s. Indorsed. Unindorsed. Demand. 3 months. m 3 o n to t h 6 s. edness. _.j ! II.L. C. II. L. C. 27. L. //. L. a II. L. C. II. L. C. ii. L. a II. L. a II. L. H. L. a II. L. C. //. L. No. 1... Boston GJ 5j 6 6 6 6i 6 54 54 54 4* 4* 4* 4* 4{ 6 6 6 6 6 6 6 6 5 4i 4 No. 2... New York*...i 6 44{{- 5533-6 tit 6 6 54 6 4J 5-51 4% 41 4&-4fV 6 4* 61 41 6 6 51 52~6!6 5 No. 3... Philadelphia 6 5* 6 6 5* 6 5 54 i 4| 4-J 4} i 4f 4\ 6 5 6 6 54 6 6 51 No. 4... Cleveland... 6 5 6 G 5 6 5 6 6 5 6 6 5 Pittsburgh.. 6 5-2 6 5 6 6 5 6 6 6 6 6 6 6 6 6 Cincinnati... 6 5£ 6 6 6 61 6 6 61 6 6 61 6 No. 5... Richmond.. 6 6 6 6 6 6 55 6 51 6 6 6 6 6 6 Baltimore... 6 5-2 6 6 6 5! 6 51 6 6 6 54 No. 6... Atlanta 6 5 6 5£ 6 G 5i 6 1 o 6 6 6 51 6 6 % 6 7 54 7 51 6 Birmingham 8 6 6 5 6 8 6 6 8 G 6 6 G 6 ! 6 6 6 6 8 6 6 8 6 8 Q G Jacksonville. 8 6 7 6 6 7 6 G 7 G (U- 7 6 61 1 7 6 61 7 6 7 7 6 7 7 6 8 6 7-8 New Orleans 61 5J 6 6 7 6 G 6 6 6 6 .1 6 6 6 i 6 6 6 6 5£ 6 No. 7.... Chicago 0 6 6 6 6 6 6 6 6 6 6 61 6 6 I 64 6 6 Detroit 6 5 6 6 6 6 51 6 ! 6 5 6 6 5 No. 8.... St. Louis.... 5 6 0 64 6 G 5* 6 6 5 6 6 5 i 6 5 6 6 5J Louisvillee... 6 6 5$ 6 6 G G 6 5JG 5 4J 4,} 6 5 6 5 6 6 6 Memphis 5 6 6 6 6 6 6 6 5 6 5 6 6 5 No. 9... Minneapolis. 5:1 6 6 6 6 515J 6 516 4£ 4* 4J 5 41 4f 6 6 7 6 6 7 6 6 51 No. 10.. Kansas City. 5 6 5-| 6 7 5 7 51 6 7 511 8 6 7 6 41 i Omaha 6 6 5' G G 6 6 6 6 61 6 8 6 6 8 66 84 6 6-7i Denver 6 6 5J 6 6 6 6 8 51 8 54 6 8 51 8 6 6 1 No. 11.. Dallas.. G 6 7 6 6 j 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 10 6 8 El Paso 6 8 " 6 " ! " G 6 8 6 8 6 8 10 8 8 No. 12.. San Francisco 5-1 6 6 6 6 6 6 41 4-1-6 5J 4| 44 6 5 6 6 6 P Se o a rt tt l l a e nd 5 6 4 6 6 5 6 4 6 6 6 5 5 6 6 *\ 9 4 4 | | 4 4 i i 4 4 J J 4-| 4 4| 6 8 5 6 8 8 6 G G 6 8 6 Spokane 6 64 8 6 7 5 5 5 Salt Lake.... 7 8 ' ~ 7 8 6 51 6 6 51 6 8 7 8 8 7 8 8 7 a Rates for demand paper secured by prime bankers' acceptances, high 6, low 44. 6 Secured by fourth Liberty loan bonds. C< Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Discount and interest rates prevailing in various centers—Continued. DURING 30-DAY PERIOD ENDING JAN. 15. Prime commercial paper. Bankers' acceptances, Collateral loans—stock exchange or Secured by 60 to 90 days. other current. Secured by Liberty warehouse bonds and receipts, certificates etc. of indebtedness. H. . a i H- i*. a Boston ! G£ New York «..I 6 5 J ft 42 5-5* 4ft 4 4ft-4-J 5^ 5* 41- 4J 5 5~ 4J 4ft 4 8 6 6 6 7 6 6 Detroit St. Louis.... Louisville... Memphis Minneapolis. 5 5J j 6 Kansas City. 6 5-i 6 7 Omaha 6J 5 C ,' 6* 6 6-7 Denver 6 5-1 5* ! 6" 6 6 Dallas 10 6 8 El Paso 10 8 8 San Francisco Seattle Spokane Salt Lake City Rates for demand paper secured by prime banks' acceptances, high 6, low 4i, customary 4J-5. b Secured by fourth Liberty loan bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL, RESERVE BULLETIN". 157 PHYSICAL VOLUME OF TRADE. data and the construction of the accompanying index numbers. Data concerning lumber In continuation of tables in the January movements at Chicago, tax-paid manufactured FEDERAL RESERVE BULLETIN there are pre- tobacco products, and output of locomotives sented in the following tables certain data and cars liave been added in the present issue relative to the physical volume of trade. The ; and additional material will be presented from January issue contains a description of the time to time as reliable figures are obtained. methods employed in the compilation of the Live-stock movements. [Bureau of Markets.] Receipts. Shipments. c c m a a c l a v c r i e k e s e , a t 6 s n . 3 d m Ho ar g k s e , t 6 s 3 . S m h a e r e k p e , t 6 s. 3 H m m o u r a s l r e e k s s e , t a 4 s n . 7 d Total, all C c m a a l t a v t r l e k e s e , a t 5 s n . 6 d m Ho ar g k s e , t 5 s 6 . | I S m h a e r e k p e , t 5 s. 6 H m m o u r a s l r e e k s s e , t a 4 s n . 7 d Total, all i Head. Head. Head. Head. Head. Head. Head. \ Head. - Head. Head. ."January 1,694,490 4,341,474 1,287,695 157,504 7,481,163 555,520 1,260,724 ! 524,457 151,468 2,492,169 P'ebruaYy 1,445,538 4,341,793 985,820 145,477 6,918,448 493,005 1,293,634 j 424,779 138,880 2,350,298 March 1,695.694 4,418,074 1,232,688 128,401 7,474,857 665,749 1,728,329 ! 560,493 122,404 3,076,975 April.. 2,037,530 3,704,302 1,135,401 42,370 6,919,603 757,865 1,277,555 I 530,696 48,758 2,614,874 May 1,859,839 3,375,945 1,142,953 35,027 6,413,764 783,825 1,080,053 j 507,603 34,015 2,711,496 June 1,808,842 3,001,956 1,370,361 44,894 6,226,053 755,590 1,022,683 667,949 42,825 2,489,047 July 2.114,635 3,116,505 1,587,923 51,727 6,870,790 668,686 952,439 736,387 45,887 2,403,399 August 2; 013,650 2,478,810 2,130,191 81,807 6,704,458 853,296 851,705 ! 1,199,014 78,293 2,982,308 September 2,808,149 2,389,261 3,305,066 125,817 8,628,293 1,226,291 789,537 I 2,060,800 115,618 4,192,246 October 2,840.885 3,425,625 3,234,277 151,079 9,651,866 1,307,655 900,014 : 2,069,121 144,225 4,421,015 November 2,630',632 4,613,022 2.535,323 142,034 9,921,011 1,236,868 I 1,224,517 I 1,446,634 134,961 4,042,980 December 2,135,076 5,578,4-17 lj641,492 76.027 0,431,642 788,100 I 1,438,32-4 I 717,207 74,835 3,018,466 Year 25,085,380 44,785,214 21,589,190 3,182,164 i 02,(541,948 j 10,092,450 j 13,819,514 j 11,445,340 1,132,169 .36,489,273 Receipts and shipments at 15 western markets. [Chicago, Kansas City, Oklahoma City, Omaha, St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Cleveland, Denver, Fort Worth, Indianapolis, Louisville, Wichita.] [Monthly average, 1911-1913=100.] RECEIPTS. Cattle and calves. Hogs. Sheep. Horses and mules. Total, all kinds. Head. I Relative. Head. Relative. Head. Relative. Head. Relative. | Head. I Relative. January 1,317,368 131 3.333,591 ! 152 946,495 87,444 1G0 ! 5,684,89S •• 123 February 1,133,116 120 3', 452,072 I 168 733,895 58 78, 70S 183 : 5,397,791 ! 125 March 1,300,097 129 3', 482,064 j 158 886,157 (55 77, S83 169 ! 5,746,201 ! 124 April 1,533,147 152 2,942,449 ! 134 733,709 64 26,406 57 i 5,235,711 j 113 May 1,276,792 127 2,654,012 121 742,353 54 22,090 ! 48 ! 4,(595,252 \ 102 June 1,292,505 128 2,369,501 108 889,040 65 28,400 ! 62 ! 4,579,446 i 99 July 1,697,193 168 2,530,414 115 1,141,488 84 36,782 ! 80 ; 5,405,877 \ 117 August 1,588,553 158 1,970,0.86 90 1,424,677 104 54,271 i 118 ' 5.037,587 I 109 September 2, 249,017 223 1, 775,842 :: 81 2.408,609 176 82,656 i 180 : 6.516,124 ! 141 October 2, 267,534 225 i 2,570,525 ; 117 2' 357,524 173 83,574 " 182 ! 7,279,157 i 158 November 2,053,359 201 I 3,431,782 ! 156 1,677.537 123 64,482 | 140 7,227,160 ! 3.56 Becombor 1,706,9-15 160 I 4,197,313 i 191 1,114;701 82 38,153 i 79 i 7,055,172 i 156 Year 1918 19,415,626 ISO I 34,700,051 I 132 : 15,086,250 92 j 678,819 I 123 : 69,890,376 126 J917 38,10i; 397 I 150 29,380,296 ! 111 • 13,597,240 83 i 931,735 j 169 j G2,010;609 j 112 i SHIPMENTS. January i 401,864 99 755,282 | 156 I 316,304 ! 63 So, 528 208 ! 1.558,978 i 109 February \ 360,971 95 849,668 i 188 i 260,455 ! 77,038 201 i 1,548,3.32 ! 116 March ! 504,229 124 1,233,754 j 255 342,208 i 75,602 184 ; 2,155, 793 i 150 April I 551,184 136 898,486 ! 185 250, 757 ! 50 34,883 85 ! 1,735,310 i 121 May ! 502,101 123 708,979 | 146 256,747 J 51 21,849 53 i 1,489,676 ! 104 June 601,169 123 687,218 j 142 357,289 71 26,615 65 j 1,572,291 i 110 July 495,211 122 662, 728 i 137 483,151 96 31,379 76 i 1,672,469 116 August 652,440 160 599,577 ! 124 751,886 149 51,923 127 ! 2,055,827 143 September 932,131 229 488,298 I 101 1,426,120 265 74,473 182 ! 2,921,022 197 October 994,943 245 486,460 i 100 1,479,774 i 294 84,393 20ft 13,045,570 23.2 November 921,831 227 659,432 136 903,283 ! 179 63,589 155 ! 2,548,135 i 177 December 588,425 145 787.461 163 445,987 89 37,072 1,858,945 i 129 Year 1918 7,405,490 152 8,817,343 ! 152 7,273,061 120 664,344 135 I 24,162,147 | 140 1017 6,816,455 140 8,062,610 I 139 6,751,9?4 112 839,752 171 I 22,470; «01 j 130 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 FEDERAL RESERVE BULLETIN, FEBRUARY 1, 1919. Grain and flour. [U. S. Food Administration.] GRAIN MOVEMENTS. [Bushels, in thousands; i. e., 000 omitted. Wheat. Corn. Oats. Stocks at ! Stocks at ! Stocks at Receipts. Shipments. close of i Receipts, Shipments. close of Receipts. Shipments, close of month. I month. month. June 12,415 !. 37,794 39,097 July 196,060 94,823 81,422 59,466 54,792 31,919 90,006 87,893 37,923 August 287,652 160,162 163,027 48,131 42,999 25,559 177,324 124,597 86,030 September. 286,200 150,636 246,690 62,137 46,453 28,522 126,138 102,510 104,739 October 241,260 150,077 286,169 59,437 47,501 25,727 110,620 107,693 103,943 November. 155,665 138,438 254,474 47,024 41,886 21,646 86,871 95,008 88,300 December.. 178,916 127,612 253,767 59,237 50,312 23,427 80,199 81,220 83,363 Barley. Rye. Total grains. Stocks at Stocks at Stocks at Receipts. Shipments. close of Receipts. Shipments.! close of Receipts. Shipments. close of month. month. month. June 10,606 2,181 102,093 July 14,285 7,077 16,984 3,474 2,024 2,912 363,291 246,609 171,160 August 21,340 9,923 27,174 8,422 4,449 6,128 542,869 342,130 307,918 September. 27,002 15,295 37,782 16,092 7,409 12,854 517,569 430,587 October 23,889 19,843 40,670 20,667 15,047 17,309 455,873 340,161 473,818 November. 21,153 39,991 17,521 13,552 19,199 329,778 310,037 423,610 December.. 23,255 22,287 40,320 15,721 8,721 25,779 357,328 290,152 426,656 WHEAT FLOUR PRODUCTION. [Barrels, in thousands; i. e., 000 omitted.] California shipments of citrus and deciduous fruits. Oranges. Lemons. Total citrus fruits. Total deciduous fruits. Carloads. Relative. Carloads. Relative. Carloads. Relative. Carloads. 1,409 58 237 59 1,646 58 5 1,035 45 372 99 1,407 53 2 March 2,125 87 544 134 2,669 94 2 April 2,640 108 585 144 3,225 113 12 May 1,957 80 824 203 2,781 98 118 1,465 60 951 235 2 414 85 1 116 914 37 561 139 1,475 52 3; 758 767 31 732 181 1,499 53 9 126 549 22 275 68 824 29 5 879 October 485 20 639 158 1,124 39 7^143 1.125 46 676 167 1,801 63 1 044- December 3i 565 146 722 178 4,287 150 267 Year . . 18,034 61 7,118 147 25,152 74 28,472 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 159 Sugar. [Data of International Sugar Committee for ports of Boston, New York, Philadelphia, Savannah, New Orleans, Galveston, San Francisco.} [Tons of 2,240 pounds.] Raw stocks Raw stocks Receipts. Meltings. at close Receipts. Meltings. at close of month. of month. April 365,763 324,200 92,128 October... 242,912 207,566 77,233 May 431,757 385,492 155,963 November. 138,141 172,528 50,989 June 357,363 347,078 167,259 December., 92,785 123,091 13,774 July 320,908 135,061 August 218,690 263,383 100,392 Year. 3,093,285 3,082,438 September 176,867 210,745 56,978 [Data for ports of New York, Boston, Philadelphia.] [Weekly Statistical Sugar Trade Journal.] [Tons of 2,240 pounds. Monthly average 1911-1913= 100.] Receipts. Meltings. c R lo a s w e o s f t o m ck o s n a th t . Receipts. Meltings. c R lo a s w e o s f to m ck o s n a th t . Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. t R iv el e a . - Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. t R iv e e la . - January., 123,080 67 90,000 49 39,494 September 145,555 139,000 46,869 27 February, 179,768 105 188,000 110 31,262 October 151,703 156,000 42,522 25 March... 210,213 114 216,000 118 25,475 November 139,343 139,000 43,112 25 April.... 242,958 132 225,000 123 41,228 December 58,751 92,000 9,852 G May 316,464 172 271,000 148 86.400 June 255,764 139 '252,000 137 90;097 Year 1918..,2,169,076 2,164,000 July 186,225 101 221,000 120 55,322 1917...2,346,104 106 2,397,000 109 August... 159,252 87 175,000 95 39,375 Lumber. [From reports of manufacturers' associations.] [M feet.] Southern pine. Western pine. Douglas fir. Eastern white pine. North Carolina pine. m N o il o f l . s. Pr t o io d n u . c- m S e h n ip ts - . m N i o l o f l . s. Pr t o io d n u . c -! j ! m S e h n ip ts - . m N o il o f l . s. Pr t o io d n u . c- m S e h n ip ts - . m N o i o l f l . s. Pr t o io d n u . c- m S e h n ip ts - . m N i o l o f ls . . Pr t o io d n u . c- Ship- January 188 381,705 393,997 24,46 64,999 127 336,200 304,600 26 34,762 38,666 14,341 11,913 February.. 187 383,954 384,923 45 73,147 66,584 134 302,400 268,500 26 24,365 27,366 19,299 14,665 March.. T... 189 407,682 427,943 38,44 105,133 94,104 103 259,600 217,500 26 24,691 37,992 35,824 27,684 April 187 385,033 445,207 41,45 129,123 126,592 132 304,800 319,600 24 56,636 52,822 28,31.9 26,817 May 194 425,962 495,689 43,47 145.773 128.596 132 380,100 405,900 24 75,903 63,506 25,222 28,458 June 187 376,204 408,044 42,45 145;719 127;546 119 292,200 331,600 26 96,467 75,197 24,416 27,851 July 201 412,002 453,786 42,45 147,533 i 112,915 123 269,100 266,300 26 86,658 59,412 31,517 34,815 August 202 391,648 437,776 44,47 151,156 I 109,402 130 292,200 275,000 26 95,942 51,327 24,118 34,377 September. 190 346,069 350,628 45,45 130,029 80,859 106 316,000 248,000 26 72,937 38.711 31,908 34,963 October 202 321,214 353,266 42,47 121,850 I 79,701 115 356,487 324,080 27,21 32,787 26', 152 27,912 36,478 November. 194 312,126 353.810 38,46 90,078 j 74,103 32,596 36,012 December.. 204 310,068 322,831 27,46 63,315 I 63,823 20,728 21,570 RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO. [Chicago Board of Trade.] [Monthly average 1911-1913=100.] Receipts. Shipments. i! Receipts. Shipments. M feet. R t e i l ve a . - M feet. R tiv el e a . - M feet. R ti e v l e a . - M feet. R ti e v l e a . - ! January.. 122.976 58 58,362 76 September , 171,515 81 68,133 February 133'. 436 67 60,255 84 October , 130,503 70,590 92 March 26L784 123 137.431 179 November , 142,230 j 72,723 95 April 267,030 126 126,195 165 December 163.908 60,831 79 May 252,265 119 121,667 159 | June 230,854 109 111!160 145 Year 1918 2,329,071 92 1,064,199 116 July 243.598 115 98;145 128 1 1917, 3,354,117 132 1,518,866 165 August... 208,963 78,707 103 | Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 FEDERAL RESERVE BULLETIN'. FEBRUARY 1, 1919. Coal and cohe. [Bituminous coal and coke, TJ. S. Geological Survey; anthracite coal, Anthracite Bureau of Information.] [Monthly average 1911.-1913=100.] Coke, estimated monthly production. Bituminous coal, esti- Anthracite coal, shipmated monthly pro- ments over 9 roads. duction. Beehive. By-product. Total. Short tons. Relative. Short tons. Relative. Short tons. Relative. Short tons. Relative. Short tons. Relative. January 42,607,206 115 5,638,383 100 2,242,362 86 1,649,819 187 3,892,181 114 February 44,384,937 128 5,812,082 111 2,234,281 92 1,562,056 190 3,796,337 116 March 48,631,115 131 7,276,777 129 2,630,433 101 2,051,206 233 4,681,639 134 April 46,590,570 126 6,368,373 113 j 2,580,931 99 2,021,437 230 4,602,368 132 May.. '... 50,927,195 137 6,887,256 122 2,757,719 105 2,139,204 243 4,896,923 140 June 51,757,214 140 6,867,669 122 2,712,726 104 2,092,155 238 4,804,881 137 July 55,587,312 150 7,084,775 126 2,813,910 108 2,300,673 261 5,114,583 146 August 55,732,092 150 7,180,923 128 2,657,072 102 2,387,675 271 5,044,747 114 September 51,757,334 140 6,234,395 111 2,570,238 98 2,410,798 274 4,981,036 143 October 52,885,813 143 6,286,366 112 2,611,885 100. 2,563,183 291 5,175,068 148 November 44,386,987 120 5,276,659 94 2,339,197 89 2,523,746 287 4,862,943 139 December 40,634,525 110 5,736,260 102 2,255,296 86 2,562,048 291 4,817,344 Year 1918 585,882,300 132 76,649,918 113 30,406,000 97 26,264,000 249 56,670,000 135 1917. 551,790,300 124 77,133,305 114 33,167,548 106 22,439,280 213 55,606,828 133 Movement of crude petroleum east of Rocky Mountains. [U. S. Geological Survey.] [Barrels of 42 gallons each.] Stocks at Stocks at Marketed. end of Marketed. end of month. month. Barrels. Relative. Barrels. Barrels. Relative. Barrels. January.. 18,800,500 160 118,836,090 September 20,384,523 173 104,746,889 February, 18,060,300 164 116,778,880 October 21,495,283 183 102,669,518 March.... 21,230,400 180 115,173,070 November 20,783,899 177 99,419,237 April 20,499,360 174 114,402,425 December 19,637,286 167 May 21,143,810 180 114,364,400 J J A u u u n ly g e ust... 2 2 2 1 0 1 , , , 0 4 6 9 9 1 6 7 7 , , , 9 2 4 9 6 6 1 0 4 1 1 1 7 8 7 4 4 9 1 1 1 1 0 1 0 8 4 , , , 9 7 3 5 6 2 0 8 2 , , , 5 6 6 0 3 0 1 5 5 Year 1 19 9 1 1 7 8 . . 2 2 4 4 5 1 , , 2 4 4 2 7 7 , , 0 7 7 5 6 2 1 1 7 7 4 1 Total output of oil refineries in United States; [Bureau of Mines.] Crude oil run Gasoline Kerosene Gas and fuel Lubricating (barrels). (gallons). (gallons). (gallons). (gallons). January 23,842,587 242,61.2,044 119,358,184 547,866,248 56,623,425 February 23,386,676 234,324,619 121,218,320 510,165,397 58,300,914 March 26,239,662 269,627,968 151,228,007 587,985,804 09,308,351 April 26,201,544 293,396,162 153,703,082 578,255,341 71,022,204 May 28,510,698 319,391,202 160,590,760 631,586,209 79,589,735 June 28,140,479 315,023,445 151,840,252 628,842,033 74,420,996 July 29,170,718 332,022,095 156,828,826 058,439,682 79,303,107 August 28,534,275 330,335,048 149,678,850 671.113,871 72,892,879 September 28,390,431 314,595,959 164,903,798 653; 085,050 70,593,079 October 29,237,767 314,251,318 164,928,640 661.780,441 72,244,633 November 27,411,636 312,968,640 169;278,105 604;403,494 72,178,602 Stocks at the close of month. Jan. 31 12,324,191 469,277,166 430,254,045 547,450,775 141,907,918 Feb. 28 11,633,411 518.791,609 411.150,157 502,046,087 150,259,653 Mar. 31 13,122,241 526', 382,386 356', 580.540 483,447,727 146,572,398 Apr. 30 12,600,062 509,197,134 393,527; 476 471,644,479 144,383,212 May 31 11,824,633 400,637,479 343,311,945 515,020,224 10i;009,729 June 30 11,956,151 418,440,353 426,285,676 550,704,759 158,316,257 July 31 14,026,525 349,928,004 432,807,129 519,012,839 136,460,207 Aug. 31 13,946,595 285,446,538 424,281,481 569,016,413 137,496,986 Sept. 30 14,462,100 269,772,723 436,628,907 583,407,769 147,425,556 Oct. 31 15,438,576 250,328,369 419,409,944 596,116,351 135,196,542 Nov. 30 15,222,401 270,072,011 397,804,012 583,777,918 132,923,478 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY lf 1919. FEDERAL RESERVE BULLETIN, 161 Iron and steel. [Greatf Lakes iron ore movements, Marine Review; pig iron production, Iron Age; steel ingot production, American Iron and Steel Institute.] [Monthly average, 1911-1913=100; iron ore, monthly average, May-Nov., 1911-1913=100.] Iron ore shipments Unfilled orders U. S. from the upper Pig iron production. Steel ingot production. Steel Corporation at Lakes. close of month. Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. January 411,768 104 2,203,845 92 9,477,853 180 February... 319,399 107 2,273,741 102 9,288,453 176 March 213,091 139 3,110,381 130 9,056,404 172 April 235,870 288,211 142 3,163,410 132 S. 741,882 166 May 8,792,231 145 446,412 149 3,287,233 137 158 June... 9,921,860 164 323.791 143 3,083,448 129 8,918,866 169 July 10,659,203 176 420)988 148 3,113,635 130 8,883,801 I 169 August 9,725,331 161 389,585 146 3,083,680 129 8,759,042 ! 166 September.. 8,995,014 148 418,270 148 3,197,658 134 8,297,905 ! 157 October 8,541,593 141 486,941 151 3,352,196 140 8,353,293 ! 158 November.. 4,333,828 72 354,074 145 I 3,060,164 128 8,124,663 I 154 December.. 6,836 433,617 148 2,992,291 125 7,379,152 j 140 Year 1918. 38,506,249 139 35,922,291 125 1917. 38,185,981 137 37,187,325 129 NOTE.—Estimated total steel ingot production: 1918, 42,212,000 tons; 1917, 42,200,000 tons. Nonferrous metals. [Tin, Department of Commerce; spelter, United States Geological Survey.] [Monthly average 1911-1913=100.] Imports of pig tin. Spelter. Imports of pig tin. Spelter. Production. Production. I Pounds. R ti e v l e a . - S to h n o s r . t Relative. S m c to lo o c s n k e s t h o . f at Pounds. R ti e v l e a . - S to h n o s r . t Relative, i | ! S m c t l o o o c s n k e t s h o . f at i January 12,572,727 138 46,223 171 j 58,354 September 10,630,666 117 i 43,492 161 ! 41,318 February 7,581,403 89 45,084 179 ' 62,114 October 9,885,984 109 45,631 169 ! 30,608 March 13,529,209 149 47,772 177 i 60,895 November 10,734,179 118 43,555 161 1 31,874 April 13,035,803 143 47,450 174 ! 56,738 December 5,887,063 68 46,903 174 j 34,765 May 10,796,218 119 46,069 171 ; si ni7 June 15,130,205 166 40,488 150 43,368 Year 1918-. 141,671,561 130 544,944 168 j July 15,567,667 171 46,467 172 42,480 1917 .. 143,687,037 132 669,573 207 ! August 16,317,437 180 45,811 170 43,477 i Textiles. [Silk, Department of Commerce; cotton, Bureau of the Census; wool, Bureau of Markets; idle machinery, Jan.-Sept., inclusive, National Association of Wool Manufacturers.] [Cotton, monthly average crop years 1912-1914=100; silk, monthly average 1911-1913=100.] Percentage of idle woolen machinery on first of month Cotton consump- to total reported. Imports of raw tion. Cotton silk. s a p c in ti d v l e es W su o m o p l t c i o o n n - Looms. Spinning spindles. during (pounds). Bales. R t e i l v a e - . month. in th W c a h n i d r 5 e e 0 r e - d 5 U 0 n -i d nc e h r S c e a t r s d o s f . Combs. Woolen. Worsted. Pounds. t R iv el e a . space. space. I January 524,083 117 33,552,732 53,827,887 9.6 12.1 I 6.1 8.1 6.2 14.7 2,470,187 121 February... 510,187 122 33,615,110 52,890,535 8.1 8.4 ! 5.1 7.9 4.9 11.6 1,606,620 84 March...... 571,202 127 33,789,656 58,878,147 8.2 8.0 ! 4.6 8.3 5.5 12.7 2,199,167 107 April 544,559 121 33,746,983 57,651,248 7.1 8.5 i 4.2 8.8 5.0 12.5 2,947,222 144 May 577,288 128 33,720,555 60,124,546 7.9 8.3 i 5.3 8.6 5.4 12.7 2,740,971 134 June 527,464 117 33,720,413 52,338)824 8.6 11.9 ! 5.5 15.0 7.0 14.0 2,937,744 144 July 541,792 120 33,674,896 50,951,651 10.4 10.2 I 5.9 10.5 6.5 13.2 1,997,314 98 August 534,914 119 33,646,811 61,516,457 12.2 14.3 ! 6.0 10.2 6.6 15.3 3,813,595 186 September.. 490,779 109 33,524,275 47)648,413 13.8 15.1 ! 7.8 13.2 8.3 20.2 3,973,754 194 October 440,833 98 32,760,623 48,692,509 18.3 24.3 ! 9.3 12.5 8.8 18.8 2,814,270 138 November.. 457,376 102 33,121,507 38,282,723 21.1 26.8 i 11.1 23.8 11.9 30.1 2,336,345 114 December.. 472,941 105 33,652,612 32,355,081 22.5 24.9 13.8 17.8 16.1 27.4 2,680,863 131 Year.. 605,158,021 32,632,811 133 1919. January. 40.3 32.6 | 32.2 30.7 36.5 37.5 NOTE.—Figures of idle wool machinery since Dec. 1 are not entirely comparable with previous figures, due to fact that later figures are for number of machines ramnin&onsingle shift, while earlier figures count as two a machine running double time. The effect is, however, small. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919, Production of wood pulp and paper. [Federal Trade Commission.] [Net tons.] Wood News Paper Wrap- Wood News Paper Wrappulp. print. Book. board. ping. Fine. pulp. print. Book. board. ping. Fine. July 103,348 69,458 ! 177,931 70,526 34,609 October... 237,624 88,155 60,743 143,373 56,903 28,533 August 262,377 113,826 76,439 192,810 71,249 36,910 November 270.849 97,693 67,262 152,321 61,681 33,429 September 246,741 I 99,528 66,581 168,384 61,390 37,833 December. 273,973 104,878 62,520 129,590 49,890 29,586 Tax-paid manufactured tobacco products in the United States (excluding Porto Rico and Philippine Islands). [Commissioner of Internal Revenue.] Cigars. Cigarettes. Chewing Chewing and smok- and smoking tobacco. ing tobacco. Large. Small. Small. Number. Number. 1 Number. Pounds. Number. I Number. Number. Pounds. January i 532,833,941 69,439,836 ! 2,447,265,488 30,109,316 September 585,400,449 | 60,556,000 3,403,205,736 37,893,818 February 555,137,877 66,306,371 ! 2,716,702,135 35,520,128 October 594,764,527 63,111,160 3,027,300,975 39,440,893 M A M p a a r r y i c l . h .. . .... : j 6 "56 61 "9 1 1 6 "3 8 6 , , , , 3 3 " , 7 87 7"3 32 2"2 3; ; , .3 37 5 ~ 1 16 5 " 4 42 3 ~ 8 8 7 4 2 9 , , , 2 2 7 5 9 9 3 4 4 , , , 3 7 2 9 1 7 4 9 9 ! I i 3 3 3 , , , 3 2 3 9 5 6 3 3 1 , , , 6 4 4 7 0 2 5 2 6 , , , 4 3 4 9 0 2 0 6 6 3 3 3 5 7 1 , , , 2 0 7 2 7 2 9 2 9 , , , 1 8 1 0 1 9 6 2 7 N De o c v e e m m b b e e r r 5 5C 2 O3T 7 7 , , 5 7TC 8 9I 6 4 A , , 0 9f 9 0ifk 8 4/t f 5 6tO 9 3 , , 1 11 3 7T7 9 7 , , 2 2 O0 5 A0 0 ft 2 2 , , 7 9 8 8 8 6 , , 3 7 7 7 9 5 , , 2 6 1 4 0 3 2 3 5 2 , , 2 6 7 1 6 8 , , 6 0 9 0 5 $ June... 569,267,335 76', 568; 347 , ,, 33,018,29* Year 1918.. 6,990,824,532 1844,759,215 37,890,617,317 415,280,702 July... 634,609,533 i 79,237,849 3,273,158,852 36,607,578 1917.. |7,857,572,775 1995,550,158 34,745,132,195 441,917,278 August 624,491,239 60,880,910 3,796,878,822 40,764,853 3,442,446,234 Output of locomotives and cars. [Locomotives, United States Railroad Administration; cars, Railway Car Manufacturers' Association.] Locomotives. Output of cars. Locomotives. Output of cars. D sh o i m pp e e st d ic . ! p^_ i tic. Foreign. i Total. D sh o i m pp e e st d i . c F p o c le o re t m e ig d - n . Do ti m c. es- Foreign. Total. Number. Number. • Number. Number. Number. Number. Number. Number. Number. Number. January... ' 4,281 2,183 6,464 August 214 77 2,437 4,847 7,284 February. 5,944 3,010 8,954 September. 267 213 2, (506 3,564 6,230 March 5,766 5,050 10,816 October 295 313 4,555 2,681 7,236 April 3,000 2,982 5,982 November.. 224 252 6,743 2,330 9.093 May 5,048 3,841 8,889 December.. 281 177 7,876 3,402 li;278 June 3,644 4,660 8,304 July 3,312 4,410 7,722 Year. 55,272 42,980 98,252 Vessels built in United States, including those for our French allies, and officially numbered by the Bureau of Navigation* [Monthly average 1911-1913=100.] Gross Gross Zsi umber. tonnage. ! Relative. Number. tonnage. Relative. January.. 57 64,795 September. 170 308,470 1,276 February 84 117,601 521 October 202 357,532 1,479 March..'. 138 147,145 609 November. 171 357,660 1,480 April 165 163,050 675 December.. 153 283,359 1,173 May 185 194,404 805 June 188 201,425 834 Year 1918 . 1,8 2,721,281 July 193 229,931 951 1917., 1,6 1,034,296 357 August... 177 295,849 1,224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL EESERVE BULLETIN. 163 Tonnage of vessels cleared in the foreign trade. [Department of Commerce.] [Monthly average 1911-1913=100.] Net tonnage. Per- Net tonnage. Percentage centage of Rela- of Rela- American. Foreign. Total. Rela- A ea m n e t r o i- tive. American. Foreign. Total. Rela- A ca m n e t r o i- tive. tive. total. tive. total. January 891,351 1,739,923 2,631,274 68 33.9 131 September 2,009,194 2,290,872 4,300,066 Ill 46.7 185 February 757,141 1,511,815 2,268,986 63 33.4 132 October 1,875,947 2,163,383 4,039,330 104 46.4 184 March 1,053,942 1,963,471 3,017,413 78 34.9 138 November 1,770,935 1,991,725 3,762,660 97 47.0 186 April 1,251,114 1,730,823 2,981,937 77 42.0 166 December 1,133,693 2,053,517 3,187,209 82 36.0 141 May 1,811,603 2,526,793 4,338,396 112 41.8 165 June 1,881,771 2,511,425 4,393,196 113 42.8 169 Year 191S.18,862,577 28,233,414 45,095,991 97 42.0 165 July 2,093,310 2,941,171 5,034,481 129 41.6 164 1917.19,991,856 29,605,586 49,597,442 106 40.0 159 August 2,332,577 2,808,466 5,141,013 132 iii. 4 179 Net ton-miles, revenue and non-revenue. [United States Railroad Administration.] January.. 27,303,040,000 September 38,592,137,000 February. 29,217,552,000 October 39,548,562,000 March,... 33,912,399,000 November 35,533,026,000 Apni 37,128,637,000 December 33,659,507,000 May 36,720,788,000 June 36,989,426,000 Year 19181 434,997,928,000 July 38,761,291,000 1919. 427,341,924,009 August.. 38,469,847,000 j i Total for the year slightlv in excess of the sum of monthly totals, the annual total including figures for certain carriers not included in the monthly totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. DISCOUNT OPERATIONS OF THE FEDERAL RESERVE BANKS DURING DECEMBER AND THE CALENDAR YEAR 1918. For the month of December discount opera- acceptances bought in open market during the tions of the Federal Reserve Banks reached year totaled $60,725,326 as against $30,947,981 the record total of $6,215,083,531, compared bought during 1917. with $5,154,592,221 the month before and Of the total paper discounted during Decem- $937,433,413 for December, 1917. Of the total ber 96.5 per cent was 15-day paper, i. e., bills discounted during the month under review maturing within 15 days from date of discount the share of war paper, i. e., member banks7 with the Federal Reserve Bank. For the New notes and customers7 paper secured by United York bank, because of the relatively larger States war obligations was 92.7 per cent, com- volume of collateral notes handled, this ratio pared with about 90 per cent the month before runs as high as 98.2 per cent. Discounts of and less than 30 per cent for December, 1917. 6-nionths7 paper totaled $10,539,594, nearly Over 65 per cent of the total war paper and a 60 per cent of this amount being the combined slightly smaller percentage of the month's share of the Kansas City and Dallas banks. total discounts are reported by the New York With the exception of the Minneapolis, bank. Large increases in the amounts of war Dallas, and San Francisco banks, all the banks paper handled, as compared with November, show shorter average maturities of paper disare shown for the eastern banks and San counted during the month, the calculated Francisco. average maturity for the system working out Total discounts for the year were $39,763,- at 8.54 days for December as against 12.37 226,393, compared with $9,014,186,454 for days for November. Because of the relatively 1917. While the total for 1918, much more larger volume of fourth Liberty loan paper at than the 1917 total, is composed of members7 the preferential 4 per cent rate the average rate collateral notes of the shortest maturities and of discount for the system shows a decrease the largest average liquidations, still a com- from 4.20 in November to 4.18 in December. parisonof the figures conveys some idea of the For the complete }^ear the average maturity additional volume of business handled by the of all the paper discounted by all the banks Federal lieserve Banks during the past year. works out at 11.83 days and the average rate of About 85 per cent of the larger total was com- discount at 4.23 per cent. posed of war paper, the New York bank alone On the last Friday of the month the Federal accounting for 61.7 per cent of the total dis- Reserve Banks held a total of $1,702,938,000, counted and for about two-thirds of the war as against $1,815,195,000 on the last Friday paper discounted during the past year. in November, and $680,706,000 on the corre- Discounts of members7 collateral notes sponding date in 1917. Of the total discounts secured by eligible paper totaled 151,586,141, held about the close of the present year the compared with $65,073,069 for November, Bos- share of war paper was 82.2 per cent, compared ton, Chicago and Kansas City reporting the with 77.9 per cent about the end of November bulk of this class of paper. Trade acceptances and 43 per cent about the end of 1917. discounted during the month aggregated At the New York bank this percentage was $11,942,831, compared with $16,312,995 in nearly 94 per cent, slightly lower percentages November. Of the smaller total $900,850 obtaining for the other eastern banks. Diswere based upon transactions in the foreign counted trade acceptances on hand totaled trade reported by the New York bank, the $15,985,000 compared with $23,126,000 about remainder being domestic trade acceptances. the end of November. Holdings of agricul- In addition, four banks report the discount of tural paper aggregated $29,384,000, as against $719,812 of bankers7 acceptances, as against $27,492,000 on the last Friday in November, $900,110 the month before. The above totals while live-stock paper on hand totaled are exclusive of $3,995,162 of foreign trade $27,335,000, of which about 80 per cent repreacceptances and $1,870,994 of domestic trade sents the combined holdings of the Kansas City acceptances bought during the month largely and Dallas banks. by tie New York, Cleveland and San Francisco During the month there was a net increase banks. of 43 in the number of Federal Reserve member Trade acceptances discounted during the banks, the total membership at the end of the year aggregated $193,220,112 compared with year being 8,711, as against 8,668 at the close $37,771,132 discounted in 1917, while trade of November and 7,885 at the end of 1917. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN", 165 The number of member banks discounting during December is given as 3,288, compared Number of member Number rf member banks in district. banks accommowith 3,667 the month before. It is notable Federal Reserve Bank. dated. that while most of the Federal Reserve Banks report considerable decreases since November Dec. 31. Nov. 30. December.November. in the number of accommodated members, the New York and Philadelphia banks show sub- "iBoston 425 423 196 236 724 719 379 369 stantial increases in these numbers, correspond- Philadelphia 663 662 342 315 ing in a general way to the large increases in C R l i e c v h e m la o n n d d 8 5 1 6 6 6 8 56 1 3 1 2 1 3 3 8 6 2 1 5 7 8 2 the volume of their monthly discount opera- Atlanta 426 422 251 250 Chicago 1,333 1,324 482 666 tions. St Louis 515 515 176 179 Minneapolis 867 865 161 197 In the following exhibit are given the num- Kansas'Citv 995 995 317 344 bers of member banks at the end of November Dallas 732 730 388 422 San Francisco 649 639 222 259 and December, also the number of banks Total 8,711 8,668 3,2S8 3,667 accommodated during each month: Total investment operations of each Federal Reserve Bank during the month of December, 1918 and 1917, and the 12 months ending Dec. 31, 1918 and 1917. Bills bought in open market. Municipal warrants. Bills dis- Federal Reserve Bank. counted for members. Bankers' Trade ac- Total. City. State. Allother.i Total. acceptances. Boston §364,217,650 822,704. S279.430 $22,983,966 New York 3,918; 402,840 60,638! il, 882; 151 62,521,143 Philadelphia... 511,014,436 1,314. 20.526 1,335.136 Cleveland 259,296,729 16,586, 21,638; 752 18,225; 626 Richmond 265,883,698 4,296, 4,296,346 Atlanta 160,977,619 6,701, 6,701,928 Chicago 283.963,030 9,917, 9.917,628 St. Louis 133,644,917 5,536, 5,536,163 Minneapolis... 9,908,927 6,191, 17,319 6.20S, 936 Kansas "City... 8i; 354,589 3,468, 3; 468,366 Pallas 77.591,214 1,498, 1,498,000 San Francisco. 148; 827,882 n;oi2, "2*027," 978' 13,040,200 Total, December, 1918 6,215,083,531 149,867,282 5,866,156 155,733,438 Total, December, 1917 937,433,413 174,444,166 3,624; 843 178; 069,009 §124,404 $2,944 368,200 i 3195,548 Total, 12 months ending Dec. 31, 1918. 39,763,226,393 1,757,628,579 ! 60,725,326 1,818,353,905 315,081 520,000 862,229 i 1,697,310 Total, 12 months ending Dec. 31, 1917 9,014,186,454 1,046,764,534 30,947,975 1,077,712,509 15,769,759 263,059 788,748 I 16,821,566 United States securities. 'Total investment operations. Federal Reserve Bank. 2 per cent c 3 e p n e t- r S c i e n p t e . r t per cent. 4 c J e n p t e . r Tr 1 n e - o y a t s c e u a s r . ry i U c n e n d rt i e i t b f e i t d c e a d S t n e t s e a s t o e s f s . Total. Dec 1 e 91 m 8. ber, Dec 1 e 9 m 17 b .3 er. Boston $800 $69,000,000 869,000,800 3458,202,416 $119,078,427 New York 1,527,083,500 1,527,083,500 5,508,007,483 397,456,543 Philadelphia... 310,900 3,840,000 3,850,900 516,200,472 61,871,567 Cleveland 100 61,847,500 61,847,600 339,369,955 72,339,201 Richmond 29,500,000 29,500,000 299,680,044 127,023,937 Atlanta 5,059,000 5,084,050 172,763,597 37,127,114 Chicago 3,000,000 3,000,000 296,880,658 141,979:156 St. Louis 1,000,000 1,000,000 140,181,080 57,693; 031 Minneapolis... 1,505,500 1,505,500 17,623,363 18,8731321 Kansas'City... 2,015,000 2,015,000 86,837,955 47,231'.. 067 Dallas 16,015,000 16,015,000 95,104,214 14,273^817 San Francisco. 28,014,500 I 28,014,500 189,882,582 42,157'. 209 Total, December, I 1918 I- ! j 10,900 25,950 1,747,880,000 |1,747,916,850 J8,118,733,819 Total, December, i I 1917 ! I 1,265,750 |20,130,670 10,000 : 321,406,420 1,137,104,390 Total, 12 months j ending Dec. 31, 1918 1 8455,000 7,947,950 ;44,230,988 21,732,275 520,000 5,770,563,660 5,845,449,873 [47,428,727,481 Total, 12 months ending Dec. 31, 1917 813,997,200 188,540 45,862,610 J21,488,966 7,063,000 388,600,316 ! 10,197,320,845 1 Includes §250,253 in the domestic trade. 3 Exclusive of purchases oi' United States certificates of indebtedness. 2 Includes 81J620J741 in the domestic trade. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 FEDERAL, RESERVE BULLETIN. FEBRUARY 1, 1919. Average amount of earning assets held by each Federal Reserve Bank during December, 1918, earnings from each class of earning assets and annual rates of earnings on basis of December, 1918, returns. Average balances for the month of the several classes of earning assets. Discounted Purchased United States Municipal bills. bills. securities. warrants. Total. Boston 3132,690,636 §15,554,822 §8,824,460 8157,009,918 New York 059,529,575 97,025,257 97,721,548 854,276,380 Philadelphia... 180,015,946 5,838,714 11,963,835 197,818,495 Cleveland 137,765,051 47,588,961 15,602,626 200,956,638 Richmond..... 86,510,920 4,133,795 I 6,292,394 96,937,109 Atlanta 82,532,550 12,266,780 i 5,767,252 $20,766 100,587,348 Chicago 168,630,309 80,989,117 18,734,403 268,353,829 St. Louis 72,864,822 6,451,668 7,302,045 86,618,535 Minneapolis 32,009,700 17,235,300 4,838,700 54,083,700 Kansas City... 65,109,405 10,593,582 12,683,353 88,386,340 Dallas 48,075,583 3,051,222 7,216,431 58,343,236 San Francisco.. 83,421,428 43,599,839 7,860,296 134,881,563 Total 1,749,155,925 • 344,329,057 204,807,343 i 20,768-1 2,208,313,091 Earnings from— Calculated annual rates of earnings from— ! j • co D u bi n i l s t l - e s. d Pur b c i h ll a s s . ed se U S cu n ta r it t i e t e i d s es.w M ar p u r a n a l i n c t i s - . Total. co D b u i i n s l - l t s e . d c b h P i a l u s l r s e . - d se U S cu n ta r i i t t t e e ie d s s . i ! | w M a p r u r a n a l i n c t i s - . Total. Per cent. Per cent. Per cent.!Per cent. Percent. Boston i $463,452 $55,025 $22,1106 $540,583 " 4.11 4.17 2.21 ! 4.05 N ew York l 2,345,085 366,833 191,1125 2,903,043 ! 4.13 4.45 ! 2.30 ! 4.00 Phhillaaddeellpphia i 654,358 22,305 24,0009, 700,605 4.27 4.49 ! 2.36 > 4.17 Cleveland 492,595 173,609 32,3307 698,511 ! 4.21 4.30 : 2.43 , 4.09 Richmond 319,407 I 16,909 11,4483 347,799 , 4.35 4.82 ! 2.15.! 4.22 Atlanta 299,267 | 47,035 11,4421 387 357,810 : 4.27 4.51 2.33 j 4.20 Chicago 635,437 I 293,479 38, qSi6 967,832 4.44 4.27 2.45 4.25 St. Louis 264,738 i 23,222 13,3305 301,265 : 4.28 4.24 2.15 : 4.10 Minneapolis.. 116,760 | 63,115 9 3351 189,226 ". 4.29 4.31 2.28 : 4 12 Kansas City.. 269,663 | 37,379 31,3311 338,353 j 4.88 4.15 2.91 4.51 Dallas 199,088 I 12,129 15,2241 226,458 i 4.88 4.67 2.49 ! 4.57 San Francisco 319,578 - 162,906 17,7753 500,237 | 4.51 4.40 2.66 i 4.37 Total i 6,379,428| 1,273,946 418,321 87 8,071,782! 4. 2.40 ; 4.20 4.14 Bills discounted for member banks during the month of December, 1918, distributed by classes; also average rates and maturities of bills discounted by each Federal Reserve Bank. Member banks' collateral Customers' notes. Feder B a a l n R k e . serve p o a S by b p t l e a r i t g U es a s n t e i i c w t o u e n a d r r s. ed U S n e i c te u d re d S t b a y tes O s t e h c e u r r w ed is . e acc T ep r t a a d n e ces. B c a e n p k ta e n rs c ' e a s c . - d A is l c l o o u th n e ts r . Total. m A in a v t d e u r a r a y i g t s y e . r A a c t v e e e n r ( t a ) p g . e 1 e r war obligations. Boston $19,176,870 8300,478,500 $26,766,050 §445,012 3496,960 810,851,228 $301,217,050 9.30 4.17 New York 67,650,409 3,694,340,744 2 3,050,117 50,986 153,310,584 3,918,402,840 5.29 4.05 Philadelphia 26,564,810 447,382,929 759,484 36,307,213 511,014,430 10.92 4.02 Cleveland 10,708,189 231,384,800 70,000 1,852,499 15,281,241 259,296,729 13.34 4.12 Richmond 4,208,353 250,688,349 408,350 1,295,226 9,283,420 205,883,698 9.22 4.2-9 Atlanta 1,430,283 115,227,550 1,736,400 1,191,868 41,391,518 160,977,619 17.42 4.21 Chicago 3,506,522 207,519,850 10,206,100 621,001 62,108,897 283,963,030 18.00 4.25 St. Louis 2,127,268 118,945,608 40,000 618,931 169,500 11,743,010 133,044,917 16.03 4.16 Minneapolis 10,004 8,599,550 37,000 4,075 1,252,238 9,908,927 22.87 4.57 Kansas Citv 429,075 59,042,864 10,115,716 850,148 10,910,786 81,354,589 23.85 4.74 Dallas.../. 844,049 59,519,204 2,203,525 380,451 14,643,922 77,591,214 27.19 4.58 San Francisco 2,510,510 120,958,691 3,000 873,326 2,366 24,443,989 148,827,882 21.18 4.57 Total 139,208,402 5,620, OSS, 699 51,586,141 11,942,831 719,812 391,537,646 0,215,083,531 8.54 s 4.18 1 Boston and New York calculated on a 305-day basis; all other Federal Reserve Banks on a 360-day basis. 2 Includes $900,850 in the foreign trade. 3 Average discount rate on all paper discounted works out at 4.15 per cent if calculated on a 360-day basis, and at 4.21 per cent if calculated on a uniform 305-day basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 167 Amounts of bills discounted and acceptances and warrants bought by each Federal Reserve Bank during the 3 months ending Dec. 31, 1918, distributed by maturities. 15-day maturities. 30-day maturities. Discounts. Acceptances, i "Warrants. Total. j Discounts, j Acceptances. Warrants. Total. Boston S862,807,476 j 677 S873, 153 $8,940,472 j 815,838,593 j. $24,779,065 Now York 10,302,810,170 ! 219 |10,353, 389 29,835,908 \ 77.765, oi)5 '. 107;601,473 Philadelphia 1,033,143^189 i 959 : ! 1,033, 148 6,525,268 ! 1| 711,064 |. 8,236,332 Cleveland '582,385.309 i 200 : 585, 509 6,311:538 i 6,216,182 |. 12,528,020 Richmond. 724,5-14'425 i 227 ! 725: 652 6',997',945 ! 1,785,907 :. 8,783,852 Atlanta 451,11; 740 ! 45>; 288 6,160.520 i 2,247:461 !. 8,407,981 Chicago 1,102,86-1'660 ! 618 ; 1,110, 278 ]1,555:879 ! 5,851; 949 i. 17.407,828 St. Louis 398,680,618 ! 894 i 4.00, 512 6:810,627 ! 517,500 '. 7', 328,127 Minneapolis 86.658,198 ; 000 ! 87, 198 4,697,505 : 350,937 !. 5,0-18,442 Kansas 'City 253:019.763 I 253, 763 i 5,974,509 ; 631,905 I. 6,606,414 Dallas .* 190/J98',846 : 550,ooo • 191: 846 ! 6,152,129 ; 1,150.000 !. 7,302,129 San Francisco. A. 375,946,425 I .,697,917 : 377: 342 ! 4,541.459 j 5^326^179 \. 9,867; 638 Total 16,364,977,627 77,758,451 ' ! 16,442,736,078 104,503,759 i 119,393,512 223,897,301 Percent '.....i i 91.9 1.3 60-day maturities. 90-day maturities. Discounts. | Acceptances. I Warrants. Total. Discounts. Acceptances. Warrants. Total. ! | —I— Boston : 8:1.8,090,933 ; S26,227,771. S-14,327.70.4 I S120,096,237 829,417,871 i §149,514.108 New York ! 54,809,244 . 74,132J -J37 128,941 ',681 | 192;510,987 dr,, 806,859 258,317; 846 Philadelphia ; (>,8!4.0-!7 : 6.987,330 13,801,377 | 38,715; 123 19,468,530 58,213,653 Cleveland. : 11,121 j 858 • 21',086,022 32,207,880 I 17.022,634 26,183,130 43,205,764 Richmond.. i 17.302,001. : 4'.207,373 ! 21,509,377 ; 2i;765;817 I 7.293,109 29,058,926 Atlanta • 14:689,567 5,233,943 | $1,292 19.927J802 ; 21,152,029 11', 092,019 32,248,439 Chicago i 28'.350,•!(*<) : 4,207.914 ! 32:558,383 \ 45,042,782 35,431,081 80,473,863 St. Louis : 19,483,191 ! 3. (iO3',595 ; 23:080,786 j 18,972.908 3,874,610 22.847,518 Minneapolis ! 9'.830J064 • 4:657,952 • 14:288,016 | 4,005'. 769 7; 299,988 11:305,757 Kansas 'Cilv. ! M', 11)4,816 ! 5,516,307 \ 19', 711-,153 i 17,900.580 7,721,655 25:622,235 Dallas ." ! 16,223:868 ; 2,138,000 18,661,868 i 18.211,490 2,200,000 20; 411,490 San. "Francisco i 14,297^ 711 '• 1~>, 075,530 ! 29;373,211 : 28:037,812 25.737,939 53,775,751 | ____ ' \ Total 225,016,79! 173,374,1 4,292 398,395,268 543,464,168 ! 241,526,791 j 4,391 784,995,350 Per cent 2.2 • ! T 4.4 Over 90-day maturities. Total. Discounts. Acceptances, i Warrants. Total. Discounts. Acceptances. Warrants. Total. i • " T •• " SI.031,390 8267,443 : 31,298,833 :sl, 010,975.508 S81,998,355 81,092,973,863 New York 33'290 33,290 10,579,999.599 268,266,080 : 10,848.265,679 Philadelphia 758,439 758,439 1)085', 980,066 28,846,883 ! ... ... 1,114:832,949 Cleveland 173,080 102,152 ; 275,232 617) 01-1) 419 56,912,986 :::::: £« : 673,957,405 Richmond 106,055 460,000 ! 566:055 770,716,213 15; 01,1,619 785,730,862 •vtianta 242.462 631,000 83,000 876', 462 493.363,126 19,565,163 512,939,972 Chicago 7,69-1,725 3,021,929 i ..... 10,716, 654 1,195;508,515 55.675,491 1,251,184,006 St. Louis .121,844 121,814 444,069; 188 9;361,599 453,430.787 Minneapolis 1,286,075 5,902 ! 1.291,977 106,277,611 12,824,779 119,102;390 Kansas City 11,319:508 15,400 • 14', 334,908 305,409,206 13,885', 267 319,294,473 Dallas 6,327;560 6,327,560 237,913.893 6,338,000 244,251,893 San Francisco 3,581,8-17 394.481 3,976,328 426,405:254 48,232,046 474,637,300 Total 35,676,275 4,898,307 ; 3,000 40,577,582 17,273,638,628 616,951,268 .11,683 17,890,601,579 Per cent 0.2 96.6 '3.4 100.0 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. Discounted bills, including member banks1 collateral notes, held by each Federal Reserve Bank on the last Friday in December, 1918, distributed by classes. [In thousands of dollars, i. c, 000 omitted.] Member banks" col- Customers' lateral notes. Federal Reserve Bank. A p t g a u r p r ic e a u r l . l- Li p v a e p -s e to r. ck m p c G u a e o r p n e v e t d e r w r b s n e a y - - r Se G c o u v re e d rn b - y Otherwise c T e r p a t d an e c a e c s - . d A is l c l o o u th n e ts r . Total. obligations. ment war secured. obligations. Boston 1,016 77,878 38,450 275 811 11,712 130,142 New York 225 160,290 450,480 2,914 38,466 652,375 Philadelphia . . . 170 28,136 133,281 ;;;;; ;; 629 18,448 180,664 Cleveland 58 103 39,961 78/046 70 1,197 8,710 128,145 Richmond 2,236 48 14,499 53,800 155 2,683 9,453 82,87* Atlanta . ... 1,908 221 7,841 40,119 304 2,320 24^151 77,164 Chicago 9,466 11,176 94,948 12,086 1,814 31,302 160,792 St Louis .. 150 115 3,115 46,195 240 1,272 14,490 65,577 Minneapolis 902 1,461 15,040 17,103 17 35 3,140 37,698 Kansas City 3,352 14,950 667 19,578 7,660 1,165 9,026 56,398 Dallas 6,254 6,904 17,445 805 19,526 50,934 San Francisco 3,647 3,533 4,237 47,903 3 1,145 19,707 80,175 Total 29,384 27,335 362,840 1,037,348 21,615 15,985 208,431 1,702,938 Per cent 1.7 1.6 21.3 60.9 1.3 .9 12.3 100 Total Dec 1917 8,631 7,662 142,278 150,647 87,751 283,737 680,706 Per cent - 1.3 1.1 20.9 22.1 12.9 41.7 100 / Acceptances purchased and held by each Federal Reserve Bank on Dec. SI, 1918, distributed by classes of accepting institutions. [In thousands of dollars, i. e., 000 omitted.] M ba e n m k b s e . r m N t c e r o m u o m s n b t - - er m S N e t m o a n t b e - er P b r a i n v k a s te . b F r b o a a n a r n e n c d i k h g e n s Total. Trade acceptances. Total. panies. banks. agencies. Domestic. Foreign, j Total. Boston 12,015 166 2,274 350 14,805 279 ! 279 15,084 New York 48,081 437 6,998 12,616 7,125 75,257 320 2,000 ; 2,320 77,577 Philadelphia... 2,824 62 30 69 6 2,991 20 j 20 3,011 Cleveland 29,313 2,246 1,084 1,674 863 35,180 *2,"2i6" 49 ! 2,265 37,445 Richmond "»,465 5,465 5,465 Atlanta 12,515 12,515 12,515 Chicago 56,513 714 625 57,852 57,852 St. Louis 7,188 25"L 80 7,293 7,293 Minneapolis... 17,281 223 i 440 50 17,994 17,994 Kansas City... 12,329 1,163 j 292 420 14,204 14,204 Dallas 2,448 2,448 2,448 San Francisco. 28,351 753 j 1,6 3,475 34,240 2,040 j 2,040 ! 36,280 Totals: Dec. 31, 1918.. 234,323 2,545 10,442 ! 19,740 12,994 280,244 2,536 4,388 i 6,924 ! 287,168 Nov. 30, 1918. 310,069 2,028 10,703 : 27,871 19,818 370,489 4,016 5,019 : 9,035 | 379,524 Oct. 31, 1918.. 314,719 2,949 11,669; 30,242 14,006 373,585 3,947 5,057 ; 9,004 j 382,589 Dec. 31, 1917.. 227,717 8,163 3,179 20,137 7,657 266,853 6,383 | 273,236 Dec. 30, 1916.. 34,625 1,502 : 18,224 121,154 4,585 ! 125,739 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 169 Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks during calendar year 1918. JAN. 1 TO SEPT. 30, 1918. Rediscoiintcd or sold by Federal Reserve Bank of— Rc o d r i s s c o o ld u n to te d F ed w e i r t a h l Date. Boston. New York. Richmond. Chicago. St. Louis. M ap i o n l n is e . - K C a i n t s y a . s Dallas. Reserve Bank of— Purchased Purchased PurchasedDiscounted PurchasedDiscountedDiscountedDiscounted PurchasedDiscounted bills. bills. bills. bills. bills. bills. bills. bills. bills. bills. San Francisco Jan. 10 S3,759,977 Dallas Jan. 14 S2.000.000 Do Jan. 16 300 000 ( Do Jan 24 1 500 244 San Francisco ...do 90S,' 145 "Dallas Jan. 25 999 954 ::::::: San Francisco Jan. 26 1,000,000 :. Do Feb. 2 ' 995,561 Do Feb. 4 631,852 j Dallas Feb. 5 737,968 Philadelphia.. . . Feb. 14 85,017,518 1 Chicago ...do 1,994,030 Minneapolis . ...do 1, 480,501 Kansas Citv ...do 1 1,467,564 Cleveland Feb. 21 2.494.410 Dallas Feb. 26 i ! a 70d i.j?i Cleveland Mar. 1 i 2! 098! 148 Philadelphia Alar 5 2 529 502 Minneapolis ; ...do 2,555.350 Kansas City ...do 5,037,200 Cleveland Mar. 6 5 054 410 Chicago Mar. 14 5 214 £43 Philadelphia... Mar. 26 ::::::::::: 5,029,195 Cleveland ...do . 4,996,368 Chicago ...do 19,103,044 Minneapolis ...do 7,534, 729 i ... Kansas City ...do. . 7 511 147 Atlanta Mar. 27 2 514 0% St. Louis ...do 2,523,' 276 Philadelphia Apr. 18 3,999,257 Chicago. ...do 3.007,049 Minneapolis ...do 1,992,547 Mav 7 ii, 666,666' Philadelphia May 8 1,995,000 Boston May 16 isi.82S.666 Philadelphia do ! 2.038,200 Cleveland do i 1,948,000 Chicago . . ...do.. .. 2,023,000 San Francisco do •: 2,028, 700 Boston May 17 i 1,100,000 Philadelphia ...do 990,450 Cleveland •. Mav 29 5,016,453 1,009,500 Chicago. ...do. .. 931,000 San Francisco ...do i 978,500 Cleveland June 14 |S4.168.0fift Chicago ...do 4,362,313 Cleveland 1 85,003,652 Boston Juno 27 j 1,862,064 ! Do .do i - - -- i 635.666 Philadelphia do 1,934,745 Do .do ! 652.719 j do ( i ' 3,924,137 . Do do 1,770,350 Chicago -do 3, 439, 777 ! Do do 822, 777 Boston July 2 ! $5,000,007 Cleveland July 5 ! 5,000,166 Do Julv 9 i 1 7,500,002 New York July 31 • i 5,000,099 Do 'Vug. 1 ! i89,984,139 1 P hiladcl p hia Auc 2 '• : 1 1,999,226 id i 1 2,928,052 New York Aug. 3 j ?5,666,666 Boston Aug. 9 2, 498, 478 do 7,498,881 PNheiwla D dY o eolprkhia Au d g o . 13 "i,*352,"566" 3,703,200 j Cleveland ...do 3.702.000 j Do ...do i 5,000.443 Do \•Vuugg 2247 :::::::::: i 4,999,075 Aug 30 2,000,000 Philadelohia do ! 3,000,000 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks during calendar year 1918—Contd. OCT. 1 TO DEC. 31, 1918. Eediscounted or sold by Federal Reserve Bank of— Ee o R d r e i s s s o c e l o r d v u e t n o t e F d B e d a w e n i r k t a h l Date. Boston. New York.' i Philadelphia. Richmond. Atlanta. Dallas. of— Pur- Dis- Pur- Pur- Dis- Pur- Dis- Pur- Dis- Dischased counted chased chased counted chased counted chased counted counted bills. bills. bills. bills. bills. bills. bills. bills. bills. bills. 1 i Philadelphia Oct. 1 810,1,08,157 •'.. ". Cleveland ...do... 20,012,723 ' .! !.... do So 000 000 Boston Oct. 3 4,973,583 Chicago ...do.... 8.8i5, HO ! do. 2,025,23; ..' • ' . San Francisco Oct. 4 17!.73,353 , : ' Philadelphia Oct. 8 ' -v.;250.000 i Clev D el o and ...d d o o : ;< 1 ' 200,000 [£1,750 000 Do do.. ' : • 1.800.000 do 1,000 000 Cleveland Oct. ii 2 500,000 Richmond .do.. S33i , i 76 ' Chicago .do.... 2,566,666 i 'J hiladelph i'i Oct. 2i ! j 1,600.000 Cleveland .do ; ; 1,717^500 Do Oct 23 . ; : 2,500 000 Philadelphia 00 i 3.020.000 2,500,000 ! i '? 500 000 Philadelphia Nov. * 1••50,281,831 Cleveland ...do o,0S3.423 1 Philadelphia Now 6 Cleveland ...do.... a, IV ',724 Do do 2,500,000 do 2,500,000 do i : 5,000 000 5 000 000 New York Nov. 13 | ISIO,022,209 i Do . . ...... Nov. 14 20,118,746 j do .. 5,000,000 Minneapolis .do 5.000.000 Cleveland Nov 15 ! ; 2.500,000 Minneaoo'is do . j 2,500,000 Ran Francisco Nov. 18 1,801,056 " 1 Nov. 19 m, 56-1,409 : Do .do 1 IS3.oi4.000 oo j ! J10 069 500 Now York do.. 10.056.775 ! Cleveland ...do 25,223,9:17 ! i Minneapolis Nov. 20 5,000,000 San Francisco do 6-17,706 Ch'cago Nov. 21 j Do Nov 26 • . 5,000,000 Minneapolis do.. . 5,000,000 San Francisco Dec. 2 10,C03,915 .-- Minupapo lis 1 >ec 3 5,000,000 CiicPgo Dec. 2 7.500.000 "Do Dec. 3 10,02-1,077 i Do Dec. o 83,010,880 Minneapolis do.. 5,001,000 St Louis do 2.000.000 Chicago Dec. 6 6,032,000 Do do 50, J 66,203 Do Dec. 10 5,000,000 Minneapolis Dec. il 4,783,573 Do .. . .. do.. 10,016,500 St. Louis Dec. 12 2,500,000 Chicago. ... do.. . i 5,000,000 Do Dec. 13 1 5,000,000 Minneapolis Dec. 17 10,004,355 do.. . ! *j 5,000,000 Do ...do.... 5,000,000 Minneapolis Dec. 20 i 5,000,000 Kansas City . Dec. 26 5,030,525 i Dec 27 10,015 600 do . 5,000,000 Do Dec 30 5,000,000 Do Dec. 31 6,000,000 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEKUUAKY 1, 1919. FEDERAL RESERVE BULLETIN. 171 Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks during the year 1918—Contd. MONTHLY RECAPITULATION. Rediscounted or sold by Federal Reserve Bank of— Boston. New York. Philadelphia. Cleveland. Richmond. Atlanta. 1918. j Discounted Purchased Purchased Discounted Purchased Discounted Purchased Discounted Purchased I bills. bills. bills. bills. bills. bills. bills. bills. bills. January 3,759,977 §6,708,343 February \ 7,563,942 89,959,613 March ; 15,176.462 56,527,146 April 8,998,853 May 5*()i6,'453 89,866,500 5,009.450 June • 11,160,723 3,880,846 July August 7,405,200 2,703,250 September : October 1 :S10.S87,500 j 8450,000 November .$25,223,947 40,711.299 : 2,448,772 1820,078,984 3,514,000 ! 6,564,409 ! 35; 422,500 December i 20,032,100 15,393; 518 i 55,196,726 $20,046,235 10,024,077 , ; i 28.532,000 Total : 45,256,047 75,041,256 180,900,721 | 20,046,235 j 30,103,061 I 31,946,423 i 37,116,42.1 ; 74,842,000 450,000 ! i i ! Rediscounted or sold by Federal Reserve Bank of— Chicago. St. Louis. Minneapolis.Kansas City. Dallas. Sa c n i s F co ra . n- Total. Purchased Discounted Discounted Discounted Discounted Purchased Discounted Purchased bills. bills. bills. bills. bills. bills. bills. bills. J'-muarv SIO.468,320 Fobri iarv 17;523,555 March 71,703,608 April 8,99S,853 Alav 82,995,000 •S9,866,500 13,020,903 Tune $8,530.379 S5,003,652 24,694,754 3,880,846 July...' 812,500,009 10,000,265 22,500,274 ""£•9 984 i39" S24,996.877 9.927,278 42.329,355 12,687,389 17,500,000 28.387,500 47,889,339 November 25 000 000 89'160.447 69 803 464 December 33,500,000 ]02,110',335 80,614,321 Total 9,984.139 12,500,009 24,996,877 8,530,379 100,931,195 2,985,000 319,049,165 336,590,598 Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks during 1918. (In thousands of dollars.) Rediscounted or sold by Federal Reserve Bank of— Rediscounted with or sold to Federal Reserve JJank of— Boston. Y N o e r w k. ; I d P e h lp il h a i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n lv sa . s Dallas. F c S i r s a a c n n o - . Total. * Boston 4 974 '•• 5 426 5,000 2.498 2 000 19,898 Now YovV 20,1] 9 - 20,079 9,984 12,499 5,000 67', 681 Philadelphia 12,927 15,187 ' 19,688 6,620 4,999 6.994 06,365 Cleveland 40,473 34,619 ! 13,706 8; 718 7,500 5,000 "4*168" 22;931 137.115 Richmond 331 ! '331 Atlanta 2,514 i 2,514 Chicaso S3 298 ; 13 065 19 218 53 955 4 362 28 500 195 398 St. Louis 4'55' ' 2 000 2 500 9 051 Minneapolis 27,373 7,535 15,005 13 55 i 5 000 31; 000 99^62 Kansas City 5 037 12 542 : 1 468 1 000 5 000 25 047 Dallas ". vS'242 •• 8' 242 San Francisco. 14,370 7,158 3,006 j 24;534 Total 120.297 180,901 ; 50,149 (59,063 75,293 9,984 12,500 24,996 8,530 103,925 I ftftf fi3R Purchased bills 75; 041180,901 '• 30,103 37,116 450 9,984 2,995 336,590 Discounted bills: Member banks' coil a t e r a 1 notes secured by United States war obligations 20,032 : 5.041 74,543 76,000 175,616 All other 25,224 •• 15'005 ' 31.,'947" 300 "i2,"«566" 24 ,"996""8,"536" 24,930 143,432 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 FEDEBAL RESERVE BULLETIN. FEBRUARY 1, 19.10. RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS. Resources and liabilities of each Federal Reserve Bank and of the Federal Reserve system at close of business on Friday s % Jan. 3 to Jan. 24, 1919. RESOURCES. [In thousands of dollars; i. c, 000 omitted.] Boston. C la le n v d e . - m R o ic n h d - . Atlanta, Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . Total. Gold coin and certificates: Jan. 3 3,342 257,085 1,210 13,084 2,363 8,058 22,952 4,103 8,286 179 5,752 12,303 338,717 Jan. 10 4,159 258,942 1,169 5,131 2,335 8,186 23,084 4,362 8,395 233 5,781 12,775 334,552 Jan.17 3,635 260,574 662 5,354 2,197 7,939 22,528 4,299 8,403 120 5,822 13,163 334,696 Jan. 24 3,247 260,554 583 14,010 2,229 8,030 22,842 4,144 8,267 426 5,883 13,477 343,692 Gold settlement fund, Federal Reserve Board: Jan. 3 27,749 127,829 31,245 46,371 8,907 2,659 1,647 17,207 12,822 j 19,653 2,578 12,330 Jan. 10 37,882 57,675 51,403 62.910 10,368 7,947 108,490 21,046 19,559 I 21,800 7,743 23,907 430,730 Jan. 17 36,304 28,870 50,484 68; 490 6,284 7,205 84,912 29,310 25,246 I 26,726 10,497 13,244 387,572 Jan. 24 48,907 34,008 38,638 66,992 12,216 13,621 77,326 24,571 36,301 I 32,083 6,626 16,409 407,698 Gold with foreign agencies: Jan. 3 408 2,011 408 525 204 175 816 233 233 291 204 321 5,829 Jan. 10 408 2,011 408 524 204 175 816 233 233 I 204 321 5,828 Jan. 17 408 2,011 408 524 204 175 816 233 233 i 204 321 5,828 Jan.24 408 2,011 408 524 204 175 816 233 233 204 321 5; 828 Gold with Federal Reserve agents: Jan. 3 59, 717 274,380 85,782 138,223 62,991 44,622 277,969 61,674 55,863 I 54,484 22,352 125,326 1,203,383 Jan. 10 59,303 273;532 83,980 146,553 60,786 43,381 260,541 61,569 54,659 ! 51,424 22,322 120,195 1,238,245 Jan. 17 53,875 271,910 79,423 146,720 57,4i4 44,389 319,356 61,469 51,785 i 51,348 22,272 129,144 1,289; 105 Jan. 21 52,551 270,979 78,318 143,133 52,106 41,565 296,100 64,268 54,986 I 51.313 22,247 127,626 1,255,192 Gold redemption fund: Jan. 3 7,829 24,903 7,900 1,423 5,328 7,015 15,225 3,370 4,954 I3,590 2,193 538 84,268 Jan. 10 8,145 25,000 7,900 1,327 5,267 5,235 16,975 3,352 5.112 ;3,571 2,193 638 84,715 Jan.17 8,351 25,000 7,900 319 5,189 4,522 20,130 3,331 3;731 !3,552 2,189 1,154 85,368 Jan. 24 8,578 25,000 7,900 1,327 4,131 4,563 22,814 3,236 4,215 I 3,538 2,184 1,421 88,907 Total gold reserves: Jan. 3 99,045 126,545 199,626 79,793 62,529 406,609 86,587 82,158 I78,197 33,079 150,818 2,091,19-1 Jan. 10 109,897 617,160 144,860 216,445 78,960 64,924 409; 906 90,562 87,958 I77,319 38,243 ! 157,836 2,094,070 Jan. 17 102,573 588,365 138,877 221,407 71,288 64,230 447, 742 98,642 89,398 I82,037 40,984 i 157,026 2,102,569 Jan. 24 113,691 592,552 125,847 225,986 70,886 67,954 419,898 96; 452104,002 j87.651 37,144 159,254 2,101,317 Legal tender notes, silver, etc.: Jan.3 2,688 48,688 1,344 1,229 173 362 1,945 2,384 7*! 122 1,377 573 60,960 Jan. 10 4,295 53,148 1,653 1,245 206 652 2,082 2,301 136 ! 203 1,411 496 67,828 Jan. 17.... 3.572 52,150 2,251 1,468 240 715 2,438 2,205 205 I 277 1,561 452 07,594 Jan. 2-1 'S, 855 51,769 1,291 1,672 188 894 2,298 2,410 173 I 268 1,745 507 07,070 Total cash reserves: Jan.3 1.01,733 734,896 127,889 200,855 79,GG6 62,891 40S,554 88,971 82,233 ' 78,319 34,456 151,391 2,152,154 Jan.10 114,192 670,308 146.513 217,690 79,166 65,576 411,988 92,863 88,094 77,522 39,654 158,332 2,101,898 Jan. 17 100,145 640,515 141.128 222,875 71,528 64,945 450,180 100,907 89,603 82,314 42,545 157,478 2,170,103 Jan. 24 117,546 644,321 ^ 138227,658 71,074 68,848 422,196 98,862 104,175 j 87,919 38,889 159,701 2,108,387 Bills discounted: Secured by Government war obligations— Jan. 3.' 120,775 691, 786158,254 115,099 71,989 62.751 132,9(53 00,585 34,991 26,472 16,644 57,965 1,545,274 Jan. 10 _121,951 644,980 156,377 113,381 77,936 45.752 125,924 56,196 34,874 30,025 16,603 60,845 1,484,847 Jan. 17 1118,39-1 569,446 153,550 96,398 75,206 42,016 10S, 632 48,587 34,963 27; 582 20,039 52,275 1,347,088 Jan. 24 118,034 663,904 172,210 91,019 83,296 51,259 138,253 50,088 18,458 30,351 10,623 64,773 1,498,298 A11 other- Jan. 3 8,419 44,307 19,065 12,074 11,088 19,276 48,851 17,258 3,090 37,361 32,341 28,460 284,590 Jan. 10 9,035 39,259 15,613 9,177 12, 732 30, 731 38,053 14,492 3,087 38,509 32,540 29,401 273,229 Jan.17 7,957 33,535 15,518 9.355 11.877 28,865 33.355 13,165 3,175 39,357 30,900 27,144 254,203 Jan. 24 8, 744 46,653 15,673 8; 754 12', 560 26,769 34; 221 10,883 2,900 38,218 32,079 26,215 203,735 Bills bought in open market: Jan. 3 12,538 i 76,29 4 3,401 30,478 5,943 11,860 57.880 8,743 18,257 18,966 2,558 37,351 290,209 Jan. 10 13,(189 i 79,628 3,072 32,100 6,470 11.920 47; 941 8,334 18,364 18,721 2,408 35,249 277,890 Jan. 17 15,354 • 84,148 2,770 40,362 7,131 Hi 329 34,693 7,493 18,808 18,122 2,108 31,226 273,607 Jan. 24 18,088 J 93,385 2,571 44,749 7,433 11.100 31, 749 6,820 18,396 16,685 2,025 30,932 284,539 United States Government long-term securities: Jan. 3 1,105 1,396 1,385 1,084 1,231 543 4,510 1,153 120 8,867 3,906 4,461 29.824 Jan. 10 1,105 1,391 1,385 ! 1,084 1,234 543 4.509 1,153 120 8,867 3,966 3,461 28; 821 Jan. 17 848 1,394 1,385 I 1,081 1,231 542 4.510 1,153 120 8,867 3,966 3,408 28,571 Jan. 24 1,394 1,385 I 1,083 1,231 537 4,510 1,153 119 8,867 3,973 3; 408 28,571 United States Government short-term securities: Jan. 3 8,416 | 41,845 10,033 ! 11,726 4,799 6,066 15,612 6,568 6,439 4,435 4,400 4,724 125,063 Jan, 10 8,416 | 74,742 9,858 ! 15,119 7,299 6,566 25,622 7,068 5,125 5,542 4,400 6,052 175,809 Jan.17 1 9J416 167,745 9,858 i 33,138 5,299 6,521 16,613 7,068 5,130 5,432 4,400 20,553 271,173 Jan. 24. I 8,416 46,458 10,826 ! 17,103 5,299 6,521 20,613 7,068 9,510 5,452 4,400 5,732 147,398 All other earning assets: • Jan.3 ': ! 13 i 13 Jan. 10 13 ' 13 Jan. 17 ! 4 ! 4 Jan. 24 , 4 : 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 173 Resources and liabii of each Federal Reserve Bank and of the Federal Reserve system at close of business on Fridays, Jan. 3 to Jan. 24, 1919—Continued. RESOURCES—Continued. [In thousands of dollars; i. e., 000 omitted.] Boston. Y N o e r w k. Atlanta. Ihicago.Lo S u t. is. M ap i o n l n is e . - K C an it s y a . s Dallas.' F c S i r s a a c n n o - . Total. Total earning assets: Jan. 3 151,253 855,628 192,138 1176,461 98,053 100,509 259,816 89,307 62,897 I 96,101 59,909 132,961 2,275,033 Jan. 10 1154,199 840,003 186,305 170,861 105,671 95,525 242,649 87,243 61,570 101,664 59,917 ! 135,008 2,240,615 Jan. 17 151,969 856,268 183,081 160,337 100,750 89,277 197,803 77,466 I 62,196 99,360 61,533 1134,666 2,174,706 Jan. 24 !154,130 851,794 202,665 162,738 109,822 96,196 229,346 76,012 49,389 99,603 ) 59,700 ! 131,150 2,222,545 Bank premises: j Jan. 3 | 800 2,318 500 290 217 2,936 400 i 221 400 Jan. 10 800 2,318 500 291 217 2,936 400 I 221 400 8,083 Jan. 17 800 2,318 500 291 217 2,936 400 ! 221 400 8,083 Jan. 24 800 2,343 500 291 217 2,936 400 221 400 8,108 Uncollected items and other deductions from gross deposits: Jan. 3 82,486 207,979 110,911 59,943 53,886 39,801 74,738 60,323 i 16,477 ! 53,505 28,989 39,811 Jan 10 61,479 157,417 80,148 51,799 54,580 36,873 80,703 61,730 j 13,216 i 52,751 24,453 37,232 712,381 Jan' 17 1 65,449j 187,492 80,640 68,754 64,966 45,493 95,891 51,455 20,561 j 65,804 24,111 46,298 816,914 Jan. 24 1 56,653 164,622 77,315 59,762 59,868 39,317 80,449 43,230 I 14,495 j 56,732 26,015 38,130 716,588 5 per cent redemption fund against Federal Reserve bank notes: I Jan.3 ! 320 1,700 475 532 310 311 830 317 566 j 312 356 6,265 Jan. 10 i 345 1,738 500 519 295 925 318 231 577 319 356 6,452 Jan.17 384 1,776 500 484 359 224 561 315 356 6,531 Jan. 24 386 2,045 525 523 235 343 320 219 506 314 356 6,752 All other resources: Jan. 3 504 3,272 2,599 2,705 463 1,451 454 162 607 1,230 1,180 15,485 Jan. 10 1 567 3,283 1,300 807 967 838 1,410 167 527 775 893 12,002 Jan.17 j 485 3,404 915 788 482 475 1,330 520 155 485 773 984 10,796 Jan.24 j 380 3,227 727 784 439 | 634 1,343 492 120 486 680 966 10,278 Total resources: i Jan. 3 337,156 1,805,793 434,512 i438,589 235.210 204,192 748,325 239,372 |162,005 (229,498 \ 125,117 326,099 5,285,868 Jan. 10 1331,582i 1,675,067415,266 |441,676 240,970 199,358 740,611 242,622 -163,278 i233, 441 i 125,339 332,221 5,141,431 Jan. 17 J325,23211,691,773 406,764 i453,238 238; 306200, 766749,120 230,6ol :172,739 "248,924 1129,498 340,182 5,187,193 Jan. 24 !329l 89511,668,352 408', 870 ! 451,465241,729 205,5oi) 737,250 218,916 1168,398 j 245,646 125,819 ! 330, 7635,132,658 LIABILITIES. Capital paid in: J Jan. 3 j 6.696 20,820 7,566 I9,073 4,062 3,191 11.199 3,800 2,931 3,659 3,158 1 4,637 80,792 Jan. 10 ! 6; 692 20,820 7,575 I9,073 4.062 3,192 li; 204 3,800 2,932 3,659 3,158 i 4,645 80,812 Jan. 17 ! 6,709 20,478 7,570 ! 9; 081 4,059 3,192 11,215 3,800 2,934 3,659 3,168 4.645 i 80,510 Jan.24 j 6,709 20.751 7,570 i9,087 i4,059 3,189 11,216 3,801 2,936 3,660 3,170 4; 672 I 80,820 Surplus fund: | Jan.3 i 1,535 8,322 1,304 i 1,776 I 1,156 775 3,316 801 726 1,211 592 1,224 Jan. 10 i 1,535 8,322 1.304 ! 1,776 i 1,156 775 3,316 801 726 1,211 592 1,224 22,738 Jan. 17 1 1,535 8,322 l',304 i1,776 ! 1,156 775 3,316 801 726 1,211 592 1,224 22,738 Jan. 24 i 1,535 8,322 1,304 ; 1,776 ; 1,156 775 3,316 801 726 1,211 592 1,224 22,738 Government deposits: Jan. 3 6,625 35,640 7,406 • 2,182 ! 1,447 9,263 10,904 3,794 624 3,296 2,953 ! 5,687 89,821 Jan. 10 5,627 5,871 5,359 i 500 • 1,173 3,152 2,528 4,083 1,839 2,832 1,340 ! 2,987 37,291 Jan. 17 1,046 7,009 1, 790 2,919 9S9 4,789 5,090 4,466 8, 7S8 3,002 3,286 I 5,812 Jan. 24 14, 762 25,134 15,237 15,583 6,337 8,825 19,592 4,789 8,058 8,729 5,277 I 14,058 146,381 Due to members—reserve account: Jan. 3 99,233 708,371 86,120 .122,499 52, 750 40,311 220,384 56,063 47,959 I63,412 33,351 i 72,448 1,602,901 Jan. 10 105,344 694,632 97,016 130,539 54,502 43,203 227,170 57,469 48,043 67, 705 36,630 ! 78,476 1,640,729 Jan. 17 103,822 706,918 112,685 131,540 54,806 44,827 232,748 59,520 49,604 !77,292 38,809 . 82,329 1,694,960 Jan. 24 104,048 685,483 86,672 ; 129, 754 52,557 45,086 221,233 58,523 48', 744 i75,043 38,146 I 79,126 1,624,415 Deferred availability items: Jan.3 52,733 152,557 88,767 ' 42,439 32, 737 23, 793 47,412 8,017 ! 31,871 18,399 ! 17,961 569,055 Jan. 10 43,425 102, 763 68,066 • 37,714 36,305 23,583 50,318 8,606 I 33,391 17,413 I 22,818 495,354 Jan. 17 51,391 129,808 54,594 ! 51,072 34.586 22,129 58,416 39,101 10,896 I 38,551 18,119 I 28,542 537,205 Jan. 24 42, 712 122,990 73,822 : 46,677 37; 419 27,261 48,721 32,385 9,920 34,585 15,308 ! 20,099 511,899 Other deposits, including foreign government credits: Jan. 3 451 106,866 1,280 • 166 261 2,447 1,174 625 303 4,614 118,581 Jan. 10 106 101,282 878 122 61 129 3,482 2,655 608 150 4,803 114.874 Jan. 17 1,461 102.947 1,176 4,979 235 557 3,982 2', 635 1,236 3,173 1,054 4,801 128,236 Jan.24 565 102;276 490 273 117 1,816 1,960 365 718 338 3,722 113,429 Total gross deposits: Jan.3 159,042 1,003,434 1S3,573 1167,286 87,030 ! 73,628 2S6,104 108,443 99,204 55,006 100.710 2,380,358 Jan. 10 154', 502 904,548 171,319 168, S75 92,041 I 70.067 284,132 114,525 59:086 104,536 55,533 109,084 2,288,248 Jan. 17 157,720 946,682 170,245 1190,510 90.676 1 72.302300,236 105,722 70,534 (122,018 61,268 121,484 2,409,397 Jan. 24 162,087 935; 883 176,520 192,504 96; 586 I 81; 289291,362 97,657 67,087 119,075 59,069 117,005 2,396,124 Federal reserve notes in actual circulation: Jan. 3 160,506 724,932 231,372 1248,670 137.582 119,641 426,129 119,139 96,311 112,047 59,758 211,518 2,647,605 Jan. 10 159,053 691,455 224,110 1249,933 137,822 118,137 420,457 116,141 95,272 110,035 59,150 1209,116 2,590,681 Jan. 17 148,985 665)688 216,301 i239,606 136,403 117,123 412.859 112,949 93,184 107,882 57,528 1204,581 2,513,089 Jan. 24 148,332 650,587 211,251 1235,564 133.727 112,741 410;265 109,126 91,969 107.467 55,981 ! 199; 546 2,466,556 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. Resources and liabi of each Federal Reserve Bank and of the Federal Reserve system at close of business on Fridays, Jan. 3 to Jan. 24, 1919—Continued. LI ABILITIE S—Continu od. [In thousands of dollars; i. e., 000 omitted.] Boston. Y N o e r w k. I d e P l h p i h la ia - J i C la le n v d c . - m R o ic n h d - . Atlanta.Chicago. Lo S u t i . s;. M ap i o n l n is e . - 1 j K C an it s y a . s F c S i r s a a c n n o - . Total. Federal reserve bank notes in circulation—net liability: Jan. 3 (5,653 33,533 9,031 ! 9,626 4,083 17,819 6,052 4.223 i 11,532 5,540 6,252 120,267 Jan. 10 , 7,015 34.619 9', 173 I 9,818 4,520 6.105 17,598 6,176 4;319 ! 12,074 5.777 6,272 123,466 Jan. 17 j 7,442 35.024 9,490 I 9;892 4,586 6,251 17,520 6,182 4,385 ! 12,162 5,787 6,290 125,011 .Tan. 24 7; 931 35;900 9,935 I 9,976 4,658 6,342 16,898 6,266 4,665 j 12,156 5,791 6,292 126,810 All other liabilities: Jan. 3 2.724 14,752 1,666 2,158 1,297 1,034 3,758 1,137 916 I 1,845 1,063 1,758 34,108 Jan. 10 2,785 15,303 1,785 2,201 1,369 1,082 3,904 1,179 943 I 1.926 1,129 1,880 35;486 Jan. 17 2,841 15,579 1,854 2.373 1,426 1.123 3,974 1,197 976 i l!992 1,155 1,958 36,448 Jan. 24 3,301 16,909 2,290 2,558 1,543 i;219 4,163 1,265 1,015 j 2;077 1,216 2,024 39,610 Total liabilities: Jan. 3 337,156 1,805,793 434,512 438,589 235,210 204,192 748,325 239.372 162,005 1229,498 125,117 326,099 5,285,868 Jan, 10 1331,582 1,675,067 415,266 441,676 240,970 199,358 740.611 242,622 163,278 j233.441 125,339 332,221 5,141;431 Jan. 17 !325.232 1,691,773 1406,764 453,238 238,306 200,766 749,120 230,651 172,739 ,248^924 129,498 340,182 5,187,193 Jan. 24 1329; 895 1,668,352 |408,870 451,465 241,729 205,555 737,250 218,916 168,398 245,646 125,819 330,763 5.132,658 Maturities of bills discounted and bought, United States Government short-term securities, and municipal icarrants. fin thousands of dollars, i. e., 000 omitted.] Within 15 16 to 30 31 to 60 61 to 90 Over 90 Total. days. days. days. days. days. Bills discounted: Jan. 3 " . .. 1,289,128 264,801 176,082 72,817 27,036 1,829,864 Jan.10 1,414,208 89,617 161,024 65,416 27,811 1,758,076 Jan. 17 1,283,234 92,408 129,750 68,552 27,407 1,601,351 Jan 24 1,368,754 91,787 198,206 175,933 27,353 1,762,033 Bills bought: Jan 3 113,700 no,384 91,907 29,278 290,269 Jan. 10 . 84,452 i)o, 622 104,198 33,624 277,896 Jan. 17 55,995 03,596 100,597 53,419 273,607 Jan. 24 53,030 72,098 108,353 51,058 284,539 United States short-term securities: Jan. 3 8,837 779 460 643 114 344 125,063 Jan. 10 . 49,207 8,711 10,568 2,643 104,680 175,809 Jan. 17 146,840 1,030 16 123,287 271,173 Jan. 24 8,523 1,001 15 137,859 147,398 Municipal warrants: Jar 3 10 3 13 Jan 10 10 3 13 Jan. 17 4 4 Jan 24 4 4 FEDERAL KESERVE NOTES. Federal Reserve note account of each Federal Reserve Banh at close of business on Fridays, Jan. 3 to Jan. 24, 1919. [In thousands of dollars; i. c, 000 omitted.] ! Boston.'Y N o e r w k. ! p a P d h h e i i a l l - . - C la le n v d e . - m R o ic n h d - . la A n t t - a . c C a h g i o - . Lo S u t. i s. i I M ap i o n l n is e . - K C a i n ty s . as! j Dallas, \ 1 j C F S i r s a a c n o n . - Total. Federal Reserve notes received from a2c.it—net: Jan. 3 169,970 825,603 ."239J070 266,465 150,923 123,264 1453,104 129,646 98,719 119,830 i 60,503 :228,950 2,866,047 Jan.. 10 167,474 1821,204 '23>,267 266,375 152,170 12.1,972 »450,676 124,519 97,815 119,367 S 60,258 -230,419 2,844,516 Jan. 17 166,614 781,083 |225,710 258,923 148,696 120,690 !449,491 123,116 95,141 114, 59,036 '226,868 2,770,301 Jan.. 24 163,675 772,992 ;220,605 255.951 1.43,253 115,390 J446.234 121,381 93,342 115,176 57, 567 '225,350 2,730.916 Federal Reserve notes held by i bank: Jan. 3 9,464 100.671 j 7,698 17,795 13,341 3,623 i 26,975 10,507 2,408 7, 783 745 17,432 218,442 Jan. 10 8,421 129/749 ! 8,157 16,442 14.318 3,835 i 30,219 8,378 2, 543 9,332 1,108 21,303 253,835 Jan. 17 17,629 [115,395 ! 9,409 I 19,317 12; 293 i 3,567 i 36,632 10,167 1, ' 7,051 1, 508 22,287 257,212 Jan. 24 15,343 122,405 i 9'. 354 ; 20,387 9,526 ! 2,6-19 ! 35,969 12,255 1,373 7, 709 1,586 25:804 264,360 Federal Reserve notes in actual circulation: Jan. 3 160,506 |724,932 |23i,372 1248,670 137,582 1119,641 1426,129 119,139 i 96,311 1112,047 ' 59,752811,518 2,647,605 Jan. 10 ! 159,053 1691,455 .224,110 249,933 137,822 118/137 '420,457116,141 i 95,272 (110,035 . 59,152009,116 2,590,681 Jan. 17 •118,985 665,688 1216.301 ,239,606 136,403 117,123 J412,859 112,949 93,184 1107,882 57,528204,581 2,513,089 Jan.24 148,332 650,587 j21i;251 .235,564 |l33,727 112,741 410,265 109,126 91,969 107,467 55,981 199,546 2,466,556 Gold deposited with or to credit of Federal Reserve agent: 1 ! i ! • Jan.3 ! 59,717 1274,380 85,782 138,223 | 62,991 ! 44,622 ,277,969 61,674 . 54,484 22,352 125,326 1,263,383 Jan. 10. ! 59,303 1273,532 83,980 1146,553 ! 60,786 | 43,381 '260,541 61,569 54,659 ! 51,42422,322 i120,195 1,238,245 Jan. 17 ! 53', 875 i271,910 79,423 146,720 j 57,414 .• 44,389 |319,356 61,469 51,785 i 51,348 22,272 129,144 1,289,105 Pape J r a n.. d 2 e 4 livered to Federal ! I 5 2,551 i ! 27 0. ' 9 79 78,318 1 : 4 3,133 | I 5 2. ' 1 06 ! • 41,565 I [296,100 64,268 54,986 I 51,313 22,247 127,626 1,255,192 Reserve a?ent: Jan. 3... 141,732 '812,387 j 159,244 '162,228 ! 90,482 • 85,090 1239,694 75,073 55,578 i 82,799 51,543 113,378 2,069,228 Jan. 10 144,678 763,867 156,794 .153,738 | 96,216 " 84,291 1212,518 72,079 54,832 I 87,255 51,551 (115,875 1,993,694 Jan.17 '141,705 687,129 1.50,441 133,136 i 91,560 i 76,482 1176,680 65,262 54,719 i 85,061 50,999 I 99,892 1,813,066 Jan. 24 144,866 803,942 149,920 140.834 100,712 :• 81,733 ;204,223 65.105 37,958 i 85,284 51,327 1112,180 1,978,084 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBBUABY 1, 1919. FEDERAL RESERVE BULLETIN. 175 Federal Reserve note account of each Federal Reserve agent at close of business on Fridays. Jan. 3 to Jan. 24, 1919. [In thousands of dollars: i. e., 000 omitted.] Bos- New Phila- ! Clove- Rich- Chi- ! St. jMinne- Kansas Total. ton. York. jdelphia.| land. mond. cago. I Louis, j apolis. j City. Received from Comptroller: Jan. 3 247,160 ! ,281.2801330,140'323,840 194,580 196,240 549,360 1162.340 1124.480 1155,700 99,920 !248,920 3,913,960 Jan. 10 247.160 . 289', 480330,140 1325,840 196,580 197.200 551,600 j162;340 124; 480 ! 155,700 100;960 1250,520 3,932.000 Jan. 17 248',720 • ,289,480i330;420 1325,8401198,580 197', 600 553,000 1162,340 124,480 1155,700 100,960 |250,520 3,938;240 Jan. 24 253,120 ; ,293,480J330,420 |325,S40 j198,580 197,600 553,600 j162,340 1124,480 :157,700 100;960 1250,520 3,948,640 Returned to Comptroller: Jan. 3 55,950 !345,877 65,710 ! 35,035 37,437 27,961 j 50,056 I 29,704 19,311 i 28,350 21,862 19,970 737.223 Jan. 10 58,446 .352,276 67,513 1 35.035 38,190 28.203 I 52,484 i 29,991 19,515 I 28,813 21,977 20,101 752,544 Jan. 17 59,806 ".359,397 70.070 38,917 39,474 28,695 ; 55,609 ! 30,409 20.189 29,547 22,309 20,652 .775,134 Jan. 24 63,045 367.488 73;175 41,324 40,247 29.520 i 58,926 ! 32,144 20:S88 30.404 22,678 22,170 '801,809 Chargeable to Federal Reserve agent: Jan. 3 1191,210 935,403 264,430 1288,805 1157,143 168,279 1499.304 1132,636 ;iO5,169 127,350 78,058 228,950 3,176,737 Jan. 10 188,714 937,204 |262,627 :290,805 :158,390 168,997 !499', 116 J132,349 ! 104,965126,887 78,983 230,419 3,179,456 Jan. 17 188;914 930,083 1260,350 1286,923 il59; 106 168.905 |497,931 !l31,931 1104.291 126,153 78,651 229,868 3,163,106 Jan. 24 190,075 925,992 257,245 ,284,516 !158,333 168;080 -,494,674 :130,196 "11•0-3' ;—792 127,296 78,282 228;350 3,146,831 In hands of Federal Reserve agent: Jan. 3 21,240 109,800 25,360 ; 22,340 ! 0,220 45,015 46,200 i 2,990 6,450 i 7,520 17,555 310,690 Jan. 10 21,240 116,000 30,360 ! 24j430 j 6,220 47,025 ! 48,440 ! 7,830 7,150 i 7,520 18,725 334,940 Jan. 17 22,300 149; 000 34,640 i 28,000 i 10,410 48,215 j 48,440 | 8,815 9.150 j 11,220 19,615 3,000 392,805 Jan. 24 26,400 153,000 36,640 ; 28', 565 '\ 15; 080 52,690 ! 48.440 | 8,815 10.450 i 12,120 20,715 3,000 415,915 Issued to Federal Reserve Bank, less amount returned to Federal Reserve agent for redemption: Jan. 3 169,970 825,603 239,070 1266,465 150,923 123,264 453,104 129,646 98,719 119,830 60,503 228,950 2,866,047 Jan. 10 167,474 •821,204 232;267 |266,375 152,170 121,972 450,676 124,519 97,815 119,367 60,258 230,419 2,844,516 Jan. 17 166,614 : 781,083 225,710 |258,923 1148,696 120,690 449,491 123,116 95,141 1114,933 59,036 226,868 2,770,301 Jan. 24 163,675 |772,992 220,605 ;255,951 143,253 115,390 446;234 121.381 93,342 1115,176 57,567 225,350 2,730,916 Collateral hold as security for outstanding notes: Gold coin and certificates j on hand- Jan. 3 5,000 i178,728 ; 34,450 j. 2,504 I.. 13,052 ! 12,581 I 246,315 Jan. 10 5,000 !178,740 i 42,780 I 2.503 !.. 13,052 ! , 12.581 I 254,656 J J a a n n . . 2 1 4 7 1 1 7 7 8 8 , , 7 7 4 4 0 0 i I 3 4 4 2 , , 6 8 5 3 0 0 ! | . . 2.504 !.. 1 1 3 3 , , 0 0 5 5 2 2 I ! , 1 1 2 2 ; , 5 5 8 8 1 1 I I 2 2 4 4 1 9 , ,7 5 0 2 7 7 Gold redemption fund- 2 504 i Jan. 3 8,717 [ 15,652 13,296 I 13,773 2,991 2,348 6,025 2,543 ! 2,011 i 3,124 3,087 11,065 84,632 Jan. 10 9,303 : 14,792 12,940 13,773 2,786 2,108 5,597 2,438 j 1,807 ! 3,064 3.057 10,934 82,599 Jan. 17 , 8,875 ! 13,170 12,374 13,890 !2,414 2,615 5,411 2,338 3,133 i 2,988 3; 007 10,383 80,598 Jan. 24 , 8,551 j 12,239 12,082 13,483 2,106 1,791 4,155 2,137 ! 2,634 j 2,953 2,982 12,080 77,193 Gold settlement fund Federal Reserve Board- Jan. 3 , 46,000 80,000 72,486 90,000 58,000 39,770 1271,944 59,331 40,800 51,360 i 6,684 114,261 930.436 Jan. 10 45,000 80,000 71,040 90,000 58,000 38,770 254,944 59,131 39,800 48,360 !6,684 109,261 900', 990 Jan. 17 , 45,000 80,000 67,049 90,000 55,000 39,270 313,945 59,131 35,600 48,360 I 6,684 118,761 958,800 Jan. 24 , 44,000 80,000 66,236 95,000 50,000 37,270 1291,945 62,131 39,300 48,360 '6,684 115,546 936,472 Eligible paper, minimum required i Jan. 3 110,253 551,223 1153,288 128,242 89,932 78,642 '.175,135 67,972 42,856 I 65,346 38,151 1103,624 1,604,664 Jan. 10 108,171 547,672 148,287 119,822 91,384 78,591 190,135 62,950 43,156 ! 67,943 37,936 1110,224 1,606,271 Jan. 17 112,739 509,173 146,287 112,203 91,282 76,301 130,135 61,647 43,356 i 63,585 36,764 97,724 1,481,196 Jan. 24 111, 124 502,013 142,287 112,818 91,147 73,825 1.50,134 57,113 38,356 ! 63,863 35,320 97,724 1,475,724 1 For actual amount sec "Paper delivered to Federal Reserve Agent." on page 174. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. Amounts of Federal Reserve notes received from and returned to other Federal Reserve Banks for redemption or credit during the calendar year 1918 and totals for 1917. Boston. New York. Philadelphia. Cleveland. Richmond. ! Received, i Returned. Received, i Returned. • Received. Returned.: Received. Returned.! Received, j Returned. ..._ _...._ ! : IJOSiOll ! .828,023,300 '$10,415,400£.1,734,700 '82,101,400 :S2,173,900 8358,850 31,592,100 8745,500 New York '$15,729,7001527,182,800 j...'. ' !26,000,590;41,454,750 •13,564,050 9,712,450 !17,119,950 10,454,100 C Ph le i v la el d a e n l d phia.. 1 2,1 3 7 4 6 0 , , 0 97 0 0 0! 22 2 ,1 , 1 3 44 7 55 4 ,55 , - 8 11 0 00 0 , ; 9 43, 5 1 1 7 7 8 , , 4 0 5 0 0 0| i 1 3 3 1 , , 6 0 3 8 9 5 , , 7 3 0 5 0 0 4,465,900 7,037,500 i 7,153,500 4,640,700 ! 1 4 , ,6 5 0 55 6 , ,0 6 0 00 0 i 5 3 , , 0 8 9 9 6 4 . , 2 1 5 0 0 0 Richmond 734,750 1,620,600 ' 742,900 I 17,519,100 3,281,000 4,728,250 . 3,980,100 1,560,350 Atlanta 491,850 622,250 ! 165,750 j 9,300,050 976,740 1,402,100j 2,088,615 304,450 i 2,690,015 1,698,500 Chicago 1,017,250 2,219,810 i 226,000j 14,085,950 1,575,500 3,061,500 i 6,598,000 3,297,800 i 1,529,500 2,770,600 St. Louis 403,515 380,400 i 274,050! 3,013,150 651,995 655,500i 2,562,420 372,350 ; 933,705 I 479,000 Minneapolis... 111,500 338,700 ! 001,300 ! 2.312,750 150,000 418,000• 34o!000 302,450 ; 197,080 j 412,250 Kansas City... 61,000 450,000 ! 691,050 3,406,000 106,050 655,250! 237,150 369,800 • 233,450 j 759,250 Dallas 419,450 176,500 989,850 1,977,800 393,300 307;150 , 1,350,300 125,150 : 322,700 ! 139,250 San Francisco. 167,720 420,300 I 240,820 5,873,950 195,530 533,260 i 333,100 205,100 333,535 | 154,250 Total, 1918 J21,66O,3O5 i37,931,7()0 118,050,470 -118,629,200 39,53.1,305 162,354,660 40,366.135 121,249.450 31,113,635 26,603,050 Total, 1917.. .| 4,278,835 jl2,012,<J00 ; 29,997,052 ! 24,799,975 8,066,790 ,14,960,902 5,175,740 j 2,534,070 ! 6,450,175 2,083,430 Atlanta. Chicago. St. Louis. I Minneapolis. Kansas City. L Received. • Returned. Received, j Returned. \ Received. Returned, j Received. Returned.: Received. Returned. Boston §613,100 ; 3538,330 $2,247,800 SI,209,o00 $381,600 8435,795 §337,900 $119,500 8577,200 !6, New York 9,131,200 ! 6,068,945 14,071,550 ;10,923,000 2,967,850 3,787,425 2,290,750 973,800 4,308,250 816,450 Philadelphia 1,384,000 i 1,011,650 3,237,500 j 1,931,500 644,000 781,190 460,000 140,000 821,500 105,900 Cleveland 297,900 2,003,865 3,294,050 6,654,000 356,500 2,670,470 308,450 350,500 463,440 245,800 Richmond 1,696,500 2,619,300 2,765,850 1,553,000 363,500 998,725 412,500 202,500 803,240 160,440 Atlanta 2,493,075 2,013,000 2,309,010 3,847,640 435,300 106,000 1,228,355 291,800 Chicago 1,998,500 ! 2,415,825 5,005,000 12,959,065 7,269,000 4,130,250 11,060,995 1,358,850 St. Louis 3,755,740 I 2,305,805 12,486,965 5,146,000 1,041,205 290,500 8,107,970 1,185,200 Minneapolis 100,000 I 427,160 4,261,800 7,347,000 280,500 1,099,765 1,235,000 578,700 Kansas City 248,100 986,540 1,285,100 8,578,500 987,800 6,336,660 456,300 1,046,500 Dallas 1,734,750 1,790,635 1,722,150 1,816,000 1,500,050 3.797,400 291,100 125,500 3,166,470 ! 1,077,400 San Francisco 147,725 270,870 1,842,315 4,285,100 223,725 '843,625 993,000 1,630,250 1,831,940 | 430,150 Total, 1918.. 21,107,515 20,438,925 51,4 15,019,535 37,557,760 114,296,105 9,115,300 33,604,360 ! 6,320,605 Total, 1917. 6,210,710 4,650,150 5,129.265 1155,,2268,500 3,344,960 7,979,770 j 5,537,985 1,351,000 : 7,783,185 j 1,118,755 Dallas. San Francisco. Total, 1918. Total, 1917. Received. Returned. Received. Returned. Received. Returned. Received. Returned. Boston §166,500 §432,100 $426,300 $168,665 $38,274,400 $22,594,955 811,941,700 $4,219,425 New York 1,957,650 2,127,300 5,823,200 1,109,150 112,964,740 114,610,170 25,374,715 30,324,987 Philadelphia... 319,500 397,950 579,000 140,190 64,559,000 47,705,480 14,515,907 8,010,485 Cleveland 111,950 1,078,300 214,000 254,725 20,926,210 39,974,500 2,528,325 4,999,655 Richmond 142,250 282,950 140,500 301,475 24,063,090 31,546,690 2,070,680 6,392,235 Atlanta 1,771,260 1,680,000 314,970 119,330 20,947,940 21,385,120 4,654,345 6,117,975 Chicago 1,804,000 1,501,400 4,339,100 1,055,960 53,422,845 48,857,010 15,079,650 5,006,115 St. Louis 3,585,875 1,436,800 787,775 166,940 38,591,215 15,431,645 8,022,765 3,418,680 Minneapolis 125,500 242,150 1.625,250 427,325 9,435,930 13,906,250 1,327,000 5,508,090 Kansas City.... 777,950 ! 2,228,350 '440,550 1,069,490 5,525,100 25,886,340 1,110,855 7,895,375 Dallas....;.... 891,900 281 435 ! 14,782,020 11,614,220 3,536,050 5,760,020 San Francisco. 321,610 I 447,910 7,631,520 15,094,765 1,933,625 4,456,440 Total, 1918.. 11,083,945 | 11,855,210 15,582,545 5,094,685 i 411,124,010 ! 408,607,145 i ; Total, 1917.. 5,765,280 i 3,506,950 4,355,640 1,843,080 ! " 92,095,617 ; 92,109,482 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBBCARX 1, 1919. FEDERAL EESEBVE BULLETIN. 177 MEMBER BANK CONDITION STATEMENT. Pnnci'pal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank cities and in Federal 'Reserve Branch cities as at close of business on Fridays from Dec. 27, .1918. to Jan. 17. 1919. 1. ALL REPORTING MEMBER J3ANKS. [In thousands of dollars, i. e., 000 omitted.] j San ; Boston. .Dallas.; Fran- , Total. ! Cisco. ; N nmhcr of reporting banks: ' Doc. 27 : 45 Jan. 3 i 45 763 j J j a i n n . . 1 1 7 0 : 1 4 4 5 5 7 7 6 6 9 8 United States bonds to se- i cure circulation: ! Dee. 27 i 14,352 50,397 11,497 42,913 24,313 15,465 18,980 ; 17,554 6,419 13,610 17,929 34,756 268,185 Jan. 3 i 14,352 50,096 11,497 41,302 i 23,889 15,165 19,855 ! 17,155 6,419 13,610 17,929 34,505 265,774 JanlO I 14,352 46,551 11,497 41,002 I 25,000 15,105 19,855 ! 17,155 6,419 13,660 18,023 34,505 263,184 Jan. 17 1 14,352 46,001 11,497 41,002 j 25,000 15,165 19,855 I 17,155 6,419 13,685 18,106 34,505 262,742 Other United States bonds, j including Libert v bonds: I Dec. 27 .' I 23,819 326,007 41,551 90,818 56,737 43,145 111,696 '• 40,605 12,533 29,365 21,403 ' 36,240 !833,985 Jan. 3 i 23,124 330,009 42,011 89,812 55,102 42,779 108,636 ; 39,733 13,897 27,325 19,867 ; 35,274 ;827,569 Jan, 10 1 22,377 318,037 | 40,660 87,243 ! 52,933 41,610 100,812 i 38,324 12,448 28,261 20,150 35,136 797,991 Jan. 17 i 23,015 310,997 42,348 87,946 | 56,229 44,986 112,501 | 39,662 17,141 29,752 21,769 ! 38,649 825,595 United States certificates of j i ind D e e b c. t e 2 d 7 n ess: j ! 08,280 451,901 53,378 i 60,543 j ] 34,781 38,354 107,804 ! 23,289 14,968 26,809 12,598 ! 60,845 i 953,550 Jan. 3 ! 78,008 635,343 73,761 I 80,325 ! 38,908 44,360 146,740 ! 31,811 21,527 31,007 13,425 74,133 '. 1,269,948 Jan. 10 87,073 637,921 76,569 ! 83,205 ! 43,178 44,621 145,823 i 34,450 23,712 31,764 14,553 78,019 ! 1,300 888 Jan. 17 95,721 730,901 84,375 j 106,849 42,876 47,421 163,848 i 40,307 27,990 31,228 14,323 | 81,187 I 1,467,026 Total United States securi- I ties owned: Dec. 27 106,451 828,505 1106,426 194,274 115,831 96,964 238,480 I 81,508 33,920 69,784 51,930 131,847 | 2,055,720 Jan. 3 !118,084 1,015,448 [127,269 211,439 117,899 102,304 275,231 i 88,699 41,843 71,942 51,221 143,912 | 2,363,291 Jan. 10 123,802 1,002,509 1128,726 211,450 1121,111 101,396 266,490 i 89,929 42,579 73,685 52,726 1147,660 j 2,362,063 Jan. 17 1133,68811,087,899 138,220 235,797 1124,105 107,572 296,204 ! 97,124 51,550 74,665 54,198 154,341 j 2,555,363 Loans secured by United | States bonds and ceriiii- j catcs: Dec. 27 1103,967j 692,406 157,618 102,132 i 43,188 21,058 72,253 ; 25,420 11,513 12,925 7,672 19,257 1,269,409 Jan. 3 | 95,425 j 664,934 144,181 97,718 I 43,656 17,598 83,300 i 24,509 13,232 10,354 1,511 17,619 1,220,040 Jan. 10 93,340i 640,981 142,624 93,943 37,009 18,642 67,986 ! 23,638 10,120 11,307 7,171 I 18,690 1,165,451 Jan. 17 ! 89,936 665,264 136,600 92,867 ! 36,909 17,594 70,950 ! 24,228 10,067 11,670 7,646 I 18,990 1,182,721 Other loans and investments: Doc. 27 760,40914,108,701 619,529 j 936,975 -391,933 322,400 386,135 j369,684 242,437 459,704 181,439 ;548,920 10,334,266 Jan. 3 1740,61114,014,172 607,711 ! 957,854 '376,786 310,992 371,032 356,580 230,569 443,561 176,688 !527,913 10,114,469 Jan. 10 747,71813,987,569 607,509 I 967,277 1384,763 309,277 381,321 1374,844 225,519 444,483 175,834 1525,027 10,131,141 Jan. 17 J758,755'3,992,612 609,475 973,166 1378,919 315,305 365,682 1374,807 222,818 438,510 176,375 i529,044 10,135,468 Total ioiir.s i:iid invest- j men-s: j Dec. 27 ;976,827|5,629,412 883,573 !l, 233,381 |550,952 440,422 696,868 1476,612 287,870 542,413 241,041 j 700,024 113,659,395 Jan. 3 '952,12015,694,554 879,164 jl, 267,011 1538,341 430,894 729,563 1469,788 285,644 525,857 1235,420 ;689,444 13,697,800 Jan. 10 j964,86015,631,059 1878,859 1,272,670 1542,883 i429,3lo 715,797 488,411 i278,218 529,475 !235,731 1691,377 13,658,655 Jan. 17. 932,379 15,745,775 884,295 1,301,830 539,933 |440,471 732,836 1496,159 284.435 524,845 J238,219 702,375 13,873,552 .Reserve wiii; recii»ral Resi:-rvo'R«ii>:: | ! Deo. 27 i 63,494 ' 644,973 i 58,120 ! 78,916 ! 34,783 ! 30,340 158,595 I 37,108 24,031 45,701 15,105 ! 51,281 . 1,247,447 Jar:. 3 1 70,2S1 I 673,932 I 63,804 ! 89,631 ! 37,399 I 35,102 155,952 i 42,444 22,902 38,801 17,052 ! 48,54.9 , 1,295,849 Jan. 10 | 73.264 I 659,120 j 66,481 ! 94,926 I 35,673 | 29,672 165,255 I 37,920 22,787 39,801 18,157 j 52,667 i 1,295,723 JMT?. 17 i 7^484 ; 668,285 | 65,355 i 92,032 i 34,790 i 28,046 156,991 ! 38,870 21,655 46,687 17,537 ! 49,062 i 1,298,874 Cash in vault: ! i ! Dec. 27 ,J 29,817 I 142.148 i 25,612 ! 41,467 22,667 16,972 I 72,931 •• 15,177 10,834 18,302 "; 12.283 i 27,214 ! 435,424 Jan. 3 2S^ 432 ! 140,424 ; 25,063 1 45,027 22,332 18,004 l 74,187 ' 15.166 10,343 17,799 i 9,336 I 22.678 . 428,791 Jan. 10 24,986 j 137,795 ! 22,190 39,693 22,478 17,205 I 69,218 ! 14,922 10,482 I 18,057 I .10,768 I 23,809 I 411,603 Jan. 17 21,191 ' 125,125 21,909 : 41,935 20,123 16,291 J 65,179 i 13,193 9,067 j 16,458 ! 9,675 ; 23,175 386,621 Net demand deposits on I \ which reserve is corn- ' • DM ted: : Dec. 27 715,610 4,657,866 629,478 !759,579 337,756 -239,286 ;1,153,285 ,286,116 215,669 1391,910 146,694 429,587 I 9,962,836 J J J a a a n n n . . . 3 1 1 0 7 7 7 7 2 1 3 8 5 8 , , , 7 6 3 6 3 1 7 5 2| 4 4 4 ; , . 7 6 6 7 6 7 0 7 3 , , , 8 2 6 1 8 5 5 8 1 6 6 6 4 3 5 7 0 8 , , , 9 5 3 2 3 4 9 5 9 ! i ! 7 7 7 9 8 9 3 8 3 , , , 2 3 5 1 9 8 8 6 2 , : , 3 3 3 2 2 3 7 8 3 , , , 6 9 2 7 4 5 6 2 8 | j : 2 2 2 4 4 4 2 2 5 , , , 5 8 4 8 6 4 3 6 0 : , j 1 1 l 3 31 1 1 7 6 9 3 6 1 , , ,5 9 1 0 2 5 7 2 3 1 ; ,3 2 2 0 8 9 2 3 4 , , , 6 4 8 8 o 3 0 6 9 2 2 2 1 1 0 1 8 6 , , , 1 4 4 1 1 3 6 6 1 1 | 1 3 3 3 8 8 9 7 8 5 , , , 3 9 3 5 2 3 9 0 7 1 ' 1 1 1 4 5 5 8 0 1 , , , 5 2 2 3 7 1 3 0 9 4 4 4 2 3 3 1 2 9 , , , 7 7 7 5 4 6 4 5 3 j 1 1 lO 0 0 ' , , , 0 0 1 8 6 4 0 6 5 , , , 1 5 0 0 0 5 2 2 8 Time deposits: Doc. 27 104,985 245,119 18.972 I229,226 ! 60,053 95,151 390,215 i 72,997 48,772 60,297 25,571 129,788 1,481,156 Jan.3 105,247 252,438 19,216 264,243 i 69,743 95,243 394,966 80,222 49,580 64,789 26,421 130,193 1,552,301 Jan. 10 1104,100 251,040 18,779 269.828 " 61,982 97,882 398,834 ! 85,996 54,829 64,555 26,092 131,429 1,565,326 Jan. 17 :105,625 261,597 18,679 278i 238 : 67,093 99,617 400,233 i 88,696 49,825 64,466 ! 26,749 144,246 1,605,064 Government do^c^ii>\ Dec. 27 : 39,787 215,998 31,235 36,699 j 19,457 16,394 53,007 ! 15,793 9,835 16.955 9,220 9,756 474,136 Jan. 3 ! 36,268 245,694 30,101 23,327 i 1.1,162. 11.976 34,115 16,799 7.992 10,138 3,953 79 431,604 Jan. 10 : 41,292 276,968 31,508 33,841 | 11,207 9,603 55,905 18,102 8,564 9,372 2,660 499;022 Jan. 17 ' 39,845 381,614 48,271 33,377 : 19,052 19,200 51,908 24.145 18.753 15,046 j 3,376 4,369 858,956 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

178 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank cities and in Federal Reserve Branch cities as at close of business on Fridays from Dec. 27,1918, to Jan. 17,1919—Con. 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. [In thousands of dollars; i. e., 000 omitted.] B to o n s- . Y N o e r w k. pnia. . • " C l l a e n v d e . - I m Ri o c n h d - . j j l A an t- ta. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . Total. ,_ I I _ _ Number of reporting banks: j Dec. 27. 65 i 41 i 252 Jan. 3 65: 41 j 253 Jan. 10 65 i 41 Si 254 Jan. 17 65 i 253 United States bonds to secure circulation: Dec. 27 4,228 36,333 ! 7,487 i 4,471 2,090 3,600 1,119 10,554 2,340 4,496 060 i 18,400 99,1S4 Jan. 3 4,228 36,333 ! 7,487 : 4,471 I 2,097 j 3,700 1,119 10,555 2,340 4,496 060 i 18,400 99,286 Jan.7 4,228 35,333 j 7,487 j 4,471 ! 2,783 3,700 1,119 10,555 2,340 4,546 060 ! 18,400 100,022 Jan. 10 4,228 35,783 : 7,487 . 4,471 I 2,783 3,700 1,119 10,555 2,340 4,571 000 I 18,400 ! 99.497 Other United States bonds, I including Liberty bonds: ! Dec. 27. , 13,649 273,793 : 33,710 i 17,621 ' 8,933 5,698 50,235 30,238 3,339 9,647 ! 289 ! 12,706 464,858 Jan. 3 ! 13,123 I 275,784 i 34,244 15,655 I 8,125 5,222 47,253 29,909 4,813 8)843 I 059 i 11,920 459,550 Jan. 10 12,592 272,986 | 33,210 j 15,643 j 6.072 45,297 27,815 3,536 8,199 807 12,187 450,173 Jan. 17 13,732 263,896 ; 33,385 18,658 i 8,600 6)216 49,798 26,775 6,729 9,78C ! 224 14,085 456,887 United States certificates of indebtedness: Dec. 27 i 49,226 426,127 1 43,903 ; 13,642 6,669 48,495 17,739 5,289 8,209 5,962 I 24,906 655,547 Jan.3 | 54,674 595,195 ! 62,706 ! 18,803 5) 1776,529 71,977 24,734 7,944 8,592 6,632 j 29,811 892,774 JT an-. 1^0 02,255 600,424 | 65,317 | 16,792 j 6,751 7I,773 72,663 26,168 9,237 8,756 6,654 i 30,799 913,589 Jan. 17 70,168 687,399 i 73,324 ; 22,594 j 6,132 :8,009 87.700 29,630 11,405 7,106 6,491 30,313 1,040,271 Total United States securities owned: i i Dec. 27 67,103 730,253 : 85,100 ! 35.734 i 16.409 15,967 99,849 58,531 10,968 22,352 15,311 j 56,012 j 1,219,589 Jan.3 72,025 907,312 104,437 i 88,929 | 15139915.4.51 120,349 65,198 15,097 15,851 i 60,131 ! 1,451,610 Jan. 10 79,075 909,743 106.014 ; 36,906 ! 17,363 1!7;545 119,079 64,538 15,113 2V 501 i 1555! 25211 Ii 66L1338866 i l1! 446633) 7784 Jan. 17 88,128 987,078 -114,196 : 45,723 ! 17,515 !17.925 138,617 66,960 20,474 21,466 I 15,775 ! 62,798 j 1,596,655 Loans secured by United States bonds and certificates: Dec. 27 77,874 636,247 152.378 j 32,528 18,099 4,597 50,517 19,828 8,023 1,511 2,584I 8,819 1,013,005 Jan.3 77,133 617,825 1139,624 33,259 15,682 '•3,411 61,160 19,269 8,867 1,769 2,275I 8,341 988,615 Jan. 10 75,303 597,147 i 138,263 i 25.888 14,600 ; 4,150 45,611 18,293 5,737 1,892 2,071 I 9,096 938,051 Jan. 17 71,942 621,692 1131,967 i 24)695 13,735 • 3,145 48,339 18,549 5,426 1,805 2,210 I 9,415 952,920 Other loans and investments: Dec. 27 534,494 I 1 3,695,537 ' i 5 50 " ,1 39 ! 273,451 83,470 •61,336 851,458 261,562 108,416 166,954 j 40,7621215,601 6,S43,180 Jan. 3 514,274•3,627,695 1536,394 !271,59S 75,785 : 55,989 846,008 251,371 98,460 157,880 !42,929 ;207,797 6,686,180 Jan.10 522,565'3,606,625 '537,834 '273,430 75,754 j 55,694 841,594 258,746 98,023 159,291 j39,9161202,693 6,672,165 Jan. 17 532,95513.594,179 1537.870 :271.370 76,130 ! 59,565 84.4,350 252,940 96,036 150,526 j40,456|204,814 6,661,191 Total loans and investments: j Dec.27 679,471 !o,068,037 !787,617 '341,713 117,978 ' 81,900 1,001,824 339,921 127,407 190,817 '58,657:'2S0,432 9,075,774 663,432 '5,152,832 |780,455 1343,786 106,866 l 74,851 1,027,517 335,838 1122,424 181,580 60,5551276,269 9,126,405 JJ 0a.11an .^ -1-0-- -•-----•••-•-•-- WVJ AW"!«6"7"6 ,9"4""3 15,113,515 J782, 111 '336,224.107,717 : 77,389 1,006,284 341,577 1118,873 182.684 57,508i273,175 9,074,000 Jan. 17 , 693,025:5,202,949 '784,033 |341,788 107,380 80,635 1,031,306 338,449 121,936 173)797 58,441 |277,027 9,210,766 Reserve with Federal Reserve Bank: Dec. 27 54.791 607,475 51,882 I 20,313 7,266 I 6,667 111,374 27,973 11,994 16,933 i 3,00!) I 20.758 940,435 JJaann.. 33 "I 5w5'..663311 635,264 57,427 ! 21,499 5,807 j13,931 108,825 32,856 10,895 11,014; 4,327 ! 17)363 974.839 Jan. 10 59,132 625,882 60,050 : 25,225 6,672 • 6.274 112,584 28,850 10,543 12,933 ! 4,004 I 20,039 972)188 Jan. 17. 6-1,636 635,222 53,223 ; 20,978 6,307 !6,122 108,029 28,925 10,502 17,705 I 4,590 I 17,092 979,431 Cash in vault: Dec. 27 19,845 122,572 21,135 I 11,262 2,370 i3,759 43, -111 8,576 3,492 5,737 2,9311 I 6,494 251,584 Jan.3 18,047 120,625 19,800 ! 12,431 2,002 | 3,397 44,555 8,531 3,053 4,977 l,66o 5,798 244,881 Jan. 10 14,964 120.257 17,773 ! 10,261 2,539 3,069 42,301 8,285 3,414 5,036 2,385 6,602 236,88(5 Jan. 17 14,595 HO,'703 17,269 i 10,350 2,223 | 2,758 39,600 7,210 3,007 4,728 1,668 5,892 220,003 Net demand deposits on I which reserve is c oinp iited: ! Dec. 27 552,24514,275,519 549,213 176,583 i 70,770 45,921 782,823 202,530 ! 96,762140,388 I 36,9211176,005 7.105,680 Jan.3 1552,596 4,338,604 551,124'1183,438 !64,040 46,276 794,398 221,589 I 96,156 131,610 !38,7981177,840 7'. 196,4G9 Jan. 10 '565,854 4,310,677 568,791 ! 183,134 i61,352 46,236 199,616 I 92,169 139,668 j40,701 180,124 7)196,725 Jan. 17 1558,334|4,322,585 578,616 175.410 I 60,331 45,554 795,711 199,529 ! 90,856139,271 i 38,807 176,762 7,181,766 Time deposits: i Dec. 27 ! 30,682i 189,611 12.180 1110,513 ; 5,585 '!17,037 147,800 52,708 17,373 7.578 ! 2,822 9,096 602,985 Jan. 3 i 31,968 ! 195,422 12)043 '.122,406 : 14,774 !15,610 149,859 58,526 17,673 7)600 j 2,988 8,985 637)855 Jan. 10 i 29,433; 196,329 11,544 122,079 ! 5,807 i17,476 151,894 61,004 17,830 8,136 l 2,787 9,625 633,944 Jan. 17 31,687:' 206,190 11,370 122,688 ! 6,045 '17,708 153,274 61,025 I 17,186 7.974 ! 3,155 9,850 648.150 Total net deposits on which reserve is computed: Dec. 27 i561,450 4,319,275 552,867 209,737 : 72,446 \ 51,032 816,931 214,693 101,974 142,661 j 37,768 178,734 i 7.259.5(58 Jan. 3 1562,186 4,383,701 554,737 220,160 : 68,472 | 50,959 828,981 235,095 101,458 133,890 I 39,694 180,536 ; 7)350,869 Jan. 10 1574,684 4,355,984 572)254 219,758 ! 63,094 ! 51,479 843,455 213,693 j 97,518 142,109 41,537 183,012 I 7,358.57" Jan. 17 !o67,S40|4,370,167 582.027 |212,216 : 62,145 I 50,866 213,612 i 96,012 111,663 39,754. 179,717 1 7,347)101 Government deposits: i I ! Dec. 27 29,349| 197,354 27,881 I 15,284 ••3,718 I 3,204 i 30,294 12,526 4,467 7,345 I 5,451 ! 5,550 i 312,423 Jan. 3 27,777 ! 228,604 27,834 j 10,387 . 957| 1,701 ! 13,962 13,572 3,099 4,364 i 2.316 j 79 j 334'. 652 Jan. 10 32, (531• 232,283 28,865 j 12,095 . 729 : 1.425 39,508 13,931 3,875 3,648 ! 1)221 ! i 370.211 Jan. 17 31,546! 358,467 42.78S ! 19,350 ; 3,921 I 4,368 39,405 18,921 8,116 6.656 -! 1,967 \ 4,369 ! 539)874 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FELJitUARY 1, 1919. FEDERAL RESERVE BULLETIN. 179 Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank cities and in Federal Reserve Branch cities as at close of business on Fridays from Dec. 27, 1918, to Jan. 17, 1919—Con. 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES. [In thousands of dollars; i. e., 000 omitted.] C la le n v d e- j Rich d - Atlanta d C is h t i r c i a c g t. o * I S di t. s t L ri o c u t. i 5 s d K is C t a r i n i t c s y t a .* s * d D ist a r l i l c a t s .7 S d a i n c st i s r F c i r c o a t. n 8 - Total. j" Number of reporting banks: Dec. 27../ 36 ! 18 20 12 i 17 6 28 I 149 Jan. 3 39 ! 18 20 12 i 17 6 28 \ 154 Jan. 10 39 ! 18 20 12 j 17 ' 6 28 ! 158 Tan. 17 39| IS 20 12 ! 17 j 6 28 1 159 United States bonds to secure circulation: i Dec. 27 24,823 I 4,991 ! 5,085 1,805 | 4,487 I 1,255 8,736 i 56,412 Jan. 3 23,316 ! 4,991 ! 5,085 1,805 ! 5,250 4,487 ! 1,255 8,485 i 54,674 Jan. 10 , 23,316 ! 4,991 i 5,085 1,805 j 5,250 4,487 I 1,255 8,485 54,674 Jan. 17 23,316 i 4,991 ! 5,085 1,805 ! 5,250 4,487 j 1,432 8,485 54,851 Other United States bonds, including Liberty bonds: Dec. 27 55,338 ' 7,235 j 19,937 i 24,674 ! 7,721 8,081 2,035 15,176 140,197 Jan. 3 55,079 ! 7,555 I 19,344 j 26,500 8,647 7,985 1,966 14,741 141,817 Jan. 10 55,375 i 7,468 | 18,340 24,180 8,878 8,415 1,948 14,016 138,620 Jan. 17 51,382 j 7,904 ! 19,350 28,422 10,915 8,692 2,290 15,395 144,350 United States certiiieates of indebtedness: Dec. 27 33,227 i 16,187 21,753 4,444 i 9,291 794 25,987 144,779 Jan. 3 43,156 : 18,071 26,051 41,013 6,386 I 11,805 781 32,519 179,782 Jan. 10 i 4S,328 i 18,657 25,972 40,151 7,288 ! 12,102 1,231 34,489 188,218 Jan. 17 ! 65,031 i 18,439 27,615 40,724 9,338 | 12,890 1,399 36,430 211,866 Total United Stales securities owned: i Dec. 27 ! 113,388 I 28,413 46,775 59,575 17,395 21,859 4,084 49,899 341,388 Jan. 3 ! 121,551 ; 30,617 50,480 69,318 20,283 24,277 4,002 55,745 376,273 Tan. 10 i 127,019 I 31,116 49,397 66,136 21,416 25,004 4,434 56,990 381,512 Jan. 17 i 139,729 ! 31,334 52,050 70,951 25,503 26,069 5,121 60,310 411,007 Loans secured by United States bonds and cerfcifi- j catcs: ' ; Dec. 27 61,151 i 11.304 10,024 8,741 3,768 6,339 312 5,417 i 107,056 Jan. 3 1 56,853 ! 16,397 9,191 8,720 3,738 6,222 349 5,385 106,6o5 Jan. 10 ! 59,61(5 . 11,177 9,569 8,482 3,979 6,677 347 5,903 j 105,750 Jan .17 i oS,748 | 11,517 9,467 8,639 4; 348 7,102 357 5,152 105,330 Other loans and investments: i Dec. 27 495,802 i 110,403 169,772 253,143 85,128 150,982 14,177 214,096 1,493,503 Jan. 3 1 509,035 | 110,732 166,319 244,085 89,913 150,566 13,821 210,854 1,495,325 Jan. 10 | 511,095 113,676 165,066 270,185 102,595 148,416 14,086 209,567 1,534,686 J an. 17 s 512,242 !109,240 168,439 250,344 106,636 148,499 13,983 210,492 1,519,875 Total loans and investmen ts: i Dec. 27 i 670,341 !150.120 226,571 321,459 106,291 179,180 18,573 269,412 1,941,947 Jan. 3 i 687,239 ' 157'746 225,990 322,123 113,934 181,065 18,172 271,984 1,978,253 Jan. 10 i 697,730 !155,969 224,032 344.803 127,990 180,097 18,867 272,460 2,02i;948 Jan. 17 i 710,719 |152,091 229,956 329.; 934 136,487 181,070 19,461 275,954 2,036,272 Reserve with Federal reserve bank: i Dec. 27 i 44,719 i 12,022 16,118 22,239 7,688 13,805 1,383 21,175 139,149 Jan. 3 ; 53,364 ; 12,498 13,525 21,886 8,881 13,678 1,197 20,287 j 145,316 Jan. 10 ! 54,723 i 13,616 15,924 25,797 8,247 12,527 1,576 21,101 I 153,511 Jan. 17 ; 55,177 I 12,356 15,309 22,410 9,020 14,876 1,436 20,963 151,547 Cash in vault: ! Dec. 27 : 19,717 7,827 7,594 13,615 5,330 6,255 10,724 71,744 Jan. 3 1 20,496 7,925 8,839 13,821 5,752 6,707 647 8,529 72,516 Jan. 10 ! 17,886 7,663 8,961 12,379 5,980 6,552 599 7,937 67;957 Jan. 17 i 19,651 7,079 8,720 11,380 5,224 5,705 630 8,307 66,756 Net demand denosits on which reserve is computed: ; Dec. 27....: ! 447,014 109,849 134,865 157,634 65,159 124,799 10,830 161,825 1,211,975 Jan. 3 i 465,045 111,260 138,670 162,048 72,651 125,898 10,539 155,401 1,241,512 Jan. 10 i 463,420 111,462 140,183 167,923 74,667 123,284 11,278 148,200 1,240,417 Jan. 17 1 462,481 114,050 140,576 158,909 84,972 123,727 11,070 165,187 1,260,972 Time deposits: ' Ded. 27 ! 12,642 47,132 153,867 14,675 30,620 4,978 89,934 420,087 Jan. 3 i 79,120 12,913 47,965 155,896 16,221 34,540 5,125 87,'987 439,767 Jan. 10 ! 79,751 12,881 48,457 157,114 19,441 34,832 5,183 88,319 445,978 Jan. 17 1 87,584 15,687 48,893 156,918 20,989 34,817 5,280 100,724 470;892 Total net deposits on which reserve is computed: ! Dec. 27 i 466,886 113,642 149,005 203,794 69,561 133,985 12,323 188,805 1,338,001 Jan. 3 i 488,781 115,134 153,059 208,817 77,517 136,260 I 12,077 181,797 1.373,442 Jan. 10 ! 487,345 115;326 154,720 215,057 80,499 133,734 12,833 174,696 I', 374,210 Jan. 17 i 488,756 118,756 155,244 205,984 91,269 134,172 I 12,654 195,404 1,402,239 Government deposits: j Dee. 27 ". i 15,032 8,454 10,014 2,736 4,565 j 272 2,344 51,801 Jan. 3 ! 7,490 5,660 6,476 13,964 2,979 3,171 I 120 39,860 Jan. 10 i 16,789 4,520 5,177 7,599 3,559 3,177 i 400 41,221 Jan. 17 i 7.774 8,658 6,487 4,775 4,052 I 428 39,167 1 Pittsburgh and Cincinnati. B Louisville, Memphis, and Little Rock. 2 Baltimore. • Omaha and Denver. 3 New Orleans. Jacksonville, and Birmingham. 7 El Paso. < Detroit. s Spokane, Portland, Seattle, and Salt Lake City. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 FEDERAL, RESERVE BULLETIN. 1, 1918. IMPORTS AND EXPORTS OF GOLD AND SILVER. Gold imports and exports into and from the United States. [In thousands of dollars; i. o., 000 omitted.] Ten days Kloven days Total for Totai for Ten days ending Dec. ending Dec. calendar calendar ending Jan. 20, 1918. 31, 1918. year 1918. year 1917. 10, 1019. IMPORTS. Ore and base bullion 161 328 15,335 15.789 561 United States mint or assay office bars. ... . . . 6 114 U Bu n l i l t i e o d n , S r t e a f t i e n s e d coin . 193 .. 15502 3 6 9 . , 8 5 3 91 4 3 5 9 3 8 , , 9 7 2 6 3 2 150 Foreign coin '184 95,125 Total 354 530 61,950 563,713 711 EXPORTS. Domestic: Ore and base bullion 206 250 United States mint or assay office bars 4,484 46,595 Bullion, refined 174 3,575 43,683 Coin 771 199 32,157 274,318 541 Total 947 200 40,422 364,846 541 Foreign: Bullion, refined 31 Coin 426 7,294 Total 426 7,325 Total exports 947 200 40,848 372,171 541 Excess of gold imports over exports during calendar year 1918, $21,102,000. Excess of gold imports over exports Aug. 1,1914, to Dec. 31, 1918, $1,071,406,000. Silver imports and exports into and from the United States. [In thousands of dollars; i. e., 000 omitted.] Ten days j Eleven days j Total for I Totai for Ten days ending Dec. j ending Dec. \ calendar \ calendar ending .Jan. 20, 1918. 31, 1918. j year 1918. ! year 1917. I 10, 1919. Ore and base bullion 1,536 j 1,007 44.878 I 37.669 | 1,545 United States mint or assay office bars. ' 51 j 131 i Bullion, refined 60 73 20,569 , 9,367 1 424 United States coin 15 14 l!268 : 1,162 ! 28 Foreign coin 167 ! 106 4^610 ! 5,012 i 119 i , Total. 1,778 j 1,200 71.376 i 53,341 j 2.116 EXPORTS. Domestic: Ore and base bullion 19: 107 ; United States mint or assay office bars. 5,329 i 10,897 07,096 ' 3.WKs : Bullion, refined 1 10.181 I 4; 962 169,316' 72;880 ; 1,823 Coin • 22 j 413 3; 542 : 1,004 I Total. 15,532 j 16,272 239.973 77.726 : 1,823 Foreign: Bullion, refined. 188 ! 256 0,018 3.215 i 61 Coin 293 : 159 <>.S55 3,190 i 260 Total 481 415 12? 873 6,405 j 321 Total exports. 16.013 10,687 ! 252.S " ^4~13l" j ^ 144 Excess of silver exports over Imports during calendar year 1918,8181,470,000. Excess of silver exports over imports Aug. 1.1914, to Dec. 31,1918, 8279,760,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN. 181 Estimated general stock of money, money held by Treasury and by the Federal Reserve System, and all other money in the United Slates Jan. 1. 1919. Held in the "H>id h- -r iw- i Held outside the ; Ge m U n n o e n r it a e e l y d s S t i o t n a c t k e t s h o . e f U a T n s r s i e t e e a t d s s u o S r f y t t a a h t s e e s banks a n d; v R ese < r m v f e l ! j ! S ta t h tth ee e e s s T u uT n n re i is t a t e e s d ud uyry Government.1 agents. system.Kestn e ; ; i a R ann e d s d e t t r hh v ee e F s Fe y ed s d t ee e rr m aall . Gold coin 2 83,080,510,011 8327,238,862 ! $1,-151,025, 3416,932,333 . Gold certificates 419,682,999 i. Standard silver dollars 400,821,980 """oO,"956*f>6i"i... 83,244,382 |. Silver certificates 9.291 272 I 255,526,668 j. Subsidiary silver 241,203,989 ; •180 I 236,535,356 I. Treasury notes of 1890 ! 1,803; 107 !. United States notes 346,681,016 8.900,115 ! 4 48,738,734 ! 289)042,167 '. Federal Reserve notes 2,859,843,920 34;528,148 i 193,339,180 I 2,631,976,592 I. Federal Reserve bank notes. 128,143,530 2,868,297 ! 3,862,240 I 118,412,993 j. National bank notes 723,529,210 27,125,084 I 44,421,044 ! 651,983,082 j. Total: Jan. 1, 1919 7,780,793,606 454.948 160 ! 2,220,705,767 5,105,139,679 j 847.83 Deo. 1, 1918 7,669,576.580 416;383 232 ! 2,123,208,487 5,129,984,861 ! 48.13 Nov. 1, 1918 7.590,173,171 399,321!725 i 2; 125,198,801 5,065,652,645 i 47.59 Oct. 1, 1918 7,391,008,277 380,246!203 1 2,084,774,897 4,925,987,177 \ 46.34 Sept. 1, 1918 7,092,955; 371 1 369,987;060 ! 2,070,371,803 4,652,646,508 43.83 Aug. 1, 1918 6,895; 089,799 ! 390, 79$,058 ! 2,054,455,993 4,449,835,748 41.97 Julyl, 191.8 6,742,225,784 i 356,124!750 i 2,018,361,825 4,367,739,209 41.31 Jan. 1.1918 6,256.198,271 277,013;358 ! 1,723,570,291 4,255,584,622 40.53 Apr. 1,1917 5,312,199,272 258,198:442 I 952,934.705 4,100,976,125 39.54 1 Includes reserve funds against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of national bank notes, Federal Reserve notes, and Federal Reservo bank notes. 2 Includes balances in gold settlement fund standing to the credit of the Federal Reservo banks and agents * Includes standard silver dollars. 4 Includes Treasury notes of 1890. OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM DEC. 16, 1918, TO JAN. 15, 1919. ' I • : . . b I ( a t d e n R a m k e i s l s s y e i d r n a v r v e a F e w e c r d a n it g e y o r e a n ) l . b I ( o t a d u e R n a t m i k s e l i s s s y d e i e d r a n v r v F a e d e w e i r c d s a n i t e g t r y o r e i a c n ) l t . : • . T o ( F o n d t e a a d b l i e a l d y i r n t i a e k s a l m t s v r R i e s i c e n r t d a s e r o g a r e w v w ) e , n n I : j : ''I ( b t d e a a m n i d l k s y i s s d a t i r r v n i a e c w r o ts a n t g h e e o ) r n , I j i j t b ( e o d a m t a n i i i s d l y p h b a a a r r n a v e d n e n l c r t e a h d b g e a e s b n ) y , k } i j ) I ( t d U e T a m n i r l i e s y t a e d s a d u r v a r S e e w r t r a a n g t o e e o f s ) n . ' I : b N m e u r e x m o n f - , - V ^ N m n u e o m m n- - - f • ber ks banks I |in dis-. : Num- Num- Num- i Num- I Num.- ! Num- "^fonparindis- : bor. Amount. ber. Amount. ber. Amount. '• ber. : Amount. I ber. i Amount. J- ber. Amount.! list. triot. "I" Boston 14,513JS23, 781,502j 82,016 311,397,475 96,529iS35,178,977! 10,000Sll,526,528| 10,157 $4,890,577; 424: 244i 244 N Ph ew ila d Y e o lp r h k i . a .. .. 2 1 1 7 , ,7 7 5 12 5 2 8 "8 9 '~, ,3 0 4 6 1 9 , , 1 4 4 6" 3 8 J ! 14 4'" 9 3 , ,7 —4 9 5 3 8 5 " 1 , , 7 4 9 6 0 5 , , 9 7 7 1 7 4 : 1 6 6 5 7 ,1 ,5 7 4 0 8 i J 3 14 3 0 , , 8 8 6 0 0 6 , , 4 8 4 5 5 7 ; ! 3 2 4 1 , ,5 8 5 5 5 1 1 1 0 6 , ;0 4 6 71 8 , , 6 8 0 3 7 9 1 | 8,785 1,221,715j 6 7 5 2 6 3 3 32 3 3 5 ! i 3 42 23 5 Cleveland 5,312 7,638,332' 61,844 298,1891 67,156 31936,521' 7,261 A,846,925: 1,907 -S2,883,764 6,624 J,995,418i 815 729| 1,138 Richmond 2,228 8,414,116 45,859 766,1361 48,087| 23!180,252 5,956: 532,7641 228, 651,296 3,118 586,640i 565 i 353 j 1,502 Atlanta 5,837 5,747.844 21,586 335,8571 27; 423 10,083,70lJ 2,815 751,147, 3,881: 2.128,529 5,592 .,309,5641 426: 370! 1,663 Chicago 14,386 26,998; 000 54,989 091,000' 69,375i 37;089,000' o, 711 181,000! 335522 '275,,000 17,292 6,825,000 1,333 2,414, 4,161 St. Louis 5,331 8,514,270 „3_2,"'" 652,851 •' 37,680' 16,167,121' 744 779,506| 752 275,000 9,259 660,034 512; 1,052! 2,597 Minneapolis... 3,896 9,964,2111 21, 226,152' 25,312i 12!190,363; 1,248 637,330- 535.904 1,234 247,933 l,191i 2,839 Kansas City.. 3,922 10,374,3851 57, 972,034 61,913 i 23!346,419', 5,910| 253,274! 3,286! 1,809,156 6,026! 776,844 2,200: 3,189 Dallas "... 1,689' 2,532,423! 25, ",657,271 27,194j 10,189,694! 2,954 061,941 i 1,067 187,552; 4,535! 522,949 247: 1,194 San Francisco. 2,003' 3,529,224! 35 9,718,109 37,315: 13]247,333: 8231 968 2,189 1,609,239 4,660113 717,126 649| 1,137 1,243 Totals: --• T Dee. 16,1918, i to Jan. 15, 1919 98,584 224,904,918 632,118162,371,765 730,702.38;17,276,683' 99,828 64,079,660! 13.662 10,080,440' 77,282;37,753,800: 8,69210,59520,518 Nov. 16 to Dec. 15, I 1918 85,174219,162,199 590,685167,471,893 6;.75,859386,634,0821 88,326 66,301,701; 13,394100, /704,900J135,173)60,766,938j 8,639J10,409!20,607 Oct. 16 to Nov. 15, ! j I I I 1918 82, 1,117,565! 84,796 70,025,266! 12,198 111,356,075! 98,168 52,790,23?' 8,584i 10,219:20X11 De t c o . J 1 a 6 n ,1 . 9 1 1 5 7 , , 434 231,014,467J I 550,48 ! 4189,103,098 632,918 420, i ! 1918 !,007i237,098,243' 49,342 52,175,578' 7,718 3,402.03oj 38,130 21,116,293 7,902| 9,194i20,604 48,549 148,033,1081253,4581 89,065,335 302, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. DISCOUNT RATES. Discount rates of each Federal Reserve Bank approved by the Federal Reserve Board up to Jan. SI, 1918. Maturities. Secured by U. S. certificates of indebtedness or Liberty loan Federal Reserve Bank. W d it a h y in s, 15 Agricul- bonds. i c m n o b c e l a l l m u a n d t k b e i s r e n ' a r g l 1 d 8 a t y o s . 60 l t i u v o p r e v a a - e l p s r t e a o 9 r n c 0 d k W d c a l i u y th d s i , i n n i n g 1 - 5 16 to 90 in I c d t l a o u y s 6 s i 0 v , e. in 6 c 1 d l a u t y o s s i 9 v , 0 e. notes. member banks' days. collateral notes. Boston New York i... Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis... Kansas City... Dallas San Francisco. 1 Rate of 3 to 4^ per cent for 1-day discounts in connection with the loan operations of the Government. Rates for discounted bankers, acceptances maturing within 15 days, 4 per cent; within 16 to 60 days, 4} per cent; and within 61 to 90 days, 4J per cent. 2 Rate of 4 per cent on paper secured by fourth Liberty loan bonds where paper rediscounted has been taken by discounting member banks at rate not exceeding interest rate on bonds. NOTE 1.—Acceptances purchased in open market, minimum rate 4 percent. NOTE 2.—In case the 60-day trade acceptance rate is higher than the 15-day discount rate, trade acceptances maturing within 15 days will be taken at the lower rate. NOTE 3.—Whenever application is made by member banks for renewal of 15-day paper, the Federal Reserve Banks may charge a rate not exceeding that for 90-day paper of the same class. FOREIGN EXCHANGE RATES. Monthly ranges of exchange rates on leading foreign money centers, quoted in Neiu York during the S months ending January, 1919. London: 60-day bankers' bills dollars for £1. 4. 8665 4.73125 4.73125 4.73125 4.73125 Sight drafts do... 4.8665 4.7570 4.7585 4.7575 4.7585 Paris francs for 100 dollars. 518.1347 545.625 545.25 546.25 545.50 Milan lire for 108 dollars. 518.1347 637.5 635.00 637.25 638.50 Madrid dollars for 100 pesetas. 19.30 19.80 20.20 20.05 20.14 Amsterdam dollars for 100 florins. 40.20 42.00 42.75 41.125 42.75 Stockholm dollars for 100 kroners. 26.80 28.50 29.45 28.10 29.10 Copenhagen . .do... 26.80 26.50 27.00 25.90 26.80 Zurich francs for 100 dollars. 518.1347 494.00 478.00 495.00 482.00 Buenos Aires i dollars for 100 gold pesos. 101.50 102.75 101.50 102.75 Rio de Janeirol dollars for 100 paper znilreis. 26.50 27.20 26.75 25.00 Valparaisol dollars for 100 pesos. 18. 83 22.78 20.20 21.19 Yokohama dollars for 100 yen. 52.50 .25 51.25 52.25 Hongkong dollars for 100 Hongkong dollars 80.00 82.00 78.00 81.00 Shanghai. dollars for 100 Shanghai taels . 123.00 125.00 122.00 126.00 London average price of silver at nominal rate of £ (84.8665). 0626 New York average price of silver 0113 1 Cable rates on New York. 2 Rate for a gold milreis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDEBAL EESEBVE BULLETIN. 183 ABSTRACT OP CONDITION OF MEMBER BANKS. Abstract of reports of condition of member State banks and trust companies in each Federal Reserve district on Nov. 1, 1918. [In thousands of dollars, i. c, 000 omitted.] Dis- Dis- i Dis- Dis- District District trict ! trict trict trict No. 1 No. 2 No. 3 ! No. 4 No. 5 No. 6 (28 (95 (23 ! (58 j (33 (48 ( | ( banks). banks). banks), jbanks). I banks).banks). banks), banks), banks). RESOURCES. Loans and discounts 645,886138,76212655,003; 62, 707,183181,027 85,800 3,664,049 Overdrafts 154j 217 j 118 3311 309 475! 3,357 Customers' liability under letters of credit.. 60 7,592 374 839! 31,798 Customers' liability account acceptances... 13,427| 8, 1,516] 168,937 United States bonds (exclusive of United States bonds borrowed) 13,822J 24,124! 5,214 81,760 24,147 United States certificates of indebtedness.. 9,280! 25,520 4,234 61,544 18,391 War savings and thrift stamps actually owned Stock of Federal Reserve Bank Other bonds, stocks, etc. (exclusive of securities borrowed) 80,176 471,707 96,5601139,331 11,230 17,878 181,478; 38,726 11,525 14,20511,067,650 Banking house 7,829 40,424 5,972! 12,832 1,676 6,388] 14,594 5,889 858 2,643! 100,788 Other real estate owned 248 7,071 1,803! 4,373 738 2,558 1,782! 766 167 2,016i 22,149 Furniture and fixtures 296 678 326! 858 173 552 2,128! 706 125! 554i 7,097 Due from banks and bankers 36,498 237,321 17,756! 20,176 9,977 23,171 81* 994| 24,9151 9,092 17,945j 14,547 504,539 Exchanges for clearing house, also checks on banks in same place 9,177 141,808 2,737! 3,527 779 5,842 19,258 4,122 1,734! 299 191,620 O Go u l t d s id co e in ch a e n c d k s c e a r n t d if i o c t a h te e s r cash items 1 1 , , 4 5 9 4 7 7 1 11 2 , , 6 9 6 5 9 4 3 75 8 5 5 ! ! 7 7 7 3 7 1 2 1 2 8 1 8 2,8 9 6 1 3 5 8,784 1,2 4 1 5 4 5 3 4 5 63 7 i i 3 3 5 2 4 3 3 2 0 1 , , 4 9 2 0 6 1 All other cash in vault 12,493 34,258 4,080! 7 761 2,100 5,556; 5,3201 1,329! 1,332 106,138 Lawful reserve with Federal Reserve Bank 33,819 227,504 15,878! 24,112 4,415 12.522i 5,653! 2,634 Items with Federal Reserve Bank in proc- i ess of collection 2,652 1,469 l,750i 6,563 46,326 Interest earned but not collected 855 385 1591 736 12,792 Other assets 1,136 5,798 172! 19,811 60,890 Total. 302,338J316,343j553,664 106 LIABILITIES. Capital stock paid in Surplus fund Undivided profits, less expenses and taxes paid .' Interest and discount collected but not earned 644 4,304 70! 310 442 Amount reserved for taxes accrued 1,080 6,136 4S6| 828 2,741 Amount reserved for interest accrued 888 9,906 516! 616 2,325 Due to Federal Reserve Bank 271 511 18 Due to banks and bankers 19,433! 340,101 7,176! 10,805 65,248: 27,869 11,442 11,711 3,535 14,206! 544,387 Demand deposits 344,18511827, ,583:179,983 444,408124,301 24,019| 47,653 30,486 58,211-3,379,073 Timo deposits 81,! 226,173 20,3531207,637 25,183 19,452 4,063 52,700!l,278,948 United States deposits 57,321 326,633 ;00 33,215 4,603 14, 1,482 4,171 1,310 1,657 572,618 Bills payable with Federal Reserve Bank.. 87,350 9,435; 11,200 6,3751 18,340 1,535 3,299 1.460 6,079 222,824 Balls payable other than with Federal Reserve Bank Cash letters of credit and travelers' checks outstanding 61 Acceptances , 1,500 7,839 Other liabilities 1,743' 2,725 Total. 302,338 316,343 553664 106,309J236,063jl Liability for rediscounts, including those with Federal Reserve Bank i , 118,107 14,553 2,950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. Abstract of reports of condition of member State banks and trust companies of the Federal Reserve system on November 1, 1918, arranged by classes. fin thousands of dollars, i. e., 000 omitted.] Total Total Central I Other Country United United reserve | reserve banks States city banks city banks (659 (847 banks) (513 banks) (67 banks).(121 banks). banks). Nov. 1, June 29, 1918. 1918. i RESOURCES. Loans and discounts 1,938,763 i 1,009,980 715,306 3,664,049 ! 3,044,435 Overdrafts 746 ; 1,336 1,275 3,357 ! 2,674 Customers' liability under letters of credit 27,706 ! 4,086 6 31,798 \\ Customers' liability account of acceptances 132,999 i 33,994 1,944 16S,937 / 149,797 United States bonds (exclusive of United States bonds borrowed). 212,385 ! 87,870 85,794 386,049 259,289 United States certificates of indebtedness 82,587 : 109,064 75,248 266,899 ! 178,135 War savings and thrift stamps actually owned 207 ! 660 1,044 1,911 ! 1,822 Stock of Federal Reserve Bank 10,229 i 7,466 4,622 22,317 j 19,717 Other bonds, stocks, etc. (exclusive of securities borrowed) 500,256 . 347,433 219,961 1,067,650 i 978,913 Banking house 40,272 . 37,676 22,840 100,788 ; 88,188 Other real estate owned 6,334 , 11,407 4,408 22,149 ! 19,302 Furniture and fixtures 785 . 2,485 3,827 7,097 I 4,951 Due from banks and bankers 270,333 136,354 97,852 i 504,539 I 444,893 Exchanges for clearing house, also checks on banks in same place.. 153,554 J 30,744 7,322 191.620 ! 107,135 Outside chocks and other cash items 15, 759 i 11,053 3,614 3O',426 i 22,054 Gold coin and certificates 14,242 i 3,652 4,007 21,901 i 25,150 All other cash in vault 42,531 i 32,982 30,625 106,138 j 75,241 Lawful reserve with Federal Reserve Bank 263,878 ! 103,924 52,641 420,443 i 435,590 Items with Federal Reserve Bank in process of collection 25,871 i 14,803 5,652 46,326 i 24,352 Interest earned but not collected 8,389 I 2,183 2,220 12,792 i 857 Due from United States Treasurer 13,221 Other assets 28,855 i 29,167 8," 868* | 66! 890* I 99,108 Total 3,776,681 2,018,319 1,349,076 I 7,144,076 \ 5,994,824 LIABILITIES. Capital stock paid in 144,200 104,317 j 86,679 335,196 283,414 Surplus fund 196,009 144,949 53,148 394,106 349,080 Undivided profits, less expenses and taxes paid 47,922 32,971 i 23,587 104,480 73,885 Interest and discount collected but not earned 4,320 1,428 j 776 6,524 6,890 Amount reserved for taxes accrued 8,402 3,178 i 1,199 12,779 9,528 Amount reserved for interest accrued 9,791 3,524 i 2,730 16,045 9,041 Due to Federal Reserve Bank 403 i 343 806 93 Due to banks and bankers 383,257 113,003 48,127 544,387 481,997 Demand deposits 1,995,391 841,966 541.716 ! 3,379,073 2,918,617 Time deposits 339,403 496,497 i 443/048 j 1,278,948 1,052,290 United States deposits 362,061 136,299 i 74,258 j '572,618 485,639 Bills payable with Federal Reserve Bank 93,496 77,692 I 51,636 I 222,824 89,050 Bills payable other than with Federal Reserve Bank... 200 10,199 I 13,557 j 23,956 24,177 C A a c s c h e p le ta t n te c r e s s of credit and travelers' checks outstanding. 1 1 5 4 2 , , 9 2 7 5 9 5 3 3 5 , , 9 2 0 9 9 5 ! | 1,55 8 4 1 1 1 8 8 9 , , 9 1 6 0 9 4 153,928 Other liabilities - 24,532 13,092 G,G37 44,261 57,195 Total. 3, 776,. 681 ! 2,018,319 1,349,076 7,144,076 5,994,824 Liability for rediscounts, including those with Federal Reserve Bank 122,902 j 73,037 " 22,845" 218,784 109,291 Ratio of reserve with Federal Reserve Bank to net deposit liability (per cent) 12.7 ! 10.5 7.2 11.1 13.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, i919. FEDERAL RESERVE BULLETIN. 185 Abstract of reports of condition of all member banks in each Federal Reserve district on Nov. 1. 1918 (including 7,749 national banks and 847 State banks and trust companies). fin thousands of dollars, i. c, 000 omitted.] D N i ( s 4 o t 2 . r 0 i 1 c t j • I D N ( i 7 s o t 1 . r 8 i 2 ct D N i ( s 6 o t 5 . r 4 i 3 c t i I j D N i ( s 8 o t 0 . r 7 i 4 c t j J D N i ( s o 5 t 6 . r 0 i 5 ct D N ( i 4 s o 1 t . r 8 i 6 c t! I i D N ( i 1 s o , t 3 . r 1 i 7 3 c t : D N i ( s o 5 t . 1 r 2 i 8 ct D N i ( s 8 o t . 5 r 3 i 9 ct D N i ( o s 9 . t 9 r 3 1 ic 0 t D N ( i o 7 s . t 1 r 7 1 ic 1 t DN "W i % s r» t r l i 1 2c 0 t i i U s T t n a o i t t i e a e s l d banks). ! banks). banks), j banks), j banks). banks).: banks), j banks). banks). banks). banks) (8,596 banks). Loans and discounts.. Jl, 10S,562-4,4.31,729! 877,0271,154,823! 619,9761 466,58712,007,509 557,622 580,694 747,668 444,774 761,09013,758,061 Overdrafts 708; 1,568! 497! 1,178: 1,749 ' ""' 2,626 1,184 1,746 2,806 1,978 2,168- 20,163 Customers' liability ! j j under letters of credit 2,997; 20,750 182 1,986| 57 263 8,152 956 1,647 320 Customers' liabilities | 7,006J 44,361 account of accep- i tances 61,909: 252,828 23,951! 21,706 12,743 13,521; 45,096 19,404| 11,986 1,747 4,215 United States securi- ' i I I 19,424) 488,530 ties (exclusive of \ j United States securi- ; I ties borrowed) 239,125,1,010,994 294,889; 354,925) 194,530 185,895; 493,483 107,848 173,261 119,222 227,092 3,579,260 War savings and thrift stamps actually owned 573i 822 634) 1,47! 858 63ll 2,017 l,074J 973 1,020 1,097 909| 12,080 Stock of Federal Re- I serve Bank 6,579! 20,646 7,29l| 8,871 4,027J 11,208 3,780| 2,917 3,611 3,117 4,528 79,744 Other bonds, stocks, \ etc. (exclusive of se- | curities borrowed).... 219,199: 959,981 370,685; 387,908! 82,857 46,594| 348,380! 86,171, 53,675 72,664i 13,137 118,779 2,760,037 Banking house 28,6471 83,574 30,102! 53,3821 24,193 19,375i 49,5111 19,464 15,624 17,449! 16,446 24,940 382,707 Other real estate owned.! l,312i 12,658 5,425! 10,730! 5,672i 6,971j 3,884 4,026! 4,438 8,190 68,894 Furniture and fixtures J 1,718| 3,543 3,131] 3,825| 2,850; 2,382 2,935 3,178j 3,372 5,547 41,733 Due from banks and i bankers | 134,518! 387,410 112,617! 177,910! 101,703 315,343 101,928 139,887 200,135 84,000 185,077 2,035,664 Exchanges for clearing ' house, also checks on i •*• banks in same place.. | 43,401: 518,992 37,149; 23,114; 16,950 63,442! 12,550 11,722 23,294 6,839 21,387! 793,703 Outside checks and j : I other cash items | 5,928; 31,091 3,45l! 4,569| „,_ 13,928! 2,516 8,175 4,635| 5,217 4,751 94,424 Cash in vault j 45,593 146,803 41,039j 62,725; 30,538 93,193| 22,707 20,886 29,556; 20,100 31,019 571,090 Lawful reserve with \ Federal Reserve | Bank i 96,934-: 645,674 88,483; 117,635: 51,866 197,',709 53,735 47,11 64,368 35,456 77,032 1,519,651 Items with Federal Re- ! serve I ^ ank in process of collection 22,181 • 90,586 35,202, 31,268; 22,225 33,837| 22,856 3,437! 15,474 9,694 306,751 Due from United i States Treasurer 2,834; 5,808 3,328| 5,492; 2,712 4,974 2,095 1,700| 2,663 2,276 3,203 39,160 Interest earned but not collected l,059l 15,667 1,7101 2,179! 285 1,775 473J 254 1,030 25,769 Other assets 9,237J 49,278 1,639; 6,074! 822 21,063 579j 249 1,0 610 91,177 | TotaL. jT^.Ti.. |2, 033,014J8,690,4021,938,432!2,431,772Jl,177,160 943,969^3,726,8121,094,984J1,017,992J1,368,597 ,513,062:26,712,959 LIABILITIES. Capital st ock paid in... I 119,106j 312,706 95,594j 151,318' 81,275J 65,310! 219,587 Surplus fund. j 100,838; 375,433 149,224! 145,123; 54,082| 40,652; 150,121 Undivided profits, less expenses and taxes r paid 49,244 145,361 37,412; 54,240! 20,846' 15,168| 61,647 Interest: and discount | ! collected but not earned 1,764] 14,552 2,133! 2,670! l,582j Amount reserved for ! taxes accrued 2,754; 21,185 1,853| 777 Amount reserved for 3,148J interest accrued 1,4421 13,700 1,912! 1*744' 902) Due to Federal Re- 2,264j serve Bank , 739; 5,619 2,124 186; Due to banks and! 315J j bankers I 136,6561,419,1.. 166,288i 221,706: 119,121 90,468J 463,617! 151,277 Demand deposits jl, 024,248:4,331,592 836,3771,002,363! 490,125 396,208; 1,432,1071 424,697 Time deposits ! 209,965! 560,326 264,275 510,065"!' 2""0"4 ,87"9" 148,869i 867,038 156,842 United States deposits.! 218,706; 636,737 166,970 149,038! 69,900 60,586] 150,109| "" "" Bills payable with Fed- ! j era 1 Reserve B ank...! 32,761! 404,249 91,949 57,156i 51,291 56,507i 181,569J Bills payable other j ; | ! ! than with Federal ; j ! Reserve Bank I 3,1841 7,450! 2,356| 4,2281 7,377 7,430j 14,597 Cash letters of credit ; | I and travelers' checks i ' i outstanding 2,9501 17,914! 245! 2,080: 104 141 ( 3,793 Acceptances.". 66,491! 274,8621 27,183| 22,090; 13,205 14,665] 45,276 National - bank notes I ! •••• outstanding i 50,186! 87,79254,137| 89,559! 51,546 40,283, 78,111i Other liabilities j 11,980! 61,118 39,685* 14,109; 7,182 4,501! 37,652 Total |2,033,014;8, (MX),4iC0\ 21 J1AO,O9 38J,4IO3C2I'O: 2,A4 *"*31,772:1,177,160J 943,969:3,726,8121,091,984J1,017,992J1,368,597| 776,763:1,513,062; 26,712,959 Liabilities for redis- |— —.===.-.====j=======.==^-==™.~^==:-.|===.=:::^==ri= =|==-.=|== =,= counts, including I those with Federal j Reserve Bank " 105,77«: 295,368] 45,96l! 39,380; 33,692- 46,075; 92,527; 35,697; 27,085| 44,89l! 37,544! 43,9421 847,938 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 FEDERAL RESERVE BULLETIN. FEBRUARY 1, 1919. Abstract of reports of conditions of all member banks of the Federal reserve system on Nov. 1, 1918, arranged by classes (including 7,749 national banks and 847 State banks and trust companies). [In thousands of dollars, i. e., 000 omitted.] Total i Total i Central ii ™ ! reserve reserve i I city banks city banks i (7,987 1(128 banks).(481 banks), i banks). N ba o n v k . s 1 ) , j j > J b u a n n e k 2 s 9 ) , 1918. i (1918. RESOURCES. Loans and discounts 4,792,083 ! 4,157,856 ; 4,808,122 13,758,061 12,661,759 Overdrafts 1,851 i 4,356 i 13,956 20,163 15,166 Customers' liability under letters of credit 29,037 I 14,811 ! 513 44,361 Customers' liability account of acceptances 302,973 I 167,513 i 18,044 488,530 387,478 United States securities (exclusive of United States securities borrowed).: 908,142 i 1,019,410 1,651,708 3,579,260 I' 2,450,209 War savings and thrift stamps actually owned 669 ! 2 464 ! 8,947 12,080 j 14,315 Stock of Federal Reserve Bank 21,579 ! 24,266 i 33,899 79,744 i 76,699 Other bonds, stocks, etc. (exclusive of securities borrowed) 791,378 ! 764,658 I 1,204,001 2,760,037 : 2,732,286 Banking house 80,060 i 130,487 | 172,160 382,707 ! 366,037 Other real estate owned 9,761 i 24,785 I 34,348 68,894 i 65,587 Furniture and fixtures 1,506 ; 7,729 i 32,498 41,733 38,428 Due from banks and bankers 463,477 i 746,253 i 825.934 2,035,664 1 1,905,565 Exchanges for clearing house, also checks on banks in same place , 558,592 •• 190,943 i 44;168 793,703 j 463, 812 Outside checks and other cash items 32,083 I 36,072 I 26,269 94,424 I 79,710 Cash in vault 153,499 ' 162,926 i 254,665 571,090 i 482,100 Lawful reserve with Federal Reserve Bank , 706,228 : 413,245 i 400,178 1,519,651 j 1,565,147 Items with Federal Reserve Bank in process of collection 117,313 i 163,440 i 25,998 306,751 j 208,244 Due from United States Treasurer 4,297 ; 11,867 ! 23,196 39,160 I 39,905 Interest earned but not collected 14,105 i 5,889 I 5,775 25,769 27,474 Other assets 46,920 ; 33,366 ! 10,885 91,177 ! 114,157 Total. 9,035,559! 8,082,136; 9,595,264 26,712,959 23,694,078 LIABILITIES. Capital stock paid in 332,125 I 423,855 ; 686,226 1,442,206 1,381,220 Surplus fund 398,784 j 389,530 i 435,028 .1'. 223,342 1,157, 792 Undivided profits, less expenses and taxes paid 141,497 i 129,709 ; 211,011 '482,217 415,883 Interest and discount collected but not earned 17,854 11,678 i 4,855 34,387 36,282 Amount reserved for taxes accrued 28,398 12,263 ! 5,642 44,303 27,891 Amount reserved for interest accrued 12,243 7,900 I 10,247 30.390 19; 738 Due to Federal Reserve Bank 2 798 j 2,384 j 5,700 10; 8S2 5,615 Due to banks and bankers 1,741,959 1,318,623 I 374,471 3,435,053 3,278,182 Demand deposits 4,358,191 3,389,812 ; 4,208,307 12,016,310 10,753,727 Time deposits 460,860 899,621 ! 2,290,462 3,650,943 3,395,381 United States deposits 655,903 660,254 I 391,470 1,707,(527 1,521,403 Bills payable with Federal Reserve Bank 440,814 368,843 ! 272,299 i,081,956 372,417 Bills payable other than with Federal Reserve Bank... 700 25,848 j 78.113 102,601 108;644 C A a c s c h ep l t e a t n te c r e s s of credit and travelers checks outstanding. 3 2 2 6 5 , , 6 3 3 9 2 1 1 1 7 5 6 . , 2 9 7 2 5 6 I I 19,5 7 0 0 6 1 52 4 V 2, . 6 8 0 2 3 3 411,972 National bank notes outstanding 49,389 173,470 ! 452,306 675', 165 681,114 Other liabilities .". 44,021 76,145 ! 90,920 211,086 126,817 Total I 9,035,559 ! 8,082,136 | 9,595,264 26,712,959 23,694,078 Liability for rediscounts, including those with Federal Reserve Bank ' 309,450 ! 329,790 j 208,698 847,938 625,380 1 Ratio of reserve with Federal Reserve Bank to net deposit liability (per cent) ! 13.7 ! 10.2 ! 7.5 10.4 11.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1, 1919. FEDERAL RESERVE BULLETIN, 187 Classification of loans and discounts of 847 Stale banks and trust companies, members of Federal Reserve system, as shown by their condition reports for Nov. 1, 1918. [In thousands of dollars; i. e., 000 omitted.] Dis- ! Dis- ! Pis- ! Dis- Dis- Dis- Dis- Dis- I Dis- Dis- Dis- Dis- Total trict | trict : trict I trict trict trict trict trict trict trict trict trict United No. 1 i No. 2 No. 3 ! No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 '. No. 11 No. 12 States (28 ! (95 ; (23 j (58 (33 (48 (267 (43 (62 (25 jj (88 (77 (847 banks).! banks), i banks).i banks).| banks). banks). bankks).I bankks), 'bankks).; bankks)) .: banbkks). banks). banks). ! ; ,'__ On demand, not secured by collateral 23,278 i 42,337 792 ' 7,934 5,124 24,339 i 10,511 2,159 2,503 | 1,2665,681 135,920 On demand, secured by Liberty | bonds and United States Treasury certificates of indebtedness 3,147 ! 23,925 j 2,856 \ 1,913 424 4,713 ; 3,059 | 258 7 331 139 41,452 On demand, secured by other collateral 54,108 I 456,311 I 61,353 ; 58,011 9,514 28,846 105,241 j 38,444 j 1,855 4,361 4,660 5,903 828,670 On time, not secured by collateral 144,3S9 519,092 I 17,756 : 75,778 28,894 42,565 267,502 60.811 ' 18,594 17,545 ! 8,656 38,644 | 1.240,826 On time, secured by Liberty bonds and United States 1 Treasurvcertificat.es 24,772 221,572 \ 27,044 j 18,485 4,315 j 30,748 ; 5,517 j 1,051 2,384 ! 1,7212,490 343,721 On time, secured by other collateral 46,000 I 271,833 ; 16,333 , 40,789 13,911 28,167 J133,613 43,547 12,171 15,679 ! 10,88818,939 651,870 Secured by real estate mortgages or other real estate liens or deeds 27,274 i 49,334 ; 3,824 ; 60,490 9,062 138,639 : 19,742 | 10,255 6,032 ,3,508 13,674 346,587 Acceptances of other banks discounted 9,730 ! 32,026 298 : 600 416 1,621 j 119 ! 70 78 ! 40 247 45,245 Acceptances of this bank purchased or discounted 567 j 11,618 200 , 885 133 1,106 | 789 I 517 | 180 31 16,027 Loans and discounts not classified 19,107 ! 306 I 631 211 164 j I 3,487 84 23,990 | ! Total shown by reports.. 333,325 11,647,758 138,762 265,517 63,728 1120,281 1707,369 \ 182,267 j 46,413 ! 48,589 j 34,737 85,832 ; 3,674,578 Less adjustment due to inclusion of rediscounts in loan classification by some banks.. I 1,872 ! : 514 j 1,116 i 4,788 186 | 1,240 266 182 32 10,529 Total loans and discounts. |333,325 il,645,886 138,762 ;265,003 j 62,612 1115,493 707,183 i 181,027 i 46,147 48,256 \ 34,555 j 85,800 3,664,049 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 FEDERAL RESERVE BULLETIN". FEBRUARY 1, 1919, Abstract of reports of earnings and dividends of member State banks and trust companies of the Federal Reserve system for the first six months of 1918, arranged by districts. [In thousands of dollars, i. e., 000 omitted.] DistrictDistrictDistrict District District District District District District District District District No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No 9 No. 10 No. 11 No. 12 i! .'s'. (24 (66 (16 (30 (20 (36 (128 (24 (40 (16 (58 (53 (511 banks). banks).banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). Capital stock paid in 24,000 109,514 14.900 22,710 6,296 13,110 50,956 20,385 4,050 4,175 3,798 9,270 283,164 Surplus 26i877 147,639 37,555 54,343 4,443 8; 849 42,517 18,391 1,396 2,987 l!l87 3,528 349,712 Total capital and surplus 50,877 257,153 52,455 77,053 10,739 21,959 93,473 38,776 5,446 7,162 4,985 12,798 632,876 Gross earnings: Interest and discount •I.322 58,775 5,404 9.254 1.298 3.976 20 413 6,122 1,273 1,840 1.099 2,922 123,698 Exchange and collection charges 170 223 60 15 24 267 260 i 229 32 16 32 ' 85 1.413 Commissions 144 1,646 47 112 3 109 209 1 128 27 65 12 39 2,541 Other earnings 1,107 6,874 1,272 3,027 226 417 1,912 570 44 151 16 483 16.; 099 Total gross earnings 12,743 67,518 6,783 12,408 1,551 4,769 22,794 ; 7,049 1,376 2,072 1.159 3,529 143,751 Expenses: Salaries and wages 1,708 6,953 959 1.393 215 696 3,381 1,008 299 324 213 629 17,808 Interest and discount on borrowed money 117 2,306 21 214 89 218 480 470 34 30 50 95 4.124 Interest on deposits 5,075 27,798 2,174 5.089 519 1,224 8,352 2,025 549 S46 152 1.017 54,820 Taxes 524 3', 770 410 '750 109 '310 1.546 385 83 62 79 219 8.247 Other expenses 1,028 5.268 51S 968 145 634 2,309 709 184 244 176 479 12;662 Total expenses 8,452 46,095 4,082 8,414 1,077 3,082 16,068 4,597 1,149 1,506 700 2,439 97,661 Net earnings since last report 4.291 21.423 2,701 3.994 474 1.687 6.726 2,452 227 566 459 1.090 46.090 Recoveries on charged of! assets ' 68 277 11 65 14 210 262 48 14 30 8 '228 i; 235 Total net earnings and recoveries 4,359 21,700 2,712 4,059 488 1,897 6,988 2,500 241 596 467 1,318 47,325 Losses charged oil: On loans and discounts. 339 891 1 53 5 452 458 68- 17 120 18 438 2,860 On bond securities, etc 655 2,334 1,444 527 24 304 208 318 5 37 75 5,931 Other losses : 58 503 23 66 10 25 181 36 8 27 7 72 1,016 Total losses charged oft 1,052 3,728 1,468 646 39 781 847 422 30 184 25 5S5 9,807 Net addition to profits 3,307 17,972 1,244 3,413 449 1,116 6,141 2,078 211 412 442 733 37,518 Ratio of net profits to capital and m surplus (annual basis) (per cent). 13.00 13.98 4.74 8.86 8.36 10.16 13.14 10.72 7.75 11.51 17.73 11.45 11.86 Dividends paid 1,414 9,771 1,523 2,371 270 745 3., 068 1,257 133 327 132 351 21,302 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Acceptances: Page. Great Britain—Continued. Page. American Acceptance Council formed 114 Report of committee appointed to study gold Banks granted authority to accept up to 100 per production 123 cent of capital and surplus 127 Imports and exports of gold and silver 180 New York Discount Corporation formed 114 Index of wholesale prices 150-153 Bank transactions during January 147-149 Interest and discount rates prevailing in various Branch banks, list of directors of, elected for year cities 154-156 1919 126 Lamont, T. W., appointed to represent Treasury at Business conditions in January 109-114 Peace Conference 108 Charters issued to national banks during the month. 128 Member banks: Charts: Abstract of condition of 183-188 Cash reserves and excess reserves of all Federal Statement showing condition of 177-179 Reserve Banks during year 1918 138 Money, stock of, in the United States 181 Gold settlement fund transactions during the National banks: year 1918 146 Charters issued to 128 Check clearing and collection system, operation of. 181 Fiduciary powers granted to 127 Directors of branch banks, list of 126 Reserves, movement of, during the year 1918... 136-138 Discount and interest rates prevailing in various Chart showing 138 cities 154-156 Resources and liabilities of Federal Reserve Banks. 172 Discount operations of the Federal Reserve Banks Review of the month: during December and the year 1918 164-171 Public finance in January 99 Discount rates in effect 182 Debt and interest situation 100 Earnings and expenses of Federal Reserve Banks for Flotation of foreign loans 101 the year 1918.. 130-136 Private financing 101 Failures, commercial, reported during December Business recession 103 and the year 1918 128 Prices and industrial transition 104 Federal Farm Loan Board, extract from second an- liquidation abroad 104 nual report of '. 129 Discount and interest rates 105 Federal Reserve Banks: Development of acceptances 105 Earnings and expenses of, for 1918 130-136 Operations of the Federal Reserve Banks 106 Resources and liabilities of 172-174 Condition of member banks 107 Federal Reserve note account of Federal Reserve Rulings of the Board: Banks and agents 174 Trade acceptances 142 Federal Reserve notes: Acceptances in excess of 10 per cent 143 Decrease in Federal Reserve note circulation.. 139 Increase of surplus by bank authorized to ac- Interdistrict movement of, during the year 1918 176 cept to 100 per cent 143 Fiduciary powers granted to national banks 127 Investment by national bank of funds held in Foreign exchange rates 182 trust 1 143 Gold: Secretary of Interior, findings of committee ap- Imports and exports of 180 pointed by. to study gold production 124 Reports by British and American committees Silver: appointed to study gold production 123-126 Imports and exports of 180 Gold reserves of principal banks of issue, 1900-1918. 140 Production of the world 141 Gold settlement fund transactions during the year State banks and trust companies admitted to system 1918 144-146 during the month 129 Chart showing 146 Strauss, Hon. Albert, appointed to represent Treas- Great Britain: ury at Peace Conference 108 Decimal system of coinage, of weights and meas- Trade, physical volume of 157-163 ures proposed . 126 Wholesale"prices, monthly report of 150-153 Report of Committee on Financial Facilities presented to Parliament 114-123 O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis