Federal Reserve Bulletin, 1919-06

FEDERAL RESERVE BULLETIN ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON JUNE, 1919 WASHINGTON GOVERNMENT PRINTING OFFICE 1919 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 0. MILLER. JOHN SKELTON WILLIAMS, CHARLES S. HAMLIN. Comptroller of the Currency. J. A. BRODEBICK, Secretary. GEORGE L. HARRISON, General Counsel. H. PARKER WILLIS, W. T. CHAPMAN, Assistant Secretary. Director, Division of Analysis and Research. W. M. IMLAY, Fiscal Agent. F. I. KENT, « M. JACOBSON, Statistician. Director, Division of ForeignJExchange. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS. Federal R o e f— serve Bank Chairman. Governor. Deputy governor. Boston...... , | Frederic H. Curtiss... Chas. A. Morss I Chas. E. Spencer, jr. C. C. Bullen. o 0. C. Bullen New York ! Pierre Jay Benj. Strong, jr I R. II. Treman L. H. Hendricks. J. H. Cage L. F. Sailer J. F. Curtis Philadelphia R. L. Austin E. P. Passmore. Wm. II. Ilutt, jr W. A. Dyer. Cleveland D. C. Wills : E. R. Fancher. M. J. Fleming 2 H. G. Davis. Frank J. Zurlinden l. Richmond Caldwell Hardy George J. Seay.. C. A. Peple. Geo. H. Keesee. R. II. ~ ' Atlanta... Joseph A. McCord ; M. B. Wellborn. L. C. Adelson M. W. Bell. Chicago... Wm. A. Heath j J. B. McDougal. C. R. McKav S. B. Cramer. B. G. McCloud1 St. Louis Wm. McC. Martin D. C. Biggs O. M. Attebery J. W. White. Minneapolis. John II. Rich Theodore'Wold. R. A. Young S. S. Cook. Kansas City. Asa E. Ramsay J. Z. Miller, jr. C. A. Worthington 1. J. W. Helm.2 Dallas. | Wm. F. Ramsey R. L. Van Zandt. Lynn P. Talley Lynn P. Talley. San Francisco i John Perrin J. U. Calkins •' Wm. A. Day Ira Clerk. 1 Assistant to governor. 2 Acting cashier. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: St. Louis: Buffalo branch Ray M. Gidney. Louisville branch W. P. Kincheloe. Memphis branch J. J. Heflin. Cleveland: Little Rock branch A. F. Bailev. Cincinnati branch L. W. Manning. Pittsburgh branch Geo. De Camp. Kansas City: Omaha branch 0. T. Eastman. Richmond: Denver branch C. A. Burkhardt. Baltimore branch Morton M. Prentis. Dallas: Atlanta: El Paso branch R. R. Gilbert. New Orleans branch Marcus Walker. Jacksonville branch Geo. R. De Saussure. San Francisco: Birmingham branch A. E. Walker. Salt Lake City branch.. C. H. Stewart, Seattle branch C. J. Shepherd. Chicago: Spokane branch C. A. McLean. Detroit branch R. B. Locke. Portland branch C. L. Lamping. SUBSCRIPTION PRICE OP 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 S2 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 10 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. Beview of the month 521 Business and financial conditions during May 53.1 Special reports by Federal Reserve agents 537 Price movements in the United States during the war 543 Chart showing 546 Index of collection conditions 547 Banking and industry in Switzerland during the war 548 Cotton export corporation organized 553 Condition of accepting member banks on March 4, 1919 554 State banks and trust companies admitted to the system during the month •_ 562 Foreign branches of American banks 562 Banks granted authority to accept up to 100 per cent of capital and surplus 562 Charters issued to national banks during the month 562 Commercial failures reported 563 Fiduciary powers granted to national banks 563 Rulings of the Federal Reserve Board 565 Law department. 566 Gold settlement fund transactions 569 Bank transactions during April-May 571 Wholesale prices in the United States 574 Discount and interest rates prevailing in various cities 577 Physical volume of trade 580 Discount and open-market operations of the Federal Reserve Banks 589 Resources and liabilities of the Federal Reserve Banks 594 Federal Reserve note account of Federal Reserve Banks and agents 598 Condition of selected member banks 600 Imports and exports of gold and.silver 605 Estimated stock of money in the United States 606 Discount rates in effect 607 Operation of Federal Reserve clearing system 60S Subscriptions to certificates of indebtedness 609 Earnings and dividends of member State banks and trust companies 610 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SERVE BULLETIN VOL. 5 JUNE 1, 1919. No. 6 REVIEW OF THE MONTH, As already;: explained in previous issues of the BULLETIN, the Victory Lib- Final returns for the Victory Liberty loan, Contemporary , , . -, • -, r~* i 4. borrowing ^ n slmP-v summed to as compiled by the Treasury fund the greater part of the Results of vie- -p. • . "i , ,r" Ll j Department, show that tne outstanding certificates of indebtedness into t aggregate subscriptions bonds. It has therefore in no respect changed amounted to 85,249,908,300, while the total the problem of contemporary borrowing by number of subscribers receiving notes of the which the Treasury is necessarily faced. Exnew issue was approximately 12,000,000, The penditures are now running at about the outcome of the fifth loan, as thus indicated, is rate of $1,100,000,900 per month. On May therefore an appropriate conclusion to a great 1 the Treasury Department placed another and probably unprecedented series of Govern- issue of certificates of indebtedness amountment offerings, The actual loans placed by ing to §591,300,000, and it is understood the Government since it became a belligerent, that further issues will necessarily have to with the number of subscribers and amounts be offered to the public from time to time accepted, may be summarized thus: in order to make up the difference between current receipts from ordinary sources of rev- Estimated Amount Loans. number of allotted. enue and the outlays on the basis just sketched. subscribers. The obvious method of obtaining these funds First loan 4,000,000 §1,989,456,050 Second loan 9,400,000 3,807,891,900 currently is that of continuing to place issues Third loan .18,370,815 4,17(5,510,850 Fourth loan • 21,000,000 0,992,927,100 of certificates with the banks. Such issues, Fifth loan (preliminary estimate) 12,000,000 4,500,000,000 however, have in the past been based upon the Total. 21,4(56,792,500 plan of periodically selling an issue of Liberty bonds. Since this plan is now definitely ter- The Treasury Department's final compilaminated, the change in public finance thereby tion of the results of the Victory Liberty loan rendered necessary will be that of providing a by districts is as follows: new method of funding the certificates from District. Quota. Subscriptions. Per cent. time to time currently sold to the banks. This offers a problem somewhat' resembling that New York SI, 350,006,000 SI, 762,684,900 130.57 Chicago (152,500,000 772,046,550 118.32 of successfully placing the war savings Boston 375,000,000 425.159,950 113.38 Philadelphia... 375,000,000 422,756,100 112.73 stamp issues. It requires effort designed Minneapolis... 157,500,000 176,114,850 111.82 Cleveland 450,000,000 496,750,650 110.39 to fix the attention of the investing public St. Louis 195,000,000 210,431,950 107.91 Richmond 210,000,000 225,146,850 107.21 upon the needs of the Government and at San Francisco. 301,500,000 319,120,800 105.84 Kansas City... 195,000,000 197,989,100 101.53 the same time to oiler a security which fur- Atlanta 144,000,000 143,002,050 99.34 Dallas 94,500,000 87 504,250 92.00 nishes a reasonable amount of remuneration Treasury 11,140,300 and into which, therefore, the savings of the Total 4,500,000,000 5,249,908,300 116.66 community may be expected to flow. Thus The estimated number of subscribers to the again is presented the necessity of enlarging Victory Liberty loan was approximately the savings of the community and of devoting 12,000,000, as follows: these savings to the absorption of Government Boston 817,822 St. Louis 367,444 securities, a duty which was strongly insisted New York 2,484, 532 Minneapolis 931, 767 upon during the continuance of hostilities, but Philadelphia.... 984,975 Kansas City 680, 967 Cleveland 1,253,334 Dallas.../. 200,000 which none the less to-day exists in as acute a Richmond 500,000 San Francisco... 994,944 form as it did then. Financially, the war is Atlanta 320, 699 Treasury 185,000 by no means over. Chicago 2,267,411 521 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 FEDERAL RESERVE BULLETIN. JUNE: 1,1919. The economic problem now before the indebtedness by the shipment of goods, a country of which these phases means of liquidation which they can not of war financing form a part successfully employ unless they are enabled construct^ involves two issues. One is to place themselves in a productive condition. the question how to proceed in meeting the Our banking and financial organization thus needs of domestic growth. The other is that has a new and important function to perform— of establishing the proper balance between our more important and responsible than any it own progress toward a new economic adjust- has been called upon to perform in the past— ment and that which we shall assist European that of determining the division of capital countries to bring about through aid to be in the international field just as it has heretoextended to them. A proper settlement of fore been one of its principal functions to deterthese two questions in their relation to one mine the division of capital within our own another involves a process whereby price levels territory and within different fields of industry. in all countries will automatically work toward The banking system of no country has ever a new basis and implies also the establishment been confronted with a greater or more serious of a new rate of return to capital which may responsibility. For the disposition that is probably show a greater approach to uni- made of our financial resources will affect formity than hitherto attained. Not to everyone in the country for better or for worse, establish a working community of prices, either as a consumer or as a producer. Proper values and rates of yield on investment would performance of this function will necessarily mean that interchange of goods and of invest- involve the development of an investment ment funds among nations would meet with mechanism of the kind already outlined in recent difficulty. The situation of the world to-day numbers of the FEDERAL RESERVE BULLETIN. is such that for some time to come there will Apparently in consequence of the further be-a marked reduction of the differences be- ^ xu *u . progress toward peaceful contween the economic systems of the leading Growth ofbusi- V.. i , T-, countries. It is certainly not to the interest ness activity. ditions and a stable price outof any nation that other nations with which look, as well as the eliminait has close relations should be seriously tion of the artificial conditions which existed retarded in the legitimate use of resources and during the war, there is evident a continuous in the proportionate employment of labor. growth toward the restoration of private busi- The attention of the people of the United States ness activity to a more normal level. Conhas naturally been focused upon the further ditions during the month of May have more improvement and expansion of domestic in- than ever favored this renewed trend toward dustry, but the position of the country when activity and efficiency. The excellent agriconsidered from a world standpoint shows that cultural outlook has undoubtedly contributed in no small degree to the development of an such expansion involves for its fullest success optimistic attitude on the part of business expansion elsewhere, both in order that men and bankers, while a belief that further customary markets for sale and purchase may reductions in prices are not to be expected in continue to exist for domestic products and the near future has had a considerable share in order that foreigners may be enabled to in encouraging construction and manufacliquidate in due time their obligations to Ameriture. The reentry of the Eailroad Adminiscan creditors growing out of advances made to tration into the market as a large buyer of them in the past and those necessarily to be iron and steel is expected to have an important made to them in the future. The continuation effect upon private demand for those-articles, of such advances accordingly implies that while a rise in the price of copper and such foreign countries shall be helped to attain other basic metals is already observable. It to a condition in which they may settle their still remains true that the steel industry as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1,1919. FEDERAL RESERVE BULLETIN. 523 well as other fundamental lines of manufac- tic trade in the occupied regions, to a free basis. ture is far below the normal level of produc- It is worthy of mention in this connection that tion. Building operations are, however, re- the President's message presented to Congress suming in a number of important directions on May 20 fixes a definite limit for the return and there has been some increase in the of the railroads to their owners and indicates volume of railway tonnage, which had been that the return of the telegraph and telephone reduced to a relatively low level during the systems will take place as soon as practicable. early months of the present calendar year. Numerous minor restrictions upon business The strong foreign demand for American have been eliminated during the month just products has resulted in keeping up the activ- past and it is probable that there is to-day a ity in shipping, although vessels have had dif- greater degree of freedom of movement and ficulty in obtaining return cargoes from lack of restriction upon trade throughout the European ports to the United States. This world than has existed for nearly five years resumption of business activity necessarily past. The restoration of business to a commeans a considerable increase in demands for petitive basis necessarily implies the restoration loans and discounts at banks of all classes, an of our banking and financial mechanism to the increase in demand to which bankers have been exercise of its normal functions in connection making a ready response. Partly as a result with the development of trade. Among these of these conditions and partly, as will later are the restriction of undesirable or excessive be noted, in consequence of strong foreign borrowing and the application within reasonable demands for shipments of goods produced in periods of the test of liquidation to our foreign the United States, the general trend of prices trade. It will probably be some time before the has been upward, thus continuing the movemechanism recovers its full effectiveness and is ment noticed in the FEDERAL RESERVE BULLEable in the same degree as formerly to adjust TIN for May. The Board's index number shows the relationships of demand and supply and to that there was an advance during the month control undue fluctuations in prices. During of April of about three points and the reports this period of transition danger of maladjustof the Federal Reserve agents for the month ment or inflation will necessarily exist in greater of May indicate that this upward movement or less degree, and such safeguards as can has not only not ceased but is on the increase. reasonably be applied should be invoked. This The month of May has seen significant develplaces upon the banks of the country an excepopments in connection with the tionally responsible task. End of Govern- . ,. . ,. „ ^ ment control. progressive elimination of Gov- One phase of the present situation which ernment control from business. parallels conditions that have Possibly the most important administrative A speculative era. existed at the close of most development in this connection has been the former wars is the development abandonment of the attempt of the Govern- of an active speculative situation in the secument and the steel producers to find a working rities market. During the past month operabasis for price revision in this important in- tions on the New York Stock Exchange have dustry with the presumed result'of establishing been upon a basis practically unprecedented an open steel market. Another important step since the opening of the war and paralleled has been the removal of import restrictions by only by the active market operations which Great Britain, such removal restoring to a con- marked the advent of large munitions orders dition of unrestricted movement the long list of when the European contest had definitely articles, whose importation had previously been established itself. A succession of u millionbarred. The peace treaty, when ratified, will of share days" with abnormally high prices in course take a long step toward the restoration of many classes of goods, has indicated the scope export and import business as well as of domes- of the speculative movement itself, while the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 FEDERAL. RESERVE BULLETIN. TUNE 1, 1919. fact that much of the buying within recent several countries had become better recognized weeks is said to have come not from profes- and established. The past few months have sional traders but from prospective investors shown that their needs are far greater than throughout the country, indicates the hold had been supposed and that very great sums which the movement is already taking upon Could be used to advantage if they could be the population of the United States. One obtained on a satisfactory basis. European phenomenon which has presented itself as an. countries do not, of course, afford a virgin field incident to this speculative movement is the of investment, but the restoration of industry existence of high call money rates. These rates and trade in Europe is so important to the whole have at times gone as high as 7J per cent, world in an economic sense, and is so desirable although only for & short period in any instance. in other than commercial ways, that the field Such fluctuations of the call money rate have of investment now offered by Europe may in a promptly bees, followed by little more than practical sense for the time being be regarded very moderate curtailment of the volume of as tantamount to a new field. It must never hanking accommodation. There is here un- be forgotten that the economic scheme of the doubtedly an element of danger to the financial world will be out of balance and adjustment position of the country. Ordinarily a sharp until Europe's economic power is measurably check could be administered through the restored. The United States, however, like advancing of the rates of rediscount at Federal every other country, must carefully consider Reserve Banks. Such a check for the moment what is the maximum amount with which -encounters some difficulty so long as the policy it can reasonably part. An advance of of promoting the absorption of Government long-term credit means the taking of capital securities by favoring rates is maintained. and hence of goods from the American For the moment the avoidance of abnormally market. The attempt of our financial syshigh loan accounts must be effected by means tem to advance credit at a rate more rapid other than those which would ordinarily be than justified by the rate of saving would, applied under tile methods and principles of therefore, simply mean advance in the central banking. Eventually, when circum- '"'cost of living" to the average consumer stances will permit, and the Federal Reserve through a further aggravation of existing B anks assume their normal functions making ad- conditions of inflation in banking and vances chiefly against liquid commercial paper, credit, with harm not only to ourselves but reducing to small proportions advances against also to those who receive advances on an United States Government collateral, a natural unreasonably high basis of valuation. The and effective check to existing conditions in natural tendency of the present time is to the money market may be afforded through attempt to accomplish too much in a short changes in rates- at Federal Reserve Banks. time and to go beyond the natural limits As things stand the continuance of emergency set by available resources, thus overstraining conditions caused hj the war has caused and crippling the investment mechanism of this primary function of the Federal Reserve the country and opening at least the possisystem to be held more or less in abeyance. bility of serious danger as a result. The diffi- That the supply of capital for meeting the culty in the situation is rendered more commanifold requirements of re- plex by the fact that American investors Short viving business and toreign have in the past been so little used to judgit I trade is distinctly deficient is ing and absorbing foreignTsecurities. While, a fact which has already been widely accepted. as pointed out in the May issue of the Just how deficient this capital supply is has BULLETIN, this difficulty can be relieved fey not been, fully known; indeed, could not be appropriate fiinancial organization designed to until the necessities and requirements of the render easier the appeal to the community's Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1,1919. FEDERAL RESERVE BULLETIN. 525 resources, it will remain true that such appeal funds actually at work abroad. In the latter must be made through investmei)t houses and case the effect of the reparation payment will institutions and that there will be more or less be merely that of converting-a Government danger at all times that American financial obligation into private securities or other eviestablishments may remain the holders of con- dences of indebtedness. Belgium's share of siderable volumes of foreign obligations whose the reparation has already been used as disposal to the actual investor remains for the security for the advance made by a group of future and which in the meantime constitute American banks under the so-called Belgian an incubus upon the liquid banking resources Industrial Credit, and it may be expected of the community. that other loans or accommodations of the Studies of financial and banking condi- same or similar kinds will take place in the tions in the principal European near future. It will, however, be some time countries, published both in before the reparation thus paid will In fact the current number of the amount to more than a fraction of the sums BULLETIN and in the May issue, show that needed to reestablish industry abroad upon the currency and banking situation on the anything like its prewar basis, The problem Continent is one of unusual difficulty, while it of importing capital into practically all of the would appear that supplies of available capi- European countries will thua be a continuing tal have been reduced to a minimum basis. one, and a successful basis for such importation It does not seem probable that conditions in can be.found only in 'the assurance to indithese foreign countries can be promptly restored vidual investors in this and in other countries to a normal footing without importing from which have a surplus of savings for current abroad in very large measure the funds that requirements that there is n better field for are needed in the process of financial rehabili- the use of such savings abroad than exists at tation. In this connection the question is home. It is a problem of continuous rather pertinentfy raised what will be the effects of than of temporary financing, and has reference the reparation which is to be made by the to the ability of foreign countries to •produce- Central Powers as a result of the peace settle- income through investment rather than to proment. This reparation will of course operate duce immediately consumable goods for the purto create a one-sided balance of trade in goods, pose of reestablishing their merchandisebalanGe. ships, and forms of capital, as well as of During the month of May the foreign exsecurities, between the Central Powers and Foreign ex- ckange situation has continuedthe countries with which they transact busi- change develop- to become more difficult than it ness. It will therefore tend to place the re- ments- appeared to be immediatelycipients of the reparation in possession of funds after the period of "pegging" which came to a with which they may liquidate their obligations close on April 8. An immediate indication of to their own citizens or to foreign countries. difficulty in this connection has hem afforded France, Belgium, and other continental nations by a sharp decline in quotations for the princiare heavily indebted to Great Britain as well as pal foreign currencies, sterling going as low as to the United States, while Great Britain like- $4.63, francs to 6.77 per dollar, and lire to 8.75. wise is a heavy debtor of this country. The These figures constitute record: low quotareparation payments, while passed through tions for francs and lire, and while the quotathe countries which are their recipients, may tion for sterling is not so low as those made thus in the last analysis furnish the basis for after the close of the "pegging," it is lower payments to the United States designed to than the rates which prevailed at the close of liquidate the advances made by this country April. At present figures, French currency is to cover the cost of the war, save in so far as worth little more than thFee~qu&rtexs of its American investors may prefer to leave their face value as expressed iu terms of American 119745—19 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

526 FEDERAL RESERVE BULLETIN. JUNE 1, 1919. dollars. The immediate causes of this condi- The primary effect of the present great exportation of goods from the tion of affairs are obvious. It is reasonably es- Export trade g j twofold—that timated that the trade balance of the United United tates and prices. States during the fiscal year ending June 30, of keepmg fields, factories, and 1919, will be about $3,000,000,000, or pracmen employed, and disposing of their product, tically the sum that has been annually reon the one hand; and, on the other, that of corded for the past three years. The interest maintaining prices. A slackening of the exdue and payable on our holdings of foreign port trade would mean an increased consumpsecurities is now not much below $500,000,000 tion of goods at home or else a lessened proannually. While it is impossible to say what duction of them. The constant assumption is are the total amounts payable to American that the latter of the two alternatives would citizens who are owners of foreign securibe the one to be pursued and that accordingly ties, or who have advanced sums for use a reduction of exports from the United States in foreign countries upon which they receive would mean a limitation of prices in this counregular returns, it may be conservatively estitry. Shortened industry, less demand for labor mated at $100,000,000. Unofficial figures for and accordingly falling prices, would be the net the amount of foreign obligations maturing in result of such a change in the direction of our the United States during the calendar year business. For this reason many business men 1919 place that sum at possibly $600,000,000 to and financiers to-day evidently regard the $750,000,000. If the figures thus given, partly maintenance of our great export balance as for the calendar year and partly for the fiscal practically essential, the chief modification year now drawing to a close, be regarded, as which they seem to wish to make in it being they reasonably may, as being applicable to that of substituting manufactures for a part of conditions for the calendar year, it is apparent that means must be found during 1919 for the the agricultural products which we are now financing of about $3,600,000,000 of new obli- shipping abroad. It is for the attainment of gations and for the renewal of perhaps $600,- this end, and incidentally that of selling these 000,000 of old ones. This makes a gigantic, exports at practically the prices now prevailing, probably an unprecedented, financial problem. that much of the current theorizing and most The Treasury's ability to advance sums to of the practical expedients that are now sugforeign countries has been limited by Congress gested in prevailing discussion of our interto the sum of $10,000,000,000, of which about national position are intended. This leaves un- $9,500,000,000 have now been taken up. The touched, however, the possible alternative that department has therefore at most a sum of even if our export trade should be less active $500,000,000 (most of it allocated) which can there might be developed an equal demand for be used for this purpose, so that it would seem our goods in domestic trade which would result that probably much more than $3,000,000,000 in employing our labor and capital at practiof new funds must be provided by private cally the same rate. The question is really reinitiative if we are to continue our export trade ducible to this—whether we are to use all such upon its present level. It should be recalled new capital as may become available through that, as already mentioned, Congress has pro- savings above what is requisite to absorb unvided an export credit of $1,000,000,000 which digested Liberty loan bonds for the purpose of may be made available through the War developing our own natural resources and ex- Finance Corporation. The doubt whether our panding our own industries, or whether «a conexport trade can be continued upon its existing siderable part of it is to be loaned for use in level without involving serious financial strain European fields of investment naturally less makes the question of our national policy in productive but for the time being offering large reference to such trade one of urgent concern returns, because of the necessities in which the for the whole^community. peoples of Europe find themselves at the close Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1,1919. FEDERAL RESERVE BULLETIN. 527 of a war of economic exhaustion. Should it be tion in our export trade would necessitate some true that we could to greater advantage use all readjustment of conditions or relationships such our capital at home, the only consideration in as that which followed the armistice, but the favor of an attempt to maintain export trade at transition could undoubtedly be effected. Presits present level would be that such assistance ent exportations are unquestionably upon a to foreign countries has not only an economic basis which it would be difficult to maintain as bearing, but also a broader aspect. This aspect a permanency, being as they are so far above would be found in the view put forward by the prewar level. some Americans who have recently visited Pending a decision of these large questions, Europe that there is a motive of self-interest Position of American banks are doubtless as well as of altruism underlying the idea of banks in foreign in a somewhat embarrassing assisting foreign countries rapidly to restore financing. position. Their managers nattheir productive capacity and to get back into urally do not care to place themselves in a sound economic condition. situation in which they would own large bal- Economically speaking, the question of main- ances abroad unless some definite provision is taining our export trade at its made for continuously financing the export bal- Domestic in- present level by means of loans ance. Accordingly, many conservative bankers vestment field. and advances thus reduces itself are to-day "covering" or "hedging" their disto the problem whether there counts and purchases of foreign bills, refusing is a better field at home than abroad for the to discount or buy until they have sold a use of new capital. It is undoubtedly true that corresponding amount of the foreign currency many industries in the United States are still which is to result from the paper offered them retarded and are still feeling the effects of the when such paper has matured. The effect of war which has operated to reduce their access this policy, of course, is to reduce or limit the to capital. The building trades have suffered holdings of foreign currency by American banks, severely and both commercial and domestic or, in other words, to require such foreign construction have fallen far behind their natu- countries in every case to provide for the liquiral ratio of advance during the past four years. dation of their purchases before they are Municipal utilities and public utilities generally actually able to finance them in the United have for some time past been feeling the diffi- States. In former times such a tendency would culty of securing sufficient capital for adequate have afforded a sharp check to their purchases expansion, due to lack of confidence in their of American goods, but as things stand the ability to earn at existing rates. New in- disposition of foreign countries to buy upon dustrial opportunities have not presented long-term credit instead of providing themthemselves with their accustomed speed and selves with means to liquidate this credit within only in a comparatively few industries whose an ordinary period through the exportation of work was largely contributory to the waging of their own goods or gold, must shortly reach a point at which the disparity of values between the war can it be said that there has been a suffiour own and foreign currencies will become so cient stimulus to development. This situation great as seriously to handicap further business. is evidenced by the high rates of interest which Alternative to this conclusion, or as an expemany industries stand ready to pay for the obdient which would probably be resorted to taining of capital in the present market. Asbefore any such final outcome had been arrived suming that foreign countries are in position to at, is the possibility that more gold might be pay equally high rates, the question of the use shipped to the United States by debtor counof our available loan funds would be determined tries, thereby tending still further to raise by the views entertained by business men and prices here and to maintain them upon some experts concerning the probable earning power basis of parity with the level existing abroad. of the industries of those countries. A reduc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

528 FEDERAL RESERVE BULLETIN. JUNE 1,1919. In this situation it is not unnatural that reasonable provision for thejieeds of the future some important private in- may accordingly be expected. ernmentfOaidG°V" terests have boen calling for As has been stated, the overgrowth of our Government aid in supporting export trade has undoubtedly exchange and in the extension of credits for banking.6S and had a Powerful effect in Preexport business. Congress has already de- venting a decline of prices. clined to increase the powers of the Treasury This is due not only to the actual subtraction Department with respect to direct loans to be of goods from the domestic market to the exmade to foreign countries, and it remains to be tent that our exports are sold on long-term seen how far the credit of $1,000,000,000 placed credits, but also to the more subtle and within the reach of the War Finance Corpora- less obvious influence which is produced tion can be availed of in practice. Whatever through the general continuation of inflation. may be determined on this score, it is not To this perhaps more than to any other current desirable that Government direction of private factor may be ascribed the fact that prices have industry should be continued longer than is again turned upward.' It has been supposed in absolutely essential. When a foreign country some quarters that, as the demands of the Govobtains an advance from the Government of ernment for the financing of war expenditures the United States and then spends the funds grew less, and as the demands of private busithus allotted, it in the purchase of American ness men and bankers for the financing of goods for exportation to its own citizens, there industrial enterprises grew more, there would has been practically a joint Government guar- be a distinct check to inflation and a definite antee of either private consumption or private tendency toward restriction of prices. This manufacture, or of both, with the results wilich would normally be true should bank credit be usually follow from such guarantees. These confined to a strictly banking (i. e., short-term) results may be considered embodied in a ten- basis. When, however, advances on the part of dency to indiscriminate consumption and more banks take the form of wThat is practically longor less uneconomic use of the funds or goods term or investment credit, their influence is towhich are thus set apart for the promotion of withdraw commodities from the market and to national development. A time must inevi- permit the use of them either for consumption tably arrive when the emergency is no longer or for the creation of investment capital whose such as to require national borrowing in behalf actual power to produce an income return is of private individuals, and when to continue necessarily rather far in the future. Such this polic}7 of subsidy or public support prac- advances on the part of banks inevitably tend tically results in the increase of an indebtedness to maintain prices; and when such loans are which is passing beyond the power of the debt- made for the purpose of facilitating or carrying ors to liquidate. Our present banking organi- on export trade which has produced a steady zation is capable of safeguarding the country and "favorable" balance (that is to say, a conagainst undue devotion of its funds to foreign dition showing far greater exports than imdevelopment should such tendencies manifest ports of merchandise) the influence upon bankthemselves, and at the same time of avoiding ing conditions is very similar to that created unwise withholding of support which comes through the use of bank funds for the support from a lack of vision or a failure to understand of public credit. In the present circumstances, the ultimate results of the refusal of present therefore, a continuous excess of exports over accommodation. This, of course, still leaves imports, paid for by the issue of long-term obopen the question of the precise means by ligations more or less largely sustained by the which our bankers and exporters can thus pro- banks, must be regarded as constituting a distect themselves. But it is understood that the tinct factor in tending to maintain the present problem is now fully under consideration and inflation and to keep things upon an unduly ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1, 1919. FEDERAL. RESERVE BULLETIN. 529 panded basis. The foreign banking institu- serve notes have been almost steadily declining, tions are already feeling the same problem, the figure on May 23 was 2,504.3 millions, or a and it is under discussion in a number of coun- trifle above the circulation reported on October tries, notably Great Britain, where the con- 25, 1918. Reserve percentages of the banks, tinued large importation of commodities purely after having reached 51.1 per cent on May 16, for purposes of personal consumption is being rose to 52.3 per cent on the following Friday. discouraged so far as practicable. Neverthe- Bills bought in the open market during April less, the reaction of feeling resulting from the were about 141 millions, as against 164 millions close of the war has unquestionably tended to the previous month. Purchased acceptances increase the disposition of individuals to buy held on the last of the month (April) declined and spend with comparatively little regard for to 180 millions, as compared with 235 millions the eventual results of their action. Possibly held at the close of March. the most important immediate outcome of this During the month ending May 10 the net condition of affairs is the overstimulation of inward movement of gold was retail trade in consumable commodities and Gold move- $2,144,000, as compared with ment. especially in luxuries and the relative retarda- a net inward movement of tion of business in basic commodities and ma- $6,395,000 for the month ending April 10. terials for manufacture. The existence of this The gain in the country's stock of gold since state of things is very obvious, not only abroad, August 1, 1914, was $1,081,870,000, as may be but in the United States. seen from the following exhibit: During the month of May Treasury opera- (In thousands of dollars; i. e., 000 omitted.) tions have caused significant chanses in the bankiQg p°si- Imports. Exports. E i x m o c p v e o e ss r r t s of tion. The first two series of exports. certificates issued in anticipation of the Victory Aug. I to Dec. 31, 1914 23,253 104,972 i 81.719 loan fell due on May 6 and 20, while the tenth Jan. 1 to Dec. 31,1915 451,955 31,428 420,529 Jan. 1 to Dec. 31,1916 685,745 155,793 529,952 series of certificates, amounting to 591.3 mil- Jan. 1 to Dec. 31,1917... 553,713 372,171 181,542 Jan 1 to Dec 31,1918 01,950 40,848 21,102 lions, was issued on May 1. On May 20 Jan. 1 to May 10,1919 . 23,594 13,130 10,464 the first installment of the Victory loan was Total 1,800,210 718.340 1,081,870 received, the total effect of all these oper- 1 Excess of exports over imports. ations being a continuous increase in the hold- Of the gold imports for the month, amountings of war paper at Federal Reserve Banks ing to $4,111,000, receipts of $2,500,000 came between April 25 and May 16 from 1,760.7 to from Hongkong, the remainder coming largely 1,863.5 millions, followed by a decline to 1,762.4 from Mexico and Dutch East Indies. Gold millions after the first payment had been made exports, amounting to $1,967,000, were conon account of the Victory notes. For the first signed chiefly to Venezuela, Mexico, and time the total discounts were over two billion Colombia. dollars, the percentage of war paper in the total Early in May the Board issued to the public being over 90, while an even larger percentage the final volume embodying its was held in Boston, Philadelphia, New York, Board's annual complete annual report and Cleveland, and Chicago. report. those of Federal Reserve agents. There was an increase of total acceptances on Included in the document is a detailed review hand of 193.2 millions. Gold resources of of the action taken by the Federal Advisory Federal Reserve Banks have increased from Council at meetings held from its first session 2,169.2 to 2,178.7 millions, deposits moving up to and including the session held on Novemparallel with discounts and increasing to 1,865.3 ber 19, 1918. There has thus been given to millions on May 16. Total earning assets were the public a complete, classified analysis of all 2,359 millions on May 23. While Federal Re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 FEDERAL RESERVE BTJIiLETIN". JUNE 1,1919. of the work of each element in the manage- ment. The work of the committee is intended ment of the Federal Reserve system, with to result in a report to the Board, and this detailed statistics governing actual operations. report when rendered will be duly taken under Included in the volume are full accounts of advisement and will be considered in connecexpenses and salaries, also of total outlays on tion with the formulation of new regulations account of Liberty loan transactions. Full governing the subject of acceptances, which information is afforded not only with respect the Board has had in contemplation for some to each bank and governing body in the system, time past. It has been the practice of the but also with respect to the principal branches Board to issue an annual edition of its regulaof the internal activity of the several banks. tions, but the new issue is now long overdue, The Board has from the beginning adopted the having been held back on account of the policy of publishing in detail, both in its anomalous and unusual situation created by annual report and in the FEDERAL RESERVE the war and the desire to embark upon the BULLETIN, the most complete available data reconstruction period under a series of regularegarding its own expenditures and those of tions adapted to the new conditions. It is the banks. In this report further progress has the intention of the Board after gathering inbeen made toward placing the reports of formation from all available sources so to re- Federal Reserve agents, rendered on behalf of shape its regulations as to repress unsound their respective banks, upon a substantially methods and to limit the acceptance business uniform basis. Complete uniformity has not to the lines intended by the Federal Reserve Act. yet been secured, but it is believed that in all The Buffalo branch of the Federal Reserve principal respects detailed comparison of con- Bank of New York was opened ditions in the several districts is rendered Branches and for business on May 15, with personnel. possible through a study of the reports which R. M. Gidney, formerly assistare now thus assembled in one volume. It is ant Federal Reserve agent at New York, as manworthy of note in this connection that con- ager. The directors of the branch are as foltinuous effort is being made to bring about lows : Appointed by the Federal Reserve Board: greater uniformity in the business conditions Clifford Hubbell, Buffalo; Charles M. Dow, reporting service which now constitutes a part Jamestown. Appointed by the Federal Reof the work of the FEDERAL RESERVE BUL- serve Bank of New Yorl^: Harry T. Ramsdell, LETIN. As in former years, a copy of the Buffalo; Elliott C. McDougal, Buffalo; R. M. complete report is being sent to each member Gidney, New York City. of the Federal Reserve system. The territory assigned to the Buffalo branch On May 21 there occurred at the Federal includes the 10 most westerly counties of New Meeting of ac- Reserve Bank of New York a York State, as follows: Monroe, Livingston, ceptance commit- meeting of the acceptance corn- Allegany, Orleans, Genesee, Wyoming, Cattatee, mittee which had been ap- raugus, Niagara, Erie, and Chautauqua. pointed by the Federal Reserve Board to During the month of May some changes in consider the question of regulations and litera- personnel have occurred in the Federal Reserve ture relating to all branches of the acceptance Banks. Owing to the death of Governor James business. Those in attendance on the meeting K. Lynch, Which occurred on April 28, Mr. John were Federal Reserve Agents Wills, Curtiss, U. Calkins has been elected as successor to Mr. Austin, and Jay, Deputy Governor Spencer Lynch and has taken office as of May 6. In (Boston), Mr. Kenzel (manager of investments, the Second Federal Reserve District Mr. Shep- New York), Mr. Paul M. Warburg, and Mr. pard Morgan has been appointed as assistant H. P. Willis. The question of preparing Federal Reserve agent in place of Mr. Ray M. complete, detailed statements relating to Gidney, who has become manager of the typical operations in which acceptances of all Buffalo branch of the Federal Reserve Bank kinds were employed was taken under advise- of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUXE 1,1919. FEDERAL RESERVE BTJIiLETIH'. 531 BUSINESS AND FINANCIAL CONDITIONS DURING MAY, 1919. During the month of May there has been a trade is still on the increase, and wholesale noticeable upward trend in business, with evi- merchants also report an increased volume of dences of great activity in certain lines, especially trade." In the seventh district "the volume those closely related to the leading retail trades, of business is sufficiently large to indicate the which have felt the release of buying power enormous buying power which high farm prices, held back during the war and in the first months wages, and the production of the war period after the armistice. Practically uniform re- has created." According to the eighth district, ports from all Federal Reserve agents point to "the prevailing business sentiment is one of a summer and autumn of unusual activity, with increasing optimism—reports received from many indications of "business prosperity," the various industries of the district indicate especially in agriculture and merchandise and to that business generally is improving." some degree in manufacturing. The country The ninth district reports that, "industrially now seems to be passing through a period of speaking, the outlook is for an active year. free expenditure, a reaction from the enforced Wholesale business is active and retail trade is economy and business restrictions of the war very satisfactory. Collections are good." ' In period. If the present activity should prove to the tenth district correspondents of the Federal be based principal!}7 on these causes, a reaction Reserve agent " are more optimistic than at any therefrom may be looked for when these forces time this year" and there is "cheerfulness on have spent themselves. the part of bankers, merchants, farmers, manu- From district No. 1 it is reported that facturers, and wage earners." All correspond- " manufacturers and merchants in practically ents regard conditions at this time as favorable all lines are doing a large business, and buyers to a continuance of prosperity for many months who withheld orders awaiting lower prices are to come. In the eleventh district general and now purchasing heavily before costs advance careful investigation tends to confirm earlier further." From district No. 2 it is reported predictions that "business has reached a period that business readjustment has gone forward of prosperity which was not only unexpected despite prices and that the pressure of the but, we believe, is not fully appreciated." retail purchaser, working from the bottom, The twelfth district states that "manufacturing has forced activity into the branches of in- and industry have been active in most of the dustoy where doubt as to the future and disin- centers of the district. Wholesale and retail clination to go ahead had prevailed because of trade are good and collections vary from good the high cost of materials and labor. District to fair. Labor is now almost fully employed in No. 3 reports that the business situation con- all sections of the district except Utah." tinues to show improvement in many lines and The price and reconstruction situation that further increases are expected as the year throughout the country is practically a conadvances. District No. 4 reports that "we are tinuation of that already noted during the no longer awaiting prosperity; it is already with month of April. Prices in some districts are us. Business is breathing easier." From the at "about the same level for corresponding fifth district it is reported that " improving months of last year," while elsewhere business conditions in trade have developed rapidly. men are reaching the conclusion that the Few unfavorable comments are heard, and return from war to normal conditions does not optimistic reports are so general as to excite necessarily mean the pre-war level, but that caution as to accepting them without qualifica- "far-reaching and permanent economic tions." In the sixth district "business in changes" have been produced. Trade in almost all lines has continued active, retail some sections has "reached the conclusion Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 FEDERAL RESERVE BULLETIN. JUNE 1,1919. that -most ef Its fears have not been realized usual degree. Winter wheat still continues to and were without foundation," while "mer- warrant the forecast of a wholly unprecedented chants are in a condition of solvency which yield which has been made known by the Dethey h&ve wot enjoyed for many years." One partment of Agriculture. In the Kansas City Federal Reserve Bank finds that "the public district winter wheat is reported in excellent is slowly adjusting itself to the conviction that condition and growers are counting on the there is to be mo rapid post-war drop in prices largest yield in history. Weather conditions and is FeeoaciliBg Itself to the probability that during May have been beneficial in checking the old pre-war prices may never again be the too rank growth which was made by wheat reached." What would have been accepted in the early spring. The spring wheat acreage as a good pre-war volume of business is much probably will not be much increased, due to less likely to be acceptable as sufficient volume weather conditions, but the prospects for a large •for our recGostruetaon work. yield are said to be of the best. The Ninth The Board's index, based upon that of the District states that "soil and moisture condi- Department of Labor,, shows that prices have tions have been generally favorable throughout exhibited m® teadeBey to retrograde, but on the month." In districts where crops have the whole aie moving slightly upward, the been poor for two years past the outlook is very figure rising from 200 to 203 in April. The satisfactory. In the corn-producing States the effect of this condition has been to bring about prospect is thus far very favorable and in the a state of greater confidence and to develop cotton region the outlook is for a "hopeful a -latent Swaying power which was appar- growing season." Diversification duo to organently only awaiting decision as to the prob- ized effort is making progress and the cash abilities of the coming months before making returns to farmers are expected to be unusual. itself felt The iBcrease is due entirely to the On the Pacific coast the staple crops have increase in Ilka prices of raw materials and "made satisfactory advancement and are in consumers7 goods, the Index numbers for the good condition" although rain is needed. groups in. question rising from 197 to 200 and Some losses of fruit crops have occurred but the from 206 'to. 2IO respectively. On the other food outlook is promising. Grain movements t hand, rfche index number for the group of pro- to primary markets have for the most part been ducers5 goods declined from 190 to 186, while slightly heavier in April than in February and among fee sobgroups included under the head March, but shipments have been more than, of raw materials the index number for the three times the volume of-receipts. Flour promineral products group likewise declined from duction during the month of April amounted to 171 to 16% which, however, did not serve to 11,274,000 barrels as compared with 10,498,000 offset eoBsideFable increases in the prices of during the previous month, though stocks at both farm and animal products, the index mills at the close of the month on the other hand numbers for the latter groups increasing from show a slight decrease. In consequence of the 235 *to 243 -and from 216 to 223, respectively. increases in the price of flour which recently Reports of Federal Reserve agents develop occurred, steps were taken by the Grain Corthe conspiflwus fact that this slight increase poration to check the rise, though the efforts in iin prices lue brought about a general belief certain localities at any rate appear as yet to that the 'tim& has come when business men have met with little success. As a result of may proceed actively with further commit- stimulated prices milling operations since ments without running the risk which they April 1 have been about double those of the had some months ago predicted of constantly same period last year, but this increased activshrinking values for raw material stocks. ity has "been experienced only by those mills Agriculturally, the remarkable promise of the which were able to obtain allotments from -spuing-appears to be sustained in an un- Government wheat stocks. It is reported from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1,1919. FEDERAL RESERVE BULLETIN. 533 certain centers that the mills have booked In steel and iron the reports for the month sufficient orders to absorb the present stocks of show a reduction of output to what are said wheat which are available but are unwilling to to be the lowest figures for a good while past. iraake further commitments in view of the de- In spite of this fact prices of steel stocks as crease in wheat stocks. It has been remarked quoted on the exchanges have materially adthat during the past year the United States vanced. A notable development during the raised insufficient corn to supply domestic re- month has been the establishment of an open quirements, due largely to the increased de- market for steel through the abandonment of mand for feeding purposes. Speculative trad- the effort to stabilize values and prices, aided by ing in the commodity has been exceedingly the entrance of the Railway Administration into heavy of late with spectacular movements in the market as a large buyer of rails and equipprices and marked on the whole by a con- ment. Bids for 400,000 tons of railway steel siderable increase. were requested by the Railway Adminisration From Chicago it is reported that prices of on May 8, and 200,000 tons have been allotted. cattle are considerably higher than a year ago, A much better tone in the steel and iron market while prices of sheep are lower. Beef has there- is reported at various points, although the mill fore advanced, while mutton and lamb have activity is said to be only about 70 per cent of slightly fallen. Smaller receipts of hogs at the normal in the establishments of the United principal markets have resulted in a decrease States Steel Corporation and 50 per cent at in the stocks of pork and lard. Kansas City, independent mills. Pig iron production shows however, reports that the cattle trade has been a continued decrease from 3,090,243 tons during rather dull with prices slightly weaker, although March to 2,478,218 tons during April, the they still show a considerable margin over a respective index numbers being 133 and 107. year ago. Hogs, however, have continued to The latter is the lowest figure since February, advance, speculators paying up to $21. In 1918. Steel ingot production likewise shows Kansas City there was a decrease during April a decrease from 2,662,265 tons during March of 34 per cent in the receipts of cattle, an in- to 2,239,711 tons during April, the index crease of 34 per cent in receipts of calves, a numbers, respectively, being 110 and 93. The decrease of 7-|- per cent in hogs, an increase of unfilled orders of the United States Steel 29 per cent in sheep, and an increase of 58 per Corporation have also decreased from 5,430,572 cent in horses and mules. Receipts of cattle tons at the close of March to 4,800,685 tons at during April at 15 principal markets were the close of April, the index numbers, respec- 1,255,379 head, as compared with 1,094,614 tively, being 103 and 91, while the figure at the during March, the respective index numbers close of April, 1918, was 8,741,882 tons, correbeing 125 and 109, as compared with 1,533,147, sponding to an index number of 166. The corresponding to an index number of 152 a figure for the close of April, 1919, is the lowest year ago. Receipts of hogs decreased from since June, 1915, at the end of which month 2,842,663 head during March to 2,823,484 head the total was 4,678,196 tons. Although pig during April, the respective index numbers iron trade in the Atlanta district is dull as it is being 129 and 128, while receipts during April, elsewhere, the steel mills are active and rails 1918, were 2,942,449 head, corresponding to an are being rolled in preparation for a considerindex number of 134. Receipts of sheep, on able trade. The high freight rates heretofore the other hand, increased from 847,842 to prevailing out of the Atlanta district have been 970,070, with respective index numbers of 62 a handicap, but a recent ruling by the Interand 71, as compared with 733,709 a year ago, state Commerce Commission seems likely to corresponding to an index number of 54. It is give them access to trade in northern territory expected that the export movement will con- which has up to the present been impossible. tinue on a large scale for some time to come. While the bituminous coal industry is reported 119745—19 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL RESERVE BULLETIN. JUNE 1, 1019. to be at present depressed and unsatisfactory, have been placed with the mills, both for yarns with an output less than 70 per cent of that of and finished goods. Weavers have operated a year ago, and while there has been a large freely in purchasing wool at Government accumulation of fuel, coal operators are opti- auctions in the Philadelphia district. Woolen mistic for the future. The current use of fuel and worsted mills are going back to full time, is in excess of production and stocks are being with a large volume of orders. While fine consumed, while an increase in the production wool is in considerable demand and comof bituminous coal since the opening of May is mands high prices, low-grade wool, on the noted. Shipments of anthracite for the month other hand, is in relatively little demand, and of April show a substantial recovery from the a lower trend in prices is indicated. Fall orders low figures for the two previous months, the for woolen underwear and high-grade hosiery tonnage for April being 5,224,715 as compared are appearing in good volume. Very decided with 3,938,908 for March, the respective index improvement has occurred in cotton milling, numbers being 93 and 70. The production of and orders are being booked well into the fall. beehive coke on the other hand continues to The demand is for the finer goods, and prices decline, the output for April being 1,316,960 have been advanced until they even exceed tons as compared with 1,768,449 during March, winter levels. The new 48-hour schedule has, the corresponding numbers being 50 and 68. however, curtailed the output at mills, and a It is reported from the New York metal market slight labor shortage is now in evidence. The that after several weeks of almost no demand percentage of idle woolen spindles on May 1 the copper market shows a slight improvement. was 16.8 per cent, as compared with 28.4 on Quotations have been reported as high as 16 April 1. The percentage of idle worsted cents, while producing companies are operating spindles on May 1 was 25.3 per cent, as comon a 50 per cent basis. Production of four pared with 36.1 per cent on April 1. There has large companies during the first four months been active buying from the new wool clip in of 1919 amounted to 122,541,610 tons as com-, the West. These conditions are reflected in pared with 180,425,458 tons during the last the demand for dry goods and shoes, which is four months of 1918. In spite of the reduced one of the most marked symptoms of trade redomestic output, stocks have continued to covery in the month under review. Foreigners increase due in considerable measure to con- who arc leaving the country in considerable tinued heavy importations. The lead market numbers are reported to be carrying with them is somewhat firmer than it has been for some many pairs of shoes to meet needs abroad. time past and the tin market is dull. From Prices are being marked up for fall delivery, the Kansas City it is reported that considerable outlook now being for an increase of 25 to 50 reductions have occurred in the prices paid for cents a pair for retailers. zinc and lead ores and there has been a decrease Retail trade practically throughout the counin their production. It is reported that pro- try is assuming unprecedented volume, while duction in the lead industry, however, is at a prices continue abnormally high. Retailers in considerably higher level than in the copper most sections have made little or no adjustzinc, and iron industries. ment, but continue to demand prices based During the month of April more than 1,000 upon war conditions. In New York large new petroleum wells were completed, with new establishments report a volume of business production of about 43,600 barrels daily in the two-thirds greater than a year ago, and in Kansas City district. A substantial gain in Chicago returns range from 25 to 50 per cent production is now expected. in excess of 1918. The demand is largely General manufacturing is showing decided for the highest class of goods, with prices improvement. The wool market is strong, a secondary consideration only. In the South with prices in favor of the seller. Large orders there is said to be "no contraction in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1, FEDERAL RESERVE BULLETIN. 535 public buying power/'7 while a greater propor- is urgent and that there is considerable action of cash sales is reported. In the Rich- tivity "in home sites and building, particularly mond district there is an "active trade, con- apartment houses in cities.'7 Real-estate values sumers buying freely without question as to are said to be hardening and in some places prices/7 The effect of this active purchasing there is a decided boom, while sales of farm throughout the country is being reflected in hands are on the increase. the activity of wholesale business, advance The following table shows the value of orders for goods for autumn being reported building permits issued in various cities satisfactor}' in volume, although still less than during the first four months of 1919: a year ago. Prices for cotton and wool goods have again advanced and retail stocks have in January. February. March. April. many cases been reduced to a low point. Retailers in some sections are actively placing Boston 8712,012 ! $016,782 51,777,234 51,300,483 Buffalo 206,000 320,000 962,000 734,000 orders for immediate delivery. The high wages New York 4,860.758 8,144,358 10,277,999 16,655,290 Philadelphia 084,505 1,140,865 2,662,290 4,180,565 prevailing in most parts of the country and the Cleveland 927,900 1,135,605 2,456,450 1,537,360 Pittsburgh 281,571 379,951 982,715 1,013,383 increasing volume of employment creates a Baltimore 276,178 943,702 1,004,599 1,508,957 Washington.. 208,720 505,334 829,585 2,112,231 condition of remarkable strength in local busi- Atlanta 269,585 401,233 750,290 947,220 Chicago 1,781.710 1,954,400 5,438,680 7,447,800 ness, both volume of sales and receipts of cash Detroit l,O4O;71O 1,279,065 3,230,700 | 4,610,731 Indianapolis 219,215 436,645 529,314 I 879,399 surpassing past records. Manufacturing is Milwaukee 145,640 380,513 1,138,108! 1,804* 521 Memphis 122,760 138,240 202,575 ! 725,000 already feeling the impetus furnished by this St. Louis 507.015 310,621 446,318 ! 1,019,470 Minneapolis 181' 320 369,705 627,130 ! 1,780,100 continuation of strong purchasing power. St. Paul 179,272 ! 153,619 228,825 ! 859,114 Kansas City, Mo. and In building there has been a distinct revival Kans .' 204,885 ! 434,195 543,025 817,102 Denver 78,200 219,500 434,500 522,650 throughout the country and particularly in the Omaha 169,015 274,715 •' 385,642 512,815 Dallas 109,820 91,964 i 340,225 j 235,050 principal population centers marked advance- Los Angeles 818,827. 1,006,619 , 1,122,415 ! 1,610,255 Seattle 447,195 1,750,085 i 705,780 ! 1,341,415 ment is now noted. Chicago shows a gain in San Francisco 429,106 355; 377 '• 908,831 1,092,706 building permits of 169 per cent compared Total 14,807,919 ;22,743,183 !37,9SJ,230 '55,247,617 with a year ago, and similar or larger gains are reported in most of the large cities of the Labor and employment conditions have made Middle West. In New York building has been farther progress toward normal. In the prinretarded, although the need is very great, an cipal manufacturing centers it appears for the obstacle being presented by the difficulty of most part to be true that labor is fairly well obtaining satisfactory building loans, but the employed. Skilled labor is generally in derealty market is better than for the past 18 mand throughout the country and at unpreccmonths. The value of building contracts dentedly high wages. Notable advances of awarded in the seventh district for the year wages have occurred in the cotton textile mills thus far is about double those awarded in the of New England, the present wages of labor same period of 1918. Advancement in build- there being fully 100 per cent above prewar ing has been less noticeable in the far South, figures. There is an increasing shortage of but such reports as are available point to a laborers on farms and of skilled mechanics in coming revival, while in some places the greater shipyards, and, although the supply of farm activity is already very encouraging. On the labor in many sections now equals the demand, Pacific coast reports from 19 principal cities an increasing deficiency is expected within the for April show an increase of 31 per cent over next few weeks. Unemployment is most fre- March and 47 per cent over April, 1918. In quent at points of disembarkation, where rethe States of the southern and eastern sea- turning soldiers are being mustered out of the board building is progressing rapidly. The military service, but even at these points good fifth district reports that the housing question progress is being made in the process of ab- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 FEDERAL RESERVE BULLETIN. JUNE 1,1919. sorbing the floating supply of labor. In the since 1901. The heavy purchases are attribsouthwestern cotton region the past 90 days uted largely to the presence of out-of-town has witnessed almost a complete reversal of buyers who are in possession of large amounts previous conditions, and there is a greater de- of funds. In interest rates, however, despite mand for common labor than heretofore. Few this remarkable speculative activity, there has strikes are now in progress, although here and been a distinct downward trend during the there labor difficulties have been reported. month. This trend has been noticeable in This is particularly noticeable in the New almost all classes of paper, but particularly in England district, where it is stated that the the case of commercial paper sold in the open increased cost of living, as well as the higher market, and also in the case of interbank scale of living to which workmen have become loans, as well as a fractional decrease for inaccustomed, has had the effect of rendering the dorsed bankers7 acceptances. Prevailing rates new rates of remuneration less satisfactory than for customers' prime commercial paper on the the old ones, and as a result some unrest is re- whole show decrease, while collateral loans on ported in that district. the other hand remain relatively firm. In the A remarkable feature of the business situa- call-money rate, however, there has been at tion is the continuance of an enormous favor- times a distinct upward trend and on one ocable export balance. This balance, according casion the rate reached a level of 7 4 per cent in to official reports for the month of April, New York. This figure, however, was mainamounted to the unprecedented total of tained only for a few hours. The rate for $442,000,000. While the shipments still con- paper collateraled by Liberty loan bonds has sist largely of foodstuffs and raw materials, been slightly advanced in places, due to the there are some indications of an advance in desire'on the part of banks to encourage cussales of manufactured goods, and these are tomers to liquidate their obligations for overexpected to inorease from now on, granting due subscription payments. Liberty loan that favorable provision is made for financing bonds themselves have commanded decidedly sales to foreign countries. Trade with the better prices during the latter part of the Scandinavian countries has shown special ad- month of May, this result being attributed vancement, but business with South America, to the popularity of the fifth Victory notes Japan, and China has been partially checked. whose value was in a measure reflected upon From the New York district it is reported that other classes of Government securities. The 75 per cent of shipments now going forward banking position of the country is reported as represent orders placed and largely paid for on the whole sound, present circumstances some time ago. Shipping facilities have im- considered, and reserve percentages of the proved somewhat during the past month, but Federal Reserve System have shown an ability sailing dates of vessels are still very unreliable. to hold their own. Transactions at clearing- Plans are in prospect for the development of house banks which report to the Board show methods of financing and facilitating the growth essential stability with a slight tendency toof export trade. ward an increase in volume. The month of May has witnessed some im- A remarkable feature of financial developportant, not to say remarkable, financial de- ments during the month has been the sharp velopments. The stock market has been decline in quotations of most foreign currency. passing through a speculative era only com- Lire and francs have established new low rates parable to that of three years ago. Transac- going, respectively, to 8.36 and 6.70 up to May tions on the New York Exchange in the week 20, while sterling, which had shown some abilending May 17 were the largest for any week ity to reach higher levels, has again fallen off. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1, 1919. FEDERAL RESERVE BULLETIN. 537 SPECIAL REPORTS OF BUSINESS CONDITIONS REPORTED BY DISTRICT NO. 2. Business readjustment has gone forward in REPORTED BY DISTRICT NO. 1. the second district despite high prices. In A most decided improvement in the cotton fact, it appears that the pressure of the retail market has occurred in the last month. More purchaser, working from the bottom, has cotton is being used both in this country and forced activity into the branches of industry Europe. Here in New England the demand is where doubt in the future and disinclination to largely for long staple." Apparently mills go ahead had prevailed because of the high working on Government contracts which re- cost of materials and labor. In other words, quired ordinary cotton had no supply of the the buying power and buying disposition of the higher grade and therefore had to buy heavily people has been so great that stocks have been to cover orders when resuming their regular diminished and buildings of the better sort line of production. In addition, continued have been filled to capacity, with the result demand for goods made from fine cotton has that producers in varying degrees are concludtended to increase the price of the best grades ing that the market is ready to absorb newly quite materially. manufactured goods, even at the high prevail- Mills which a month ago were reluctant ing prices. about taking advance business at the then pre- The stock market has shown signs to the vailing level, now that prices have advanced same effect—that the buying power of the are booking orders well into the fall. The country at this time is very great. Transacdemand is for the finer-grade goods and mills tions on the New York Stock Exchange in the have advanced the prices of these lines until week ended May 17 were the largest in any in some cases they exceed the war levels. week since 1901, and on every day except on With the new schedules of a working week of Saturdays when the market is open for two 48 hours in effect the maximum output of hours only, over one million shares have been mills in this district has been much curtailed. bought and sold. The opinion is generally ex- In some places there is beginning to be felt a pressed that the activity is in large part due to slight labor shortage for the fancy weaves, the operations of new buyers, with large which tends to make mills rather cautious amounts of money at their command. This about booking their entire capacity. activity has continued through the course of With a strong continued demand for shoes, the Victory loan campaign, despite the fact that and increasing costs of materials, manufactur- the district oversubscribed its quota by more ers are now in the process of marking up prices than $400,000,000. The present speculative for fall deliveries. At present the outlook is movement seems to be based on confidence in for advances of 25 cents to 50 cents a pair to profits which may arise from more active manuthe retailers. The public will probably be facturing to meet the present increasing defaced with even larger increases, due to the mands, from crops of unprecedented size and fact that many dealers, fearing to curtail their from an expectation of heavy exports to supsales, absorbed a large part of the last advance ply the needs of reconstruction abroad. This in the hope that it would be only temporary. confidence has been reflected especially in the Production continues on a full capacity basis, industrial shares, which have enjoyed tlie major with plenty of future orders coining along to increase in price. Of late the rise has extended insure continued operation on the same basis. to the railroad stocks on the prospect of an Reports of good collections are prevalent and early return of the railroads and other public manufacturers are having no difficulty in find- utilities to private control. The Annalist ing funds to carry their higher priced leather. record of the average prices of 50 representative Hides and leather have not stopped advancing stocks was 83.50 on May 17, as compared with and bring almost any price asked by the deal- 77.03 on April 12. ers. This state of affairs is likely* to last as The long downward swing in bond prices, long as both domestic manufacturers and for- which began at the signing of the armistice, eign buyers are in the market for leather. All was halted in April and has been converted the world's hides that are known to exist are into a decided rise during the first three weeks already purchased and such exporting nations of May. The bond market, like the stock as the Scandinavian countries are in this market, shows a great buying power throughmarket for leather. Removal of shipping out the country. Buyers have been attracted restrictions will not bring any substantial especially by tax-exempt issues, notably murelief. nicipal bonds. Bonds which have been re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

538 FEDERAL RESERVE BULLETIN". ,7uxi-: 1, 1910. garded as conservative investments have not- thread, the latter having made a new high risen in price in the same degree as bonds 3rield- record price in May. There is a good demand ing higher rates of interest. The Annalist for light-weight underwear, and some mills are record of the average of 40 representative bonds so well sold up that they are declining business. was 78.22 on May 17, as compared with 76.81 This, however, is by no means general. For on April 12. During the week following /the winter underwear, advance orders appear to be Victory loan campaign several new security about 50 per cent of normal. issues were announced, of which the most im- The wool market is strong, with prices in portant was the issue of $50,000,000 of cumu- sellers' favor. Large orders have been placed lative 6 per cent debenture stock of the General with the mills both for yarns an(3 finished goods Motors Corporation, offered at 90. during the past month. Due to the stimulus of large sales of their product, spinners and REPORTED BY DISTRICT NO. 3. weavers alike have operated freely at the recent Government auction sales. Lower qualities The bituminous industr\r is at present in. a showed some recession in values. This slump depressed and unsatisfactory condition, the in the prke of the lower grades has in a measure aggregate output being less than 70 per cent recovered. Woolen and. worsted mills are of the corresponding period of 1918. Last year, getting back to full time with a good volume owing to insistence emanating largely from of orders on hand. governmental sources, consumers were urged to acquire a. supply in excess of their actual REPORTED BY DISTRICT NO. 4. necessities, either immediate or in the near future, resulting in a ve±2^ large accumulation The rise in commodity prices has been acof fuel, and the coal operators and miners were companied by a considerable increase in the urged to increase the output with greatly en- amount of money in circulation and an increase hanced cost, as would naturally happen under in bank deposits. The amount of money in such exceptional conditions. The weather circulation per capita during the past five during the past winter was abnormally mild, years has increased 59 per cent. During the and by reason of that, the consumption of fuel same time the bank deposits have increased was restricted. In addition, the recession of almost threefold. business, beginning after the armistice, tended Conditions generally have taken on a slow still further to reduce consumption. The result but substantial growth during the month of has been that consumers decided to use their May. A significant event in the business situasurplus stock and restrict the taking of addi- tion was the resignation of the Government's tional supply. The current use of fuel is in Industrial Board, which terminates the price excess of present production, and stocks are stabilization program and creates an open being consumed. As the year advances and market free for competition. This means that business revives the consumption of coal is ex- all lines of business, such as building, conpected to increase with greatly diminished struction, retail trades and manufacturing, stocks, and it may thgn be discovered that will proceed on their own readjustment plans present facilities for production will be much from a war to a peace basis. It is thought by strained to meet requirements. Anthracite the steel industry that the creation of an open coal of domestic sizes is in good demand. market will probably force greater activity. Steam sizes are dull and the smallest sizes can The realization that there is to be no probnot be moved in quantities at any price. able return to prewar prices has encouraged In silks, in mercerized and the better grades buyers to place orders with more confidence. of cotton goods and the hosiery trade, the de- As a result, business prospects have improved, mand has been brisk since early in May, when retail trade has increased, in volume, prices are jobbers and the larger retailers came into the becoming more stable, and business generally market with the same spirit that prevailed is on a firmer footing. prior to the signing of the armistice. There is Two important factors which, are sure to an acute shortage in the more expensive lines stimulate manufacturing in the district are the of silks, particularly for women's wear. Mills lifting by the administration of the embargo on making fine goods, which a few weeks ago were shipbuilding for foreign countries and the operating on short time, are now short of help definite adjustment of steci prices. and in some instances are running overtime. While manufacturers are awaiting develop- Prices are showing slight advances, in cadence ments, prospects are strong for changes for the with the higher quotations for yarns and silk better in trio near future. There is a feeling Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JCNK 1, 193 9. FEDEEAL RESERVE BULLETIN". 539 that if natural competitive conditions are re- but the extent of it has hardly been deterstored, a reasonable resumption of activity in mined. The coastal trucking sections of South this field, may be expected. While many of the Carolina, North Carolina, and Virginia report mills in the Pittsburgh area are reported run- exceptionally satisfactory returns from cabning only about three days a week, confidence bages, strawberries, and lettuce, with prosis not lacking, and a satisfactory line of in- pects good for potatoes, snap beans, and quiries for new goods is being made. cucumbers. The tobacco belt will make a large Manufacturers of automobile accessories re- planting, and cotton planting is reported someport improvement, and while makers of auto- what late. The demand for fertilizers has mobiles, both trucks and pleasure cars, are been good and higher grade goods have been working at full capacity, they are unable to bought this year than for the past two seasons. keep up with the inflow of orders. The price of cotton has improved and the crop The shoe manufacturers also report more continues to move slowly. Tobacco markets orders than they can fill, with prices high and have been closed and the net result to farmers firm, and merchants placing large orders for fall has been a larger volume of money and a trade. Clothing merchants are buying better higher average per pound than ever before. grades at fancy prices. The demand for tobacco products has been The machine tool business is less active, and somewhat slow for the past few weeks, but is little encouragement is held for the immedi- showing improvement. Numerous inquiries ate future. Plants are endeavoring to hold from abroad are being received, and, with their organizations together by working on improved shipping facilities and the withstock. drawal of Government restrictions, an increase It is to be hoped that steel has turned the in the export business is anticipated. The corner. Mills are running at from 50 to 75 per peanut sections of Virginia and North Carolina cent of capacity. The final declaration of report an improvement for peanuts and their open market for iron and steel products has products. caused an optimistic feeling among the manufacturers. There is no positive evidence of im- REPORTED BY DISTRICT NO. 6. provement by the placing of new orders, but The weather has been favorable for crop it is thought that the turning point has been planting, practically all cotton and other crops reached. Materials are plentiful and there is having been planted. Good stands are rean abundance of labor. The principal deported in the southern portion of these States. mands are from the automobile and oil field Excessive rainfall the second and third weeks trades, in the form of piping and sheets. The of the month, however, with the cool nights announcement of bids for a 400,000 tons order following, caused injury to the growth of cotfor steel rails to be placed by the Railway ton, as well as other crops, but replanting where Administration will doubtless tend to stimuimperfect stands have shown up will place this late further orders. crop in good condition. The pig-iron market is practically void of The price of cotton has increased since last new inquiries. Blast furnaces continue to report, and if this increase, although slight, close down, and only small lots of foundry iron continues, it is probable that a good deal of the are being delivered. It is thought that the cotton now held b}^ farmers and merchants will output in iho Pittsburgh area for the past be disposed of, causing a release to other lines thirty days will prove to be the smallest for of business of the money now carried on cotton some time. The demand for semifinished steel paper. is quiet. However, boiler tube makers report Latest reports indicate a general reduction increased demands, with an encouraging future, in the cotton acreage in all of the States of tl:o while the makers of nuts, hoops, and bands arc district except Alabama, where a 5 per cont able to keep their plants running at about 50 increase is predicted. Reports state the acreper cent of capacity. Efforts to keep the tinage in Georgia will be cut 20.5 per cent, in Tenplate mills going at anything like full time have nessee 18 per cent, in Mississippi 15 per cent, been abandoned. and in Louisiana from 15 to 20 per cent. Corn crops are reported in good shajje. REPORTED BY DISTRICT NO. 5. Fruits and vegetables appear not to have been Farm work is well advanced and reports on damaged by recent light frosts, and the outlook wheat are universally favorable. There has is encouraging for large yields. Strawberry been some damage to crops from cold and frost, crops are excellent and prices satisfactory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 FEDERAL RESERVE BULLETIN. JUNE 1,1919. The wheat and oats crops are reported fair, investment class as owners of bonds. Iowa with prospects for large yields. It Is estimated especially is a notable example of this changed that the total production in Alabama will be condition. 2,000,000 bushels. Incidentally, this situation offers a tempting The orange and grape fruit crops for this field for "wildcat" speculation, and it is a season have been practically all shipped. The matter of regret that thus far our State legiscitrus trees are in good condition, and there is latures, as a rale, seem to have been unable to no unusual sign of the small fruit shedding. enact legislation which satisfactorily curtails The new crop is said to have never been finer or eliminates this evil. Recently, through the and prospects are for a large yield another Federal courts in Chicago, however, some of season. these fraudulent enterprises have been publicly Tomato shipments from the east coast of exposed, but it is evident something more is Florida have practically closed, and the west needed in order to effectively check these coast has just started shipping in a small way. "'wildcat" speculative operations. The market is about $4 to $4.50 for fancy stock. Scarcity of available mortgages in the mar- The potato market is firm at from $7 to $7.25. ket and the Government loan campaign have About 75 per cent of the Hastings crop has been developed a new investment field in the Middle moved and the next two weeks will probably West. There are some indications in this see it completed. It is probable that a steady district of an increasing activity in farm lands, and possibly higher market will prevail. as well as in city real estate. This, if per- Potatoes from the Putnam district are now sistent, naturally will lead to an increase of being harvested, and the yield is estimated at borrowings in the form of farm mortgages. about one-third of that of last year, but the Conditions are regarded as favorable to the prices about four times as good. In the middle development of rather active speculation in of the State the bean and cucumber crops are land. High prices for farm products neceslight and quality only fair. Peanuts, velvet sarily means prosperity not only for farmers beans, and sugar cane in this section are in but for those in cities and communities degood condition. Weather conditions on the pendent upon agriculture, while hard times whole have been very favorable to growing usually bring the debt-paying period among crops. farmers. Continuance of comparatively easy money, therefore, may provide the stimulus for REPORTED BY DISTRICT NO. 7. speculative land activity. While selling conditions, owing to weather With upwards of $370,000,000 represented and other uncontrollable factors, are below in the unprecedented winter wheat crop in normal throughout the Middle West, the vol- Indiana, Illinois, Michigan, Wisconsin, and ume of business being done is sufficiently large Iowa, now approaching maturity, and with to indicate very clearly the enormous buying other farm products coirmanding high prices, power which high farm prices, wages, and the all contributing largely to the new wealth of production of the war period has created. the Seventh Federal Reserve District, there Even during the Victory loan drive, in which are indications that the buying power will be the Seventh Federal Reserve District fully further greatly increased and that the amount subscribed and fairly satisfactorily absorbed of available funds will continue to accumulate its quota of the notes, there was an invest- rapidly during the latter part of the year. ment demand for high-grade securities, a mani- This in itself is a big factor in stimulating opfestation not experienced during the previous timism and in dispelling uncertainty so wide- Liberty loan campaigns. spread in the months immediately following Furthermore, business men gradually are the signing of the armistice. reaching the conclusion that a return from war The noticeable improvement favorable to to normal conditions does not necessarily mean the increased. activity in construction, howthe prewar level. Evidence that the war has ever, is the growing belief among business men brought far-reaching and permanent economic that building materials and wages in the buildchanges is accumulating. An instance of this ing trades will not change a great deal during is found in the Middle West, where many the next year or two. The tremendous presfarmers, who previous to the war had been sure for available space either for residential persistent borrowers on their land, either have purposes or for offices in the industrial centers liquidated their mortgage loans or are in a oi the district is stimulating courage and a position to do so, and many are now in the decision to go ahead with building plans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1,1919. FEDERAL RESERVE BULLETIN. 541 REPORTED BY DISTRICT NO. 8. cotton is fast approaching normal. It is reported that the stock of cotton in Memphis is Manufacturers of boots and shoes report less than it was at this time last year or the that buyers are increasing their orders for year before. Some advance in price has refuture delivery. Domestic business seems cently occurred. nearly on a normal basis. Prices remain firm. Manufacturers of primary metal products REPORTED BT DISTRICT NO. 9. still report business below normal. There have been marked declines in the prices of raw ma- The spring-wheat acreage of the Northterials ever since the signing of the armistice western States, contrary to previous expectaand a decline in the price of tin is said to be tions, will not be increased this year. Reports imminent. Manufacturers of miners' tools re- indicate about the same acreage as a year ago, port business very dull on account of the in- due to the fact that the spring has been cool activity of the mines. A manufacturer of and somewhat backward, and due to the interthrashing machinery, however, reports that ference of rains with the work of getting the he has all the orders he can fill up to July 1. seed into the ground. Over the southern A stove manufacturer reports a gain in his portion of the district wheat seeding is already March business over the same month last year. completed, and in South Dakota, southern The general line of hardware has nearly re- Minnesota, and Wisconsin the planting of sumed its normal basis. corn has commenced. In the southern half of Lumber is feeling the effect of the increased the district spring wheat is already above building activity. A large firm reports that ground, but, with the cool weather, is not makduring April its business increased 20 per cent ing very rapid growth. The weather is, over March. In the South stocks of lumber however, very favorable for the development are low and the woods are said to be so wet of strong roots and is giving the crop a good that sawing has been impossible. start. Winter wheat in the western part of the Cement, brick, and clay-pipe manufacturers, district is in excellent shape and the acreage is as a rule, report that business is improving, large. Rye is making a vigorous growth, and though the demand for brick and cement is the seeding of barley and oats is progressing still far below normal. Increased railroad rapidly. building, the demand for apartment and office buildings and the prospect of public improve- REPORTED BY DISTRICT NO. 10. ments lend encouragement for the future in this line. Winter wheat is reported in excellent con- In the electrical line business is improving. dition in all States of this district, and growers Increases in the volume of business are re- are counting on the largest yield in history— ported over both April of last year and March and on the largest acreage. The cool and wet of this year. Heavier orders are being placed weather conditions continuing through the first for future delivery. half of May, while retarding general farm work A large chemical company reports an in- and other crops, is regarded as having been crease of over 50 per cent in its April business beneficial in checking the too rank growth as compared with the same month last year. which was made by wheat in the early spring. Some declines in prices have occurred" and Too much moisture in some localities was further declines are anticipated. Owing to the causing such a growth that there has been some fact that there was practically no natural ice lodging, particularly in Kansas and Missouri harvested in the country this year, firms antici- and in the bottom lands of Oklahoma. Red rust pate a large demand for chemicals from ice is reported in western Oklahoma and in southmanufacturers. eastern Kansas, but is causing little damage. A large candy manufacturer says so niany Slight damage by hail is reported in scattered firms and individuals are going into the candy localities, but nothing more than usual. Wheat business, in anticipation of a growing demand is heading in Oklahoma and southern Kansas for sweets, that there is overproduction. and unless delayed by unfavorable weather Reports from paper concerns show increases conditions the harvesting will begin about in the volume of business during April over on schedule time in the south and move March. Prices are declining. northward according to customary process of Considerable improvement is noted in the ripening. cotton situation in this district. Cotton mills Corn is up and growing in Oklahoma, but is are now spinning freely, and the demand for making a poor stand in some sections, while in 119745—19 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDERAL RESERVE BULLETIN. JUNE 1,1919. others the ravages of cutworms necessitated 40,000 barrels production and increasing steadmuch replanting. Most of the corn in western ily, is attracting attention as a great produc- Missouri and Kansas has been planted, but ing section and is now the scene of operations germination is slow. In eastern Nebraska and on a larger scale than ever before, prospecting portions of northern Kansas wet soil has de- and new development extending into Colorado. layed corn planting. With the soil well Tho outstanding feature in the agricultural saturated with moisture, however, farmers are situation seems to be the excellent condition, counting on plenty of sunshine and growing of the small-grain crop which, on May 1, accordweather to make a good crop. ing to the Government report, was in better Seeding of spring wheat and oats was de- condition than in recent years. Weather has layed, but where the grain is up it is making been favorable and, on the whole, the outlook satisfactory advance. Alfalfa is doing ex- for heavy yields in all growing crops is excellent. ceptionally well and the first cutting in New Corn, while late in the southern and eastern Mexico, Colorado, and southern Kansas and counties, has a good stand, and cotton faces a Oklahoma shows a heavy yield. Conditions are hopeful growing season. Rains have been genfavorable for winter rye and barley, while eral throughout the district, and while the prepotatoes are reported as doing fine. Fruit cipitation record has been above normal in many prospects are good in nearly all sections, no counties, so far no considerable damage has material damage having been caused by April resulted and beyond the delay in farm work frost and cool weather. on account of excessive moisture, no unfav- During the month of April, for which full orable results arc anticipated. The fruit crop returns are now in, 1,020 new wells were com- has successfully passed the maturing stage, pleted with new production of 43,628 barrels and prospects are excellent for a heavy yield. daily in the oil fields of this district. Compared Diversification, due to organized efforts"toward with the March record, there was an increase reduction of cotton acreage, and the attractive of 146 new wells completed and an increased prices obtainable for crops usually considered daily production amounting to 5,798 barrels. important, is very noticeable, and when the The summary follows: harvest season is reached the cash returns to farmers will undoubtedly be heavy and permit of some long-deferred liquidation. C t o i m on p s l . e- P t r i o o d n u s. c- Dry. Gas. Shipments of all kinds throughout the cattle-growing regions are reported to be Kansas 332 10,681 67 heavier than for this period last year, and Oklahoma. 659 27,042 180 prices obtained for all classes are ver}T satis- Wyoming.. 29 5,905 8 factory and much higher. While in some sec- A M p a r r i c l h t o to ta ta l l . 1,0 8 2 7 0 4 4 3 3 7 , , 0 8 2 3 8 0 2 2 5 3 5 3 tions the adverse weather conditions of the past winter have contributed to reduce the supply of calves and lambs, most sections re- Reports of new" developments show the numport a good increase in young stock, and it is ber of rigs up and wells drilling at the close of pointed out that the lambing season this year April as 501 in Kansas, 1,510 in Oklahoma, and finds good grass throughout the district, 332 in Wyoming, making a total of 2,343 for which is something unusual as compared with the three States. This is an increase of 125 many years past. Cattle generally came over the report on new operations at the end through the past winter on a much better of March. feeding basis as prosperous conditions of last Better weather conditions in. the last half of fall made it possible for the average live-stock May are giving impetus to operations and indigrower to supply himself with liberal quancations are that this month will show an tities of feed. unusual number of new wells completed with a decided increase of initial daily production. REPORTED BY DISTRICT NO. 12. While several good wells have been brought in recently the decline of the older wells has Pacific coast exports during March were about offset the new production in Kansas and 52.3 per cent greater than during February Oklahoma, but prospects are for a substantial and showed an increase of 42.5 per cent over gain in production from increased new opera- March, 1918. Imports increased 5.1 per cent tions. Oklahoma is now credited with a daily over the total for February, but were 20.9 per output of 218,000 barrels and Kansas 78,500. cent less than those for March, 1918. Detailed Wyoming, with a daily average of close to! figures are as follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUA-J3 1, 1919. FEDERAL RESERVE BULLETIN. 543 Exports. United States and each foreign country, but jnot between one foreign country and another March. February, March, District. 1919. 1919. 1918. foreign country. The figures are all computed on the basis of average actual prices in the 12 San Francisco $23,727,000 IS21,650,000 §15,097,000 Southern California ! 1,032,000 I 639,000 358,000 months preceding the outbreak of the war, Oregon j 2,336,000 2,048,000 2,321,000 July, 1913, to June, 1914; that is, average Washington ! 42,316,000 : 21,222,000 30,350,000 prices in the prewar year are treated as 100, Total 69,411,000 j 45,559,000 48,126,000 and prices in every month from January, 1913, to December, 1918, are turned into relatives on Imports. that scale. The index numbers were calcu- District. M 19 a 1 rc 9 h . , Feb 19 ru 19 a . r y, M 1 a 9 r 1 c 8 h . , lated by reducing the monthly price quotations for each of the commodities included to relative m Francisco IS17,263,000 613,717,000 $26,601,000 figures with the prewar figure as a base, then S O o re u g th o e n rn C^a.l,if.o.rn.ia..... ^ 112,00 2 0 ,0231, ' . 1 030 1 30 1 1 , , 0 0 0 0 0 0 3 18 9 3 8 ' , , 0 0 0 0 0 0 j Iarranging them in descending order and taking Washington 23,060,000 25,304,000 26,525,000 !the xnedian as the index number. For exam- Total 42,458,000 40,463,000 53,707,-000 ple, if there were 25 commodities included in a series, the relative price of the thirteenth num- Exports from the Oregon district consisted ber of the series wras taken as the index number; almost entirely of flour and lumber, and im- if there were 26 commodities a number halfwray ports of oriental, household, and miscellaneous between the figure for the thirteenth and the goods. The principal item of export from the fourteenth numbers was adopted. This use of Washington district was railway material medians, instead of the more customary averbound for Russia, it having been held in ages, was deemed desirable in order to eliminate Seattle since the fall of the Kerensky governthe influence of extreme cases. The price of ment. Imports from the Washington district some commodities, and possibly not very imwere largely raw silks and vegetable oils. portant ones, might have risen to an extraordi- Petroleum was produced in California dur- nary degree in some month, and in the arithing April at an average rate of 279,154 barrels metic average such extreme figures would raise per day, while daily shipments averaged the general average very materially, while the 277,244 barrels. Stored stocks on April 30 median would remain much lower and, it was were but 57,322 barrels greater than on March believed, would be much more representative 31. A comparison of petroleum figures for of the general trend. April, 1919, 1918, and 1917, follows: The chief conclusions from the comparison of English and American price movement are Average Average Stored stated as follows: daily pro- daily ship- stocks duction. ments. Apr. 30. "1. The war-time rise began about a year Barrels. Barrels. Barrels. earlier in England than in the United States. April, 1919.. 279,154 277,244 32,543,145 " 2. The earlier advance in England opened a April, 1918.. 276,471 287,423 30,502,447 April, 1917.. 309,001 39,976,386 wide margin between the English and American price levels, which wTas fairly constant in 1915 Price Movements During the War in the United and 1916. States and in Leading Foreign Countries. j " 3. The margin was cut down by the sudden upward spurt of prices in the United States The attached table of index numbers in the when this country entered the war. United States, England, France, Italy, and " 4. But the margin became wider again in the Sweden is based on figures taken, by permis- latter half of 1917, when English prices continsion, from a bulletin entitled " History of Prices ued to rise, while the American Government sucduring the War—International Price Compari- ceeded in keeping the price level nearly constant. sons, " prepared in cooperation by the Depart- "5. The margin (betweeh prices in England ment of Commerce and the War Industries and in the United States during the war period) Board.1 The figures are based in each case on is much wider than that which, prevailed before quotations for the same commodities in the the war. * * * United States and in the foreign country in- j "6. The maximum rise of prices exceeded volved; but since the list of commodities in- !that in the United States by 3 0-40 points or,say, eluded is not the same in the several series, close 15-20 per cent of the American index numbers. comparisons can only be made between the "On passing from the results for all commodities taken together to the medians for dif- 1 The bulletin was prepared by W. C. Mitchell, assisted by Margaret ferent groups one finds remarkable differences L. Goldsmith and Florence K. Middaugh. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FEDERAL RESERVE BULLETIN JUNE 1, 1919. "Food prices in England show much the of chemicals produced by war consumption and same contrast to food prices in America that is by cutting off imports from Germany. When shown by the general index numbers. the United States broke off diplomatic relations "In clothing, on the contrary, the two series with Germany chemical prices rose sharply keep close together, American prices showing again, but not quite back to the high point of the greater rise in 1917 and English prices the 1916. Nor did the level of the rather wide lesser fall in 1918. monthly fluctuations of July, 1917, to Decem- "In metals the divergencies are very strik- ber, 1918, show any notable advance. Thus ing. The English rise in 1915 and 1916 was the margin between the relative prices of chemiearlier and more violent than the American, cals in the United States and in England, where though the latter was exceedingly rapid. In prices continued to rise until October, became 1917, however, the British practically subsi- very wide." dized the iron and steel trades as part of their A chart showing the course of prices in Engwar policy. Prices dropped suddenly, shot up land and in the United States of 150 commodiagain to their old level, then moved downward ties and of nine commodities included under by steps to a point well below the level for ' all "Iron and steel" is attached. Iron and steel commodities' in England. In the United prices were selected for plotting because they States, on the other hand, iron and steel prices represented the principal war material. made a spectacular upward rush in January The difference between price movements in to July, 1917. Then price control forced a France and in the United States is similar in drop almost as spectacular as the rise had been. character, but wider in degree than the differ- The controlled prices established by November ence found between English and American and maintained through 1918 with few changes fluctuations. The level of prices rose distinctly were on a somewhat higher level than the higher in France during the war than in Engcorresponding British prices. land, but did not start so promptly in France "Still another tyj>e of difference appears as in England. between the fluctuations of chemicals in the Prices in Italy also show an earlier and a two countries. English prices rose earlier, as much greater rise than prices in the United in most other cases, but, as in few other cases, 1 a the American rise surpassed the British and took the lead in the spring of 1916. Then the Situated close to the field of war, and having two curves which had been racing upward commercial relationships with both sides in the together parted company. British chemical struggle, the Scandinavian market experienced prices continued to rise unsteadily until Octo- violent fluctuations. Swedish prices run deber, 1918. But in the United States chemicals cidedly ahead of American prices throughout fell heavily after June, 1916, and remained the period and apparently show a most extranearly constant in price for five months. * * * ordinary advance in 1918, but the figures rest The explanation of the drop is the success of on a very narrow basis, comparable data being American producers in mitigating the scarcity obtainable only for 12 commodities. Index numbers showing movement*s of prices in the United States and in England, France,Italy, and Sweden,1913-1918. [Average prices in July, 1913-June, 1914=100.] England. co F m ra m n o c d e it ( i 4 e 4 s). com Ita m ly od (3 iti 6 es).co S m w m ed o e d n i ti ( e 1 s 2 ). Total for 150 Food (34 com- Clothing (29 Ir ( o 9 n c a o n m d m s o te d e i l - Chemicals (55 Month and year. commodities. modities). commodities). ties). commodities). FranceU St n a i t t e e s d . Italy. U St n a i t t e e s d . S d w en e . - U St n a i t t e e s d . Eng- United Eng- United Eng- United Eng- United Eng- United land. States. land. States. land. States. land. States. land. States. 1913. January 101 101 102 94 99 105 113 114 100 100 102 100 110 101 100 97 February 102 101 103 99 99 105 113 115 100 100 102 100 109 100 101 98 March. 101 101 105 99 99 105 112 115 100 100 101 100 107 100 104 100 April 101 101 105 100 99 102 112 113 100 100 102 100 108 100 102 104 Mav 101 100 103 98 100 99 112 111 100 100 102 100 107 102 103 100 June . .. 101 100 103 97 101 99 111 111 100 100 102 100 105 102 103 99 July 101 100 102 100 101 98 109 111 100 100 100 100 103 102 104 99 August 100 101 102 99 100 98 105 109 100 100 102 101 103 103 103 99 September 101 101 102 101 100 100 106 103 100 100 102 103 102 101 104 100 October 101 101 101 101 101 103 101 103 100 100 101 103 102 101 101 100 November 100 100 100 100 100 102 99 100 100 100 100 101 101 100 102 98 December 100 100 100 99 98 99 98 97 100 100 100 99 101 99 102 98 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

545 JUNE 1, 1919. FEDERAL RESERVE BULLETIN. Index number showing movements of prices in the United States and in England, France, Italy, and Stveden, 1913- 1918.—Continued. [Average prices in July, 1913-June, 1914=100.] England. France (44 Italy (36 Sweden (21 commodities.) commodities).commodities). Iron and steel Month and year. c T o o m ta m l o fo d r i t 1 ie 5 s 0 . Fo m o o d d ( i 3 t 4 ie c s o ). m- c C om lo m th o in d g it i ( e 2 s 9 ). (9 c t o ie m s m ). odi- c C o h m em m i o c d al i s ti e (5 s) 5 . FranceUnited Italy. United Swe- United States. States. den. States. Eng- United Eng- United Eng- United Eng- United Eng- United land. States. land. States. land. States. land. States. land. States. 1914. January 100 99 100 100 98 97 98 95 100 100 100 99 100 99 101 101 February 100 99 100 100 98 99 98 98 100 100 100 100 99 99 98 100 March 100 100 100 100 101 101 96 98 100 100 100 100 98 99 98 103 April 99 99 98 98 101 100 98 96 100 100 98 99 97 98 98 101 May 99 99 97 99 101 99 98 93 100 100 100 100 97 99 98 100 JUP6 . 89 99 98 98 102 100 96 92 100 100 100 99 98 98 94 100 July 98 99 96 98 100 100 97 91 100 100 100 97 97 97 91 103 August 100 100 102 102 99 100 97 95 100 100 98 99 103 100 89 105 September 100 J00 105 103 98 100 103 95 109 100 98 108 104 101 93 105 October 102 100 103 102 101 97 104 93 109 100 99 99 104 100 94 105 November 102 100 304 103 96 100 104 93 114 102 99 97 109 100 99 105 December 105 100 105 101 92 100 104 90 117 102 104 99 114 100 103 97 1915. January 107 100 110 100 90 103 104 89 121 102 105 100 116 98 111 96 February 111 100 113 103 99 107 112 90 123 103 106 100 123 99 115 96 March 117 101 119 104 103 112 117 91 126 103 113 103 128 99 121 95 April 119 102 126 100 106 104 127 91 130 111 111 101 127 1.01 126 92 Mav 124 102 123 99 106 108 127 91 137 112 107 99 127 100 137 98 June 131 105 125 97 108 110 140 92 145 113 106 •100 133 101 145 102 July 130 111 120 99 116 115 143 93 150 127 114 102 142 102 151 108 August 133 112 123 101 117 116 145 99 155 131 118 102 149 108 159 108 September 137 110 127 97 116 117 141 103 158 142 127 96 157 105 155 105 October 137 113 128 100 117 118 140 110 168 147 130 98 158 108 148 104 November J37 116 130 99 11* 119 152 120 187 160 141 102 168 110 142 101 December . . . 1-17 123 133 102 114 120 180 129 201 167 153 116 178 110 147 94 1916. January 151 128 139 108 124 123 189 147 204 183 160 127 177 121 148 101 February 158 132 137 113 126 126 198 158 207 208 162 128 180 122 152 100 March 164 139 141 111 127 132 210 165 226 208 165 129 188 130 158 110 Kifi 145 150 115 128 134 219 167 230 250 167 132 184. 119 165 106 May .. 171 146 155 114 130 136 231 167 235 250 170 134 181 121 177 108 June 172 115 153 113 139 141 225 167 255 250 170 123 181 121 185 116 Ju'v 107 144 l-'iS 115 130 142 225 171 255 233 161 125 185 123 198 117 August . 107 149 151 117 138 142 225 171 261 21(> 163 132 183 127 207 113 SCDtOTi'lb^l" 173 148 U>5 123 148 143 225 171 261 200 172 134 187 133 208 118 October 177 ] -"A 157 124 153 147 225 171 255 190 177 138 i 185 141 198 120 November . ... 186 164 158 129 161 160 227 188 264- 193 183 151 i 216 141 185 112 December 198 17G 166 127 167 175 234 218 255 192 189 150 216 135 185 121 1917. j F a n n b v ri i i s & rv rv 1 1 S 98 S 1 18 8 7 1 1 1 7 8 2 6 1 14 3 6 7 1 1 6 6 8 8 1 1 7 8 0 5 2 2 4 4 0 0 ? 2 ? 2 G 2 2 2f 3 i 5 2 1 V 9 )2 2 I 1 S 8 G 7 3 1 5 5 0 0 1 1 S 92 1 1 13 3 0 0 March 206 19;% 188 149 170 189 210 243 286 205 184 165 192 155 Api*il 206 202 193 165 175 187 206 2(>1 280 235 208 171 195 143 M Ju a n AT o 2 2 1 1 6 A. 2 9 C (W \P. 2 2 0 0 3 2 1 i' 7 ;9 8 1 l( 8 .- 4 0 2 19 1 - 0 1 2 C 1 2 8 M 2 3 S 25 9 ? 2 9 9 3 3 2 2 4 3 0 5 2 2 2 3 9 8 1 1 7 7 9 2 1 1 1 9 9 7 7 1 1 4 4 5 9 Julv 214 205 198 157 ' 196 216 241 357 289 229 2ti5 179 18S 149 August 211 206 197 155 200 212 231 357 288 239 250 1.SG j 187 143 SOP tcmber 215 20G 197 104 201 209 231 349 289 239 255 174 ! 194 157 N O o ct v o e b m er ber 9 2 2 2 2 6 2 2 0 0 - 7 1 i 2 Q 6 4 1 1 1 7 7 O 3 2 2 0 1 0 2 ? 2 1 4 8 0 2 2 < 2 v 2 ? 2 2 8 5 9 0 2 3 9 0 6 2 2 2 4 4 7 4 ? 2 2 2 7 7 1 19 9 5 2 •I 2 2 0 0 3 2 1 18 5 7 7 December 237 209 199 187 230 246 222 250 302 237 245 200 238 154 1918. Javuarv 238 2()Q °04 182 1 236 247 ??2 250 302 240 238 I 201 i 264 172 February 230 211 201 195 ' 24?. 250 222 250 314 240 238 212 297 160 March 339 207 203 lc»2 i 245 251 222 250 312 240 247 I 219 359 153 A DP1 ?41 213 2?0 199 249 239 222 250 312 23K 2G5• 223 456 175 Vav 2-ii 90S 216 190 1 243 212 222 250 326 247 261 i 210 191 June 241 1G9 225 186 2^3 232 222 250 323 2-17 257 194 527 197 Jr,Iy 242 202 226 187 258 225 222 251 326 213 255 209 • 519 202 Aii trust 239 209 232 *>03 223 203 I 220 1 251 307 228 293 1 187 559 213 September 24-5 209 234 j 201 223 203 218 :. 251 321 230 297 20G 1 i ! October 249 210 934 | 206 230 203 1 216 251 336 250 297 17R No vcmber 245 210 227 1 209 205 190 216 251 300 251 266 179 i 245 207 231 208 ! 205 185 216 251 283 233 297 188 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ol INDEX NUMBERS Or WHOLESALE PRICES IN ENGLAND AND THE UNITED STATES, tSl4 TO IdlS. Curve I: Stgland, ~ ISO Commodities\. (hrvcZ: United States, ~/SO Commodities . Carve 3 f Cttgland, Iron and Steel, — 9 Commodities K i Gtrve>4: United States, Iron and Steel,— 9 Commodities. 350 350 340 340 330 330 320 320 310 3IO 300 300 290 290 280 2$0 270 270 260 260 250 2S0 i £40 &0 230 230 220 220 w 2IQ BO i 200 ~20Q 130 190 180 WO IPO 170 160 !60 rso ISO m MO 130 130 mo (20 no no1 100 100 90 ^ & tsi6 1917 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1, 1919. FEDEKAL RESERVE BULLETIN. 547 Index of Collection Conditions. (1) In your judgment, how should data be selected for use in showing collection conditions in the truest form? The Federal Reserve Board, in cooperation Is it possible to obtain the percentage of payments actually with the National Association of Credit Men ; made to your house by merchandise debtors during the has recently undertaken the development of a month, as compared with the payments that should have plan to obtain monthly statistics showing col- been received during the month? Kindly indicate also lection conditions in the more important in- the method which you at present employ in determining the condition of collections, and give example showing dedustries. The principal features of the plan tailed computations made. are outlined in the following letter and memo- (2) Is it possible to report figures differentiating berandum. Certain lines of business, namely, tween old accounts paid, current accounts settled when the wholesale grocery, dry goods, boot and due, and prepayments? shoe, men's clothing, automobile tire and ac- (3) Is it possible to obtain figures for separate localities cessory, hardware, and electrical supply lines, from houses which cover a wide territory? Yours, very truly, have been selected, to the development of the J. II. TREGOE, plan for which lines it is proposed to pay prin- Secretary-Treasurer. cipal attention at the outset. The letter and [Federal licserve Board, Division of Analysis and Research.] memorandum have been sent to a small list of MEMORANDUM ON STATISTICS SHOWING COLLECTION CONcredit men in representative houses in these DITIONS. lines, and the plan will be developed for these It is well known that collections fluctuate in harmony lines largely on the basis of the replies received with general business conditions. When times are good, thereto. collections likewise will be good. Vice versa, in bad times the weak debtor tends to be slow. Collections thus NATIONAL ASSOCIATION OF CREDIT MEN, New York, May 9, 1919.. afford a guide to general business conditions. At the same DEAR STR: This letter is written for the purpose of time, they are of course valuable in themselves. Their securing your cooperation in an important progressive value is enhanced, moreover, if conditions for particular step in the department of credits. sections are shown separately, inasmuch as the Southwest We believe we have gradually been getting greater def- may be affected adversely by drought, whereas manufaciniteness in all that pertains to credits and are having to turing New England, on the other hand, may be prosdepend less and less upon mere guesses and general ex- perous. pressions. Now the association has been given, by an Up to the present, however, such information has been arrangement with the Federal Reserve Board, an unusual chiefly descriptive in character. It may be stated, for opportunity to develop a plan to obtain definite informa- example, that collections in the dry-goods trade in the tion with respect to collection conditions, our organization Seventh Federal Reserve District have been excellent and the Board joining to secure data which will make pos- during the past month. The measurement is provided by sible the establishment of an actual collection index, such words as excellent, good, fair, and poor. It would applicable to each part of the country and to each of the appear highly desirable to place this information upon a more important trades in each locality. There is inclosed more definite basis. In fact, this is done in certain lines a copy of a memorandum prepared by the Division of of business at the present time, and in some cases figures Analysis and Research of the Board, which is intended to are compared by various firms. By making each month a set forth the principal features of the investigation. composite report based upon reports of individual firms, Our immediate purpose is to get the benefit of the opin- conditions in the trade as a whole would be more accuions of credit men in a number of highly informed and rately depicted, and judgment of the general business representative houses in various branches of business, in situation would thus be rendered more definite. At the working out the plan in its application to each of these same time, the individual firm would be enabled to comparticular branches. It is felt that only by this means pare its collections, both in general and in the various will it be possible to make the plan of maximum value, localities, with those prevailing for the trade as a whole, not only for the business world in general, but also for and thus "see where it stands." Moreover, with active each particular line as well, for in order to achieve the cooperation by various lines of business, an accurate picture best results it must be the plan of men familiar with con- of general collection conditions may be obtained. ditions in each line of business, worked out to fit their In the development of the plan, the principal problem own needs, in the manner which they believe best. It at the outset concerns the selection of the data to be used will be appreciated, therefore, if you will give this matter to show collections. The ideal method would appear to your careful attention and submit suggestions as to the be that of stating as a collection index the percentage of actual working out of the plan. In particular, informa- payments actually made during a certain month to amounts tion is desired on the following points: which fell due during the month in question. The prob- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 FEDEBAL RESERVE BULLETIN. JUNE 1,1919. lem is that of working out this information from the ordi- BANKING AND INDUSTRY IN SWITZERnary records of the concern, or rather of effecting a balance LAND DURING THE WAR. between the data which is practically available and the ideal just indicated. In what manner should the items Financial and economic conditions in Switzactually available be employed in showing collection erland during the war are described in the anconditions? nual reports of the Swiss National Bank and In order to make the above discussion more concrete, in two special reports of the SociSte de Banque the following example is given of a method which may be Suisse.1 The following discussion is based employed in determining collection conditions. Assume largely on these publications. that the collections of a certain firm have been $150,000 Since the outbreak of the war the Swiss during a given month, and the amount standing on its National Bank has played a leading part in books at the close of the month which is overdue, say, one providing for the needs of the Government of week or more, is $50,000. The total amount which the confederation by purchasing and redisshould have been paid during the month in question is counting its three-month treasury bills; by the sum of the two items, or $200,000. The collection per- handling the nine Government mobilization centage for the firm for the month accordingly is obtained loans; and by helping to finance the imports, by dividing 150,000 by 200,000, and is, therefore, 75. This largely of foodstuffs, effected by the Governis, of course, merely one of the methods in which a collec- ment. tion percentage may be calculated, and other items may A table showing in averages for each month be employed. The example given is merely for purposes the asset and liability items of the National of illustration. Bank for the years 1914-1918 is attached. An effort will be made to obtain the participation of When the war broke out, the Swiss National many firms throughout the country. It is desired to Bank chose the course pursued by all other obtain monthly statements from these firms showing figures European banks of issue, namely, took measfor certain items, such as sales for the month, collections ures to gain and maintain control of as large during the month, etc. The exact data will be deter- a gold reserve as possible. To achieve this end mined up®n when the plan is further developed. These the bank obtained legislation making its notes returns will be compiled and expressed in percentage legal tender, and issued paper money in smaller form, separate collection percentages being shown for denominations (5 to 25 francs) thaa had been various trades and localities. Thus, for example, in the the practice before the war, when 50 francs dry goods trade in the Chicago district it will be shown was the lowest denomination of the bank note. that actual receipts during a given month were 93 per cent A law prohibiting the export of gold was also of the receivables falling due within that month. When passed. the plan has been in operation for some time, comparison In. August, 1914, the great demand for paper with figures for previous months will, of course, be pos- money in small denominations for purposes of sible. Later it may also be endeavored to express these trade, in view of the tendency to hoard gold and figures in terms of a base taken as normal, as, for example, silver, made it necessary for the treasury to if the year 1918 were regarded as a normal or good collec- issue its own obligations, these notes being tion year, and if in that year the percentage of receivables guaranteed by the National Bank and treated collected when due was 93 per cent, a percentage of 93 as part of its own circulation. Nearly all of for April, 1919, would be represented as 100 per cent these notes were soon retired. A steady of normal. growth of the gold reserve throughout the war When the plan has been developed for a par- period is indicated by the bank's average monthly figures, while the silver reserve shows ticular line of business, monthly reports will a decline, followed by a quick recovery and be obtained from firms in this line. These further growth, due in part to the importation of reports will be compiled in the manner indi- French 5-franc pieces, which are legal tender cated above, and collection percentages calcu- in Switzerland. lated each month for the line as a whole, as A great demand for funds by industrial establishments at the outbreak of the war resulted well as for particular localities. With the in an increase of the loans and discounts of the gradual extension of the plan to include the National Bank from an average of 145 million more important industries, it will be possible francs during July to 302 millions in August, to obtain an accurate picture of the general 1914, in spite of a rise in the rate of interest trend of collection conditions each month, as from 3£ per cent to 5 per cent for discounts and well as to institute such further comparisons 1 Oiuiemo rapport de la Banque Nationale Suisse, 1918. Publications as may be desired. of the Societe de Banque Suisse: Revue economique et fmanciere Suisse 1914-1917; Kevue eommerciale et industrielle Suisse 1914-1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1,1919. FEDERAL EESBRVE BULLETIN. 549 from 4J per cent to 6 per cent on advances. Metallic cover of notes issued by the Swiss National Banl: A partial moratorium was resorted to during the first few months of the war, but conditions Year. Average. 1Maximum. Minimum. approaching normal were reestablished by the end of 1914. During the first three months of Percent. \ Per cent. Per cent. 1.915 the loans and discounts declined con- 1913 71.09 i 76.98 55.32 1914... 63.33 ] 78.02 4fi 9S siderably, owing to the fact that Swiss com- 1915 70.57 i 77.01 57.8S mercial banks were able to collect some of their 1916... 75. 63 ! 83.45 85. 77 1917 74.15 : 83.32 58.30 foreign credits and that the public, having re- 1918.. 58.98 j 69.38 45. IS covered from the panic, resumed its normal habit of depositing money at the banks. Later It will be noted that in 1918 the reserve in the year the loans and discounts rose again percentage had fallen at one time (November as a result of borrowings by the treasury of the 12) as low as 45.18 per cent. In view of this confederation. Since then the loans of the condition the bank recommended to the Gov- National Bank continued to increase almost ernment that the clause in the law prescribing without interruption. Obligations of the Gova 40 per cent metallic note reserve be so ernment and of the Federal railroads account amended as to permit a lowering of the perlargely for the increase, as commercial demand centage to 33-J- per cent under "extraordinary for credit declined. At the end of 1917 the circumstances." Since November, 1918, tile high figure of August, 1914, was surpassed, and reserve percentage has been rising, and on during 1918 the loans and discounts rose from February 28, 1919, it was 53.24 per cent, so an average of 314 millions for January to an that the bank hopes not to be obliged to resort average of 578 millions for December. Acting to a lowering of the reserve percentage. as the fiscal agent of the Government the National Bank took over the successive issues of three-month treasury bills, retained a por- DEVELOPMENTS IN THE INDUSTRIAL FIELD. tion of them in its own portfolio, and passed on Swiss commerce and industry had reached considerable amounts to the commercial banks, its highest level of prosperity in 1912-13, and always at a rate of interest below the official the outbreak of the world war found the rate, thereby providing an investment for the pendulum swinging in the opposite direction. banks which were seriously inconvenienced by At no time before had Switzerland's geographic the scarcity of commercial .paper. During the location appeared so unenviable and never had four and one-half years under review the bank her insufficient supply of raw materials and of handled 451 millions of these treasury bills. food stuffs produced difficulties so hard to As a counterpart of the great increase in overcome. loans and discounts a rapid growth of notes in In time of peace Switzerland depends on circulation is shown by the bank's figures. imports for about two-thirds of her food sup- Notes in circulation which averaged 274 milply and for about three-fourths of the raw lions for January, 1914, rose to an average of materials essential to her industry, including 420 millions for December of that year, 430 coal, iron, and steel. While the. country's1 millions for December, 1915, and 490 millions food supply was obtained largely from the for December, 1916. During 1917 and 1918 entente allies, Switzerland depended almost enthe increase in note circulation was at a still tirely on the Central .Powers for her coal and higher rate owing to the growing demands of iron. In view of the great need of fuel and the Government and also to the hoarding of metals by Germany and Austria during the notes by the public. During December, 1917, war, Switzerland had great difficulty in securing1 the note circulation averaged 645 millions, and sufficient amounts for her requirements. The during December, 1918, 924 millions.1 price of coal rose enormously. Sarre Valley As a result of the enormous increase in coal, which had sold for 29 francs a ton in 1914, circulation the average percentage of metallic was bringing over 200 francs a ton in the cover of the notes showed a marked decline as middle of 1918, and was hard to obtain in will be seen from the following figures: sufficient quantities at that price. The normal 1 In addition, the National Bank had charge of the loan banks estab demand of Switzerland was about 300,000 tons ished in August, 1914, whose outstanding certificates (Darlehnskassen- a month, while the amounts secured during the seheine) amounted to 55 millions in March. 1916. of which 33 millions wore in circulation. This amount soon declined, however, and in Janu- later years of the war did not aggregate 200,000 ary, 1918, the total circulation of loan bank certificates was less than 7 tons a month. Owing to her great need of million francs. 119745—19 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

550 FEDERAL RESERVE BULLETIN. JUNE 1,1919. Swiss manufactures, however, particularly cot- London and Paris exchange was quoted conton cloth and clothing, machinery, other metal tinuously below par from the spring of 1915; products, and vehicles, Germany was obliged at the New York rate fell below par in the winleast partially to satisfy the Swiss demand for ter of 1916, when America's entry into the war coal. By an agreement reached on August 20, was clearly foreseen; Italian exchange was 1917, Germany permitted (but did not guaran- slightly beiow par in July, 1914, but fell to 52 tee) the export of 200,000 tons of coal to per cent below par by December, 1917, recov- Switzerland in return for credits of 20 million ering considerably since the allied victory befrancs per month granted by a consortium of came assured; Berlin exchange showed an Swiss banks and industrial establishments. As almost uninterrupted decline throughout the a matter of fact, monthly coal imports from war period, and the same is true to a still Germany averaged about 171,000 tons in 1917 greater extent of Vienna exchange. On the and about 176,000 tons for the first nine months other hand, Stockholm and Madrid exchanges of 1918. were almost continuously above par, while Am- The greatest sufferers from war conditions sterdam exchange was above par since August, among Swiss industries were the railroads, es- 1914, andin 1915 and 1916, fell belowpar in 1917, pecially the mountain roads, the hotels, and and rose above par only during the fall of 1918. the building industry. The watchmaking in- To finance the large imports of food from dustry had to make radical adjustments to the belligerent countries, a consortium composed changed demand in foreign markets, while em- of the leading Swiss banks, the treasury of the broidery establishments were working on part confederation, and principal industrial estabtime. Chemical and electro technical estab- lishments made various financial arrangements lishments, on the other hand, as well as those with these countries. An agreement was made producing articles of food, including chocolate on September 29, 1917, with France for a and condensed milk, also shoe and textile fac- monthly credit to a consortium of French tories, benefited by the great demand for these banks of 12-| million francs for three months products on the part of the belligerents, while on the books of Swiss banks. On January 29, the machine and automobile industries were 1918, this agreement was renewed, the monthly receiving large orders to supply the needs of credit for the following 10 months to be in prothe Swiss army. portion to the value of goods shipped from In general it may be said that Switzerland France or through French ports to Switzeremerged from the storm of the world war land.1 A similar agreement was made with raging all around her in a fairly sound condi- Italy on December 14, 1918, the monthly tion, owing in part to energetic action b^ her credit being fixed at 5 million francs.2 In the Government and her financial institutions. case of England, five of the leading London The enormous increase in the cost of living dur- banks jointly arranged for credits not to exing the war, however, caused great hardships ceed 100 million francs in the aggregate on the to her population. The following price in- books of Swiss banks, these credits being guarcreases may be mentioned as fairly typical: anteed by the British treasury. The British From June, 1917, to December, 1918, prices of banks wexe to draw1- on each other, have the bread went up 109 per cent, veal 122 per cent, drafts accepted, and then exchange them for beef 141 per cent, mutton 172 per cent, pork credits on the books of Swiss banks to be used 255 per cent, and eggs 390 per cent. in payment for goods purchased in Switzer- Switzerland's foreign trade underwent de- land.3 The total foreign credits carried by cided changes during the war, increasing at a Swiss banks under these arrangements amountrapid rate. Thus, imports and exports com- ed in September, 1918, to 500 million francs, bined rose from 2.7 billion francs in 1914. to and the tying up of these funds in exchange 3.4 billions in 1915, 4.8 billions in 1916, and operations caused at times considerable strin- 4.7 billions in 1917, the larger totals reflect- gency in the domestic money market. On the ing for the most part the rise in prices. At other hand, these foreign credits are considered the same time her exports, which in prewar valuable in that they will help to maintain years were from 500 to 600 millions below favorable foreign exchange rates for Switzerher imports, grew out of proportion and in land when normal commercial relations are the single year 1916 actually exceeded her reestablished. imports. This change in the balance of trade had a beneficial effect on the rates of Swiss 1 L'Economiste Europta, Oct. 5,1917, p. 223, and Jan. 4,1918, p. 14. exchange, as shown by the attached table. 2 London Economist, Dec. 14,1918, p. 809. * London Economist, May 25. Iftl8, p. 913. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE ], 191V). FEDERAL RESERVE BULLETIN. 551 Principal asset and liability items of the Swiss National Bank., [Monthly average in mill ions of francs.] Metallic reserve. Due Current Id. Silver. Total. b ti a L f n i o k c a a c t n e e r s - . a L n o d a d n i s s- S t e i c e u s r . i- s c p f o r o o r n r m e d - - s C u a r a p p n i l t d u a s l . N c o i t t r i c e o u s n l . a i - n ac o a c t n h o d e u r nt ents. deposits. 1914. January... 171 22 193 127 26 274 51 Fe bruary., 170 21 19.1 114 26 261 48 March..'... 170 18 188 111 26 263 .49 April 170 18 .188 108 26 267 41 May 171 18 189 103 26 266 39 Tune 175 18 193 105 26 264 43 July. 181 15 J96 145 26 306 54 August 209 7 216 302 26 440 81 September.. 221 10 231 288 26 440 85 October 229 lf> 244 248 26 425 79 November.. 241 19 260 202 26 411 72 December.. 238 23 261 195 26 420 77 1915. January 238 27 265i 183 10 26 415 71 February... 240 30 270; 160 26 400 63 March 240 33 273 150 27 400 59 April 241 37 278 134 27 399 57 May 241 45 286 I 137 27 409 58 June 240 53 147 27 407 72 July 240 56 162 27 405 93 August 240 59 299 156 27 397 September.. 242 61 303 150 27 413 October 244 61 305 161 27 428 79 November.. 247 57 304 153 27 428 69 December.. 249 53 302 171 27 430 87 1916. January 252 51 303 182 27 419 111 February... 253 50 303 174 27 401 125 March.."... 253 49 302 158 27 409 104 April 258 51 309 189 27 420 126 May 257 53 310 181 27 418 124 June 255 56 311 193 27 415 139 July 269 59 328 179 27 417 130 August 273 58 331 202 27 415 153 September.. 287 56 343 200 27 443 137 October 287 55 342 204 27 466 118 November.. 291 55 346 195 27 472 96 December.. 332 54 386 196 27 490 117 1917. January 344 54 198 27 493 131 February... 344 52 396 188 27 496 118 March 343 52 395 207 27 506 122 April 343 51 394 207 28 515 110 May 342 52 394 188 28 510 102 Juno. 341 52 393 206 28 512 114 July 340 53 393 214 28 521 119 August 344 54 397 242 28 522 145 September.. 344 53 397 258 28 547 131 October 350 53 403 10 255 28 589 93 November.. 350 54 404 10 283 28 612 103 December.. 354 53 407 12 ! 319 28 645 107 1918. January 260 54 415 17 | 314 28 632 129 February... 365 56 421 19 j 253 47 28 623 94 March 369 56 425 21 ! 283 51 28 655 102 April 375 56 431 21 j 311 37 28 677 97 May 378 56 434 20 321 41 28 689 104 June 383 58 441 20 ! 340 32 j 28 690 130 July 383 56 439 20 i 342 33 I 28 697 138 August 385 53 438 20 | 340 32 I 28 716 117 September.. 383 52 435 19 411 44 28 772 134 October 381 55 436 15 486 37 28 838 136 November.. 379 56 435 8 583 47 28 929 144 December.. 392 58 449 578 51 28 924 156 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 FEDERAL RESERVE BULLETIN. JUNE 1, 1919. Rates of exchange in Switzerland on 'principal financial centers during the period July, 1914, to December, 1918.a [From Revue Commerciale et Industrielle Suisse, 1914-1918, published by the SociCte do Banque Suisse.] A.. Rates on centers in belligerent countries. B. Rates on centers in neutral countries. Date. (5 N .1 e 8 w 2 0 Y =1 o 0 rk 0).! F ( c 2 f 1 6 c 0 6 r 0 o . ) 6 g . r 7 a - d | (10 R 0 o = m 10 e 0). (1 B 2 1 e 3 0 r . 0 l 4 ) i 5 . n 7 = i ! ! V (1 i 1 0 e 0 5 n 0 . n 0 ) a 1 . = A (2 m 08 s 10 t .3 e 0 1 r ). d 9 3 a = m • I , (1 M 00 a - d 1 r 0 i 0 d ). (1 S 3 t 8 o . c 8 k 9 h = o 1 l 0 m 0). Rates. Per Rates. cent. c j e 'e n r t. Rates. c P e e n r t . ! Rates. c P e e n r t. Rates. cent. I 1914 July... 5.14 99.181 250.59 93.97! 99.45199.45 122.6799.36; 103.92i98.96 207.55 99.63! 96.49 96.49 138.02] 99.37 Aug... 5.00! 90.48! Nom.! | 98.50i98.50 121.00!98.0l! 92.00 87.61 212.00 101.77! Nom. Norn. Nom. I Nom. Sept... 5.07J 97.83! 206.93i77.60| 95.00j95.00! 116.00i93.96, 91.00(86.66 211.00101.29! 100.00100.00 135.55! 97.60 Oct 5.17| 99.70! 219.05|82.14! 97.85197.85! 115.12.93.2o! 92.50.88.09 213.00102.251 96.00 96.00 134.00; 96.48 Nov... 5.20100.34 217.00j81.37i 97.75J97.75j lll.25J90.llj 89.00!84.75 212.00101.77! 98.00 98.00 133.001 95.76 Dec... 5.23100.911 217.50l81.56! 98.65 98.65 j 114.50:92.74 91.00!86.66 212.50 102.01 j 99.00 99.00 132.00] 95.04 5.291102.07j222.50|83.441 97.55 97.55! 115.22-93.33j 90.00! 85.71 212. 75102.13J 102.00102.00 132.25 95.22 5.49J105.93!225.00 84.371 93.50193:50| 111. 62i90. 41! 84.00J79.99 220.00 105.61 i 106.50 106.50 134.50 96.84 5.371103.62| 228.00 85.50, 92.50:92.50j 110.22189. 28! 82.00178.09 211.75 1.01.65! 106.00 106.00 135.00 97.20 5. 311102.46 225.00 84.3? 91.12jGl.12] 108.80'88. .13' 81.50 77.61 210.00 100.81 j106.00106.00 136.00 97.92 5.29,102.07 210.00 78.75! 90.00,90. OOi108.25 87.08: 80.25-76.42 209.87|100.74 100.50100.50 139.00100.08 5.39il04.00! 210.00 78.75, 88.87j88.87! 109.40i88.61i 81.00!77.14 215.501103. 45!100.00100.00 142.00102.24 5.37 103.62,!190.00 71.25! 85.00i85. OOi109.00'88.29! 80.50l76. 66 216.001103.69).101.50 101.50! 139.00100.08 5.41104.39 190.00 71.25i 83.50183.50i 10S.75i88.09i 80.35i76.52 215.50] 103. 45!101.00 101.001 138. OOi 99.36 5.30 102.27 190.00 71.25 84.75l84.75i 109.55,88.74i 78.75:74.99 216.50ll03.93 100.50 100.50i 11*3*8 .0n0o 5.37 103.62 190.00 71.25! 83.35^3.35 109.00,88.29i 77. 40!73.71 222.75jJ0S.93 101.0nlim nn0!! 140.00100.80 5.37 103.62 175.00 65.621 82.45i82.451 105.85'85.74, 74.37i70.82 223. 75! 107.41 100.00!l00. OOO!! 147.00 105.84 5.25 101.30 160.00 60.00! 79.50(79.501 98.75j79.99; 67.00 j 63.80 229.501110.17 99.001 99.00J 144.45104.00 I Jan 24.80 88.85 5.20 100.34 155.00 58.12; 76.75 76.75, 95.3777.25! 63.85J60.80 222.00i 106.571 99.00 99.00 142.50; 102.69 Feb 25.02 89.40 5.24 101.11 166.50 62.44! 78.30 78.30: 94.6576.67i 65.00:61.90 223.50| 107.291 99.75 99.75 147.00! 105.84 Mar.. 24.86 87.35 5.22 100.72 164.50 61.69, 79.12 79.12! 92.80.75.17| 64.1O!61.O4 223.00:107.05! 101.25 101.25 150. 501108.36 Apr.. 24.77 87.65 5.19J100.14 161.50l60.561 82.00! 82.00| 95.9577.72! 66.35153. 218.001104.651 101.75! 101.75!157.25! 113.22 May.. 24.99 88.85 5.21101.11 160.50IG0.191 82.80182.80! 97.0078.57! 07. 60j64.37 217.50'104.4li 104.50(104.50j 157.00:113.04 June.. 25.22 5. 29 102.07 162.50|60.94i 82.95:82.95! 95.65.77.48 j 66.50.63.33 219.50il05.37J 107. SO! 107.50!153.50! 110.52 J A u u l g y .. .. 2 2 5 5 . . 8 90 9 . . 0 7 7 o| 5 5 . . 3 3 0 l! J l 1 O 0 2 2 . . 4 2 6 7 1 1 6 73 2 . . 5 0 0 0 1 j6 6 0 5 . . 7 0 5 6 : ! 8 8 1 1 . . 7 7 0 5 | i 8 S 1 l . . 7 7 0 5 ; ; 9 92 4 . . 5 5 0 7 7 7 4 6 . . 9 d 2 O J i1 0 6 5 3 . . 6 7 5 5 ' i 0 6 2 0 . . 5 7 2 ll j.2 2,£-1 1 J<78 9 . .« . >0 3 < 0 7 -1 1 LI1 1 /U.0 0 4 5 . . 3 f> 0 5 ! ;1 1 0 0 7 6 . . 0 7 0 5 i 1 l0 0 7 6 . . 0 7 0 5 ! 1 1 5 5 1 0 . . 5 2 0 5 ! 1 1 0 0 8 9 . . 1 0 8 8 Sept.. 25. 91.15 5.33il02.84! 171.00J64.12i 82.50182.50 92. 4074.84: 62.90.59.901 217.20ll04.aii 107.001107. OOl149.00 107.28 Oct 25.01 90.05 H. 4» 161.00|60.37 79.20l 79.20 90.9073.63i 59.35'56.52 214.50| 102.97 107.00:107.00i 149.00J 107.28 Nov.. 24.60 88.48 5.16 9'99..56J 153.00 57.371 76.75176.75| 84.60i68.53| 52.75i50.23 210.50:1.01.05! 106.75 106.75i 146.001105.12 Dee. 24.11 8(5.75 5.07 97.83 151.50 56.81: 73.90173.90; 84.62:68.54.; 53.37150. S2j205.871 98.82! 107.75;107.75i 147.50jl06.20 i ! 1917 Jan 5.03 97.06! 144.25J54.09 69-80:69.80; 84.00|68.o3i 54.40 51.80j 204.60J 98.211107.60 107.60 148.00 106.60 Feb.. 5.01 96.67! 142. 75:53.53 67.00167.00 82. 25.60. f.2i 51.25!48. 80, 202.50; 97.21: 106. OO!. 106.00 148.50|106.92 Mar.. 5.03 97.06! 143.00'-53.62J 65.00|65.00! 79.25iS4.l9i 50.10:47.71' 204.001 97.93i 108.75,108.75 •151.501109.08 Anr.. 5.16 99.56; 146.00-54.751 73.25J73.25! 79.25|64.19 49.60"47.23 211.00:i01.29 112.50| 112.50|155.25!111.78 5.03 97.06 135.00150. «2: 71.6071.60i 75.10i60.83 48.40146.09' 206.90! 99.321 114.50ill4.50! 152.00| 109.44 4.83 93.201:110.00 41.25j 67.00167. OO' 08.50:55.48 43.50,41.42' 199.001 95.53 114.00H14. OOl147.00! 105.80 4.58 88.37] 99.00 37.121 62.90!62.90; 63.50151.43 40.75:38.81i 189.00 90.73 105.50il05.50i 150. OOi 108.04 4 4 . . 5 7 9 0 8 O 9 O 8 0 . . . 5 6 <t 7 9 I ; ! 1 7 9 7W ! 3 8 . . 5 0 0 0 3 2 5 9 . . 2 O 4 O : l 0 6 1 0 . . 2 0 5 5 1 1 6 6 1 0 . . 2 6 5 5 1 i 6 6 3 4 . . 7 8 5 0 , 5 5 1 2. . 6 4 4 9 4 4 0 1 . .5 8 0 () '3 '3 9 8 . . 5 8 2 5 . ! ' 3 1 9 9 2 8 . .5 5 0 0 ! ! 9 9 5 2 . . 2 4 9 1 ,' 1 ll 0 l 2 .0 .2 0 5 l i U l0 l 2 .0 .2 O 5 l l 1 1 5 0 3 3 . . 2 0 o 0 ! i 1 ll 1 7 0 . . 3 3 6 4 Oct.... 4.53 87.41 65.00i24.37l 56.00:56.00! 63.00'51.03 39.75,37.35: 200.00| 98.01 106.75il06.75i 184.001132.48 Nov... 4.35 83.93 55.00i20.62 51.00J51.00! 65.00i52. 6- 40. 25(38.33. 188.00 90. 25 103.50103.50 162.501117.00 Dec.... 4.37 84.32 70.00l2P.25 52.50|52.50! 85.75ifJ9.46 52.50-'?0.00-:., 189.50j 90.97; 106.251106.25 148.50! 106.92 I 1918. ! Jan 79.00 79.00 4.49 86.63 77.00 28.87 52.70152. 70: 82.75.07.03 52.50:49.09 196.5o| 94.28 109.501i0nn9 .5E0r»l 151.00! 108.71 Fob... .00 78.00 4.4.1 85.86 75.00 28.01 50.80i50.80i 80.75i70. ?A 57.50'54.75 200.75j 96.32 108.50108.50 143.001102.95 M Ap ar r... 7 7 3 5 . . 9 3 0 0 7 7 5 3 . . 3 9 0 0 4 4 . . 3 2 0 0 8 8 2 1 . . 9 03 0 7 7 0 5 . . 0 0 0 0 2 2 6 8 . . 2 0 5 1 4 4 9 6 . . 1 7 0 5 i , 4 4 9 6 . . 1 7 0 5 l ! 8 82 5 . . 1 1 0 0 J - 6 0 6 8 . . 9 4 3 9 5 52 5 . . 1 2 5 5 0 ;5 1 ! 5 ? 0 . . 6 0 2 9 2 1 0 S 2 9 . . 0 7 0 5 1 ! 9 9 5 6 . . 8 0 8 1 1 ! 1 1 0 1 9 6 . .7 2 5 5 1 1 0 16 9 . . 7 2 5 5 1 ( 1 1 4 42 3 . . 2 2 5 5 1 1 1 1 0 0 2 3 . . 1 4 3 0 May... 70.40 70.40 4.03 77.73 65.00 24.37 44.00! 4 4.00: 79.10.fi4.07 48. vo'140.42 201.00* 96.41J 115.50 115.501137.001 98.63 June... 69.80 09.80 3.97 76.59 60.00! 22.50 '13.50;43.50! 69.00155.8' 40.0038. OiV201.75| 96. Sit 111.75111.75! 140.50101.15 Julv... 09. 2069.20 3.94 76.01 55.00|20.62 44.25'44.25i 65.80,53.27 39.50137.62. 205. OOi 98.37!107.00107.00 141.301101.73 Auo;... 78.75 78. 75 4.30 82.96 60.00 22.50 61.00 j 61.00; 6R. 40l55.40 33.00!3«>. 16"218.50J104.85J 101.50101.50 150.50 108.35 Sept... 84.00 84.00 4.60 88. 75 55.00 20.62 71. OOi 71.00! G7.50 54.f>5 37.75135.94: 214. OO! 102.68;104.50 104.50 149.00ll07.27 Oct. SI. 0091.00 4.97 95.89 90.00133. 75 77.50177.50 "•72. 00158. 29 42.{)0 40.00: 209.75| 100.64 102.00 102.00 143.00| 102.95 Nov... 90.60 90.00 4.95 95.50 80.00129.99 76. 75176.75) 62. 75!50.81 32.75:3.1.16, 206.25 98.96 99.00 99.00 139.75100.61 Dec... 3.50 .50 02. G 70.00'2T>.25 74.40174. 40 00. OOi 48.58 39 204.50 98.12, 97.00 97'..00001) 140.50 101.15 Average of offer and demand quotations at the Basle bourse. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE .1, 1919. FEDERAL BESERVE BULLETIN". 553 Cotton Export Corporation. products enumerated herein the corporation shall have the power to buy such cotton or Plans for organizing the American Cotton other products for its own account and to Export Financing Corporation were adopted dispose of the same. at the night session on Thursday, May 15, at 9. To perform any and all customhouse the Cotton Acreage Reduction Convention held operations, and to create and give bonds and guaranties in connection with all acts and in New Orleans. According to the proposed contracts which it may do or make in the plan, the functions of the corporation will be exercise of the powers specifically conferred largely of a foreign banking nature. upon it by this paragraph numbered nine, or The charter of the corporation is to provide in the exercise of any other powers vested in it by this charter. the following powers: 10. To acquire the good will, business, 1. To purchase and sell or discount and ne- rights, property, and obligations of any individgotiate or pledge notes, drafts, checks, bills of ual, partnership, or corporation carrying on a exchange, acceptances, telegraph and cable business similar or cognate to the business transfers, or other evidences of debt. which this corporation is authorized to con- 2. To borrow money in aid of its proper con- duct, and to pay therefor in cash, bonds, or tracts essential or incidental to carry out the other obligations of this corporation. broad purposes of the corporation. 11. To negotiate contracts as agent or trus- 3. To purchase, sell, pledge, or otherwise deal tee for others for the sale of cotton, cotton in (a) bonds, notes, and certificates of the yarns, and cotton goods and cottonseed prod- United States; (b) bonds, notes, and obliga- ucts and vegetable oils abroad, and for the tions of foreign governments; and (c) obliga- purchase of such commodities in this country tions issued by foreign banks and syndicates, for the purpose of filling such selling contracts. and to make loans on the security oi said for- To establish such agencies or branch offices eign obligations. in the United States and in its Territories, de- 4. To accept bills or drafts drawn upon it. pendencies, or insular possessions of the United 5. To purchase and sell exchange. States or in foreign countries as may be neces- 6. To borrow money in aid of its business, sary to carry on its business; provided, howwith or without security. ever, that the corporation shall not be deemed 7. To lend money upon the security of to possess the power to receive deposits or to shipping documents or upon the security of issue bills, notes, or other evidences of debt warehouse receipts conveying security title in for circulation as money. cases where the commodities represented by 12. To buy, sell, mortgage, lease, or othersuch receipts are being assembled for the pur- wise acquire or dispose of such real estate as pose of export. may be necessary or convenient to said cor- 8. To act in any State, Territory, or posses- poration in pursuance or in furtherance of its sion of the United States, or in any foreign business. country, as agent, trustee, broker, or consignee 13. To sue and be sued, complain, and of others in buying, warehousing, selling, and defend in any court of law or equity as fully procuring insurance upon, and otherwise deal- as natural persons. ing in, cotton of all grades, cotton yarns, and 14. Any or all of the above enumerated cotton goods, cotton seed, cottonseed oil and powers and privileges may be exercised by other vegetable oils and other manufactured said corporation either directly or through productsof cotton seed, where such products the agency of local institutions in any of the are being exported or assembled for export. States, Territories, districts, colonies, depend- To act in any State, Territory, or possession encies and possessions of the United States of the United States, or in any foreign country, of America, and in any and all foreign counas financial or business agent or trustee for tries and places, subject, however, to the laws domestic and foreign corporations, both pri- of all such countries and places. vate and municipal, and for individuals, part- 15. In general, to do an}^ and all things nerships, associations, and governments, in and to have and exercise any and all powers transactions involving the shipment and sale necessary or incidental to the complete exerof cotton, co('.ton yarns, and cotton goods and cise of any or all of the foregoing powers. cottonseed products and vegetable oils abroad, The authorized capital stock of the corporaand in the event it shall become necessary to tion is fixed at $100,000,000, all common stock, foreclose loans made on cotton or the other of the par value of $50. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

554 FEDERAL RESERVE BULLETIN. UNI: 1, 191.9. COTTON EXPORT CREDITS. could present the paper to the War Finance Corporation as security for a loan. A committee of experts in session at the In case cotton purchases and imports are State Department recently submitted a report effected by a foreign Government agency, the reading in part as follows: question of credit to be granted by our exporters would be more complicated, for the It is believed that individual exporters of reason that a foreign Government obligation cotton will not assume in the near future the can not be rcdiscounted with Federal Reserve risk of accepting individual German and Banks. However, it probably would be pos- Austro-Hungarian credits. American exports sible for the member banks to take the Govfor account of foreign Governments, which have ernment paper and to rediscount with Federal constituted the great bulk of our exports to Reserve Banks other paper not subject to Europe, have been and still are financed by the prohibitory clauses of the Federal Reserve advances of the United States Government Board regulations. credit. These advances, as the law stands, will cease upon the proclamation of peace. Special arrangements will have to be made, and the problem is of such importance that CONDITION OF ACCEPTING MEMBER the Government, through the War Finance BANKS ON MAR. 4, 1919. Corporation, should assist to the extent of providing for credits which it may be impos- In the following tabulation there are presible for the Federal Reserve Board and sented figures of total liabilities, capitalization, member banks to grant. and acceptance liabilities of all member banks One of the difficulties in establishing credits which reported acceptance transactions on is to find the relative status of new debts in- March 4 of the present year. Out of a total of curred by Germany as compared with debts 8,725 reporting member banks only 362 banks already incurred; i. e., what would be the were in the acceptance business. These 362 priority of a draft against a cotton shipment. banks had a capitalization of $1,274,512,000, If it shall be considered in the light of receivers' or about 47 per cent of the combined capital certificates and the security be sound, the and surplus of all reporting member banks, and problem, then becomes one of the manner or total liabilities of $14,395,478, or nearly 52 per means of obtaining credit. cent of the total liabilities of all member banks For this purpose Governor Harding has sug- reporting on that date. Total acceptance gested the organization of a cotton export liabilities of the accepting institutions are given association, such as is described more fully in as $451,265,000, which is 35.4 per cent of their the succeeding section, which with the support capitalization and 3.1 per cent of their aggreof the War Finance Corporation might assist in gate liabilities, while the ratio of capital and financing cotton exports. surplus to total liabilities of these institutions In the case of "England, Japan, and some of works out at 8.9 per cent, compared with an the countries whose cotton industry is in average ratio of about 10 per cent obtaining working order, cotton drafts could be nan died for all member banks. by the member banks under the Federal Separate figures and ratios were compiled Seservc Act, each for a six months' limit for for national banks on the one hand and trust acceptance on drafts arising out of export company and State bank members on the transactions. In the case of countries whoso other, and for each class in turn like figures and textile industry has to be restored, longer ratios were computed for those institutions terms may be necessary, and theso may be which arc authorized to accept up to 100 per secured through the War Finance Corporation. cent of their capital and surplus and for the To avoid the credit difficulties attendant remainder which may accept only up to 50 upon transactions between individuals, and to per cent. It is seen that the ratio of acceptance assure sound security, it possibly would be to total liabilities, averages 44.4 per cent for best to handle the credits between groups of institutions authorized to accept up to 100 per exporters and groups of importers. In this cent and 15.4 per cent for institutions permitmanner a group of German importers, for ted to accept only up to 50 per cent of their instance, could give a joint obligation to a capital and surplus. For the 100 per cent group of American cotton exporters in a national banks, this ratio is 39.8 per cent, while specific transaction. The American, group then for the 100 per cent trust companies and State Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1, 1919. FEDERAL RESERVE BULLETIN. 555 banks it is considerably larger, viz, 53.7 per mitted to accept up to 100 per cent of their cent. The largest ratio, viz, 72.6 per cent, is capitalization this ratio works out at 42.7 per shown for the eight national banks in Boston cent. authorized to accept up to 100 per cent of their Tables arc also given showing the acceptance capital and surplus. The next largest ratio, liabilities and the ratios of these liabilities to viz, 67.7 per cent, is shown for 13 trust com- combined capital and surplus of the leading panies and State banks in New York City commercial banks in England, France, and authorized to accept up to 100 per cent. For Germany prior to the outbreak of the great the 18 national banks in New York City per- war, also at the latest available date. Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business. [Figures as of Mar. 4,1919, in thousands of dollars; i. e., 000 omitted. 1. ALL ACCEPTING MEMBER BANKS. Total. Ratio of Ratio of Ratio of o N f u b m an b k er s. lia T bi o l t i a ti l es. Ca s p u i r t p a l l u a s n . d I ! li A a a b c n i c l c e i e t p i t e - s. ca s t p o u i r t t p a o l l t u a a s l nd a l c i t a c o b e t p i o l t i a t t a i n e l c s e a t l c o i c a e b c i a i ) l p t i a t i i t n e a c s l e liabilities liabilities and surplus (per cent;. (per cent). (per cent). District No. 1: Boston 802,224 82,766 i 56,779 10.3 7.1 68. 6 Allotlier 231,179 26,996 j 3,274 11.7 1.4 12.1 District No. 2: ! New York City- 6,730,430 499,066 I 237,248 | 7.4 3.5 47.5 All other 374,533 27,660 ! 4,497 ' 7.4 1.2 16.3 District No. 3: Philadelphia... 677,009 74,650 ! 16,143 11.0 2.4 21.6 Allother 43,601 4,500 i 156 10.3 .4 3.5 District No. 4: Cleveland 411,132 35,400 I 11,307 2.8 31.9 Pittsburgh 610,487 83,300 i 6,918 13. 6 1.1 8.3 Allother 162,578 19,465 | 2,944 12.0 1.8 15.1 District No. 5: Richmond 107,739 8,200 I 4,430 7.6 4,1 54.0 Baltimore 90,189 10,975 i 1,688 12.2 1.9 15.4 Allother 149,156 14,155 ! 6,267 9.5 4.2 44.3 District No. 6: i Atlanta 71,843 i 7,400 ; 417 10.3 .6 5.6 New Orleans... 173,981 15,867 6,778 9.1 3.9 42.7 Allother 155,924 15,614 4,018 10.0 2.6 25.7 District No. 7: Chicago 1,424,787 134,300 38,467 9.4 2.7 28.6 All other 443,423 j 39,190 4,516 8.8 | 11.5 District No. 8: St. Louis 371,307 44,960 17,980 12.1 4.8 40.0 Allother 169,327 15,513 2,043 9.2 1.2 13.2 District No. 9: Minneapolis 81,372 10,000 1,636 12.3 2.0 16.4 All other 111,493 10,475 1,850 9.4 1.7 17.7 District No. 10: Kansas City 82,676 6,500 595 7.9 9.2 Allother 127,831 8,213 6.4 12.3 District No. 11: Dallas 77,248 7,000 1,325 9.1 1.7 i 18. 9 All other 70,747 7,267 1,151 10.3 1. 6 i 15.8 District No. 12: San Francisco.. 363,817 j 42,400 11,869 11.7 | 3.3 28.0 Allother 273,445 I 22,680 5,961 8.3 ! 2.2 26.3 Total 362 14,395,478 I 1,274,512 451,265 3.1 35.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

556 FEDERAL RESERVE BULLETIN. JUNE 1,1919. Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business—Continued. [Figures as of Mar. 4,1919, in thousands of dollars; i. e., 000 omitted.] 1. ALL ACCEPTING MEMBER BANKS—Continued. Banks permitted to accept to 100 per cent of capital and surplus. Ratio of Ratio of Ratio of capital and acceptance o N f u b m an b k er s. lia T bi o l t i a ti l es. Capitall and I i IliabiSties. s to u r t p o l t u a s l li t a o b t il o i t t a ie l s t l o ia b c i a l p it i i t e a s l liabilities liabilities and surplus (per cent). (per cent). (per cent). District No. 1: Boston 767,385 78,958 55,934 10.3 7.3 70.8 Allother 53,782 7,000 1,609 13.0 3.0 23.0 District No. 2: New York City. 5,771,947 420,717 221,358 7.3 3.8 52.6 Allother .\. 36,364 3,600 1,848 5.1 51.3 District No. 3: Philadelphia.... 505,904 37,900 15,360 7.5 3.0 40.5 All other District No. 4: Cleveland 312,655 23,500 10,372 7.5 3.3 44.1 Pittsburgh 459,490 62,050 6,478 13.5 1.4 10.4 Allother 52,591 4,900 1,890 9.3 3.6 38.6 District No. 5: Richmond 6,400 2,985 7.2 3.4 46.6 Baltimore 25,328 3,975 478 15.7 1.9 12.0 Allother 91,377 8,650 I 4,658 9.5 5.1 53.8 District No. 6: Atlanta 22,695 1,600 j 150 7.1 .7 9.4 New Orleans 173,981 15,867 | 6,778 9.1 3.9 42.7 Another 47,257 4,462 ' 2,014 9.4 4.3 45.1 District No. T.- Chicago 1,265,182 115.500 37,292 9.1 , 2.9 32.3 Allother 78,714 7; ooo 1,679 8.9 2.1 24.0 District No. 8: St. Louis All other 32,936 3,200 795 9.7 2.4 24.8 District No. 9: Minneapolis 81,372 10,000 12.3 2.0 16.4 Allother District No. 10: Kansas City Allother 300 74 11.1 2.7 24.6 District No. 11: Dallas 55,534 5,000 825 9.0 1.5 16.5 Allother 41,934 4,500 500 10.7 1.2 11.1 District No. 12: San Francisco... 363,817 42,400 11.7 3.3 27.9 All other 139,011 12,550 9.0 2.8 31.0 Total.. 134 10,470,273 880,029 390,476 8.4 3.7 44.4. All other banks. Ratio of Ratio of Ratio of o N f u b m an b k er s. lia T bi o l t i a ti l es. Ca s p u i r t p a l l u a s. nd li A a a b c n i c l c e i e t p ie t- s. c l a i s t a p o u b i r t t i p a l o l i l t t u a a i s e l n s d a l l c i i t a a c o b b e p t i i l o l t i i a t t t a i i n e e l c s s e a a n t l c o i d c a e b c s p a i u l t p i a r t i p i n t e a l c s u l e s (per cent). (per cent). (per cent). District No. 1: Boston 34,839 845 10.9 2.4 22.2 Allother 177,397 19,996 1,665 11.3 .9 S.3 District No. 2: New York Citv 964,483 73,349 15,890 8.1 1.6 20.3 Allother 338,169 24,060 2,649 7.1 .8 11.0 District No. 3: Philadelphia.. 171,105 38,750 783 21.5 .5 2.1 Allother 43,601 4,500 156 10.3 3.5 District No. 4: •'I Cleveland 98,477 11,900 935 12.1 7.9 Pittsburgh 150,997 21,250 440 14.1 2.G AJ1 other , 109,987 14,565 1,054 13.3 .3 7.2 District No. 5: , Richmond 19,415 1,800 1,445 9.3 1.0 I 80.3 Baltimore 64,861 7,000 1,210 10.8 7.4 17,2 Allother 57,779 5,505 1,609 9.5 1.9 29.2 District No. 6: 2.8 Atlanta 49,148 5,800 267 11.8 .5 4,6 New Orleans.. All other 37 ""168*667' 11,152 ""2,"664 10.3 1.8 17.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

i, 1919. XfiDERAL EESERVE BULLETIN. 557 Total li\ i, capital and surplus, and acceptance liabilities of member hanlcs doing an acceptance business—Continued. [Figures as of Mar. 4,1919, in thousands of dollars; i. e., 000 omitted.] l.*ALL ACCEPTING MEMBER BANKS—Continued. All other banks. Ratio of Ratio of Ratio of capital and acceptance acceptance o N f u b m an b k e s r . ; ; lia T b o il t i a ti l es. Ca s p u i r t p a l l u a s n . d li A ab a c i n c l c i e t e p ie t- s. s to u r t p o l t u a s l li t a o b t i o li t t a ie l s t l o ia b ca il p it i i t e a s l liabilities liabilities and surplus (percent). (per cent). (percent). District No. 7: Chicago , 4 ' 159,605 ! 18,800 1,175 11.8 .7 6.3 Another 13 I 364,709 | 32,190 2,837 .8 | 3.8 District No. 8: St. Louis , 9 i 371,307 i 44,960 17,980 12.1 4.8 40.0 Aliother 18 136,391 12,313 1,248 9.0 10.1 District No. 9: Minneapolis Aliother 111,493 10,475 1,850 9.4 1.7 ! District No. 10: Kansas City.... 82,676 6,500 595 7.9 9.2 Aliother 125,138 7,913 934 6.3 • 7 i 11. S District No. 11: Dallas 21,714 2,000 500 | 9.2 2.3 25,0 Aliother 28,813 2,767 651 I 9.6 2.2 23.5 District No. 12: San Francisco.. Allother 11 ! 134,434 10,130 2,067 | 7.5 1.5 20.3 Total., 228 ' 3,925,205 394,483 60,789 | 10.1 1.5 15.4 2. ACCEPTING NATIONAL BANKS. Total. Eatio of Eatio of Ratio of o N f u b m an b k e s r . lia T bi o l t i a ti l es. Ca su pi r t p a l l u a s. nd li A ab a c i n c l e c it e p ie t- s. c l a i s t a p o u b i r t t i p a o li l l t t u a a ie s n l s d a l l c i i t a a c o b b e t p i i o l l t i i a t t t a i i n e e l c s s e a a n t l c o i d a c c b e s a p i u l p t i r a t i p i n t e a l c u s l e s (per cent). (percent). (per cent). District.; No. i: Boston.. . . 8 535,442 57,708 41,780 10.8 7.8 72.4 Aliother.. . 20 98,441 13,496 2,647 13.7 2.7 19.6 District No. 2: New York Citv... 25 3,909,400 285,300 112,762 7.3 2.9 39.5 Aliother 14 248,790 18,260 3,614 7.3 1.5 19.8 District No. 3: Philadelphia.. 9 554,397 43,650 15.418 7.9 2.8 35. 3 Aliother 5 43,601 4,500 156 10.3 3.6 3.5 District No. 4: Cleveland 3 185,106 13,500 6,654 7.3 3.6 49.3 Pittsburgh 9 406,407 41,400 4,291 10.2 1.1 10.4 Aliother . 7 152,886 18,515 2,844 12.1 3.9 15.4 District No. 5: Richmond 4 107,739 8,200 4,430 7.6 4.1 54.0 Baltimore. . 6 85,229 10,375 1,638 12.2 1.9 15.8 Another 30 138,726 12,674 5,644 9.1 4.1 44.5 District No. 6: Atlanta 3 67,861 5,400 317 8.0 . 5 5.9 New Orleans 3 67,953 6,400 1,982 9.4 2.9 31.0 Aliother. . . 35 124,609 11,710 2,822 9.4 2.3 24.0 District No. 7: Chicago 8 943,245 79,000 21,032 8.4 2.2 £6.6 Aliother 10 284,984 28,800 3,849 10.1 1.4 13.4 District No. 8: St. Louis 6 262,698 27,260 11,927 10.4 4.5 43.8 Aliother 15 120,480 10,638 1,158 8.8 1.0 10.9 District No. 9: Minneapolis 1 81,372 10,000 1,036 12.3 2.0 1.6 Allother. . 6 111.493 10,475 1,850 9.4 1.7 17.7 District No. 10: Kansas City... 2 82.676 6,500 595 7.9 .7 9.2 Ail other j. 8 114,215 7,213 958 6.3 o 13.3 District No. 11: • O Dallas 3 77,248 7.000 1,325 9.0 1.7 18.9 Aliother 9 67,859 6,917 1,101 10.2 1.6 15.9 District No. 12: San Francisco. 6 363,817 42,400 11,869 11.7 3.3 28.0 Aliother 15 216,392 17,980 4,874 8.3 2.3 27.1 Total 268 9,453,066 805,271 269,173 8.5 2.8 33. 3 119745—19 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

558 FEDERAL RESERVE BULLETIN. JUNE 1,1919. Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business—Continued. [Figures as of Mar. 4,1919, in thousands of dollars; i. e., 000 omitted.] 2. ACCEPTING NATIONAL BANKS—Continued. Banks permitted to accept to 100 per cent of capital and surplus. i Ratio of Ratio of Ratio of capital and acceptance acceptance Number Total Capital and Accept- surplus liabilities liabilities of banks. liabilities. surplus. liab a i n l c it e ies. li t a o b t i o li t t a ie l s li t a o b i t l o it t i a e l s a t n o d c s a u p r i p ta lu l s (per cent). (per cent.) (per cent). District No. 1: Boston.. 7 534,020 57,500 41,723 10.8 7.8 72,6 Allother. 6 53,782 7,000 1,609 13.0 3.0 23.0 District No. 2: New York City 18 3,503,404 254,100 108,510 7.3 3.1 42.7 All other 3 36,364 3,600 1,848 9.9 5.1 51.3 District No. 3: Philadelphia 7 505,904 37,900 15,360 7.5 3.0 40.5 All nth or District No. 4: Cleveland. 2 172,042 11,000 6,479 6.0 3.8 58.9 Pittsburgh 4 271,889 23,050 3,951 8.5 1.5 37.1 Allothor 1 47,918 4,500 1,830 9.4 3.8 40.6 District No. 5: Richmond 3 88,324 6,400 2,985 7.2 3.4 46.6 Baltimore. 3 25,328 3,975 478 15.7 1.9 12.0 Allother 7 83,361 7,550 4,238 9.1 5.1 56.1 District No. 6: Atlanta... 1 22,695 1,600 150 7.1 . 7 9.3 New Orleans 3 67,953 6,400 1,982 9.4 2.9 31.0 All other 5 38,787 3,132 1,019 8.1 2.6 33.0 District No. 7: Chicago 8 943,245 79,000 21,032 8.4 2.2 26.6 Allother . . 2 78,714 7,000 1,679 8.9 2.1 24.0 District No. 8: St. Louis.. Allother 1 7,632 900 345 11.8 4.5 38.3 District No. 9: Minneapolis 1 81,372 10,000 1,636 12.3 2.0 16.3 All other District No. 10: Kansas City... Allother 1 2,693 300 74 ii.i 2.7 24.6 DistrictNo.il: Dallas 2 55,534 5,000 825 9.0 1.5 16.5 All other 2 41,934 4,500 500 10.7 1.2 11.1 District No. 12: San Francisco. 6 363,817 42,400 11,869 11.7 3.3 28.0 Allother . . 6 127,313 11,350 3,715 8.9 2.9 32.6 Total 99 7,154,025 588,157 233,837 8.2 3.3 39.8 All other national banks. Ratio of Ratio of Ratio of capital and acceptance acceptance o N f u b m an b k er s. lia T bi o l t i a ti l es. Ca s p u i r t p a l l u a s n . d li A a a b c n i c l c e i e t p ie t- s. li t s a o u b r t i p o li l t t u a i s e l s l l i i t a a o b b i t i l o l i i t t t i a i e e l s s an t l o i d a b c s a i u l p i r t i p i t e a l s u l s (per cent). (percent). (per cent). District No. 1: Boston.. 1 1,422 208 57 14.6 4.0 27.5 Allother 14 44,659 6,496 1,038 14.5 2.3 15.9 District No. 2: New York Citv... . 7 405,996 31,200 4,252 7.7 1.0 13.6 Allother ." 11 212,426 14,660 1,766 6.9 .8 12.0 District No. 3: Philadelphia 2 48,493 5,750 58 11.9 .1 1.0 All other 5 43,601 4,500 156 10.3 .4 3.5 District No. 4: Cleveland. 1 13,064 2,500 175 19.1 1.3 7.0 Pittsburgh.. 5 134,518 18,350 340 13.6 .3 1.9 Allother 6 104,968 14,015 1,014 13. 4- 1.0 7.2 District No. 5: Richmond . 1 19,415 3,800 1,445 9.3 7.4 80.3 Baltimore. 3 59,901 6,400 1,160 10.7 1.9 18.1 Allother . . .. • 23 55,365 5,124 1,406 9.3 2.5 27.4 District No. 6: Atlanta 2 45,166 3,800 167 8.4 .4 4.3 New Orleans . . Allother 29 85,822 8,578 1,803 10.0 2.1 21.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1,1919, FEDERAL RESERVE BULLETIN. 559 Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business— Continued. [Figures as of Mar. 4,1919, in thousands of dollars; i. e., 0G0 omitted.] 2. ACCEPTING NATIONAL BANKS—Continued. AJI other national banks. Ratio of Ratio of Ratio of capital and acceptance acceptance o d f u b m a b n e k r s. lia T bi o l t i a ti l es. Ca s p u i r t p a l l u a s. nd li A ab a c i n c l e c it e p i t e - s. li s t a o u b r i t p l o i l t t u a i s e l s l l i i t a a o b b i t i l o l i i t t t i a i e e l s s an t l o i d a b c s a il u p i r t i i p t e a l s u l s (percent). (per cent). (per cent). District No. 7: Chicago All other 8 206,270 21,800 2,170 1 10.6 1.1 10.0 District No. 8: St. Louis.. 6 262.698 27,260 11,927 10.4 4.5 43.8 Allothcr 14 112;848 9,738 8.13 8.6, .7 8.3 District No. 9: Minneapolis. All other 6 111,493 10,475 1,850 9.4 1.7 17.6 District No. 10: Kansas City 2 82,676 6,500 595 7.9 .7 9.1 All other •* 5 111,522 6,913 884 6.2 .8 12.8 District No. 11: Dallas... 1 21,714 2,000 500 9.2 2.3 25.0 Ali other 7 25.925 2,417 601 9.3 2.3 24.9 District No. 12: San Francisco. All other 9 89,079 6.630 1,1.59 7.4 1.3 17.5 Total .169 2,299,041 217. U 4 1 35.336 9.4 1.5 16.3 3. ACCEPTING STATE BANKS AND TRUST COMPANIES. Total. Ratio of Ratio of Ratio of o N f u b m an b k er s. lia T bi o l t i a ti l es. Ca su p r it p a l l u a s n . d A a c n c c e e pt- ca s t p o u i r t t a p o l l t u a a s l nd a l c i t a c o b e t p i o l t i a t t a i n e l c s e a t l c o ia c e b c p a il t p i a t i i n t e a c s l e liabilities. liabilities liabilities and surplus (per cent). (per cent). (per cent). District No. 1: Boston 6 266,782 25,058 14,999 9.4 5.6 59.9 Allother. 2 132,738 13,500 627 10.2 .5 4.6 District No. 2: New York City 22 2,827,030 213,766 124,486 7.6 4.4 58.2 Allother .* 8 125,743 9,400 883 7.5 .7 9.4 District No. 3: Philadelphia 2 122,612 31,000 725 25.3 .6 2.3 * 11 nth or District No. 4: Cleveland . . .. . . 226,026 21,900 4,653 9.7 2.1 21.2 Pittsburgh 4 204,080 41,900 2,627 20.5 1.3 6.3 All other 2 9,692 950 100 9.8 1.0 10.5 District No. 5: Richmond Baltimore . . . .. 1 4,960 600 50 12.1 ].() 8.3 All other 3 10,430 1,481 623 14.0 (i. 0 42.1 District No. 6: \tlanta 1 3,982 2,000 100 50.2 2. 5 5.0 New Orleans 4 106.028 9,467 4,796 8.9 4.5 50.7 Allother . 8 31,315 3,904 1,196 12.5 3.8 30.6 District No. 7: Chicago 8 481,542 55,300 17,435 11.5 3.6 31.5 ill other 5 158,439 10,390 667 6.6 .4 6.4 District No. 8: St Louis 3 108,609 17.700 6.053 16.3 5.6 34.2 Ul other . . 5 48,847 4.875 ' 88,0 10.0 1.8 18.2 District No. 9: Minneapolis •Vll other District No. 10: All other 1 13, 616 1,000 50 7.3 .4 5.0 District No. 11: I) o lias Ml other 1 2,888 350 50 12.1 1.7 14.3 District No. 12: All other 3 57,053 4,700 1,087 8.2 1.9 23.1 Total 94 4,9i2,412 469,241 182,092 9.5 3.7 38.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

560 FEDERAL RESERVE BULLETIN. JUNE 1, 1919. Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business—Continued. [Figures as of Mar. 4,1919, in thousands of dollars; i. e., 000 omitted.] 3. ACCEPTING STATE BANKS AND TRUST COMPANIES—Continued. i Banks permitted to accept to 100 per cent of capital and surplus. Ratio of Ratio of Ratio of capital and acceptance acceptance Number Total Capital and liabilities liabilities of banks. liabilities. surplus. liabilities. to total li t a o b t i o li t t a ie l s an to d c s a u p r i p ta lu l s (per cent). (per cent). (percent). District No. 1: Boston 4 233,365 21,458 14,211 9.2 6.1 66.2 District No. 2: New York Citv . . . 13 2,268,543 166,617 112,848 7.3 5.0 67.7 Ml other District No. 3: Philadelphia Ail other District No. 4: Cleveland 3 140,613' 12,500 3,893 8.9 2.8 31.1 Pittsburgh . . . 2 187,601 39,000 2,527 20.8 1.3 6.5 Allothcr 1 4,673 400 60 8.6 1.3 15.0 District No. 5: Richmond Baltimore ill other 1 8,016 1,100 420 13.7 5.2 38.2 District No. 6: Atlanta j^e^- Orleans 4 166,028 9,467 4,796 8.9 4.5 50.7 All other 1 8,470 1,330 995 15.7 11.7 74.8 District No. 7: Chicago . 4 321,937 36,500 16,260 11.3 5.1 44 5 <Y11 other District No. 8: 1 St Louis 1 All other 1 25,304 2,300 450 9.0 1.8 19.6 District No. 9: Minneapolis All other District No. 10: Kansas City All other District No. 11: Dallas All other i District No. 12: San JKrancisco All other 1 ii, 698 1,200 179 10.3 1.5 14.9 Total 35 3,316,248 291,872 156,639 8.8 4.7 53.7 All other State bank and trust company members. Ratio of Ratio of Ratio of o N f u b m an b k er s. lia T bi o l t i a ti l es. Ca s p u i r t p a l l u a s n . d li A ab a c i n c l e c it e p ie t- s. c l a i s t a p o u b i r t t i p a o li l l t t u a a i s e l n s d a l l c i i t a c a o b e b t p i i o l l t i i a t t t a i i n e e l c s s e a a n t l c o i d a c b e c s p i a u l p t i r a t i p i n t e a l c s u l e s (per cent). (per cent). (per cent). District No. 1: Boston 2 33,417 3,600 788 10.8 2.4 21.9 Allother 2 132,738 13,500 627 10.2 .5 4 6 District No. 2: New York Citv 9 558,487 47,149 11,638 8.4 2.1 24.7 All other 8 125,743 9,400 883 7.5 .7 9.4 District No. 3: Philadelphia 2 122,612 31,000 725 25.3 .6 2.3 All other District No. 4: Cleveland 2 85,413 9,4.00 760 11.0 .9 8.0 Pittsburgh 2 16,479 2,900 100 17.6 .6 3.4 All other 1 5,019 550 40 11.0 .8 7.2 District No. 5: Richmond Baltimore 4,980 600 50 12.1 1.0 8.3 Allothcr 2 2,414 381 203 15.7 8.4 53.2 District No. 6: Atlanta . . .. . i 3,982 2,000 100 50.2 2.5 5.0 New Orleans Allother 7 22,845 2,574 201 11.3 * "l.O 7."8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

561 JUNE 1, 1919. FEDERAL RESERVE BULLETIN. Total liabilities, capital and surplus, and acceptance liabilities of member banks doing an acceptance business—Continued. [Figures as of Mar. 4,1919, in thousands of dollars; i. e., COO omitted.] 3. ACCEPTING STATE BANKS AND TRUST COMPANIES—Continued. Ali other State bank and trust company members. Ratio of Ratio of Ratio of capital and acoeptan-r-e | acceptance i | o N f u b m an b k e s r . | \ lia T bi o li t t a i l es. Ca s p u i r t p a l l u a s n . d. lia A b a c i n c l c i e t e p ie t- s. t s o u r t p o l t u a s l li t a o 'b ' t i o li t t a ie l s t l o ia b c i a l p it i i t e a s l liabilities liabilities and surplus (percent.). (per cent). (per cent). District No. 7: Chicago 159,605 18,800 1,175 11.8 6.3 Aliother 158,439 10,390 | (567 6.6 6.4 District No. 8: St. Louis 108,609 17,700 6,053 ! 16.3 5,6 ! 34.2 Aliother 23,543 2,575 435 10.9 1.8 i 16.9 District No. 9: Minneapolis.. All other District No. 10: Kansas Citv. Aliother./... 13,610 1,000 50 7.3 District No. 11: Dallas. Aliother 1 ! 2,888 350 I 50 12.1 District No. 12: San Francisco.. All other "2\ 45>355 3,500 908 Total. 1,626,104 177,369 25,453 10.9 FRANCE, Acceptance liabilities of the three, leading commercial banks of France com/payed with their capital ana surplus before and after the war. Ratio of acceptance Before the war Qlay 31, 1914). j After the war (Dec. 31, 1918). liabilities to paid-in capital and surplus Bank. | Paid-in capi- ; Acceptance I Paid-in capi- Acceptance Before the After the jial and surplus.! liabilities. : tai and surplus. liabilities. war. war. Francs. Francs. Francs. Francs. Per cent. Per cent. Soeiete Generale 377,247,507 156,670,208 300,704,856 18,746,093 41.5 6.2 Comptoir National d'Escompte.. 240,902,700 159,082,542 • 243,563,143 24,123,451 66.0 Credit Lyonnais 425,000,000 121,524.307 j 425,000,000 10,879 28.6 Total for three banks. 1,043,150,207 ; 437,277,057 969,267,999 42,880,423 42.0 4.5 i stadter Bank, Berliner Ilandelsgesellschaft, ENGLAND. | Commerz-und-l)iskontobank,Nationalbank,and According to the London Economist, the ; MitteldeutscheKreditBank, figures of combined leading 18 joint stock banks in England on capital and surplus and of acceptance liabilities June 30, 1914, and Dec. 31, 1918, show the at the close of 1913-1917, also the per cent ratios following amounts of capital and surplus com-1 of acceptance liabilities to capital and surplus, pared with their acceptance liabilities: were as follows: [Millions of marks.] June 30,1914. j Dec. 31,1918. 1 2 Paid-in capital and surplus i £08,007,000 £84,830,000 Ratio of Acceptance liabilities j 35,782,000 52,045,000 Paid-in 2tol** Ra c t a i p o i t o a f l a a c n c d e p su ta r n p c l e u s l , i a p b e i r l i c t e ie n s t to paid-in j : 52.61 61.35 ca s p u i r t p a l l u a s n . dA li c a c b e i p li t t a i n e c s e . (per cent). Dec. 31— GERMANY. 191'J 1,465 1,308 I For the 8 largest German credit banks 1914... 1,711 1,015 (Grossbanken), including the Deutsche Bank, 1 19 9 1 1 6 5 1 1, 7 7 1 1 5 1 6 38 1 4 1 3 2 6 2 Diskonto Gesellschaft, Dresdner Bank, Darm- 1917 1,896 397 21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

562 FEDERAL RESERVE BULLETIN. JUNE 1,1919. State Banks and Trust Companies Admitted. | Foreign Branches. The following list shows the State banks and A list of foreign branches of banks doing trust companies which have been admitted to business under agreement with the Federal membership in the Federal Reserve System, Reserve Board, which opened for business durduring the month of May. ing May, 1919, is given below: One thousand and thirty-four State institu- | American Foreign Banking Corporation, New York City: tions are now members of the system, having I Brussels, Belgium, opened May 1, 1919. a total capital of $369,18G,87o/total surplus Asia Banking Corporation, New York City: of $419,934,583, and total resources of Peking, China, opened May 1, 1919. $7,942,384,320. Tientsin, China, opened May 1, 1919. International Banking Corporation, New York City: Haiigoon, Burma, British India, opened May 16, 1919. Capital. Surplus. f( Total District No. 1. Acceptances to 100 Per Cent. Gloucester Safe Deposit & Trust Co., •Th G e l o N uc e e w st er B , e M df a o s r s d Safe Deposit & §200,000 S200,000 84,943,687 Since the issue of the May BULLETIN the Trust Co., Now Bedford, Mass 200,000 300,000 4,463,468 following banks have been authorized by the District No. 2. Federal Reserve Board to accept drafts and The Bank of East Aurora, East bills of exchange up to 100 per cent of their Aurora, N. Y 75,000 25,000 ],220,494 capital and surplus: Edisto National Bank, Geneva Trust Co., Geneva, N. Y 100,000 175,000 3,507,520 Orangeburg, S. C; Citizens National Bank, District No. 4. Hillsboro, Tex. Firestone Park Trust & Savings Bank, Akron, Ohio 200,000 75,000 3,490,189 PeJAo.JS.I pl\JJe-L, s VB_/1a1±U nk. .C..o...,. F..r.a.z.c.y.s.b..u.r.g.,. ..Ohio. 25,000 35,000 482,650 The Farmers Bank Co., Pandora, Ohio 25.000 7,500 223,127 Security Trust Co., Wheeling, W. Va.. 300,000 200,000 2,827,915 New National Bank Charters. District No. 5. The Comptroller of the Currency reports the Merchants & Farmers Rank, Eraporia, Va 50,000 50,000 554,526 following increases and reductions in the num- Bank of Commerce & Trusts, Richmond, Va 250,000 200,000 3,237,256 ber of national banks and the capital of national banks during the period from April 26, District No. ?. First Trust & Savings Bank, Des 1919, to May 30, 1919, inclusive: • Moines, Iowa 200,000 17,122 1,784,461 The First State Savings Barn:, Cros- Banks. well, Mich 25,000 5,000 503,866 New charters issued to 22 With capital of. $2,170,000 District No. 8. Increase of capital approved for 23 Dardanelle Bank & Trust Co., Dar- With new capital of 2, 380, 000 danelle, Ark 50,000 10,000 I 424,880 Merchants & Farmers Bank, Dumas, Aggregate number of new charters and Ark 50,000 13,250 314,424 banks increasing capital 45 Citizens Bank & Trust Co., England, With aggregate of new" capital authorized 4, 550,000 Ark 100,000 10,000 465,912 Cotton Belt Savings & Trust Co., Pine Number of banks liquidating (other than Bluff, Ark 100,000 40,000 901,561 those consolidating with other national Union Trust Co., Madison, 111 50,000 50,000 banks under the act of June 3, 1864) 8 Bank of Maplcwood, Maplcwood, Mo. 50,000 ""6,"650" 473,097 Capital of same banks 2, 600, 000 District No. 9. Number of banks reducing capital 1 CitizensState Bank, Roundup, Mont. 50,000 35,000 721,714 Reduction of capital 25, 000 Total number of banks going into liquida- District No. 10. tion or reducing capital (other than those Bank of Goltry, Goltry, Okla 25,000 2,500 209,599 consolidating with other national banks District No. 11. under the act of June 3, 1864) 9 First State Bank, Rails, Tex 25,000 2,500 79,318 Aggregate capital reduction 2, 625,000 Guaranty State Bank, Troup, Tex... 25,000 lo,000 268,337 Consolidation of national banks under the act of Nov. 7, 1918 3 District No. 12. j Capital 850,000 Bellevuc State Bank, Bellovue, Idaho.| 30,000 8,000 401,640 The foregoing statement shows the aggregate Cache Valley Banking Co., Logan, ! Utah ". • 100,000 22,000 1,374,839 of increased capital for the period of the Farmers & Merchants Savings Bank, '•• banks embraced in statement was 4, 550,000 Logan, Utah 100,000 17,500 388,926 Against this there was a reduction of capital Tracy Loan & Trust Co., Salt Lake City, Utah 218,700 100,000 709,413 owing to liquidation (other than for consolidation with other national banks under the act of June 3, 1864) and reduc- Consolidation. tions of capital of 2, 625, 000 The Charleston Trust & Savings Monk and the Second National Bank, Charleston, III., have consolidated under the name National Trust Bank of Charleston. Net increase 1, 925,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1, 1919. FEDERAL RESERVE BULLETIN. 563 Errata. Fiduciary Powers Granted to National Banks. On page 477 of the BULLETIN for May, 1919, The applications of the following banks for the following corrections should be made: permission to act under section ll(k) of the London Economist index numbers for Janu- Federal lteserve Act have been approved by ary; February, and March, 1919 (sixth column), the Federal Reserve Board during May: should read '"217-215-213" in place of "266- 280-260.j; Corresponding Sauerbeck index DISTRICT NO. 1. numbers (seventh column) should read "226- Trustee, executor, administrator, registrar of stocks and 211-217" in place of "217-215-213." On bonds, guardian of estates, assignee, and receiver: page 505 the heading should read Condition Citizens National Bank, Watorbury, Conn. of selected member banks.7" Guardian of estates, assignee, and receiver: Greylock National Bank, Adams, Mass. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: Commercial Failures Reported, City National Bank, Belfast, Me. First National Bank, Adams, Mass. Continuing their remarkably favorable show- DISTRICT No. 2. ing, commercial failures in the United States during three weeks of May, as reported to R. G. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and com- Dun & Co., numbered only 381—a 36.9 per mittee of estates of lunatics: cent reduction from the 604 insolvencies of the Citizens National Bank, Long Branch, N. J. same period of 1918, when the business mor- First National Bank, South River, N. J. tality was comparatively moderate. The state- Farmers National Bank, Hudson, N. Y. Chatham. & Phcnix National Bank, New York City. ment for April, the latest month for which full Fallkill National Bank, Poughkeepsie, N. Y. returns are available, discloses but 543 defaults Coal and Iron National Bank, New York City. for §11,450,462 of liabilities—a numerical de- Guardian of estates, assignee, receiver, and committee of crease of 40 per cent from the 905 reverses of estates of lunatics: National State Bank, Newark, N. J. April, 1918, and a contraction of nearly 20 per Trustee, executor, administrator, registrar of stocks and cent in amount of indebtedness frpm the bonds, guardian of estates, receiver, and committee of $14,271,849 of last year. In point of number, estates of lunatics: in fact, the April failures are the smallest ever Plattsburg National Bank, Plattsburg, N. Y. Trustee, executor, administrator, guardian of estates, recorded since monthly statistics were first assignee, receiver, and committee of estates of lunatics: compiled a quarter of a century ago. Com- First National Bank, Hempstead, N. Y. paring the April exhibit by Federal Reserve Bank of New York, N.B. A., New York City. districts, it is seen that defaults were fewer in Liberty National Bank, New York City. Chase National Bank, New York City." number than in April of 1918 in all of the 12 Tarrytown National Bank, Tarrytown, N. Y. districts, excepting the eighth district, where a small increase appears. In most instances the DISTRICT NO. 3. reductions are of considerable size, while only Trustee, executor, administrator, registrar of stocks and in the fifth and sixth districts are larger liabili- bonds, guardian of estates, assignee, receiver, and comties shown. mittee of estates of lunatics: County National Bank, Clearfield, Pa. Failures during April. Keystone National Bank, Manheim, Pa. National Bank of Oxford, Oxford, Pa. Ninth National Bank, Philadelphia, Pa. Number. Liabilities. Districts. DISTRICT NO. 4. 1919 1918 1919 1918 Trustee, and registrar of stocks and bonds: Atlas National Bank, Cincinnati, Ohio. F Se ir c s o t nd 1 6 0 3 7 1 1 3 7 6 2 4 S ,3 7 6 0 5 7 , , 2 7 5 8 3 3 8 4 1 , , 6 4 1 0 0 5 , , 7 9 2 7 6 5 First National Bank, Zanesville, Ohio. Third 28 29 333,089 535,628 First National Bank, Bucyrus, Ohio. Fo'irth 41 87 653,738 1,460,787 Trustee, executor, administrator, registrar of stocks and F S i i f x t t h h 2 2 7 9 4 5 4 4 4 6 7 6 5 0 , ,7 4 5 4 0 1 2 3 7 6 1 8 , , 6 8 6 2 7 9 bonds, guardian of estates, assignee, receiver, and com- Seventh 61 129 1,248,110 1,597,477 mittee of estates of lunatics: ^iffhth 44 39 447,162 447,362 First National Bank, New Castle, Pa. Ninth 23 43 142,857 268,785 First National Bank, Washington, Pa. Tenth 20 49 104,545 392,835 Eleventh 24 32 226,206 251,858 Executor, administrator, registrar of stocks and bonds, Twelfth 76 91 2,085,528 2,659,920 guardian of estates, assignee, receiver, and committee of estates of lunatics: Total 543 905 11,450,462 14,271,849 Second National Bank, Titus ville, Pa. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 FEDERAL RESERVE BULLETIN. JUNE DISTRICT NO. 5. Guardian of estates, assignee, receiver, and committee of estates of lunatics: Guardian of estates, assignee, receiver, and committee of Bedford National Bank, Bedford, Ind. estates of lunatics: Trustee, executor, administrator, guardian of estates, Merchants-Mechanics-First National Bank, Balti- assignee, receiver, and committee of estates of lunatics: more, Md. Anderson National Bank, Lawrenceburg, Ky. Parkeraburg National Bank, Parkersburg, W. Va. Edisto National Bank, Orangeburg, S. G. DISTRICT NO. 9. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and com- Trustee, executor, administrator, registrar of stocks and mittee of estates of lunatics: bonds, guardian of estates, assignee, receiver,, and com- National Loan & Exchange Bank. Columbia, S. C. mittee of estates of lunatics: Second National Bank, Cumberland, Md. Farmers National Bank, Waseca, Minn. First National Bank, Richmond, Va. First National Bank, Watertown, S. Dak. Registrar of stocks and bonds, guardian of estates, assignee, Trustee, executor, administrator, guardian of estates, receiver, and committee of estates of lunatics: assignee, receiver, and committee of estates of lunatics: Peoples National Bank, Charlottesville, Va. National Farmers Bank, Owatonna, Minn. DISTRICT No. 6. DISTRICT NO. 10. Trustee, executor, administrator, guardian of estate?: Guardian of estates, assignee, receiver, and committee of First National Bank, Coffeyville, Kans. estates of lunatics: Trustee, executor, administrator, and registrar of stocks First National Bank, Florence, Ala. and bonds: City National Bank, Selma, Ala. First National Bank, Omaha, Nebr. Trustee, executor, administrator, registrar of stocks and Guardian of estates, assignee, receiver, and committee of bonds, guardian of estates, assignee, receiver, and comestates of lunatics: mittee of estates of lunatics: Greeley National Bank, Greeley, Colo. Winder National Bank, Winder, Ga. New England National Bank, Kansas City, Mo. San Miguel National Bank, Las Vegas, N. Mex. DISTRICT NO. 7. First National Bank, Colorado Springs, Colo. Trustee, executor, administrator, registrar of stocks and Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and combonds, guardian of estates, assignee, receiver, and com- mittee of estates of lunatics: mittee of estates of lunatics: National Bank of Commerce, Pittsburg, Kans. Canton National Bank, Canton, 111. First National Bank, Santa Fe, N. Mex. Central National Bank, Peoria, 111. First National Bank, Shoshoni, Wyo. First National Bank, Greenfield, Iowa. Lawrence National Bank, Lawrence, Kans. National Bank of Commerce, Detroit, Mich. Security National Bank, Oklahoma City, Okla. First National Bank, Muscatine, Iowa. Liberty National Bank, Oklahoma City, Okla. Trustee, executor, administrator, registrar of stocks and Poudre Valley National Bank, Fort Collins, Colo. bonds, guardian of estates, assignee, and receiver: Fletcher American National Bank, Indianapolis, Ind. DISTRICT NO. 11. Trustee, executor, administrator, and registrar of stocks and bonds: Trustee, executor, administrator, registrar of stocks and First National Bank, Hammond, Ind. bonds, guardian of estates, assignee, receiver, and com- Trustee, executor, and administrator: mittee of estates of lunatics: First National Bank, Milford, Iowa. First National Bank, Wichita Falls, Tex. Guardian of estates, assignee, receiver, and committee of estates of lunatics: DISTRICT NO. 12. First National Bank, Richmond, Ind. Howard National Bank, Kokomo, Ind. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: DISTRICT NO. 8. Baker-Boyer National Bank, Walla Walla, Wash. Assignee and receiver: Trustee, executor, administrator, registrar of stocks and Seattle National Bank, Seattle, Wash. bonds, guardian of estates, assignee, receiver, and com- Trustee, executor, administrator, registrar of stocks and mittee of estates of lunatics: bonds, and guardian of estates: People's American National Bank, Princeton, Ind. First National Bank of Idaho, Boise, Idaho. Seymour National Bank, Seymour, Ind. First National Bank, Bellingham, Wash. First National Bank, Harrodsburg, Ky. Trustee, executor, administrator, registrar of stocks and Citizens National Bank, Kirksville, Mo. bonds^ guardian of estates, assignee, and receiver: Merchants National Bank, Fort Smith, Ark. National Bank of D. 0. Mills & Co., Sacramento. Calif. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JDSE 1,1919. FEDERAL RESEBVE BULLETIN. 565 RULINGS OF THE FEDERAL RESERVE BOARD. Below are published rulings made by the tract under which the operations are being Federal Reserve Board which are believed to conducted. be of interest to Federal Reserve Banks and If the drawer of the draft has sold "goods" member banks. to the drawee, the drawee may properly accept, and the draft thus accepted would constitute a Trade acceptances covering building operations. trade acceptance if otherwise in conformity The Federal Reserve Board has received with the Board's regulations, but it should be many inquiries with reference to the right of the noted that labor in itself is not considered various parties concerned in building contracts "goods" within the meaning of these regulato draw trade acceptances against each other tions. The Board has ruled, however, that a for the purpose of financing the different steps draft drawn to cover the purchase price of in the process of building. goods sold, plus the cost of installing those The Board finds it difficult, if not impossible, goods, may be eligible for acceptance as a trade to answer any general hypothetical question with reference to this subject because of the acceptance. (See FEDERAL RESERVE BULLE- TIN of April, 1918, p. 310.) At this time, howfact that the elements necessary to determine ever, the Board is not inclined to extend the the eligibility of trade acceptances depend scope of its definition of the word "goods" to largely not only upon the general nature of the include labor alone. business which they finance, but upon the technical terms of the contract covering the It should be understood, of course, that particular transaction out of which they grow. nothing in this ruling should be construed to There does not seem to be any doubt that a imply that a note or bill of exchange, the prodraft drawn by a manufacturer or material ceeds of which have been used or are to be man upon a builder to cover the cost of used for the payment of wages or for services materials sold to the builder is eligible for rendered, is not eligible for rediscount. It is rediscount as a trade acceptance when ac- merely intended to indicate that in order to cepted by the builder, for that comes clearly constitute a certain preferred class of eligible within the terms of the Board's definition bills of exchange specifically designated as trade of such an instrument. It is equally clear, acceptances, the transactions out of which the however, that if the nature of the contract acceptances grow must be ones involving the under which the building operations are being sale of "goods" within the meaning of the conducted is such that the contractor, for Board's regulations. instance, does not get title either to the This ruling is issued with the understanding materials furnished or to the building as it is that trade acceptances should not be used so as being erected, he can not properly make a to extend the usual and customary terms of trade acceptance of a draft drawn upon him by credit. the subcontractor or builder, it being apparent that he has not been the purchaser of goods sold Sight drafts accepted payable at a future date. within the meaning of the Board's regulations. A sight draft which is accepted by the Building contracts vary so greatly in different drawee, payable at a future date, is a qualified localities and are always so intricate in their acceptance which the holder may refuse to take, nature that it is impossible to promulgate any but if such an acceptance is taken by the.holder general ruling as to the possibility of the use of the drawer and indorsers are released unless the trade acceptance to finance structural work they have either expressly or impliedly auand other building operations in general. thorized the holder to take a qualified accept- Each case would have to be determined upon ance or unless they subsequently assent thereto. the facts as ascertained in the light of the con- [See opinion of General Counsel in Law Department, p. 560.] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

566 FEDERAL RESERVE BULLETIN. JUXK 1, 101.9. LAW DEPARTMENT. The following opinions of General Counsel is concerned. But section 142, quoted above, "have been authorized for publication by the specifies that if a drawer receives notice of a Board since the last edition of the BULLETIN: qualified acceptance he must within a reasonable time express his dissent to the holder or he Sight drafts accepted payable at a future date. will be deemed to have assented thereto. In A sight draft which is accepted by the drawee, payable other words, the burden is upon the drawer to at a future date, is a qualified acceptance which the holder dissent within a reasonable time after he remay refuse to take, but if such an acceptance is taken by ceives notice of a qualified acceptance. the holder, the drawer and indorsers are released unless they have either expressly or impliedly authorized the In the case under consideration the drawer holder to take a qualified acceptance or unless they sub- not only failed to dissent, but may be presumed sequently assent thereto. actually to have assented to the qualification MAY 7, 1919. when he indorsed the acceptance without ob- An opinion has been asked on the question jection. The acceptance, therefore, may propwhether a sight draft which is accepted by the erly be considered eligible for rediscount by drawee, .payable at a subsequent date, is eligible a Federal Reserve Bank as a negotiable trade for rediscount as a trade acceptance, provided acceptance, if otherwise in conformity with that the other requirements of the Board's the regulations of the Federal Reserve Board. regulations are complied with. Section 139 of the negotiable instruments Documentary stamps on promissory notes. law provides that— The following letter of the Commissioner of "An acceptance is either general or qualified. Internal Revenue relates to stamp tax upon A general acceptance assents without qualipromissory notes secured by War Finance fication to the order of the drawer. A qualified Corporation bonds or by certificates of inacceptance in express terms varies the effect of debtedness issued by the Director General of the bill as drawn/' Railroads. And section 141 of that law provides that— MAY 28, 1919. "An acceptance is qualified, which is: SIR: Answering your letter of May 14, you are advised * * * 4. Qualified as to time." that promissory notes given by one bank to another bank secured by War Finance Corporation bonds as collateral Section 142 provides that— are subject to stamp tax under section 1107, subdivision (6), Schedule A, revenue act of 1918. "The holder may refuse to take a qualified You are further advised that a promissory note secured acceptance, and if he does not obtain an un- by certificates of indebtedness issued by the Director qualified acceptance, he may treat the bill as General of Railroads is not subject to stamp tax. under said subdivision (6), provided the par value of certificates dishonored b}~ nonacceptance. Where a qualiof indebtedness is not less than the amount of such note. fied acceptance is taken, the drawer ancl in- Respectfully, dorsers are discharged from liability on the bill, (Signed) DANIEL G. ROPER, unless they have expressly or impliedly author- Commissioner. ized the holder to take a qualified acceptance, or subsequently assent thereto. When the Amendments to State Banking Laws, drawer or an indorser receives notice of a quali- The following recent enactments of various fied acceptance, he must, within a reasonable time, express his dissent to the holder, or he State legislatures which amend the State bankwill be deemed to have assented thereto." ing laws are published for the information of From the provisions of these sections it the Federal Reserve Banks and member banks. appears that a sight draft accepted payable at a COLORADO. subsequent date is a qualified acceptance because The General Assembly of Colorado recently of the fact that the order of the drawer was not enacted an act (House bill No. 501, approved accepted by the drawee in precisely the same April 4, 1919) which authorizes State"banks terms as drawn, in so far as the date of payment and trust companies to become members of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN". 567 Federal Eeserve system and provides that those created and organized under an act of Congress of the becoming members shall not be limited in United States, approved December 23, 1913, and known as the Federal Reserve -Vet, and shall have power to borrowing or rediscounting with the Federal assume such liabilities and to exorcise such powers as a Reserve Bank. The act reads as follows: member of such Federal Reserve Bank as are prescribed by the provisions of said act, or amendments thereto; and, TTON"1."The words "Federal Reserve Act" herein so long as such bank shall remain a member of the Federal used shall be held to mean and to include the act of Reserve system created by said act of Congress, it shall be Congress of the United States approved December 23,1.913, subject to examination by the legally constituted authorias heretofore and hereafter amended. ties, and to all provisions of said Federal Reserve Act and The words "Federal Reserve Board" shall be held to regulations made pursuant thereto by the Federal Reserve mean the Federal Reserve "Board created and described in Board which are applicable to such banks as members of the Federal Reserve Act. the Federal Reserve system; and the State authorities The words "Federal Reserve Bank" shall be held to may, in their discretion, accept examination and audits mean the Federal Reserve Banks created and organized made under the provisions of the Federal Reserve Act in under authority of the Federal Reserve Act. lieu of examinations required of banks organized under the The words "member bank" shall be held to mean any laws of this State. Any bank complying with the reserve national bank, State bank, or banking and trust company requirements of the Federal Reserve Act, and its amendwhich has become or which becomes a member of one of ments, shall be relieved from compliance with the prothe Federal Reserve Banks created by the Federal Reserve visions of the laws of this State relating to the maintenance Act. of reserves. SEC. 2. That any bank or trust company incorporated under the laws of this State shall have the power "to sub- The Nebraska Legislature, by an act apscribe to the capital stock and become a member of a proved April 7, 1919 (Senate File No. 59), also Federal Reserve Bank. amended section 303, revised statutes of SEC. 6. Any bank or trust company incorporated under the laws of this State which is or which becomes a member Nebraska for 1913, as amended by section 1, of the Federal Reserve Bank shall not be limited in its chapter 13, Session Laws of Nebraska for 1915, borrowing or rediscounting with the Federal Reserve Bank by changing the limitation on the aggregate of which it is a member. amount of loans and investments permitted of SEC. 7. All acts and parts of acts inconsistent herewith are herebv repealed. a State bank from ten to fifteen times the IOWA, amount of the bank's capital and surplus, and added a proviso reading as follows: The General f Assembly of Iowa recently passed an act (Senate File" No. 261) authorizing Provided, lwwcver], That any State bank becoming a State banks which join the Federal Reserve member of the Federal Reserve system may have the same privileges as to rediscounts and bills payable with the system to carry only such reserves as are re- Federal Reserve Banks and may incur liabilities to such quired of national bank members. This act banks to the same extent as national banks. has been signed by the governor, and will NEW HAMPSHIRE, become effective July 4, 1919. It reads, in part, as follows: The Legislature of New Hampshire passed an act to clarify the law relating to the trust pow- SECTION 1. That any State bank, savings bank, or trust company incorporated under the laws of this State, which ers of national banks and" trust companies. is or hereafter may become a member of the Federal This act, which was approved March 28, 1919, Reserve Bank system of the United States of America, reads as follows: shall be required to carry during the period of such membership only such cash reserve funds as may be required SECTION 1. Hereafter any trust company, loan and trust from time to time to bo maintained by national bank company, loan and banking company, and all other cormembers of said Federal Reserve Bank system. porations of similar character, incorporated under the laws of this State, and any national bank'being duly authorized NEBRASKA. and located within the State, may be appointed trustee in any case where an individual can be appointed, upon Section 1, chapter 175, of the Session Laws the same conditions and subject to the same control, reof Nebraska for 1915, which authorizes State quirements, and penalties; but no corporation shall be appointed in any other fiduciary capacity. Every corporabanks to become members of the Federal Retion when appointed by any court in such capacity shall serve system, was amended by an act approved give bond of an indemnity company licensed by the in- March 17, 1919 (Senate File'No. 58), so as to surance commissioner to do business in this State. The relieve from the reserve requirements of the exercise of the powers granted herein is limited to the specified corporations located in this State. State law all State banks which join the SEC. 2. Any trust company or national bank exercising Federal Reserve system and comply with the any of the powers enumerated herein shall segregate all reserve requirements of the Federal Reserve assets hold in a fiduciary capacity from the other assets of Act. As so amended, the section reads as said trust company or'national* bank, conducting such fiduciary business as a separate department, to be known follows: as its trust department. "It shall keep a separate set of SECTION 1. That any bank incorporated under the laws books and records showing in detail all transactions enof this State shall have power to subscribe to the capital gaged in under the authority of this act. in such form as stock and become a member of a Federal Reserve Bank the bank commissioners approve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 FEDERAL RESERVE BULLETIN. JUNE 1? 1919. SEC. 3. It, shall be unlawful for any trust^company or General Laws of Oregon for 1915) and section 25 national bank to lend to any of its officers, directors or ! of chapter 197, General Laws of Oregon for 1917, employees any of its funds held in trust. j which relate to the reserves required to be main- SEC* 4. Any violation of the provisions of this act shall be punished by a fine not exceeding $1,000 or by imprison- ! tained by State banks and trust companies, rement for not more than one year, or both. | spectively, so as to make them inapplicable; to SEC. 5. This act shall take effect upon its passage, and all j State banks and trust companies which are memacts and parts of acts inconsistent with this act are hereby | bers of the Federal Reserve system and comply repealed. OHIO. | with the reserve requirements thereof. A proj vision that such institutions might maintain A new banking code was enacted by the j on deposit with the Federal Reserve Bank such Legislature of Ohio, and was approved by part of their total reserves as is required by the the governor on April 11, 1919. It will be- Federal Reserve Act was stricken from each of come effective July 1, 1919, Sections 4 and 5 j these sections, and the following was inserted thereof contain the substance of all the pro- ! in lieu thereof: visions of the act recommended by the Federal Reserve Board to bring about greater coordina- The foregoing provisions of this section, pertaining to the reserve requirements, shall not apply to a State bank which tion in the powers of State and national banks j is a member of the Federal Reserve banking system and and to promote uniformity in State and Fed- I duly complies with all of the reserve and other requireeral banking laws, except that the State au- i ments of that system. thorities are not authorized to accept examina- I By chapter 7 of the General Laws of Oregon tions made by Federal authorities in lieu of j for 1919, approved January 29, 1919, the folthose required by State law. Sections 4 and 5 i lowing proviso was inserted in section 4581 of read as follows: Lord's Oregon Laws, as amended by'section 22, SEC. 710-4. Wherever the term "Federal Reserve Act" chapter 171, General Laws of Oregon for 1911: is used in this act the same shall be held to mean the act Provided, That the superintendent of banks may furnish of the Sixty-third Congress of the United States, entitled "An act to provide for the establishment of Federal Re- to the Federal Reserve Bank and its examiners, copies of serve Banks, to furnish an elastic currency, to afford means | all reports and information pertaining to the condition of of rediscounting commercial paper, to establish a moreI State bank members of the Federal Reserve system. effective supervision of banking in the United States, and | Section 4576 of Lord's Oregon Laws, as for other purposes," approved by the President of the | amended by section 8 of chapter 285, General United States on December 23, 1913, and subsequent amendments thereto; * * *. I Laws of Oregon for 1915, was amended by SEC. 710-5. Every bank, in addition to the powers, j chapter 250 of the General Laws of Oregon for rights, and privileges possessed by it under the laws of I 1919 so as to authorize State banks which are Ohio shall have the right and power to become a member I members of the Federal Reserve system and bank under the Federal Reserve Act upon the terms and have capital and surplus of $1,000,000 or more conditions set forth in said Federal Reserve Act, or hereafter provided by law. Every bank which becomes a to invest in the stock of corporations engaged member bank shall have the right and power to do every- I in foreign banking. The following proviso was thing required of or granted by said Federal Reserve Act added to subsection d of section 4576: to member banks which are organized under State laws; and compliance by banks with the reserve requirements of Provided, further, That any State bank possessing a capsaid Federal Reserve Act, shall be accepted m lieu of the ital and surplus of one million dollars ($1,000,000) or more reserve requirements provided by the laws of Ohio. Any and which is a member of the Federal Reserve system, may such bank or trust company shall continue to be subject file application with the State Banking Board "for permisto the supervision and examinations required by the laws sion to invest, upon such conditions and under such reguof this State, except that the Federal Reserve Board shall lations as may be prescribed by the said board, an amount have the right, if it deems necessary, to make examina- not exceeding in the aggregate 10 per centum of its paid tions; and the authorities of this State having supervision in capital stock and surplus in the stock of one or more over such bank or trust company may disclose to the banks or corporations chartered or incorporated under the Federal Reserve Board, or to examiners duly appointed laws of the United States or of any State thereof, and prinby it, all information in reference to the affairs of any bank cipally engaged in international or foreign banking, or or trust company which has become, or desires to become, banking in a dependency or insular possession of the a member of a Federal Reserve Bank. Nothing contained United States, either directly or through the agency, in this section shall in any way or manner affect or have ownership, or control of local institutions in foreign counreference to banks which do not become member banks tries or in such dependencies or insular possessions. under said Federal Reserve Act except as provided in this Such application shall specify the name and capital of act. the banking association filing it, the powers applied for, OREGON. and the place or places where the banking operations proposed are to be carried on. By two acts approved January 29 and March The State banking board shall have power to approve 4, 1919, respectively (General Laws of Oregon or to reject such application in whole or in part if for any for 1919, chaps. 8 and 411), the Oregon Legis- reason the granting of such application is deemed inexlature amended section 4579 of Lord's Oregon pedient, and shall also have power from time to time to increase or decrease the number of places where such Laws (as amended by section 9 of chapter 285, banking operations may be carried on. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1, 1919. EEDEBAL. RESERVE BULLETIN. 569 GOLD SETTLEMENT FUND. Clearing and transfer operations through the Net deposits of gold in the banks' fund, i. e., gold settlement fund for the 13 weeks ending total gold deposits less gold withdrawals, were May 22 totaled $15,463,135,000, averaging $254,538,000, of. which/however, §143,920,000 $1,189,472,000 per week, as against an average net was transferred to the agents' fund, so that of $1,177,324,000 for the 13 weeks immediately the net gain in the banks' fund for the period preceding. Operations through the fund were amounts" to $110,818,000. During the same heaviest for the week ending May 22, when the period the agents- fund shows a loss of $47,banks made their first payment on account of 350,000. On May 22 the two funds comprised the Victory notes, and for the week ending $1,410,727,000, compared with $1,347,459,000 March 20, when income and excess war profit on February 20. f)f the larger total the taxes were due. The New York bank reports amount standing to the credit of the banks was a loss for the period of $798,018,000 through 8568,620,000 and the amount standing to the settlements and a gain of $925,859,000 through credit of the agents was 8842,107,000. transfers. As the result of these operations the Below are given figures showing operations bank's balance in the fund shows a net gain of of the two funds for the period from February $127,841,000. Increased credit balances in the 21 to May 22, inclusive: fund are shown also by the Richmond, Chicago, and Kansas City banks. Changes in ownership of gold. [In thousands of dollars, i. e., 000 ommitted.] From Feb. 21,1919, to May 22,1919, both Total changes from Total to Feb. 20,1919. inclusive. May 20,1915, to Mar 22,1919. Balance to Federal Reserve Bank. credit Fob. 20, Balance Decrease. Increase. plus net May 22, Decrease. Increase. Decrease Increase. deposits of 1919. gold since that date. Boston 13,579 49,393 37,915 11,478 ! i 2,101 New York 743,506 42,547 170,38S ! 1-27.Sll i 615,665 Philadelphia.. 30,376 55,155 40.106 15,049 |. ' ! 15,327 Cleveland 134,303 45,855 55; 446 9.591 143,894 Richmond 20,748 35,322 27.845 7,477 !. 13,271 Atlanta 51,145 26,864 13,466 23,398 ! i 37,7-17 Chicago 206,264 138,719 107,784 30,935 i i 175,329 St. Louis 73.617 28,945 22,180 6.765 j... 1 66.852 Minneapolis... 38^ 719 37,380 15,002 22,318 ! ! 16', 401 Kansas City... 53,879 50,330 44,604 5^726 i ! 48,153 Dallas.....* 27,2S9 11,918 1, 98!) 3,029 : : 23,360 San Francisco.. 93,587 46,192 25,835 20,357 • ! 73,230 Total. '43,506 568,620 568,620 137,432 j 137.432 j 615,665 j 615,065 Amounts of Clearings and Transfers through the gold settlement fund, by Federal Reserve Bvnhs, from Feb. 21, 1919, to May 22, 1919, both inclusive. [In thousands of dollars; i. e., 000 omitted.] Total Total Settlement of— clearings. Settlement of— clearings. Transfers. Feb. 21-27 896,434 79,672 May 9-15... 1,022,076 112,790 Feb.28-Mar. 6 1,013,443 92,500 iMay 16-22.. 1,179,312 209,591 Mar. 7-13 976,960 150,000 li Mar. 14-20 1,114,020 216, 496 ji Total 13,609,492 1,853,643 Mar. 21-27 1,102,340 201,926 Previously reported for 1919. 7,426,623 913,585 Mar. 28-Apr.3 ! 1,086,410 214, 007 Apr. 4-10 1 1,026,768 51,000 Total since Jan. 1, 1919 ! 21,036,115 i 2,767,228 Apr. 11-17 I 1,083,304 150, 500 I1 Apr. 18-24 1,014,720 103,967 :i Total for 1918. 45,439,487 4,812,105 Apr. 25-Mayl j 1,050,755 140,014 :i Total for 1917. 24,319,200 2,835,504 May 2-8 '. ! 1,042,949 131,180 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 FEDERAL RESERVE BULLETIN. JUNE 1,1919. Clearings and transfers combined. Total for 1919, to date S23,803,343 Total for 1915 $1,052,649 Total for 1918 50,251,592 Total for 1917 27,154,704 Total clearing's and transfers from May 20, 1915, to Total for 1916 5,533,966 May 22,1919 107,796,254 Gold settlement fund, Summon/ of transactions from Feb. 21, 1919, to May 22, 1919, both inclusive. [In thousands of dollars: i. o., 000 omitted.] i Fed B er a a n l k R o e f— serve F B m e s 1 a l b t 9 a l a . e 1 a s t 9 n n e t . 2 t c - 0 , e , d w r G a i w o th l a d - ls. p G o d s o e i - l t d s. t d a r A w a r g g a a g n e t i a n w o g s t n t d f h r e a t e e - ' l s r - s s t d a r A e f a f g g u a p r n g e o a n n o s g n m t d d f s r e t e e . i 's t r - s s Deb T it, r ans j fe C rs r . edit. de N b S e i e t t t s t . leme 1 n d 9 T 1 t e 9 s o b , f t i a r t b o s l o . m th F i e n c b c T r . l e u o 2 d s 1 t i i a t v t l s o e . . May c r 2 N e 2 d , e i t ts. B M i b a n t u a 1 a 9 s l c f o y 1 a i l u 9 f n o n n . 2 e s c d 2 e s e , s fund. Boston 75 ; 16,794 9,075 16.794 254,187 27,077 1,074,078 1,289,710 215,632 37,915 New York 42, | 30,000 30,000 30,000 38,028 963,887 798,018 4,407,682 3,609,664 170,388 Philadelphia 41, 100 60,062 46,100 60,062 32,381 254,000 236,668 1,619,194 1,382.526 40,106 Cleveland 56, 22,050 16,869 27,050 16,869 316,000 20,000 998,784 1,304,375 305,591 55,446 Richmond 19 1,571 22,134 6,571 22,134 161,000 183,000 29,477 717,118 687,641 27,845 Atlanta 19, 9"6" 22,129 14,596 22,129 22,000 4,000 390,988 395,590 4,602 13,466 Chicago 103, i 51,530 76,400 111,530 521,788 121,140 1,635,305 2,005,018 369,713 107,784 St. Louis 26, 4,190 i 20,981 40,690 42,981 92,451 4,500 1,025,657 1,106,843 81,186 22,180 Minneapolis 22. 50 8,542 18,050 32,942 174,500 45,000 285,098 392,280 107,182 15,062 Kansas City 36; 5 8,389 5 13,389 93,541 19,926 674,915 742,804 67,889 44,604 Dallas 11, 802 4,100 3,302 4,100 83, 767 187,113 107,275 388,077 280,802 7,989 San Francisco 36, 21,947 44,000 53,527 64,000 24,000 392,596 412,239 19,643 25,835 Total. 458,002 28,939 I 283,477 315,839 i 426,457 1,853,643 i 1,853,643 1,171, 438 13,609,492 13,609,492 1,171, 438 568,620 Federal Reserve ag ems' fund—Summary of transactions from Feb. 21, 1919, to May 22, 1919, both inclusive. [In thousands of dollars; i. e., 000 omitted.] ! Federal Reserve agent at— i ! i s B t F a a e t l l b a e a . s m n t 2 c e 0 e n , t dr w G aw i o t l h a d - ls. de G po o s ld its. W t t r o i a a t l n h b s s d a f f r n o e a r k r w s , -1 j j j t D t r h a f e r n r p o o s o u m f s e g i r h t s s dr w T a o w it t h a a - l l s. de T p o o t s a i l ts. B b M a c u l l o a s a s i y n n e c e e 2 o s 2 f s , at ! 1919. bank. 1919. -i— Boston : 40,000 27,000 ! 30,000 9,000 27,000 39,000 52,000 New York ! 70,000 10,000 I i 30,000 10,000 30,000 90,000 Philadelphia i 56,889 40,000 I i 46,000 40,000 46,000 62,889 Cleveland I 95,000 1,500 | 1,500 i 5,000 1,500 6,500 100,000 Richmond I 48,000 27,000 i 5,000 27,000 5,000 26,000 Atlanta j 36,270 15,770 i 14,500 15,770 14,500 35,000 Chicago I 290,944 45,000 I i 60,000 76.400 105,000 76,400 262,344 St. Louis j 66,431 20,500 | j 22,000 36; 500 42,500 36,500 60,431 Minneapolis ; 39,000 . 7,000 I ! 24,400 18,000 31,400 18,000 25,600 Kansas City • 44,360 I 10,000 I I 5,000 15,000 29,360 Dallas.....' | 4,684 ! 6,500 1,500 ! 2,500 6,500 4,000 2,184 San Francisco j 97,879 j 14,000 1 3.1,580 44,000 45,580 44,000 96,299 Total I 889,457 j 224,270 ! 33,000 I 142,980 286,900 367,250 319,900 842,107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1, 1919. FEDERAL RESERVE BULLETIN. 571 BANK TRANSACTIONS DURING APRIL-MAY. Debits to individual account reported by loan drive, large withdrawals of Government clearing-house banks in 154 leading cities for deposits in connection with loans to the the four weeks ending May 21, averaged Allies, and heavy trading on the New York 8,239 millions, a figure decidedly in excess Stock Exchange may be mentioned among of the average of 7,392.8 millions for the pre- the more important factors contributing to ceding five weeks. Each of the four weeks the large volume of bank business during the under review witnessed an increase in bank period. debits to individual account, the aggregate for Debits to bank account also show increases the week ending May 21 being over 9 billions, during each of the four weeks from April 23 an amount only once exceeded since the be- to May 21, the average for the four weeks,. ginning of the service in August, 1918. The 4,839.8 millions, being about 167 millions in exlaunching and consummation of the Victory cess of the average for the preceding five weeks. Weekly figures of clearing-house bank debits to deposit account. [In thousands of dollars, i. c, 000 omitted.] Debits to individual account. .Debits to banks' and bankers' account. District. Apr. 30. | May 7. | May 14. ! May 21. Apr. 30. May 7. May 14. May 21. No. 1—Boston: Bangor 2.294 3,156 ! 3,354 I 3,501 315 330 396 641 Boston 221,380 245,267 ! 245,172 ! 293,825 167,625 188,425 163,566 217,238 Pall River 6,740 8,676 * 8,689 ! 8,302 297 573 419 566 Hartford 18,792 22,906 i 20,799 I 23,058 1,839 1,656 1,955 1,927 Holyoke 2,646 2,757 I 2,026 ! 3,376 691 666 99 914 Lowell 4,365 4,774 , 4,072 j 5,011 393 1,196 442 1,243 New Bedford 6,255 6,286 6,492 j 7,783 820 200 166 399 New Haven 15,007 16,186 16,579 16,518 854 594 515 596 Providence 29,511 27,284 I 33,517 I 34,813 1,674 1,406 1,644 7,932 Springfield 12,738 13,359! 13,614 ! 15,979 291 442 1 224 432 Yv aterbury 5,588 5,857 6,714 j 6,390 538 568 660 ! 755 "Worcester 12,017 12,957 15,753 i 19,194 1,193 1,238 1,308 | 1,78a No. 2—New York: Albany 22,888 27,679 22,336 31,357 15,814 10,901 11,612 14,766 Binghamton 3,232 3,308 3,392 3,522 Buffalo 56,783 57,300 55,526 60,817 11,784 8,869 . 11,024 12,106 New York 4,130,527 4,075,444 4,668,252 4,992,589 1,513,821 1,671,583 i 1,601,231 1,803,586 Passaic 3,255 3,644 3,627 4,125 293 419 j 327 413 Rochester 23,451 27,449 24,718 30,040 462 538 ! 521 718 Syracuse 12;651 14,292 11,913 11,181 515 598 ! 602 853 No. 3—Philadelphia: Altoona 2,539 3,104 2,980 2,855 Chester 4,091 4,285 4,393 4,813 24 32 ! 2 33. Harrisburg 4,500 4,370 4,527 4,386 6 5 i 12 3 Johnstown 3,212 3,404 3,206 3,714 188 156 I 160 631 Lancaster 4,325 4,573 5,059 5,260 42 62 I 195 30 Philadelphia 275,981 298,083 296,010 301,608 •8,547 328,180 337,842 344,675 Reading 3,520 4,047 4,859 4,372 1 Scranton 12,276 10,339 12,384 11,854 1,830 1,932 1,910 2,158 Trenton 9,058 9,073 9,790 10,603 173 309 171 1,847 "Wilkes-Barre 6,952 6,901 6,611 6,418 76 79 95 125 Williamsport 3,112 4,133 3,860 3,356 1,070 1,231 854 Wilmington 9,164 9,907 8,555 ! 11,110 York 3,355 3,744 3,299 i 4,088 731 1,137 j 694 , 1,683- No. 4—Cleveland: Akron 17,400 18,056 20,427 21,616 323 • 166 I 95 I 85 Cincinnati 45,379 51,968 49,745 59,204 36,297 39,615 37,765 i 46,230 Cleveland 126,974 139.576 129,950 ! 141,096 I 94,022 108,400 I 89,212 ! 122,199 Columbus 20,736 24' 268 24,694 I 26,513 j 4,848 5;167 i 5,057 I 5,415 Dayton 10,192 11,117 10,814 14,088 j 64.7 731 I 513 j 674 Erie 5,960 5,869 6,252 6,899 ! 57 73: ! 77 ! 51 Grcensburg, Pa 2; 110 2,176 2,575 2,750 Lexington'. 4,410 4,913 4,930 5,020 I 2,107 3,110 i 2,900 j 2,654 Oil City 2,390 3,063 3,028 3,940 ; 2,210 2,557 ! 2,753 2,663 Pittsburgh 171,517 143,648 150,524 172,256 i 277,458 286,098 ! 270,893 1 345,303 Springfield 3,041 2,671 2; 941 2,752 I 1,923 1,986 ! 2,112 i 1,927 Toledo 23,314 27,430 26,572 30,077 i 8,118 9.715 ; 8,917 ! 10,076 Wheeling 7,381 ' 7,674 7,994 8,465 i 5,84.0 5,510 ! 5,992 I 6,474 Yt 12,820 12,400 12,424 13,021 I 218 963 1 810 1 1,018 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 FEDERAL, RESERVE BULLETIN. JUNE 1,1919. Weekly figures of clearing-house banh debits to deposit account.—Continued. [In thousands of dollars, i. e., 000 omitted.] Debits to individual account. Debits to banks' and bankers' account. district. j Apr. 30. May 7. May 14. May 21. Apr. 30. May 7. May 14. May 21. No. 5.—Richmond: Baltimore 69,595 81,709 78,666 82,195 35,982 34,643 36,053 45,811 Charleston 6,995 9,352 7,857 8,417 2,440 3,984 2,018 3,110 Charlotte 5,500 5,400 5,600 5,900 7,600 8,400 9,300 9,500 Columbia 5,283 6,508 6,627 6,811 4,540 4,452 9,648 11,162 Norfolk 16,792 21,852 18,477 21,110 19,714 24,479 21,514 19,960 Raleigh 7,800 4,100 3,600 3,300 8,600 2,700 2,700 2,600 Richmond 20,665 21,281 | 20,732 29,635 49,377 48,170 51,104 57,610 No. 6.—Atlanta: Atlanta 23.907 24,333 23,798 27,274 23,778 25,939 25,792 ! 30,899 Augusta 6| 276 6,910 6,503 6,629 2,329 4,985 5,434 I 6,602 Birmingham 10,031 14,037 12,545 12,846 5,662 4,563 4,278 ! 4,781 Ch-attanooga 7,205 10,029 9,029 12,388 3,765 4,989 4.299 ! 9,686 Jacksonville 10,111 11,781 11,134 11,487 7,917 9,525 9; 700 '•• 9,339 Knoxville 4,966 5,791 5,333 5,892 1,782 1,312 1,599 i 1,762 Macon.. 5,654 6,382 6,481 5,977 9,858 11,415 11,634 11,405 Mobile 6,129 6,595 6,870 7,318 804 1,049 1,141 943 Montgomery 4,066 4,901 4,274 4,390 1,010 974 808 925 Nashville 18,743 20,701 22,323 23,751 15,870 18,658 17,337 20,366 New Orleans 55,861 55,411 68,505 30,979 33,192 34,774 40,126 Pensacola 1,919 2,149 2,465 1,984 785 864 887 ! 1,386 Savannah 11,099 12,483 11,751 13,378 9,159 8,067 8,191 Tampa 4,160 5,710 5,387 4,685 3,241 3,720 3,539 ! 3,700 Vicksburg 1,718 1,733 1,804 1,752 103 147 129 I 141 No. 7.—Chicago: Bay City 2,175 2,600 2,456 2,340 397 514 388 ' 450 Bloomington 3,062 2,636 2,762 2,454 1,105 986 626 846 Cedar Rapids 3,345 6,994 5,636 4,969 10,510 8,127 8,546 10,122 Chicago 584,085 640,575 574,933 644,653 555,9S7 623,277 595,082 634,625 Davenport 6,992 8,052 5,889 7,988 2,100 2,500 2,693 2,124 D ecatur 3,424 4,138 3,391 3,322 645 679 I 586 3.051 Des Moines 17,118 17,891 I 18,760 17,416 35,299 37,792 36,848 32/746 Detroit | 103,144 100,875 111,422 135,082 46,794 49.424 i 46,352 55,274 Dubuque j 2,342 2,244 I 2,329 2,402 1,351 1,437 I 1,260 1,912 Flint j 5,615 9,379 ! 3,522 9,379 36 26 I 22 26 Fort Wayne \ 5,140 5,677 4,837 6,124 1,931 2,140 2,767 2,187 Grand Rapids I 17,630 14,395 17,030 14,704 2,118 4,673 4,274 5,466 Indianapolis j 27,470 24,941 31,311 33,570 23,060 20,940 27,206 29,078 Jackson : 3,457 3,686 3,557 4,142 77 89 83 559 Kalamazoo 2,974 3,427 3,107 3,329 474 402 511 578 Lansing ! 4,182 5,126 4,345 4,817 198 220 122 3,391 Milwaukee 45,314 58,072 52,262 57,400 28,985 35,317 33,875 32,202 Peoria 10,793 12,205 13,020 12,087 2,084 2,199 1,774 2.338 Rockf ord | 4,209 5,240 4,304 4,555 292 158 192 195 Sioux City ! 15,438 12,181 17,035 15,595 13,429 21,065 15,442 15,424 South Bend 3,174 3,854 2,918 3,417 2,091 2,184 1,905 2,214 Spriiigfi eld 5,614 5,So<) i 2,526 5,797 2,723 2,067 1,046 2,495 Waterloo, Iowa 3,425 3,763 j 3,391 3,489 1,504 1,307 I 1,480 1,321 No. 8.—St. Louis: Evansviiie 5,711 5,285 ! 4,746 5,453 1,704 1,960 ' 2,817 1,724 Little Rock 6,5-12 , 8,902 I 7,953 7,416 4,274 5,952 ! 7,013 6,383 Louisville 32,195 I 33,575 ' 35,353 40,823 34,324 39,434 • 33,683 44,367 Momuhis 21,640 27,089 26,314 27,954 25,741 21.425j 23,325 27,069 St. Louis 123,950 122,549 120,255 151,045 117,926 130,986 | 124,683 139,394 No. 9.—Minneapolis: Aberdeen 1,270 1,823 ! 1,926 1,616 948 i 1,167 , 1,720 Billings 2,166 2,464 ! 2,360 2,331 973 988 i 1,306 j 975 D ulut h 28,728 19,693 i 22,517 21,721 3,894 4,010 ! 4,757 ! 14,618 Fargo 1,867 1,392 i 2,614 3,307 1,387 1,325 I 2,367 ! 2,184 Grand Forks 1,218 1,814 I 1,817 1,631 1,093 1,123 ! 1,049 ! 1,403 Great Falls 2,522 3,336 ! 2,871 2,597 3,287 6,616 ! 4,714 ' 4,118 Helena 1,831 2,522 | 2,561 2,169 3,149 2,865 | 3,331 I 3,327 Minneapolis 70,177 79,013 ! 75,751 77,637 68,603 76,411 ! 68,936 85,591 St.raul 34,468 29,919 35,401 41,142 40,302 41,858 44,121 49,039 Superior 1,716 j 2,272 2,048 2,063 196 188 180 1,279 Wihona 903 ' 1,038 , 1,145 892 1,050 934 970 1,093 No. 10.—Kansas City: Atchison '. 1,085 1,168 i 1,055 1,166 680 590 Bartlesvillc, Okla 2,601 2,339 ! 2,890 2,841 450 266 71 Coloraclo Springs 2,309 2,603 j 3,291 4,032 821 878 1,424 Denver...' 30,074 35,313 \ 34,313 35,642 21,100 23,970 26,575 26,088 Joplin 2,605 2,772 ! 2,964 3,214 530 533 622 : 474 Kansas City, Kans 3,461 3,509 ! 3,034 3,556 5,654 5,429 4,768 ! 5,701 Kansas City, Mo 87,312 105,666 I 88,625 95,147 174,805 159,707 174,635 i 189,712 Muskogee, f:kla 3,224 2,833 i 3,116 3,124 ! 2,065 1,804 2,460 ! 2,343 Oklahoma City 11,059 13,287 ! 11,740 12,587 ! 8,864 9,245 9,590 I 9,300 Omaha 46,758 55,216 59,147 64,965 62,289 64,646 66,380 i 69,474 Pueblo 2,827 4,637 5,192 4,473 875 715 847 I 1,028 St. Joseph 19,960 21,276 21,495 20,742 15,413 17,055 16,481 i 18,025 Topeka 4,742 4,388 4,766 5,178 , 1,719 1,664 1,819 I 6,371 Tul sa 20,209 17,470: 20,621 19,928 ! 9,041 8,594 8,594 9,790 Wichita 8,799 11,868 i 9,792 9,864 i 13,092 11,819 12,770 ! 14,111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1,1919. FEDERAL RESERVE BULLETIN. 573 Weekly figures of clearing-house bank debits to deposit account—Continued. [In thousands of dollars, i. c, 000 omitted.] Debits to individual account. Debits to banks' and bankers' account. District- i ! ~~ Apr. 30. ! May 7. : May 14. May 21. Apr. 30. May 7. May 14. ; May 21 No. 11.—Dallas: Albuquerque 919 i 1,772 ! 1,491 1,676 Austin 2,890 | 4,362 3,863 4,507 Beaumont 4,141 i 3,616 3,631 4,011 Dallas 30,599 ! 31,813 i 29,534 33,665 SI Paso 7,500 ; 7,192 : 7,447 7,639 Fort Worth 16,009 i 18,359 ; 18,948 22,595 Galveston 6,032 ! 7,710 i 5,571 j 6,502 Houston 26,612 : 30,146 i 26,420 I 29,395 San Antonio 16,400 •" 17,854 : 1 7,196 j 1 7,170 Shreveport 5,203 '• 5,700 i 5,672 ! 6,086 3,770 I 3,620 3,900 5,130 Texarkana 1,333 ; 1,291 j 1,818 1,920 325 ! 341 494 535 Tucson 1,909 ! 1,787 • 1,661 ; 1,728 1,593 ! 1,457 1,361 1,446 No. W 12 a .— co San Francisco: 2,650 ; 2,345 2,750 I 2,941 1,569 [ 2,044 1,638 2,165 Berkeley 1,952 I 2,449 ' 2,216 : 2,236 509 4.46 502 276 Boise 2,401 ! 2,642 j 2,774 i 2,404 4,738 5,718 5,384 6,417 Fresno 5,581 I 6,108 ' 6,809 : 6,835 2,946 2,988 3,365 3,426 Long Beach 3,248 ! 3,225 i 3,527 i 3,104 67 31 46 ! 66 Los Angeles 67,070 . 75,656 ! 64,340 43,892 44,716 44,274 48,881 Oakland 11,967 i 13,981 13,481 . 15,500 2,900 2,763 3,202 3,416 Ogden 4,115 • 4,097 i 4,002 ; 4,591 5,271 5,597 5.666 G, 346 Pasadena 3,059 j 3,066 i 5,094 3,501 108 269 ' 154 196 Portland 37,136 j 46,975 j 41,314 j 42,457 23,774 23,597 22,595 29,413 Reno 2,633 ! 2,606 ! 2,368 i 2,851 2,901 2,357 2,352 2,532 Sacramento 12,000 ! 12,609 j 12,423 i 12,597 4,000 4,824 5,750 5,176 Salt Lake City 14,143 = 14,845 ! 15,049 : 17,362 16,932 17,601 17,225 19,314 San Diego...'. 4,443 ! 6,515 ! 5,309 4,851 2,156 376 422 1,156 San Francisco 144,082 i 159,257 ' 165,587 : 170,654 99,112 107,289 114,539 135,795 San Jose 3,589 3.8(58 i 3,501 i 3,554 1,584 1,787 1,672 2,129 Seattle 37,892 i 37', 542 I 47,212 : 46,906 22,268 23,700 23,121 25,12(5 Spokane 8,380 • 9', 891 ' 11,597 ; 10,144 7,185 6,802 8.152 8' 412 Stockton 3,801 j 5,793 , 6,090 | 6,573 2,892 2,335 4; 085 3,278 Tacorna 9,392 ! 10,331 ! 12,314 : 11,984 6,829 9.097 8,031 8,095 Yakima 2,159 | 2,163 j 2,170 ; °2,239 21 ' 316 194 249 1 Figures comprise debits to 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., 0O0 omitted.] ! Debits to individual account. Debits to banks' and bankers' account. i Number Federal Reserve district. ' of centers I included. April 30. I May 7. j May 14. | May 21. April 30. j May 7. j May 14. May 21. ! Mo. 1—Boston ' 12 337,333 369.465 376,781 437,750 ! 176,530 197,294 171,394 234,426 No. 2—New York i 7 4,252,787 :. 4,209;116 4,789,764 5,133,631 I 1,542,719 1,692,908 1,625,317 1.832,442 No. 3—Philadelphia ; 13 312,085 : 365,963 36o,533 374.437 312.508 332.962 342,312 '352.040 No. 4—Cleveland | 14 453,624 . 454,829 452,870 513;697 i 434; 068 464'091 427,096 o44; 769 No. 5—Richmond | 7 132,630 , 150,202 141,559 157,368 128,253 126,828 132,337 149,756 No. 6—Atlanta i 15 171,845 ; 196,617 185,108 208,256 114,569 130,491 129,418 150,252 No. 7—Chicago i 23 880,152 i 953,010 890,743 999,031 733,190 817,523 783,083 838, 524 No. 8—St. Louis I 5 193,038 l 197,400 194,021 232,691 ! 183,969 199,757 191,521 21.8,1)37 No. 9—Minneapolis : 11 146,866 ' 145,286 151,011 j 157,106 I 124,903 137,266 132,898 165,347 No. 10—Kansas Citv •• 15 217,025 ; 28-1,345 272,041 286,459 ! 317,398 306,915 327,473 354,592 No. 11—Dallas \ 13 112;197 i 123,947 116,002 ! 129,835 ; 155,589 166,986 174,756 190.175 No. 12—San Francisco .1 20 379,023 • 424,609 427,175 | 439,246 ! 250,085 262,609 270,731 300;679 Grand total i 154 7,648,605 1 7,874,789 I 8,303,208 I 9,069,507 j 4,473,781 I 4,S35,630 | 4,708,336 5,341,039 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

574 .FEDERAL RESERVE BULLETIN. JUNE 1, 1919. WHOLESALE PRICES. products, both billets, plates, rails, and struc- In continuation of figures shown in the May ural steel, bar iron, cast-iron pipe and tin BULLETIN there are presented below monthly | plate, wire nails, jute and rope, brick (Cincinindex numbers of wholesale prices for the| nati quotation), window glass, lubricating oil, | wood pulp and opium, may be mentioned. period July, 1918, to April, 1919 compared ; j While Hie index number for the group of raw with like figures for April of previous years; materials has increased from 197 to 200, the also for July, 1914, the month immediately index number for the mineral products subpreceding the outbreak of the great war. The group has again decreased, from 171 to 169, the general index number is that of the United latter figure being the lowest since December, States Bureau of Labor Statistics. In addition 1917. While copper has increased slightly in there are presented separate numbers for cerprice, considerable decreases occurred in the tain particular classes of commodities in acprices of coke and pig iron, together with Lesser cordance with plans announced in previous decreases in the prices of iron ore and certain issues of the BULLETIN. grades of bituminous coal. The index number Quotations for three commodities, namely, for the forest products subgroup has also defresh cabbage (Florida white, New York); creased, from 149 to 145, decreases in price canned corn (NewYork standard); and women's being noted for quartered white oak and North combed peeler cotton hose, have been omitted. Carolina pine surfaced boards, which were the On the other hand, quotations for shirtings only two commodities included in the group (bleached, Fruit of the Loom) and suitings to change in price. On the other hand, the (worsted, 12 ounce and 16 ounce), which had index numbers for both the farm products and been dropped temporarily, have been secured animal products subgroups have increased, for the month of April, and the commodities from 285 to 243 and from 216 to 223, respectwere again included in the calculation of the ively. Among the commodities included in index numbers for the latter month. Quota- the former group, a considerable decrease in the tions for flour in Kansas City are now for winter price of Burley tobacco was more than offset by patents and winter straights, the weight pre- increases in the prices of various grains, in viously assigned to new Administration stand- particular wheat, corn, oats, barley and rye, ard flour being divided between the two grades hay and cotton as quoted in New York, the just mentioned. Index numbers for April are New Orleans quotation for the latter comprovisional, due to the fact that certain data modity showing a slight decrease. The increase were not received in time to render them avail- in the index number for the animal products able for use in the calculations. subgroup is due to increases in the prices of During April the upward movement of whole- hogs, poultry, hides, wool, and silk, although sale prices noted in March has continued. The cattle decreased somewhat in price. general index number of the Bureau of Labor The index number for the group of con- Statistics has increased from 200 to 203, the sumers' goods increased from. 206 to 210. highest figure attained since December, 1918. Increases vin price occurred principally in the Considerable diversity is again exhibited by the case of foodstuffs, among which butter and changes in the index numbers for the several eggs, flour, corn meal, various meats, in pargroups. The index number for the group of ticular bacon, hams, moss pork and poultry, producers' goods has again decreased, from 190 lard, coffee, potatoes and beans, peanuts) to 188, the lowest figure at which it has stood bananas, glucose, and illuminating oil, may be since February, 1918. Among the commod- noted. On the other hand, decreases in price ities included in the group, increases in price occurred for other foodstuffs, in particular occurred for cotton and worsted yarns, shingles, milk, apples, oranges, rice and veal, as well as linseed oil and turpentine, cement, tallow, and for soap and certain textile products, such as oleo oil. Decreases in price, however, were trouserings, cotton flannel, denims, gingham, much more numerous, occurring for an ex- hosiery, sheetings, and shirtings, although tended list of commodities, among which steel print cloths increased in price. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1, 1910. FEDERAL RESERVE BULLETIN. 575 Index numbers of wholesale "prices in the United States for principal classes of commodities. [Average price for 1913=100.] Raw materials. All commodities ! Produce Consumers''I (Bureau of Year and month. pr F od a u rm cts. p A ro n d i u m c a t l s . . pr F o o d r u e c s t t s . ; j p M ro in d e u r c a t l s. m To a t t a e l r i r a a l w s. i goods. goods. t L i n s a t u i b m c o s r b i e n S r d t ) a e . - x July, L91-1 102 106 97 88 98 303 99 April, 1915 120 95 94 99 102 99 April', 1910 114 115 97 115 m 137 114 111) April, 1917 198 103 105 189 18 i. 172 171 April, 3918 243 193 137 170 169 1.80 193 191 Jiilv. 19 L8 237 209 140 180 190 ; 90 202 198 August, 1918 246 215 143 180 396 199 205 202 September, 1918. 255 21.9 143 180 200 203 209 207 October, 1918 210 209 143 181 204 205 210 204 No v ember, 1918.. 234 208 150 183 198 205 2U 200 December, 1918.. 237 20& 150 182 197 199 210 " 206 January. J'91.9 232 207 1,17 177 198 194 212 202 February. 1.9.1.9... 222 208 148 173 195 191 201 197 March, 1919 235 21C 149 171 192 J90 200 200 ADril. 19.19 243 223 145 109 197 180 210 203 200 In order to give a more concrete illustration I for certain commodities of a basic character, of actual price movements there are also pre- j 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, Wheat, No. 2, Cattle, steers, Hides, packers', Chicago. New Orleans. lo M rt i h n e n r e n a p s o p l r i i s n . g, ro C d h i w ca in g t o e . r, goo C d h to ic a c g h o o . ice, st h e e er a s v ," y C n h a i t c i a v g e o. Year and month. p A b r v i u c e s e r h a p e g l e . e r p R t r i e i v c l e a e - . p A X r v > ic O e e U r I a K p g 1 e e . r ' ! . p R l r i c i v c l e a e - . p A b ri v u .e e s e r h a e p g l e . e r ! I • p "R t r i i e v c l e e a . - p A b r v i u c e s e r h a e p g l e , e r i m E t - i o L v l e c a e - . j ; i i A p p ' r o v ic e u L e r O n a O d n g s o ' e . r : : [ o K t r i e i v c i e a e - . i ; !I i , pp AA p rr p v ii v oo cc ee u ee u rr nn aa pp d g d g ee . e . e rr j j J j R > ti r e v i l c e a o - . July, 1911 | SO.7041 114 SO.1331 105 | 8971 ! 103 : SO.8210 83 S9.2188 : 108 i SO. 1938 1.05 April, 1915 • 7138 121 . 0947 75 5107 ! 1.70 ' 1.5916 101 8.0313 : 91 i .1875 102 April, 1910 7525 122 . 1188 91 2109 ! 139 ! 1.2153 123 9.1188 : 107 : .2225 ! 121 April, 1917 .1.3900 22(5 . 1950 154 3814 I 273 I 2.1072 250 12.3100 ; 115 i .3050 j 166 April, 1918 15S50 258 . 3350 204 1700 ; 24 8 ; 2.1700 220 15.1750 ; 178 ! .2719 I 1.18 J A u u l g v, u s 1 t 9 , 1 1 8 9 18 i i 1 1. 5 (. 9 2 0 2 0 5 2 2 5 0 8 4 . . 2 3 9 0 4 3 5 8 2 23 3 9 2 2 1 2 .7 3 0 1 0 I i 2 2 4 5 8 5 !: . 2 2. . 2 2 3 J7 2 0 5 2 2 2 2 8 0 1 1 7 7 . . 0 8 2 2 5 5 0 0 i : 2 2 1 0 0 7 | i . . 3 3 2 0 1 0 0 0 j i 1 1 7 6 6 3 September, 1918 j 1 5313 2.1-9 .3578 282 2169 ! 254 " 2.2303 227 18.4100 . 210 I .3000 I 103 JOJJScJ|>t.MoAb;J.eI.Ir.L,/ V.1;I. 9y 1J8L< | 1.3270 210 . 3150 24 8 2155 ! 254 ! 2.2345 227 17.8503 ; 210 ! .3000 | 163 November, 1918 i 1.2075 200 ! . 3007 237 2200 | 254 ; 2.2375 227 18.1503 213 ! .2900 i 158 December, 1918 ' 1.4290 232; . 2958 233 2205 i 251. ; 2.3088 234 18.3000 ; 216 : .2900 158 January, 1919 ; !.3750 223 ! •. 2850 223 2225 i 254 i 2.3788 241 18. •1125 i 210 ! .2800 152 February, 1919 ! 1.2703 207 . 269-1 212 2350 • 250 2.3450 238 18.. 4088 : 217 i .2800 152 March, 1919 1.•15S8 237 ! . 2081 211 3275 i 260 •' 2.3575 239 18.5750 • 2.18 : .2703 150 April, 1919: 15955 259 ! . 2070 210 5890 I 290 i 2.0300 267 IS.3250 I 215 i .2950 100 Ho C g h s i , c a l g ig o h . t, g W ra o d o e l, s , O s h c i o o u , red H . N H e e w m l Y o o c r k k , . Y N e f e l l w l o o o w r Y i n o p g r i , n k. e, ! i s C to oa v t l e i , , d a e N n w t e h w a r t a e Y c r. i o te rk , ! ! ; Co r a u l C , n in b o c f i i t n u m n m i a n i t n e i. , ous, Year and month. p A r v ic e e r a p g e e r Rela- Average ! "Rela- Average ]?ela- Average i?ela- I Average .Kola- : Average ; Eelapo 1 u 0 n 0 ds. p t r i i v c e e. p p ri o c u e n p d e . r j p t r i i v c e e. p M ric e fe n et o . r p t r i i v c e e. p "M ri c i e c e p ! e .. r : . 7 l > i r v ic e e . ', l p o r n ic g e i p o e n r . : p 1 r i i c y e c , .s > h o p r r t i t c o e n p .i e r p I ric li e v . e July, 1914 | S8.7563 101 80.4444 94 S24.5000 101 : 842.0000 " 94 jS-i.9726 ! 98 S2.2000 100 April, 1915 7.2813 86 . 5571 118 21.5000 89 •a.oooo { 92; •1.6804 ! 93 2.2000 100 Apri 1, .19.10 9.5438 113 . 0857 140 24.0000 99 40.0000 i 90 ! 5.2870 i 104 2.2000 100 April, 1917 15,2750 181 1.0000 212 25.5000 105 43.0000 ! 90 j 5.1910 : 103 5.0000 227 April, 1918 i 17.5100 207 1. 45-15 309 33.5000 138 00.0000 ! 135 ! 6.2000 " 124 3.6000 164 July, 1918 18.0000 213 1.4305 305 34.5000 14.2 00.0000 : 135 j 6.5968 { 130 4.1000 186 August, 1918 ! 19. 7750 234 1.4305 305 03.0000 ! 141 6.5992 "• 130 4.1000 186 September, 1918 1 20.0700 237 1.4305 305 (53.0000 ! Ml ! 0.9000 : 13(5 •1.1000 186 October, 1918 < 18.0938 214 1.4305 305 03.0000 i 141 • 0.9000 ! 130 4.1000 186 N M D J A F a e o e p a n b c v r r u i r e c e l a u m h , m r a , 1 y b b r 9 1 , e y e 1 9 r , 1 r 1 9 , , 9 9 1 1 1 9 1 9 9 1 9 1 1 9 8 8 j j ! i j 1 1 2 1 1 1 1 7 7 0 7 7 8 . . . . . . 4 4 4 3 8 7 0 4 1 8 5 0 S 0 2 1 5 0 0 8 5 3 0 3 2 2 2 2 2 2 0 0 0 0 2 4 0 9 0 7 3 1 1 1 1 1 1 1 . . . . . . 4 4 0 0 1 2 3 3 9 9 2 0 0 0 0 0 0 0 5 5 9 9 0 0 3 3 2 2 2 2 0 3 0 5 5 3 5 2 5 5 5 2 3 3 3 3 0 0 0 0 . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ' "'1 1 1 1 4 4 4 4 9 9 9 9 0 0 0 0 0 0 4 1 3 3 3 4 . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ; : | ' M 1 1 14 4 4 l 1 1 4 ! I j j 7 7 7 7 7 7 . . . . . . S 9 9 9 9 8 5 5 5 0 0 0 0 4 0 0 7 4 0 4 0 0 1 5 • ; j ; : 1 1 1 1 1 1 5 5 5 5 5 5 4 7 7 0 6 7 4 4 4 4 4 1 . . . . . . 1 1 0 0 0 1 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 8 8 8 8 8 8 6 6 6 2 2 2 144 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

576 FEDERAL RESERVE BULLETIN. JUNE 1,1919. Average monthly wholesale prices of commodities—Continued. [Average price for 1913=100.] Copper, ingot, Lead, Petroleum, crude Coal, Pocahon Coke, Connells electrolytic, desil Pennsylvania, tas, Norfolk. ville. New York. New York. at wells. Year and month, Average j !kela- Average Average ! Rela- I Average Average Average Relaprice per i tive price per price per I tivo | price per price per price per i tive long ton.! price. short ton. barrel. long ton. i price. July, 1914.... .0000 SI.8750 S13.0000 April, 1915... 2.8500 1.6250 12.5000 April, 1916... 3.0000 2.8250 18.1300 April, 1917... 6.5000 7.2500 3400 | 38.7500 April, 1918... 4.2440 6.0000 2350 j 32.0000 July, 1918.... 4.6320 .0000 2550 ! 32.0000 August, 1918.... 4.6320 G.OOOO 2600 32.0000 September, 1918, 4.6320 6.0000 2600 32.0000 October, 1918... 4.6320 6.0000 2600 .0805 33.0000 November, 1918, 4.6320 6.0000 2600 .0805 33.0000 December, 1918 4.6320 6.0000 2540 .0667 33.0000 January, 1919.. 4.6320 5.7813 2038 i .0558 30.0009 February, 1919. 4.6320 j 5.2188 1731 .0508 30.0000 March, 1919. 4.9000 | 4.4688 1509 . 0524 28.9375 i April, 1919, 4.9000 3.9000 1530 .0507 25.7500 , no C r o th tt e o 1 r 0 n n / 1 y . c a o m ne 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 u m i r ll g e e r h t , . s, S ta te n b e k u l, , r " p g P l h a i . t t t e s s - , * j i 2 W -32 o \ r s s t c e r d o s y s a b r r n ed s, . Year and month. i Average, ! licia- j Average Average Rela- Average • Rela- Average I Rela- Average Relaprice per , tive ! price per price per tive price per tiyo price per j tive price per tive i pound. | price. | pound. ton. price. pound, price. long ton.! price. pound. price. July, 1914 >.215O ! 97 i 108 $19.0000 74 SO. 0113 76 S30.0000 100 SO.6500 April, 1915 .1650 !. 75 i .3050 108 20.0000 78 .0113 76 30.0000 100 .8200 106 April, 1916 .2250 ! 102 ! .3600 128 45.0000 174 .0325 220 30.0000 100 .9500 122 April, 1917 .3600 i 163 ! .5700 202 73.7500 286 . 0525 355 40.0000 133 1.3000 167 April, 1918 .6162 ; 278 j . 4550 161 j 47.5000 184 .0325 220 57.0000 190 2.1500 277 July,1918 .6412 - 290 i .4900 174 I 47.5000 184 . 0325 220 57.0000 190 2.1500 | 277 August, 1918 .6400 : 289 i .4900 174 ! 47.5000 184 .0325 220 57.0000 190 2.1500 277 September, 1918. .6100 ! 276 i .4900 174 47.5000 184 .0325 220 57.0000 190 2.1500 277 October, 1918.... .6100 ! 276 . 4900 174 47.5000 184 . 0325 220 57.0000 190 2.1500 277 Nove.rn.ber, 1918.. .5927 i 268 ! .4900 174 47.5000 184 . 0325 220 57.0000 190 2.1500 277 December, 1918.. .5500 , 249 | .4900 174 45.1000 175 . 0310 209 57.0000 190 2.0000 257 January, 1919.... .5000 i 226 ! . 4900 174 43.5000 169 j .0300 203 57.0000 190 1.7500 225 February, 1919... .4164 ! 188 ! .4900 174 43.5000 169 i .0300 203 57.0000 190 1.7000 219 March, 1919 . 4132 187 | .4900 174 , 42.2500 164 i .0291 197 54.5000 182 1.5000 193 April, 1919 . 4300 194 I .4900 174 38.5000 149i .0265 179 47.0000 157 1.5000 198 i . Flour, wheat, Beef carcass, 'standard patents, Hams, smoked, Illuminating oil, Sugar, granuste g e o r o s d . C n h a i t c iv ag e o. Coffee, Rio No. 7. ! ' •• 1 s 9 t 1 a 4 n -1 d 9 a 1 r 7 d , w 19 a 1 r 9 , , Chicago. 1 N 50 e ° w f ir Y e o t r e k s . t, Ne l w a te Y d o , rk. : 1918, Minneapolis. Year and month. Average ! Itola- Average Rola- i Average j Rela- Average Rela- Average Rela- Average ! Relaprice per tivo price per tive price per! tivo price per tive price per tive price per! tive pound. price. "pound. price. : barrel. • price. pound. price. gallon. price. pound. | price- July, 1914 50.1350 104 SO.0882 S4.5938 ! 100 SO. 1769 106 $0.1200 97 SO. 0420 ! April, 1915 . 1175 91 .0800 72: 7.7063 i 168 .1438 87 . 1200 97 .0578 ! 135 April, 1916 . 1375 10t> . 0950 85 ..0.2188 • 136 . 1S31 110 . 1200 97 .0700 i 165 April, 1917 . 1000 VIA .0950 85 : 11.0188 , 253 . 2450 147 . 1200 97 .0815 ; 191 April, 1918 . 2050 158 . 0903 81 ; 9.9850 ; 218 .3075 185 . 1675 130 .0730 i 171 July, 1918 . 2400 185 . 0855 77 ! 10. 7020 : 233 .3025 182 .1710 139 .0735 i 172 August, 1918 . 2420 187 . 0853 77 10.2100 ! 223 .3225 194 . 1750 142 .0735 >• 172 September, 191$. . 2450 189 . 0959 80 : 10.2100 i 223 .3281 197 .1750 142 .0845 j 198 O D N J M A F a e c e p o a n b t c r v r o u i e r c e l b a u m , h m o r a . 1 y b r b r 9 1 , , e y e 1 0 r , 1 1 9 r 1 , , 9 9 3 1 1 1 1 1 9 9 9 8 9 1 1 1 . 9 . . 8 8 . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 1 1 4 4 4 - 4 1 5 5 5 5 5 5 5 0 0 0 0 0 0 • i ! | 1 1 1 1 1 1 1 8 8 8 8 8 8 8 9 9 9 9 9 9 9 i ! ! I . . . . . . . 1 1 1 1 1 1 1 5 5 0 ( G 0 7 5 4 4 4 6 2 0 9 7 4 0 9 5 2 5 1 1 1 1 1 9 9 3 3 5 4 5 3 6 9 9 5 4 2 : : i 1 1 1 1 1 1 1 2 0 0 0 1 0 0 . . . . . . . 2 2 2 2 2 2 5 1 1 1 1 7 1 5 0 0 0 2 5 5 0 0 0 0 5 0 0 0 ' : i . | I i 2 2 2 2 2 2 2 2 2 2 2 3 4 6 3 3 3 4 0 5 0 . . . . . . . 3 3 3 3 3 3 3 5 3 4 3 5 6 4 0 3 8 9 9 7 1 1 3 1 4 5 0 8 2 2 2 2 2 2 2 2 0 1 0 1 0 1 1 2 3 1 0 3 6 . . . . . . . 1 1 1 1 1 1 1 7 7 7 7 7 8 8 5 5 5 5 5 1 5 0 0 0 0 0 0 0 1 1 1 1 1 1 1 4 4 4 4 4 4 5 2 2 2 7 2 2 0 . . . . . . . 0 0 0 0 0 0 0 8 8 8 8 8 8 8 8 8 8 8 8 8 8 2 2 2 2 2 2 2 ! i ! : . ; ; 2 2 2 2 2 2 2 0 0 0 0 0 0 0 7 7 7 7 7 7 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1, 1919. FEDERAL RESERVE BULLETIN. 577 new types of paper will be added from time to DISCOUNT AND INTEREST SATES. time as deemed of interest. In the following tables are presented actual In contrast to the previous period, rates discount and interest rates prevailing in the during the period under review on the whole various cities in which the several Federal have declined. This is marked in particular Keserve Banks and their branches axe located in the case of certain centers, among which may during the 30-day periods ending April 15 and be mentioned New York, Pittsburgh, Chicago, May 15, 1919. Quotations are given for prime and St. Louis, in which a decrease in rates is commercial paper, both customers' and pur- noted for the majority of the types of paper for chased in the open market, interbank loans, which quotations arc given. Rates in certain bankers' acceptances, and paper secured by centers on the other hand, remain practically prime stock exchange or other current col- unchanged, although no pronounced instances lateral. Separate rates are quoted for paper of of general increase in rates are noted. The longer or shorter maturities in the first-named decrease in rates is most marked in the case of and last-named classes. In addition, quota- prime commercial paper purchased in the tions are given for commodity paper secured open market, also in the case of interbank loans. by warehouse receipts and for cattle loans, as Rates for indorsed bankers' acceptances show reported from centers in which such paper is a fractional decline, while changes in rates for current. such unindorsed acceptances afford a relatively Quotations are also given of rates charged on equal number of instances of increase and deordinary loans to customers secured by Liberty crease. Customary rates for customers' combonds and certificates of indebtedness. Assist- mercial paper show a marked decrease, alance to customers to enable them to purchase though on the whole an increase in both the such Government obligations has generally high and low rates for this type of paper is been extended at lower rates, either at the shown. Rates for collateral loans remain rate borne by such obligations or at a rate relatively unchanged. Kates on paper secured slightly higher. The table also shows quota- by Liberty bonds and. certificates of indebtedtions in New York for demand paper secured ness show an opposite tendency to that reby prime bankers' acceptances, a type of paper marked for the majority of the other types of which made its appearance in the New York paper, having increased somewhat on the market several months ago. Quotations for whole during the period under review. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Discount and interest rales prevailing in various centers. I DURING 30-DAY PERIOD ENDING APR. 15, 1919. 00 Bankers' acceptances, Collateral loans—stock exchange or Secured by 60 to 90 days. other current. Secured by Liberty' District. City. 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 3 to 6 etc. of indebt- Demand. 3 months. months. edness. L. C. H. L. C. II. L. C. //. L. C. No.]... Boston ft A\ 44 No. 2... New York >... 6 4{ 4=|-o No. 3... Philadelphia.. :re" 6 4\ 43 No. 4.,, Cleveland 6 6 4J 6 No. 5.. C P R i i i t n c t c s h i b n m u n r o a g n t h i d.... .1 . 6 ? 6 6 5- 4 5 5 - 5 ft 4 Baltimore No. 6.. Atlanta 6 6 Birmingham.. 6 6 Jacksonville... 8 6 New Orleans.. 6 7 6 No. 7.. Chicago 54-6 i 54-6 64 6 Detroit 6 6 6 51 No. 8.. St. Louis 6 Louisville 6 5 6 Memphis 6 Little Rock... 7 No. 9... Minneapolis... 6 5"J 04 No. 10.. K O a m n a sa h s a . C .. i . t . y . . .. .. 4 6 6 8 8 6 6 7 6 -8 8 54 Denver 54 6 8 6 6 No. 11.. Dallas 6 10 6 El Paso 6 6 8 9 No. 12.. San Francisco. 5 Portland 6 Seattle.. 6 Spokane... 6 Salt Lake City (.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DURING 30-DAY PERIOD ENDING MAY 15, 1919. Prime commprcial paper. Bankers' acceptances, Collateral loans—stock exchange or i Secured by 60 to 90 days. other current. Secured by Liberty " District. City. SO O to p 9 e 0 n mark 4 e t t o . 6 In l t o e a rb n a s. nk C lo a a t n tl s e . w r a e r c e e e t h c i o p . u ts s , e c b o e o f r n t i i d n f s i d c e a a b t n e t d s - . o o I-* days. months. Indorsed. ! Unindorsed. Demand. j edness. Boston 6 5 51 6 54 51 51 4ft I 4ft 41 4ft oj o-i 4144 No. 2.. New York K. 6 41 51 6 5 51 o-oh 51 51 i 6 5 51-fi ! 6 415 No. 3.. Philadelphia. 5^ 5 51 6 51 51 ti 51 6 ! 6 4*5 No. 4.. Cleveland 5 41 4* 4} 6 5 6 6 6 6 5 6 Pittsburgh... 51 5 51 51 5 51 6 | 4ft 4-i 4* 6 51 6 6 ok 6 5 b\ Cincinnati 6 51 6 6 6 6 51 4J 41 41 61 6 6 6 bh 51 No. 5.. Richmond... 51 51 5-1 51 51 51 6 51 6 6 5-f Baltimore %6 6 51 6 6 6 0 5^ No. 6.. Atlanta. 6 51 6 6 51 6 6 6 6 5* 6 6 51 6 4-i 6 J B a i c r k m s i o n n g v h il a l m e. . . . . 8 6 5 5 4 1 5 6 1 8 6 o 5 h 1 6 6 6 6 16 7 7 6 6 8 8 6 6 6 6 6 8 6 4 6 $ 6 42-6 New Orleans.. 6 51 6 66 51 6 5 5 54 6 6 6 (J N N o o . . 8 7 . . . . C D St h e . i t c L r a o o g i u t o is 3 5 6 1 5 5 5 1 5 5 5 1 1 4 5 5 5 _ 1 1_ 1 5 5 5 1 1 5 5 o 1 1 \ 6 6 6 f 51 6 4ft 6 4ft 44 4ft 6 4ft 6 6 5 5 - ! : 6 6 ! . . 51 51 51 41 6 Louisville 5 51 51 5 51 5 44 4l 44 41 \ 44 6 5 6 j. 5 () 41 5 L M i e tt m le p h R is ook... 51 5 5 5 6 1 6 5 6 6 6 43 51 8 5 6 1 6 / !. b\ 6 5 4 1 5 6 N N o o . .« 1 . 0 . . . , M Ka in n n sa e s a p C o i l t i y s . .. . . . 5 6 1 5 6 5 6 1 5 6 1 5 6 1 6 51 6 7 5 5 1 71<r f 4 6 4 7 4 5 ft 4 6 1 6 8 i - 6 5 6 6 j.. 8 . 6 7-8 ! 5 5 5 6 1 Omaha 6 5 6 6 51 6 7 5 6 51 6 i 8 51 6 ! 5 6 Denver 6 5 51 6 5 5i 7 6 8 51 6 I 8 6 6 41 6 No. 11. Dallas 6 6 6 6 6 jlO 6 6 6" 6 El Paso 6 6 6 6 6 6 7 6 8 8 5 7 i No. 12. San Francisco. 5* 51 i 5Jj b\b l-5: 3 4$ 7 6 6 5 (') 5 6 Portland 54 5 54 5 54 41 6 6 6 6 Seattle 6 5 54 6 o 54 6 5 5 t M 41 6 Spokane 41 6 Salt Lake City 51 5 51 6 7 I 6 7 Rates for demand paper secured by prime bankers' acceptances, high 6, low 4J, customary 41-5. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

580 FEDERAL, RESERVE BULLETIN. Juxa 1, 1019. PHYSICAL VOLUME OF TRADE. contains a description of the methods employed In continuation of tables in the May FEDERAL in the compilation of the data and the con- RESEEYE BULLETIN there are presented in the j struction of the accompanying index numbers, following tables certain data relative to the I Additional material will be presented from time physical volume of trade. The January issue j to time as reliable figures are obtained. Live-stock movements. [Bureau of Markets.] Receipts. Shipments. C c m a a l t a v t r l e e k s e a , t n 6 s. d 0 m Ho a g rk s, e 6 ts 0 . S m h a o r e k p e , t 6 s 0 . H m m o u r a s l r e e k s s e , a t 4 s n . 4 d T k o i ta n l d , s a . il C c m a a l t a v t r l e e k s e a , t n s 5 d . 4 m Ho ar g k s e , t 5 s. 4 Sheep, 54 i^^fT k o i t n al d , s a . ll 1918. Head. Head. Head. Head. Head. Head. Head. Head. Head. Head. April. 2,037,118 3,717,853 1,144,338 I 41,850 6,941,189 763,696 1,284,747 539,886 42,382 2,630,711 i July.. 2,110.835 3,113,281 1,585,735 I 51,393 6,861,244 665,800 949,301 734,539 45.549 2,395,189 g 2,009,744 2,476,190 2,129,325 ! 80,122 6,695,381 850,363 849,618 1,198,691 76;653 2,975,325 September. 2,799,913 2.386,475 3,303,955 124,201 8,614,544 1,219,333 786;917 2,059,990 114,023 4,180,263 October 2,832,022 3', 421,641 3,234;026 i 146,072 9,633,761 1,300', 084 896,258 2,069,057 140,845 4,406,244 November.. 2,625,381 4,605,158 2,535,115 ! 135,344 9,900,998 1,232,771 1,216,860 1,446,523 131.308 4.027,462 December.. 2.132,491 5,569,356 1,640,365 : 72,471 9,414,683 785,770 1,429,251 716,100 7i;243 3;002.364 1919. I Januarv | 2,111,704 1 5,861,685 ! 1,567,613 ; 110,411 • 9,651,413 I 761,168 1,546,875 608,016 106,459 3,022,518 February ! 1,440,329 j 4,404,751 ; 1,131,805 82,526 : 7,059,411 528,326 1.288,134 418,827 i 76,512 2;311,799 March ! 1,501,597 | 3,632,874 j 1,216,988 ! 68,938 : 6,420,397 j 563,893 i;272,654 481,907 ! 64,332 2,382,786 April I 1,750,043 j 3,659,960 j 1,388,728 49,886 i 6,848,117 I 697,827 1,102,274 575,138 I 48,250 2,423,487 Receipts and shipments of live stock 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.] RECEIPTS. [Monthly average, 1911-1913=100.] Cattle and calves. Hogs. Sheep. Horses and mules. Total, all kinds. Head, i Relative. Head. Relative. Head. , Relative. Head. Relative. Head. : Relative. April. 1,533,147 152 2,942,449 134 ! 733,709 j 54 26,406 57 ! 5,235,711 1 113 ! 1 July 1,697.193 i 168 2,530,414 115 : 1,141,488 i 84 36,782 80 i 5,405,877 j 117 August 1,588; 553 158 1,970,086 90 ! 1,424,677 I 104 54,271 118 1 5,037,587 I 109 September.. 2,249,017 i 223 1,775,842 81 ! 2,408,609 i 176 82,856 180 6,516.124 ! 111 October 2.287,534 ! 225 2,570,525 117 ! 2,357,524 j 173 83,574 182 7,279,157 ; 158 November.. 2,053,359 I 204 3,431.782 150 i 1,677,537 I 123 64,482 140 j 7,227,160 • 156 December.. 1,706,945 i 169 4,197; 313 191 ' 1,114,761 ! 82 36,153 79 ! 7,055,172 ; 153 1S19. January... l,6i;i>,04S 164 4,603,335 209 '1,079,377 56,631 123 i 7,395,419 i 1G0 February.. 1,096,118 116 3,451,894 108 ;• 774,891 48,786 114 ' 5,371.679 i 125 March 1,094.014 109 2,842,663 1 129 847,842 41,805 91 ! 4,826,924 ! 105 April , i;2551379 125 2;823,484 128 : 970,070 71 31,509 68 j 5,080,442 •. 110 SHIPMENTS. 1913. 1 April i 551,184 898,485 ; 185 250,757 50 34,883 So i 1,735,310 121 July : 495,211 602,728 ' 137 483,151 96 31,379 76 1,672,469 ! 116 August 1 652,440 593,577 • 124 751,886 149 51,923 127 2.055.827 I 143 September 932,131 488,298 : 101 1,426,120 265 74,473 182 2;92i;022 j 197 October ! 994.943 480,460 • 100 1.479,774 294 84,393 206 3,045.570 I 212 November 92lJ 831 659,432 136 '903,283 179 63,589 155 2,548'. 135 I 177 December ! 588,425 787,401 I 163 445,987 89 37,072 90 1,858!945 I 129 i 1919. j Januarv ' 589,362 988,035 • 204 357,386 71 56,282 138 1,991,065 I 139 February 404,296 881;507 195 240,815 51 47,829 125 1,574,447 ; 118 March..". i 423,819 925,802 i 191 289,742 58 41,837 102 1,681;200 I 117 April 500.835 748,437 154 319,625 63 29,974 73 1,604,871 j 112 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1,1919. FEDERAL RESERVE BULLETIN. 581 Exports of certain meat products, [Department of Commerce.] [Monthly average 1911-1913=100.] Beef, canned. Beef, fresh. an B d e o ef th , e p r i c c k u le re d d. Bacon. Ha d m er s a , n c d u s re h d o . ul- Lard. Pickled pork. Pounds. R tiv el e a . - Pounds. R tiv el e a . - Pounds. R tiv el e a . - Pounds. R tiv el e a . - Pounds. R tiv el e a . - Pounds. t R iv el e a . - Pounds. R tiv el e a . - 1918. April 11,836,876 1..787 51,882,784 4,182 3,007,756 113 127,400,406 761 93,426,880 623 53,877,082 122 5,171,848 117 July 13,526,800 2,042 32.056,016 2,584 2,651,413 99 119,893,655 716 55,368,812 371 68,600,261 156 4,676,888 106 August 17,129,337 2,585 45; 160,708 3.641 1,742,970 05 68,857,586 411 45,816,637 307 51,920,658 118 3,032,954 69 September. 7,349,591 1,109 34,071,810 2',747 3,009,998 113 41,621,488 249 36,190,919 242 33,267,902 76 2,843,374 64 October... 9,999,121 1,509 20,449,372 2,132 5,752,660 215 58,131,739 347 25,430,106 170 46,025,020 105 2,089,654 47 November. 13,313,420 2,009 02,835,161 5,065 4,291,030 101 72,861,969 435 20,127,671 135 27,285,088 62 2,783,873 63 December. 7,776,239 1,174 34,161,848 2,754 3,786,847 142 120,437,385 755 261 37,724,398 2,025,778 46 1919. January... 12,636,000 1,907 17,436,495 1,406 6,030,937 226 101,000,122 603 54,840,433 307 2,273,683 51 February.. 8,151,723 1,318 13,729,993 1,186 3,635,120 146 114,842,525 735 49,283,053 354 68,972,779 168 1,950,362 47 March 8,997,973 1,358 14,651,276 1,181 3,749,394 140 151,086,397 902 85,712,426 574 97,239,435 | 2212,141.508 48 April 2,896,759 437 21,639,915 1,744 2,673,681 I 100 141,814,255 847 109,569,968 734 86,555,951 197 2,494,454 56 Grain and flour. [U. S. Food Administration.] GRAIN MOVEMENT. [In thousands of bushels; i. e., 000 omitted.] Wheat. Corn. Oats. Stocks at Stocks at : • Stocks at Receipts. '• Shipments. close of Receipts. Shipments. close of Receipts, Shipments.! close of month. month. month. ! "T 1918. ! .Tune 12,415 37,794 39,097 July 196,060 94,823 81,422 59,400 j 54,792 i 31,919 90,006 87,893 37,923 August 287,652 : 160,162 163.027 48,131 I 42,909! 25,559 177,324 124,597 80,030 September. 280,200 150,030 2-10,690 62,137 ! 40,453 28,522 120,138 102,510 104,739 October 241,260 j 150,077 280,169 59,437 ! 47,501 25,727 110,020 107,093 103,943 November. 155,605 • 138,438 254,474 47,024 I 41,880 21,046 86,871 95,008 ! 88,300 December.. 178,916 ! 127,612 253,767 59,237 i 50,312 23,427 80,199 81,220 : 1919. January... 103,302 : 63,992 : 245.083 85,816 68,709 I 30,448 86,917 80,893 | 85,811 February. 60,047 ." 51,062 i 2J9J30C 30,0(53 37,G01 27,365 57,599 58,920 1 82,025 March..!.. 72,265 I 75,917; 109.102 34,888 40,982 I 19,794 58,008 68,445 70,411 April 80,673 ! SS.222 : 110,778 ' 40,009 45,327 19,745 01,773 I 69,313 61,257 Barley. Rye. Total grains. Stocks at I Stocks at ; I Stock? at Receipts, i Shipments. close of Receipts. Shipments.! closoof | Receipts. Shipments.; close of month. i month. • month. 1918. June 10,006: 2,181 ! 102.093 July 14,285 7,077 10,984 ; 3,474 2,024 ! 2,912 i 303.291 246,609 j 17i;160 August 21,340 9,923 27,174 ! 8,422 4,449 ! 6,128 ! 542', 809 342,130 ! 307,918 September. 27,002 15,295 37,782 ; 16,092 7,409 12,854 517,509 322.303 i 430,587 October 23,8?9 19,843 40.670 20 • 667 15,047 ; 17,309 455,873 340;161 ! 473,818 November. 22,697 21,153 39;991 i 17,521 13,552 ; 19,399 329,778 310,037 ! 423,610 December.. 23,255 22,287 40.320 . 15,721 8.721 25,779 357,328 290,152 I 426,656 i 1919. January... 24,055 23,020 39,073! 14,280 9,180 30,031 ; 314,370 245,860 431,646 February. 16,432 37,231 38,880! 7,857 9,419 27,606 : 178,598 174.833 395.548 March 20,775 22,863 36,528 . 10,749 15,798 23.362 196,685 224;005 319,257 April 19,640 23,889 3i; 985 14,830 14,927 22; 393 223,531 241,678 240,158 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

582 FEDERAL RESERVE BULLETIN. JUNK 1, 1919. Grain and flour—Continued. WHEAT FLOUR PRODUCTION. (In thousands of barrels; i. e., 000 omitted.] Stocks at Stocks at Production. mills at closo Production. mills at close of month. of month. 1918. 1919. 1,109 January 10,593 3,341 July 6,780 1,606 February 7,736 3,544 August . . . 10,391 2,386 March.." 10,498 3,419 September 11,835 3,064 April 11,274 3,145 October 11,752 3,422 November 11,175 3,387 December 11,759 3,260 Receipts of grain and flour at nine seaboard centers. [Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts of flour not available for Seattle and Tacoma.] [Compiled from reports of trade organizations at these cities.] [Monthly average 1911-1913=100.] I Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. T an o d ta l f l g o r u ai r n .1 Rela-I , , ! Rela- Rela- Rela- Rela- Rela- Rela- Rela- Bushels. tive. !J 51 tive. Bushels. tive. Bushels. Bushels. tive. Bushels. tive. Barrels. tive. Bushels. tive. _L 19] 8. April. 3,151,803 25|l,833,011 136 13,342,933 281 325,163 229:2,887,153 174 24,540,063 1081,690,165 162 32,145,806 117 July 3,515,673 28jl,128,285 7,122,372 150 86,551 61 802,582 48122,,1655,463 561,266,706 12118,355,640 67 August 23,930,107 1901,473,105 4122,,970,341 63 170,847 l: 714,103 43 2199,1,258,503 129 589,303 L, 910,367 116 September... 23,786,074 189 582,856 5,304,250 1112 435,549 307i 730,332 44 300,,8!39,061 136 783,902 1,366,620 125 N Oc o t v o e b m er ber... 1 9 8 , , 8 7 5 7 4 8 , , 3 5 5 3 6 8 14 7 9 8 7 5 8 1 6 9 , , 1 7 4 5 1 5 15 6 5 6 , ,, 2 6 5 6 3 2 , , 1 9 5 7 4 2 114101 12 1 ,,3 ,3 3 3 2 2 ,2 ,7 3 6 9 1 1,642; 8 6 8 5 7 3 , , 3 8 9 8 6 0 3 53 9 1 21 77 99 ,, , !8 :,1 7 8 9 1 , , 7 4 7 2 0 2 12 7 9 9 1 1,, , 5 6 4 5 3 6 , , 1 2 2 0 1 5 1 15 4 9 8 3 2 6 5 , , 1 3 2 3 5 2 , , 4 6 6 9 7 3 1 9 3 2 2 December... 24,221,863 1921,273,489 36 99,,817,268 2071,107,437 779j 1,915,831 115 38,335,888 169 3,258,924 312 53,001,046 193 1919. January 9,768,801 781.,411,366 40 9,,275,187 195 566,191 398:1,738,326 105 22,759,871 100 2J,, 026,246 194 31,877,978 116 February 7,805,811 66 783,263 24 4,i713,794 106 2,299,664 1,7341 995,454 >, 597,986 781,302,061 134 22,457,261 88 March 13,789,851 109 636,127 18 3!,254,914 69 3,880,424 2,731(2,285,954 138 23,847,270 1051,644,676 157 31,248,312 114 Aprils I i Flour reduced to its equivalent in wheat on basis of 4i bushels to barrel. 2 Figures not yet available. Stocks of grain at eight seaboard centers at close of month. [Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco.] [Compiled from reports of trade organizations at these cities.] [Bushels.] Wheat. Corn. Oats. Rye. Barley. Total grain. 1918. | April. j 552,042 1,843,662 9,651,374 159,696 1,496,808 13,703,582 July 3,384,466 736,504 i 4,136,167 28,633 1,059,197 9,344,967 A ugust 16,041,604 649,169 j 2,464,705 153,275 1,720,251 21,029,004 September 14,313,717 181,619 ! 3,153,590 144,646 2,208,017 20,001,589 October j 13,423,169 115,879 i 4,591,014 1,550,686 2,697,141 22,377,889 November • •.....; 13,904,426 252,225 . 3,548,473 2,385,828 2,845,916 22,936,868 December \ 14,359,694 302,980 | 6,074,067 2,248,272 2,767,606 25,752,619 1919. January \ 15,365,491 645,317 !5,495,937 | 1,972,696 3,047,346 26,526,787 February ! 12,635,613 ! 417,520 !6,110,159 i 1,735,876 3,930,465 24,829,633 March ! 12,732,472 | 346,543 5,650,120 1,920,348 4,403,665 25,053,148 Aprili ! i Figures not yet available. NOTE.—Figures Cor San Francisco include also stocks at Port Costa and Stockton. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1, 1919. FEDERAL, RESERVE BULLETIN. 583 California shipments of citrus and deciduous fruits. Total Oranges. Lemons. Total citrus fruits. deciduous fruits. Carloads. Relative, Carloads. Relative. i ; Carloads. Relative. \ Carloads. 1918. April 2,040 108 585 144 3,225 113 I July 914 37 561 139 ! 1,475 52 3,758 August 767 31 732 181; 1,499 53 9,126 September 549 22 275 68 i 824 29 5,879 October 485 20 639 158: 1,124 39 7,143 November 1,125 46 676 167 ! 1,801 63 1,044 December 3,565 146 722 178 4,287 150 267 1919. January 3,120 128 531 131 3,651 128 109 February 3,180 139 658 174 3,838 144 198 March 5,113 209 897 221 6,010 211 67 April 5,450 223 1,038 256 228 36 I 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 of Receipts. Meltings. at close of month. month. 1918. 1919. April 365,763 324,200 92,128 January 243,806 197,145 66,189 February 389,815 337,420 122,757 July 288,449 320,908 135,061 March 355,710 361,010 106,889 August 218,690 263,383 100,392 April 450,938 387,548 185,315 September 176,867 210,745 56,978 October 242,912 207, 566 77,233 November 138,141 172,528 50,989 December 92,785 123,091 13,774 [Data for ports of New York, Boston, Philadelphia.] [Weekly Statistical Sugar Trade Journal.] [Tons of 2,240 pounds. Monthly average 1911-1913=100.] Raw stocks at I Raw stocks at Receipts. close of month. Receipts. Meltings. j close of month. Tons. Tons. j ! R li e v l e a - - i" ": Tons. R ti e v l e a . - Tons. R ti e v l e a . - R ti e v l e a . - 1918. ! 1918. April | 242,958 41,228 24 December.. 58,751 32 92,000 50 11,490 July ! 186,225 221,000 55,322 32 1919. August : 159,252 175,000 39,375 23 January 172,054 93 147,000 36,544 21 September i 145,555 139,000 46,869 27 February.. 283,172 165 229,000 134 90,716 53 October ; 151,703 156,000 42.522 25 March 232,471 126 261,000 ; 142 62,187 36 November ! 139,343 139,000 76 43. 25 April 318,492 173 277,000 i 151 107,582 62 112 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

584 FEDERAL RESERVE BULLETIN. JUNE 1,1919, Lumber. [From reports of manufacturers' associations.] [Mfeet.] Southern pine. Western pine. Douglas fir. Eastern white pine. North Carolina pine. i Im 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 o i o l f l . s. Pr t o io d n u . c- m S e h n i t p s- - | | m N il o l . s. Pr ti o o d n u . c- m S e h n i t p s- - i | m N il o ls . . ! | Pr t o i ^ o u n' 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 - . i i 1918. April 187 385,033 445,207 41,45 129,123 126,592 132 304,800 319,600 ! 24 i 56,636 52,822 28,319 26,817 July 201 412,002 453,786 42,45 147,533 112,915 123 269,100 266,300 i 26 86,658 59,412 31,517 34,815 August 202 391,648 437,776 44,47 151,156 109,402 130 292,200 275,000 ; 26 95,942 51,327 24,118 34,377 September 190 346,069 350,628 45 130,029 80,859 106 316,000 248,000 i 26 72,937 38,711 31,908 34,963 October 202 321,214 353,266 42,47 121,850 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 74,103 121 261,189 240,986 | 1161j 23,529 23,828 32,596 36,012 December 204 310,068 322,831 27,46 63,315 63,823 127 222,3S9 221,720 | i 799 14,176 26,728 21,570 1919. ! January 200 330,137 325.241 21,49 40,354 68,910 ; 122 225,688 227,129 1 13 I 7,565 15,172 •28,629 23,896 February 195 328,069 309;494 24,48 46,037 71,103 I 122 228,031 238,035 15 ; 6,802 17,081 25,806 18,034 March 198 378,752 361,125 27,48 71,426 81,328 I 120 254,650 255,544 ! 11 ' 7,118 17,525 32.110 22,672 April 203 397,005 397,677 43,49 124,341 97,679 i 114 264,623 266,308 I ii i 11,431 14,020 22;369 21,877 RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO. [Chicago Board of Trade.] [Monthly average 1911-1913=100.] Receipts. Shipments. j Receipts. Shipments. Rela- ! Rela- M feet. tive. ; M feet. tive. 1918. 1918. April 267,039 126 126,195 165 December. July 243,598 115 I 98,145 128 1919. August 208,963 99 ! 78,707 103 January... 134,604 September 171,515 81 : 68,133 February.. 97,5.11 October 130,503 62 i 70,590 92 March 124,040 November 142,230 i 67 ! 72,723 95 April , 114,253 Coal and coke. [Bituminous coal and coke, U. S. Geological Survey; anthracite coal, Anthracite Bureau of Information.] [Monthly average 1911-1913=100.] Coke, estimated monthly production. Bituminous coal, esti- Anthracite coal, mated monthly pro- shipments over 9 duction. roads. Beehive. By-product. Total. Short tons, j Relative. • Long tons.Relative. Short tons. Relative. Short tons. Relative.! Short tons. Relative. 1918. ! ; April j 46,590,570 I 126 6,368,373 113 2,580,931 2,021,437 230 4,602,368 July 55,587,312 150 7,084,775 126 2,813,910 108 2,300,673 261 I 5,114,583 146 August 55,732,092 150 7,180,923 128 2,657,022 102 2,387,675 271 J 5,044,747 144 September.. 51,757,334 140 6,234,395 111 2,570,238 98 2,410.70S 274 i 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', 817,344 138 1919. January... 41,473,000 112 5,934,241 105 2,401,567 92 February- 31,497,000 91 3,871,932 74 1,822,894 75 6,779,482 257 ! 12,772,392 122 March 33,719,000 91 3,938,908 70 1,768,449 68 April , 32,164,000 87 5,224,715 93 1,316,960 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JPUNH 1, 1919. FEDERAL. RESERVE BULLETIN. 585 Movement of crude petroleum in United States. [U, S. Geological Survey.] [Barrels of 42 gallons each.] Stocks at Marketed. end of Marketed. month. Barrels, i Relative, i Barrels. Barrels, j Relative. 1918, 1918. ! April 28,849,000 144,798,000 November I 28,347,000 131,295,000 December l 28,071,000 128,311,000 July 30,361,000 141,475,000 August 29,211,000 139.472.000 1919. I September 28,674,000 135]880,000 January 29,869,000 129,558,000 October 30,592,000 134,838,000 1February i 26, oil, 000 128.910,000 March ' 30,412,000 131,110,000 April i 29,310,000 132,694,00© Total output of oil refineries in United States. [Bureau of Mines.] | Crude oil run Gasoline Kerosene Gas and fuel • Lubricating i (barrels). (gallons). (gallons). (gallons). ; (gallons). 1918. : March 26,239,602 1,627,968 ; 151,228,007 587,985,804 69,308,351 July 29,170,718 095 156,828,826 658,439,682 79,303,107 August 28,534,275 330,335,046 149,678,850 671,113,871 72,892,879 September. 28,390,431 314,595,959 164,963,798 653,085,050 70,593,079 October 29,237,767 314,251,318 i 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 December.. 26,958,157 291,744,465 !161,742,713 587,873,987 64,987,842 1919. January... 26,967,332 303,710,556 | 158,501,260 589,630,056 68,304,613 February. 25,232,876 283,518,194 i 164,181.787 553,853,753 62,503,072 March 27,866,775 311,306,755 :170,290,930 574,774,166 67,863,995 Stocks at the close of month. 1918. Mar. 31.. 13,122,241 526,382,386 j 356,580,540 483,447,727 146,572,398 July 31.. 14,026,525 349,928,604 !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 Dec. 31.. 15,749,771 297,326, 380,117,829 659,001,357 138,853,574 1919. Jan. 31.. 15,380,185 383,212,692 i 332,393,181 646,411,414 158.370,431 Feb. 28.. 14,«2O,6O1 45S,449,187 i 303,062,436 692,816,000 152', 297,163 Mar. 31.. 15,106,361 546,862,429 I 294,677,623 749,067,806 165,495,254 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

586 FEDERAL RESERVE BULLETIN. JUNE 1, 1919. Iron and steel. [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.] Unfilled orders V. S. Pig iron production. ; Steel ingot production. Steel Corporation at close of month. Gross tons. : Relative.'. Gross tons. ! Relative. < Gross tons. ; "Relative. 1918, April 3,288,211 ; 142 i 3.103.-110 132 8,741,882 ; 106 July 3,420,988 : 148 I 3,113,035 130 8,883,801 ! 109 August 3,389,585 =' 146 ; 3,083,080 129 8,759,042 100 September 3,418,270 i 148 ; 3,197,058 134 8,297,905 157 October 3,480,941 ! 151 • 3,352,190 110 8,353,293 158 November 3,354,074 ! 145 : 3,060,760 128 8,124,003 154 December 3,433,617 2,992,300 125 7,379,152 140 f% 1919. January , 3,302,200 143 3,082,427 130 6,084,208 127 February 2,940,168 : 136 2,088,011 120 6,010,787 ! 114 March : — 3,090,243 I 133 2,062:205 110 5,430,572 I 103 April 2,478,218 j 107 2,239,711 93 4,800,685 i 91 Imports of pig tin. [Department of Commerce.] [Monthly average, 1911-1913=100.] Pounds. Relative. 1918. 1918. April November 10,734,179 118 December 5,887,063 65 July 15,567,667 August 10,317,437 1919. September 10,630,666 January 8,461,444 93 October 9,885,984 February 6,271,977 74 March 8,284,970 91 April 540,903 Textiles. [Silk, Department of Commerce; cotton, Bureau of the Census: wool, Bureau of Markets; idle machinery, Jan.-Sept., 1918, inclusive, National Asso. ciation 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 to total reported." Cotton consumption. Cotton Imports of raw silk. spindles Wool con- Looms. Spinning spind!es. active sumption during (pounds)., month. Wider Under Sots of Combs. than 50- 50-inch cards. Bales. Relative. ineh reed reed Woolen. Worsted. Pounds. Relative. space. space. 1918. •\ ori! 54.4,125 121 33,734,997 57,651,248 7.1 8.5 4.2 O. O 5.0 12.5 2,947,222 144 Ji'iV 541,792 120 •33,674,896 50,951,651 10.4 10.2 5.9 10.5 0.5 13.2 1,997,314 98 August 534.914 119 33:640.811 51.516,457 12.2 14.3 6.0 10.2 6.6 15.3 3,813.595 186 September 490J779 109 33', 524', 275 47' 048,413 13.8 15.1 7.0 13.2 8.3 20.2 3'. 973:754 194 October 440,833 98 32,760,623 • 48,092,509 18.3 24.3 9.3 12.5 8.8 18.8 2:814,270 138 November 457,376 10? 33.121,507 38,282,723 21.1 26.8 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 1919. January 556,721 124 33.856,472 32.573,970 40.3 . 32.0 6 32.2 30.7 30.5 37. 5 1,401,827 71 February 433.516 103 33;282.593 23'186.818 52.3 41.5 38.7 39.8 41.1 48.6 lj742.812 91 March 433;720 96 32.042^376 29,320'. 063 58.1 42.4 39.1 47.8 41.8 52.7 1,784.412 87 April 475,753 106 33;213,026 39,159,945 48.4 38.9 20. 5 34.2 28.4 30.1 2,988,838 146 Mav 36.6 32.9 17.1 22.5 16.8 25 3 NOTE.—Figures of idle wool machinery for Nov. 1 and Dec. 1 are not entirely comparable with previous figures, due to fact that later figures are for number of machines running on single 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

JUNE 1, 1919. FEDERAL RESERVE BULLETIN. 587 Production of wood 'pulp and paper. [Federal Trade Commission.] [Net tons.] ! ; W pu o lp o . d | ! p N r e in w t s . *<«*• I &SS". W pi r n a g p . - Fine. W pu o l o p d , j p N r e in w t s . Book. b P o a a p r e d r . W pi r n a g p . - Fine. 1918. ! 1919. April 111,480 j 76,702 j 162,836 76,859 29,823 January 283,270 116,154 ' 70,443 140,859 50,490 27.675 February.. 238.228 I 103)248 i 62,616 125,208 45,480 24)600 July 103,348 ! 69,458 ! 177.931 70.526 34.609 March..'... 278,675 | 114,746 63.699 136,175 48,069 23,514 August 262,377 113,826 i 76,439 : 192'. 810 71/249 36,910 April 284,984 ! 116,278 67,628 138,802 48.158 22,470 September 246,741 99.528 66:581 ' 168,381 6L,390 37,833 October ! 237,624 88', 155 60.743 143,373 56,903 28;533 November ! 270,849 97)693 67)262 152)321 61,081 33,429 December i 273,973 107,129 64.501 134.103 51.947 29,975 Tax-paid manufactured tobacco products in the United States (excluding Porto Rico and Philippine Islands.) [Commissioner of Internal Revenue.] Cigars. Cigarettes. Cigars. ! Cigarettes. Chewing Chewing and smok- and smok- Large. Small. Small. ing tobacco. Large. Small. ; Small. ing tobacco. 1918. Number. Number. Number. Pounds. : 1918. Number. Number, i Number. Pounds. April 616,372,314 79,794,719 3,393,675,490 35,229,106 1 December 527,586,098 59,139,250 .2,788,379,210 25,276,695 j July 634,609,533 79,237,849 3,796,878,822 36,607,578 i 1919. August... 624,491,239 60,880,910 3,442,446,234 40,764,853 ! January 518,706,482 72,458,974 ;3,079,212,253 29,308,616 September 585,400,449 60,556,000 3,403,205,736 37,893,818 ' February 476,329,947 60,138,630 3,120,274,662 27,472,269 October 594,764,527 63,111, 160 3,027,300,975 39,440,893 March 549,098,351 84,493,873 3,845,072,275 29,227,678 November 537,794,904 63,177,200 2,986,775,CJ3 32,618,009 i Output of locomotives and cars. [Locomotives, United States Railroad Administration; cars, Railway Car Manufacturers' Association.] Locomotives. Output of cars. Locomotives. Output of cars. Domestic! Domes- Domestic Domestic. Foreign. Total. snipped. pleted> tic. Foreign. Total. 1918. Number. Number. Number. Number. Number, ij 1918. Number. I Number. Number. Number. Number. April.. 3,000 2,982 5,982 11 December.. 281 177 7,876 3,402 11,278 II July 3,312 4,410 7,722 11 1919. August 214 ! 77 2,437 4,847 7,284 |! January 282 ' 84 8,172 3,635 11,807 September 267 | 213 2,666 3,564 6,230 |i Februarv... 135 104 6,023 4,657 11,280 October 295 ! 313 4,555 2,681 7,236 '• March..".... 258 ! 128 5,978 5,795 11,773 November 224 I 252 6,743 2,330 9,093 i April 197 j 36 7,777 7,373 15,150 Vessels built in United States, including those for foreign nations, and officially numbered by the Bureau of Navigation. [Monthly average 1911-1913=100.] Gross Gross I Number. tonnage. Relative. '• Number, i tonnage. Relative. 1918 1919. April 165 163,050 675 January 132 264,346 1,094 Jr'cburary 135 271,430 1,203 July 193 ! 229,931 951 !|March..: 186 298,005 1,233 August 177 ! 295,349 1,222 j1April 201 375,605 1,554 September 170 : 308,470 1,276 -i October 202 I 357,532 1.479 i November 171 | 357,660 1.480 ! December 153 j 283,359 1,173 ;i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

588 FEDEKAL EESERVE BULLETIN. JUNE 1,1919. Tonnage of vessels cleared in the foreign trade. [Department of Commerce.] [Monthly average 1911-1913=100.3 ! Net tonnage. Per- Net tonnage. Percentage centage i i • American. Foreign. Total. R ti e v l e a . - A c t a o m n o ta e f t l r o . i- R ti e v l e a . - American.! Foreign. Total. R ti e v l e a . - A c t a o m n o ta e f t l r . o i- t R iv e e la . - 1918. ! 1919. ! April ; 1,251,114 1,730,823 2,981,937 77 42.0 166 Januarv 1,166,391 1,896,123 ! 3,062,514 78 38.1 151 February 1,262,487 1,671,070 j 2,933,557 75 43.0 170 July 2,093,310 i 2,941,171 5,034,481 129 41.6 164 March 1.161.416 1,737,171 ! 2,898,587 75 40.1 158 August i 2.332,577 \ 2,808,406 5,141,043 132 45.4 179 April 1,744,753 2,058,220 ! 3,802,973 98 45.9 181 September : 2,009,194 2,290,872 4,300,066 111 46.7 185 October 1,875,947 = 2,103,383 4,039,330 104 46.4 184 j November 1,770,935 I 1,991,725 3,762,660 97 47.1 186 December 1,141,319 2,053,517 3,194,836 82 35.7 141 Net ton-miles, revenue and nonrevenue. [United States Railroad Administration.] 1918. 1919, April 37,992,810,000 January 30,383,169,000 February 25,681,943,000 July 38,761,291,000 March 28,952,925,000 August 38,469,847,000 April 28,629,739,000 September 38,592,137,000 October 39,548,562,000 November 35,533,026,000 December 33,659,507,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1,1919. FEDERAL RESERVE BULLETIN. 589 DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS. Discount operations during the month of On the last Friday of the month the banks April totaled $5,901,401,640, compared with held a total of $1,950,412,000 of discounted $5,473,564,174 for March of the present year paper, compared with $1,886,240,000 about the and $2,172,580,139 for April, 1918, the month close of March, and $901,743,000 on the correpreceding the placing of the third Liberty loan. sponding date in 1918. The total for the most Of the total discounts for the month under recent date includes §90,964,000 of war paper review the share of war paper was 95.2 perrediscounted for other Federal Reserve Banks cent, compared with 95.6 per cent the month by the New York. Cleveland, Chicago, and Minbefore and 83.2 per cent for the month of April neapolis banks. Of the total discounted paper of the past year. About 45 per cent of the held, 90.3 per cent was war paper, as against total bills and a slightly larger percentage of the 89.6 per cent about the close of March and 71.2 war paper discounted during the month are per cent on the last Friday in April, 1918. reported by the New York bank, compared Higher than average percentages of war-paper with about 70 per cent of the total bills and holdings are shown for the three eastern also about the same proportion of the war paper for the Cleveland and Chicago banks. discounted by that bank in April, 1918. Holdings of discounted trade acceptances Discounts of member banks' notes secured by totaled $8,561,000, compared with $19,171,000 eligible paper totaled $97,953,467, compared on the corresponding date in 1918. Of the with $50,175,825 for March, the bulk of this smaller total by far the larger portion is reprepaper being handled by the Boston bank. sented by domestic trade acceptances. Hold- Trade acceptances discounted during the month ings of agricultural paper of all maturities totaled $8,071,368, compared with $11,120,947 totaled $34,088,000, as against $9,379,000 on for April, 1918. Of the smaller total, $2,463,007 the corresponding date in 1918, while holdings represents the amount of transactions in the of live-stock paper were $32,793,000, compared foreign trade handled by the New York bank with $30,148,000 reported about the close of and the remainder amounts of transactions in April last year. Over 95 per cent of the larger the domestic trade. In addition the banks re- total is credited to the Kansas City, Dallas, and port $419,576 of discounted bankers'acceptances San Francisco banks. and $174,043,809 of ordinary commercial and During the month under review the number agricultural paper discounted during the month. of member banks grew from 8,761 to 8,786, About 97 per cent of all discounts for the while the number of discounting members inmonth was 15-day paper, i. e., bills maturing creased from 3,575 in March to 3,875 in April, within 15 days from date of discount or redis- the largest number accommodated during any count with the Federal Reserve Bank. The month since the establishment of the system. next largest group, comprising slightly over 2 In the following exhibit are shown the number per cent of the total, is composed of 90-day of member banks in each Federal Reserve dispaper, largely war paper discounted at the priv- trict at the close of March and April, also the ileged rate. Discounts of six-month agricul- number of member banks in each district tural and live-stock paper totaled $12,639,627, accommodated during these two months: or slightly more than for April, 1918. Nearly three-fourths of the total is reported by the Kansas City and Dallas banks and another 20 Number of member Number of member per cent by San Francisco and Chicago. banks in district. b d a a n te k d s . accommo- Federal Reserve district. Of the total bills, 86.5 per cent were discounted at the 4 per cent rate and about 12 per Mar. 31. Apr. 30. , Mar. 31. Apr. 30. cent at the 4|- per cent rate. The average rate of discount for April works out at 4.17 per cent, Boston 424 425 230 New York 723 727 426 compared with 4.15 per cent for the preceding Pb iladelphia 665 665 346 2 months and 4.23 per cent for April of the Cleveland 821 821 177 195 Biciimond 568 570 263 281 past year. The calculated average maturity Atlanta 424 425 214 223 Chicago 1.356 1,359 597 651 of the paper discounted during the month, St Louis 514 5J7 171 190 10.92 days, is somewhat higher than for the Minneapolis 874 872 142 1.80 Kansas City 996 1,002 366 400 immediately preceding months and differs but Dallas.. ' . .. 737 741 421 465 little from the corresponding average of 11.25 San Francisco 659 662 272 288 days for April of the past year. Total 8,761 8.786 3,575 3,875 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

590 FEDERAL RESERVE BULLETIN. JUNE 1,1019. Bills bought in open market during April, rate of discount charged on these bills remains largely through the intermediary of the New unchanged at 4.24 per cent. York "bank, totaled $140,932,188, as against Holdings of purchased acceptances on the $183,740,709 the month before. Of th<f April last of the month show a further decline to purchases 8137,164,938 were bankers7 accept- $180,319,000 from §235,614,000 held at the ances, nearly two-thirds of which were based close of March. Of the smaller total all but upon foreign-trade transactions. Purchase of $2,563,000 were bankers7 acceptances. Nearly trade acceptances are reported, by the New 79 per cent of the latter, or $140,250,000, were York, Cleveland, and San Francisco banks member bank acceptances, compared with only, the total for the month being §3,204,531, $185,207,000 on the last of March. Of the as against $4,087,988 the month before. The $2,563,000 of trade acceptances held on the last average maturity of all bills purchased in the of April practically the entire amount was msde open market averaged 42 days, as against up of foreign-trade acceptances, reported largely 42.69 days the month before, while the average by the New York and San Francisco banks. Toial investment operations of each Federal Reserve Bank during the months of April, 1919 and 1918. (Figures do not include rediscounts and sales of discounted and purchased paper between Federal Reseruo Banks.) United States bonds. Bills dis- Bills bougl.t Municipal Federal "Reserve Bank. c m ou e n m te b d e r f s o . r m in a r o k p e e t n . warrants. 3£ per cent.! 4 per cent. 4/j per cent, Boston 8505,241,408 817.230,328! I. ....' i §1.300 New York 2,678,055,774 | 61,605,(556 \ | : ! '.... Philadelphia 916,038,257 1,918,792 j Cleveland 224,701,226 i 14,529.666 ! j !. Richmond.. '. 363,264,872 3,904,855 i ! ' I Atlanta 15L,937,979 3,064,032 I .. . i i !. Chicago 350,861,112 14,497,266 j I '. St. LDUU 197,i27,()o3 5.353,v;S3 i •. '. i. Minneapolis 72,958, r>-\o 5,386,625 \ i ; i. Kansas City 144,148,461 3,401,481 i ! . ' ! Dallas 117,182.855 678,000 I I ; j. San Francisco 179,884', 028 11,352,504 ! ! ; ;. Total, April, 1919 5.901,401,640 ; 140.932,188 ", ~r 1,300 Total, April, 1918 2,172,580,139 ! 108,515,517 1 858.270 j 8745,100 : $2,494,450 j Totalj 4 months ending Apr. 30, 19!9.. . .• ! 22.350.2831.5.5;9:"3 i 653.574,696 '! 1,000 ! i;boo ' .1,000,000 i ' 326," 725 Total, 4 months ending Apr. 30, 1918 i 4,558,187.'9,9S89 I 526,406,496 I 1,545,685 4,816,150 ! 37,301,138 I. I Total investment operations. United States Total United Federal Reserve Bank. certificates of States securiindebtedness. ties. April, 1919. April, 1918. Boston 944,000 $2,945,300 S525,126,096 $39,433,018 New York... 263,000 62.263,000 2,801.;924,430 1,750,722,071 Philadelphia. 660,000 2,660,000 920|617,049 57,162,158 Cleveland 322,000 3,322.000 242,552,892 103,058,479 Richmond 367,169,727 194,060,878 Atlanta 500,000 500.000 155,502,011 41,835,527 Chicago 000,000 3,000;000 368,358,378 157,239,495 St. Louis.... 500,000 2,500,000 204,981,046 64,774,142 Minneapolis.. 450,500 2,450;500 80,795,670 51,803,752 Kansas City. - 924,000 924,000 1146, 473,942 56,353,087 ; 500,000 500,000 118,360,855 40,723,522 .. 778!500 2, 778,500 194,015,032 48,553,047 San Francisco. Total, April, 1919 : i 83,842,000 83,843,300 6,126,177,128 Total, April, 1918. . I 321,326'. 300 324,565.850 2,605,661,506 2,605,719,776 Total, 4 months ending Apr. 30, 1919. • 1,327,309', 500 1,328.637,225 24,332,496.514 Total, 4 months ending Apr. 30,1918 ; 2,440,292,160 2,482', 439,448 7,567,033,933 "Y, 568," 579* 618 1 Exclusive of 822.000 of War Finance Corporation bonds temporarily held pending payment by subscribing institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1, 1910. RESERVE 591 Average, amount of earning assets held by each Federal Reserve Bard; during April, 1919, earnings from each class of earning assets, and annual rates of earnings on basis of Avril, 1919, returns. i Average balances for the month of the several cesses of earning assets. Federal looserve J?&nk. Disco i nit" c : United States Municipal bills. hills. ! securities. "warrants. Boston. j 8157,130,903 i 388,494 : SiO,578,423 I $182,077,820 New Yor'i: i 095,702,071 : 114,978 ! 09,637,757 ' 8i.7'5.i,j,800 Philadotohia 188,689,15.1. i 403.380 j 18.347,500 208,440,031 Cleveland 130,431,335 478,883 i :051,217 172,961,435 Richmond | 96,059', 041 ! 370,300 ! 596,700 109,832.641 Atlanta ; 8j, 157,557 . 782:281 | 93-1,530 $700 • 95,875:068 Chicago ! 214,742:954 i 912,793 388, (500 ! 268,044:347 St. Louis ! 79,496:332 • 518;376 288.067 i 102,332; 775 Minneapolis ! 43,713:500 | 223,000 072'. 500 | 75,009.000 Kansas Citv • 80,553,019 i 381.89(5 959:517 ! 107,899,462 Dallas ". j 5 •. 0-17,393 '• 930:500 400:950 : 0i,444,8J3 San Francisco 94 j 693.:840 i 564:515 033;401 | 140', 289,750 Total, ADril. 19.19 : 1.919,400,726 j 208,905,396 213,358,162 700 j 2,341,724,984 Total. Ai;ri!', 1918 ' 769,259,187 , 311,984,205 155.588,487 535,700 I 1,237,367,579 ! Earnings from— Calculated annual rates of earnings from— Federal Reserve Bank. 1 Pis- 1'ur- United j : I)is- Pur- United Munici- I counted ehased 1 States se-ipalvar Total, counted chased Statesse-pal warj bills. bills. ' curilics. rants. = bills. bills. curities. rants. • Per cent.Per cent. Per cent. Per cent. Ptr cent. Boston. I S530,405 S28,514 S27, 8586,733 4,11. 4.14 2.0! 3.92 New York j 2,302,1!6 177,365 3.67, 2,640,763 4.02 4.08 2.92 ..:.:.:. Philadelphia I 635,409 3,603 32, 671,874 4.09 4.07 2,17 a <>.<> Cleveland i 441,931 91,783 28, 502,406 4,3 2 4 f)2 9 17 :•? •¥. Richmond.. 338,600 26,853 376,779 4.29 4.55 2.09 4.17 Atlanta 277,500 21,672 S3 314,055 4.10 4.56 2.02 5.00 Chicago 733,983 108,046 881,250 •1.16 4.36 2.13 4A)() St. Louis 270,440 33.881 326,165 4.14 4.32 2.00 3 88 Minneapolis 154,592 75:1:09 21, 251,712 4.30 4.14 2.88 4.08 Kansas Citv... 337,1 LI 22'. 967 26, 386,986 4.74 4.38 2.19 4.30 Dallas ".... 196,269 i. 399 15, 21.8.986 ' 4.67 4. CO 2.20 4.33 San Francisco. 348,378 128,874 18, 495:761 i 1.48 4.29 2. .19 4.30 Total, April, 1919 6,566,734 726,626 I 420,110 3 i7,710,473 ; 4.16 4.23 2. 43 5.00 4.01 Total, April; 1918 2,615,679 1,071,232 ! 455,528 1,815 4,14-1.251 | 4.14 4.3.8 3.56 4.12 4.07 Bills discounted during the month of April, 1919, distributed by classes; also average rates and 'maturities of bills discounted. by each Federal Reserve Bank. Member banks'collateral in; es. Average rate Federal .Reserve Bank. p o b a T y b p T l e L i r ( g - p J a '-n o s - t e v i v i c o o . u 'i n n > r i s r e - . d wa S ro e b c l u ig re iJ d t i b -. y T is.! j o+ ^ h l"-('- .. c T e r p a t d a e n c a e c s - . B a a a ( n . n ' c . k s f e . e s p . r t s - ' d A is ll c o o u 1: n 1) t o s. r Total. ii t a n A u g d r e v i a e t m y r y - a s , - .s d i C s a ( ) 3 O y , 6 1 5 p b 1 - 1 c . a - - r Boston S359. 100 i $73,012,000 i 8459, £143.692 32,883.077 i 8505.241.468 3 4.08 4.J8 New Y:>rk- 2,581', 859 ' ' 3.94-1'. 143:934 ! 2.678'. 055',774 8.01 4. 03 Philadelphia ' 860', 571 | J00.000 ' 1.97: 27!j011585 i '9.16.038.257 7. (;5 'i. 03 208', 500; 345,000 603, i2.591.225 i 224'. 7011226 1 1.10 4.06 rui .. 345. 655 311,000 632, 7j 736'. 100 j 303.' 261.872 3 0. 96 4.22 Atlanta 137: 350 i 00.000 438'. 10.772,073 i 15.1.937.979 17.50 4.11 Chicago 328.750.557760 ! 327;082 84: 10;i0j;.905 j 350:801:112 1i).33 4. il St. Louis 187, 473 | 430'. 000 510, 13].950 197.127:063 12.29 4. 07 Kansas p Viiy n 0 a 2 ; , 950 ' ! I 10 8 . , ( 2 )( 0 )( 4 )' ; . 7 0 8 0 5 0 73 2 4 9 ; , 17. ;8 5 8 H 0 X :2 25 ?8 3 I ' 1 7 4 2 1 : . 9 1 5 4 8 8 : : 5 4 4 0 5 1 1 2 5 3 . .2 2 9 8 4 4 . . 7 1 . i 7 Dallas ". 100, 330 ; 395:000 72, 0!849.453 11.7:i82:S^n 21.70 4.41 San Yra'ic-l^ 170, 275 | 105:000 3o-l, 7,139; 090 170:S84.028 10.25 4.40 Total ...I J57.39S.194 5,4i53,545.220 97,953.467 ' S, 071.368 174.0J3.S0i9 '. 5,901,401,040 ! 10.92 J 4.17 I:.!-]PS >2.-!<-3.0!}7 in LIIC fi'-r*-ii.rri 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

592 FEDERAL RESERVE BULLETIN. JUNE 1,1919, Bankers' and trade acceptances in the foreign and domestic trade and finance hills purchased during the month of April, 1919; also average rates and maturities of total bills purchased by each Federal Reserve Bant. Trade acceptances. Ayerage ; Aver- rate j Finance Total pur- • ago (365- Federal Reserve Bank. f I t o r n r a e d t i h g e e n . Total. : bills. chased bills.i ! ! m it d y a a , t v u i s n r . - b d p a a s e i y r s), cent. Boston 87,276,641 89,962,687 817,239.328 817,:239,328 j 34.22 : 4.15 New York 13,628,967 44,663,796 58,292', 763 I §73,780 .12,676,394 . 82,750,174 j §562,719 605,665566 ! 35.18 4.20 Philadelphia 1,281,681 637,111 1,918,792 918,779922 | 41.47 4.20 Cleveland 5,420,128 8,936,519 14,356,647 173,019 173,019 1 14!529,666 45.91 ; 4.21 Richmond ,... 2,106,8o5 1,798,000 3,904,855 ....."....I. I 3!904,855 62.83 ; 4.56 Atlanta 2,113,642 950,390 3,064,032 : 3064,032 60.40 i 4.56 Chicago 5,092,104 9,405,162 14,497,266 497,266 56.07 ' 4.22 St. Louis i 3,875,925 1,478,058 5,353,983 5,:353,983 34.17 ' 4.23 Minneapolis | 2,401,228 2,985,397 5,386,625 -i 5,:386,625 47.22 i 4.17 Kansas Citv i 613,052 788,429 1,401,481 401,481 47.96 ; 4.26 Dallas....." j 678,000 678,000 678,000 66.34 • 4.63 San Francisco 3,535,620 7,535,546 11,071,166 281,338 281,338 i I 11,352,504 55.29 i 4.28 Total. 47,345,843 \ 89,819,095 i 137,164,9 246,799 2,957,732 ; 3,204,531 ; 562,719 ! 140,932,188 j 42.00 j 4.24 Discounted bills, including member banks9 collateral notes, held by each Federal Reserve Bank on the last Friday in April, 1919, [In thousands of dollars; i. e., 000 omitted.] Member banks' Customers' collateral notes. paper Federal Reserve Bank. A p t g a u r p r ic a e u r l . l- p L s a t i o p v c e e k r - . s m e G c e u o n r v e t e d w rn b a - r y Se G c o u v re e d rn b - y | Other- a a T c n r c c a e e d p s e t . - B a a a c n n c c k e e p e s t r . - s' d A is l c l o o u th n e ts r . | TTnof tni aL obliga- ment war wise tions. obliga- secured. tions. Boston 88,792 I 68,276 360 859 253 3,904 162,444 New York 170 52,285 632,737 1,672 132 22,071 709,067 Philadelphia... 52 19,507 162,662 451 20 8,978 191,670 Cleveland 18 134 10,057 I 112,045 50 584 5,149 128,037 Richmond 1,304 12,986 | 78,152 722 1,127 6,539 102,830 Atlanta 2,526 263 2,889 i 67,793 20 952 7,713 82,156 Chicago 10,264 5,781 | 190,091 2,105 525 3,616 212,382 St. Louis 231 224 2,353 69,421 430 519 568 7,102 80,848 Minneapolis 351 1,020 42 ! 37,663 7,750 22 409 47,257 Kansas City.... 2,773 18,840 1,821 i 40,548 8,375 1,231 11,630 85,224 Dallas 10,204 8,627 1,006 j 25,344 724 9,036 54,941 San Francisco.. 4,195 4,034 ! 74,387 10 619 6,624 93,556 Total.., 34,088 32,793 ! 201,553 | 1,559,119 j 20,546 j 8,561 981 92,771 1,950,412 Per cent 1.7 1.7 10.3 ! 79.9 I 1.1 0.4 O.i 4.8 100.0 Total, April, 1918. 9,379 30,148 147,631 i 491,221 19,641 19,171 1 84,552 901,743 Per cent 1.0 3.3 16.4 54.5 i 2.2 2.1 20.5 100.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1, 1919. FEDEKAL RESERVE BULLETIN. 593 Acceptances purchased and held by each Federal Reserve Bank on Apr. 30,1919, distributed by classes of accepting institutions. [In thousands of dollars; i. e., 000 omitted.] Bank acceptances. Trade acceptances. Federal Reserve Bank. i ! M b e a m nk b s e . r m p t N c a e r o n m u o m i n s b e t - - s e . r m b S N e a t m n o a k n t b e - s e . r P b r a i n v k a s te . b a F g r b o a e a a n r n n e n c c d i k h i g e e n s s . Total. Do ti m c. es- Total. G to r t a a n l d . Boston i 9,660 225 i 580 1,644 151 12,260 12,260 New York 26,150 1,128 i 5,920 4,022 2,197 39,417 1,085 1,085 40,502 Philadelphia j 169 351 171 691 691 Clevaland I 15,991 788 737 2,187 947 20,650 58 20,708 Richmond 7,513 5 7,518 7,518 Atlanta ! 5,992 13 6,005 6,005 Chicago , 23,659 181 441 24 I 24,305 13 24,318 8t. Louis ! 4,004 40 ' 192 41 500 i 4,777 4,777 Minneapolis ; 13,222 473 719 1,513-! 15,927 15,927 Kansas City 2,939 -25", 395 4 100 : 3,463 3,463 ©alias 1,788 !! 1,788 1,788 San Francisco 29,163 "769";" 3,474 4,751 2,798 i 40,955 1,407 1,407 42,362 •Total: A M p a r r . . 3 3 0 1 , , 1 1 9 9 1 1 9 9 1 1 4 8 0 5 , , 2 2 5 0 0 7 2 2, , 1 4 7 2 2 5 : 1 1 2 5 , , 3 5 2 6 1 1 i | 1 1 3 5 , ,2 9 6 8 3 0 1 8 2 , , 2 88 3 5 0 i ! 2 1 3 7 1 7, , 7 0 5 8 6 8 31 5 9 8 2 4 , , 5 2 0 0 5 7 2 4, , 5 5 2 6 6 3 2 1 3 8 5 0, , 3 6 1 1 9 4 Feb. 28,1919 219,323 2,418 : 15,110 i 22,062 13,586 I272,499 730 3,690 4,420 276,919 Apr. 30,1918 248,390 654 ! 2,907 i 25,921 10,304 !288,176 128 9,151 9,279 297,455 Apr. 30,1917 45,247 13,531 I 327 | 17,096 344 . 76,545 1,371 77,916 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

594 FEDERAL, RESERVE BULLETIN". JUNE 1, 1919. OPERATIONS OF THE FEDERAL RESERVE BANKS. Redemption by the Treasury of the first two 25 and May 16 from 191.5 to 204.1 millions, series of certificates issued in anticipation of this increase corresponding to an increase durthe Victory loan, issuance of the tenth series ing the period from 158.8 to 168 millions in of 591.3 millions of certificates on May 1, and Federal Reserve bank-note circulation. On receipt on May 20 of the first payment on the the following Friday the New York bank shows Victory loan are the principal fiscal operations liquidation of over 7 millions of certificates reflected in the weekly statements of the Fed- temporarily purchased for the accommodation eral Reserve Banks covering the period April of nonmember banks, while total certificate 25 to May 23. The result of all these opera- holdings, as the result of additional purchases tions is seen in a continuous increase oi the by other Federal Reserve Banks, show a decline holdings of war paper between April 25 and for the week of only 4.3 millions, the May 23 May 16 from 1,760.7 to 1,863.5 millions, and a holdings, 199.7 millions, being 8.2 millions in decline to 1,762.5 millions following the first excess of the April 25 holdings. Total earning payment on account of Victory notes by the assets increased during the period by about banks and other subscription agencies. Other 4 millions, and on May 23 stood at 2,359 discounts declined from 189.7 to 175.5 millions millions. on May 16, when total discounts for the first Largely as the result of further Government time were in excess of 2 billions, and on May deposits the gold resources of the banks in- 23 stood at 176.4 millions. On both the initial creased from 2,169.2 to 2,178.7 millions. Net and final dates the share of war paper in the deposits show a practically parallel movement total discounts was slightly in excess of 90 with discounts and on May 16 stood at 1,865.3 per cent, larger percentages obtaining for the millions. On May 25, in jkeeping with the conthree eastern, also the Cleveland and Chicago siderable reductions in discounts, a decline of banks. net deposits to 1,797.5 millions is noted, which War paper held under rediscount for other is 45.4 millions in excess of the corresponding Federal Reserve Banks shows a decline in vol- April 25 total. Figures of Federal Reserve ume from 91 millions on April 25 to 85.7 mil- note circulation, except for one week, show a lions on May 16, the total rising, however, to continuous decline, the May 25 total of 2,504.3 109.3 on the following Friday. Interbank millions being 45.3 millions below the total transactions include also purchases from other shown four weeks before, and even slightly be- Federal Reserve Banks of bankers' acceptances low the total reported on October 25, 1918. with the sellers' indorsement or without such As the result of these developments the reserve indorsement. During the month the holdings percentage of the banks, after a decline to 51.1 of acceptances purchased from the Boston per cent on May 16, shows a rise to 52.3 per bank with the bank's indorsement declined cent, which is 2 points higher than the April from 7.2 to 1.9 millions, while holdings of ac- 25 percentage. ceptances purchased from the New York bank During the period under review the paid-in without the selling bank's indorsement, in- capital of the Federal Reserve Banks, largely creased from 26.4 to 28.5 millions. Total ac- as the result of accession of new members, inceptances on hand went up from 185.8 to creased by over one-half million dollars, all 193.2 millions, San Francisco showing the larg- the banks except Cleveland and Minneapolis est gain in acceptances on hand, bought largely reporting increases in their capital account. from the New York bank. Apart from New York, which reports a gain of Treasury certificate holdings, chiefly of the $246,000 in its capital account, substantial inone-year 2 per cent type to secure Federal Re- creases in paid-in capital are shown for the serve note circulation, increased between April San Francisco, Boston, and Philadelphia banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1,1919. FEDERAL RESERVE BULLETIN. 595 Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, May 2 to May 23, 1919. RESOURCES, fin thousands of dollars; i. e., 000 omitted.] B to o n s- . Y N o e r w k. P p d h h c i i l l a - a . - !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. is. M ap i o n l n i e s. - K C a i n ty s . as Dallas. F c S i r s a a c n n o - . Total. Gold coin and certificates: May2 3,530 256,021 316 25,259 2,226 8,102 3,967 8,347 128 7,172 8,744 346,707 May9 3,778 255,610 607 I 25,539 2,298 8,160 23,111 2,065 8,411 161 7,210 8,847 345,797 May 16 3,117 254,301 543 | 15; 431 2,161 7,795 23,164 3,974 8,347 104 7,204 9,083 335,224 May 23 3,475 253,779 606 ; 27,263 2,166 7,876 23,046 3,921 8,345 135 7,245 9,140 346,997 Gold settlement fund, Federal Reserve Board: May 2 28,317 199,568 41,978 ; 54,706 21,658 7,168 126,186 27,893 27,890 6,081 31,292 600,989 May 9 36,148 130,017 42,651 ! 49,649 24,527 10,945 124,955 33,248 36,537 34,271 4,206 41,928 569,082 May 16 49,998 80,956 46,714 ! 69,520 22,028 12,400 120,431 34,975 30,954 39,829 5,147 36,002 548,954 May 28 38,814 178,524 40,852 | 50,691 34,185 12,633 111,062 18,493 13,961 6,513 27,438 572,001 Gold with Federal Reserve j agents: j May 2 58,201 276,095 72,113 1130,704 34,796 45,838 253,447 44,811 32,126 33,743 16,431 106,394 1,104,699 May 9 55,319 290,073 69,393 1132,239 32,975 45,141 267,308 50,032 36,464 32,791 15,998 106,465 1,134,198 May 16 1 52,327 289,339 65,300 !l42,853 30,331 42,665 270,078 58,270 42,863 31,697 17,157 108,023 1,150,903 May 23 1 59,975 287,679 71,137 J129,677 28,178 41,699 267,507 58,198 41,310 30,567 16,391 107,507 1,139,825 Gold redemption fund: ! May 2 j 13,560 25,000 11,292 j 2,132 12,491 5,072 j 23,450 5,313 3,768 8,505 2,824 816 114,223 May 9 | 16,321 25,000 13,838 2,789 13,899 44, <-T- 2o6fl, 0n7-8o 3,891 4,366 9,362 3,218 1,734 125,271 May 16 i 19,173 25,000 18,018 1,143 15,815 6,666 30,164 4,465 4,987 10,361 2,008 2,956 140,756 "M ay 2—3 ' 11,282 24,942 11,236 7,138 6,021 33,071 5,239 5,324 11,341 2,653 979 119,916 Total gold reserves: May 2 103,608 756,684 125,699 1212,801 71,163 66,180 1425,978 82,351 72,134 70,266 32,508 147,246 2,166,618 May 9 111, 566 700,700 126,489 1210,216 73,699 69,021 441,452 89,236 85,778 76,585 30,632 158,974 2,174,348 May 16 124,615 649,596 130,575 1228,947 7• W0J, 3VW3V5 II WJ6 9W,M5J.26443,837 101,684 87,151 81,991 31,516 156,064 2,175,837 May 23 113,546 744,924 123,831 '-208,321 7711,666677 6688,222299 434,686 85,851 68,940 80,878 32,802 145,064 2,178,739 Legal tender notes, silver, etc.: "May 2 7,952 52,221 823 |1,191 557 1,416 1,127 2,368 74 127 2,323 422 70,601 May 9 7,251 51,370 418 '1,115 449 1,575 1,146 2,436 84 131 2,211 250 68,436 Mayl6 j 7,437 52,679 1,187 324 1,660 1,286 2,227 71 143 2,245 369 70,020 May 23 i 7,716 51,712 571 1,070 436 1,800 j 1,052 2,208 116 133 2,165 215 69,194 Total cash reserves: May 2 111,560 808,905 126,522 :213,992 71,720 67,596 1427,105 84,719 72,208 70,393 34,831 147,668 I 2,237,219 May 9 118.,,817 752,070 126,907 211,331 74,148 70,596 (442,598 91,672 85,862 76,716 32,843 159,224 2,242,784 May 16 1132,052 702,275 130,967 230,134 70,659 71,186 J445,128 103,911 87,222 82,134 33,761 156,433 2,245,857 May 23 J121,262 796,636 124,402 209,391 72,103 70,029 1435,738 88,059 (59,056 | 81,01131,967 145,279 2,247,933 Bills discounted: | Secured by Government ! war obligations—1 i May 2." 158,981 678,623 180,939 135,096 86,677 72,772 j209,305 68,052 41,835 53,836 20,923 81,029 1,788,068 May 9 il45,668 741,711 178,113 il26,460 87,626 72,241 200,037 59,592 36,688 54,083 20,478 73,038 1,795,735 May 16 !l52,500 792,953 1182,468 Ill5,743 85,677 74,017 1202,391 56,384 43,191 54,572 2«;i35 77,795 1,863|476 May 23 144,102 708,974 170,315 ; 134,152 81,413 70,909 |201,723 61,625 47,345 51,720 19,354 70,855 1,762,487 All other— | May 2 ...! 4,576 22,028 11,759 5,229 12,010 11,436 j 14,473 9,680 5,059 39,363 28,198 14,904 178,715 May 9 j 4,499 20,174 l 12,240 5,223 11,237 11,681 14,266 8,003 6,795 34,700 28,128 15,622 172,568 May 16 4,966 32,618 13,408 4,923 11,547 11,636 13,184 8,241 4,088 29,588 26,951 14,314 175,464 May 23 ! 5,199 23,422 12,378 5,206 12,190 13,479 14,882 8,726 8,094 31,339 26,986 14,478 176,379 Bills bought in open market:2 I May 2 ! 13,180 47,311 691 22,652 7,578 6,034 26,306 4,263 15,066 3,153 1,688 47,362 195,284 May 9 13,932 43,737 930 20,881 7,655 6,101 28,952 3,806 12,278 2,827 1,498 45,036 182,036 May 16 15,204 42,691 922 ! 20,464 7,740 5,611 24,412 3,668 10,417 1,762 1,073 50,723 184,717 May 23 15,859 44,424 918 21,562 7,083 5,151 28,332 4,443 8,469 1,061 1,063 54,822 193,187 United States Government I bonds: May 2 I 1,305 1,385 1,083 1,234 377 4,476 1,153 115 8,867 3,966 2,632 27,132 May 9 , 1,304 I 1,385 1,083 1,234 377 4,476 1,153 128 8,867 3,966 2,632 27,144 May 16 539 1,303 1,385 1,083 1,234 376 4,476 1,153 116 3,966 2,632 27,131 May 23 ! 556 1,303 1,385 1,083 1,234 377 4,476 1,153 116 3,966 2,632 27,149 United States Victory notes: : May 16 ' 11 19 May 23 | 10 17 United States certificates of j indebtedness: i May 2 i 16,916 69,353 18,260 i 16,048 5,360 8,974 19,612 13,568 8,883 6,444 4,900 5,944 194,262 Ma v 9 i 16,916 74, 722 18,690 ! 16,048 5,460 9,024 20,612 14,190 9,335 6,532 4,900 5/934 202,363 May 16 i 16,916 75,410 18,690 16,004 5,460 9,634 20,612 14,682 9,279 6,495 4,900 6,000 204,082 May 23 ! 16,916 19,690 16,442 5,860 9,509 20,612 14,682 9,028 6', 453 4,900 7,320 199,748 Total earning assets: ! May 2 J194,192 818,620 213,034 i 180,108112,859 99,593 274,172 96,716 70,958 111,663 59,675 151,871 2,383,461 May 9 ,181,554 881,648 211,358 1169,695 113,112 99,427 263,343 86, 744 65,224 106,509 58,970 112,262 2,379,846 May 16 Il89,775 944,975 216,873 158,217 111,658101,312 265,075 84,128 67,102 101,285 63,025 151,464 2,454,889 May 23... 182,632 846,459 204,686 178,445 107,780 99,432 270,025 90,629 73,062 "441 56,269 150,107 2,358,967 Bank premises: May 2 800 3,772 500 875 312 217 2,936 541 400 221 400 10,974 May 9 800 3,772 500 875 312 217 2,936 541 400 221 400 10,974 May 16 800 3,772 500 875 312 218 2,936 541 401 ! 221 400 10,976 May 23 800 3,772 500 875 312 218 2,936 541 401 i 221 400 10,976 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

596 FEDERAL, RESERVE BULLETIN. JUNE 1,1919: Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, May 2 to 23, 1919—Contd. RESOURCES—Continued. [In thousands of dollars; i. e., 000 omitted.] ! Bos- Y N o e r w k. l ^ e x i -o ? " ! I 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 - . M ap i o n l n is e . - K C a i n ty s . as Dallas. F c S i r s a a c n n o - . Total. Uncollected items and other deductions from gross deposits: May 2 55,940 65,638 I 53,488 42,662 30,810 84,530 39,507 16,188 49,560 25,711 27,823 ! 653,926 May 9 51,628 159,230 59,807 52,314 41,107 32,147 70,323 45,451 15,456 48,467 22,9145 27,959 i 626,034 May 16 64, 726 175,832 63,270 I 63,028 45,301 37,082 81,079 48,067 16,227 54,413 24,354 35,976 709,355 May 23 57,948 155,917 65,539 ! 55,886 43,837 37,638 83,142 45,894 17,312 56,968 26,581 33,136 679,798 5 per cent redemption fund against Federal Reserve bank notes: May 2 831 1,830 875 791 463 1,266 510 359 714 358 359 8,636 May9...r 831 1,854 170 763 248 443 1,158 597 327 730 379 358 7,858 May 16 843 1,851 925 797 196 449 1,566 571 267 729 371 359 8,924 May 23 841 1,852 925 770 196 450 469 415 730 379 358 8,271 All other resources: May 2 292 1,943 927 426 243 331 198 423 585 981 8,010 May 9 435 2,074 1,534 527 545 308 956 370 204 394 .,038 842 9,227 May 16 361 2,255 1,006 571 1,942 315 1,109 425 195 427 701 935 10,242 May 23 418 3,043 1,205 700 312 1,205 433 204 440 723 1,000 10,289 Total resources: May 2 363,615 1,797,139 407,496 449,680 228,631 198,922 t790,872 222,324 159,911 233,153 121,381 329,102 5,302,226 May 9 354,065 1,800,648 400,276 435,505 229,472 203,138 1781,314 225,375 167,073 233,216 115,596 331,045 5,276,723 May 16 388,557 1,830,960 !413,541 453,622 230,068 210,562 '796,888 237,643 171,013 239,389 345,567 5,440,243 May 23 363,901 1,807,679 ;397,257 446,067 224,834 208,079 1793,932 226,025 160,049 238,991 119,140 330,280 5,316,234 i Includes bills discounted for other Federal Reserve Banks: May 2 28,500 60,242 10,000 98,742 May 9 19,985 !. 63,854 10,000 93,839 May 16 9,965 I. 60,688 15,000 85,653 May 23 I 29,486 54,788 10,000 15,000 109,274 J Includes bankers' acceptances bought from other Federal Reserve Banks: With their indorsement- May 2 4,625 i i 150 4,812 May 9 4,229 i I 4,229 M M a a y y 2 1 3 6 3 1 , 8 5 " 9 ~ 7 ; -I* 3 1 , ,8 5 6 9 0 7 Without their indorsement— May 2 5,042 23,062 31,084 May 9 356 3,139 22,767 26,262 May 16 254 1,617 27,493 May 23 70 28,413 28,483 LIABILITIES. ! Capital paid in: May 2 6,845 21,201 7,597 9,226 4,192 3,237 11,406 2,977 3,751 3,235 4,703 82,198 May9 6,908 21,226 7,597 9,166 4,191 3,240 11,404 2,980 3,749 3,235 4,703 82,228 Mayl6 6,848 21 343 7,597 9,200 4,193 3,241 11,434 3,838 2,982 3,778 3,235 4,708 82,397 May23 6,849 21,345 | 7,630 9,225 4,195 3,241 11,441 3,861 2,977 3,784 3,235 4,770 82,553 Surplus fund: I£ay2 2,996 21,117 | 2,608 3,552 2,196 1,510 6,416 1,603 1,415 2,421 1,184 2,448 49,466 May 9 2,996 21,117 I 2,608 3,552 2,196 1,510 6,416 1,603 1,415 2,421 1,184 2,448 49,466 May 16 2,996 21 117 ;2,608 3,552 2,196 1,510 6,416 1,603 1,415 2,421 1,184 2,448 49,466 May23 2,996 21 117 2,608 3,552 2,196 1,510 6,416 1,603 1,415 2,421 1,184 2,448 49,466 Government deposits: May2 12,814 27,912 : 11,835 20,070 4,009 2,718 27,912 10,341 3,519 7,311 5,440 9,392 143,273 May9 7,557 19,753 i 6,100 2,139 2,797 18,424 5,848 4,259 2,109 1,511 9,875 89,761 May 16 29,687 21,581 i 18,040 17,155 3,165 ! 10,055 27,010 12,184 12,217 8,472 8,809 17,466 185,841 May23 9,605 7,215 I 11,194 9,032 7,518 7,386 29,027 6,864 2,845 4,237 1,677 3,399 99,999 Due to members—reserve account: May 2 102,484 691,492 I 96,718 128,188 j52,007 i 43,486 233,490 57,776 47,583 71,616 39,394 80,200 1,644,434 May 9 99,578 706,952 |107,433 125,356 |54,409 I 46,688 237,826 58,066 50,654 77,356 40,520 84,068 1,688,906 May 16 104,562 731,494 96,420 130,508 i52,847 i 45,902 ;237,518 63,175 ! 49,642 75,508 39,762 86,003 1,713,341 May 23 103,744 733,225 88,967 133,287 I51,291 i 44,673 235,195 58,947 i 48,070 71,545 40,794 87,786 1,697,524 Deferred availability items: May 2 41,403 132,628 64,278 42,684 36,092 | 22,574 62,838 30,634 9,783 34,813 16,270 18,706 512,703 May 9 40,795 120,475 51,993 42,226 38,171 23,061 54,799 j 37,743 12,294 34,273 12,856 14,815 483,501 May 16 52,245 131,688 : 62,571 50,338 41,867 26,463 65,624 | 36,676 j 11,23135,955 14,402 20,642 549,702 Mav23 50,875 126,889 | 63,801 47,704 36,131 28,455 61,670 I 36,294 | 11,50936,267 17,693 20,354 537,642 Other deposits, including for- ! I eign government credits: May2 1,272 115,335 I 885 871 77 159 2,071 i 313 ; 285 561 41 6,596 128,466 May9 1,318 113,039 ' 682 778 365 ' 170 3,259 | 714 ; 1,219 1,098 697 5,836 129,175 May 16 1,457 113,626 | 679 265 61 ' 113 401 j 412 2,111 141 5,891 125,786 May23 1,045 114,524 j 742 863 401 ; 293 748 ;1,510 10,919 318 6,167 142,138 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1,1919. FEDERAL RESERVE BULLETIN. 597 Resources and liabilities of each Federal Reserve Bank at.close of business on Fridays, May2 to May 2$', 1919—Continued. LIABILITIES—Continued. [In thousands of dollars; l. e., 000 omitted.] B to o n s- . Y N o e r w k. P p d h h e i i l l - a a . - C la le n v d e , - r R no ic n h d - . la A n t t - a . c C a h g i e - . Lo S u t. is. M ap i o n l n i e s. - City. Dallas. F c S i r s a a c n n o - . Total. Total gross deposits: Mav2 157,973 967,367 .73,716 191,813 92,185 68,937 326,311 99,064 61,170 114,301 61,145 114,894 2,428,876 May 9 149,248 960,219 .66,208 177,749 95,084 72,716 102,371 68,426 114,836 55,584 114,594 2,391,343 May 16 187,951 .77,710 198,266 97,940 82,533 330.781 112,436 73,502 122,046 63,114 130,002 2,574,670 May 23 105,269 981,853 .64,704 190,886 95,341 80,807 330,500 102,853 122,968 117,706 2,477,303 Federal Reserve notesi n actual circulation: May 2 176,931 741,385 204,469 228,202 123,311 1115,539 422,296 1105,020 87,980 97,668 47,935 198,304 2,549,040 Ma'v9 176,024 751,273 203,709 227,838 121,152 1115,854 424,024 |l04,081 87,791 97,037 47,605 200,361 2,556,749 May 16 171,535 742,067 204,912 1225,171 118,764 ! 113,171 422,396 1105,491 86,505 95,835 46,841 j199,291 2,532,039 May 23 169,647 735,462 201,362 |224,788 115,902 |112,264 419,554 103,365 85,006 94,767 46,066 1196,070 2,504,253 Federal Reserve Bank notes in ! circulation—net liability: May 2 .....I 16,495 34,724 16,561 14,773 5,224 8.521 ! 21,426 11,693 5,505 13,262 6,695 6,571 161,450 May 9 16,432 34,985 17.487 14,990 5,240 8,587 i 22,040 12,326 5,570 13,346 6,745 6,667 164,415 May 16 16,592 35,929 17;920 15,129 5,304 8,829 22,590 13,094 5,671 13,465 6,798 6,724 168,045 Mav23 16,466 35,163 18,006 15,176 5,425 8,894 22,472 13,103 5,703 13,101 6,862 6,774- 167,208 All other liabilities: May 2 2,375 ! 11,345 2,545 2,114 1,523 1,178 ! 3,017 1,116 864 1,750 1,187 2,182 31,196 •May 9 2.457 11,828 2,607 2,210 I 1,609 1,231 i 3,122 1,165 891 1,827 1,243 2,272 32,522 May 16 2,575 12,115 2.794 2,304 ! 1,671 1.278 I 3,271 1,181 938 1,844 1,261 2,394 33,626 May 23 2,674 12,739 2,887 2,440 ! 1,775 1,363 ] 3,549 1,240 1,014 1,947 1,311 2,512 35,451 Total liabilities: May 2 363,615 1,797,139 407.496 449,680 |228,631 1198,922; 790,872j222,324 159,911 233,153 121,381 329,102 5,302,226 May 9 354,065 1,800,648 ;276 435,505 1229,472 1203,138781,314 225,375 167,073 233:2161115,596 331,045 5,276,723 May 16 388,557 1,830,900 413,541 453,622 i230,068 [210,5621796,888 237,643 171,013 239,3891122,433 345,567 5,440,243 May 23 363,901 jl, 807,879 397,257 446,067 1221.834 208,079 "93.932 226,025 160,049 238,991 119,140 330,280 5,316,234 MEMORANDA. Contingent liability as indorser on™ Discounted paper rediseounted witb other Federal Reserve Banks— Mav2 35,217 ; 30,000 33,525 98,742 MayS 31,685 : 30,000 32,154 93,839 Mavl.6 25,315 S 35,000 25,338 85,653 May 23 27,341 ! 45,000 I 36,933 109,274 Bankers' acceptances sold to other Federal Reserve Banks- May 2 4,812 4,812 MayS 4,229 4,229 May 16 3,597 3,597 May 23 1,860 1,86© Maturities of bills discounted and bought, also of Treasury certificates of indebtedness. [In thousands of dollars, i. e., 000 omitted.] W d it a h y i s n . 15 1 d 6 a to y s 3 . 0 31 d a to y s 6 . 0 61 d a to y s 9 . 0 O d v a e y r s 9 . 0 Total. Bills discounted: May 2 677,868 558,491 S84,453 5120,066 $25,905 51,960,783 May 9 706,881 49,507 70,308 123,761 17,846 1,9c>8,308 May W 705,491 64,850 ! 70,024 119,99-1 18.584 2,038,940 May 23 675,512 42,344 138,435 60,492 22; 083 1933866 Bills bought: May 2 :... 64,790 40,955 53,034 27,499 195,2S4 May 9 62,919 42,458 55,5S0 21,079 182,036 May 16 , 57,255 40., 139 60, 7S7 2d,536 184,717 May 23 57,635 37,957 I 65,7t>7 31,828 193,187 United States certificates of indebtedness: May 2 29,234 ml 7,017 j 101! 157,842 ! 191,262 MayS 33,827 3.331 j 3,846 I 270 i 161,089 202,363 May 16 34,655 3:392 j 3.971 109 I 101,955 204.082 M23 30,746 '681 i 3,209 I(i3.015 ! 199'. 748 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

598 FEDERAL RESERVE BULLETIN. JUNE 1,1919. FEDERAL RESERVE NOTES. Federal Reserve note account of each Federal Reserve Bank at close of business on Fridays, May 2 to May 28, 1919. [In thousands of dollars, i. e., 000 omitted.1 Boston. Y N o e r w k - . P p d h h e i i l l a - a . - C la le n v d e . - m R o ic n h d - . la A nt t- a. Chi- 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. Federal Reserve notes received from agents: May 2 182,968 816,164 '213,581 241,171 128,139 119,338 450,142 118,545 89,392 103,090 49,025 219,719 2,731,274 May 9 182,086 817,763 j 214,301239,186 127,038 120,121 454,003 118,106 89,330 102,688 49,187 221,989 2,735,798 May 16 179,630 832,290 :215,007 238,500 122,695 116,544 456,773 120,044 87,729 101,894 48,672 221,487 2,741,265 May 23 177,242 I 831,870 J2}3,644 238,624 121,141 116,459 454,202 118,932 86,876 100,964 47,866 217,971 2,725,791 Federal Reserve notes held by i bank: May2 6,037 74,779 ! 9,112 12,969 4,828 3,799 27,846 13,525 1,412 5,422 1,090 21,415 182,234 May9 6,062 66,490 i 10,592 11,348 5,886 4,267 29,979 14,025 1,539 5,651 1,582 21,628 179,049 May 16 8,035 90,223 ! 10,095 13,329 3,931 3,373 34,377 14,553 1,224 6,059 1,831 22,196 209,226 May 23 7,595 96,408 i 12,282 13,836 5,23;9 4,195 34,648 15,567 1,870 6,197 1,800 21,90,1 221,538 Federal Reserve notes in actual circulation: May 2 176,931 741,385 1204,469 228,202 123,311 115,539 422,296 105,020 87,980 97,668 47,935 198,304 2,549,040 May9 176,024 751,273 1203,709 227,838 121,152 115,854 424,024 104,081 87,791 97,037 47,605 1200,361 2,556,749 May 16 171,595 742,067 .204,912 225,171 118,764 113,171 422,396 105,491 88,505 95,835 46,841 199,291 2,532,039 May 23 169,647 735,462 ; 201,362224,788 115,902 112,264 419,554 103,365 85,006 94,767 46,066 196,070 2,504,253 Gold deposited with or to credit of Federal Reserve agent: May2 58,201 276,095 | 72,113 130,704 34,796 45,838 253,447 44,811 j 32,126 33,743 16,431 106,394 1,104,699 May 9 55,319 290,073 : 69,393 132,239 32,975 45,141 267/308 50,032 | 36,464 32,791 15,998 106,465 1,134,198 May 16 52,327 289,339 65,300 142,853 30,331 42,665 270,078 58,270 42,863 31,697 17,157 108,023 j 1,150,903 May23 59,975 287,679 71,137 129,677 28,178 41^699 267,507 58,198 41,310 30,567 16,391 107,507 1,139,825 Paper delivered to Federal Reserve agent: May 2 176,737 747,962 143,758 161,683 101,500 82,459 250,084 81,133 61,762 96,352 50,809 115,526 2,069,765 May 9 164,099 805,622 ; 146,508151,734 101>942 87,910 238,255 71,287 54,927 91,110 50,104 123,564 2,087,, 062 May 16 172,320 868,292 150,542 140,041 96,144 80,535 223399,998877 6677,664466 ! 5577,110099 85,922 54,159 122,874 2,135,541 May 23 165,160 776,820 144,864 159,048 84,034 244,916 I 66,280 j 60,17184,120 47,403 123,359 2,052,784 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1, 1919. FEDERAL RESERVE BULLETIN. 599 Federal Reserve note account of each Federal Reserve agent at close of business on Fridays, May 2 to May 23,1919, [In thousands of dollars, i. e., 000 omitted.] f P p d h h e i i l l a - a . - C la le n v d e . - m R o ic n h d - . la A n t t - a. Chi- Lo S u t. is. MM ap i o n ll n ii e s . - K CC aa ii n ty s . as F c S i r s a a c n n o - . Total. FEDERAL RESERVE NOTES. Received from Comptroller: May 2 304,680 1,493,380 352,820 347,320 222,220•221,000 -591,720191,020 ^30,880 161,800 j101,960 271,320 4,390,120 k: May 9 i305,560 1,513,480 352,820 348,800 222,720j222,000•592,640j 192,660 130,880162,300 101,960 273,320)4,419,140 / May 16 1306,400 1,533,380 352,820 349,800 222,720j222,000 602,280|195;860 130,880 162,300 101,960 275,26014,455,660 May 23 307,200 1,546,780 358,740 353,400 222,720|222,000 604,480'196,220 130,880 162,300 103,160 276,260.'4)484,140 Returned to Comptroller: May 2 93,212 i 533,616 120,879 74,229 65,971I 42,7421108,098 52,695 28,648 i 44,580 29,830 47,401 1,241,901 May 9 96,094 ; 552,117 J123.599 77,194 67,792 I 43,439 111,197 54,474 29,310 !45,532 30,263 48,331 1,279,342 May 16 99,050 , 557,490 128,693 79,580 70,435 i 45,916 116,227 56,236 30,011 !46,626 30,603 50,773 1,311,640 May 23 101,438 • 571,310 132.856 82,256 72,589 I 46,881 119,918 58,308 30,664 ! 47,756 31,369 52,289 1,347,634 Chargeable to Federal Reserve j ; | agent: ; May 2 211,468 - 959,764 ,231,941 J273,091 156,249 178,258 483,622 138,325 102,232 117,220 72,130 223,919 3,148,219 May 9 1209,466 ; 961,363 1229,221 -271,606 154,928 !l78,561 481,443 |138,186 101,570 116,768 71,697 224,989 3,139,798 May 16 |207,350 \ 975,890 J224,127 \ 270,220152,285 176,084 '486,053 il39,624 100,869 115,674 71,357 1224,487 3,144,020 May 23 -205,762 i 975,470 i225,884 j271,144 150,131 175,119 484,562 |l37,912 '100,216 114,544 71,791 223,971 3,136,506 In hands of Federal Reserve | \ agent: ; May 2 •• 28,500 ! 143,600 18,360 ! 31,920 28,110 j 58,920 33,480 I 19,780 i 12,840 !14,130 23,105 ! 4,200 416,945 May 9 ! 27,380 [ 143,600 14,920 : 32,420 27,890 j 58,440 27,440 i 20,080 i 12,240 j14,080 22,510 : 3,000 404,000 May 16 27,720 , 143,600 9,120 ! 31,720 I 29,590 I 59,54029,280 19,580 ! 13,140 13,780 22,685 i 3,000 402,755 May 23 28,520 ; 143,600 12,240 j 32,520 28.990 ! 58,66030*360 18,980 13,340 13,580 | 23,925 :! 6,000 410,715 Iss ued to Federal Reserve B ank less amount returned to Fed- ; i eral Reserve agent for re- ! : demption: • ! May 2 182,968 '- 816,164 213>581 |241,171 128,139 119,338 450,142 118,545 j 89,392 |1O3,O9O 49,025 ;219,719 j2,731,274 May 9 182,086 i 817,763 214,301 1239,186 127,038 120,121 454,003 118,106 I 89,330 102,688 49,187 221,989 i 2,735,798 May 16 179,630 i 832,290 215,007 1238,500 122,695 ! 116,544456,773 1120,044 j 87,729 i 101,894 48,672 i22l,487 |2,741,265 May 23 177,242 831,870 213,644 1238,624 121-141 ,116.459 454,202 118,932 | 86,876 (100,964 47,866 1217,971 !2,725,791 Collateral held as security for , outstanding notes: : ( Gold coin and certificates i on hand— i ! I May 2 183,740 19,625 2,500 ! : .j 13,052 11,581 230,498 May 9 183,740 i 19,625 2,500 j I 2,0I ! 13,052 11,581 232,498 May 16 ; ; 183,740 I 29,625 2,500 ! ! .i 13,052 11,581 240,498 May 23 i 183,740 17,625 2,500 .; 13,052 11,581 Gold redemption fund— I May 2 11,201 17,355 10,224; 11,079 2,796 3,338 4,982 2,380 1,674 ; 2,383 2,666 14,016 84,094 May-9 10,319 ! 16,333 12,504, 12,614 2,975 2,641 5,884 2,601 1,012 | 1,431 2,733 13,086 84,133 May 16 10,327 ! 15,599 12,411 i 13,228 2,331 2,165 5,853 2,840 3,311 i 2,337 2,892 11,790 85,094 May 23 9,975 i 13,939 13,248i 12,052 2,178 4,199 5,162 2,767 = 2,658 1,207 2,626 11,208 81,219 Gold settlement fund, Fed- ! eral Reserve Board: : May 2 47,000 , 75,000 : 61,889 100,00032,000 40,000 248,465 42,431 17,400 j 31,360 I 2,184 92,378 790,107 May 9 45,000 \ 90,000 j 56,889 100,000 30,000 40,000 261,424 45,431 22,400 ! 31,360 1,684 93,379 817,567 May 16 42,000 i 90,000 i 52,889 1100,000 28,000 38,000 1264,225 55,430 26,500 I 29,360 2,684 96,233 j 825,321 May23 50,000 , 90,000 57,889 \ 100,000 26,000 35,000 1262,345 55,431 25,600 i 29,360 2,184 96,299 830,108 Eligible paper minimum | required:l ! May 2 124.767 540,069 141,468 1110,467 93,343 73,500 196,695 73,734 57,266 69,347 32,594 113,325 1,626,575 May 9 126' 767 527,690 144,908 1106,947 94,063 74,980 [186,695 68,074 52,866 ! 69,897 33,189 115,524 1,601,600 May 16 127,303 542,951 149,707 I 95,647 92,364 73,879 .; 1 86,,6 95 61,774 44,866 i 70,197 31,515 113,464 1.590.362 May 23 117,207 544!191 142,507 108,947 92,963 74,780 186,695 60,734 45,566 i 70,397 31,475 110,464 i;585;966 1 For actual amounts see "Paper delivered to Federal Reserve agent,""on p. 59; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

600 FEDERAL RESERVE BULLETIN. JUNE 1,1019. CONDITION OF SELECTED MEMBER BANKS. Weekly condition reports of 773 member due to the inclusion by some of the banks of banks in about 100 leading cities of the five Vic tor}'notes under this head. Holdingsof these weeks between April 18 and May 23 indicate a notes will be segregated in the future and more net increase in United States securities (other accurate figures will then become available. than circulation bonds) from 2/716.8 to 2,904.8 During the five weeks under review aggremillions on Ma}' 16. and a decline to 2,642.7 gate holdings of United States war securities millions on May 23 following the first payment and war paper increased from 3,810.7 to by the banks on account of the Victory loan. 3,822.3 millions. Between October 25, 1918, Treasury certificates went up from 2,079.5 to the Friday following the issue of the fourth 2,328.1 on May 2, the day following the issue of war loan, and May 23 the combined amount of 591.2 millions of the tenth series of these certifi- United States war securities and war paper cates, in anticipation of the latest loan. Since held by all reporting banks shows an increase then as the result mainly of deliveries to the of about 690 millions. It should be noted, Federal Reserve Banks in payment or Victory though, that the October 25 total refers to 750 notes the total reported holdings have gone banks only, as against 773 banks reporting on down to 1,777.9 millions, or 301.6 millions the later date. Of the loans and investments below the total given for April 18. Other of all reporting banks the combined amount of United States securities, including probably the United States war securities and war paper bulk of Victory note holdings, but exclusive of constituted 26.2 per cent on May 23, compared circulation bonds, show small though con- with 26.6 per cent on April 18 and 22.3 per tinuous weekly additions to May 16 and an cent on October 25 of the past year. For the increase of 182.3 millions for the week ending member banks in New York City this percen- May 23, the net addition for the period amount- tage shows a rise between October, 1918, and ing to about 234.5 millions. April 18 of the present year from 24.7 to 31 per cent and since then a decline to 28.5 per cent. For the New York City banks liquidation of 186.8 millions of Treasury certificates and an Government deposits fluctuated during the increase of 41.2 millions in other United States weeks between 434.8 millions.on May 16 and securities are noted. For the banks in all 727.9 millions on May 2, the day following the twelve Federal Reserve Bank cities corre- issue of the tenth certificate series; the May sponding changes include a decrease of 249.4 23 total being 24.8 millions below the total millions in certificates and an increase of 124.3 reported five weeks earlier. Other demand millions in other United States securities. deposits (net) show a steady growth between Loans secured by United States war obliga- April 18 and May 16. The decrease of over tions (largely Liberty bonds and Victory notes) 200 millions noted for the following week show a slight decline up to May 16. For the apparently represents in part drafts of country following week an increase of nearly 100 millions banks on correspondents in the large cities in in these loans is seen, this increase apparently connection with Victory loan operations. No representing cutsomers' loans secured by newly appreciable differences appear in the total of issued Victory notes. Other loans and invest- time deposits. Cash in vault went up 9.2 ments, after a slight decline during the week millions, while reserve balances (with the ending April 25, show a steady increase to the Federal Reserve Banks) in keeping with the end of the period under review, the May 23 growth in demand, other than Government total, 10,515.1 millions, being 248.4 millions in deposits, show an increase of 22 millions. Over excess of the corresponding total for April 18. one-half of this increase is reported by the It is possible that a small part of the increase is | member banks in New York City. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1,1919. FEDERAL RESERVE BULLETIN. 601 Principal resources and liabilities of member banks in leading cities, including member batiks located in Federal Reserve Bank cities and in Federal Reserve branch cities as at close of business on Fridays, from Apr. 25 to May 23, 1919. 1. ALL REPORTING MEMBER BANKS. [In thousands of dollars; i. e., 000 omitted.) ! B t» o n s . - Y N o ew rk. d P el h p i h la ia - . i ! ! C la le n v d e . - m R o ic n h d - . 1 i la A n t t - a. i • Lo S u t. i s. ' I M ap in o n li e s - . K C a i n t s y a . s: '! Dallas. F c S i r s a a c n n o - . I Total. Number of reporting banks: Apr. 25.. loo 101 37 53 772 May 2 101 53 771 May 9 106 101 53 773 May 16 108 101 53 773 May 23 108 101 53 773 United States bonds to secure circulation: Apr. 25 14,402 49,647 11,597 40,960 25,270 ! 15,265 19,911 ! 16,908 6,870 13,984 18,324 35,685 ! 268,823 May 2 14,402 50.092 11,597 40,961 25,270 I 15', 265 19,911 16,906 6,870 14,004 18,324 35,685 ! 269,287 May9 14,402 49,792 11,597 40,961 25', 270 i 15,500 19,911 16.956 6,867 14,009 18,324 34.599 268,188 May 16 14,402 49,64(5 11,597 40,9(50 25,27* j 15,450 19,912 17; 056 6, S70 14.009 18,324 34,599 268,095 May 23 14,208 1 49,645 11,597 40,960 25,270 15,515 20,112 17,106 6,870 14,009 18,324 34,599 268,215 Other United States bonds, I including Liberty bonds: Apr. 25 19,691 j 297,867 34,314 64,370 47,392 31,370 56,147 17,959 12,207 23.177 20,124 33,079 657,697 May 2 21,115 ! 303.669 35,018 62,599 47,265 34,852 55,805 20,017 12,557 23;337 20,507 32,995 669,736 May 9 22,457 j 301', 565 35,188 63,860 48,911 38,686 59,250 19,219 12,126 22,589 20,728 34,038 j 678,617 May 16 23.244 ! 300,795 34,595 63,195 48,250 41,658 56,947 i 18,068 12,729 24,607 22,089 35,713 682,490 May 23 21.857 i 346,683 51,895 89,500 57,643 48,025 107,194 ! 30,95115,078 31,522 24,472 40,026 864,846 United States certificates of indebtedness: Apr. 25 115,466 j 937,002 131,858 135,139 75,092 70,035 258,602 73,474 44,834 57,623 34,156 113,077 2,046,358 May 2 138,680 11,061,810 147,606 155,183 85.774 78,693 308,145 80,573 44,931 61,364 43,402 |121, •""* 2,328,124 May 9 126,138 11,036,036 142,982 153,283 84', 090 73,881 291,196 75,996 46,219 68,724 40,157 121,730 i 2,260,432 May 16 124,835 11,0.14,446 142,781 .151,767 83;283 73,666 288,128 74,961 46,150 68,035 37,841 116,439 ! 2,222,332 May23 104,970 772,903 125,165 122,729 70,315 64,484 229,597 59,594 43,309 53,553 36,532 94,717 1,777,868 Total United States securities owned: Apr. 25 149,559 il, 284,516 177,769 240,469 147,754 116,670 334,660 108,341 63,911 94,784 72,604 181,841 ! 2,972,878 May 2 174,197 (1,415,571 194,221 258,743 158.309 128,810 383,861 117,496 64,358 98,705 82,233 1190,643 j 3,267,147 May 9 162,997 ,1,387,393 189,767 258,104 158', 271128,067 370,357 112,171 65,212 105,322 79,209 |19O,367 3,207,237 Mavl6 162,481 jl, 364,887 188,973 255,922 156,803 130,774 364,987 110,685 65,749 106,651 78,254 1186,751 3,172,917 May23 141,035 11,169,231 188,657 253,189 153,228 128,024 356,903 107,651 65,257 99,084 79,328 169,342 2,910,929 Loans secured by United States bonds and certificates: Apr. 25 81,246 542,169 144,911 .100,072 36,799 23,408 92,218 25,452 11,887 12,397 6,749 22,590 1,099,898 May 2 74,913 535,315 144,805 100,237 38,533 22; 481 93,365 25,448 11,797 12.215 6,685 21,539 1,085,333 May 9 80,262 528,570 138,482 '6,688 36,752 22,017 91,498 25,489 11,897 12; 664 6,588 21,591 1,072,498 May 1(5 80'.383 523,3S7 141,913 99,960 37,954 23,142 93,633 25,241 12,419 12,785 6,978 22,305 1,080,080 May 23 88,134 564,583 162,877 109,781 47,540 26,475 96,133 26,444 12,667 13,544 7,058 24,301 1,179,537 Other loans and investments: Apr. 25 , 791,306 4,021,840 614,232 991,584 374,142 302,730 1,394,866 391,674 239,291 447,557 179,606 515,179 10,264,007 May 2 792,192 '4,061,907 618,85.1 990,109 i384,352 300,277 1,410;656 386,252 237,196 445,759 176,689 519,611 110,326,851 May 9 J792J452 14,111,671 623,857 99(5,947 379,839 294,31.61,411,524 385,533 234,450 447,661 175,323 516,299 110,369,872 M-" ay "1 6. 791,296 ! 4,134,789 624,097 994,052 380,030 300,116 1,428,926 381,565 234,294 456,381 179,318 523,647 110,428,511 May 23. 798,615 hi, 176,382 634,230 998,503 1381,301 301,856 1,441,176 386,744 234,078 461,898 179,231 521,082 il0,515,096 Total loans and investments: Apr. 25 1,022,111,5,848.525 >,912 332,125 558,695 442,808 1,821,744 525,4(57 ;31o,089 554,738 258,959 719,610 14,336,783 Mav2 1,041,30216,015; 7931957,877 349.089 579,194 451,5(581,887,882 529,196 1313,351 556,679 1265,607 731.793 14,679,331 May 9 1,035,71116,027,634 952,106 35i;739 574,8(52444,400 1,873,379 523,193 |311,559 565,647 j2(51,12O 728', 25714,649,607 May 16 , 1,034,160*6,023,043 954,983 349,934 574,787 454,032 1,887,546 517,491 1312,462 1575,817 ,264,550 732,703 14,681,508 May23 1,027,78415,910,196 985,764 361,473 582,069 456,355 1,894,212520,839 1312,002 574,526 1265,617 714,725 14,605,562 Reserve with Federal Re- i serve .Bank: Apr. 25 74,363 I 657,301 67,363 85,211 34,0(58 29,518 162,304 39,379 i 22,623 43,766 18.634 53,514 1,288,044 May 2 72,777 | 644,271 67,135 88,354 34,380 28,505 J65,536 37,665 I 21.526 43,292 18;979 50,720 1,273,146 May 9 69,736 j 662,042 68,281 86,059 34,747 31,587 168,617 37,468 22', 222 46,503 19,115 53,062 1,299.739 May 16 71,933 i 678,82G 62,341 93,432 33,582 29,248 167,814 42,455 ! 22,365 46,177 18,855 52,732 1,317; 760 May 23 72,693 |676,067 57,736 92,608 33,223 30,250 160,816 39,899 ! 21,170 40,512 18,946 54,088 1,298,008 Cash in vault: Apr. 25 25,176 121,595 19.293 31,609 17,244 13,103 61,901 9,516 i 9,095 15,738 9,040 19,863 353,173 Mav2 24;578 117,145 17! 789 33,885 16,139 13,632 62,937 9,713 j 8,572 14,981 8,769 19,180 347,320 May 9 23,929 125,162 18', 578 32,206 17,294 13,545 64,988 10,382 : 9,572 15,045 9,768 20,805 36O',887 Mavl6 24,336 121,743 19; 300 34,7U 16,518 13.282 66,263 9,581 ! 9,436 15,137 9,477 ; 20,812 360.596 May 23 22,293 j 122,321 18,927 34,624 17,481 13,166 65,507 9,657 ! 9,485 15,615 9,349 j 20,759 359;184 Net demand deposits on which reserve is computed: Apr. 25 71o,746 14,768,034 654,734 768.909 320,851 1241,744 1,221,368 297,449 i213,107 396.041 '162,072 1449,699 10,209,754 May 2 724,766 14:821,834 656,935 787; 541323,397 245,981 1,235,680 299,990 1221,559 !396;; 920 1163,, 394 11444,4,635 10,322,632 M Ma a y y , 2 9 3 |7 7 7 1 3 4 2 8 i; , , 3 4 3 7 6 3 5 2 2 ! | 1 4 4 4 , , 8 9 ,9 9 2 0 4 6 3 ' . , , 2 9 4 4 5 9 8 8 9 1 6 6 6 6 6 5 1 0 1 , , , 5 8 1 5 7 1 9 5 5 7 7 8 9 8 0 9 4 2 , , , 3 5 5 2 5 3 6 7 7 3 3 2 2 6 2 , , 0 4 4 2 7 4 2 2 2 4 4 5 4 9 0 ', , , 6 0 1 6 5 7 9 8 8 1 1 1 11 , , ,, 2 ,2 ,2 2 2 7 4 7 4 4 ,6 8 6 6 8 , , , 8 4 , 4 8 5 3 3 3 3 6 3 4 3 4 0 i \ i 33 3 . 2 n 2 ,n 0 0 0 88 n , 8 1 1 99 , ,9 8, 6 9 8 , 9 1— 7 1 93 4 , 9 4 3 !!2 . 2 2 —2 2 , 11 33 3, 55 2 2 2 1, , , 7 1 6 7„ 2 7 9 2 7, 6 .9 0 6 9« 44 4 4 4 3 4 3 111 00 99 888 , 77 66 1, , 1 1 111 1 1 30 333 5 0 5 222 3 1 3 1 1 : :: 1 {{ i 1 i7 1 7 1 1 4 6 6 4 6 )i 9 5 9 i99 , 4, 2 4 99 88 7 44 2 I I 4 4 j I : j 5 : 4 5 44 4 44 7 5 7 5 5 5 44 7 77 7 99 66 ,5, , 3 5 5 5 36 5 3 6 33 8 63 8 777 1 6 1 1 1 1 0 0 0 , , , 4 5 3 8 7 7 6 1 0 , , , 5 7 7 4 6 4 7 4 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

602 FEDERAL RESERVE. BULLETIN. JUNE 1,1919. Principal resources and liabilities of member banks in leading cities, including memberlbanhs located in Federal Reserve Bank cities and in Federal Reserve branch cities as at close of business on Fridays, from Apr. 25 to\May 23, 1919—Cont'd. 1. ALL REPORTING MEMBER BANKS—Continued. [In thousands of dollars; i. e., 000 omitted.] Bos- New Phila- Cleve- Rich- At- St. Minne- KansasI San ton. York. delphia, land. mond. lanta. Chicago. Louis. apolis. City. i Dallas. F ci r s a c n o - . Total. Time deposits: Apr. 25 113,264 277,055 22,016 298,332 79,706 112,970 428,979 98,076 53,393 68,516 I 28,893 136,642 1,717,842 May 2 '.. 109', 700 282,323 21,889 293,789 80,726 113,759 429,280 98,856 •54,596 69,366 i 28,718 137,350 1,720,352 May 9 114,823 288,698 21.254 295,613 79,311 116,255 435.568 98,390 55,204 71,198 i 28,770 137,011 1,742,095 May 16 109,458 279,189 21;214 294,578 78,744 114,540 431,801 97,731 55,64.1 71,337 • 28,796 135,865 1,718,894 May 23 109,490 287,193 20,769 292,811 79,378 114,871 422,067 97,722 54,860 70,934 j 28,801 136,646 1,715,542 Government deposits: Apr.25 35,617 288,537 27,276 42,135 15,697 10,251 58,126 18,123 8,696 10,008 '•11,269 525,735 May 2 60,430 379,484 41,782 41,082 26,314 18,928 89,683 26,129 13,664 12,847 17,642 727,905 May9 41,696 254,587 34,575 39,027 23,097 20.016 73,794 20,145 10,614 17.991 • 13,316 2,241 551,099 May 16 35, 056 188,890 27,166 30,179 21,125 20.489 55.511 18,281 9,093 16;424 ; 8.780 3,854 434,848 May 23 68,997 170,826 i 67,697 67,787 32,206 31,476 66', 547 18^ 433 29,162 16;933 19,565 627,897 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. Number of reporting banks: Apr.25 21 255 May 2 21 255 May 9 21 255 May 16 21 255 May 23 21 255 United States bonds to secure circulation: Apr.25 4,278 39,232 7,587 4,031 2,873 3,800 1,169 2,791 4,745 4,060 18,500 103,619 May 2 4,278 39,677 7,587 4,031 2,873 3,800 1,169 ! 10;551 2,791 4,745 4,000 18,500 104,002 May 9 : 4; 278 39,377 7,587 4,031 2,873 3,800 1,169 ! 10,551 2,791 4,745 4,000 IS,500 103,762 May 16 4.27S 39,228 7,587 4.031 2,873 3,800 1,169 i 10,551 2,791 4,745 4,060 18,500 103,013 May 23 4,178 39,227 7,587 4,031 2,873 3,800 1,369 j 10,551 2,791 4,745 4,060 18,500 103,712 Other United States bonds, including Liberty bonds: Apr. 25 10,239 261,123 25,731 9,104 7,785 3,292 22,396 ! 9,525 1,705 7,095 4,952 13,253 370,200 May 2 10,899 262,873 26,824 9,257 6,821 3,450 22,727 I 9,9181,823 7,119 5,415 13,332 380,458 May 9 12,000 259,741 27,301 9,658 7.544 3,682 24,005 ! 9.5191,849 6,066 5,452 14.290 382,313 May 10 13,419 259,036 26,60-1 8,965 8', 036 5,722 23,185 8',445 1,947 7,634 5,426 13', 011 382,030 May23 10,913 292,665 42,742 19,657 8; 235 6,577 52,982 16,491 I 4,162 9,675 7,150 14,538 485,787 United States certificates of indebtedness: Apr.25 72,503 862,475 116.130 28,583 12,321 9,865 150.539 51,284 17,807 17,177 13,079 39,105 1,390,928 May 2 91,900 974,203 130;089 33,947 12,269 11,578 173,600 57,935 ! 19,327 18,721 21,036 42,279 1,586,950 May9 79,888 943,232 126.015 30,762 12,780 10,983 163,090 54,080 18,745 22,618 18,069 42,735 1,523,627 May 16 78,907 922.183 125;793 30,056 12,020 10,979 102,407 5533,225544 '18", 8'15"•22,218 16,933 39,917 1,494,142 May23 67,553 695,089 109,358 20,420 11,284 9,129 125.540 42,770 18,174 17,853 16,982 32,534 1,160,692 Total United States securities owned: Apr.25 87,020 1,162,830 149,448 41,718 22.979 16,957 174,104 71,362 22,303 29,017 22,091 70,918 1,870,747 Mav 2 107,137 1,276,753 164,500 47,235 2i;963 18,828 197,502 78,404 23,941 30,585 30,511 74,111 2,071,470 May 9 96,772 1,242,350 160,933 44,451 23,197 18,465 188,804 74,150 23,385 34,029 27,581 75,525 2,009,702 Mav 16 96,604 1,220,447 159,984 43,052 23,529 20,501 180,821. 72,250 23,553 34,597 26,419 72,028 1,979,785 May23....: 82,644 1,026,981 159,687 44,108 22,392 19,506 179,897 69,812 25,127 32,273 28,192 65,572 1,750.191 Loans secured by United States bonds and certificates: Apr.25 64,634 505,495 138,990 28,0.18 14,378 5,676 68,037 18,680 6,757 2,962 1,704 10,806 806,143 May 2 63,536 499,066 138,917 28,718 13,827 5,001 68,090 18,569 0,650 2,959 1,707 10,083 858,323 May 9 63,428 488,754. 132,504 27,835 13,671 5,235 67,0921 18,473 6,746 2,904 1,589 10,653 839,004 May 16 03,905 484,063 135,251 28,099 13,603 5,477 69,004 18,478. .,. 2,978 1,519 10,447 839,913 May 23 69,911 515,806 154,899 33,425 19,933 6,721 70,092i 19,195 I 7,073 2,952 1,598 10,998 912,603 All oi tier loans and investments: Apr.25 561,290 3,607,373 540,459 282,930 66,325 60,449 i 856,9741264,8141111,579 158,428 40,409 198,281 0,755,371 May 2 564,699 3,638,939 515,839 283,912 71,651 58,230 1 867,145j261,148 111,774 158,458 44,132 199,387 6,805,317 May 9 564,061 3,657,201 550,467 289,334 66,232 58,233 !870,9121260,077 109,287 100,657 44,509 194,993 0,826,023 May 16 501,447 3,684,806 550,134 285,724 65,806 58,984 882,353'1257,093 107,777 165,693 45,208 197,013 6,802,038 May 23 570,304 3,724,912 |56i;055 287,028 64,231 j 59; 398 893,6221262,536 106,103 167,367 45,451 197,717 6,939,724 Total loans and investments: Apr. 25 712,944 5.275.698 (828,897 352,660 103,082 83,082 1,099,115 1351,862 140,639 190,407 | 70,264 280,005 9,492,261 May 2 735,372 5,414,753 (849,256 359,865 107,444 82,059 11,133,337 1358,121 142,305 1192,002 ! 76,350 284,181 9,735,110 May 9 724,201 5,388,305 (843,964 361,620 103,100 81,933 1,126.868 1353,300 139,418 197.650 i 73,739281,171 9,075,329 May 16..... 722,016 5,389,316 1845,369 356,875 102,938 84,962 1,138; 238 ;347,821 138,299 203,208 j 73,140279,488 9,681,736 May 23 722,859 5.267.699 ! 875,641 364,561 106,556 85,625 !l,143,611 1351,543 138,303 202,592 75,241 274,287 9,608,518 Reserve with Federal Reserve Bank: Apr.25 59,050 621,398 60,880 21,024 5,305 5,747 I 112,164 28,760 11,021 12,502 4,976 19,011 962,498 May 2 57,811 609.123 60,225 20,728 5,849 5,457 113,701 26,789 10,008 13,678 i 5,21217,239 945,880 May 9 55.154 622', 607 61,786 2i;685 5,930 7,034 "1"1 7,4—07 26,977 10,084 18,359 i 5,21318,812 971,048 May 10 5(>; 058 636,8-19 55,811 22,741 6,080 5,661 115,678 31,858 11,012 13,900 j 4,746 19,399 980,393 May23 I 57,791 637 099 51,045 23,298 5,953 0,735 111,600 29,563 10,225 11,380 ! 5,553 19,984 970,826 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1,1919. FEDERAL RESERVE BULLETIN'. 603 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 Apr. 25 to May 28, 1919—Cont'd. 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [In thousands of dollars; i. e., 000 omitted.] San B to o n s- . Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . lanta. ™caS°- Lo S u t. i s. I ! a M po in li n s e . - K C a i n ty sa . s Dallas. F ci r s a c n o - . Total. Cash in vault: ! Apr. 25 • 15,933 107,025 15,729 7,136 1,625 2,219 37,049 5,321 I 2,690 3,833 1,670 5,186 205,716 May 2 ! 15,441 103,498 14,284 7,589 1,639 2,467 37,388 5,512 i 2,314 3,741 1,736 4,909 200,518 May 9 14,604 108,216 15,214 7,522 1,537 2,504 38,739 5,494 ; 2,938 3,653 1,716 5.213 207,350 May 16 > 14,372 106,461 15,468 8,234 | 1,5212,385 39,581 5,279 i 2,656 3,954 1,654 5; 397 206,962 May 23 , 13,043 106,721 15,553 7,895 1,628 2,391 39,411 5,370 I 3,257 4,138 1,618 5,597 206,622 Net demand deposits on ; which reserve is com- ; puted: i Apr.25 J547,117 4,351,058 569,750 173,006 i 49,885 43,704 823,923 198,484 94,464 132,907 47,896 180,771 7,212,905 May 2 1554,906 4,405,685 571,478 180,634 j 50,749 44,501 833,854 200,881 94,523 135,780 46,703 174,778 7,294,472 May 9 !567,458 4,455,360 576,145 180,807 " 5"3 ,4"1"6 45,755 851,708 205,147 96,219 141,347 49,936 182,916 7,406,214 May 16 :567,884 4,476,790 575,833 183,681 53,459 46,205 863,891 211,347 97,051 146,028 52,580 184,984 7,459,733 May23 :545,428 4,457,409 567,892 190,392 49,881 46,432 842,406 196,741 89,687 132,794 47,813 180,135 7,347,010 Time deposits: I Apr. 25 216,765 13,541 131,344 14,216 19,218 164,187 65,508 18,190 7,970 3,066 10,561 701,434 May 2 33,024 221,535 13,347 126,266 14,155 19,801 163,693 65.797 18,637 8,258 3,058 10,609 698.180 May9 38,141 223,858 13,047 129,429 14,265 21,441 164,599 65;413 18,737 9,077 3,058 10,579 71l!044 May 16 33,387 214,231 12,831 127,994 14,102 19,824 162,566 65,244 18,886 9,122 3,074 10,531 691,792 May 23 33,519 222,353 12,582 127,946 14,638 20,008 164,556 65,189 18,939 9,118 3,086 10,525 702,459 Government deposits: Apr.25 27,099 270,597 25,009 14,533 2,706 1,186 34,063 13,475 2,817 3,219 6,147 400,851 May 2 47,736 349,948 37,985 16,718 3,555 3,153 49,370 18,846 4,635 4,238 12,031 548,215 May 9 33,006 223,272 31,350 13,015 ! 3,484 4,638 41,805 14,348 3,464 7,700 9,855 1,341 I 387,278 May 16 26,738 161,749 24,530 9,663 i 3,559 5,123 31,988 12,349 2,724 7,193 6,630 j 2,829 ! 295,075 May23 54,023 132,548 60,026 19,399 i 7,521 7,013 47,188 28,422 7,954 16,125 10,423 ! 11,075 401,717 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES. N D e i w str Y ic o ts rkC D l i e s v tr e i l c a t n .2 d R D ic is h t m ric o t n s d D A i t s l t a ri n c t t a .* D C i h s i t c ri a c g t o .* D St i . s L tr o ic u t i s s D K is C a t n r it i s c y a t s .? D D is a t l r l i a c s ts S D an i c s i t s F r c i r c o a t/ n J - Total. Number of reporting banks: Apr.25 : 160 May2 159 May9 159 May 16 162 May 23 39 162 United States bonds to secure circulation: Apr.25 23.616 l 5,091 5,085 1,805 5,005 4,487 1,255 8,485 54,829 May2 23,616 5,091 5,085 1,805 5,005 4,487 1,255 8,495 54,829 May9 23.617 j 5.091 5,085 1,805 5,055 4,487 1,255 8,485 54,880 May 16 1,500 23,616 1 5', 091 5,085 1,805 5,155 4,487 1,255 8,485 56,479 May23 1,500 I 23,616 i 5,091 5,085 1,805 5,205 4,487 1,255 8,485 56,529 Other United States bonds, including Liberty bonds: Apr/25 • 44,400 9,034 12,018 15,775 7,640 7,425 1,987 12,920 111,199 May2 42,149 9,273 13,688 15,427 9,282 8,096 2,048 12,738 112,701 May 9 42,794 , 9,898 15,664 15,057 8,707 7.851 1,992 13,096 115,059 May 16 3,330 43,101 ! 9.487 16,549 14,589 9,028 S;513 1,816 14,931 121,344 May 23 11,000 51,902 j 11,530 18,321 24,227 11,885 9,904 2,006 17,611 158,386 United States certificates of in- I debtedness: Apr.25 31,314 40,520 59,428 19,631 21,084 5,774 53,966 309,462 M M M M a a a a y y y y 2 9 1 2 6 3 1 10 3 , , 9 2 7 5 0 6 8 7 9 9 9 7 0 1 , , , , 2 7 8 1 4 8 9 6 5 2 5 7 ! 3 3 3 3 8 8 2 8 , , , , 6 2 5 1 7 8 1 2 4 9 3 0 4 4 4 3 5 2 6 1 , , , , 3 1 9 8 6 9 7 2 0 7 7 5 7 7 7 6 5 9 6 5 ; , . , 8 2 5 6 9 8 4 9 5 9 6 0 1 1 1 15 9 9 9 , , , , 2 2 1 9 6 1 9 2 1 3 3 2 2 2 2 1 2 4 4 9 , , , , 2 5 9 0 5 8 7 0 3 9 3 7 6 5 5 5, , , , 9 1 9 8 1 6 9 3 7 3 3 5 5 5 5 4 6 5 7 8 , . , , 0 5 5 3 4 4 8 4 3 9 6 6 3 3 3 3 5 5 1 6 6 0 8 5 , . , , 5 3 9 6 9 5 6 9 1 9 5 7 Total United States securities 78,821 owned: Apr.25 145,761 45,439 57,623 i 77,008 32,276 32,996 9,016 75,371 475.490 May 2 155,047 53,038 64,133 ' 97,127 34,209 34,836 9,296 78,809 526!495 May9 157,578 53,109 62,946 93,108 32,975 37,245 9,410 79,927 526.298 May 16 18,08'6 157,612 52,867 63,459 92,084 33,376 37,589 8,988 j 79,459 543:520 May23 23,470 ; 154,342 49,134 60,383 91,621 32,351 33,464 9,096 ! 71,645 | 52o;506 1 Buffalo. e Louisville, Memphis, and Little Rock. 2 Pittsburgh and Cincinnati. 7 Omaha and Denver. 3 Baltimore. s El Paso. 4 New Orleans, Jacksonville, and Birmingham. 9 Spokane, Portland, Seattle, and Salt Lake City. & Detroit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

604 FEDERAL RESERVE BULLETIN. JUNE 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 Apr. 25 to May 28, 1919—Cont'd. 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES-Continucd. [In thousands of dollars; i. e., 000 omitted.] N D ew is tr Y ic o t r . k C D le is v t e r l i a c n t. d R D ic is h t m ric o t n . d D A i t s l t a ri n c t t a . D C i h s i t c r a ic g t o . S D t. i s L tr o ic u t i . s D K i C s a t n i r t s i y c a t s . D D is a t l r l i a c s t. S D an c i i s s t F c r r i o c an t. - Total, Loans secured by United States bonds and certificates: Apr. 25 61,868 11,173 12,191 9,867 5,316 5,971 6,660 113,429 May2 61,328 11,349 12,026 9,897 5,433 5.928 376 6,406 112,743 May 9 58,512- 11,479 11,343 ! 9,577 5,484 6,140 6,332 109,247 May 16 5,554 61,313 11,986 11,601 9,714 5,593 6,072 378 120,178 May23 7,483 65,778 13,397 13,073 6,006 6,806 354 130,548 All other loans and investments: Apr. 25 519,910 116,013 159,426 257,986 111,405 151,540 14,179 209,726 1,540,185 May 2 517,768 117,552 159,925 261,702 109,726 150,761 14,113 211,088 1,542,635 May 9 517,235 117,449 154,529 258,575 109,753 147,223 14,120 213,000 1,531,884 May 16 61,771 515,203 119,461 161,554 260,489 108,920 150,752 14,220 216,565 1,608,935 May 23 • 62,016 519,212 119,172 162,384 108,303 152,097 14,339 211,582 1,612,203 Total loans and investments: Apr. 25 727,539 172,625 229,240 344,861 148,997 190,507 23,578 291,757 2,129,104 May 2 • 734,143 lSi; 939 236,084 383,726 149,368 191,525 23,785 298,303 2,181,873 May 9.: 733,325 182,037 228,818 361,260 148,212 190,608 23,910 299,259 2,167,428 May 16 85,411 | 734.128 181,314 236,614 362,287 147,889 194,413 23,586 303,992 2,272,634 May 23 92,969 j 739; 332 181,703 235,840 364,688 146,660 192,367 23,789 290,989 2,268,257 Reserve with Federal Reserve Bank: Apr. 25 • 49,174 12,936 16,114 23,163 9,588 16,001 1,726 22,865 151,567 May 2 52,236 12,814 15,622 23,837 9,837 15,197 1,447 22,049 153,039 May 9 48,182 13,017 16,601 • 24,500 8,954 13,339 1,267 22,402 148,262 May 10 • 6,006 I 53,082 12,355 16,032 ; 24,747 9,607 16,773 1,421 21,665 161,688 May 23 4,458 I 53,862 11,498 15,923 ; 22,870 • 15,260 1,702 22,080 156,861 Cash in vault: Apr. 25 • 14,983 5,773 6,361 i 11,410 3,494 5,872 536 7,441 55,870 May 2 15,911 5,647 6,592 11,942 3,385 5,733 569 7,651 May 9 • 14,965 5,701 6,037 12,206 4,226 5,607 613 7,642 56,997 May 16 1,731 15,991 5,673 6,126 12,357 3,572 5,261 709 7,608 59,028 May 23 1,600 16,038 5,794 6,327 11,542 3,525 5,614 542 7,734 58,716 Net demand deposits on which reserve is computed: Apr.25 449,291 112,750 135,577 165,626 133,391 11,066 171,418 1,267,763 Mav2 455,993 112,052 138,661 167,441 88,766 134,072 11,423 171,375 1,279,783 Mav9 457,850 111,886 139,245 171,538 88,854 134,321 11,461 176,719 1,291,874 May 10 52,732 464,979 109,166 139,990 182,384 86,424 139,665 11,731 176,075 1,363,152 May 23 50,650 454,001 102,926 136,898 173,110 82,371 132,772 11,239 171,930 1,315,957 Time deposits: Apr.25 94,246 15,021 59,960 168,407 25,285 37,072 5,846 93,713 499,496 May 2 94,623 15,139 59,974 169,061 25,828 36,635 5,856 94,401 501,515 May 9 93,649 14,979 60,742 170,247 25,817 37,186 5,837 94,082 502,519 May 16 13,755 93,021 14,996 60,831 j 172,474 25,387 37,160 5,874 92,996 517,094 May 23 13,6G8 92,377 15,146 00,630 171,517 25,133 37,300 5,851 93,674 515,596 Government deposits: Apr.25 7,881 6,171 14,409 4,-298 3,821 2,533 61,964 Mav2 17,839 1 15,045 11,735 28,999 6,867 4,830 2,559 87,874 May 9 21,015 ' 12,962 10,910 22,991 5,451 6,681 1,435 81,741 May 16 2,437 16,969 11,014 11,510 16,593 5,717 6,151 482 975 71,848 May 23 8,287 39,799 11,539 17,745 10,083 9,106 455 5,055 108,667 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JtTNE 1, 1919. FEDERAL RESEEVE BULLETIN. 605 IMPORTS AND EXPORTS OF GOLD AND SILVER. Gold imports into and exports from the United States. [In thousands of dollars; i. e., 000 omitted.] 10 days 10 days ; 10 days en 2 d 0 in ,1 g 9 1 A 9 p . r. en 3 d 0 i , n g 1 91 A 9 p . r. > i en 10 d , i n 1 g 9 1 M 9. ay Jan?l, 1919. 10, 1918.^ IMPORTS. Ore and base bullion . . 531 413 j 309 6,107 3,8Srt Bullion, refined 113 150 : 30 7,277 5,877 U Fo n r i e te ig d n S c t o a i t n es coin 36 2,505 ; 24 10,210 2,4 1 9 4 0 2 Total 680 3,0(58 ! 363 23,594 12,395 EXPORTS. Domestic: Ore and base bullion 6 32 United States mint or assay office bars i4! 277 30 Bullion, reQ^ied i 1 3,374 Coin 466 303 i 1,051 12,805 11,961 Foreig T n o c t o a i l n 466 450 ; 1,051 13,089 15 ' . 3 3 1 9 7 7 Total exports 466 450 1,051 13,130 15,714 Excess of gold imports over exports since January 1,1919, $10,464,000. Excess of gold imports over exports since August 1,1914, $1,081,870,000. Silver imports into and exports from, the United States. [In thousands of dollars; i. e., 000 omitted.! = 10 days end- Total Jan. 1 ; Total Jan. 1 10 days end- j Total ! ing Apr. 20, to Apr. 30, to Apr. c ing May 10, since Jan. 1, ; ' i9i9 1919. 1918. 1919. 1919. ' IMPORTS. Ore and base bullion 1,635 21,254 9,381 1,997 23,251 United States mint or assay office bars. 21 Bullion, refined 135 I 443 3,822 11,904 126 3,948 United States coin 16 j 26 237 275 18 255 Foreign coin 131 i 377 2,284 2,461 118 2,402 Total 1,917 i 2,774 27,597 24,042 2,259 | 29,856 EXPORTS. Domestic: Ore and base bullion 4 4 United States mint or assay office bars. 57,323 i 5,475 I 11,919 69,242 Bullion, refined 5,454 739 37,759 ! 27,766 8,524 46,283 Coin 72 161 97 783 Total. 5,526 901 95,772 I 34,142 20,540 116,312 Foreign: Bullion, refined. 230 3,510 i 1,626 1,147 4,057 Coin 107 i 138 1,616 i 3,067 19 1,635 Total 991 ] 368 ! 5,126 | 1,166 6,292 Total exports. 100,898 ! 21,706 322,604 Excess of silver exports over imports since Januarv l, 1919, 892,748,000. Excess of silver exports over imports since August 1,1914, §372,508,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 FEDERAL RESERVE BULLETIN. JUNE 1, 1919. Estimated general stock of money, money held by Treasury and by the Federal Reserve system, and all other money in the United States, May 1, 1919. Amounts per capita Held in the Held outside outsido General stock United States Held by or for the the United of money Treasury Federal United States States in the" as assets Reserve Banks Treasury Treasury United States. of the and agents. and Federal and the Government.1 Reserve system, Federal Reserve system. Gold coin2 S3,092,430,916 S363,82S,718 $1,511,800,454 §405,132,797 Gold certificates 447,776,770 363,892,177 Standard silver dollars 311,018,930 32,634,081 : 81,306,958 Silver certificates 7,946,837 187,364,788 Subsidiary silver. 243,896,606 12,640,150 3.977,942 227,278,514 Treasury notes of 1890 1,766,266 United States notes 346,681,016 15.500,199 58,423,783 272,757,031 Federal Reserve notes 2,725.466,490 39,357,273 164,964,843 2,521,144,374 Federal Reserve Bank notes., 170;124,180 17,905,956 8,791,340 143,426,884 National bank notes 725,131,122 72,113,157 Hi 496,608 641,521,357 Total: Mayl, 3919 7,614,749,260 553,979,534 2,215,178,577 4,845.591,149 $45.15 Apr. 1,1919 7,586,752,855 550,628,454 2,195,151,766 4,840^72,635 45.17 Mar. 1, 1919 7,566,399,924 545,695,945 2,169,183,676 4,851,420,303 45.33 Feb. 1,1910 7,611,628,810 489,831,726 2,252,757,560 4,869,039,524 45.56 Jan. 1, 1919 7,780,793,606 454,948,160 2,220,705,767 5,105,139,679 47.83 Oct. 1, 1918 ......... 7,391,008,277 380.246,203 2,084,774,897 4,925,987,177 46.34 Julyl, 1918 6,742,225,784 356;124,750 2,018,361.825 4,367,739,209 41.31 Jan.l, 1918 0,256,198,271 277,043,358 1,723,570,291 4,255,584,622 40.53 Apr.l, 1917 5,312,109,272 258,198,442 952,934,705 4,100,976,125 39.54 * Includes reserve funds against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of nationalbank notes, Federal Reserve notes, and Federal Reserve Bank notes. 2 Includes balances in gold settlement fund standing to the- credit of the Federal Reserve Banks and agents. s Includes standard silver dollars. 4 Includes Treasury notes of 1890. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1, 1910. FEDERAL RESERVE BULLETIN. 607 DISCOUNT RATES. Discount rates of each Federal Reserve Bank approved by the Federal Reserve Board up to May 31, 1919. Maturities. Discounts. Trade acceptances. Secured by U. S. certificates of indebtedness or Liberty loan Federal Reserve Bank. W i m nc d i e t l a h m u y i d b n s i , e n 1 r g 5 1 d 6 a t y o s 6 . 0 61 d a t y o s 9 . 0 l t i A u v p r e g a a - r l p s i c t e a o u r n c l d - k W b it o h n i d n s 1 . 5 I d t a o y 6 s 0 , 61 d a t y o s 9 , 0 banks' over 90 days, inclusive. inclusive. co n l o la t t e e s r . al days. in m c e l m ud b i e n r g 1 d 6 a t y o s 9 . 0 banks' collateral notes. Boston New York 1... Philadelphia. Cleveland Richmond 4 Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco 1 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, 4$ 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. s Four per cent on paper secured by United States certificates of indebtedness. 4 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; also on paper secured by United States certificates of indebtedness. NOTE 1.—Acceptances purchased in open market, minimum rate 4 per cent. NOTE 2.—Rates on paper secured by War Finance Corporation bonds, 1 per cent higher than on commercial paper of corresponding maturities. NOTE 3.—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 4.—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 pauer of the same class. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

608 FEDERAL EESEKVE BULLETIN. JUNE 1, 1019. OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM APS. 16 TO MAY 15, 1919. Items drawn on banks in Total items drawn on Items drawn on banks in district outside Federal banks in own Federal Federal Reserve eity Reserve city (daily Reserve district (daily (daily average). average). average). Number. Amount. Number. Amount. Number. Amount. Boston ' 16,562 $21,671,102 87,918 $11,765,747 104,510 §33,436,849 New York ! 19.759 59,828,940 122,888 55,722,582 142,647 113,551,522 Philadelphia 42; 276 25,418.786 48,006 (>, 230,095 90.2S2 31,643,881 Cleveland • 5,721 6,337; 951 71,294 22,253,818 77', 015 28,591,769 Richmond , 2,510 k652,969 50,163 13,604,155 52,673 19,257,124 Atlanta 3,454 525,553 29,049 6,835,249 32,503 9,360,802 Chicago : 16,893 533,000 68,337 11,200,000 85,280 34,783,000 St. Louis 5,811 187,265 40.666 7,463,053 40,477 15,650,318 Minneapolis. 5,497 a8,762,583 25,SOS 2,320,287 31,395 11,082,870 Kansas City ! 7,147 580,561 61,482 10,380,083 68,629 19,910,644 Dallas j 1,550 196,041 24,415 8,240,025 25,965 10,436,066 San Francisco 2,193 012,378 35,445 7,052,652 37,643 10,065,030 Total: 3, Apr. 16 to May 15, 1919 129,378 176,737,129 ! 665,641 163,067,746 795,019 339,804,875 Mar. 16 to Apr. 15, 1919 138,817 197,456,121 ; 636,512 167,142,262 825,329 364,598,383 Feb. 16 to Mar. 15, 1919 ! 109,083 168,567,377 1 640,346 171,714,589 749,429 340,281,966 Apr. 16 to May 15, 1918 i 49,569 178,372,385 i 287,061 114,099,520 336,630 292,471,905 Items handled by both Items drawn on banks parent banks and Items drawn on the Number in other districts(daily branches (daily aver- Treasurer of United Number nonaverage). States (daily average). member member banks in banks on district. par list. Number. Amount. Number. ! Amount. Number. Amount. Boston 11,136 §11,412,495 9,535 81,694,435 426 I 243 New York 30,422 16,585,186 55,891 23,947,341 729 I 319 Philadelphia 22,520 8,350,438 9,821 2,982,917 666 I 356 Cleveland 3,212 3,829,792 1,555 ; SI, 559,606 10,110 2,028,755 822 I 794 Richmond 6,304 4,785,460 426 ! 817,254 4.034 544,275 570 1 299 Atlanta 2,991 2,685,858 4,024 j 1,636,021 7,585 1,122,169 424 j 277 Chicago 5,805 1,008,000 282 j 177,000 25,595 3,3S3,000 1,346 i 2,925 St. Louis 809 319,649 1,111 i 347,920 13,145 1,147,713 521 1,356 Minneapolis 1,590 1,381,621 2,393 225,049 875 1,293 Kansas City 5,968 4,042.113 3,449 1.351,676 7,25S 621,535 1,003 2,248 Dallas 3,583 2,03S;086 1,267 '219,368 6,103 625,351 741 240 San Francisco 1,201 1,419,560 3,684 I 1,50.5,112 6,350 6,955,901 665 I 911 Total: Apr. 16 to May 15,1919. 95,541 I 57,858,264 15,798 7,613,957 157,820 45,278,441 8,788 j 11,261 Mar. 16 to Apr. 15,1919 101,329 ; 59,610,264 16,958 9,029,805 137,228 48,802,574 8,765 ! 11,059 Feb. 16 to Mar. 15,1919 100,963 ! 55,760,559 15,047 9,774,269 114,563 46,746,505 8,729 ! 10,885 Apr. 16 to Mav 15, 1918. 54,888 ! 58,513,363 15,141,604 60,771 3O,928,1S5 8,113 i 9,475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1,1919. FEDERAL RESERVE BULLETIN. 609 SUBSCRIPTIONS TO CERTIFICATES OF INDEBTEDNESS. Subscriptions, by classes of subscribers, to the 10 issues of certificates of indebtedness issued in anticipation of the Victory Liberty loan. National banks. State banks. Trust companies. Federal Reserve district. Number Per cent Number Per cent j Number | Per cent j sub- of total in Amount. sub- ; of total in! Amount. i, sub- ! of total of Amount. scribing. district. | scribing. \ district, i • scribing, j district, j Boston 375 95.66 S295.396.000 216 ! 82.12 $106,231,000 New York 616 98.88 1,278,026,000 222 98.23 i 3207,767,500 i 192 i 87.46 716,833,500 Philadelphia... 598 94.62 272,140,000 133 j 78.70 20,016,000 | 200 | 86.58 115,377,500 Cleveland 738 98.93 312,923,000 834 | 100.00 72,758,500 i 218 : 94.37 159,160,500 Richmond 396 75.86 121,440,500 416 33.22 24,369,500 87 j 44.15 30,049,000 Atlanta 263 70.70 98,292,500 514 ; 30.32 43,785,000 ; 5 I 50.00 805,000 Chicago 1,016 97.13 428,287,000 3,109 ! 90.32 495,842,000 :. St. .Louis 438 93.19 111,985,500 1,598 : 73.33 86,586,000 | 187 ! 85.77 41,309,500 Minneapolis 793 99.87 125,856,500 2,188 : 75.34 85,316,500 |. Kansas City.... 820 85.06 126,837,500 1,974 : 63.24 44,753,500 i 52 *6i.'<J6" "io," 345," 666 Dallas 367 57.79 72.123,500 352 31.79 12,651,000 -. San Francisco.. 531 94.48 239,742,000 863 •• 69.48 99,798,000 '•• 74 j 67.88 49,518,500 Total. 6,951 89.60 3,483,050,000 j 12,203 i 67.16 1,193,643,500 j 1,231 j 79.94 1,294,629,500 Individuals, corpora- Other banks. Total banks. tions, etc. Total amount Federal Reserve district. subscribed and Number Per cent j ! Number Per cent Number | allotted. sub- of total in! Amount. i sub- of total in Amount. sub- i Amount, scribing. district, j i scribing. district. scribing, j Boston 108 26.08 i $14,061,000 699 65.38 ! $475,688,000 10 $104,500 8475,792,500 New York 137 76.97 38,231,000 1,167 95.34 ! 2,240,858,000 125 14,287,000 2,255,145,000 Philadelphia.. 24 100.00 ! 12,155,000 955 90.53 I 419,688,500 38 646,000 420,334,500 Cleveland 204 100.00 i 9,752,000 1,994 98.96 i 554,594,000 49 167,500 554,761,500 Richmond 15 65.21 ! 11,455,000 914 45.83 i 187,314,000 38 183,000 187,497,000 Atlanta 782 37.65 : 142,882,500 20 429,000 143,311,500 Chicago 716 71.95 I 26,011,500 : 4,841 88.29 I 950,140,500 58 3,275,000 953,415,500 St. Louis 180 80.00 i 5,222,500 : 2,403 77.71 ! 245,103,500 16 : 184,500 2-45,288,000 Minneapolis 2,981 80.61 ; 211,173,000 375 | 4,827,500 1218,880,500 Kansas City... 2,846 68.28 ! 186,936,000 24 | 809,000 187,745,000 Dallas , 17.38 1,726,500 747 39.25 ; 86,501,000 591 i 15,045,000 101,546,000 San Francisco., 1,468 76.74 ^ 389,058,500 74 | 1,416,500 390,475,000 Total. 1,412 83.49 I 118,614,500 j 21,797 73.41 ; 6,089,937,500 1,418 41,374,500 6,134,192,000 i Includes §2,880,000 purchased by the Federal Reserve Bank of Minneapolis. NOTE.—Figures for State banks, trust companies, and other banks are only approximately correct, since in some States no distinction is made between the several classes of banks operating under State laws. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

610 FEDERAL EESEEVE BULLETIN. JUNE 1,1919. EARNINGS AND DIVIDENDS OF MEMBER STATE BANKS AND TRUST COMPANIES. Abstract of reports of earnings and dividends of member State banks and trust companies of the Federal Reserve System for the last six months of 1918, arranged by districts. [In thousands of dollars; i. e., 000 omitted.] DistrictDistrict DistrictDistrictDistrictDistrict District DistrictDistrictDistrictDistrictDistrict Total No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12United ba ( n 3 k 1 s). ba ( n 10 k 1 s). ba ( n 2 k 9 s).ba ( n 6 k 6 s).ban (3 k 7 s).ban (5 k 4 s). ba (2 n 8 k 8 s). ba ( n 4 k 4 s). ba ( n 7 k 0 s).ba ( n 2 k 7 s).ba ( n 9 k 7 s).ba ( n 8 k 6 s). b S a ( t 9 n a 3 k te 0 s s ). Capital stock oaid in 27,075 118,371 21,302 31,645 9,381 15,840 72,620 23,825 6,289 5,265 6,823 11,674 350,110 Surplus 30,581 159,121 45,286 59,212 6,621 10,584 66,207 20,145 1,970 3,224 2,260 4,469 409,680 Total capital and surplus... 57,656 277,492 66,588 90,857 16,002 26,424 138,827 43,970 8,259 8,489 9,083 16,143 759,790 Gross earnings: Interest and discount 12,851 66,584 7,402 12,419 2,280 4,939 30,965 7,803 2,433 2,328 1,581 4,475 156,060 Exchange and collection charges 28 305 79 118 67 296 438 317 57 44 69 94 1,912 Commissions 128 1,641 100 93 23 101 313 155 72 74 20 64 2,784 Other earnings.. .• 1,650 8,996 1,669 3,299 429 610 3,273 810 85 265 30 287 21,403 Total gross earnings 14,657 77,526 9,250 15,929 2,799 5,946 34,989 9,085 2,647 2,711 1,700 4,920 182,159 Expenses: 2,252 9,841 1,264 2,070 458 1,010 5,668 1,418 491 419 473 858 26,222 Interest and discount on borrowed money 461 4,214 482 387 208 805 1,653 923 92 259 140 255 9,879 Interest on deposits 5,731 27,195 2,555 6,162 820 1,398 11,973 2,302 914 831 238 1,432 61,551 Taxes . . .. 881 3 691 472 747 140 458 3,189 558 107 115 117 237 10,712 Other expenses 1,315 7,069 809 1,473 296 860 3,514 923 311 380 271 567 17,788 Total expenses 10,640 52,010 5,582 10,839 1,922 4,531 25,997 6,124 1,915 2,004 1,239 3,349 126,152 Net earnings since last report 4.017 25,516 3,608 5,090 877 1,415 8,992 2,961 732 707 461 1,571 56,007 Recoveries on charged-off assets.. 88 689 103 1,249 52 102 382 92 22 59 11 389 3,298 Total net earnings and recoveries 4,105 26,205 3,831 6,339 929 1,517 9,374 3,053 754 766 472 1,960 59,305 Losses charged off: On loans and discounts 632 1,686 31 105 40 331 825 169 105 333 139 708 5,104 On bonds, securities, etc 459 5,108 613 532 50 176 1,799 127 20 48 6 160 9,098 82 1,329 56 122 38 124 316 112 28 24 30 214 2,475 Total losses charged off 1,173 8,123 700 759 128 631 2,940 408 153 405 175 1,082 16,677 Net addition to profits 2,932 18.082 3,131 5,580 801 88(i 6,434 2,645 601 361 297 878 42,628 Ratio of net profits to capital and surplus (annual basis) (per cent) 10.2 13.fi 9.4 12.3 10.0 6.7 9.3 12.0 14.5 8.5 6.5 10.9 11.2 Dividends paid . . 1,771 11,819 2,085 2,843 702 981 4,682 1,773 254 353 383 554 28,230 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Acceptance liabilities: Page- England: Leading commercial banks of France, England, Acceptance liabilities of 18 joint stock banks and Germany before and after the war 561 in, June 30. 1914, and December 31, 1918... 561 Member banks in the United States on March Price movements in, index members of 543 545 T 4, 1919 554-561 Chart showing 546 Acceptances: Errata, May Bulletin 563 Banks granted authority to accept up to 100 per Exchange rates in Switzerland during period July, cent of capital and surplus T 562 1914, to December, 1918 552 Committee to consider question of regulations Export trade and prices 526,528 and literature on, meeting of 530 Failures, commercial, reported— 563 Condition of accepting member banks on March Federal Reserve agents' fund, summary of trans- 4, 1919 554-561 actions, February 21 to May 22 570 Holdings on April 30, distributed by classes of Federal Reserve Banks, resources and liabilities accepting institutions 592 of 594-597 Purchases during April, also average rates and Federal Reserve note account of Federal Reserve maturities 592 Banks and agents 598-599 Sight drafts accepted payable at a future date, Fiduciary powers granted to national banks 563,564 ruling on. 565, 566 Financial conditions abroad 525 Trade acceptances covering building opera- Foreign branches of American banks 562 tions, ruling on 565 Foreign countries: Agricultural paper held on last Friday in April 592 Acceptance liabilities of leading commercial Annual report of the Federal Reserve Board 529 banks of France, England, and Germany 561 Bank transactions—debits to deposit account 571-573 Financial conditions 525 Banking situation on the Continent 525 Price movements in certain, during the war.. 543-546 Borrowing to meet future demands on Treasury 521 Reparation payments by the Central Powers.. 525 Branches, foreign, of American banks 562 Foreign exchange: Buffalo branch bank, opening of 530 Decline in sterling, francs, and lire 525 Business and financial conditions: Situation during May 525 Growth toward the restoration of business Foreign securities, holdings of 526 activity 522 France: Special reports by Federal Reserve agents on. 531-543 Acceptance liabilities of the three leading com- Calkins, J. U., appointed governor of Federal Re- mercial banks of, before and after the war... 561 serve Bank of San Francisco 530 Price movements in, index numbers showing. 543-54 5 Certificates of indebtedness: Germany, acceptance liabilities of ei^ht largest Further issues of, may be offered 521 credit banks in, December 31, 1913-1917 561 Issue of, on May 1 521 Gold, imports and exports of. 529, 605 Stamp tax on promissory notes secured by, Gold-settlement fund, summary of transactions, ruling on 566 February 21 to May 22 \ 569-570 Subscriptions, by classes of subscribers, to the Government aid in post-war financing 528 10 issues in anticipation of the Victory loan.. 609 Government control, elimination of, from business.. 523 Chart showing index numbers of wholesale prices Import restrictions, removal of, by Great Britain... 523 in England and the United States 546 Imports and exports of gold and silver 605 Charters issued to national banks during May 562 Index of collection statistics, plan to obtain 547 Check clearing and collection system, operation of. 608 Index numbers showing movement, of prices in the Clearing-house bank debits . 571-573 United States, England, France, Italy, and Swe- Collection statistics, plans to obtain index numbers den during the war 543-546 of 547 Interest and discount rates prevailing in various Colorado, amendment to laws of, relative to State cities 577-579 bank membership in system 566 Investment operations of the Federal Reserve Banks Commercial failures reported 563 during April 590 Commissioner of Internal Revenue, ruling relative Iowa, amendment to laws of, relative to State bank to stamp tax on promissory notes secured by War membership in system 567 Finance Corporation bonds or certificates of in- Italy, price movements in, index numbers showdebtedness 566 ing 543-545 Cotton export corporation organized 553 Law department: Debits to deposit account, weekly figures of 571-573 Sight drafts payable at a future date 566 Discount operations: Ruling of Commissioner of Internal Revenue April, by classes of paper 589-593 relative to stamp tax on promissory notes Member banks, number of, accommodated in secured by War Finance Corporation bonds April 589 and certificates of indebtedness 566 Discount and interest rates prevailing in various Amendments to State banking laws. 566-568 cities ' 577-579 Liberty loan: Discount rates in effect 607 Amounts of subscriptions and number of sub- Earning assets of Federal Reserve Banks, average scribers to Victory loan 521 amount of each class held during .April '.. 591 Amounts of subscriptions and number of sub- Earnings and dividends of member State banks and scribers to the five loans 521 trust companies 610 Live-stock paper held on last Friday in April 592 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX. Maturities: Page. Prices—Continued. Page- Average of acceptances purch ased during April. 590 Chart showing 546 Average of bills discounted during April 591 Rates on call monev 524 Of the several classes of earning assets each Reconstruction, period of 522 Friday 596 Resources and liabilities: Member banks: Federal Reserve Banks 594-597 Condition of accepting member banks on March Members bank in selected cities 600-604 4, 1919 554-561" Rulings of the Federal Reserve Board: . Number of, discounting during April 589 Trade acceptances covering building operations. 565 Number of, in each district 589 Sight drafts accepted payable at a future date.. 565 Resources and liabilities of, in selected cities. 600-604 Silver, imports and exports of 605 Morgan, Sheppard, appointed assistant Federal Re- Speculative situation in the securities market 523 serve agent at New York. . 530 State banking laws, amendments to, relative to State Money: bank membership in system 566-568 High rates on call money 524 State banks and trust companies: Short supply of, for meeting requirements of Earnings and dividends of member banks 610 reviving business 524 Admitted to system during the month 562 Stock of, in the United States 606 Condition of banks doing an acceptance busi- National Association of Credit Men, plan for obtain- ness on March 4, 1919 559-561 ing collection statistics by 547 Sweden, price movements in, index numbers National banks: showing 543-545 Charters issued to, during May 562 Switzerland, banking and industry in, during the Condition of banks doing an* acceptance busi- war 548-552 ness on March 4, 1919 557-559 Tax, stamp, on promissory notes secured by War Fiduciary powers granted to. . 563,564 Finance Corporation bonds or certificates of Nebraska, amendment of laws of, relative to State indebtedness 566 bank membership in system 567 Trade, physical volume of. 580-588 New Hampshire, amendment to laws of, relative to Trust companies. (See State banks and trust com- State bank membership in system 567 panies.) New York Stock Exchange, operations on 523 Trustee, executor, etc., powers granted. (See Ohio, amendment to laws of, relative to State bank Fiduciary powers.) membership in system 568 Victory loan: Open-market operations—acceptances, United Certificates of indebtedness, 10 issues of, States bonds, certificates of indebtedness, and issued in anticipation of 609 municipal warrants purchased during April... 589-593 Subscribers to, number of 521 Oregon, amendment to laws of, relative to State Subscriptions to, amounts of 521 bank membership in system 568 War Finance Corporation bonds, stamp tax on Physical volume of trade 580-588 promissory notes secured by, ruling on 566 Prices: War paper: Adjustment of price levels 522 Amounts discounted during April 591 Export trade, effect of, on 528 Amounts held on last Friday in April 592 General trend upward 522 Wholesale prices, index of: Index of wholesale, in the United States.... 574-576 In the United States... 574-576 Price movements during the war in the United In the United States and leading foreign States and leading foreign countries 543-545 countries 543-546 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis