Federal Reserve Bulletin, 1919-07

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

FEDERAL RESERVE BOARD. EX OPFICIO MEMBERS. W. P. G. HARDING, Governor. ALBERT STRAUSS, Vice Governor. CARTER GLASS, Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. JOHN SKELTON WILLIAMS, Comptroller of the Currency. J. A. BRODERICK, Secretary. GEORGE L. HARRISON, General Counsel. W. T. CHAPMAN, Assistant Secretary. H. PARKER WILLIS, W. M. IMLAY, Fiscal Agent. Director, Division of Analysisjind Research. M. JACOBSON, Statistician, J. E. CRANE, Acting Director, Division of Foreign Exchange. 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. Cashier. Boston Frederic H. Curtiss... Chas. A. Morss.. Chas. E. Spencer, jr.. C. C. Bullen. C. C. Bullen New York. Pierre Jay Ben]'. Strong, jr. R. IT. Treman L. II. Hendricks. J. H. Case L. F. Sailer J. F. Curtis | Philadelphia.. R. L. Austin E. P. Passmore. Wm. H. Hutt, jr W. A. Dyer. Cleveland D. C. .Wills E. R. Fancher.. M. J. Fleming1 H. G. Davis. Frank J. Zurlinden 1.. Richmond Caldwell Hardy...... George J. Seay.. 0. A. Peple Geo. EC. Keesee. R. H. Broaddus Atlanta Joseph A. McCord M. B. Wellborn. L. C. Adelson M. W. Bell. Chicago Win. A. Heath | J. B. McDougal. C. R. McKay S. B. Cramer. B. G. McCloud1 St. Louis Wm.-McC. Martin....! D. C. Biggs 0. M. Attebery J. W. White. Minneapolis... JohnH. Rich | Theodore Wold R. A. Young S. S. Cook. Kansas City... Asa E. Ramsay ! J. Z. Miller, jr C. A. Worthington l.. J. W. Helm.2 Dallas Win. F. Ramsey \ R. L. Van Zandt Lynn P. Talley Lynn P. Talley. San Francisco. John Perrin j 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. 1 New York: St. Louis: Buffalo branch. Ray M. Gidney. Louisville branch W. P. Kincheloe. Memphis branch J. J. Ilenin. Cleveland: Little Rock branch A. F. Bailey. Cincinnati branch L. W. Manning. I Pittsburgh branch Geo. De Camp. Kansas City: Omaha branch 0. T.^Eastman. i Richmond: Denver branch C. A.|Burkhardt. i Baltimore branch Morton M. Prentis. Dallas: Atlanta: El Paso branch R. R. Gilbert. New Orleans branch.... Marcus Walker. Houston branch Sam R. Lawder. Jacksonville branch Geo. R. De Saussure. Birmingham branch A. E. Walker. San Francisco: - Salt Lake City branch... C.H.Stewart. Chicago: Seattle branch C. J. Shepherd. Detroit branch R. B. Locke. Spokane branch C. A. McLean. Portland branch C. L. Lamping. SUBSCRIPTION PRICE OF BULLETIN. The Federal Reserve Bulletin is distributed without charge to member banks of the system and to the officers and directors of Federal Reserve Banks. In sending the Bulletin to others the Board feels that a subscription should be required. It has accordingly fixed a subscription price of 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. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. Pago. Review of the month * 611 Business and financial conditions during June 620 Special reports 'by Federal reserve agents •. 624 Housing and living conditions in New York City 632 Effect of the war upon this country's real wealth 635 Report of committee of experts relative to branches of American concerns in foreign countries 637 Condition of Buenos Aires banks 639 Licenses granted by the Federal Reserve Board covering exports of coin, bullion, and currency 640 Operations of the Netherlands Bank and the Java Bank during the war 641 Foreign exchange quotations at Amsterdam 646 Comparative statement of condition of leading banks of issue 648 State banks and trust companies admitted to the system during the month 649 Banks granted authority to accept up to 100 per cent of capital and surplus 650 Charters issued to national banks during the month 650 Commercial failures reported 650 Fiduciary powers granted to national banks 650 Rulings of the Federal Reserve Board * 652 Law department 554 Amendments to State banking laws 658 Bank transactions during May-June . 661 fi Wholesale prices in the United States 664 Discount and interest rates prevailing in various centers 667 Physical volume of trade 670 Discount and open-market operations of the Federal reserve banks 680 Resources and liabilities of the Federal reserve banks 686 Federal reserve note account of Federal reserve banks and agents 690 Condition of selected member banks 692 Imports and exports of gold and silver 696 Operation of the Federal reserve clearing system 697 Estimated stock of money in the United States 698 Discount rates in effect 698 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 5 JULY 1, 1919. No. 7 REVIEW OF THE MONTH. moved and when business is left to maintain itself upon its own basis. That such should be Important beginnings have been made durthe course of development from now on has ing the month in the direction of a more for some time past been the view of the finannormal condition in the foreign commercial cial authorities of the Government—a view in relations of the United States. The Federal which the Federal Reserve Board freely con- Reserve Board has announced the lifting of the curs, as indicated by the decision reached at embargo upon gold and the practical eliminathe conferences held during the past month. tion of restrictions upon foreign exchange. The view of the Board is that the matter of The development of plans for the financing of providing long-term advances for Europe European needs for goods, or such part of them presents an investment rather than a banking as may be deemed essential, has been underproblem; that the necessary, funds must theretaken, and important conferences looking to fore come from the investment market. The that end have been held. The plans upon question how to obtain these funds through an which the nation as a whole is to work in appeal to investors is, therefore, the immediate financing trade and the extent to which it is and practical problem of the moment in condesired that that trade shall be supported are nection with the financing of the business. yet to be determined, but the principles upon Methods for making such an appeal have been which plans must be based have been laid outlined during the month by bankers of promidown. It will now be necessary to apply nence and include the plan of distributing as sound and effective judgment in connection widely as possible the obligations of a corpowith the choice of business and in relation to ration formed for the express purpose of finandoubtful or uncertain elements in the proposed cing the trade. The working or technique of operations. the operation is now a matter for the immediate With the determination on the part of the future and one in which the banking community Government Government that it will not is directly and predominantly concerned. This versus private continue the large participa- is especially true in view of the general recogfinaneing. financing nition of the fact that the development of this tion in oxport trade undertaken during the war, but will leave this plan is essentially a matter for private capital field to be developed by private enterprise, and for the assumption of private responsibility. our export operations will henceforward call An essential element in several of these plans for the assumption of full responsibility looks to the establishment of on the part of financiers and business men tionsP°rt COrP°ra" individual corporations, dewho must recognize that the war period in signed to cooperate in financing our foreign business has ended. The war the sale to Europe on long-term credit of the period in exportation comes to a close when several staple products of the country, such as Government support of foreign trade is re- cotton, wheat, copper, and the like, each of 611 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

612 FEDERAL RESERVE BULLETIN. JULY 1, 1919. which corporations would in turn subscribe to While the working out and application of the capital stock of a central organization to financing the plans which are Scope of export which they could resort for assistance whenever jj j f tion with trade. C£ e( QT m connec their individual financial capital had become our export business is thus a exhausted in facilitating the movement of their matter to be disposed of by bankers and busirespective products. Such a central organiza- ness men at their own risk, under such terms tion would obtain funds through the issue and and conditions as are desired through negotiasale of its own securities, and its problem would tions with foreign buyers and consumers, the consist in finding buyers who would take, and volume and direction of our export trade is more or less permanently hold, the issues. In essentially a question in which the American floating these issues, it has been recognized by consumer, as well as the local producer and disthe Board that difficulty will necessarily be en- tributor, is vitally interested. As domestic countered with respect to interesting the public business has resumed its activity and vitality, it in the securities. It has, therefore, been de- has become more and more apparent that the cided to recommend to Congress the addition of supply of commodities available to the home a new paragraph in section 25 of the Federal consumer is becoming relatively reduced as Reserve Act designed to permit national banks, compared with the demand for them. Already until January 1, 1921, to invest not exceeding a tendency to advances in price is obvious, and it in the aggregate 5 per cent of their capital and is clear that in some cases what is exported will surplus in the stock of one or more corporations constitute a deduction from the total needed principally engaged in such phases of inter- supply, which will leave the buyer with inadenational or foreign financial operations as may quate means of meeting his requirements. be necessary to facilitate the export of goods Excessive shipments of goods therefore signify, from the United States. The purpose of this even when buyers abroad are solvent and able provision is not that of obtaining from the to repay the advances thus made to them at banks actual funds for operations, or to cover some reasonable date in the future, a deduction lisks, like those which are now contemplated, from home consumption, which will leave the but rather that of permitting banks to set the consumer in the United States in a less favorexample and to show concern for the success of able position than he would otherwise have the new enterprises by actually becoming been. The value of our present excess of stockholders therein. It is believed that such exports, announced as $277,000,000 for May, an example on the part of banks will be likely is still the outgrowth of war conditions and the to stimulate like action among their customers, abnormal situation which has succeeded them. with the result that the subscriptions to the How far this great export balance is advanproposed debentures or obligations will be tageous to the United States is the economic much more liberal than could otherwise be exquestion underlying the export financing probpected. In the last anatysis the success and lem. That problem will essentially be one of soundness of the proposed plan are dependent apportionment, selection, and differentiation. upon the degree to which the public stands There is a distinction between necessary ready really to take up, pay for, and hold such demands originating abroad for which proviobligations, or, in other words, to resign the use sion needs to be made and doubtful and quesof its purchasing power which might otherwise tionable purchases which may not, or should be devoted to the consumption of commodities, not, be provided for, since in supplying them permitting exporters therefore to control a what is shipped to European buyers is obvicorresponding amount of goods for shipment ously withdrawn from domestic consumption. abroad. Sharp distinction exists between those basic Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 613 materials and supplies of which long before the striving to make up for relative loss of developwar we normally produced an exportable sur- ment which occurred in consequence of the plus, and which are thus habitually produced restrictions imposed during the war period in excess of domestic requirements, and those upon new issues of securities and advances of specialties and supplies whose production has capital. Bearing in mind that the Governbeen artificially stimulated during the war ment has already during the present calendar period. The two classes of goods are in quite year arranged to take from consumers somedifferent positions, since articles of the one thing like $4,500,000,000 through the sale of class constitute our normal contribution to the Victory notes, and about $3,000,000,000 as the needs of foreign consumers, while those of product of excess, or war, taxation, a total the second are needed at home, and can be which, when reduced to the price basis of 1913, produced by foreigners to meet their own would be equivalent to at least $3,750,000,000, requirements. it is evident that the savings balance now Various estimates have been made of the available for export financing can not be large. How far can the annual savings balances of the The renewed exercise of individual thrift will country finance United States prior to the be the only means of enlarging the basis of exports? European war. Such estimates this export financing. Out of this must come were an attempt to ascertain the amount over provision for the additional requirements of and above consumption which might be carried the Government and for meeting the domestic to investment account, and which represented needs already referred to. Any attempt to goods not needed in meeting current consump- finance our exports in excess of our available tion requirements. During the war the re- savings can only result in raising domestic strictions upon consumption, coupled with the prices still further. Our great food crops will general inculcation of thrift, probably resulted help in increasing the amount of exportable in a material increase in saving. It has been goods which can be shipped abroad without estimated by the War Industries Board and causing scarcity at home, but this will not inothers that a growth of 16 per cent to 18 per fluence the situation as regards other comcent in the physical output of commodities modities. took place, and of the total product of the The export situation is possibly of most dicountry as thus increased, it is likely that a rect importance to the domestic larger percentage was saved by those who Prices and ex- consumer in a way that is very ports. came into possession of the goods. The sav- frequently overlooked. This is ings of the Nation as stated in dollars are to- in connection with prices. There is a shortage day very greatly in excess of prewar savings, of many essential materials and commodities in but this excess is primarily due to the great the world at large. Increased credit demand for change in prices which has raised the current goods for export necessarily implies relatively cost of commodities to about 200 per cent of decreased supply of goods for domestic use. their former figure. There has, too, since the Demand and supply are automatically equalwar, been an undoubted relaxation in thrift ized by changes in price, but such changes in and the exercise of the saving spirit, while price are, in the circumstances here under conmanufacturing has not maintained the high sideration, necessarily upward. The domestic level of output which was reached at the peak consumer, therefore, when asked to finance exof war production. We may therefore reason- port trade, should remember that the outably doubt whether current savings as meas- standing effect of such financing upon too great ured in terms of goods are materially larger a scale would necessarily be the exaggeration oi than those which existed before the war. On the prices which he himself must pay for the the other hand, current capital requirements things he needs. This necessarily means, are unprecedented^ great, many industries therefore, that he is in a sense bidding agains! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

614 FEDERAL RESERVE BULLETIN. JULY 1, 1919.himself when he enables others to purchase obligations by institutions which are engaged overfreely with the funds which he has sup- in providing purchasing power for current uses. plied. If a large export financing process is The abnormal conditions which exist at the conducted by banks out of credit, the result is present time in connection with Balance of to place the fluid credit of the country at the our export commerce are the trade. disposal of foreigners in purchasing and set- reverse of those which orditling for domestic products which they obtain narily prevail when trade with other portions from American producers. The situation is of the world is substantially equal, and when quite different in its effects from that which the "balance" that may be found upon one exists when domestic investors take up and side or the other of the account is small relapay for the commodities by actually turning tively to the total volume of the business. over saved funds and withdrawing their own Under the latter conditions, goods are imported demand from the merchandise field. In this in somewhat the same proportion as they are connection it is worth while to recall what is exported, or in other words, the domestic meant by inflation. Inflation has been defined market obtains a quantity of goods of about by the Board as the process of making addi- the same worth and volume that it has retions to credits not based upon a commensurate leased. The relation between goods and purincrease in the production of goods; in other chasing power is thus kept substantially stable, words, not offset by genuine savings, this proc- and the financing of export trade has exactly ess resulting in an increased tendency toward the same effect as the financing of domestic the bidding up of prices. It is in order to avoid business—if based upon actual consumable a recurrence of this menace in the form of an commodities which are regularly sold and conundue exportation of goods not purchased by a sumed, it does not tend to change the normal corresponding amount of savings that the price level. No "export problem" can then Board has urged that the basis of export credit exist. The situation to-day is entirely different be found in the investment market and not at since we have at present relatively little importhe banks. There is the same necessary oppo- tation into the United States to offset the great sition of interest between the domestic and volume of goods which we are expected to ship export trade in such circumstances as that abroad. Indeed, our trade with some of the which existed between the needs of the Gov- European countries is almost wholly one sided. ernment and those of private individuals during In the circumstances existing to-day, an extenthe war; and there is the same argument in sion of credit for the purpose of purchasing favor of the exercise of thrift by domestic goods for export is to all intents and purposes buyers in order that they may provide the a loan of capital, and has an effect very similar saved funds necessary to finance the moveto the latter. The goods we are shipping ment of goods abroad that there was in conabroad might have been used at home in pronection with the purchase of Government obliductive enterprises, but instead they are gations. It is for this reason that the amount parted with, presumably for productive purof export trade securities to be purchased and poses in other countries. This is a transfer of held by banks must necessarily be limited to the country's capital in the real sense of the a minimum figure, in order that there may be term. This entirely changes the financial no danger of unduly increasing the total aspects of the case, and necessitates a careful amount of such obligations which find a place study of the conditions under which credit is to in the portfolios of banking establishments, be extended or capital loaned abroad, as well as and which to that extent tend to create the consideration, from the public standpoint, of kind of inflation that results from the purchase the extent and degree to which it is desirable and carrying an undue amount of long-term on economic grounds that American citizens Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 615 should provide the funds that are necessary construction will require care and patience if for the continuance of this unprecedented they are to yield returns under competitive and enormous movement of goods out of business conditions. They can not be overthe country. The idea of a balance of trade has tily made, and this will in itself ease the in which the surplus of exportation is paid for urgency of the pressure for export financing. in money and is regarded as beneficial to the When all these elements have been eliminated people of the country which obtains such pay- there will remain a very great residue of urgent ment disappears when the result of a con- industrial requirements abroad, and these it is tinuation of such trade is obviously that of both economically and otherwise sound and impairing or destroying the ability of the con- desirable to finance as promptly and effectively sumer at home to provide for his own needs. as possible, in order that foreign demand for Trade with foreign countries which results in our goods may be maintained, our markets conthe actual shipment of goods to the United served, and our general position in world trade States, however, adds to the available supply protected. of consumable commodities and so tends to The whole question of foreign trade financing ease and improve the consumer's position. is, moreover, intimately asso- It is not, however, desirable to exaggerate the £ermi?ation of ciated with that of restoration gold embargo. . difficulty of the problem in- of sound banking and currency Selecting sound ^ and safe financvolyed sound conditions in international trade. Recognizbusiness. ing this fact, the Board has long been desirous ing oi our present export of restoring, so far as it has the power, the free trade. Stated in round numbers and over traffic in gold between nations. The first step periods of a year, the problem appears serious. in this direction was obviously that of provid- As a matter of fact, some part of the export ing for the unrestricted movement of gold out demand is likely to disappear as soon as actual of the United States. commercial security is required for the protec- In a statement issued to the press on June 9 tion of shipments. There is a substantial part the Federal Reserve Board accordingly anof the trade which will provide its own liquidanounced that the control heretofore exercised tion if loans are wisely placed abroad. Some over transactions in foreign exchange and over commodities will be enabled to move by the use the exportation of coin, bullion, and currency of the advances which are supplied to foreign would be terminated. The only exception borrowers, while in other cases the loans will made was in connection with the importation permit the completion of manufacturing operaand exportation of ruble notes, or exchange tions which are as yet incomplete, and in which operations with that part of Russia under conthere are in considerable volume goods still trol of the Bolshevik government, as well as remaining " tied up." Wise financing will thus with reference to exchange transactions with in many cases serve to furnish its own means of territories where operations of the kind are now settlement. It is quite probable, also, that as permitted only through the American Relief European countries succeed in reestablishing Administration. Further action completing themselves, their recovery toward a selfthe order of June 10 was taken on June 30, supporting basis will be much more rapid than when the requirement of applications and has been expected. Far more time is required licenses for the exportation of coin and bullion for the expenditure of great sums in the purwas removed. Thus is brought to an end a chase of goods than is generally comprehended. system of control over the movement of gold The war, with its tremendous drains upon the and silver which was originally put into operwealth of the world, is now over, and expendiation on September 7, 1917, and which theretures to be made for peace purposes or for re- 123722—19 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

616 FEDERAL, KESERVE BULLETIN. JULY 1, 1919. fore has been in existence for practically 21 The purposes of the establishment of the gold months. Control over foreign exchange trans- embargo may be said to have actions, which is now likewise practically ter- „ wurpofs of the been twofold—that of conservgold embargo. minated, is of briefer duration, having been ing the available gold supply of introduced on January 26, 1918, and having the country and that of preventing enemies or therefore been in operation less than 18 those associated with them from obtaining months. As will be seen elsewhere in the presaccess to and deriving benefit from the use of ent issue of the BULLETIN, the gold embargo such gold. Control over foreign exchange has resulted in the issuance by the Board of operations was a natural adjunct to control approximately 1,142 licenses for the shipment over the movements of specie, its purpose being of $152,326,976 of gold, about 1,500 licenses that of preventing enemies or those associated covering $502,756,003 of silver, and about with them from obtaining the benefit of bank- 1,817 licenses covering $208,170,700 of curing credits created in the United States or from rency other than United States gold and silver using the banking machinery of the United certificates. Some 755 applications of all States to transfer and render available such classes were declined. The net movement of credits. In all these particulars the operation gold and silver into and out of the country of the embargo has been successful. The since approximately the beginning of the gold Board, after being vested with the duty of adembargo is represented in the following table: ministering the embargo, has carried it on in the endeavor to make it as effective as possi- Gold and silver imported into and exported from the United States during the period Sept. 1, 1917, to May 31, 1919. ble and at the same time to insure the working of the new system with as little public incon- Gold. Silver. venience as might be. Working toward much I- the same result as the embargo was the policy Imports. Exports, Imports. | Exports. of drawing into the banks the floating suppty of gold, and this was accomplished by substi- Scpt.lto.Dec.31,1917 §28,293,467 $54,247,766 §26,086.695 $32,362,293 Jan. 1 to Dec. 31,1918. 62,042,748 41,069,818 71,275,699 252,846,464 tuting Federal Reserve notes for outstanding Jan. 1 to May 51,1919. 24,310,573 14,035,672 35,510,854 129,497,080 gold certificates and by discouraging the use of Total 114,646,788 109,353,256 132,973,248 414,705,837 gold as a circulating medium. The latter ele- Excess of gold imports over exports since Sept. 1,1917, 85,293,532. ment in the plan, indeed the whole undertaking, Excess of silver exports over imports since Sept. 1,1917, -5281,732,589. could not have been successfully carried out On the whole, therefore, the effect of the without the very general cooperation of the embargo may be said to have been that of banks and of the community in general in proholding practically intact the net national gold tecting the gold supply from being drawn off reserve—this, at least, so far as the figures inor unnecessarily continued in popular use. Even dicate the surface effects. On the other hand, as it was, about $300,000,000 of hoarded money there is a large field for inquiry as to the effect which had been laid away by the population of the embargo, taken by itself, in changing during the continuance of active hostilities was the actual available bank reserve supply of returned to the banks subsequent to the armisboth gold and silver. Whatever these effects tice. Of this money a very considerable pormay have been, they were necessarily more or tion appears to have been gold. The total less offset by other influences which were set at amount thus hoarded, however, is small as work, chief among them the effort to draw compared with the gross amount in the banks into the banks the floating gold supply actuor formerly in circulation. Not only was there ally in circulation and in the pockets of the no withdrawal of gold from the country, therepeople. fore, but the withdrawal of it into private Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 617 hoards occurred only in inconsiderable degree. What is thus made evident is that although The success of this undertaking was increased the United States has become possessed of the beyond question by reason of the fact that greatest single stock of gold in history, it is foreign countries were working along substan- now the claimant of the greatest favorable tially the same lines, so that in practice those merchandise balance ever developed. This parts of the world with which progress was balance may be liquidated in any one of many likely to prove difficult were chiefly the neutral ways, but in the absence of any other liquidanations which would ordinarily or normally tion it would of course have to be paid in gold have been in position to draw gold from the or remain as an open banking or book credit— United States. Such nations included a por- that is to say, as a potential claim to gold. In tion of the Orient, several South American these circumstances it is clear that the United States, and, under very special conditions, States, while it may lose gold under the new Mexico, as well as Spain and some of the north- regime to any one of a number of countries ern European neutrals. with respect to which its balance may be temporarily unfavorable, or to which for other The action of the United States makes it the reasons a small movement of gold would first of the belligerent countries Position of other t to the free movement naturally set in, it can not lose gold in any to re urn countries. considerable amounts relatively to its entire oi gold, rending further acbusiness, while such adverse movements as may tion by foreign governments, the United occur in trade-isolated countries will tend to States therefore stands to-day as practically correct themselves. The United States, in the only free-gold market in the world, those other words, stands to-day as an almost irreneutral nations where no embargo exists being sistibly strong claimant of gold, and, but for too small in the scope of their transactions the interferences with gold movements existing or too limited in the operation of their bankabroad, could theoretically draw to itself most ing machinery to afford any genuine or wellof the remaining free gold in the world. developed world discount or gold market. During the month of June speculation has Relations between the United States and other continued on a high level, alcountries are therefore necessarily on a one-sided ti«">gh * has been subJect t0 basis. This one-sided condition is rendered the many fluctuations. On June 16 more peculiar and difficult by reason of the trecall money reached 15 per cent in New York, mendous merchandise balance of trade which has and on June 10 the Board sent a letter to all been gradually developed. That merchandise Federal Reserve agents asking for information balance for the past three calendar years may be concerning the purposes for which funds obstated in round numbers at about $9,500,000,000, tained by rediscounting were being used by and bids fair to run at something like the same member banks. This letter was made public rate for the current year. In the following and one effect of it was apparently that of leadtable are set forth the figures showing the ing some banks to hesitate about making applimovement of goods between the United States cations for rediscounts where the funds were and the rest of the world and the net balance unquestionably intended for purely speculative thereof during the gold embargo period. purposes. After the middle of June the volume Merchandise imported into and exported from the United of speculation on the New York Stock Exchange States during the period Sept. 1, 1917, to May 31, 1919. was reduced from one-fourth to one-third for Excess of Imports. Exports. exports over some days, and this lessening of the demand for imports. money naturally lowered the intensity of the Sept. 1 to Dec. 31,1917....: $905.870,350 $2.084,070,750 SI,178,200,400 demand for funds which had previously made Jan. 1 to Dec. 31, 1918 ! 3,031,304,721 6,149,392,647 3,118,087,926 Jan. 1 to May 31,1919 i 1,317,677,449 3 136,799,301 1,819,121,852 itself felt. The extremely high level of prices Total I 5,254,852,520 |ll,370,2 6,115,410,178 for stocks, and for staple commodities for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

618 - FEDERAL RESERVE BULLETIN. JULY 1, 1919. which there exists a speculative market, June 20 had declined to 1,771.3 millions. which had been developed in New York and Federal Reserve notes in circulation likewise elsewhere, and the fact that speculation has show a substantial decline, the June 20 total spread widely throughout the country, has of 2,488.3 millions being about 16 millions less undoubtedly had a considerable effect in than the total reported four weeks earlier. drawing heavily upon the available liquid re- Reductions in deposit and note liabilities sources of banks, which at best were none too more than outweigh the decrease in reserves. abundant prior to the time when the specula- Accordingly, the banks7 reserve ratio, after a tive fever became well marked. It is well to decline to 51.8 per cent on May 29, rose to reiterate the fact that the funds of the Federal 52.5 on June 20, a slight increase over the per- Reserve system are in no sense intended for the centage shown four weeks before. support of speculation and that member banks During the month ending June 10 the net should bear this in mind when arranging for the inward movement of gold was extension of accommodation to borrowers. andixp'orts!0"8 *19,149,000, as compared with During the latter part of May and the first a net inward movement of two weeks of June loans of the $2,144,000 for the month ending May 10. sit£n!bankingP°" banks in the larSe centers show The gain in the country's stock of gold since a continuous increase in answer August 1, 1914, was $1,101,019,000 as may be to speculative demands of the money and com- seen from the following exhibit: modity markets and as a result of the accom- [In thousands of dollars; i. c, 000 omitted.] modation extended in connection with tax payments due about the middle of June. The Excess Treasury was able to ease the financial situa- Imports. Exports. o o f v im er p e o x r - ts tion in a large measure by redeeming two series ports. of certificates issued in anticipation of the Aug. 1 to Dec. 31,1914 23,253 104,972 181,719 Victory loan, due on June 3 and 17, also by Jan. ltol)ec.31,1915 451,955 31,426 420,529 Jan. 1 to Dee. 31,1916 685,745 155,793 529,952 taking up on June 16 and 17 two series of tax Jan. 1 to Doc. 31,1017 553,713 372,171 181,542 Jan. 1 to Dec. 31,1918 61,950 40,848 21,102 certificates amounting to about $730,000,000. Jan. 1 to June 10, 1919 44,002 14,389 29,613 This enabled the member banks to reduce Total 1,820,618 j 719,599 1,101,019 somewhat their loan accounts with the Federal 1 Excess of exports over imports. Reserve Banks, with the result that the amount of war paper held by the latter declined from- Of the total gold imports for the month, 1,762.5 millions on May 23 to 1,621.9 millions amounting to $20,408,000, $19,347,000 came on June 20, while the total of discounts on from Canada, the remainder coming largely hand declined from 1,938.8 to 1,837.4 millions. from Mexico and Dutch East Indies. Gold During the four weeks under review the Federal exports, amounting to $1,259,000, were con- Reserve Banks increased their holdings of signed chiefly to Peru, Mexico, and Venezuela. acceptances by 81.5 millions, the amount on The Federal Reserve Board on June 19 held hand on June 20 being 274.7 millions, while ^ an important conference, whose their total earning assets decreased by 17.5 Conferences of -. . , -, -. -= millions, and on June 20 stood at 2,341.5 month substance has already been explained, with members of the millions. Federal Advisory Council. The subject under On June 6 the aggregate gold holdings of the discussion was the question of export financing Federal Reserve Banks had reached the record and the proper attitude to be adopted with total of 2,201.8 millions. Since then, following respect to shipments of goods abroad. At this the removal of the gold embargo, they de- conference were present the executive commitcreased 36.1 millions. Net deposits followed tee of the Federal Advisory Council (Mr. James about the same course as discounts, and by B. Forgan, Mr. L. L. Rue, Mr. Daniel G. Wing, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL, RESERVE BULLETIN, 619 and Mr. W. S. Rowe). A conference was also and a generally unanimous agreement was held on June 18 with representatives of corpo- developed. rations engaged in foreign banking, the purpose The appointment of the following directors being to harmonize and unify, so far as prac- of the Houston branch of the Houston branch ticable, the regulations of the Board for the Federal Reserve Bank of Dallas bank. governance of such concerns, as well as to ex- was announced on June 5: Mr. plain more clearly to the representatives of the Sam R. Lawder, Mr. J. A. Pondrom, Mr. Frank different enterprises the conditions under which Andrews, Mr. J. C. Chidsey, Mr. J. J. Davis. business is to be done at the present time, The first three gentlemen have been appointed according to the Board's regulations. The by the board of directors of the Federal Reserve Board believes there is need for a better under- Bank of Dallas, while the last two are the apstanding of the business of American corpora-, pointees of the Federal Reserve Board. Mr. tions engaged principally in foreign banking Lawder has been the manager of the El Paso business, and the conditions under which such branch of the Federal Reserve Bank of Dallas corporations must function, in order that it and will serve in a similar capacity at the may get better light on the extent to which it Houston branch. Mr. Pondrom is first vice would be possible to make uniform the agree- president of the South Texas Commercial Naments executed by such corporations with the tional Bank, Houston, Tex. Mr. Andrews is a Board in order to make their stock eligible for director of the Union National Bank of Houston. investment by national banks. It was the Mr. Chidsey is vice president of the Houston chief purpose of the conference to determine National Exchange Bank, and Mr. Davis is whether or not it is necessary or desirable to president of the South Texas State Bank, make further modifications in the existing Galveston, Tex. agreements with foreign banking corporations; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

620 FEDERAL RESERVE BULLETIN. JULY 1, 1919. BUSINESS AND FINANCIAL CONDITIONS DURING JUNE, 1919. Increasing confidence in the continuation of in any of our previous reviews." District business activity and an expansion of industry No. 5 reports "a continuously rapid imalong many lines have been the characteristic provement in business, the volume moving features of the month of June. This condition apparently being limited only by the supply has been reflected in the speculation which has of raw material." In district No. 6 business been reported from several districts, with some conditions "in all parts of the district are reindication latterly of danger that it would de- ported satisfactory," and demand has apprevelop to excess. Underlying business condi- ciably increased during the past few weeks. tions have nevertheless shown strong and In district No. 7 it appears that wheat is "in steady development. In nearly all of the dis- fine condition," general crop conditions good, tricts the opinion is entertained that the pros- land values high, selling conditions and collecpects for a successful and prosperous year, with tions good, and the principal danger seen in a very large output of goods and almost un- development of speculation. In district No. 8 precedented financial returns both to manu- there is "great activity in retail trade, unfacturers, agriculturists, and laborers, are now diminished prospect of an excellent crop positive. The possibility that speculation may yield * * * likelihood that the over supbe carried too far and may exert an injurious ply of labor will soon be converted into an influence, aided and furthered by the exist- actual shortage." District No. 9 reports that ence of free credit and speculative tendencies, damage to crops has been averted and that appears as the principal offsetting influence in labor, agriculture, and general business have the situation. good prospects. In district No. 10 "a high General conditions in district No. 1 are based tide of general business and industrial activity upon '' consensus of opinion that business con- is shown in reports from all sections of the ditions will remain good for a considerable district." These reports uniformly agree that time to come." Buyers are increasingly "ready "there is increased confidence and more satisfacto enter into future commitments/7 but "spec- tory progress in practically every line of trade." ulation has become popular/' and various In district No. 11 "early predictions of good doubtful securities are being offered to the crops and business conditions have fully mapublic. In district No. 2 'fthe inclination to terialized, and there is no hesitancy in the buy has not abated * * * dealers have trade." In district No. 12 "industry is active, been obliged to increase their demand on trade and collections good, and .agricultural manufacturers and producers, with the prospects encouraging." Practically throughresult that many industries report maximum out the country the labor situation is reported activity. The export demand has supple- improving and wages high, and if anything a mented domestic requirements." scarcity of men for actual productive work. In district No. 3 there has been no change Prices have continued to rise throughout "in the favorable business conditions and the the month, both in this country and England, optimistic outlook" noted during the preced- and are fast making up the setback which ing month, but prices have continued to ad- occurred after the signing of the armistice, vance, and there is a great latent demand for when a slight reduction in prices over the "nearly all kinds of goods." From district high levels of the war period took place. No. 4 it is reported that the wide distribution The enormously heavy demand for goods for of orders for commodities is giving a "healthy export has rendered products in many lines color to business," and a "firmer feeling of scarce, or has even put them out of reach. confidence prevails than has been evidenced In nearly all districts it is reported that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 621 the conclusion has been arrived at by busi- to the harvest in fine condition" and corn is ness men that they can rely upon heavy looking fairly well. Tobacco and corn have demand and continuously sustained prices for been freely planted, and hold out an excellent some time to come, while a feeling of appre- prospect. In district No. 6 corn is in large hension which had been entertained early in acreage and showing splendid growth, while the year is disappearing, and jobbers and re- cotton was in fair condition before the recent tailers are readily entering into commitments rains. In Texas the cotton crop has suffered for the fall and winter, very large orders in somewhat from heavy rains, but corn is in an many cases being placed. In one district it is unusually favorable position and other crop reported that, contrary to expectations, there prospects are satisfactory. On the Pacific has been little or no reduction in prices; in coast the grain harvest has commenced, and it fact, in many directions there has been a stiff- is believed that the year's output will be the ening in prices, and there is a general dispo- largest in some States ever produced and in sition to accept present levels and expect a California the largest since 1907. No impoi* continuation of them. During May the up- tant developments have occurred in the flour ward movement of wholesale prices noted in market. Live-stock continues high in price, March and April has continued, the general with receipts of cattle at 15 of the primary index number of the Bureau of Labor Statistics markets about stable, being 1,255,379 during now standing at 206, the same figures as for April and 1,262,065 during May, the index November and December, 1918. The increase number for each month being 125. Receipts has been general, being exhibited by each of of hogs have increased, the figure for May the groups of commodities for which index being 3,049,223, as compared with 2,823,484 numbers are calculated. The index number during April, the corresponding index numbers for the group of consumers' goods has increased being 139 and 128. Packers' purchases of from 211 to 215, for the group of producers' cattle for slaughter in the Kansas City district goods from 186 to 189, and for the group of are loss than a year ago, but the killing of raw materials from 200 to 203, the increase hogs and sheep shows a decided increase. in the last-named group being due largely In steel and iron the month has witnessed a to the increase in the prices of farm products, distinct turn for the better, and manufacturers the index number for which subgroup has now report a much more encouraging prospect. increased from 243 to 244. Philadelphia reports "large orders from auto- In many respects the agricultural prospects mobile concerns and for export." Operations of the early spring are being more than justi- of steel plants in the Third District show infied. The figures given out by the Govern- creases for early June. In the southern iron ment, which promised an enormous yield, have district " inquiries are multiplying." Pig-iron naturally declined somewhat as the season has plants which were idle in April are nowadvanced, suchbeing always the tendency as the operating, and others are making preparacrop approaches maturity, but the figures are tions to begin operations. Steel plants in the well above the 10-year average, both for winter Birmingham district are operating steadily. and spring wheat. Grain in Montana and Large orders for steel rails have been placed western North Dakota escaped danger early in by the railroads, and inquiries for a larg the month through timely rains, and the pros- amount of steel tonnage for export trade pects in Montana and other parts of the North- have appeared. The unfilled steel tonnago west are favorable, the South Dakota outlook for the United States Steel Corporation as "is excellent" and "in practically all of North of May 31 was reported as 4,232,310 tons, Dakota very good." In Minnesota and Wis- but the reduction thus indicated is believed consin prospects are for a big crop. In dis- to represent the low point of the movementtrict No. 7 "the winter wheat crop is coming downward, which set in soon after the armistice Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

622 FEDERAL RESERVE BULLETIN. JULY 1, 1919. Pig-iron production during May was 2,108,056 pansion are foreseen by shrewd operators. tons, corresponding to an index number of 91, Buyers all accept present levels of prices in as compared with 2,478,218 tons during April, steel, and are willing to close tonnages at presthe index number being 107. Steel-ingot pro- ent prices to a more forward date than the production likewise shows a decline, from 2,239,711 ducers have heretofore been willing to entertons during April to 1,929,024 tons during May, tain. Steel is now being sold in the first open the respective index numbers being 93 and 80. market since the beginning of the war, but Even where the pig-iron trade is slightly smaller shows strong capacity to maintain its price. and where plants have not yet resumed their Orders are well distributed throughout the activity, there is a much more hopeful feeling. country, and there is a large demand for struc- Pipe plants and steel mills are beginning to tural steel. Wire plants are now operating at receive increased inquiries for their products. about 85 per cent, while the pig-iron plants in Foundries and cast-iron pipe makers are also the Pittsburgh district are on a basis of from running more steadily. 65 per cent to 70 per cent. Metal mining in- The fuel situation has been much below nor- dustry is again improving, assisted by the remal so far as production is concerned since the moval of restrictions affecting the export of first of the year, and the bituminous market is silver and the prospects of a better market for dull, but there is an increasing demand due to copper. Copper prices have strengthened dura reduction in stocks and the fact that indus- ing the month and the price of copper stocks trial consumers are coming to the conclusion has moved up in sympathy with them. A that a tight situation in the production of coal more favorable feeling in the Colorado district will exist next winter. A great deal of high- has been produced by better prices for lead grade bituminous coal is now said to be covered and zinc. The volume of labor remains about the same, but wages have been somewhat reby contract up to next April. A v^ry large duced. Zinc ore fell slightly in price during demand for anthracite coal for next winter is the month of May in the Joplin district, but now predicted. Increased production of both lead ore has been practically stable. Operbituminous and anthracite coal during May is ations are carried on at about 50 per cent of reported, the output of the former being 37,capacity in both metals. 547,000 tons during the month as compared with 32,164,000 tons during April, the respec- In common with the steel industry, manutive index numbers being 101 and 87. An- facturing has taken a strong upward turn durthracite coal output for May is 5,711,915 tons, ing the month. In New England the demand as compared with 5,224,715 tons during April, for fine cotton goods exceeds production, and the respective index numbers being 101 and 93. the buyers in many cases are willing to pay Mines have been producing far below capac- premiums in order to assure themselves of havity, and there is a possibility of shortage. The ing goods when needed. There is a shortage coke market is quiet and prices are little above of skilled labor throughout the cotton district. the cost of production. Production of beehive Shoe manufacturers are producing at maximum coke during May was 1,135,840 tons, as com- capacity, while the heavy demand from Europe pared with 1,316,960 tons during April, the is drawing off a very large portion of the availindex numbers being respectively 43 and 50. able supply. In Philadelphia inquiry shows These conditions tend to provide a cheaper that the cotton mills are in much better posimedium supply of fuel than would otherwise tion than a few months ago, and that prices be available, but with the probability of higher have risen to very high levels, the advances prices later on. In the Pittsburgh district mil- being greater proportionately than the rise in lions of dollars are being spent in repairs and raw materials. Export business is good and enlargements by steel companies, and this is limited only by the financial ability of forinterpreted to mean that prospects of great ex- eigners to pay. Raw wool is in very strong Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1019. FEDERAL, RESERVE BULLETIN, 623 demand throughout all of the woolen-producing that they can not get the men they need, while sections, and a higher level of prices prevails wages are fully up to past levels or higher. The at the Government auctions. Products are requirements for farm help are absorbing surnow sold ahead for many months, and active plus labor in practically all parts of the counbusiness is expected for the remainder of the try. There is some surplus of unskilled workyear. Imports of raw silk during the month ers in some centers, but this is not different of May were 4,878,646 pounds, as compared from the condition which frequently exists in with 2,988,838 pounds during April, the re- normal times. In the northwest the labor situspective index numbers being 238 and 146. ation has greatly improved, particular!}' in the Demand for leather has been on the increase copper mines. The Fourth District reports and prices have moved very high. Tanners that skilled workers are particularly few as are endeavoring to buy from one another in compared to the demand, and that there is very New England and manufacturers are finding little unrest. No reduction in wage scales is it considerably more difficult to buy their sup- now foreseen. One of the principal problems plies in advance. In St. Louis great increases in the labor situation that is noted by thoughtin the boot and shoe business are reported and. ful observers is the fact that clerks and office orders for fall delivery are already being placed. employees, as well as other workers receiving The leather situation is difficult practically more or less fixed incomes, have not yet particieverywhere. Automobile manufacturing is pated in the advance in wages. Improvement running in many plants at record levels. Ex- for these classes of workers will be necessary if penditures on the part of consumers have led prices are to continue at their present level, but retailers to stock up more heavily than hereto- will, of course, add correspondingly to the cost fore, and wholesalers generally report very of business to the Government. Returning strong demand from their customers. soldiers are being rapidly and steadily absorbed Building shows continuation of the revival into business, and the problem which for a time seemed to threaten in this connection is now already noted. Heavy buying of lumber on apparently minimized in all directions. From the part of retailers has become general. In the farming districts particularly comes the New England the number and value of permits report that the supply of labor is scanty and in May showed a very large gain over those of likely to prove more so as business progresses. the preceding month and year. In the Fifth Official figures for the month of May now District there is an increase in the number of show export balances of $277,000,000, and permits issued amounting to about 22 per cent while this figure is considerably below that of over April. In the southwest building is the preceding month, it still represents an abslower, but there is activity in repairs and renormally high balance. Exports of manuconstruction. There is a shortage of house factures are beginning to show a relative inaccommodations, but new building has not crease as compared with shipments of foodbeen actively resumed. In Philadelphia and stuffs supplied. The export problem has New York the demand for accommodations is assumed greater proportions as a matter of far in excess of supply, prices of building mateimmediate current business adjustment, and rials, advancing, and reconstruction is being the month has seen several far-reaching plans rapidly developed. There is much trading in for the financing of exports brought forward houses and a great deal in business property in and urged. There has been a somewhat better many parts of the country. development of shipping facilities during the The labor situation has now reached a dismonth, and the growth of our trade with various tinctly advanced stage of full employment. countries, which has heretofore suffered from There is apparently no present condition of ununsatisfactory methods of communication, employment; indeed, many industries report 123722—19 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

624 FEDERAL RESERVE BULLETIN. JULY JL 1910. bids fair to showing improvement., The ex- increase in rates are noted. The low rates for port situation is being watched in many parts customers' commercial paper on the whole of the country" and is regarded as a very im- have decreased, as have to a less marked portant element in the maintenance of busi- extent both low and customary rates for ness. There is, however, less relative anxiety commercial paper purchased in the open about it than heretofore, on account of the market. The Board's weekly figures for check very great growth in the demand for domestic transactions show a marked growth in the commodities, and the feeling that domestic volume of operations, due no doubt to the business should have the first claim for atten- increase in volume of business and heavy tion. financing which has been in progress. Speculation during the month has reached Removal of the gold embargo has been a an unprecedentedly high point, both in New feature of the month's developments, and has York and elsewhere. Call money has been been followed by moderate shipments of gold quoted as high as 15 per cent, and although which, however, are much more than offset by this level was not long maintained, it was taken gold either imported or shortly to be imported, as an indication of danger and led to a reduc- and whose early arrival is certain. Foreign extion in the volume of stock speculation. An change has been in most cases weak and lower inquiry into the sources of funds for call loans than during the preceding month, francs and has shown that the}" are widely distributed lira being in a particularly unfavorable condition. throughout the country, and that the tendency The banking situation as a whole is regarded as toward speculation is not localized, but gen- sound, credit and collections throughout the eral. Bankers are watching with particular country being considered unusually good and interest the development of this movement on failures unprecedentedly small and few. account of the large requirements of the crop season and the obvious needs for the financing SPECIAL REPORTS. of the export trade. Government credit is in good condition, as REPORTED BY DISTRICT NO. 1. evidenced by the high and rising market for Wool.—Considerable amounts of wool are Liberty bonds of practically all issues, parbeing regularly disposed of by auction. At ticularly the Victory notes. Apprehension is the present rate the amount to be left over expressed in a number of quarters lest bankers when these auctions cease on July 1, will be may get into the habit of overlending, and lest approximately 60,000,000 pounds. However, most of this is of inferior grade and not wanted the. prevailing high prices for real estate and in this country at any price. commodities may result in advances up to an The spread that has existed for some timeunduly great portion of the normal value of between the price of fine and medium grade the property or security offered. wools is now rapidly decreasing as the latter As the year advances there is some tendency are advancing. The demand for the best of toward a strengthening of rates in various the medium grades comes from manufacturers who desire to put a cloth on the market which classes of commercial paper, while both stocks can slightly undersell that made from fine wool and bonds have, in spite of some reactions on and still answer every purpose which the other the exchange, reached and fairly well maindoes. tained what are considered very high prices as Mills received orders so late that they will compared with the levels existing during the run well into September on this year's goods, war period. No marked movement in rates and there may be a considerable congestion during" August and September when orders for on the whole is evident. In certain centers— spring deliver}7 commence to be placed. Buyers in particular Minneapolis and San Francisco— are therefore extremely anxious to make sure rates in general have declined. In other cenof their goods and are willing to pay increased ters a somewhat firmer tone in rates is noted, prices for early delivery. Mills seem to be although no pronounced instances of general operating very close to their normal capacity Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1010. FEDERAL BESERVE BULLETIN. 625 with more skilled workers needed in most had no effect on the shoe-buying public and centers. retailers are obliged to reorder frequently. Cotton.—After a shutdown of three weeks, Credits in this line are steadily improving, due to slight labor troubles, the New Bedford with only a small percentage of overdue bills mills have opened again. The demand for fine outstanding, and a larger number of dealers goods exceeds production and with the uncer- take discounts. tainty in the cost of cotton there has been As Europe is still in the market for leather, much hesitancy upon the part of the mills even the release of surplus holdings by the about booking future orders except at con- Government at auctions did not check prices siderable advances over current prices. Buy- from advancing further. Tanners are eners in many cases are more than willing to deavoring to buy from one another and manupay these premiums in order to assure them- facturers are finding it continually more diffiselves of having goods when needed. Busi- cult to buy in advance the grades needed for ness at Fall River is above normal, with prices their output. strengthening. Almost all lines are at a higher level than during the war. REPORTED BY DISTRICT NO. 2. The demand for cotton has not responded to the increased demand for cotton goods. In Business in the Second District has mainthe case of extra staple, the shutdown at New tained the acceleration observed a month ago. Bedford left mills with present needs well The inclination to buy has not abated. The cared for. With a quiet market for cotton, demand has concentrated upon the articles prices have shown considerable variation, fol- used in daily living—foodstuffs, woolen and lowing, however, a general upward tendency. cotton goods, shoes," and other articles of cur- It is reported that some surplus short-length rent necessity. To replenish domestic stocks cotton held here in New England which was retailers have been obliged to increase their not wanted at the prevailing prices has been demand upon manufacturers and producers, sent South for export at a price sufficiently with the result that many industries report high to pay all extra shipping costs. maximum activity. The export demand has A shortage of skilled labor is universally felt, supplemented domestic requirements. Prices especially since the reduction in working hours remain high and in some cases have increased, has caused a corresponding decrease in the but not yet to such a degree as materially to average day's output. affect sales. Dry goods.—An exceptionally active demand Two of the basic industries have not yet refor all classes of dry goods keeps up without turned to normal activity. From the iron abatement. Some of the larger retailers are and steel trade it is reported that conditions experiencing great difficulty in obtaining goods are improving, but production is still far below for future sales. This has caused them to maximum. The building industries are more place orders longer ahead than is customary active, but they appear to be held back by a and offer premiums for prompt delivery. Dis- shortage of funds available for building loans. tributors feel the effect of this heavy retail An inquiry conducted by this bank shows that trade almost immediately, as dealers' stocks the demand for buildings is overwhelming and have not been large during recent months. that operators are willing to go ahead, even There is no indication that the present in the face of high prices. They appear to activity in these lines will cease for some time be convinced that prices for building material to come. Both distributors and retailers are will be maintained or will go higher. They are therefore looking well into the future when ready to proceed, but the inadequate supply of applying their needs. money limits their action. Leather and shoes.—The demand for shoes The most notable incidents of the month shows an improvement over last month. Manu- ! have been in the money and stock markets. facturers who have not had any Government i These markets, closely interrelated, have given contracts are now producing at maximum I unmistakable signs of feverish speculation. capacity. Others have almost reached this I As is frequently the case at such times, buying point, and all see the only hope of further I on account of interest values has given way to increase is from greater efficiency on the part | buying; against the rise in the market for of the employees and additional labor-saving j immediate profit. In its earlier phase during devices. More skilled labor could be readily | the last two weeks of May the present moveused if available. Higher prices have so far I merit in stocks seemed to reveal the presence of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

626 FEDERAL KESERVE BULLETIN. JULY 1, 191S, many new buyers who were attracted to the In the last two weeks of May rates remained market by rising prices, and whose combined pur- virtually the same as in the preceding period, chases moved the market higher. In the second ranging from 3J to 6 per cent, with 5 to 5i prephase of the movement that started late in vailing. The maintenance of these rates in May and carried through into the early part the face of heavy stock-market trading was of June, prices continued to rise in such a way attributed to an influx of money from the as to give concern lest speculation should en- Middle West. On Tuesday, June 3, almost gage the credit resources of the country in without warning, the call loan rate crept up such degree that normal liquidation would be until by 2'o'clock it was quoted at 11 per cent. retarded. The most active speculation was in This figure, the highest since December, 1916, the oil, tobacco, and motor shares. The great- was only temporary, however, and the next est activity was on June 3, when 2,219,000 day rates eased off, owing to the placing of sevshares were sold, the heaviest day's business eral million dollars on the market by one of the since December 21, 1916. The rise of call large banks. For the rest of the week the remoney rates on that dav indicated that specu- newal and ruling rate was 6 per cent. On all lation had overreached itself. A slight reces- industrial collateral, however, rates were fresion developed a week later, and on June 16 quently quoted 4 per cent, instead of the northere was a sharp break, which continued the mal one-half of 1 per cent above the mixed next day, carrying down the prices of those collateral rate. On Tuesday, June 10, the destocks which had risen most rapidly in the cline in the stock market was accompanied by upward movement. Subsequently the market a high call-money rate, when the maximum for recovered somewhat from the losses sustained the day was 8 per cent. From day to day the on the decline. The Annalist record of the nominal renewal rate was at or about 6, but average prices of 50 representative stocks was every afternoon during that week there were 88.37 on June 5 and 86.65 on June 12, as com- sharp advances, culminating Friday in 12 per pared with 82.49 on May 15. cent for both mixed and all industrial loans. The bond market has not shared the activity The official high rate on Monday, June 16, the of the stock market. The rise which took final day for the payment of income taxes, was place early in May became less apparent 15 per cent. The next day the relief caused by toward the end of May, and in June prices fell the payment of certificates of indebtedness due off slightly, approximating by the middle of on June 15 and 16 was apparent, and gradually the month the prices of four weeks before. the market declined. Tax-exempt issues have been preferred and Interest rates.--The higher money rates were Victory 3fs have been above par, with Victory apparent, though in less degree in the commer- 4fs fractionally below for most of the month. cial paper market. Up to the end of May com- Toward the end of the period Victory 4fs rose mercial paper rates remained unchanged on a above par. A syndicate of New York and 5^-5^ basis. But about June 1 the rates adwestern bankers brought out on June 12 an vanced to 5i per cent for 60 and 90 day inissue of Swedish Government 6 per cent bonds dorsed paper and six months choice names. in the amount of $25,000,000. Both local and out-of-town institutions were Call money.—The pressure on the money in the market as buyers, but dealings as a market was concentrated on call money. The whole were light, owing to the scarcity of highincreasing demand and the diminishing supply grade offerings. was attributed to a variety of causes—the For some time past an increasing supply of long-continued speculation on the stock mar- bankers' acceptances has been coming into the ket, an increasing unwillingness on the part of market in the face of a light demand, so that the banks to extend credit on call loans, fol- dealers' portfolios have been growing. With lowing the Federal Reserve Board's inquiry on call-money rates rising to levels not known for this subject; the Government's withdrawal of many years, dealers in acceptances have found funds with which to redeem certificates of in- it difficult to dispose of their holdings at favordebtedness, and the large transfers of money able rates, and the Federal Reserve Bank has incident to income-tax payments. The high been called upon to buy an increasing volume point of the month was on June 16, when caD of them. The rates have remained throughout money went to an unofficial high mark of 20 the period at 4J to 4^ per cent for 90-day per cent after the close of the money market, eligible bills. The long-expected bills drawn the highest point reached in 11 years. under the $50,000,000 Belgian credit appeared Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1,1910. FEDERAL RESERVE BULLETIN. 627 in the market early in June. Some time ago crop conditions in the West are reflected by $10,000,000 of these bills arrived in this coun- heavy demands for clothing which are expected try, but were held up pending settlement of to insure splendid conditions for the fall and details between American syndicate managers spring. The demobilization of the Army still and representatives of the Belgian banks. The serves to add immensely to the volume of remaining $40,000,000 will probably be brought business. No difficulty is experienced in out within the next two weeks. collecting accounts. Cotton.—The business of the cotton mills has REPORTED BY DISTRICT NO. 3. shown very great improvement over conditions a few months ago and prices have risen to Automobiles,—Dealers in pleasure cars report high levels. These advances are said to be that business has never been better, and that greater proportionately than the advances in sales for April, May, and so far in June have raw material. Conditions around the middle broken all previous records. They are ex- of June show a more settled state and the wild ceedingly optimistic about the future and state rush to buy anything at any price seems to that the only serious question is to supply the have lost some of its momentum. wants of their patrons for new cars, the demand The export business is good and limited being greater than the supply. Production is only by the financial ability of foreign buyers somewhat hindered by labor difficulties but to pay. Inquiries are received from all parts factories are gradually getting back to capacity of the world, credits are being arranged to production, and by fall it is believed that it facilitate purchases and indications are that the will be possible to catch up with back orders. export business will be very heavy next Truck sales dropped off very materially after season. November 11, and during the four months Wool.—The demand for raw wool has been following they were far below the 1918 business. very large, and although there was some A slight improvement was noted in April, and slackening sometime ago, latest reports from during May sales were in a more favorable Boston wool sales indicate a higher level of ratio to the business of a year ago, although prices than ever before at the Government still remaining low* auctions. * Spinners and top makers are sold Cement.—Up to a short time ago, the demand ahead for months. Buyers of woolen and for cement and lime was very small. Recently worsted goods are buying on a large scale and there has been a considerable increase due to seem willing to pay practically any reasonable the expansion in building operations. Pur- price. Civilian cloths are stilt in scant supply chasers are realizing that prices of these mate- and mill production is not up to 100 per cent rials have advanced very conservatively as due to the slow deliveries of raw materials compared with other commodities; there seems and the shortage of skilled operatives. Very to be no hope for immediate reductions in active business is expected for the balance of prices, and the building trade seems to have the year and possibly longer. Some firms are accepted the situation on this basis and to finding it difficult to finance their business have gone ahead. requirements on account of the high prices of Chemicals and drugs.—Heavy industrial merchandise and the increased cost of doing chemicals show a small increase in activity, business. but consumers continue to buy according to their current needs. The volume of business REPORTED BY DISTRICT NO. 4. of those concerns which dealt in labaratory materials has naturally fallen off since the The iron and steel industry has taken a armistice, as a large part of their sales were decided turn for the better. New business is made to plants which were heavily engaged on coming in in good volume, with mill operawar orders. It is stated that educational tions consequently increased. and institutional business is reviving and During the period since our last report, the prospects for consumption in these lines is stronger tone and confidence among buyers considered good. The drug market is quite have been so developed that a substantial active. buying movement has resulted. Many con- Clothing.—Orders for clothing have been tracts covering iron and steel requirements to exceedingly heavy and some manufacturers October 1, and in numerous cases to January doubt their ability to secure enough woolens 1, have been made, with few exceptions, uj>on and other materials to fill them. Excellent the basis of current prices. The situation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

628 FEDERAL RESERVE BULLETIN. JULY 1, 1919. generally evidences a willingness on the part gress, it is thought that doubtless there will of buyers to accept the present level of prices, soon be relief from this quarter. with less expectancy of reductions. In some cases the buyers have been willing to close REPORTED BY DISTRICT NO. 5. tonnages at present prices to a more forward date than the producers have been willing to Farmers are prosperous and a greater numentertain. Most prominent among this class ber than usual have paid cash for their ferof buyers are the automobile manufacturers tilizer. There has been a full planting of and the makers of automobile accessories. tobacco and corn, both of which, however, are a little late, due to cool weather and too For four years the war demands have domimuch rain. The acreage of cotton is estimated nated the market and ordinary requirements to have been reduced about 15 per cent and to a great extent have been forced to a standhas also been affected somewhat by unfavorstill, but steel is now experiencing its first open able weather, but there is ample time for market since the beginning of the war. The recovery from these conditions. The demand trade apparently feels that the worst is over for horses and mules, like the demand for in the matter of readjustment from wartime everything else, has been active and prices to peace conditions. There is some question high. as to whether there will be any decline in prices until after a period of full capacity The planting of truck crops, particularly in operations. the coastal sections, has been below normal, but prosperous conditions have made such a A hopeful condition is noted in the fact that demand for them at high prices that growers orders are reported as well distributed over have been securing highly satisfactory returns. the country, which is evidence that the market Sales of some of these growing crops by the is developing on a much broader basis and acre have been made at very fancy prices. that buying is no longer confined to the auto- The crops of the past season, the marketing mobile industry and the oil piping demands. of which has now been nearly completed, have Another healthy condition is shown in the brought high prices and have been the chief increasing call for structural and fabricated factors in the general prosperity. Cotton consteel. This leads us to a more or less permatinues to move more freely and more tonnage nent demand, for it shows that building operais available at the ports for export. Prices for tions are brightening up, which gives rise to a peanuts have continued to improve and basis for a steady growth. cleaners have been working their plants under Wire plants in the Cleveland district are full time, but under some handicap as to labor. now operating at about 85 per cent. Makers of light or sheet plate, selling principally to REPORTED BY DISTRICT NO. 6. the automobile trade, have booked themselves fully for several weeks ahead. Plants which Reports from New Orleans indicate a noticesell semifinished steel for rolling into finished able increase in May in trade to Central and products have put several furnaces into opera- South American ports as well as to other tion for the purpose of increasing their output. foreign points. It is now possible for the in- Pig-iron sales in the Pittsburgh area have land shippers to make contracts with the been heavy, the demands during the past two various steamship companies at the gulf weeks exceeding 100,000 tons. This is the ports for the export of their commodities. best selling that the market has experienced No congestion is apparent at the terminals, as a at any time this year. Gray iron and malle- sufficient number of ships are available to take able furnaces especially have been active care of all shipments for which contracts have buyers. The period of delivery is running as been made. Very little lumber is moving, being far as January 1. More inquiries are coming used principally for ballast, but cotton, grain, in from manufacturers of stationary engines and foodstuffs comprise the majority of the and steam boilers. Plants which had been cargo. The foreign market for these comworking only three and four days a week since modities is especially profitable, owing to the the 1st of January are again working on a 60 decrease in freight rates and insurance on to 75 per cent basis. account of the removal of the risk of destruc- Collections are satisfactory, with the excep- tion. tion of the railroads, but in view of the appro- Conditions existing at this time in trade with priation of $750,000,000 just passed by Con- Central and South America, Cuba, and Panama Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1, 1919. FEDERAL RESERVE BULLETIN. 629 are reported to be better than those prevailing REPORTED BY DISTRICT NO. 7. before the war. Not only is this true from a In view of the gradually expanding industrial financial standpoint, as the profits for both the activities throughout the country and the rather steamship companies and the shippers haveabnormal requirements in financing the crop increased, but it is also true that the quantity movements, both because of the higher prices of commodities exported shows a marked and the enormous wheat production, western increase. All steamers which were commanbankers are watching particularly closely the deered by the Government for transport service development of the present speculative movehave been released to their owners and have ment. At this season of the year bankers in resumed their former traffic. Large quanthis section are usually cautious in extending tities of coffee are being imported from Brazil, loans because of the approach of the harvest sugar from Cuba, bananas, palm kernels, and with its usual large requirements, and this is other tropical fruits, and sisal from Central especially true this year because they see ahead America. a strong demand upon the available banking During the past month there has been funds. There is an element, however, that is excessive rainfall in practically all parts of taking a decidedly opposite view of the situathe district. The condition of the cotton crop tion, made up chiefly of those who have was reported fair before the rains, but cultivaamassed enormous profits out of the war-time tion has been impossible for two or three weeks demands during the last few years, and, having and cotton fields have become very grassy. It accumulated wealth rapidly, appear to be is estimated it will take two or three weeks to anxious to turn over their fortunes speedily in clear out all of the grass and weeds. Reports speculative ventures. This element of newly of the boll weevil in the infested areas are made rich for some time has been quietly received, and while farmers are doing everyseeking employment for its funds; and as ordithing possible to prevent damage to the plants, nary business profits recede with the subsidence the possible injury from this insect to the crop of the war demands and the continuation of in the normally infested area may be great high costs of labor and material, it turns to the this season. stock market and other phases of speculation. While some cotton has been sold on the recent rise in the price, quantities are still in The security market activity of the last the hands of the producers, in some reports month or two has been closely scrutinized by estimated at one-third of the crop. bankers with a view of determining just where The corn crop is reported to be somewhat the money that was represented in this activity increased over last year. It is practically all is coming^ from. So far as careful inquiry displanted, and the earlier plantings have been closes, the banks in the Seventh Federal well cultivated and have made splendid Reserve District have participated directly in growth. Wall Street loans to a very limited extent, Reports continue to indicate that Tennessee There are a few Middle West banks which wheat is in good condition, with prospects for always carry considerable balances in New large yields. Wheat, oats, and hay in Ala- York and, from time to time, loan some of bama have been injured to some extent by these funds on call in the stock market; but recent wet weather. these balances and the Wall Street loans, with Planters report that there has been too much two exceptions, are not larger than usual, and rainfall, even for rice, and the cool weather has in some instances are actually smaller than in delayed the growth of the crop which is now normal years at this season. Practically none estimated to be three weeks late. of the member-bank borrowings at the Federal The development of tobacco growing in Reserve Bank on United States securities has Georgia, Alabama, and Mississippi is progress- found its way into the stock market, as far as ing, and a considerable increase is indicated they can be traced. over last year. TFhere are indications that considerable The live-stock industry is showing progress Western money has gone into the stock in all of the Southern States. Interest in good market, but it is the money of the individual breeding stock is growing and the demand for who is investing his profits oi the last few years. good grade beef stuff—young, and such as will The flurries in interest rates in Wall Street make good gains on pasture—is greater than apparently served only to cause these new the supply. There is a fine interest in sheep, speculators to check against their deposit and the movement for a small flock on every accounts and take up the stocks, with the result farm is making headway in many sections. that the floating supply of available stocks in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN. JULY 1, 1910. the market is curtailed, which necessarily anything bordering upon speculation in farm makes a further advance easier. lands, but there has been injected into the One of the contributing features tending to situation a phase which closely resembles some produce a scarcity of available stocks is the of the features which were conspicuous in attitude of the investor, who during the period previous speculative land movements. In some of actual hostilities bought shares at low prices sections there seems to have been adopted in but hestitates to sell at the present level and this land development a brokerage or "option" 11 take his profits" because of the large percent- method of trading. This is indicated by the age of the proceeds he will be called upon to turn frequent changes in ownership of the same land over to the Treasury in the shape of excess- at advancing prices. If these operations conprofits tax. tinue it is feared they may culminate in a An indication of the increase of public interest rather serious situation around March 1. in stocks in the Middle West is reflected in Enormous prices of farm products, however, reports of nine of the big corporations whose together with large crop production, has conshares are widely distributed and are more or tributed to the wealth of the agricultural secless favorites. The number of shareholders of tions of the Seventh Federal Reserve District these companies, all industrials, shows increases to such an, extent that not only is the available running from 33 per cent to 83 per cent com- land coming on the market quickly snapped up, pared with 1917, the average increase in holders but buyers, and even speculators, are bidding being 30| per cent prior to the recent market for farms not seeking a purchaser. The conseactivity. This percentage does not reflect the quence is that prices have reached the level wide distribution of the newer oil companies in some instances, of $700 and S800 an acre, and promotions. and there have been instances where strictly There has been more or less wild speculation farm land has changed hands three times thus in oil shares and promotions during the last tw^o far this year at advancing prices. In one secyears all through the Middle West, but this tion of the district the land activity and adspeculation, outside of the immediate oil-pro- vancing prices have reached a point where it ducing territories, did not involve any extensive is impossible to figure a satisf actor}^ investment expansion in bank loans. return at the existing price per acre on the But not all of the speculative interest is going cash rental basis of $12 per annum per centered in the stock market. The abundance acre. of mone}7 and credit in the shape of profits There is one reassuring feature in this land during the war period seems to be seeking an activity. The previous owners of land are outlet in some speculative form or other, and selling at the high prices and reinvesting in this is not entirely restricted to the buying of neighboring States where land is available at oil stocks or the more seasoned shares listed on lower prices and has not felt the effect of the the New York Stock Exchange, for there has speculative movement. This necessarily has been a rapid increase in the activity and move- an equalizing tendency but it is also stimument of real estate, both farm and city, during lating a more general land movement and the last six months. Necessarily the restric- speculative activity in farm lands. tions on building during the war time resulted One feature of the development is the effect in a shortage in available apartments and office on the borrowing situation. It is admitted space in nearly all cities in this district. With that farm loans are now being made in some these restrictions removed interest is reviving parts of one of the States in the Seventh Disin city real estate, although the cost of con- trict on a valuation two and one-half times as struction for a time restrained building activi- large as the loaning limit of six years ago. To ties. The feeling, however, is spreading that counteract this tendency, with its perils, some although construction material costs have in- cautious lenders have enforced a rule of fixing creased approximatly 60 per cent compared a conservative valuation beyond which they with 1914, the increase in rentals has been will not accept farm liens; but there are other exceedingly small, and that the shortage in lenders who are encouraging the trading in available dwelling and office space in most of lands by fixing a much higher lending limit. the cities will result in an increase in rents. In one of the Seventh District States about 35 The most striking development, however, in per cent of the farm land deals appear to be for the. real estate movement is the activity in a -'quick turnover/' according to close stufarm lands. This movement is commonly re- dents of the situation living in that State. ferred to as a reviral of activity rather than About 15 per cent represents a desire to profit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1910. FEDERAL RESERVE BULLETIN. 631 on the rise expected within the option period, consin, Minnesota, and South Dakota corn is and the remainder, or 50 per cent, of farm-land up and is being cultivated. Pastures are exbuyers aim at occupancy and operation. From cellent and dairy farmers are getting a good this estimate it would seem that there is more flow of milk. Grass lands and clover are in or less of the speculative feature in at least half excellent shape. Clover is in blossom in of the land transactions in that State. southern Minnesota and Wisconsin, and forage One of the arguments used by the specula- crops all promise large yields. In western tive element, which has been gradually ab- North Dakota and Montana, however, recent sorbed and adopted by the farmer, is based on rains were timely, as the pastures were getting the experience in more recent years that land very short, and there was prospect of difficult}' prices seldom, if ever, recede, although the de- in carrying the stock through the summer, mand for farm lands subsides when the price gets out of line with money conditions until REPORTED BY DISTRICT NO, II, there is no market. The disposition is to overlook the experience following the Napoleonic Agriculture.—The wheat crop is a bounteous wars, in which, according to French and Eng- one; has had excellent growing conditions, and, lish economists, English farm lands which had except for lack of labor, which has been short been marked up to extravagant figures in con- throughout the belt, the harvest is progressing sequence of the sudden rise in grain, meat, and well. Conservative estimates place the crop dairy prices slumped after the battle of Water- at some 40,000,000 to 50,000,000 bushels this loo, bringing ruin to the land speculators. season, which is almost double former records. Land prices fell 50 per cent or more, even for With high prices prevailing, and the encouragthe most productive and desirable English ing news from the East with reference to the estates, corresponding with the sharp decline plans for control of this crop in its process of in wheat prices from the high mark of 110s. per marketing, sections enjoying wheat farming quarter in 1810 to 43s. per quarter in .1822. are undoubtedly in a most favorable position^ The cause of this was, of course, the decline The cotton crop seems to have suffered some in incomes and the heavy increase in taxes and from heavy rains, which have produced a rank other fixed charges. growth of weeds, difficult to combat with inadequate labor, which is the prevailing condition in most cotton growing sections of this REFOETED BY DISTRICT NO. 9. district. Efforts at reduction of. acreage in Very serious damage to the grain crops accordance with a prearranged general plan throughout practically ail of the State of Mon- have been eminently successful, judging" by tana and in portions of western North Dakota reports now received, but this curtailment of was narrowly averted by timely rains during total output, added to adverse weather conthe fore part of the month. In northern and ditions and lack of labor, gives this important central Montana and parts of the Yellowstone staple an outlook which, in the opinion of Y&iley section winter wheat was seriously some, is not very encouraging at this writing. damaged before the rains came, but the recent Further heavy rains will undoubtedly work a moisture has been of very material assistance considerable hardship. to spring wheat, of which a large acreage was Corn growing in this district is attended with planted and the prospects before the State, as some uncertainties, which usually develop a a whole, arc favorable. little later in the season, when hot winds and Cut worms and wire worms have done some prolonged periods of dryness will upset what damage in northern Montana, and grasshop- appears to be a good start, but heavy moisture pers have done some damage in western North and excellent growing conditions this season Dakota. The chief cause of deterioration to have put the plant in a strong position and it grain crops in the western portion of the dis- is pretty generally believed that the crop will trict was, however, the dry weather, which be large. Labor conditions affect this division continued throughout nearly all of May and of agriculture less at this time than others. the first part of June. The oat crop is growing on a larger acreage, The South Dakota outlook is excellent. and where harvest has begun the results are The outlook in practically all of North Dakota ver}r good. Lack of labor has worked some is very good. Minnesota and Wisconsin pros- hardship, but returns from the crop, as a pects "are for a large crop, Throughout Wis- whole, are satisfactory. 123722—19 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

632 FEDERAL RESERVE BULLETIN. JULY l, 1919, The rice crop is all planted, although, de- district was estimated on June 1 by the United layed a little this year on account of excessive States Bureau of Crop Estimates as follows: rains. The acreage is about normal, from the reports received, and the condition at this time is stated to be excellent. Production (bushels). Per Livestock.—Cattle raising has undoubtedly cent entered into a period that will enable it to 1919 1918 increase. recoup losses suffered for many seasons past, Washington 57,775,000 26,429,175 112 and there is not an adverse note in any Oregon 23,641,000 18,654,000 2ft of the large number of expressions now ob- Idaho 23,253,000 17,940,000 29 California 14,400,200 7.590,000 91 tained from the best posted cattlemen throughout this distiict. The grass supply is bounti- Total 119,069,200 70,613,175 ful. The past winter in most sections was normal, and while prices have not been as According to these estimates, this year's attractive as some have expected, the industry wheat crop will be the largest ever produced is undoubtedly in a very safe position. Cattle in Washington, Oregon, and Idaho, and the feeders who have fed high-priced feed, have, largest in California since 1907. of course, looked with some apprehension on Reports from all parts of this district conrecent declines in livestock prices, but ade- cerning deciduous fruit crops are very favorauate banking facilities, as well as plans for able except from Oregon, where prunes have the organization of a large financing corpora- been dropping heavily. In California navel tion, give tone to the very favorable reports and Valencia oranges are setting well, lemons that are heard from this industry. are still blooming, and walnuts and grapes are Sheep raising has also been quite satisfac- making favorable progress. tory, and with plenty of grass and falling feed The first crop of alfalfa is being cut in Utah, prices, those most interested in this industry northern Nevada, Idaho, and Oregon, and the are making quite favorable reports. second crop in Arizona, California, and south- The hog raising sections of the district fur- ern Nevada. Rains during the first week in nish favorable reports, although in some sec- June in Arizona, Utah, and Nevada greatly tions falling prices are pointed to by some as benefited the ranges. Live stock generally is the basis for their fears that the industry will improving in condition, and feed on the sumnot continue to be so well financed as here- mer ranges continues good. tofore. RE POUTED BY DISTRICT NO. 12. Housing and Living Conditions in New York. The following study of housing and living Lack of rain in Washington, Oregon, and conditions in New York has been furnished to Idaho is causing considerable uncertainty and some anxiety as to grain production. Al- the Board by the Federal Reserve agent of though the soil was well saturated with mois- District No. 2 and is herewith published as ture during the spring, the surface has dried throwing light upon the general situation of out to such an extent that it may keep the building and cost of living. grain from filling normally. Winter wheat is standing the drought better than was expected BUILDING. two weeks ago, but spring wheat is beginning to head prematurely. In California the grain The conditions governing the resumption of harvest has commenced. Early barley and building operations have become so pressing winter wheat have filled well, but the late sown in this district that the bank undertook to crops are in poor condition and some have determine what causes, if any, have prebeen cut for hay. Dry winds during the first vented the immediate start of all construction week in June shriveled some wheat and barley required. The number of families in New York in the Sacramento Valley, but no general dam- City which are without adequate accommodaage was done. | tions was estimated, in a report sent to the The production of spring and winter wheat | governor of the State of New York by a joint in the principal wheat-producing States of the 1 legislative committee, at between 30,000 and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDEEAL RESERVE BULLETIN. 633 35,000. It is probable that 40,000 families will the near future. This readiness to go ahead is require better housing by the close of the based on the theory that if building prices go summer. Similar conditions exist throughout down at all the time is so remote that the rents the district. to be secured in the interval will more than make The need for house construction is, of course, up for the impairment of equities. only one phase of the building problem as a The crux of the difficulty appears to be that whole. One authority estimates that the building loan money is not present in quantity. structural industry must be operated on a The legislative committee reporting to the basis of 20 per cent above normal for about governor of the State of New York estimated five years in order to make up the shortage. that $75,000,000 was required to make a start An effort was made to find out— and provide housing for the people now with- First. Whether the prices of building ma- out adequate accommodation. Thus far the terials are apt to go down. committee has found only $35,000,000 avail- Second. Whether operators were willing to able for this purpose. Tliis leaves out of congo ahead on the basis of the present high prices. sideration the building of other sorts of which Third. Whether money was available to the district finds itself short to the gross value finance building operations should the oper- of many hundred million dollars. One estiators and the dealers in materials come to an mate places the gross requirement as high as agreement on prices. $1,000,000,000. Dealers in building supplies uniformly assert A variety of causes appears to be responsible that prices will not go down, but that on the for the shortage in building loan funds. The contrary they are apt to go up. Materials, in- main sources of real estate loans are savings cluding lumber, structural steel, lime, brick, banks, title and trust companies, insurance comand Portland cement, are already in demand panies, building and loan associations, and indifor export and for domestic use. Lumber vidual lenders. Building loan money for large dealers report, for instance, that Great Britain operations is furnished principally by life insurhas ordered a vast quantity of spruce lumber ance companies and by title and mortgage from Canada, thereby restricting that market companies. Insurance companies at present materially for the United States. The demand are without a substantial volume of funds for for steel, particularly for structural purposes, investments, due to their purchases of Liberty is increasing. Other building materials are bonds, and many of the Now York companies facing a similar growing demand. are borrowers instead of lenders. With business increasing the dealers see no As a matter of fact, according to figures of substantial reason why prices should fall. the Labor Department, along with the vastly They point out that according to the figures increased financial resources of the county the from the Division of Public Works and Con- amount of money that has been applied to the struction Developments of the United States development of real estate and building has Labor Department, general commodities have not proportionately increased. Real estate advanced 113 per cent and farm commodities loans from 1913 to 1918 did not increase as 116 per cent, whereas building materials at rapidly as bank resources. During 1917 and their present level have increased only 84 per 1918 statistics indicate that there has been a cent from those of 1913. They argue, there- decrease in real estate loans held by financial fore, that material costs are low, taking into institutions. This fact is partially attributed consideration the present buying power of the to the relatively small increase of resources dollar. Moreover, in 1918 prices for materials in savings banks, the main field for real estate increased in the face of a declining demand. loans, as compared with tho resources of com- Contractors who build for investment and mercial banks and trust companies. building operators are willing to accept the As compared with 1918, building activity in situation as it exists. An inquiry among the April shows a groat increase, assuming that the largest and best builders in New York City estimated value of building for which permits show them ready- to begin building at the pres- have been issued is a fair index to the present ent cost of labor and material, if building money condition. could be secured on a basis which would enable The following gives a comparison between them to operate without much refinancing in the April figures of 1918 and of 1919, as reported Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

634 FEDEKAL RESERVE BULLETIN. JULY 1, 1919. from the building departments of the five Statistics. All but 5 of the articles showed boroughs of New York City: increases over the February prices. The following is the result: Number of Estimated cost. buildings. Per cent Changes in prices of various foodstuffs, New York City, Jan- Boroughs. gain in uary to June 1919. value. } 1919 1918 1919 1918 RETAIL PKICES. Bronx 304 259 $2,299,498 $302,771 659 Manhattan. 49 17 3,333,750 558,700 496 Brooklyn 1,066 923 4,723,100 3,534,970 33 Per cent Richmond 197 88 379,580 211,634 75 change, Queens 1,337 357 3,290,226 743,510 342 Feb.-June. Total 2,953 1,644 14,026,154 5,351,585 Commodity. Unit. Jan. 15.Feb. 15. June 2. In- ! Decrease, j crease The reports for May are as follows: Cts. Cts. Cts. Sirloin steak Lb 44.8 44.9 46 3 3 1 Round steak Lb 47.3 46.9 48.0 2.4 New building. Alterations. Rib roast Lb 40.9 40.9 41.4 1.2 Chuck roast Lb 32.7 31.7 34 0 7 3 Plate beef Lb. 28.0 28.5 23.6 17 2 Number. Value. Number. Value. B Po ac rk o n c , h s o li p c s ed L L b b 4 5 3 4 . . 5 8 3 5 9 0 . . 9 3 4 5 4 2 . . 2 2 1 3 0 . 8 8 Ham, sliced Lb 57.1 56.0 55.0 1 8 Lamb Lb 33.6 32.3 40.7 26.6 M Br a o n n h x attan 6 3 7 5 $ 2 1 , , 6 7 4 9 8 8 , ,0 7 5 5 0 0 3 4 0 0 8 3 2 $ ,3 3 4 6 0 5 , , 3 0 7 3 6 8 S F a o l w m ls on, canned L L b b 4 3 0 7 .0 8 3 3 9 5 .6 5 4 3 6 8 .0 7 1 6 8 ! ^ 8 Brooklyn 667 5,867,600 723 997,948 Milk, fresh Qt 16.0 16.0 16.6 3.8 Richmond 221 358,123 84 61,088 Milk, evaporated 1.. 15-16 oz.. 16.1 15.7 16.1 2.6 « Queens 978 5,435,270 380 422,670 Butter. .. Lb 75.5 58 1 6° 0 18 8 : Oleomargarine Lb 37.2 37.1 35.2 5.1 Total 1,968 16,107,793 1,898 4,187,120 Nut margarine Lb 34.3 34.0 34.4 "i*2 Cheese, American.. Lb 42.7 42.6 44.0 3.3 Lard Lb 33.1 31.8 36.7 15.4 Crisco Lb 32.3 31.7 33.9 6.9 • The value of building permits as an index Eggs, fresh Doz 78.1 60.5 65.0 7.4 is, however, problematical. They no more B Eg re g a s d , storage L D b o . z 2 6 1 1 0. . 0 1 5 1 2 0. . 0 0 5 1 7 0 . . 3 2 1 2 0 . . 0 2 : than register the intention of builders to build, Flour La. 6.8 6 8 8 9 30 9 Cornmcal Lb 6.3 6.1 9.5 55.7 • and action under them is contingent largely Cornflakes 8-oz. pkar. 12.4 12.4 12.6 1 0 upon the rates at which money can be secured. Cream of wheat 28-oz.pkg. 21, 0 24.0 23.3 ; 2.9 Rice Lb 13.8 13.3 14.2 6.8 : . It is possible that funds will be made available, Beans, navy Lb 15.3 14.3 14.2 Potatoes Lb 4.0 4.0 8.0 "i66."6"i . in view of the pressing demand, but the Onions Lb 4.2 4.4 14.4 227.3 :.. . normal sources, with the possible exception of Beans, baked No. 2 can. 17.7 16.8 16.8 Corn, canned No. 2 can. 19.7 19.0 20.5 7.9 i the private lenders, it would seem are not able Peas, canned No. 2 can 18.5 18.2 21.7 19 £ to meet the requirements at this time. T Su o g m a a r, t o g e r s anulated.. N L o b 2can 1 1 6 0 . . 1 1 1 9 5 . 9 5 2 1 0 0 .1 6 32 2 .0 9 • • Tea Lb 53.5 55.1 67.5 22.5 ; ColTee Lb 32.4 33.5 43.0 28.4 '... Prunes Lb 22.1 22.9 29.0 26.6 COST OF LIVING. Raisins Lb 15.3 15.7 21.1 34.4 : Bananas Doz 32.0 32.1 43.0 33.9 i Oranges Doz 51.2 50.0 70.2 40.4 In order to determine as nearly as possible what increase, if any, had taken place in the 1 Unsweetened. 2 Baked weight. cost of living, this bank made an inquiry into two of its elements, namely, retail food prices ^ The rent problem is engaging public attenand rents in the city of New York and at the tion in New York City to & great extent and same time secured figures showing the current has been investigated by two governmental wages. committees, one State and the othor municipal, In order to compare present retail food The mayor's committee on rent profiteering prices in New York City with those of a few has received over 10,000 complaints from dismonths ago, quotations on 41 common articles satisfied tenants since its organization in of food on June 2 were gathered from a number April. Landlords assert that advances are necof dealers in various sections^ of the city. essary because of increases in taxes, in jani- These quotations were averaged and compared tor's wages, in coal, and in materials and labor with the January and February prices for for repairs. Various estimates of what would articles of the same kind and quality pub- be a "reasonable" increase are 10 to 20 per lished by the United States Bureau of Labor cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1, 1919. FEDERAL RESERVE BULLETIN. 635 Because of the scarcity of housing accom- result of inflation, but undoubtedly there is an modations, the tenant seems to have small actual increase even on the prewar money value opportunity to move into cheaper apartments. basis. A further disturbing element is the fact that THE NATIONAL DEBT. many landlords are refusing to give a year's lease under the new rates. But still it will be asjked what about the debt of the Nation exclusive of that part of it due from foreign nations. This represents loan of Effect of the War on this Country's Real Wealth.1 wealth by part of the people of the Nation, sixteen or twenty- millions of them, to all the This Nation's debt is said to be 26 billions of people of the Nation. It has been used by the dollars or more. About 10 billions of it repre- Government. The war has been paid for as sents loans to foreign governments, which is a far as the bills have been presented. The debt claim on their wealth and will be repaid with represents mainly a credit relation. In lending interest. The remaining sum is huge. It is a it to the Government the sixteen or twenty third of the total prewar estimated wealth of a millions transferred their rights to use it to all nation like France. Does it represent so much the people. It was differently distributed absolute abstraction of wealth from this counthroughout the community and there was not try? Has that much of the Nation's wealth an actual dissipation or "abstraction of this been blown into the air? Is the Nation amount of wealth. The Government will have poorer by that amount ? to repay it. It will take wealth from all the individuals and redistribute it to the sixteen or USE OF RESOURCES. twenty millions to whom it will be due with We have used vast quantities of coal, of iron, interest. This will be a second rearrangement and its manufactured products, of lumber, and of the wealth of the country. The significant other materials. Much of it is a total per- fact is that there seems to be in the country as manent loss. It can not be recovered. A very large a volume of real wealth as when the large part of it, however, has gone into camps country entered the war, possibly a larger and aviation fields, Government buildings, volume. The fact that this is true and that ships, naval vessels, trucks, ordnance and Gov- the country has paid the war bills to date with ernment plants, such as nitrate and munition the incidental credit relations described, can plants, has been conserved and will be a great be accounted for only by the large productive asset. There was an increase in production activities of the Nation and the enormous conand much saving. During the war labor was servational activities, highly organized and was strenuously utilized. The Nation conserved as never before. The end of the war finds us with perhaps more BURDENS OF WAK* wealth than when we entered it. We have as much land as ever, more of it in cultivation, No one should infer from such a statement and most of it as well cultivated as in normal that war does not impose burdens or that it is times. We have more of all the leading classes a good thing economically. As pointed out in of live stock. Work animals increased by over the beginning, there has been a permanent a million and a half, cattle by six millions, dairy dissipation of many forms of wealth which cows by two and three-quarter millions, ancl might have been used for developmental purswine by fourteen millions. We have as many poses. The labor that went into war services railroads and have them in about as good con- for purposes of destruction might have been employed for other purposes, and as a result dition as when the war broke out; as many the increment of the real wealth of the Nation electric lines in as good condition; as many might have been much greater than it is, profactories, perhaps as well equipped; more resivided, of course, there had been equal conservadences and apartments; as many office buildtion of wealth. This probably would not have ings; and many more ships. Our banking rebeen the case, because the conservation arose sources have largely increased. A considerfrom patriotic impulse and the necessity of the able part of the increase probably appears as a occasion. Furthermore, the setting up of 1 Statement by the Secretary of Agriculture. credit relations and the readjustment of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

636 FEDEKAL BULLETIN. JULY 1, 1919. wealth holdings by individuals due to loans and natural increase. The annual increase will to unusual taxes produced adverse economic probably be greater from now on with our conditions, as will also the reverse process larger population. There will also be additions involved in the transfer of wealth by continued to the population, perhaps not so large as high taxes from all the people to the minority formerly, through immigration. We shall probthat made its wealth available to the Govern- ably gain from twenty to twenty-five millions ment for war purposes. This process will of people in the next 20 years. This Nation extend over a long period and will at least will be in better position to effect the liquidaproduce many psychological disturbances, as tion of the debt—that is, the transfer of wealth, well as many individual hardships. However, with interest, from all to some, and to make this Nation is growing rapidly in population and industrial advances—than any other in the in wealth. It gained a population of 24 million world. It can meet any reasonable domestic between 1900 and 1915. It has probably and foreign financial demands if our people gained four and one-half millions since the will work and save, especially as they worked breaking out of the European War. Its bank- and saved during the war. ing resources increased from about 10 billions The results of the agricultural operations in 1900 to 19 billions in 1915. These have during the war are indicated in the attached greatly increased during the war. We aretables. Notice the aggregate statistics for doubtless gaining 800,000 people a year from cereal production, live stock, etc. /. Production. [000 omitted.] Prewar annual average, 1914 1915 1916 1917 1918 1909-1913. Cereals bushels.. 4,801,000 14,983,000 6,011,000 4,793,000 5,681,000 5,508,000 Potatoes (sweet and Irish) do.. 414,000 460,000 435,000 355,000 526,000 486,000 Meat pounds 15,587,000 16,721,000 17,893,000 16,325,000 19,495,000 Dairv x'roducts: (a) Factory butter do... 786,000 700,000 744,000 793,000 (b) Factory cheese do.. 377,000 315,000 372.000 3,53.000 (c) Condensed milk do.. 875,000 998,000 1,354,000 1,675; 000 i Does not include grain sorghums, which was probably about 100,000,000 bushels. II. Exports for fiscal years ending June SO. [000 omitted.] Prewar ani nual average, 1916 1917 1918 1910-1914. Cereals 419,000 387,000 318,000 Meats 1,828,000 1,872,000 2,271,000 Dairy products: (a) Factory butter 13,487 26,835 17,736 (&) Factory cheese. 44,394 66,000 44.331 (c) Condensed milk 159,600 259,100 529,750 The production and export figures for wheat for the years indicated are as follows: PRODUCTION. EXPORTS, FISCAL YEARS ENDING JUNE 30. Bushels. Bushels. Prewar annual average (1909-1913) 687,000,000 Prewar annual average (1910-1914) 105,000,000 1915 -. 1,026,000,000 1915 333,000,000 1916 636,300,000 1916 243,000,000 1917 636,650,000 1917 204,000,000 1918 917,000,000 1918 133,000,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1, 1911). FEDERAL RESERVE BULLETIN. 637 Branches of American Concerns in Foreign have in foreign countries—whether they should Countries. be branches strictly speaking, independent banks affiliated with American banks, the A committee of Government experts investi- capital of which was supplied wholly or partly gating the general subject of branches of Amer- by the American banks, or local banks already ican concerns in foreign countries recently sub- in operation, control of which was secured mitted a report, the salient portions of which through a purchase of the majority of their read as follows: stock. The committee did not, however, feel The committee was appointed for the pur- that it was a part of its duty to seek to formupose of examining the question whether the late any definite conclusions on this point. United States should adopt the policy of pro- Generally speaking, it. did recognize, however, moting or of discouraging the establishment by the advantages resulting from the association American concerns of branches in foreign coun- of local capital with the undertaking and the tries and of considering any collateral questions securing of the cooperation of natives through arising in connection therewith. their representation on the board of directors The first distinction that the .committee or in the management of the branches. believes should be brought out is that of the Another observation which the committee nature or character of the enterprise seeking to desires to make in reference to this subject has establish a branch or branches in foreign coun- regard to the importance of foreign branches tries. For purposes of discussion, American of American banks being, as far as practicable, enterprises desiring to establish branches in under the management of American citizens foreign countries may be divided into the and the employment of American banking following four classes: (1) Banking; (2) insur- methods. It has come to the attention of the ance; (3) trading; (4) manufacturing.'7 committee that there has been considerable The statement of this classification makes it complaint on the part of Americans doing busievident that different considerations arc pre- ness"1 in foreign countries that the foreign sented according to the nature of the enterprise branches of American banks have, in many involved. cases, been placed in charge of or been largely staffed by persons who are neither American BANKING BRANCHES. citizens nor citizens of the countries in which There can scarcely be any doubt that it is the branches were located, and that usual highly desirable that American banking con- American banking sendees have not always cerns should establish branches in foreign been given. As banks are constantly in countries, and that consequently the National receipt of valuable information regarding in- Government should lend to them every legiti- vestment and trade opportunities, it is highly mate assistance in its power. The establish- desirable that the officers to whom this informament of such branches represents no promo- tion comes should, as the result of their tion of the interests of such countries at the nationality, be interested in the promotion of expense of the United States: nor do such the interests of the United States rather than branches compete in any way with American those of third countries. interests. They represent, on the other hand, an increase in the facilities of international INSURANCE BRANCHES. trade, an investment of American capital abroad, and, both directly and indirectly, pro- The considerations involved in the establishmote foreign trade and the extension of ment by American insurance companies of American influence generally. It is thus a branches in foreign countries are analogous to matter of congratulation that energetic efforts those surrounding branch banks. The estabon the part of American banking concerns in lishment of such branches means the'investthis direction are now so much in evidence. ment abroad of American capital and the This movement is being closely followed by extension of American influence generally the Federal Reserve Board, and information without in any way detracting from the deregarding the creation of such branches is velopment of the industry in the United States. given in the Monthly Bulletin published by The creation of such branches is thus to be that body. encouraged in every legitimate way. Here The committee gave some consideration to again attention should be directed to the desirthe matter of the character of the agencies ability of such branches being as far as is it was most desirable that the banks should practicable in charge of American citizens. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

638 FEDERAL RESERVE BULLETIN. JULY 1, 1919. TRADING BRANCHES. MANUFACTURING. Two classes of trading branches may be dis- The question of the desirability or undesirtinguished: (1) Branches of American import- ability of promoting the establishment by ing houses; and (2) branches of American man- American manufacturing concerns of branch ufacturing concerns trading in foreign coun- factories in foreign countries is one presenting tries for the purpose of handling in such more complicated and conflicting consideracountries the sale of their products. In both tions than in the case of the other classes of cases the practice is highly desirable from the branches. Here we have the case of firms purstandpoint of American interests, especially if suing the policy of manufacturing goods in the branches are placed in charge of American foreign countries instead of producing them in citizens. Trade handled by houses whose pri- the United States for export to such countries. mary interest is in the United States offers a The result is apparently a detraction from the promise of permanence that is impossible in employment of labor in the United States and the case of trade handled by a European house from the latter's export trade. The reasons or even by a local house. It is evident, how- for the adoption of this policy by American ever, that branches of American concerns en- firms are the avoidance of the payment of forgaged primarily in handling American goods or eign import duties, the use of cheaper labor, in the export to the United States of noncom- more ready access to raw materials, etc. petitive goods deserve more active assistance If the foregoing represented all that was inthan branches engaged in the export to the volved there would be little question but that United States of goods entering into competi- the establishment by American manufacturing tion with goods produced in the United States. concerns of branches in foreign countries was During the war, and especially after the something to be discouraged. Examination, signing of the armistice, a serious question was however, shows that there are other factors presented as to the rights of trading branches which make the contrary policy advisable in in foreign countries to continue their work the majority of, if not in all, cases. under conditions of equality with the firms of In the first place it will be found that in the countries in which they were located. most cases the question is not one of supplying England, France, and Italy all took measures a foreign market with goods manufactured in looking to the control of imports and exports. that country or in the United States, but that This took the form of creating consortiums or of supplying the market by the first method or committees for the leading classes of commodi- not at all. In some cases the duties to be paid ties and providing that all imports or exports, on imports into such countries or patent or as the case might be, should be handled by other regulations may be prohibitive and diplothem. As only firms of the nationality of the matic representation may be considered inexcountry were given representation on these pedient or found ineffective. In other cases bodies, and such firms naturally were inter- the advantages of manufacturing in such ested primarily, if not exclusively, in promoting countries may be such that if the United the Interests of their own nationals, the result States does not establish factories other counwas that branches of American firms found that tries will. An excellent illustration of this they were excluded from doing any business. condition of affairs is now presented in the Though the situation is now much better cotton-manufacturing industry of China. Jathan it was, the danger still exists that foreign pan has within the last year or two begun to countries, in their desire to lessen the influence acquire or build cotton factories in China in of alien interests in their economic life, may order to make use of the cheaper labor of take steps that will put branches of American that country. It would be highly desirable trading houses in a position where it will be that American cotton firms should follow suit. difficult for them to continue in operation. A somewhat similar situation exists in the Should such a situation arise it will be neces- case of the branch factory in Japan of one of ; sary for the United States to take action that our leading electric companies. This establishwill assure to branches of American concerns in ment manufactures mainly electric bulbs and foreign countries the same rights or equal privi- does not ship its product to the United States. leges as are accorded to branches 01 firms of As a result of the wide distribution of cheap such countries in the United States, or, failing electric bulbs throughout Japan it has been this, to give consideration to what retaliatory stated that more electric goods of American measures may be taken by our national or manufacture have been shipped to Japan since State governments. the establishment of the branch factory there. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1, 1919. FEDERAL RESERVE BULLETIN", 639 Still a different case is presented by some consumers. These considerations may not American houses that control the manufacture have great weight in the case of industrially of buttons, brushes, surgical instruments, and advanced countries such as England, Canada, other articles in Japan for shipment of their etc. They are, however, of prime importance finished products to the United States. The in the less developed countries. It is the opinoutput enters into active competition with ion of the committee that in all such countries goods manufactured in the United. States. Is the establishment of branch factories by Ameriit desirable to give them active assistance ? It can firms should be looked upon with favor if may be argued that such a course militates not actively promoted. This form of investagainst successful manufacture in the United ment of American capital abroad, carrying States and the consequent advantages from with it, as it does, direct ownership and manlarger employment of labor. On the other agement by Americans, is far preferable to that hand, it may be argued that if in these cases which takes place where the investment is in manufacture within the United States is the form of loans. desirable the Government should equalize SUMMARY. competitive conditions through the imposition To sum up, it is the opinion of the comof a protective duty; that in the absence of mittee that, if all the results, indirect as well as such a duty the goods are bound to be manufacdirect, are taken into consideration, the tured abroad, and it would be better to control American Government,should look with favor the output through the operation of a branch upon the establishment of branches of all sorts house in the foreign country than to let the of American enterprises in foreign countries. business fall completely into foreign hands. The extent to which it should actively exert In general it should be stated that there are itself in behalf of such concerns is, however, a many advantages resulting from the estabmatter which should depend upon the circumlishment of branch factories in foreign counstances of each case. tries by American concerns. The more important of these are the indirect promotion of trade between the United States and those Condition of Buenos Aires Banks at the End of countries and the extension of American in- March.1 terests generally. In almost all cases the The following statement transmitted by branch factories* will be equipped with Ameri- Ambassador Stimson, at Buenos Aires, Argencan machinery and more or less use will be tina, shows the condition of the principal banks made of American supplies. The Americans of that city on March 31, 1919, the data having employed in such branches will naturally look been furnished the Embassy by one of the local to their own country for the satisfaction of banks. All amounts are expressed in United their personal needs, and their use of American States currency. The capital in each case articles serves to introduce them to foreign represents the total in Argentina: I'iscount Percent- Bank. and over- Total cash. CaDital. age of drafts. cash to deposits.* Banco do la Nacion 5503.293,000 $255,211,000 3172,787.000 356,356,000 34 Banco Pro vineia 120 i952,000 100,845,000 45,591]000 26,596,000 37 Banco Espanoi 112]409,000 110,320,000 27,157,000 41,934,000 24 Londres y Rio de la Plata 76,371,000 37,838.000 36,238]000 4,110,000 47 Italia y Rio do la Plata 56.366,000 57,895]000 11,662,000 9,671,000 20 Nuc vo Banco Italiano 33,'812,000 27,852,000 8.918,000 2.128,000 26 Banco Britanico 29,937.000 19,662,000 10'.-151.000 4]387,000 34 Anglo Sad Americano 29,476;000 31,313,000 10',-106] 000 4,825,000 35 Frances e Italiano 27,480,000 13,430,000 14,718,000 2,417,000 53 National City Bank 25,583,000 30,888,000 5,623]000 1,000,000 22 First National Bank of Boston. 23,141,000 18,540,000 7,218,000 1,000,000 31 Banco Ilolandcs 20,277,000 31,634,000 5,563,000 3,768.000 27 Frances del Rio de la Plata 19,316,000 13,685,000 12,393,000 13,539]000 64 Itaio-Belga 18,596,000 11,287,000 6,840,000 967,000 30 Galicia y Buenos Aires 17,192,000 17,590,000 i 3,986.000 7,323,000 23 Ataman" Transatlantico 16,,039.000 11,288,000 ! 8,301,000 3,530,000 52 Comerciai del Azul 1-1,,112,000 13,039,000 ! 2,621,000 511,000 18 Comer cial Italiano 13;,817,000 11,437,000 4,027,000 2,128,000 29 Popular Argentino 10;,592,000 14,69-1,000 3,057,000 4,474,000 28 Banco Gcrmanico ,845,000 7,484,000 3.191,000 1,672,000 32 Londres y Brazil ,810,000 7,232,000 3]010,000 2,056,000 30 Argentino Uruguayo ,181,000 4.687,000 i 1,268,000 898,000 24 Espaaa y America ,018,000 836,000 ! 454,000 576,000 44 1 Commerce Reports, June 19, 1919. 2 Average percentage of cash to deposits, 33 per cent. 3 The deposits of the Banco de la Nacion include $71,462,8 5 "clearing" deposits of the other momber banks, this amount, therefore, appearing twice in total of bank deposits. 123722—19 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

640 FEDERAL RESERVE BULLETIN. JULY 1, 1919. Licenses Issued for Export of Coin, Bullion, and bullion, and currency. Approximately 1,142 Currency. licenses were issued for the shipment of gold, 1,500 licenses for the shipment of silver, and The following table shows the amounts of 1,817 licenses for the shipment of currency licenses granted by the Federal Reserve Board other than United States gold and silver certifrom September 7, 1917, to June 7, 1919, cov- ficates. Some 775 applications of alt classes ering exports from the United States of coin, were declined. Amounts of licenses granted by the Federal Reserve Board from Sept. 7, 1917, to June 7, 1919, covering exports from the United States of coin, bullion, and currency. • Currency of the Gold. Silver. Othercurrency. Total. which exported. North America: Canada . $32,639,277.87 $9,656,011.43 33,900,946.42 £21,439,382.48 S674,059.48 568,309,677.68 Mexico. 48,033,946.96 9,924,964.99 23,969,947.58 1,394,090.66 51,445.81 83,374,396.00 West Indies 177,531.80 610,180.67 78,107,189.00 6,467.56 206,854.00 79,108,223.03 Total 80,850,756.63 20,191,157.09 105,978,083.00 22,839,940.70 932,359.29 230,792,298.71 Central America: Panama 2 007.38 94,000.00 2,021,000.00 33,250.00 2 150 257 38 Other points 6,586.35 497,066.00 3,349,910.00 98,175.00 238,019.10 4,189,756.45 Total 8,593.73 591,066.00 5,370,910.00 98,175.00 271,269.10 6,340,013.83 South America: Argentina .. 17,510,142.95 11,534.72 22,750.00 19,108.60 30,810.00 17.594,346.27 Bolivia 785,000.00 43.60 '785,043.60 Brazil 1 142 50 2 745.00 65,000.00 1,321.00 70 208 50 Chile 15,553,902.35 4,886.70 15,558,7S9.05 Colombia 13,152,520.60 53,000.00 607,950.00 192.25 620,365.10 14,434,027.95 Ecuador 400.00 73,000.00 500,005.00 573,405.00 Peru .. .. 4,620,058.37 125,666.66 940,000.00 448,323. 75 250.00 6,133,632.12 TJrucruav 216,200.00 1,414.80 217,614.80 Venezuela 6,683,629.69 840,000.00 1,552.00 7,525.181.09 Other points 157,074.07 9,089.00 5,000.00 5,000.00 176.163.07 Total 58,463,870.53 1,257,568.72 1,713,700.00 981,847.70 051,425.10 63,068,412.05 Europe: Denmark 25.00 1,453,638.00 75,000.00 11,826.00 90,261.00 1 630 750.00 France.... 61,673.92 10,467,855.00 49,340,730.00 2,084,093. 33 158,282.00 62,112,634.25 Great Britain . 74,460.46 56.347,426.49 1,648,311.72 1,896,950.92 4,254,509.20 64,221,658.79 Holland.. 357.50 1,700,000.00 2,000.00 53,591.81 4,450.00 1,760,399.31 Italy 4,278.00 500,300.00 504,578.00 Norway .. 2.232,272.69 15,500.00 27,460.00 392,073.64 2,667,306.33 Portugal 10,000.00 438.00 10,438.00 Russia 5,723.00 52,959.14 i, 657,666.66 102,142.50 500.00 1,818.324.64 Spain. . 4,455,294.00 500.00 200.00 280.00 4,456'. 274.00 Sweden 160.00 883,852.80 39,410.11 180,675.00 1,104,097.91 Switzerland 225.00 460,032.00 ioo.66 8,708.00 13.000.00 '482,065.00 Other points 1,340.00 368,000.00 112,700.00 400,000.00 292;703.80 1,174,743.80 Total 4,603,536.88 74.476,836.12 52,851,541.72 4,624,900.67 5,386,454.64 141,943,270.03 Asia: China 197,717.10 62,150,407.90 15,680.00 2,630.20 563.391.52 62,929,892.72 India 3,888,272.00 338,704,003.35 810.00 2.786', 025.52 345,379,110.87 Japan 1,344,789.70 500,000.00 60,500.00 101,535.43 598,790.00 2,605,615.13 Other points 357,962.50 4,328; 179. 76 55,100.00 61,500.00 31,250.00 4,833,992.26 Total 5,788,741.30 405,682,651.01 131,286.00 166,475.63 3,979/457.04 415,748,610.98 Africa 1,598.00 13,330.00 81.00 697. 50 250.00 15,956.50 Australasia: Australia 20.00 2,167.50 5,650.00 45,802.87 10,815.88 64,456.25 Java 2,608,639.30 537,500.00 400.00 4,264.20 370,747.00 3,521,550.50 Other points 1,220.00 3,727.00 728V, 985.00 ..» 1,025,022.00 1,759,104.00 Total 2,609,879.30 543,394. 50 735,035.00 50,217.07 1,406,584.88 5,345,110.75 Grand total 152,326,976.37 502,756,003.44 160,780,638. 72 28, 762; 254. 27 12,627,800.05 863,253,670.85 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1, 1919. FEDERAL RESERVE BULLETIN. 641 Operations of the Netherlands Bank and the Java As elsewhere in Europe, the outbreak of the Bank During the War. war was followed in the Netherlands by the hoarding of silver and a heavy demand for Leadership in financial and foreign trade currency in small denominations. The amount activities of the Netherlands during the period of silver in the vault of the bank declined from of the war was exercised by the Netherlands 8.2 millions on July 25 to 2.3 millions on Bank, whose annual reports and weekly state- August 29, 1914, then recovered somewhat, ments form the basis of the following discus- only to fall again until on February 27, 1915, sion.1 only 1.2 millions of silver w^as reported on hand. Extraordinary demands at the outbreak of To meet this situation and to satisfy the poputhe war for currency and for loans caused the lar demand the Government issued 2.50 florin bank to obtain a royal decree reducing the i 'silver bons." During the last three years the minimum metallic cover required for its de- bank's silver reserve was at no time less than posit and note liability from 40 to 20 per cent. 6.5 million florins, as shown by the table on The ratio did actually fall as low as 32.6 per page 644. At a later date the Government cent on October 16, 1914, but rose again above issued "silver bons" of the denomination of 1 the 40 per cent level by December 12 of the florin. In order to replenish its supply of same year, and since that date has remained silver the bank made purchases of the metal in above that percentage. Europe and in America. In order to protect its gold reserve, the bank During the panic conditions prevailing in also induced the Government to obtain au- August, 1914, the Netherlands Bank opposed thority to release the bank from the obligation the declaration of a moratorium and offered to exchange its notes for gold on demand. No instead to come to the aid of private banks occasion to exercise this authority has arisen and industrial establishments which were hard up to date. A strict control over gold exports, pressed for funds. During the first month of the however, was undertaken and exercised by the war, the bank's loans, discounts, and advances government at the bank's suggestion. in current account increased from 130 million By referring to the table showing the princi- florins on July 25 to 308 millions on August 29. pal asset and liability items of the Netherlands Loans and advances continued to grow until Bank and to the curves based on these figures October 31, but from that time they declined as it will be seen that the bank's gold reserve in- a result of stagnation in the country's industries. creased steadily from September 26, 1914, until The stock exchange was closed until February r April 27, 1918, and on that date reached the 1915; business was at a standstill, and the leadmaximum of 726,000,000 florins, or about four ing banks of the country felt called upon to and one-half times the prewar amount. It is organize an association, under the leadership worthy of note that large increases in gold of the Netherlands Bank, to aid such persons reserves are reported by the Netherlands Bank and establishments as were unable to obtain in May, 1915, and in June, 1917, both months relief through ordinary channels. The bank's during which heavy losses of gold are shown by loans and discounts continued comparatively the German Reichsbank. It is well known light throughout the greater portion of the that the Reichsbank shipped gold to Holland period of hostilities, in spite of the inclusion, in an effort to improve the exchange position under this item of the at times large holdings of of the mark.2 Since April, 1918, the bank's Treasury certificates. It was not until after gold policy apparently underwent a change. the signing of the armistice last November that During the most recent period the bank in- loans and advances surpassed the high figure vested all or nearly all the "earmarked" gold of August, 1914. During 1919 a high average held for its account in the United States, the amount has been maintained, though with coneffect of this action being a reduction in its siderable fluctuations. gold reserve. On May 31, 1919, the gold re- Notes in circulation increased at a rapid rate serve stood at 662,000,000, or about 64,000,000 throughout the period under review. On July florins below the high-level mark of April, 1918. 25, 1914, the circulation amounted to 310 million florins and on May 31, 1919, to 1,026 mil- 1 Pe Ncdcrlandschc Bank. Verslagen door den president en door de lions, or more than three times the amount at commissaricn. (The Netherlands Bank. Reports presented by the president and the commissaries.) 1914-15 to 1917-18. the earlier date. This expansion of paper cur- For description of the organization of the Netherlands Bank and of banking in the Netherlands in general, see Curt Eisfeld: Das Nieder- rency, is due in part to the withdrawal of gold landische Bankwescn. The Hague, 1916. from circulation, in part to large scale Govern- 2 See Federal Reserve Bulletin, May, 1919, p. 430. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

642 FEDERAL RESERVE BULLETIN. JULY 1, 1919. mcnt borrowing, and also to the tendency Rates of exchange on all the belligerents were shown by many business men in the Netherlands in favor of Holland during most of the period to hold notes of large denominations as a safe of the war, as will be seen by reference to the and absolutely liquid form in which to keep attached table. As a result there was a great their funds. By having these notes in their influx of gold into the country, in spite of the possession they felt that they would be able export prohibitions in force in practically all to resume business operations at a moment's the European belligerent countries. The Nethnotice as soon as conditions would permit. It erlands Bank took upon itself the task of puris to be noted that since the cessation of hostil- chasing all of the gold offered in settlement of ities last November nearly 60 millions of notes foreign accounts, provided the objects of the have been withdrawn from, circulation. gold consignments were clearly explained to the bank, and were the result of strictly Dutch business transactions consistent with the inter- FOREIGN TRADE AND FOREIGN EXCHANGE ests of the country. The Netherlands Bank's OPERATIONS. gold policy was to pay 1,648 florins per kilo fine, or full mint value, for the gold it pxirchased, a At the outbreak of the war, Dutch firms were policy entirely different from that pursued by indebted for large amounts to foreign countries, the Bank of Spain and the Swedish Riksbank. and, owing to the disorganized condition of the foreign exchanges and to the great difficulty of Holland's exports during the period of the shipping gold, considerable embarrassment was war exceeded her imports, and the bank was felt by houses engaged in foreign trade. The called upon to assist commercial institutions Netherlands Bank came to the assistance of the in realizing on their foreign balances. In doing importers by selling as many drafts on foreign this, however, the bank insisted on strict supercountries as its gold held abroad would permit; vision of the nature of each transaction. An but the problem of foreign trade remained arrangement was made with England by which serious. When in 1915, for instance, American Dutch balances were paid in English one-year buyers purchased their usual supply of tobacco Treasury bills at a rate of £1 sterling for 12 from Holland, they were unwilling to pay for it florins. The Treasury notes would be deposat the prevailing rate of exchange which was ited with the Bank of England's Amsterdam unfavorable to the dollar. Gold shipments Branch, and equivalent amounts of pounds were out of the question on account of the sterling would be placed at the Netherlands great risk, the consequent high rates of in- Bank's disposal in England. This arrangement surance, and the reluctance on the part of tended to steady the rate of sterling exchange shipowners to carry gold. An arrangement was and to decrease the flow of gold from England finally made by which Dutch commercial banks into Holland. accepted drafts in florins in payment for the While the florin was at a premium in terms tobacco, while the Netherlands Bank agreed to of the monetary units of belligerents, it was discount these drafts. often below par in exchanges on neutrals, such Another matter in which the Netherlands as Switzerland, Spain, Denmark, Norway, and Bank came to the assistance of foreign trade Sweden. In order to maintain the value of the was in connection with payments to Dutch florin the Netherlands. Bank exported gold to investors in America of interest and dividends these countries, but it often encountered oppocoming due, also for diamonds and flow^er bulbs sition, as all these countries had large stocks of purchased in Holland by Americans. The gold and were in need of goods which Holland Netherlands Bank, undertook to take up such was not in a position to supply. There was a claims against America at a reasonable rate of protracted controversy with Sweden about the exchange, and to arrange that American debtors acceptance of Dutch gold at par in settlement deposit amounts due to Dutch interests in " ear- of balances due to Sweden from Holland. In marked" gold with specified institutions in the end an agreement to that effect was ob- America. Including the amount held by the tained through the instrumentality of the New York Federal Reserve Bank, the Guaranty Netherlands Bank. Trust Co. and the National City Bank, the gold held in America by the Netherlands Bank was GOVERNMENT LOANS. in excess of $10,000,000, nearly all of which The Netherlands Bank took a prominent has now been invested for the Netherlands part in helping the Dutch Government both by Bank in prime indorsed bank acceptances. direct advances of funds and by assisting it in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 643 the flotation of its popular loans. A 5 per cent "earmarking" gold by most of the belligerent loan of 410 million florins was floated by the countries seriously interfered with Java's busi- Government in 1915, and one of 625 millions ness activities. The Java Bank came to the in 1918. In addition two loans for the Dutch assistance of local planters by grouting them Indies were consummated in 1915 and 1916.loans within the limits of the costVf production, The bank undertook to lend money to holders and made arrangements through Amsterdam of Government obligations up to 95 per cent with England and other countries in connecof their face value in case of Netherlands bonds tion with the settlement of balances due to and up to 90 per cent in case of Colonial bonds. Java from abroad. In addition to assistance in connection with The Java Bank increased its gold reserve by the loans and to direct advances to the Gov- purchasing the output of local mines. It had ernment bearing no interest, which averaged considerable difficulty in preserving a supply of over 10 million florins during the period uncler silver in view of the tendency to Hoard it, and review,, the Netherlands "Bank discounted induced the colonial government to issue paper Treasury notes for other banks, the amount of currency of small denominations. The bank's such notes in the bank's portfolio rising as discounts and advances declined greatly during high as 70 million florins in April, 1917. the first three years of the war, but show very heavy increases during the year ending March THE JAVA BANK. 31, 1918, and especially during the latest fiscal year, when the reestablishment of shipping In conjunction with the discussion of the greatly relieved the business situation in Java. Netherlands Bank of issue, a brief statement The Java Bank's policy of keeping half of of the operations of the Java Bank, based on its gold reserve in foreign countries, where it its annual reports1 and weekly condition statecan be used to buy exchange bills when a ments, was considered appropriate in view of contraction of circulation is desired, and to the close connection existing between the two sell them for gold when an expansion is institutions and the importance of Jaia's thought proper, makes the item "foreign bills" products to the commerce of the mother in its balance sheet of special significance. country. A table showing the condensed Throughout the period of hostilities the amount balance sheets of the Java Bank at the end of of foreign bills held by the Java Bank was March, 1915 to 1919, is attached. unusually large owing to the difficulty of ex- Java's prosperity depends largely on her changing them for gold or commodities. The exports of sugar, tea, tobacco, coffee, and other bank's circulation shows a growth from 118 agricultural products. The difficult}7 of obmillion florins in 1915 to 211 millions in 1919, taining shipping space, together with the unwhile its deposits increased from 19 millions in settled condition of the foreign exchanges and 1915 to 123 millions in 1919. The latter figure the prohibition of gold exports and even of is more than twice as great as that for March 31, 1918, and indicates the revival of Java's * Annual Reports of the President of the Java-Bank and the Board of Directors. 1914-15 to 1917-18. Also: The Java Bank—A short descrip- business activities since the termination of t t i h o e n b o a f n i k t . s ) organization, operations and general policy. (Published by hostilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

644 FEDERAL RESERVE BULLETIN. JULY 1, 191S. Principal asset and liability items of the Netherlands Bank. [Figures for the end of each month in thousands of florins (par value of florin=40.2 cents)]. Metallic reserve. Advances Cold. Silver. Total. Lo a v c n a a o n n d u s c n a , e t d s s d , - . is- b e i e t n r o a n t r e G i m n re o g e s v n t n - t . o F b o i r l e l i s g . n N ci o t r i t c o e u n s l . a in - 1914. July 25.. 162,113 8,228 170,341 129,633 12,444 20,188 310,437 Aug. 29. 162,146 2,298 164,444 307,861 7,379 8,435 444,233 Sept. 26. 157,333 4,894 162,227 306,264 14,761 6,752 440,845 Oct. 31.. 171,142 4,310 175,452 319,355 14,078 3,251 478,986 Nov. 28.. 181,183 4,884 186,067 314,742 12,968 843 481,145 Dec. 24.. 208,119 3,492 211,611 288,138 4,240 667 473,107 J F a e n b . . 3 2 0 7 . . . . 1915. 2 2 3 6 8 1, , 7 4 7 4 7 5 1 1 , , 7 2 1 4 5 5 2 2 4 6 0 3 , , 1 0 6 2 0 2 14,948 6 6 6 5 7 2 457,055 Mar. 27.. 289,194 2,027 291,221 277,287 401 459,084 M J A A J S O u u e u c p a l n p t g y r y . e t . . . 3 3 2 2 2 2 2 1 0 9 4 8 6 5 . . . . . . . . . . . . . . . 3 3 3 3 3 3 2 7 8 9 7 4 1 9 8 5 9 3 7 6 3 , , , , , , , 4 2 8 4 1 8 6 3 2 2 5 3 2 3 7 7 4 8 6 6 1 2 3 2 2 2 2 2 , , , , , , , 1 3 2 5 2 3 1 2 9 2 2 7 8 5 8 7 2 2 3 1 0 3 4 3 3 3 3 2 0 8 8 4 7 1 9 2 0 7 9 5 9 5 , , , , , , , 3 7 5 9 5 7 7 4 5 0 5 1 7 5 6 9 0 9 6 7 5 2 1 1 1 1 2 1 4 5 6 5 7 9 1 4 0 6 1 5 2 1 , , , , , , , 4 6 3 4 5 9 1 2 1 7 1 5 2 9 2 9 5 5 9 1 1 1 1 2 5 3 3 7 4 , , , , , , 1 7 6 4 5 1 0 5 6 1 1 6 5 9 0 4 5 8 3 4 3 3 2 , , , , , 1 0 2 5 3 3 1 1 6 7 5 0 4 7 7 8 0 3 7 7 1 4 5 5 5 4 4 5 6 1 2 8 1 7 8 9 3 2 3 2 0 5 , , , , , , , 8 7 0 8 7 0 1 5 0 5 5 0 8 3 0 6 6 0 8 6 1 Nov. 27. 4.11,498 3,777 415,275 162,992 14,912 4,230 565,479 Dec. 31... 429,182 6,195 435,377 2,506 577,056 J M M A F a e p a a n b r y r . . . . 2 2 2 2 2 9 7 6 5 9 . . . . . . . . . . 1916. 4 4 5 6 5 9 6 2 4 1 5 6 9 0 0 , , , , , 1 8 8 0 5 1 3 9 3 4 2 7 6 0 6 4 4 5 6 1 , , , , , 8 6 4 2 0 7 5 4 8 5 3 9 6 9 9 5 5 5 5 4 1 0 3 4 5 0 1 , , , , 5 7 2 3 1 6 0 6 6 9 5 1 1 1 1 1 9 4 7 6 4 6 1 9 1 7 , , , , , 8 7 2 3 7 7 5 4 5 6 8 7 0 8 8 1 1 1 1 4 4 4 2 0 , , , , , 8 8 4 2 9 3 6 7 1 8 1 3 9 9 7 4 4 3 8 , , , , 9 5 2 3 2 1 5 8 3 0 0 7 5 5 6 6 7 8 8 3 7 1 1 6 , , , , 9 7 8 9 7 2 6 8 8 2 4 3 J A J N D S O u u e e u o c n l c p t g y v . e . t . . . 2 2 3 2 2 2 3 8 9 0 6 4 5 0 . . . . . . . . . . . . . . 5 5 5 5 5 5 5 8 8 8 8 8 8 5 1 3 5 4 7 7 2 , , , , , , , 5 6 8 5 6 3 0 6 4 1 9 0 2 6 4 2 3 1 2 6 1 1 8 6 6 6 8 6 0 , , , , , , , 2 5 5 4 7 9 7 3 3 9 0 2 8 8 1 1 7 4 5 5 7 5 5 5 5 5 5 5 9 9 9 9 9 6 9 4 1 0 4 2 3 0 , , , , , , , 5 3 1 9 0 3 4 8 1 5 7 4 4 3 7 6 8 3 4 8 3 1 1 1 1 1 1 1 4 3 6 6 0 5 2 0 4 2 6 5 2 2 , , , , , , , 5 1 2 6 6 1 4 0 8 7 2 4 9 0 9 7 8 2 6 1 8 1 1 1 5 8 4 1 2 1 , , , , , , 7 5 4 9 7 5 1 7 0 6 7 7 9 8 1 6 9 7 8 8 8 8 8 8 7 , , , , , , , 0 1 0 0 0 0 8 1 7 2 0 2 8 7 4 6 4 7 0 3 4 7 7 6 6 7 7 6 5 3 3 0 6 5 3 8 6 0 0 1 7 0 , , , , , , , 3 2 3 7 6 1 9 7 8 3 8 7 0 1 9 4 8 2 9 9 1 I J F a e n b . . 2 2 7 4 . . . . . . 1917. 5 59 8 1 9 , , 5 5 5 6 5 1 6 6 , , 8 5 1 7 4 7 5 59 9 8 6 , , 1 3 3 7 2 5 1 1 4 4 6 4 , , 7 9 4 3 0 0 1 12 4 , , 8 8 7 9 1 9 8 8 , , 0 0 9 9 1 7 7 7 3 3 2 2 , , 7 69 5 4 9 A M J N D J M A S O u u e e u o p c a a n l c p t g y v r y r . o . t . . . . . 2 2 2 2 2 2 3 3 2 2 8 7 6 9 8 1 0 5 4 9 . . . . . . . . . . . . . . . . . . . . . . . . . . 6 5 6 6 6 5 5 6 6 6 9 9 5 8 9 7 2 9 3 9 8 2 6 5 5 6 6 6 3 0 , , , , , , , , , , 3 2 9 9 7 2 5 3 2 5 7 1 3 2 1 3 2 0 7 1 7 7 3 9 0 1 7 3 3 5 6 7 7 7 7 7 7 6 6 7 , , , , , , , , , , 0 8 2 3 9 2 3 4 8 3 2 1 6 8 8 4 7 5 5 9 7 8 4 3 6 7 5 4 8 3 6 6 6 6 6 7 6 5 6 6 9 6 9 4 0 8 3 0 9 0 2 9 4 0 5 3 4 3 7 3 , , , , , , , , , , 6 2 5 2 2 1 1 6 4 3 1 6 5 6 8 8 8 6 3 8 7 0 0 1 3 5 1 6 2 5 1 1 1 1 1 1 1 1 1 1 5 8 2 1 4 3 0 5 6 7 8 9 9 9 6 1 6 4 4 4 , , , , , , , , , , 5 2 6 9 9 7 5 8 3 6 9 6 8 7 9 9 7 6 8 3 6 8 3 5 1 1 1 8 6 5 1 1 1 1 1 1 4 1 4 3 2 1 4 , , , , , , , 7 0 3 5 4 6 9 6 4 4 6 8 5 5 6 1 6 3 8 8 2 8 8 8 8 8 8 8 8 7 7 , , , , , , , , , , 1 0 1 9 0 2 2 8 0 2 1 1 1 3 0 2 0 0 8 0 3 0 3 9 7 6 8 2 4 9 8 8 8 8 7 7 7 7 7 7 5 2 0 9 6 6 6 4 5 7 2 4 8 0 4 6 7 5 0 3 , , , , , , , , , , 8 9 8 2 2 6 1 6 5 5 4 7 6 1 2 7 5 4 5 9 7 3 7 2 4 3 2 9 0 2 Jan. 26... 1918. 707,000 7,176 714,176 166,629 11,259 8,141 871,586 M Fe a b r . . 2 3 3 0 . . . . 7 72 1 2 4 , , 1 6 8 7 4 8 7 7 , , 2 2 9 8 5 5 7 7 2 2 1 9 , ,4 9 6 7 9 3 1 1 4 3 6 4 , , 6 9 0 0 4 3 "i4,"704' 8 7, , 1 1 6 9 4 5 845,856 Apr. 27.. 725,770 7,274 733,044 200,446 3,816 M J J u u a n ly y e 2 2 2 7 5 9 . . . . . . . . 7 7 7 1 1 2 7 5 1 , , , 5 4 1 5 3 2 9 9 3 7 7 7 , , , 7 6 7 9 9 9 9 2 3 7 7 7 2 2 2 9 2 5 , , , 2 9 2 3 1 5 8 6 1 1 1 1 8 6 6 1 4 5 , , , 8 4 9 3 3 0 9 8 5 1 4 2 , , 5 6 6 63 6 8 7 7 , , , 6 4 7 7 7 5 6 8 3 9 9 90 1 2 9 9 7 , , , 7 1 3 5 6 3 0 2 5 Aug. 24. 707,424 7,953 715,377 172,864 13,616 8,366 922,122 Sept. 28., 708,708 8,042 716,750 230,200 7,802 971,557 Oct. 26... 706,477 8,154 714,631 262,681 14,903 8,690 985,317 Nov. 30. 693,392 8,230 701,622 369,654 7,990 1,082,164 Dec. 28... 689,441 8,545 383,206 "3," 729* 1,068,947 1919. Jan. 25.. 684,369 8,791 693,160 357,018 14,544 8,567 1,053,508 Feb. 22.. 677,319 9,105 686,424 274,749 14,932 8,546 i 1,000,194 Mar. 29... 669,334 9,750 679,084 315,436 14,921 8,765] 1,011,223 Apr. 26... 663,348 8,114 671,462 365,692 14,904 27,080 ! 1,034,638 May 31... 661,969 7,938 669,907 351,521 27,582 1,025,962 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

<%» TH £ ill r taa 5. Curve?%.- £oans and ^Discounts. Curved: J^/otes in €ircuia£io/i. CurreJ: GohiJtes 1 ^*r i iZ ! - — I ItOO — _.. 1 1000 1— — . 1 —' / —1 ! I / •P^ 300 — — / i —— 1 - i if eoo / p 1 / A 700 i A -J / — 600 I 500 — —— / T 500 d t1 s /I y / r 400 7 / A v / i / 300 -i s/1 —i/ 4 h f/ 300 < SI A s i v —— ( 200 —1V- —2 J s t --' - —..... / \ /*! A 1 -f — — w /DO 1 fi 0 \ \ /B/4- ! /B/S I 1316 1 19/7 I IB/6 \ f&IB | 01 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

646 FEDERAL RESERVE BULLETIN. JULY 1, 1919. Foreign exchange quotations at Amsterdam. [Ju ly 30,1914, to Mar. 29,1918, from annual reports of the Netherlands Bank; Apr. 30,1918, to May 20, 1919, from De Nedcrlandscho Financier and the Economisch-Statistische Berichten.] London Paris New York Berlin Vienna Switzerland Stockholm Copenhagen Date. (100 francs= cables (100 marks= (100 crowns- (100 francs— (1.00 krbner= (100 kroner— 12J.075 fl.). 48 fl.). :$=2.4875fl.). 59.26 fl.). 50.41 fl.). 48 fl.). 60.67 fi.). ' 66.67 fl.). 1914. July 30 12.16 49.40 2.45 59.15 M7.00 49.25 1 66.25 166.20 Aug. 29 12.32 57.30 Sept. 30 12.02 -12.07 54.60 -55.10 Oct. 31 11.92 -12.02 47.35 -47.85 53.65 -54.15 Nov.30 11.99 -12.09 48.00 -48.50 52.45-52.95 Dec. 31 11.94 -12.04 47.60 -48.10 54.00 -54.50 1915. Jan.30.. 12.024-12.07* 4.7.85 -48.05 54.024-54.22* Feb. 27.. 12. Oi -12.06" 47.30 -47.50 51.05 -51.55" Mar. 31.. 12.144-12.19* 47.60 -47.80 51.724-52.221-138.60 -39.10 46.95-47.45 63* Apr. 30.. 12.13" 47.60 51,95 47.55-47.75 65| May 31.. 12. on 46.22* 2.50 51.60 47.30-47.80 j June 30.. 11.951 44.60" 50.70 46.00-46.50 ; July 31.. 11.82 43. 50 50.35 46.05-46.55 i 64| S? Aug. 30.. 11.62 42.10 50.40-50.424 46.10-46.60 i 61* Sept. 30. 11.521-11.53 42.25 -42. 30 50.66 -50.68 36 45. 90-46.40 I 64 Oct. 30., 11.15 -11.151 40.40 -40.50 48.92*-48.95 44.60-45.10 ! Nov. 30. 11.254-11.26 40.90 -40. 92* 47.00"-47.05 33$ 44.30-44.80 j 67 Dec. 31.. 10.79*-10; 80 38.75-38.85 42.30 -42.35 43.20-43.70 ' 1916. Jan. 31.. 46.15 -40.25 2.341 42.00-42.85 28.90 45.25 64.60 64.00 Feb. 29.. 40.05 -40.07^ 2.35* 42.30 -42.35 29.70 44.75 66.05 65.95 Mar. 31.. 39.20 -39.22? 2.34* 41.674-41.70 28. 824 44.921| 67.65 67.65 Apr. 29.. 40.20 -40.25 2.38$ 44.15 -44.17; 30.574 46.00 72.55 72.55 May 31.. 40.80 -40.82?> 2.41 -2.41* 44.60 -44.62i 31.15 45.95 71.95 71.824 June 30.. 40.80 -40.85" 2.41* 43.75 -43.77<. 30.424 45.60 69.90 69.80 July 31.. 40.924-40.95 2.411-2.42 43.15 -43.174 29.90 45.624 68.95 68.10 Aug. 30.. 41.40 -41.42: 2.44 -2.44'V 42.574-42.60 29.37. 45.99 j 69.25 66.85 6ept. 30. 41.874-41.92-; 2.44| -2.44| 42.50 -42.524 28.97: 46.05 68.95 66.40 Oct. 31.. 41.824-41.85' 2.431 42.44 -42-46 27.72i 46.574! 69.22J, 66.181 Nov. 30. 41.95 -42.00 2.45 40.15 -40.174 25.07| 47.50 ! 69.574 66.024 Dec. 30.. 42.05 -42.07* 41.174-41.20 25.75 48.574! 71.90 67.00 i 1917. Jan. 31.. 42.074-42.10 41.35 -41.371 26.63| 72.52* 67.31* Feb. 28.. 42.37*-42.40 40.50 -40.524 25.23£ 48.924| 73.20" 68.90 Mar. 31.. 42. 30"-42-32£ 38. 85 -38.90 24.52'- 49.374-i 74.45 71.35 Apr. 30.. 42.75 -42.80 37.57^-37.60 23.60 49.05 I 73.624 69.85 May 31.. 42.60 -42.65 36.42i-36.474 23.374 47.45 | 73.12* 70.074 June 30.. 42. 30 -42.324 34.60"-34.75 21.623 48.30 74.05 I 70.55 July 31.. 41.75 -41.80 33.70 -33.75 21.57^ 50. 30 80.121 71.25 Aup. 30.. 41.20 -41.22:' 33.124-33.15 21. 16J 53.071 79.8211 72.424 Sept. 29.. 40.874-40.90" 2.37| -i 32.75 -32.80 20.81J 52.15 82.35 73.80 Oct. 31.. 39.80 -40.00 32.45 -32.50 20.574 50.45 95.00 79.25 Nov. 30.. 40.50 -40.60 36.00 -36.10 22.15 50.50 86.62£ 76.25 Dec. 29.. 40.65 -40.75 45.274-45.324 27.30 54.20 77.70 72.50 52.85 1918. Jan. 31... 10.904-10.91 40.10 -40.20 2.29 42.15 -42.20 27.174 50.90 77.12-1 70.874 Feb. 27.. 10.53 -10.534 38.60 -38.70 2.21 43.70 -43.75 28.924 50.00 71.124 67.174 Mar. 28.. 10.214-10.22 37.70 -37.75 2.14* 42.50 -42.55 27.40 50.10 72,20 67.224 Apr. 30.. 9.88 36.45 4.0.80 26.15 49.624 70.50 65.15 May 31.. 9.47 35.00 38.974 24.00 49.70 67.50 62.00 June 29.. 9.32i 34.424 34.25 20.40 49.60 69.724 61.16 July 31.. 9-144 33.75 32.30 18.95 48.80 68.971 60.75 Aug. 30.. 9.33 35.95 31.22J 17.50 45.80 68.60 60.70 Sept. 30. 10.11 38.75 32.05 17.65 47.15 69.524 62.50 Oct. 31.. 11.25 43.124 34.60 19.25 47.65 68.20 63.75 Nov. 30.. 11.33 43.55 30.25 15.75 49.121 68.05 63.70 Dec. 27.. 11.131 42.80 30.10 15.15 48.90 68.50 63.20 , 1919. Jan. 31.. 11.504 44.30 2.40J -2.41-J 28.15 14.20 49.15 68.20 63.20 Feb. 28., 11.57* 44.35 2.41.} -2-43 24.274 11.55 50.35 68.40 63.35 Mar. 29. 11.49" 41.75 2.50 -2.51 22.50 9.75 49.95 67.25 62.70 Apr. 30. 11.65 41.40 2.47 -2.48£ 21.974 10.50 50.25 66.30 62.00 May 31. 11.874 41.00 18.40 10.40 49.60 65.10 60.00 1 From Nederlandsche Financier. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 647 Summary statement of the principal assets and liabilities of the Java Bank on the last of March, 1915 to 1919. Mar. 31,1915. Mar. 31,1916. Mar. 31,1917. Mar. 31,1918. Mar. 29,1919. Florins. Florins. Florins. Florins. Florins. Gold.. 30,889,639 46,774,840 72,098,796 92,166,793 127,706,126 Silver. 29,025,344 33,667,441 23,668,585 19,409,454 10,747,920 Total metallic reserve j 59,914,983 80,442,281 95,767,381 111,576,247 138,454,046 Discounts, loans, and advances I 72,103,850 54,833,739 56,533,930 80,230,807 174,661,879 Foreign bills I i 5,710,163 15,697,006 37,207,583 34,161,204 22,009,246 Securities and mortgages I 8,346,732 8,715,638 8,546,499 8,223,607 8,077,170 All other assets 5,877,923 29,169,860 8,445,215 21,543,756 12,980,021 151,953,651 188,858,524 206,500,608 255,735,621 356,242,362 LIABILITIES. Capital 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 Reserve fund 3,119,492 2,761,132 3,175,176 3,161,690 3,644,178 Notes in circulation. 118,084,725 144,882,260 157,946,205 180,754,970 210,775,950 Deposits 19,234,669 27,102.168 32,071,382 56,054,765 123,126,770 Bills payable 1,927,389 4,469i829 3,086,096 5,180,902 2,911,204 All other liabilities.. 3,587,376 3,643,135 4,221,749 4,583,294 9,784,260 Total liabilities.. 151,953,651 188,858,524 206,500,608 255,735,629 356,242,362 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

648 FEDERAL RESERVE BULLETIN. JULY 1, 1919. Comparative Statement of Leading Banks of England, and the Bank of France, while the Issue. German Reichsbank lost 122 million dollars in There is presented below a comparative gold since the beginning of 1919. No material statement showing the condition of the lead- changes in gold reserves were reported by the ing central banks of issue in 1914, immediately other banks included in the table, except that preceding the outbreak of the war, at the close the Netherlands Bank lost 11 million dollars, of 1918, and on the latest date in 1919 for which largely as a result of investing its " earmarked'7 figures are available. gold previously held in the United States, and the Java Bank gained 8 million dollars be- Gains of gold since the close of 1918 are reported among the banks in allied countries tween December 31, 1918, and April 5, 1919. by the Federal Reserve Banks, the Bank of Gold and total reserves, also deposit and note liabilities, of the leading banks of issue at dates specified. [In millions of dollars.] Federal Reserve Banks. Bank of England. Dec. 31,1914. Dec. 27,1918. June 131919. July 29. 1914. Dec. 25,1918. May 28,1919. T G o o t l a d l i r n e s v e a rv u e lt 2 25 4 9 1 2 2 , ,0 0 8 9 4 3 2 2 , ,1 2 9 6 4 2 } 186 385 419 Deposits 264 1,583 2,630 328 840 694 Bank notes in circulation 10 2,802 2,499 185 1342 1376 Ratio of gold cover to combined deposit and note liabilities (per cent) 88 48 43 36 33 39 Bank of France. Bank of Italy. July 30,1914. Dec. 26,1918. May 15,1919. Dec. 31,1914. Dec. 31,1918. Apr. 30,1919. T G o o t l a d l i r n e s v e a r u v l e t .. 7 9 9 2 9 0 6 7 6 2 4 5 7 6 4 89 9 } 237 / \ 1 17 5 3 8 3 1 2 5 6 8 Deposits . 258 478 672 158 565 618 Bank notes in circulation 1,290 5,838 6,607 417 1,780 1,812 Ratio of gold cover to combined deposit and note liabilities (per cent) 52 11 9 7 German Reichsbank. Austro-Hungarian Bank. July 31,1914. Dec. 31,1918. May 7,1919. July 23,1914. Dec. 31,1918. Apr. 23,1919. Gold in vault 298 539 «7 251 53 53 Total reserve . . 364 544 422 310 65 68 Deposits 300 3,292 2,912 59 1,447 1,334 Bank notes in circulation 692 2 5,285 6,365 431 8,713 37,922 Ratio of gold cover to combined deposit and note liabilities (per cent) 30 6 4 51 .5 .6 Riksbank, Sweden. Norges Bank, Norway. July 31,1914. Dec. 31,1918. May 17,1919. July 31,1914. Dec. 31,1918. Apr. 30, 1919. T G o o t l a d l i r n e s v e a rv ul e t 2 2 5 6 7 7 6 7 } 78 12 33 j ! 40 Deposits 18 36 4 34 20 Bank notes in circulation 54 218 183 34 116 116 Ratio of gold cover to combined deposit and note liabilities (per cent) 35 30 43 35 28 34 1 In addition there were 1,575 millions of currency notes in circulation on Dec. 25,1918, and 1,675 millions on May 28,1919, against which a gold reserve of 139 millions is held. 2 In addition there were 2,406 millions of Darlehnskassenscheine in circulation on Dec. 31,1918, and 2,673 millions on May 7,1919. 3 Does not include scrip—Kassenscheine—no figures given. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL'EESERVE BULLETIK. 649 Gold and total reserves, also deposit and note liabilities, of the leading banks of issue at dates specified— Continued. [In millions of dollars.] National Bank, Copenhagen, Denmark. Bank of Spain. July 31,1914. Dec. 31,1918. Apr. 30, 1919. July 24, 1914. Dec. 28,1918. May 17,1919. Gold in vault 1 f 52 50 106 430 436 Total reserve ' 1\ 53 51 249 554 561 Deposits 31 30 96 226 214 Bank notes in circulation 40 121 116 374 640 681 Ratio of gold cover to combined deposit and note liabilities (per cent) 53 34 34 23 50 49 Bank of Netherlands. Swiss National Bank. July 25,1914. Dec. 28,1918. May 17,1919. July 23,1914. Dec. 31,1918. May 15,1919. Gold in vault. .. 65 277 266 35 80 83 Total reserve 68 281 269 38 91 96 Deposits 2 36 41 29 35 25 Bank notes in circulation 125 430 419 83 188 174 Ratio of gold cover to combined deposit and note liabilities (per cent) 51 59 58 31 36 42 Bank of Japan. Bank of Java. June 30,1914. Dec. 29, 1918. May 10,1919. Mar. 31,1914. Dec. 31,1918. Apr. 5,1919. Gold in vault 259 357 352 12 43 51 Total reserve . . . 259 357 352 24 49 55 Deposits 265 519 596 8 38 Bank notes in circulation 275 537 395 47 79 85 Katio of gold cover to combined deposit and note liabilities (per cent) 48 34 36 22 37 60 State Banks and Trust Companies Admitted. Total The following list shows the State banks and Capital. Surplus. resources. trust companies which have been admitted to membership in the Federal Reserve system District No. 7—Continued. during the month of June. Second Security Bank, Chicago, 111.. 8200,000 8100,000 82,975,149 One thousand and forty-seven State insti- First State & Savings Bank, Howell, Mich ..... 75,000 15,000 631,642 tutions are now members of the system, American State Bank, Saginaw, Mich . .... 200,000 100,000 3,0S9,731 having a total capital of $371,971,875, total surplus of $422,030,628, and total resources of District No. S. $8,003,415,848. First State Bank, Brownsville, Tenn. 200,000 1,291,310 District No. 9. Capital. res T o o u t r a c l es. Bank of Arcadia, Arcadia, Wis 25,000 15,000 647,067 District No. 11. District No. 2. First State Bank, Henderson, Tex.. 25,000 15,000 180,915 oples Bank of Buffalo, Buffalo, District No. 12. STTY $600,000 $600,000 I $16,482,563 Bank of Buffalo, Buffalo, N. Y 1,000,000 1,000,000 ; 29,925,166 First State Bank, Prummond, Idaho 25,000 54,035 District No. 3. Helper State Bank, Helper, Utah... 50,000 25*666" 493,908 Security State Bank of La Crosse, Equitable Trust Co., Atlantic City, La Crosse, Wash 30,000 6,045 129,377 200,000 100,000 ! 1,947,869 District No. 4. NOTE.—The State Hank of Reform, Reform, Ala., has decided not to complete its membership by making payment on account of capital Bridgeport Bank & Trust Co., stock, and it is, therefore, not a member of the Federal Reserve System. Bridgeport, Ohio 75,000 40,000 I 915,317 The American National Bank and the Bank of Commerce, member banks, and the American Trust Company, a nonmember bank, all of District No. 7. Little Rock, Ark., have consolidated under the name American Bank Hopkins State Savings Bank, Hop- of Commerce & Trust Company, which institution has been allotted kins, Mich..' ! 25,000 5,000 423,527 stock and is now a member bank. First State & Savings Bank, Mason, The St. Louis Union Bank, St. Louis, Mo., has converted into St. Mich ! 25,000 15,000 580,602 Louis Union National Bank. First State & Savings Bank, Holly, | The Exchange Bank of Kentucky, Mount Sterling, Ky., has with- Mich I 30,000 60,000 1,263,362 drawn from membership. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

650 FEDERAL RESERVE BULLETIN. JULY 1, 1919. Acceptances to 100 Per Cent. Commercial Failures Reported. Since the issue of the June BULLETIN the fol- Continuance of an unusually light business lowing banks have been authorized by the Fed- mortality in the United States is indicated by eral Reserve Board to accept drafts and bills of failure returns to R. G. Dun & Co., only 309 exchange up to 100 per cent of their capital and commercial defaults being reported during surplus: Brownwood National Bank, Brown- three weeks of June, against 540 in the correwood, Tex.; First National Bank, Kansas City, sponding period of 1918. For May, the latest Mo.; Portland National Bank, Portland, Me.; month for which complete statistics are avail- Drovers & Mechanics National Bank, Balti- able, the statement discloses but 531 insolmore, Md.; National Exchange Bank, Balti- vencies, a reduction of nearly 40 per cent from more, Md. the 880 failures of May last year, and the smallest total recorded since monthly comparisons were first compiled a quarter of a century Errata. ago. The exhibit as to liabilities is not so In the article entitled " Condition of accept- strikingly fa\ orable as that in respect of numing member banks on March 4, 1919," on page ber, although the May indebtedness of $11,- 554 of the June BULLETIN, the following cor- 956,651 is about $1,200,000 less than in May, rections should be made: On line 11 of the 1918, and the lightest for the month, aside from article, " total liabilities of $14,395,478" should the $9,590,186 of May, 1910, since 1907. Sepread "total liabilities of $14,395,478,000." On arated according to Federal Reserve districts, line 7 from the bottom "to total liabilities" the May statement discloses decreases in numshould read "to capital and surplus." ber of defaults as contrasted with May last year, in all of the 12 districts, apart from the eleventh district, where a small increase appears. In most cases, moreover, the numeiical New National Bank Charters. reductions are sizable, while the liabilities are The Comptroller of the Currency reports the smaller in 7 of the 12 districts, the exceptions following increases and reductions in the num- being the fourth, fifth, sixth, tenth, and ber of national banks and the capital of na- eleventh districts/ tional banks during the period from May 31, Failures during May. 1919, to June 27, 1919, inclusive: Banks. New charters issued to 22 Number. Liabilities. With capital of $5,465,000 Districts. Increase of capital approved for 14 1919 1918 1919 1918 With new capital of 1,590,000 Aggregate, number of new charters and First. 58 120 $1,559,270 82,380,400 banks increasing capital 36 Second.' 93 164 3,194,187 4,250,139 With aggregate of new capital authorized 7,055, 000 Third 30 45 1,096,945 1,121,474 Number of banks liquidating (other than Fourth 57 74 1,481,366 879,332 Fifth ' 30 39 491,740 206,811 those consolidating with other national Sixth 26 40 246,650 209,110 banks under the act of June 3, 1864) 4 Seventh 63 141 1,621,869 2,106,672 Capital of same banks 185, 000 Eighth 18 34 165,445 177,340 Ninth 22 45,948 125,400 Number of banks reducing capital 0 Tenth 28 41 703,255 184,428 Reduction of capital 0 E leventh 35 31 304,739 262,671 Total number of banks going into liquida- Twelfth 84 129 1,045,237 1,230,895 tion or reducing capital (other than those Total 531 880 11,956,651 13,134,«72 consolidating with other national banks under the act of June 3, 1864) 4 Aggregate capital reduction 185,000 Fiduciary Powers Granted to National Banks. Consolidation of national banks under the The applications of the following banks for act of Nov. 7, 1918 1 Capital 2, 000,000 permission to act under section 11 (k) of the The foregoing statement shows the aggregate Federal Reserve Act have been approved by the of increased capital for the period of the Federal Reserve Board0 during the month of banks embraced in statement was 7,055,000 June: Against this there was a reduction of capital owing to liquidation (other than for con- DISTRICT NO. 1. : solidation with other national banks un- Trustee, executor, administrator, registrar of stocks and der the act of June 3, 1864) and reduc- bonds, guardian of estates, assignee, receiver, and comtions of capital of 185,000 mittee of estates of lunatics: Merchants National Bank, Newburyport, Mass. Net increase 6, 870,000 Southbridge National Bank, Southbridge, Mass. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 651 Administrator, guardian of estates, assignee, receiver, and DISTRICT NO. 7. committee of estates of lunatics: Norway National Bank, Norway, Me. Trustee, executor, administrator, registrar of stocks and Executor, administrator, guardian of estates, assignee bonds, guardian of estates, assignee, receiver, and comreceiver, and committee of estates of lunatics: mittee of estates of lunatics: Springfield National Bank, Springfield, Mass. City National Bank,. Goshen, Ind. Guardian of estates, assignee, receiver, and committee of Delaware County National Bank, Muncie, Ind. estates of lunatics: First National Bank, Webster City, Iowa. Second National Bank, New Haven, Conn. Trustee, executor, administrator, registrar of stocks and bonds, and guardian of estates: Merchants National Bank, Clinton, Iowa. DISTRICT No. 2. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee and receiver: Trustee, executor, administrator, registrar of stocks and First "National Bank, New Sharon, Iowa. bonds, guardian ©f estates, assignee, receiver, and com- Guardian of estates, assignee, receiver, and committee of mittee of estates of lunatics: estates of lunatics: First National Bank, Cooperstown, N. Y. Merchants National Bank, Michigan City, Ind. National Bank of Port Jervis, Port Jervis, N. Y. National City Bank, Chicago, 111. Guardian of estates, assignee, receiver and committee of estates of lunatics: DISTRICT No. 8. Second National Bank, Red Bank, N. J. Trustee, executor, administrator, guardian of estates, assignee, receiver and committee of estates of lunatics: Citizens National Bank, Hot Springs, Ark. DISTRICT NO. 3. 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- Mechanics National Bank, Burlington, N. J. mittee of estates of lunatics: Union National Bank, Mahanoy City, Pa. Austin National Bank, Austin, Minn. Union National Bank, Mount Carmel, Pa. First National Bank, St. Peter, Minn. Bloomsburg National Bank, Bloomsburg, Pa. DISTRICT NO. 10. National 7«ank of Catasauqua, Pa. First National Bank, Pittston, Pa. Trustee, executor, administrator, registrar of. stocks and Textile National Bank, Philadelphia, Pa. bonds, guardian of estates, assignee, receiver, and com- Guardian of estates, assignee, receiver, and committee of mittee of estates of lunatics: estates of lunatics: National Bank of America, Salina, Kans. Deposit National Bank, DuBois, Pa. First National Bank, Winfield, Kans. First National Bank, Johnstown, Pa. Guardian of estates, assignee, receiver, and committee of estates of lunatics: Commercial National Bank, Independence, Kans. DISTRICT No. 4. Central National Bank, Tulsa, Okla. First National Bank, Cheyenne, Wyo. Trustee and registrar of stocks and bonds: Stock Growers National Bank, Cheyenne, Wyo. Citizens National Bank, Galion, Ohio. Registrar of stocks and bonds, guardian of estates, assignee, Merchants National Bank, Massillon, Ohio. receiver, and committee of estates of lunatics: Registrar of stocks and bonds: First National Bank, Neosho, Mo. Monongahela National Bank, Pittsburgh, Pa. DISTRICT NO. 11. DISTRICT NO. 6. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and com- Trustee, executor, administrator, and guardian of estates: mittee of estates of lunatics: Elk National Bank, Fayetteville, Tenn. Arizona National Bank, Tucson, Ariz. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

652 FEDERAL RESERVE BULLETIN JULY 1,1919. RULINGS OF THE FEDERAL RESERVE BOARD. Below are published rulings made by the nature so perishable as not to be reasonably sure Federal Reserve Board which are believed to of maintaining its value as security at least for the life of the draft which is drawn against it. be of interest to Federal Reserve Banks and member banks. DEFINITION. Deposits with a Federal Reserve Bank from the savings A readily marketable staple may be defined department of a trust company member bank to count as reserve. as an article of commerce, agriculture, or industry of such uses as to make it the subject A member bank which operates both a of constant dealings in ready markets with savings department and a commercial banking such frequent quotations of prices as to make department may properly deposit funds out (a) the price easily and definitely ascertainable of its savings department with the Federal and (6) the staple itself easy to realize upon by Reserve Bank to count as reserve against its sale at any time. savings deposits, even though under the terms of the State law such a deposit with the Federal Reserve Bank is not subject to any claim by the REGULATION ISSUED BY THE DIVISION OF Federal Reserve Bank against the member FOREIGN EXCHANGE. bank itself as distinct from the savings department. Until otherwise instructed, "dealers" as defined under the Executive order of the [See opinion of General Counsel in Law Department, p. 654.] President of January 26, 1918, are hereby authorized to carry on transactions in foreign Time certificates of deposit which become payable within exchange or in securities for or through foreign thirty days. account without restriction except as herein- A certificate of deposit which though origi- after provided. nally payable in sixty or ninety days, and which Registration certificates must be obtained though originally a time deposit within the as required under the Executive order. (All meaning of the regulations of the Federal registration certificates which have been issued Reserve Board, becomes a demand deposit to date continue in force.) when it becomes payable within thirty days. Customers' statements of nonenemy interest need not be taken, but no foreign exchange [See opinion of General Counsel in Law Department, p. 655.] transactions can be consummated for enemy account unless authorized in a general or a Definition of " Readily marketable staples." specific license issued by the War Trade Printed below is a definition of the term Board. "readily marketable staples" as used in that Further statistical reports after those inpart of section 13 of the Federal Reserve Act cluding transactions up to the close of business which authorizes any member bank to accept Wednesday evening, June 25, 1919, need not drafts which are secured at the time of accept- be made except as called for by the Federal ance by a warehouse receipt or other such Reserve Board. document conveying or securing title covering Declarations of foreign correspondents on " readily marketable staples." Form F. E. 114 and declarations of nonenemy The Board has issued this definition as a interest covering security transactions on guide to Federal Reserve Banks and member Form F. E. 113 need not be taken, and interest banks in determining what staples may properly or dividend checks payable for foreign account be considered readily marketable within the need not have customers' statements printed meaning of that section and suggests that upon them, but ''dealers" can not carry out although the law does not expressly restrict transactions either directly or indirectly for eligible staples to those which are nonperish- the benefit of or for account of an enemy or able, nevertheless banks as a matter of pru- ally of enemy except under the authority of a dence and protection to themselves should not general or a specific license issued by the War consider as eligible any staple which is in its Trade Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JL-LY 1, 1919. FEDERAL RESERVE BULLETIN. 653 Until otherwise instructed, the exportation of January 26, 1918, dealing with the control or importation of Russian roubles, or the of foreign exchange and the exportation and transfer of funds for their purchase by persons importation of coin, bullion, currency, etc., and dealers in the United States, as described except that the Federal Reserve Board remains under the Executive order of the President of authorized to control dealings with that part January 26, 1918, is prohibited. Dealings in of Russia now under the so-called Bolshevik foreign exchange or securities with or for government and remittances to countries to persons in that part of Russia now under the which remittances have heretofore been percontrol of the so-called Bolshevik governments mitted onlv through the American Relief are also prohibited. Administration. Until otherwise instructed, "dealers" are The Federal Reserve Board has just anprohibited from purchasing exchange except nounced that remittances to these latter counfrom the American Relief Administration, tries are not now subject to any restrictions. 42 Broadway, New York City, upon any of Dealings with that part of Russia now under the following countries: Finland, Poland, the control of the so-called Bolshevik govern- Czecho-Slovakia, German-Austria, Jugo-Slavia, ment, however, are still prohibited. Serbia, Roumania, Germany. Attention is called to the fact that except in so far as they are permitted by a general or a FRED I. KENT, Director of the Division of Foreign specific license from the War Trade Board, Exchange of the Federal Reserve Board. remittances to enemy countries are still prohibited. JUNE 24, 1919. FIIED I. KENT, Director Division of Foreign Exchange, NOTICE ISSUED JUNE 30, 1919. Federal Reserve Board By proclamation under date of June 26, the President has abrogated the Executive order Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

654 FEDERAL RESERVE BULLETIN. JULY 1, 1919. LAW DEPARTMENT. The following opinions of General Counsel (See Morse on Banks and Banking, 5th Ed., have been authorized for publication by the vol. I, sec. 324-325.) Board since the last edition of the BULLETIN: Under the particular circumstances in the case under consideration, the Federal Reserve Deposits with a Federal Reserve Bank from the savings Bank has notice of facts which are inconsistent department of a trust company member bank <o count with its general common-law lien, that is, the as reserve. Massachusetts law which provides that a trust A member bank which operates both a savings departcompany may carry not more than 2\ per cent ment and a commercial banking department may properly of its savings deposits in any bank incorporated deposit funds out of its savings department with the Federal Reserve Bank to count as reserve against its savings under the laws of the United States and that deposits even though under the terms of the State law no loan of savings deposits shall be liable for such a deposit with the Federal Reserve Bank is not the debts or obligations of the corporation itsubject to any claim by the Federal Reserve Bank against self until after the savings depositors have been the member bank itself as distinct from the savings depaid in full. If, therefore, a Federal Reserve partment. MAY 29, 1919. Bank receives a deposit of the funds of the An opinion has been asked on the question savings department of" a trust company, it whether or not a Massachusetts trust company, would not have the right to apply those parwhich is a member of the Federal Reserve sys- ticular deposits to the payment of any debts tem, may be permitted to make special depos- owed by the trust company to the Federal its out of its savings department which shall Reserve Bank. count as reserve against its savings deposits, The sole question for .consideration, therebut which shall not be subject to any claim fore, is whether the Federal Reserve Bank by the Federal Reserve Bank against the trust should receive from a member bank any decompany itself as distinct from the savings posit to which this common-law lien would not department. attach. As a matter of law there is no reason Though it is true that under the terms of the that the Federal Reserve Bank should not Federal Reserve Act the cash-paid subscrip- permit member banks to make a deposit of tions of a member bank to the capital stock of this character and it is believed that the a Federal Reserve Bank are subject to be ap- Federal Reserve Banks may and should replied to all debts of the member bank to the ceive such deposits even though they can not Federal Reserve Bank in the case of insolvency, be applied to the general debts of the corporathere is no provision in the act which expressly tion. Such a practice would involve no pracgives the Federal Reserve Bank the right to tical risk to the Federal Reserve Bank beoffset deposits of the member bank against cause it has a lien on the cash-paid subdebts of the member bank to the Federal Re- scriptions to its capital stock made by the serve Bank. member bank and because it has the general Under the common lav/, however, a deposi- banker's lien upon other deposits made by the tary bank generally has what is termed a bank- member bank out of its commercial departer's lien on all moneys and funds of a depositor ment. As a matter of prudence, however, it is in its possession for the balance of the general suggested that, in any case in which the State account, but this common law lien does not law in substance denies the right of the deposiapply in any case where any special purpose tary bank to offset debts of the member bank which attaches to the deposit is inconsistent against deposits made out of the funds of the with the lien or where the bank has notice of savings department, the Federal Reserve Bank facts which are inconsistent with the lien. should not receive and count as reserve any Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL. RESERVE BULLETIN. 655 such deposits which aggregate more than the section 19 quoted above, and the regulations amount of the reserve which is required to be and rulings of the Board consequently have carried against those savings deposits. A sim- always been understood to require demand reilar situation will in all probability arise in a serves to be held against any deposit which is number of other States where one corporation necessarily payable at the option of the deposioperates two separate departments, and where tor within 30 days. This is true regardless of the State law provides that the funds and in- whether or not the deposit in the first instance vestments of the savings and commercial de- was a demand deposit or a time deposit. The partments of the bank shall not be mingled. principles on which a different character of With particular reference to Massachusetts, reserve is established for time and demand the State law prohibits a trust company from deposits can not properly permit of a distincdepositing more than 2\ per cent of its savings tion being made in favor of a deposit which accounts with a Federal Reserve Bank. To though originally a time deposit -has become that extent, however, there seems to be no payable within the 30-day limit. reason that the Federal Reserve Bank should refuse to receive such deposits, the remaining \ per cent reserve against savings deposits Deposit of Securities by National Banks Exercising Trust Powers in Missouri. being made up of balances from the commercial The following opinion of the assistant attordepartment. ney general of Missouri, holds that the Superintendent of Banks of the State of Missouri Time certificates of deposit which become payable with- is not only authorized but required to receive in thirty days. from national banks, which have received the A certificate of deposit which, though originally payable permit of the Federal Reserve Board to exercise in 60 or 90 days, and which, though originally a time trust powers under the provisions of section 11 deposit within the meaning of the regulations of the (k) of the Federal Reserve Act, deposits of Federal. Reserve Board, becomes a demand deposit when securities tendered by such banks in order to it becomes payable within 30 days. enable them to qualify without giving bond y JUNE 7, 1919. in the same manner that such deposits are re- An opinion has been asked on the question ceived from trust companies organized under whether a 60-day certificate of deposit becomes the laws of Missouri. a demand deposit after a lapse of 31 days, that is, when it has less than 30 days to run. JEFFERSON CITY, MO., June 12, 1919. Section 19 of the Federal Reserve Act reads Hon. C. F. EN RIGHT, State Bank Commissioner, in part as follows: Jefferson City, Mo. Demand deposits, within the meaning of this DEAR SIR: YOU request the opinion of this department Act, shall comprise all deposits payable within on the following proposition: thirty days, and time deposits shall comprise One of the national banks that have assumed fiduciary all deposits payable after thirty days, and all powers desires to deposit $200,000 with me as bank comsavings accounts and certificates of deposit missioner and receive a certificate from me to that effect, which are subject to not less than thirty days' presuming that in so doing they may qualify as guardian, curator, executor, administrator, etc., without giving notice before payment, and all postal savings bond as such. deposits. Q. Does any authority exist requiring me to accept such a deposit and issue the certificate? Such privileges are The Federal Reserve Board has consistently given in section 166, but seem limited to companies inruled that any deposit which is payable after 30 corporated under article 111, Banking Laws, 1915; in other words, trust companies. days is a time deposit, but that as soon as the As the exact question you present has not been passed pay date comes within 30 days it thereupon beupon by any Federal court or the court of last resort in this comes a demand deposit. It is difficult to place State, we can render an intelligible opinion and arrive at any other interpretation upon the paragraph of conclusions which may be maintained only by reviewing, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

656 FEDERAL RESERVE BULLETIN. JULY 1, 1919. in more or less detail, the act of Congress ar*d amendments united by Congress with the banking function, since to do thereto under which national banks derive their authority so would be but the exertion of such State authority to to exercise the powers and functions of trust companies prohibit Congress from exerting a power which under and the decisions of the United States Supreme Court pass- the Constitution it has a right to exercise. ing upon the authority of Congress to legislate upon the Upon the premises thus laid down, the court continues subject. with its opinion as follows: • The Federal Reserve Act, approved December 23,1913? From this it must also follow that even although a busi- 38 Statutes at Large, 261, in section 11 thereof, contains ness be of such a character that it is not inherently conthe following paragraph: sidered susceptible of being included by Congress in the (k) T® grant by special permit to national banks apply- powers conferred on national banks, that rule would cease ing therefor, when not in contravention of State or local to apply if by State law State banking corporations, trust law, the right to act as trustee, executor, administrator, or companies, or others which by reason of their business are registrar of stocks and bonds under such rules and regula- rivals or quasi rivals of national banks are permitted to tions as the said board may prescribe. carry on such business. This must be since the State may not by legislation create a condition as to a particular This section was subsequently amended in 1916 and business which would bring about actual or potential again in 1918, concerning which said amendment we shall competition with the business of national banks and at have more to say hereafter. the same time deny the power of Congress to meet such created condition by^ legislation appropriate to avoid the Said paragraph (k) of said section 11 came before the injury which otherwise would be suffered by the national United States Supreme Court in the case of First National agency. Of course, as the general subject of regulating Bank v. Fellows, Attorney General of the State of Michigan, the character of business just referred to is peculiarly ex rel. Union Trust Company et al. This suit was a pro- within State administrative control, State regulations for the conduct of such business, if not discriminatory or so ceeding in the nature of a quo vjarranto, brought by the unreasonable as to justify the conclusion that they neces- Attorney General at the relation of certain trust companies, sarily would so operate, would be controlling upon banks to test the right of a national bank to exercise the powers chartered by Congress when they came in virtue of auand functions of a trust company by virtue of the authority thority conferred upon them by Congress to exert such particular powers. And these considerations clearly were conferred upon it under paragraph (k) of section 11 of the in the legislative mind when it enacted the statute in Federal Reserve Act of 1913. As it was conceded by the question. This result would seem to be plain when it complainant in this case that the exercise of said powers by was observed (a) that the statute authorizes the exertion said bank was not in contravention of the laws of the State of the particular functions by national banks when not in contravention of the State law, that is, where the right to of Michigan, there were presented to the court the question perform them ia expressly given by the State law or what of the power of Congress to confer the powers and functions is equivalent is deducible from the State law because called in question. that law has given the functions to State banks or corporations whose business in a greater or less degree rivals that The Supreme Court of the State of Michigan, on the of national banks, thus engendering from the State law theory that there wag no apparent, natural connection itself an implication of authority in Congress to do as to between the business of banking and Federal fiscal opera- national banks that which the State law has done as to other tions and the business of acting in fiduciary capacities, held corporations; and (b) that the statute subjects the right to exert the particular functions which it "confers on national that the State not only controlled the devolution of estates banks to the administrative authority of the Reserve of deceased persons and the conduct of private business Board, giving besides to that Board power to adopt rules within the State, but also the creation of corporations and regulating the exercise of the functions conferred, thus the qualifications and duties of such as may engage in the affording the means of coordinating tho functions when permitted to be discharged by national banks with the business of acting as trustees, executors, and adminisreasonable and nondiscriminating provisions of State law trators; and that the act of Congress amounted to an regulating their exercise as to State corporations—the invasion of the State's rights. whole to the end that harmony and the concordant exercise On appeal the Supreme Court of the United States, in of the national and State power might result. an opinion by White, C. J., reported in 244 U. S., 416, held the decision of the State court in direct conflict with We call your attention to the language of the opinion the rule laid down in the cases of McCullough v. Maryland following ("a"), quoted above, wherein the court holds that and Osborne v. Bank, previously decided by said court. the powers conferred by Congress are not in contravention The court summarized these earlier cases as establishing of the State law, for the reason that the right to perform the rule that although a business is of a private nature such powers is expressly given by said law to State banks and subject to State regulations, if it is of such a character or other corporations, whose business in some degree as to cause it to be incidental to the successful discharge comes in competition with that of national banks and that by a bank chartered by Congress of its public functions, Congress, therefore, has implied authority to extend to it is competent for Congress to give the bank the power to national banks the same powers and functions that have exercise such private business; that this rule excludes the been conferred by the State upon said institutions.. power of the State in such case, although it may possess We further call your attention to (" b"), appearing in iii a general sense authority to regulate such business, to above quotation, wherein the court comments on the auuse that authority to prohibit such business from being thority of the Reserve Board to regulate the exercise of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 657 the functions conferred to the end that same may be No national bank shall receive in its trust department carried out in harmony with State regulations. deposits of current funds subject to check or deposit of checks, drafts, bills of exchange, or other items for collec- The amendment of 1916, 39 Statutes at Large, 752, tion or exchange purposes. Funds deposited or held in affected only paragraph (m) of said section 11, and has no trust by the bank awaiting investment shall be carried in bearing on the question here under consideration. , a separate account and shall not be used by the bank in Before carefully considering the force and effect^ofjbhe the conduct of its business unles's it shall first set aside in the trust department United States bonds or other securiprovisions of the act of 1918, amending said paragraph (k), ties approved by the Federal Reserve Board. in the light of the opinion of the United States Supreme In the event of the failure of such bank the owners of Court in the aforesaid Michigan case, we were inclined to the funds held in trust for investment shall have a lien on the opinion that, conceding the right of Congress to confer the bonds or other securities so set apart in addition to their claim against the estate of the bank. upon national banks the powers of trust companies, such Whenever the laws of a State require corporations acting institutions were not brought under the authority of the in a fiduciary capacity, to deposit securities with the State State nor subjected to the regulation of the State Banking authorities for the protection of private or court trusts, Department, whereby the interests of the people of the national banks so acting shall be required to make similar State are sought to be protected, and were not, therefore, deposits, and securities so deposited shall be held for the protection of private or court trusts, as provided by the entitled to the privileges extended to companies created State law. under State laws and subject to its supervision. After National banks in such cases shall not be required to further investigation and careful consideration, however, execute the bond usually required of individuals if State we are constrained to believe that the power of Congress, as corporations under similar circumstances are exempt from declared by the United States Supreme Court on the this requirement. National banks shall have power to execute such bond principal proposition, that is, on its power to confer upon when so required by the laws of the State. national banks the authority of acting in fiduciary capaci- In any case in which the laws of a State require that a ties and the basis upon which such power is placed by the corporation acting as trustee, executor, administrator, or Supreme Court, would unquestionably be extended by in any capacity specified in this section, shall take an oath or make an affidavit, the president, vice president, cashier, said court to the conferring of the functions, rights, and or trust officer of such national bank may take the necessary privileges incident thereto, including such as are covered oath or execute the necessary affidavit. by the act of 1918. It shall be unlawful for any national banking association to lend any officer, director, or employee any funds held With the evident intention of extending and further in trust under the powers conferred by this section. Any securing the powers conferred by said paragraph (k), officer, director, or employee making such loan, or to whom Congress, in an act, approved September 26, 1918, 39 such loan is made, may be fined not more than $5,000 or Statutes at Large, 752, amended said paragraph to read as imprisoned not more than five years, or may be both fined follows: and imprisoned, in the discretion of the court- In passing upon applications for permission to exercise To grant by special permit to national banks applying the powers enumerated in this subsection, the Federal therefor, when not in contravention of State or local law, Reserve Board may take into consideration the amount of the right to act as trustee, executor, administrator, reg- capital and surplus of the applying bank, whether or not istrar of stocks and bonds, guardian of estates, assignee, such capital and surplus.is sufficient under the circumreceiver, committee of estate of lunatics, or in any other stances of the case, the needs of the community to be fiduciary capacity in which State banks, trust companies, served, and any other facts and circumstances that seem or other corporations which come into competition with to it proper, and may grant or refuse the application acnational banks are permitted to act under the law of the cordingly: Provided, That no permit shall be issued to any State in which the national bank is located. national banking association having a capital and a surplus Whenever the laws of such State authorize or permit the less than the capital and surplus required by State law of exercise of any or all of the foregoing powers by State State banks, and trust companies and corporations exerbanks, trust companies, or other corporations which com- cising such powers. pete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to In the second paragraph of the amendment of 1918 it is be in contravention of State or local law within the meanprovided that the exercise of the powers conferred by ing of this act. National banks exercising any or all of the powers enum- national banks "shall not be deemed to be in contravenerated in this subsection shall 'segregate all assets held in tion of State or local law within the meaning of this act." any fiduciary capacity from the general assets of the bank Thus is excluded the right to interpose as a defense the and shall keepa separate set of books and records showing objection that the exercise of such powers comes within in proper detail all transactions engaged in under authority of this subsection. Such books and records shall be the limitation contained in the act, to wit, that they shall open to inspection by the State authorities to the same not be in contravention of State or local law. extent as the books and records of corporations organized The act then proceeds, as can readily be seen, to lay under State law which exercise fiduciary powers, but down rules and regulations whereby the exercise of such nothing in this act shall be construed as authorizing the State authorities to examine the books, records and assets powers by national banks shall be conducted with a view of the national bank which are not held in trust under to safeguarding those who may deal with them in their authority of this subsection. fiduciary capacity, all for the obvious purpose of bringing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

658 FEDERAL RESERVE BULLETIN. JULY 1, 1919. said institutions within the regulations set up by the laws act, which became effective June 12, 1919, of the State governing local corporations. reads, in part, as follows: Said act provides that the State banking department Be it enacted hi/ the Legislature of the State of Arizona: shall have the right to examine the books and assets of SECTION 1. The words "Federal Reserve Act" as herein national banks pertaining to the trust business conducted used shall be held to mean and to include the act of by them, which business must be kept separate and apart Congress of the United States approved December 23, 1913, as heretofore and hereafter amended. from the other transactions of the institution. It further The words "Federal Reserve Board" shall be held to grants to the owners of trust funds held by the bank a mean the Federal "Reserve Board created and described in special lien on the bonds or other securities set apart in the Federal Reserve Act. addition to their claim against the general assets of the The words "Federal Reserve Bank" shall be held to mean the Federal Reserve Banks created and organized bank. Thus an effort is made to properly safeguard the under the authority of the Federal Reserve Act. interests of those who deal with such a bank in its fiduciary The words "member bank" shall be held to mean any operations. national bank, State bank or banking and trust company You will note that said act provides that where the State which has become or which becomes a member of one of the Federal Reserve Banks created by the Federal Reserve requires corporations acting in fiduciary capacities to Act. deposit securities with State authorities before being SEC. 2. That any bank or trust company incorporated allowed to act as fiduciaries without execution of the under the laws of this State shall have the power to subusual bond, national banks, which have obtained the scribe to the capital stock and become a member of a Federal Reserve Bank. necessary permit to assume trust relations, shall make a SEC. 3. Any bank or trust company incorporated under like deposit with the State authorities and shall be enti- the laws of this State which is, or which becomes a member tled to all of the privileges extended to State corporations of a Federal Reserve Bank, is by this act vested with all under similar circumstances. If national banks are given powers conferred upon member banks of the Federal Reserve Banks by the terms of the Federal Reserve Act the same powers to act in fiduciary capacities as are conas fully and completely^ as if such powers were specifically ferred on trust companies under the banking act of this eunmerated and. described herein, and all such powers State, then, by the terms of section 166, they are entitled shall be exercised subject to all restrictions and limitations to avail themselves of its provisions. Thus we reach the imposed by the Federal Reserve Act, or by regulations of the Federal Reserve Board made pursuant thereto. The specific question you present and lay the basis for our conright, however, is expressly reserved to revoke or to amend clusion, that as bank commissiontr you are not only the powers herein conferred. authorized to, but must, accept the deposit tendered you SEC. 4. A compliance on the part of any such bank or by a national bank which has secured the permit of the trust company with the reserve requirements of the Federal Reserve Act, shall be held to be a full compliance Federal Reserve Board to act in fiduciary capacities, with those provisions of the laws of this State which which said deposit must equal in amount and be similar require banks or trust companies to maintain cash balances in character to that required of State institutions under in their vaults or with other banks, and no such bank or section 166 of an act of the General Assembly of the State trust company shall be required to carry or maintain reserve other than such as is required under the terms of of Missouri, approved March 25, 1915, relating to banks the Federal Reserve Act. and trust companies. SEC. 5. Any such bank or trust company shall be Respectfully submitted. subject to the examination required under the terms of (Signed) S. E. SKELLEY, the Federal Reserve Act, and the authorities of this State having supervision over such bank, may in their discretion Assistant Attorney General. accept such examination in lieu of the examination required under the laws of this State. Such authorities, their agents and employees, may furnish free of charge to Amendments to State Banking Laws. the Federal Reserve Board, the Federal Reserve Bank, or to examiners duly appointed by the Federal Reserve The following recent enactments of various Board, or the Federal Reserve Banks, copies of all examinations made, and may disclose to such Federal Reserve State Legislatures which amend the State bank- Board, Federal Reserve Banks or examiner, any information with reference to the condition or affairs of State ing laws are published for the information of banks or trust companies organized under the laws of this the Federal Reserve Banks and member banks. State which become members'of a Federal Reserve Bank, or which appl y for membership in a Federal Reserve Bank. ARIZONA. SEC. 6. All acts and parts of act? in conflict with the provisions of this act are hereby repealed. The Legislature of Arizona recently enacted ARKANSAS. the act recommended by the Federal Reserve Board and the American Bankers Association The Arkansas Legislature recently enacted to bring about greater coordination in the an act authorizing State banks, trust compowers of State and national banks and to panies, and savings banks to own stock in a promote uniformity in State and Federal Federal Kcserve Bank; providing that those banking laws. As enacted in Arizona, this which become members of the Federal Eeserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 659 system may carry only such reserves as are Repeal: SEC. 6. All laws and parts of laws in conflict required by the Federal Reserve Act; author- with the provisions of this act are hereby repealed and this Act being necessary for the immediate preservation izing the State Bank Commissioner to furnish of the public peace, health, and safety, an emergency is to the Federal Reserve authorities copies of all declared and this Act shall be in force from and after its reports of examinations of State member banks passage. and other information relating thereto; and NEVADA. authorizing State banks and trust companies to accept drafts and issue letters of credit, subject The Nevada Legislature recently enacted an to certain limitations. This act reads as act substantially the same as the act recomfollows: mended by the Federal Reserve Board and the American Bankers Association to bring about Reserves: SECTION 1. That any bank, trust company, greater coordination in the powers of State and or savings bank organized and doing business under the national banks and to promote uniformity in laws of this State, which is or which becomes a member of a Federal Reserve Bank shall keep and maintain as a law- State apd Federal banking laws. The Nevada ful reserve the same reserves as are required of other bank act omits the suggested provision authorizing members of the Federal Reserve system, and a compliance the State authorities to accept examinations by any such bank, trust company, or savings bank with the made by the Federal authorities in lieu of reserve requirements of the Federal Reserve Act shall be 'held to be a full compliance with the provisions of the laws those required by State law. The Nevada act of this State on the subject of bank reserves, and such bank, reads as follows: vtrust company, or savings bank shall be required to carry only such reserves as are required under the terms of the The people of the State of Nevada, represented in Senate Federal Reserve Act; provided, further, that any bank or and Assembly, do enact as follows: trust company located in or out of this State acting as re- SECTION 1. The words ''Federal Reserve Act" as herein serve agent for Arkansas banks which is, or which becomes, used shall be held to mean and to include the act of a member of the Federal Reserve system, shall be required Congress of the United States approved December 23, fto keep only such reserves as are required by the Federal 1913, as heretofore and hereafter amended. The words Reserve Act, or any amendments thereto. ''Federal Reserve Board" shall be held to mean the Examinations: SEC. 2. The bank commissioner of this Federal Reserve Board created and described in the State may furnish to the Federal Reserve Board or the Federal Reserve Act. The words " Federal Reserve Federal Reserve Bank of which any bank, trust company, Bank" shall be held to mean the Federal Reserve banks or savings bank in this State may become a member, or to created and organized under authority of the Federal the examiners duly appointed by the Federal Reserve Reserve Act. The words "member bank" shall be held Board or such Federal Reserve Bank, copies of all exami- to mean any national bank, State bank or banking and nations made of banks, trust companies, or savings banks trust company which has become or which becomes a becoming members of the Federal Reserve system, and member of one of the Federal Reserve Banks created by may disclose to such examiners any information with ref- the Federal Reserve Act. erence to the condition of affairs of such banks, trust com- SEC. 2. That any bank or trust company incorporated panies, or savings banks as become members of the Federal under the laws of this State shall have the power to sub- Reserve Bank. scribe to the capital stock and become a member of a . Stock in Federal Reserve Bank: SEC. 3. Any bank, trust Federal Reserve Bank. company, or savings bank desiring to avail itself of the SEC. 3. Any bank or trust company incorporated under privileges of the Federal Reserve system, shall have the the laws of this State which is, or which becomes, a member right to own such amount of stock in a Federal Reserve of a Federal Reserve Bank is, by this act, vested with all Bank as may be required by the Federal Reserve Act for powers conferred upon member banks of the Federal all banks, trust companies, or savings banks becoming Reserve Banks by the terms of the Federal Reserve Act members thereof. as fully and completely as if such powers were specifically Acceptances: SEC. 4. Any bank, private bank, or trust enumerated and described herein, and all such powers • company doing business in pursuance of the laws of this shall be exercised subject to all restrictions and limitations State may accept for payment at a future date, drafts imposed by the Federal Reserve Act, or by regulations •drawn upon it by its customers and to issue letters of of the Federal Reserve Board made pursuant thereto. credit authorizing the holders thereof to draw drafts upon The right, however, is expressly reserved to revoke or to it or upon its correspondents at sight or on time not exceed- amend the powers herein conferred. dng six months: Provided, That no bank shall incur liabili- SEC. 4. A compliance on the part of any such bank or ties under this subdivision to an amount equal at any time trust company with the reserve requirements of the in the aggregate to more than its paid up and unimpaired Federal Reserve Act shall be held to be a full compliance capital stock and certified surplus fund. with those provisions of the laws of this State which re- Limit on acceptances: SEC. 5. All such acceptances and quire banks or trust companies to maintain cash balances letters of credit shall be considered as money borrowed, in their vaults or with other banks, and no such bank or .and no bank, trust company, or savings bank, shall lend, trust company shall be required to carry or maintain directly or indirectly, to an individual, corporation, or reserve other than such as is required under the terms of body politic, either by means of letters of credit, by the Federal Reserve Act. .acceptance of drafts, or by discount or purchase of notes, SEC. 5. Any such bank or trust company shall continue bills of exchange, or other obligations of such individual, to be subject to the supervision and examinations recorporation, or body politic an amount in excess of the quired by the laws of this State, except that the Federal limits prescribed by section 32 of an Act for the Organization Reserve Board shall have the right, if it deems necessary, and Control of Banks, Trust Companies, and Savings to make examinations; and the authorities of this State Banks, approved March 3, 1913. having supervision over such bank or trust company may Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

660 FEDERAL RESERVE BULLETIN. JULY 1, 1919. disclose to the Federal Reserve Board, or to examiners subscribe to the capital stock and become a member of duly appointed by it, all information in reference to the a Federal Reserve Bank created and organized under an affairs of any bank or trust company which has become, act of the Congress of the United States, and known as the or desires to become, a member of a Federal Reserve Bank. Federal Reserve Act. SEC. 2. Any bank or trust company, incorporated under the laws of this State, which shall become a member of a UTAH. Federal Reserve Bank, shall be subject to all provisions of the Federal Reserve Act and its amendments, and to The Utah Legislature recently enacted an the regulations of the Federal Reserve Board applicable act authorizing State banks and trust com- to such bank or trust company, and shall have all the panies to join the Federal Reserve System, to powers and assume all the liabilities conferred and imposed become subject to the provisions of the Federal by said act. SEC. 3. Any such bank or trust company shall comply Reserve Act, and to comply with the reserve with the reserve requirements of the Federal Reserve Act requirements of the Federal Reserve Act in and its amendments, and the compliance of such bank or lieu of the State reserve requirements, and trust company therewith shall be in lieu of, and shall reauthorizing the State bank commissioner to relieve such bank or trust company from, compliance with the provisions of the laws of this State relating to the accept examinations made by the Federal maintenance of reserves.' authorities in lieu of those required by States SEC. 4. Any such bank or trust company shall be sublaw. This act reads as follows: ject to the examinations required under the terms of the Federal Reserve Act. and the bank commissioner may, in Be it enacted by the Legislature of the State of Utah; his discretion, accept such examinations in lieu of the SECTION 1. That any bank or trust company incorpor- examinations required under the laws of this State. ated under the laws of this State shall have the power to SEC. 5. This act shall take effect upon approval. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 661 BANK TRANSACTIONS DURING MAY-JUNE. Debits to individual account reported by 9,920 millions was reported. Heavy trading clearing-house banks in 154 leading cities on the stock and commodity exchanges, for the four weeks ending June 18, averaged together with payments of income and excess 8,945 million dollars, which is greatly in ex- profits taxes, may be mentioned as important cess of like averages recorded in the BUL- factors contributing to the exceptionally large LETIN since the inauguration of the service. amount of bank transactions during the last During the week ending May 28 debits to two weeks under review. individual account were considerably below the Debits to bank account declined during the figure for the previous week when the bulk of two weeks ending May 28 and June 4, but Victory-loan payments were made; the week showed large increases during the third and ending June 4 saw^, however, a large increase particularly the fourth week of the period in individual debits, partly as a result of pay- under discussion. The average of debits to ments for Victory notes by large subscribers bank account for the four weeks, May 22-June following the allotment made by the Treasury, 18, was 5,122 million dollars, or about 6jper in addition to the usual increase due to end of cent above the average for the preceding four the month payments; a further increase was weeks, while the average for debits to individual shown for the week ending June 11, while for account was about 8.5 per cent larger during the week ending June 18 the record figure of the later than during the earlier period. Weekly figures of clearing-house bank debits to deposit account. [In thousands of dollars, i. e., 000 omitted.] Debits to individual accounts. Debits to banks' and bankers7 accounts. District. May 28. June 4. June 11. June 18. May 28. June 4. June 11. June 18. No. 1.—Boston: Bangor 2,419 2,520 2,813 3,520 436 1,867 2,113 2,204 Boston 257,589 267,142 280,215 321,556 171,478 181,858 174,659 212,822 Fall River 7,768 8,672 7,871 9,593 760 849 725 412 Hartford 17,232 29,413 19,743 i 21,401 1,600 3,566 17,299 16,901 Holyoke 2,839 2,836 2,684 3,516 317 1,066 1,110 1,831 Lowell , 4,729 4,904 5,225 5,668 359 1,489 429 449 New Bedford 6,148 6,035 5,781 8,036 255 197 1,605 2,686 New Haven 14,606 16,672 14,996 16,266 442 380 530 416 Providence 32,297 31,301 34,474 12,800 11,765 13,853 12,575 Springfield 13,084 16,998 12,803 11,744 398 1,420 1,573 3,440 Water bury 6,125 7,099 7 184 6,288 574 525 743 600 Worcester 14,231 18,541 13,306 16,673 1,456 1,155 1,480 1,858 No. 2.—New York- Albany 20,726 23,996 16,068 19,797 12,508 12,134 14,016 63,232 Binghamton 3,079 3,095 3,468 ! 4,020 2,069 Buffalo 56,515 71,258 58,184 ! 71,071 8,211 8,395 34,121 41,053 New York 4,600,393 4,983,450 5,104,357 5,452,526 1,622,477 1,624,836 1,725,330 1,864,432 Passaic 3,280 3,744 3,719 ^ 271 421 507 522 505 Rochester 23,868 33,335 20,928 32,625 499 637 494 677 Syracuse 11,707 12,856 12,415 13,882 647 572 700- No. 3.—Philadelphia: Altoona 3,061 2,527 2,859 3,155 Chester 4.454 3,935 4,076 4,481 30 Harrisburg 4,478 3,780 3,739 4,489 5 6 Johnstown 3,009 3,392 3,151 3,349 642 644 609 Lancaster 4,692 4,674 4,682 4,684 232 68 301 Philadelphia 302,349 290,056 305,640 378,823 355,032 421,118 344,833 440,292 Reading 3,042 2,796 3,615 4', 454 1 Scranton 12,174 10,671 12,298 11,213 1,893 1,935 2,401 2,491 Trenton 8,872 8,597 9,702 11,156 1,194 1,196 1.403 1,771 Wilkes-Barre 6,406 6,152 6,141 j 7,800 52 82 '114 13a Williamsport 3,784 2,792 3,410 3,491 1,116 818 718 1,217 Wilmington 7,901 9,743 ^ 658 13,271 York 3,168 3,233 3,341 1 3,511 1,673 j 1,732 1,805 1,817 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

662 FEDERAL RESERVE BULLETIN. JULY 1, 1919. Weekly figures of clearing-house bank debits to deposit account—Continued. (In thousands of dollars, i. e., 000 omitted.] Debits to individual accounts. Debits to banks' and bankers' accounts. District. May 28. June 4. ! June 11. June 18. I May 28. June 4. June 11. June 18, No. 4.—Cleveland: Akron 18,829 23,547 20,737 24,179 158 181 28 105 Cincinnati 47,652 53,482 51,341 64,874 41,236 44,375 58,245 62,348 Cleveland 126,875 132,067 137,239 181,289 95,402 94,489 97,579 129,154 Columbus 2o, 295 25,083 27,722 30,108 5,675 i 5,507 5,865 6,090 Dayton 12,011 11,322 11,768 12,116 512 I 4,117 4,081 5,185 Erie 5,534 5,797 5,858 , 6,796 155 i 58 1,190 1,228 Greensburg, Pa... 2,654 2,380 2,309 I 2,956 Lexington 4,384 3,910 4,484 i 4,592 2,552 2,206 2,505 2,311 Oil City 2,426 3,154 3,396 ! 3,157 2,043 2,470 2,694 2,715 Pittsburgh 154,206 199,736 164,761 i 225,511 282,486 365,532 233,071 308,601 Springfield 3,389 2,568 3,511 j 4,237 2,164 1,741 2,214 2,278 Toledo , 22,223 25,048 26,189 ; 29,815 8,317 7,853 8,570 9,208 Wheeling 7,161 6,670 6,688 I 10,304 5,459 4,319 5,270 7,945 Youngstown , 11,587 11,619 21,612 I 12,869 624 284 288 852 No. 5.—Richmond: Baltimore 70,202 74,784 115,765 j 112,397 28,466 22,655 45,397 37,193. Charleston 8,233 7,176 7,850 j 8,421 3,580 4,724 3,612 3,444 Charlotte 5,300 5,700 5,000 ' 6,000 9,600 9,900 10,200 10,200 Columbia 6,612 6,093 7,505 i 6,312 12,100 j 10,235 12,594 8,881 Norfolk 18,715 20,537 21,274 i 23,063 19,974 21,159 22,077 20,696 Raleigh 3,572 4,383 3.332 ! 3,527 2,536 2,870 2,669 2,671 Richmond 19,394 23,933 21,240 i 24,978 52,289 45,536 51,620 62,394 No. 6.--Atlanta: Atlanta 23,221 i 22,944 25,837 i 30,832 30,510, 23,442 33,364 31,745 Augusta 8,179 6,608 8,043 i 8,340 6,134 ! 6,436 6,359 6,380 Birmingham 12,115 ! 12,963 13,306 i 12,467 13,083 • 13,884 12,903 I 14,918 Chattanooga 9,492 j 10,764 13,222 : 11,207 10,542 ! 9,480 13,470 i 10,030 Jacksonville 10,086 8,935 11,276 I 11,644 8,757 | 6,833 9,945 I 9,222 M Kn a o co x n villo 4 6, , 7 8 4 4 5 7 9 4 , , 1 9 2 2 4 5 6 7 , ,0 0 9 4 4 1 ! 6 6 , , 7 7 4 4 9 4 1 l 0, r8 5 2 3 3 5 ! ! 1 1 1 , , 2 9 2 2 8 6 1 1 4 , , 8 4 6 7 3 7 ! j 9 5 , ,5 2 5 6 4 4 Mobile 6,574 6,660 7,953 7,391 911 I 828 805 ! 975 Montgomery 3,838 3,789 4,879 3,004 1,973 i 3,155 2,929 2,292 Nashville 20,741 15,295 20,872 21,060 v 17,640 I 14,181 19,241 17,750 New Orleans 70,091 61,361 79,377 69,766 34,286 ! 29,386 39,557 36,842 Pensacola , 1,851 2,293 2,900 2,145 975 883 1,294 1,252 Savanrlah , 16,312 15,987 17,388 15,095 8,253 8,976 9,625 10,109 Tampa 4,983 4,232 5.295 I 4,808 3,139 2.627 3,571 3,225 Vicksburg.... 1,883 2,035 1)962 ! 1,496 135 127 229 115 No. 7.—Chicago: Bay City 2,585 3,458 2,386 I 2,586 410 400 487 485 Bloomington 2,058 2,715 2,841 I 2,713 801 789 j 1,001 810 Cedar Rapids 5; 836 9,758 10,532 I 9,913 12,483 17,409 1 20,386 19.161 Chicago 565,200 617,284 622,303 729,558 638,996 541,387 605,865 646,060 Davenport 6,549 7,766 6,692 j 6,274 1,900 2,115 2,309 2,076 Decatur 2,903 3,349 4,297 ! 3,560 2,988 3,675 4,024 3,818 Des Moines , 16,898 15.451 17,641 j 17,707 37,804 31,107 37,455 39,252 Detroit 110,764 115,830 106,913 j 144,198 51,747 43,650 43,286 38.867 Dubuque 2,005 2,263 2,317 1 2,188 1,521 1,394 l'2O4 1,290 Flint 6,588 6,403 8,291 7U3 1,300 4,470 27 '414 Fort Wayne 5,234 4,816 5,089 2,383 1,896 2,348 1,974 Grand Rapids... 15,488 16,959 15,144 18^126 4,177 4,866 4,335 2.145 Indianapolis 28,726 26,124 31,913 34,285 25,770 21,335 26,497 27,050 Jackson 4,201 3,879 4,068 4,125 2,093 2,075 2,277 4,144 Kalamazoo 3,002 2,887 3,067 3,618 489 445 470 580 Lansing 4,864 i 4,034 4,914 5.190 2,798 2,753 3,228 3,631 Milwaukee 46,279 I 53,916 49,733 67,743 32,936 28,495 34,330 35,954 Peoria 10,092 I 10,565 11,133 10,923 1,269 1,701 1,960 1,861 Rookford 4,254 I 3,241 4,593 4,798 263 156 106 152 Sioux City 15,491 15,954 16,003 15,643 16,133 17,277 16,278 15,009 South Bond 3,101 2,293 3,684 6,605 1,884 2,060 3,170 4,996 Springfield 4,239 5,048 5,353 5,155 3,381 3,276 3,430 3; 540 Waterloo, Iowa.. 2.790 j 2,732 2,813 3,586 1,777 1,492 1,365 1.S72 No. 8—St. Louis: Evansville 4,582 4,908 4,092 4,468 3,84.6 1,601 1,593 3,729 Little Rock 6,798 6,650 I 6,082 6,310 . 6,658 5,470 2,214 4,968 Louisville 33,200 32,959 i 35,096 39,193 35,334 35,334 37,160 37,990 Memphis 25,039 24,900 I 32,880 34,282 21,002 21,491 25,203 23,398 St. Louis 124,196 I 131,520 I 128,582 176,876 124,264 128,153 137,909 138,267 No. 9—Minneapolis: ! Aberdeen 1,712 I 1,567 1,676 1,614 2,757 3,193 3,129 1,701 Billings 1,925 ! 1,911 2,451 2,114 888 768 1,002 1,203 Duluth 17,984 ! 22,373 20,396 22,406 21,796 14,564 19,676 19,372 Fargo 5,919 , 3,021 5,646 5,862 2,180 2,026 2,535 2,643 Grand Forks 1,422 : 1,711 1,615 1,664 940 986 1,123 1,113 Great Falls 2,297 i 2,196 1,798 1,428 3,765 2,982 2,216 1,933 Helena 1,904 ! 1,832 2,617 2,044 3,275 3,445 5,891 7,005 Minneapolis 66,878 I 66,753 72,410 69,313 75.741 65,474 79,996 68,330 St. Paul 35,682 ! 35,454 37,720 45,625 47,261 40,038 47,071 46,145 Superior 1,216 i 1,334 1,150 1,320 1,772 1,930 1,667 1,977 Wihona 939 i 1,082 1,070 1,537 1,063 674 1,079 1,002 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN". 663 Weekly figures of clearing-house bank debits to deposit account—Continued. [In thousands of dollars, i. e., 000 omitted.] Debits to individual accounittss.. Debits to banks' and bankers' accounts. District. j May 28. June 4. | June 11. JJuunnee 1 188.. May 28. June 4. June 11. June 18. - --- No .10—Kansas City: Atchison ". 923 903 I 1,180 1,053 651 582 1,990 2,137 Bartlcsville, Okla.... 2,931 2,853 ! 2,368 2,995 170 293 2.73P 1,780 Colorado Springs 2,313 2,989 I 4.031 3,893 739 921 1,681 2,069 Denver 31,632 44,730 37,003 28,105 25,506 19,722 37,860 35,876 Joplin 2,045 3,051 ! 3,107 3,393 436 504. 434 64S Kansas City, Kans.. 2,087 3.661 I 3,589 3,869 4,976 5, 111 5,232 8,110 Kansas City, Mo 83,727 83', 991 • 83,507 95,059 176,623 148,275 189.305 188,685 Muskogco, Okla 3,300 3,374 I 2,990 4,161 5,190 4,198 5)185 6,658 Oklahoma. City 12,112 12,858 I 12,394 12,818 10,687 25,205 23,015 24,806 Omaha 62,487 55,293 ! 61,159 51,849 70,461 61,344 68,725 63,971 Pueblo 4,110 3,992 i 4,874 4,055 5,339 5,036 6,397 6,197 St. Joseph 19,235 17,843 ! 19,163 19,994 17,876 14,475 23,735 22,632 Topeka." 4,093 4,893 ! 5,243 4,665 5,995 5,263 4,870 4,121 Tulsa 21,237 21,236 i 22,105 21,766 9,976 8,426 11,614 21.327 Wichita 10,008 9,044 [ 9,930 10,902 11,834 11,749 15,220 14)041 No. 11—Dallas: Albuquerque 1,382 1,628 1,708 1,599 4,273 4,280 5.778 4,370 Austin 2,770 7,614 3,453 6,690 1,970 3,445 2,893 13,228 Beaumont 3,497 2,969 4,210 3,666 328 235 488 485 Dallas 30,980 28,255 33,764 42,829 45,263 . 50,673 66,865 78,763 El Paso 7,432 7,953 7,482 7,411 7,723 9,385 12,523 10,013 Fort Worth 18,884 18,468 22,S27 20,868 39,553 37,125 4.8,040 44,475 Galveston 5,959 7,363 6,945 7,191 6,693 7,024 8,821 10,65ft Houston 30,385 31,406 32,468 34,967 49,909 44,030 57,717 52,137 Shreveport 5,677 5,632 6,431 6,295 3,652 3,199 3,939 3,839 Texarkana 1,734 1,347 1,891 2,43S 375 576 561 535 Tucson 1,685 1,803 1,719 1,66© 1,398 1,445 1,709 1,121 Waco 3,305 3,676 3,515 3,235 1,859 2,089 2,642 2,900 No. 12.—San Francisco: Berkeley 5,170 2,312 2,331 2,236 351 423 320 243 Boise 2,244 3.212 2,599 2,543 4,808 7,067 6,427 6,051 Fresno 4,960 6)019 6,228 6,576 3,031 2,965 3,650 4,065 Long Beach 2,603 2,839 3,272 3,234 73 62 73 150 Los Angeles 62,340 52,064 59,899 72,464 45,189 37,949 41,213 47,569 Oakland 13,131 11,231 13,393 12,368 3,385 2,123 3,600 2,559 Ogden 3,308 3,243 4,367 3,529 5,135 5,893 5,878 4,646 Pasadena 2,722 3,195 3,289 4)385 1.744 1,707 2,215 2,226 Portland 35,840 34,446 40,128 43,291 24)545 21,952 27,505 26,879 Reno 2,598 2,413 2,745 2,290 2,249 2,125 2,195 2,458 Sacramento 10,552 11,182 11,401 13,347 4,193 4,235 5,523 5,174 Salt Lake City 13,655 14,175 14,927 15,354 15,800 15,443 19,292 18,221 San Diego 4,664 4,616 5,473 5,462 1,145 2,327 2,271 2,627 San Francisco 146,409 153,045 151,578 192,879 108,657 108,819 108,599 128,832 San Jose 3,299 3,128 3,638 3,611 2,086 1,952 2,084 2,189 Seattle 44,572 40,078 43,061 52,181 23,889 28,249 30,778 31.833 Spokane 9.310 9,718 10.194 10.255 8,285 7,034 8,710 9)021 Stockton 4; 287 5,218 5; 148 4)774 2,619 •2,895 3,309 2,686 Tacoma 11,073 8,749 10,732 11,893 8,123 6,870 8,795 9,579 Yakima 2,047 ! 2,013 2,236 2,420 250 177 276 244 Recapitulation showing figures for clearing-house centers reporting for each of the four weeks. Debits to individual account. Debits to banks and bankers' account. Number of Federal Reserve district. centers included. May 28. June 4. j June 11. June 18. June 4. j June 11. June 18. 1. Boston 12 375,350 i 413,129 403,922 458,735 190,874 206,137 216,119 256,194 2. New York i\4,719,568 j 5,131,754 |5,228,139 5,597,192 1,644,763 1,647,081 1,775,183 1,972,791 3. Philadelphia.. 367,390 ! 352,348 372,312 453,877 351,908 I 427,602 352,223 449,575 4. Cleveland 444,226 506,383 S 487,615 612,803 446,783 i 533,192 421,600 538,020 5. Richmond 132,028 142,606 ! 181,966 184,698 j 128,545 i 117,079 148,169 145,479 6. Atlanta 7 I 200,958 187,915 i 225,445 212,748 148,696 ! 133,392 169,632 159,673 7. Chicago 15 869,147 936,725 ! 941,720 1,111,833 j 845,303 ! 734,223 815,S38 855.141 8. St. Louis 23 5 I I , 193.815 200,937 206,732 261,129 191,104 i 192,049 I 204.079 208)352 9. Minneapolis... Hi 137,878 139,234 148,549 154.927 161,438 j 136,080 ! 165)385 152,424 1 1 1 2 0 1 . . . D S K a a a n l n l a s F a s r s a n C c i i t s y c . o .. . 1 2 1 2 5 0 | ! I 2 1 3 1 6 8 3 3 4 ) . , 5 7 6 6 8 9 9 4 0 2 1 3 7 7 1 0 2 8 , , , 7 8 1 1 9 1 1 6 4 2 3 1 7 9 2 2 6 6 , , , 6 6 4 4 3 1 3 9 3 4 2 1 6 3 6 8 5 8 , , ) 8 5 0 4 7 9 9 7 2 I I 3 1 2 4 6 6 6 2 5 , , , 4 9 5 5 9 57 9 6 I i ! 3 2 1 1 6 6 1 0 3 , , , 1 2 5 0 6 0 4 7 6 i j ' 2 3 2 1 8 9 1 2 7 ) . , 9 9 7 7 9 1 6 9 3 4 3 2 0 0 2 3 7 2 , , , 0 2 5 5 5 2 8 2 4 Grand total. 154 I 8,202,403 8,772,752 j 8.992,095 9,920,4.80 i 4,894,420 4,861,712 I 5,160,916 5,670,48a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

664 FEDERAL RESERVE BULLETIN. JUI.T 1, 1919. WHOLESALE PRICES. were more than offset b}^ increases in the prices of cotton and worsted yarns, leather, red cedar In continuation of figures shown in the June shingles, linseed oil and turpentine, silver, BULLETIN there are presented below monthly tallow, glycerin, and oleo oil. index numbers of wholesale prices for the The index number for the group of conperiod July, 1918, to May, 1919, compared with sumers7 goods has again increased, from 211 to like figures for May of previous years; also for 215, the latter figure being but one point less July, 1914, the month immediately preceding than the high level reached in December, 1918. the outbreak of the great war. The general Decrease in price occurred in the case of relaindex number is that of the United States tively few commodities, among which should Bureau of Labor Statistics. In addition there be noted various meats, in particular fresh beef, are presented separate numbers for certain lamb and mutton, and veal, butter, vinegar, particular classes of commodities in accordance one of the grades of whisky, wrapping paper, with plans announced in previous issues of the and fresh milk as quoted in Chicago. On the BULLETIN. other hand, increase in price occurred for an Quotations for nine commodities, namely, extended list of commodities, in particular flour (buckwheat, New York), apples (Baldwin, pork products, lard, fresh milk as quoted in fresh, Chicago), bananas (Jamaica 8s, New New York, eggs, potatoes, coffee, various York), ginghams (Amoskeag, 27-inch), men's fruits, such as oranges, prunes and raisins, seamless cashmere hose, -overcoatings (soft faced, oleomargarine, wheat flour, corn meal, soap, black), and suitings (serge, 11-ounce, and clay various textile products, such as print cloths worsted, 12-ounce and 16-ounce) have been and tickings, trouserings, and women's dress omitted. On the other hand, quotations for goods, and shoes. malt (standard, keg beer, New York), Spanish The increase in the index number for the olive oil, and tickings (Amoskeag, 32-inch),which group of raw materials, from 200 to 203, is due had been dropped temporarily, have been secured almost entirely to the increase in the prices of for the month of May, and the commodities were farm products. The index number for the again included in the calculation of the index latter subgroup has increased from 244 to 254. numbers for the latter month. Index num- Decreases in the prices of tobacco and rye were bers for May are provisional, due to the fact more than offset by increases in the prices of that certain data were not received in time to cotton, wheat, corn, oats and barley, hay, and render them available for use in the calculaflax. The index number for the forest prodtions. ucts subgroup shows a slight increase, from 145 During May, the upward movement of to 146, due to increases in the prices of Douglas wholesale prices noted in March and April has fir and yellow-pine flooring. On the other continued. The general index number of the hand, the index numbers for both the ani- Bureau of Labor Statistics has increased from mal and mineral products subgroups remain 203 to 208, the same figure as for November, unchanged, at 223 and 169, respectively. 1918. The increase is general, being exhibited Among the commodities included in the former by each of the three groups. The index numsubgroup, decreases in the prices of cattle, ber for the group of producers7 goods, after poultry, sheep, and wool were offset by having decreased continuously from December increases in the prices of hogs, hides, and silk, on, has again increased, the number for May while in the mineral products subgroup being 189 as compared with 186 for April. decreases in the prices of iron ore and coke While bar iron, lubricating oil, malt, and strucwere offset by increases in the prices of copper tural steel decreased in price, such decreases ingots and anthracite coal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 665 Index numbers of wholesale prices in the United States for principal classes of commodities. [Average price for 1913=100.] Raw materials. All commodities Producers' Consumers' (Bureau of Year and month. Farm Animal Forest Mineral Total raw goods. goods. t L is a ti b c o s r i n S d ta e - x products. X)roducts. products. products. materials. number). July,fl914 102 106 97 92 103 99 May/1915 119 j 99 93 101 97 102 1.00 May, 1916 116 118 98 114 j 11.3 141 115 118 May, 1917 225 168 108 196 180 189 179 181 May, 1918 226 201 1.38 173 189 192 194 191 July, 1918 237 209 140 180 j 196 196 202 198 August, 1918 246 215 143 180 i 200 199 205 202 September, 1918. 255 219 143 180 I 204 203 209 207 October, 1918.... 240 209 143 181 ; 198 205 210 204 November, 1918.. 234 208 150 183 | 197 205 ! 21.4 206 December, 1918.. 237 208 150 182 i 198 i 199 j 216 206 January, 1919 232 207 147 177 I 195 ! 194 212 202 February, 1919... 222 208 148 173 | 192 I 191 201 197 March, 1919 235 216 149 171 | 197 190 I 206 200 April, 1919 243 223 145 169 ! 200 i 186 ! 210 203 May, 1919 254 223 146 169 ! 203 : 190 | 215 206 In order to give a more concrete illustration j for certain commodities of a basic character, of actual price movements there are also pre- j The actual average monthly prices shown in sen ted in the following table monthly actual! the table have been abstracted from the records and relative figures covering the same period i of the United States Bureau of Labor Statistics. Average monthly wholesale prices of commodities. [Average price for 1913=100.1 Co C r h n i , c N ag o o . . 3, Co N t e to w n , O m rl i e d a d n l s in . g, n W o M rt h i h n e e n a r e t n , a p N s o p o l r . i i s n 1 . g , , W re h C d e h a w i t c , i a n N g t o o e . . r , 2, g C oo a C t d t l h e t i o , c a s c g t h e o e o . r i ; c * e , , H st h i e d e e e a r s s v , , y p C n a h a c ic t k i a e v g r e s o ' . , Year and month. p A b r v u ic e s e r h a e p g l e . e r p R t r i e i v c l e a e - . p A p r v o ic e u e r n a p d g e . e r R p t r i e i v l c e a e - . p A b r u v ic s e e h r a e p g l e . e r R p t r i e i v l c e a e - . p A b r v u ic e s e h r a e p g l e . e r R p t r i e i v l c a e e - . D A p r o v i u c . e 1 e n r 0 a 0 d p g s e e . r R p t r i e i v l c e a e - . p A p r v i o c e u e r n a p d g e . e r R p t r i e i v l c e a e - . July, 1914 SO. 7044 114 SO. 1331 105 SO. 8971 103 50.8210 S3 S9.2188 108 50.1938 105 May, 1915 .7647 124 .0900 71 1 5767 181 1.5700 159 8.5900 101 . 2075 113 May, 1916 .7293 118 .1257 99 1.2146 139 1.1554 117 9.4600 111 .2475 135 May, ]917... 1.6180 26?, . 1999 157 2.9S06 341 2.9705 301 12.4750 147 . 3150 171 May, 1918 1.5250 248 .2894 228 • 2.1700 248 2.1700 220 6.4167 193 .3110 169 July, 1918 1. 5900 258 .2945 232 2.1700 248 2.2470 22S 17.6250 207 .3240 176 August 1918 . 1. 6225 264 .3033 239 2.2231 255 2.2325 226 17.8250 210 .3000 163 September, 1918 1.5313 249 . 3578 28? 2.2169 254 2.2363 227 18.4100 216 . 3000 163 October, 1918 1.3270 216 .3150 248 2.2155 254 2.2345 227 17.8563 210 .3000 163 November 1918 1.2675 206 . 3007 237 2.2200 254 2.2375 227 18.15t53 213 . 2900 158 December 191S 1.4290 232 . 295S 233 2.2205 254 2.3088 • 234 18.3600 216 . 2900 158 January, 1919 1.3750 223 .2850 224 2.2225 254 2.3788 241 IS. 4125 216 . 2S00 152 February 1919 1.2763 207 . 2694 212 2.2350 256 2.3450 233 18.4688 217 . 2800 152 March, 1919 1.4588 237 . 26S1 211 2.3275 266 2.3575 239 18.5750 218 . 2763 150 A.pril, 1919 1.5955 259 . 2670 210 2.5890 296 2.6300 267 18.3250 215 . 2950 160 May 1919... 1.7613 280 . 2947 232 2.5725 295 2.7800 282 17. 7438 209 .3513 191 Ho C g h s i , c a li g g o h . t, g W ra o d o e l, s , O s h c i o o u , r } e -3 d - . N H e e w m Y lo 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 i r . n k e . , s C to o v a t l e i , d , e a X w n e t a w h t r e a Y r c . o it r e k , Co r a C u l, n i n b o c i i f t n u m n m a i i n t n i e . o , us, Year and month. p A p r o v ic 1 u e e 0 n r 0 a d p g s e e . r R p t r i e i v l c e a e - . p A p n o v e c u e r n a p d g e . e r R p t r i e i v l c e a e - . p A M r v ic e e f r e a p e g e t e . r p R t r i e i v l c e a e - . p A M r v ic e e f r e a e p g t e . e r R p t r i e i v l c e a e - . l p A o r n v ic g e e r a t p o g e e n r . R p t r i e i v l c a e e - . s p A h r o v ic r e e t r a t p o g e e n r . R p t r i e i v l c e a e - . Julv, 1914 S8.7563 104 80.4444 94 $24.5000 101 842.0000 94 S4.9726 98 S2.2000 100 May, 1915 7.6000 90 .5714 121 21. 5000 89 40.0000 90 4, 7506 94 2. 2000 100 Mav 1916 9. 7050 115 . 6714 143 23.7500 98 40.0000 90 5. 2740 104 2.2000 100 Mav 1917 15.5000 183 3.0714 227 26.0000 107 5.6826 112 6.0000 273 Alay 1918... 17.5000 207 1.4182 301 33.5000 138 60.0000 135 6.3000 124 3.8500 175 July,1918 IS. 0000 213 1.4365 305 34. 5000 142 60.0000 135 6.596S 130 4.1000 186 August 1918. 19. 7750 234 1.4365 305 63.0000 141 6.5992 130 4.1000 186 September 191& 20.0700 237 1.4365 305 63.0000 141 6.9000 136 4.1000 1S6 October 1918 . . . 18.093S 214 1.4365 305 63.0000 141 6.0000 136 4.1000 186 November 1918 17 7063 209 1. 4365 305 63.0000 141 7. S071 151 4.1000 186 December 1Q18 17 4400 206 1 4365 305 63 0000 111 7.9500 157 4.1000 1S6 January, 1919. 17.4125 206 1.1200 255 36.0000 149 03.0000 141 7.9500 157 4.1000 186 February 1919 17.4688 207 1.0909 232 3(3.0000 149 64.0000 144 7.9500 157 4.0000 182 March, 1919 18.8550 223 1.2000 255 36.0000 149 64.0000 144 7.9044 156 4.0000 182 \pril, 1919 20.3813 241 1.0909 232 36.0000 149 64.0000 144 7.9045 156 4.0000 182 May 3919 ... 20.7000 245 1.0727 228 36.0000 149 65.0000 14o 7. 9857 158 4.0000 182 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

666 FEDERAL, RESERVE BULLETIN. JULY 1, 1919. Average monthly wholesale prices of commodities—Continued. [Average price for 1913-= 100.] C t o a a s, l , N T o oc rf a o h l o k n . - Coke, v C il o le n . nells- C e o N l p e e p c w e t r r o , Y l i y o n t r g i k c o . , t, d N L e e s e i w a lv d e Y , r p o iz i r g e k , d . , "P P e e tr n a o n t l e s w u y m e lv ll , a s c . n r i u a d , e, Pig iron, basic. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive Jong ton. price. short ton. price. pound. price. pound. price. barrel. price. long ton. price. July 1914... S3.0000 100 $1. 8750 77 SO. 1310 85 $0.0390 89 SI. 7500 71 $13.0000 88 ltfay 1915 2. 8500 95 1.6250 67 . 1863 118 . 0420 95 1.3500 55 12.5000 85 Mav 1016 .. 3. 0000 100 2.3750 97 . 2850 181 . 0750 170 2. 6000 106 18. 0000 122 Mav, 1917 7. 0000 233 7. 0000 287 .3100 197 . 0988 225 3.1000 127 41.6000 283 May' 1918 4. 2190 141 6. 0000 246 . 2350 149 . 0891 157 4. 0000 163 32.0000 218 Jiilv 1918 4.6320 154 6.0000 246 . 2550 162 . 0802 182 4.0000 163 32.0000 218 August, 1918 4.6320 154 6. 0000 246 .2600 165 .0805 183 4.0000 103 32.0000 218 September 1918 4. 6320 154 6.0000 246 .2600 165 .0805 183 4. 0000 163 32. 0000 218 October 1918. 4. 6320 154 6. 0000 246 . 2600 165 . 0805 183 4.0000 163 33.0000 224 November 1918 4. 6320 154 6.0000 246 . 2600 165 . 0805 183 4.0000 163 33.0000 221 December 1918 4.6320 154 6.0000 246 . 2540 161 .0667 152 4.0000 163 33.0000 224 January, 1919 4.6320 154 5.7813 237 . 2038 130 . 0558 127 4. 0000 163 30.0000 204 February, 1919 4. 6320 154 5. 2188 214 .1731 110 . 0508 115 4. 0000 163 30. 0000 204 March 1919 4. 9000 163 4.4688 183 . 1509 96 . 0524 119 4. 0000 163 28.9375 197 April 1919.. 4. 9000 163 3.9000 160 . 1530 97 . 0507 115 4.0000 163 25. 7500 175 Mav, 1919 4.9000 163 3. 8437 158 .1600 102 .0508 115 4. 0000 163 25. 7500 175 Cotton yarns, Leather, sole, Steel, billets, Steel, plates, Steel, rails, open Worsted yarns, northe 10 rn /1 c . ones, hemlock No. 1. P B it e t s s s b e u m rg er h , . tan b k u , r g P h it . ts- hea b rt u h r , g P h i . tts- 2-32 b ' r s e d cr . oss- Year and month. . _ . Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. price. pound. price. pound. price. pound. price. pound. price. Julv, 1914 SO. 2150 97 §0.3050 108 $19.0000 74 SO. 0113 76 S30.0000 100 SO. 6500 84 Mav 1915 . 1650 75 .2950 105 20.0000 78 .0115 78 30.0000 100 .8200 106 Mav, 1916 .2425 110 .3700 131 45.0000 174 .0338 228 30.0000 100 1.0000 129 Mav 1917 . 3650 165 .5700 202 86.0000 333 .0575 389 40.0000 133 1.4000 180 MP v, 1918 .6332 286 .4900 174 47.5000 184 .0325 220 57.0000 190 2.1500 277 JulV, 1918 .6412 290 .4900 174 47.5000 184 .0325 220 57.0000 190 2.1500 277 Aucust 1918 .6400 289 .4900 174 47.5000 184 . 0325 220 57.0000 190 2.1500 277 September, 1918 .6100 276 .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 November, 1918 .5927 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 Tanuarv, 1919 .5000 226 .4900 174 43.5000 169 .0300 203 57.0000 190 1.7500 225 February, 1919 .4164 188 .4900 174 43.5000 169 .0300 203 57.0000 190 1.7000 219 March, 1919 . 4132 187 .4900 174 42.2500 164 .0291 197 54. 5000 182 1.50®0 193 April, 19J 9 . 4300 194 .4900 174 38. 5000 149 .0265 179 47.0000 157 1. 5000 193 Mav. 1919 .4826 218 .4900 174 38. 5000 149 .0265 179 47.0000 157 1.5000 193- Flour, wheat, st B e g e e o e r o s f d , , c C n a h a r i t c c i a v a s e g s o , . Coffee, Rio No. 7. st 1 s a 9 t n 1 a d 4 n - a d 1 r 9 a d 1 r d 7 p , a w 1 t 9 e a 1 n r 9 , t , s, Ham C s h , i c s a m g o o k . ed, Ill 1 u N 5 m 0 e s w i n fi a r Y e ti o n t r e g k s . t o , il, S N ug e a l w a r t , e Y g d r o . a r n k u . - 1918, Minneapolis. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. price. barrel. price. pound. price. gallon. price. pound. price. July, 1914... . SO. 1350 104 SO. 0882 79 $4.5938 100 SO.1769 106 •SO. 1200 97 $0.0420 98 May, 1915 . 1213 94 .0775 70 7.8813 172 .1513 91 .1200 97 . 0588 138 May, 1916... . . . .. . 1375 106 . 0975 88 6.1900 135 .1845 111 .1200 97 .0746 175 May, 1917. . 1600 124 . 1013 91 14.8800 325 . 2655 160 .1200 97 .0794 186 May, 1918 . 2250 174 . 0873 78 9.5250 208 .3025 182 .1700 138 . 0730 171 Julv, 1918 . 2400 185 .0855 77 10.7020 233 .3025 182 .1710 139 . 0735 172 August, 1918.. .2420 187 .0853 77 10.2100 223 .3225 194 . 1750 142 .0735 172 September, 1918 . 2450 189 .0959 86 10.2100 223 . 3281 197 . 1750 142 . 0845 198 October, 1918 . . 2450 189 .1040 93 10.2100 223 .3361 202 . 1750 142 .0882 207 November, 1918 . 2450 189 .1069 96 10.2100 223 . 3541 213 .1750 142 .0882 207 December, 1918 . 2450 189 .1725 155 10.2100 223 .3670 221 , .1750 142 .0882 207 January 1919 . 2450 189 .1547 139 10.2750 224 .3494 210 . 1750 142 .0882 207 February, 1919. . .. . .. .2450 189 . 1544 139 10. 5500 230 . 3338 201 . 1750 142 .0882 207 March, 1919 . 2450 189 . 1602 144 11.2125 245 .3381 203 .1810 147 . 0S82 2»7 April, 1919.. . . .2450 189 .1695 152 12.2150 266 .3595 216 . 1850 150 .0882 207 May, 1919 .2430 188 .1931 173 12.4188 271 .3769 227 . 1850 150 .0882 207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 667 DISCOUNT AND INTEREST RATES. In the following tables are presented actual New York market some months ago. Quotadiscount and interest rates prevailing in the tions for new types of paper will be added from various cities in which the several Federal time to time as deemed of interest. Reserve Banks and their branches are located During the period under review, no marked during the 30-day periods ending May 15 and movement in rates on the whole is evident. June 15 1919. Quotations are given for prime In certain centers, in particular Minneapolis ; commercial paper, both customers' and pur- and San Francisco, rates in general have chased in the open market, interbank loans, declined. In other centers a somewhat firmer bankers' acceptances, and paper secured by tone in rates is noted, although no pronounced prime stock exchange or other current col- instances of general increase in rates are noted. lateral. Separate rates are quoted for paper The low rates for customers' commercial paper of longer or shorter maturities in the first- on the whole have decreased, as have to a less named and last-named classes. In addition, marked extent both low and customary rates quotations are given for commodity paper for commercial paper purchased in the open secured by warehouse receipts and for cattle market. While the New York rate for demand loans, as reported from centers in which such paper secured by prime stock exchange colpaper is current. lateral reached a high level of 10 per cent dur- Quotations are also given of rates charged ing the period, changes in rates for this type of on ordinary loans to customers secured by paper on the whole exhibit an approximately Liberty bonds and certificates of indebtedness. equal number of instances of increase and Assistance to customers to enable them to decrease. Rates on time paper secured by purchase such Government obligations has such collateral on the whole show a decrease. generally been extended at lower rates, either An increase in the low rates for paper secured at the rate borne by such obligations or at a by Liberty bonds and certificates of indebtedrate slightly higher. The table also shows ness is noted, although customary rates for quotations in New York for demand paper this type of paper show a decrease. No secured by prime bankers1 acceptances, a type marked changes are exhibited by the rates for of paper which made its appearance in the interbank loans and for bankers' acceptances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Discount and interest rales 'prevailing in various centers. DURING 30-DAY PERIOD ENDING MAY 15, 1019. 00 Prime commercial paper. Bankers' acceptances, j Collateral loans—stock exchange or Secured by Customers. Open market. i Interbank 60 to 90 days. j other current. Cattle j i S w e a c r u e r h e o d u b se y bo L n i d b s e r a ty nd District, j Citv. 1 loans. loans. receipts, certificates 3 d 0 a t y o s 9 . 0 m 4 o n to th o s. 3 d 0 a t y o s . 90 m 4 o n to th 6 s. Indorsed . , _ j | Unindorsed. .. . | i Dem '." and. ; 3 months. m 3 o n to t h 6 s. etc. of e d i n n e d s e s b . t- No. 1.. Boston ! ' 6 / /. 5 L . 5 a 1 6 I I. L b{ . 5 a 7, C II . L 5 . C o . \ L. C. 6 II. r 54 H . L. a II. L. C. II. L. •4 C 1 . No. 2.. i New York'....; 6 5 51-5 6 5 oH 6 4.} 5i 6 5 5| 41 S-5-J 6 5J-6 No. 3.. ! Philadelphia..! 6 5 ok 6 51 5J- 5.J 5 5^ 6 51 6J 4i 5 6 i 6 i No. 4.. i Cleveland j 6 5 6 6 5 0 5 5 6 6 6 6 5 6 i Pittsburgh...., 0 5 5£ 55 51 •1 9 51 51 5 51 5 6 6 6 5-k 6 5 5ii Cincinnati j 6 51 G 6 66 66 fi 6 6" 5 51 6 5£ 6 No. 5.. i Richmond | 6 oj fi 6 5* 6 il 5} 5£ 51 H 51 6 5J 6 I Baltimore j 6 5J fi 6 51 6 5 5 fi 6 6 No. (>.. | Atlanta i 7 51 6 7 51 6 6 51 6 5 6 7 5J 6 6 i Birmingham..! 8 6 6 8 6 6 8 51 6 6 6 ! Jacksonville...i 8 6 7 8 6 7 fi 51 51 6 6 6 6 i New Orleans..! 6 51 6 61 51 6 6 51 6 5 51 7 6 5 No. 7.. J Chicago ! 6 5 5j-( 5 51-6 51 5 5i 51 5' 51 I Detroit i 6 Rl fi 51 66 6 51 5/ 51 51 51 No. 8.. i St. Louis 6 51 51 i>l •) LouisvilJe 51 6 51 5 5 5 41 5 i Memphis 5 6 6 5 6 5 t ? 51 6 4*5 i Little Rock... 51 6 51 5 51 5 6 No. 9....! Minneapolis... 5* fi 51 5 5} 51 5-1 5?. ?? 5 51 No. .1.0... i Kansas City... 5 6 6 6 6 6 6 6 8 6 7-8 5 6 i Omaha fi 6 5 6 fi 51 6 n 6 8 b\ 6 5 6 No. 11...! j D D e a n ll v a e s r 6 6 6 5 5J 6 5 oi- 6 6 6 6 1 8 0 . 6 6 8 6 4 6 1 6 6 j Kl Paso 8 6 6 6 6 6 6 6 7 1) 8 8 5 7 No. 12...! Ban Francisco. « i51 5-1 5j-5i 51 51 5-1-5J 5 51 5 6 ! Portland 6 6 I 51 5 51 51 5 5"" 6 6 6 6 I Seattle 6 6 !! "6 5 51 fi 5 o. 6 6 41 6 j Spokane 6 7 I 6 6 41 6 ; Salt "Lake City J 8 fi 7 51 5 51 51 5 51 8 6 6 6 7 ! 1 Rates for demand paper secured by prime bankers' acceptances, high 6, low 41, customary 41-5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Discount and interest rates prevailing in various centers—Continued. DURING 30-DAY PERIOD ENDING JUNE 14, 1919. Prime commercial paper. Secured by CO Bankers' accex)tances, Collateral loans—stock exchange or Liberty CO Customers. Open market. Interbank 60 to 90 days. other current. loans. 4 to 6 30 to 90 months. days. Demand. No.!.. 73oston I 6 H. L. C. II. L. C. IT. L. a N N o o . . 3 2 . . . . N Ph ew ila d Y e o lp r h k i i a .. . ! 6 6 5 5 5 o - i i 5 5 5 6 5 - H 1 4 5 f J 5 5 5 3 -5^ No. 4.. Cleveland 6 5 5 5 5 Pittsburgh 6 5 f 5 51 5* 5 54 5 54 6 51 o\ Cincinnati 6 51 fi ft.',G fi G fi 6 5 5i N N N N o o o o . . . . 8 6 7 o . . . . . . . . . I I A J C B B N R D S a t h a i i e t e . c c r l i l w t k a c m t L h r i a n o s m m o g i O o t i n u a t o o o n r i g n r s v l e h e d i a l a l n m e s . . . . . . . 6 6 6 7 5 5 5 5 4 " K o f 6 6 6 6 6 7 6 6 5 G 8 6 -i i 5 4 f 5 5 - t 4 4 4 5 5 f 6 5 i - H 1 H i > 6 5 6 8 6 5 5 1 1 1 5 f 5 o 5 5 5 t i * 4 4 4 - 5 5 5 5 G 6 o . - V J 1 V | -5 -6 ?. o 6 6 6 6 f " 5 5 o 5 f ? t " i , 6 5 5 - i J f 6 7 i 5 4 5 6 5 4 1 4 ^ f 5 5 5 6 i 4 1 -6 6 7 6 44 4 7 4-lft I Louisville 5 5* 5 51- oi 5 51 5 5 41 44 41 41 44 j Memphis 6 54 (f 5 6" | Little Rock... 7 6 51 5 54 6 No. 9... j Minneapolis... 515J 51 5 54 51 5 44 4ft 44 41 44 44 No. 10.. Kansas City... 7 5 6 6 6 6 6 7 5 6 7 5 6 7 5 6 Omaha 6 54 G 54 6 5 51 6 54 7 5h 6 Denver 8 54 6 5 51 6 5 6 6" 6 No. 11.. Dallas 8 6 6 G G El Paso 8 6 8 i 6 G 6 6 fi 6 No. 12.. S P a o n r tl F a r n a d ncisco. fi 5 54-6 f 5 tJ 1 t5 5 5 5 4 4 f 5 i * 5 5 * 5 > 4 4 6 G 6 6 6 4 6 V 4 6 §- Seattle 8 5 6 5SI0 54 6 5 54 6 6 6 6 41 5 Spokane 8 G 7 7 6 6 Salt Lake City 8 6 7 54 5 54 5J 5 54 8 6 t 1 Rates for demand paper secured by prime bankers' acceptances, high 6, low 41, customary 4^-5. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

670 FEDERAL RESERVE BULLETIN. JULY 1, 1919. PHYSICAL VOLUME OF TRADE. issue contains a description of the methods employed in the compilation of the data and the In continuation of tables in the June FED- construction of the accompanying index num- ERAL RESERVE BULLETIN there are presented bers. Additional material will be presented in the following tables certain data relative to from time to time as reliable figures are the physical volume of trade. The January obtained. Live-stock movements. [Bureau of Markets.] Receipts. Shipments. | i ! C c m a a l t a v t r l e e k s e , a t 6 n s 0 . d S m h a e r e k p e , t 6 s 0 . H m m o u a rs l r e e k s s e , t a 4 s n . 4 d Tot'P Ji Cattle and m H a o r g k s e , t 5 s 4 . S m h a e r e k p e , t 5 s 4 . H m m o u r a s l r e e k s s e , , t a 4 s n . 4 d T k o i t n al d , s. all 1918. Head. Head. Head. Head. Head. Head. Head. Head. Head. Head. May- 1,858,154 3,374,149 1,142,599 34,777 6,409,679 i 782,722 1,075,899 511,048 34,658 2,404,327 July 2,110,835 3,113,281 1,585,735 51,393 6,861,244 I 665,800 949,301 734,539 45,549 2,395,189 August 2,009,744 2,476,190 2,129,325 80,122 6,695,381 I 850,363 849,618 1,198,691 76,653 2,975,325 September. 2,799,913 2,386,475 3,303,955 124,201 8,6.14,544 1,219,333 786,917 2,059,990 114,023 4,180,263 October 2,832,022 3,421,641 3,234,026 146,072 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 71,243 3,002,364 1919. January 2, 111, 704 5,861,685 1,567,613 110,411 9,651,413 761,168 1,546,875 60S,016 106,459 3,022,518 February 1,440,329 4,404,751 1,131,805 82,526 7,059,411 528,326 1,288,134 418,827 76,512 2,311,799 March 1,501,597 3,632,874 1,216,988 68,938 6,420,397 563,893 1,272,654 481,907 64,332 2,382,786 April 1,751,943 3,668,210 1,388,732 50,770 6,859,655 698,599 1,107,411 575,136 49,634 2,436,780 Mav 1,822,410 3,863,735 1,425,018 33,977 7,145,190 788,086 1,181,745 614,375 34,658 2,613,764 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. Relative. Head. Relative. Head. Relative, j Head. Relative. Head. Relative. 1918. May 1,276,792 127 2,654,012 121 742,358 54 22,090 48 4,095,252 102 July 1.697,193 163 2,530,414 j 115 1,141,488 84 36,782 80 5,405,877 117 August 1,'588,553 158 1,970,086 I 90 1,424,677 104 54,271 118 5,037,587 109 September 2,249,017 223 1,775,842 i 81 2,408,609 176 82,656 180 6,516,124 141 October 2,267,534 225 2,570,525 i 117 2,357,524 173 83,574 182 7,279,157 158 November 2,053,359 204 3,431,782 I 156 1,677,537 123 64,4S2 140 7,227,160 156 December 1,706,9-15 169 4,197,313 j 191 1,114,761 82 36,153 79 7,055,172 153 i 1919. January 1,656.016 164 4,603,335 i 209 1,079,377 56,631 123 7,395,419 160 February 1,096; 118 116 3,451,894 I 168 774,881 48,780 114 5,371,679 125 March 1, 094,614 109 2,842,663 | 129 847,842 41,805 91 4,820,924 105 April 1,255,379 125 2,823,484 j 128 970,070 31,509 68 5,0S0,142 110 May 1,262,005 125 3,049,223 | 139 934,613 21,345 46 5,267,240 114 SHIPMENTS. 1918. i May 550022,,110011 123 256,747 51 21,849 53 1,489,676 104 708,979 | 146 July 495,211 122 662,728 137 483,151 96 31,379 76 1,672,469 116 August. 652,440 160 599,577 124 751,886 149 51,923 127 2,055,826 143 September. 932,131 229 488,298 101 1,426,120 283 74,473 182 2,921,022 203 October 994,943 245 486,460 100. 1,479,774 294 84,393 206 3,045,570 212 November., 921.831 227 659,432 136 903,283 179 63,589 155 2,548,135 177 December.. 588,425 145 787,461 163 445,987 89 37,072 1,858,945 129 1919. January.. 589,362 115 988,035 204 357,386 71 56,252 138 1,991,065 139 February. 404,296 107 881,507 195 240,815 51 47,829 125 1,574,447 118 March 423,819 104 925,802 191 2S9,742 58 41,837 102 1,681,200 117 April 506,835 125 748,437 154 319,625 63 29,974 73 1,604,871 112 May 530,153 130 787,009' 162 290,803 58 18,865 1,626, S30 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 671 Exjyorls of certain meat products. [Department of Commerce.] [Monthly average 1911-1913=100.] Beef, canned. Beef, fresh. j ! a B nd e e o r, t h p e i r c k c l u ed re d ! :: Bacon. IIa d m er s a , n c d u s re h d o . ul- Lard. Pickled pork. Pounds, Pounds. R ti e v l e a . - Pounds. |™£ Pounds. j * ^| Pounds. | ™£ Pounds, g^ Pounds, 1918. ! ! i May 16,693,716 2,520 j 59.984.668 4,836 j 6,109,779 229 |142 .0'12 ,2'64 j8I48 50.635,296 | 341 . 79,750,924 j 1814,272,218 ! m July 13,526,800 ;2,042 32,O")6,O16 12,584 \ 2,651,413 99 |ll9,893,655 ;716 55,368,812 I371 68,600,261 I 4,676,888 I 106 August 17,129,337 12,585 45,160,708 |3,641 1,742,970 65 ! 68,857,586 i411 ! 45,816,637 ;307 51,920,658 I 3,032.954 I September.. 7,349,591 11,109 34,071,816 2,747 3,009,998 i 113 I 41.621,488 249 i 36,190,919 ! 24233,267,902 i 2,843:374 ! 64 October 9,999,121 11,509 26,449,372 J2,132 5,752,660 i ~~" 58.131,739 347 25,430,106 I 17046,025,020 i 2,089,654 ! 47 November.. 13,313.420 2,009 62,835,161 15,065 4,291,030 72;;,861,969 435 I 20.127.671 135 27,285.088 I 2,783,873 ! December.. 7,776i 239 1,174 34,161,848 i2,754 3,786,847 142 126,437,385 755 j 38;939:568 261 37,724:398 ! 2,025,778 j 46 1919. i January 12,636,060 11,907 17,436,495 ;i,406 i 6,030,937 226 101,000,122 603 i 54,840,433 | 367 37,850,338 86 2,273,683 : 51 M Fe a b r r c u h a . r .' y . . . . . . . 8 8 , , 1 9 5 9 1 7 , , 7 9 2 7 3 3 1 il , , 3 3 5 1 8 8 1 1 3 4 ; ,6 7 5 29 1 , .2 9 7 9 6 3 1 1 , , 1 1 8 8 1 6 | 3 ,, ,635,120 1 1 4 4 6 0 : 1 i" 1 > 4 l , , 8 0 4 86 2 ' . , 5 3 2 9 5 7 9 7 0 3 2 5 j ! 4 85 9 ; .2 7 8 1 3 2, , 4 0 2 5 6 3 i i 3 5 5 7 4 4 6 97 8 ; , 9 2 7 3 2 9 , . 7 4 7 3 9 5 2 1 2 6 1 8 2 1 , ,9 1 5 4 6 i; ; 5 3 0 6 8 2 i ; 47 A M p a r y il 2 5, , 6 8 6 9 9 6 , , 2 7 3 5 2 9 ! i 8 4 5 3 6 7 2 1 i 4 ; ,8 63 7 9 2 ; . 9 9 8 1 7 5 I 1 . 1 1 .7 9 4 9 4 3 2 2' , : . 7 9 6 4 5 7 9 7 3 , , , 3 1 6 9 6 8 4 3 1 V 10 A 0 ! 1 1 6 4 8 1 ,9 ,8 5 1 7 4 , , 4 2 6 5 5 5 4 8 1 4 2 7 i j l 4 0 9 9 ; . 5 7 6 0 9 7 . , 9 87 6 4 8 i ! 3 7 3 3 3 4 8 55 6 , , 8 5 0 5 7 5 , , 2 9 3 5 4 1 1 1 2 9 7 7 2 2 , , 0 4 9 9 5 4 , , 0 4 7 5 2 4 i ; 4 5 7 G Grain and fiour. [U. 8. 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. 1918. June 12,415 37,794 39.097 July 196.060 94.823 81,422 59,466 54,792 31.919 90.006 87,893 37.923 August... 287; 652 160'. 162 163.027 48,131 42.999 25;559 177:321 124.597 86,030 September 286.200 ISO!636 246', 690 62,137 46;453 28'. 522 126:138 102;510 104,739 October 241.260 150.077 286', 169 59;437 47,501 25', 727 HO', 620 107,693 103.943 November. 155;665 138:438 254.474 47,024 .41,886 21,646 86.871 95,008 88,300 December. 178,916 127,612 253,767 59.237 50,312 23,427 HO,199 81:220 83,363" 1919. January... 103.302 63,992 245,683 85,816 68,769 30,448 86 917 80,893 85,811 February. 60,047 51,662 219.306 36:663 37,601 27.365 57,599 58.920 82,025 March 72,265 75,917 169,162 34:888 40,982 19,794 68:445 70. m April 80.673 88,222 HO', 778 46.609 45 327 19.745 61^773 69,313 01:257 Mav S6;738 ; 84,990 64,326 38,142 37,771 18,313 69;461 7-1.437 53,845 Barley. Rye. Tctfii grains Stocks at Stocks at Stocks at Receipts. Shipments. close of Receipts. Shipments. close of Receipts. Shipments. close of month. month. month. 1918. June 10.606 2,181 102,093 July 14,285 7,077 16'. 984 3.474 2 024 2 912 363 291 246. 6P.9 171.160 August .. 21 340 9 923 27 174 8' 422 4 440 f- 128 342 13ft 307,91-« September 27 002 15;295 37". 782 16.092 7'409 12.8.>1 •J1 ~ -ye* 822.303 430,5S7 October... 23.889 19'. 8-W 40,670 20,667 17.309 45.1 87M 340.161 473,818 November 22.697 21.153 39.991 17.521 19.199 329.778 310,037 423,610 December. 23 255 22,287 40.320 15:721 S 721 25", 779 3.". 328 290.152 426,656 • 1919. January. 24.055 23.026 39.673 14,280 . 9.180 30 031 :<H,370 245,860 431,640 February. 16 432 17.231 38'. 886 7.857 9 419 27.906 178 598 174.S33 395'. 548 March 20'. 775 22'. 863 36.528 10.749 15 798 23.362 196;685 221.005 319.257 April... 19 646 23;8S9 31,985 14!830 14.927 22 393 22H 531 241 678 246 158 May 27.663 25,522 1S.P08 25.42S 15,526 235.840 250.2S7 177,532 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

672 FEDERAL, RESERVE BULLETIN. JULY 1, 1919. Grain and flour—Continued. WHEAT FLOUR PRODUCTION. [In thousands of barrels; i. e., 000 omitted.] Stocks at Stocks at Production. mills at close Production. mills at close of month.** of month. 1918. 1919. June 1,109 January 10 593 3 341 July 6,780 1,606 February.. 7.736 3,544 August 10;391 2,388 March.. 10,498 3.419 SeDtember 11,835 3,064 \ pril 11,274 3.145 October 11,752 3,422 Mav lO', 738 3; 021 November.... 11,175 3,387 December 11,759 3,260 Receipts of grain and flour at 17 interior centers. [Chicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane, Toledo, and Wichita.] [Compiled from reports of trade organizations at these cities.] [Monthly average, 1911-1913=100.] Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Total grain and ffour.i Rela- Rela- Rela- Bushels. tive. Bushels. tive. Bushels. tive. Bushels.! Bushels. Bushels. ^-Barrels.! ^-[Bushels, il 1918. i • i May I 7,228,489 2719,493,705 87 21,255,916 105 678,320j 61= 3,476,995 : 52,133,425 67.! 1,919,496; I 60,771,157! 70 July |44,169,603 164 22,992,582 102 27,467,790 136 482,2471 441 1,038,933 14! 96,151,155 12311,695,506 87!l03,780,932 120 August.... 191,448,672 33916,389,017 7351,129,614 253 21,,235,394! 202j 4,490,2011 63 165,692,928; 213'2,238,943i 114!l75,768,172: 203 Scptember.j77,091,253 286 23,546,962 105 36,474,801 1814i,, 443,,850! 401 i 7,773.0731 108.149,329,939 1922,583,888! 132ll60,957,435: 186 October..-| 65,60S, 905 243:23,877,650 106131,973,893 158 J5, ,338822,,270: 4861 7,92i;545! 110134,764,263 173 2,681,070! 137'l46,829,078- 169 November. 40,199,988 14915,869,505 7128,768,648 1426,340,380 573' 9,193,786! 1281100,372,307 1202,485,352, 127:111,556,391 129 December. !55,592,441 20618,008,635 80130,773,422 1526,807,076 615 8,792,752! 123*119,974,326: 15411,935,524! 99! 128,684,184: 148 I 1919. j January... '24,65,2,641 128^22,945,659 1145,615,054 507 8,943,782 125! 90,888,523 1171,396,888 71 i 97,174,519 112 February. -14,049,055 9l'28,731,387 6215,961,423 85 12:,406,029 233 6,536j594 98! 55,722,807 7211,032,368! 56 >, 653,609 70 March..*...! 13,768,496 5613,034,852 6017,076,822 85 4t',955,130 448 11,723,691 163 60,955,936 781,485,320; 76 67,639,876, 78 April 11,208,305 51113,431,797 82520,063,678 995,498,493i 497 9»634,405 134 64,706.602 83!l,990,349! 102 73,663,173 85 4218,301,721 1 Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel. Shipments of grain and flour at 14 interior centers. [Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita; shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.] Total grain and Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. flour. 1 Bushels. t R iv e e la - - Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels] ama- Bushels. t R iv el e a . - Bushels. t R iv el e a . - : ! Barrels. t R iv el e a . - Bushels. R ti e v l e a . - 1918. May 1,732,123 11213,782,116 97 21,518,157 142 475,9 3,384,561 87 40,922,919 832,910,223 8654,018,923i 84 July 13,743,302 89| 9,692,841 68181,056,944 119 284,957. 37; 903,935 23 42,661,979 86 3,057,918 90 56,422,610 87 August 38,853,689 252 9,131,678 64 231!,092,361 152 773,548: 109 807,119 21 72,658,395 147 3,831,826 113 89,901,6121 139 September.28,676,514 186| 9,507,098 67 251!,002,316 1651,068,641! 151! 3,238,586 83 67,493,155 137:4,433,259 131 87,442,821 135 October...28,532,293 185111,684,762 82 23)!, 822,044 15517 4',:725,686 66Si 5,298,740 136 74,063,525 1504,801,932j 142 95,672,219 148 November. j42,083,808 273110,583,718 75 1,564,983 1177/5 i\, 770,708! 674j 4,165,066 107 88,168,283 178:4,597,360| 136 108,856,403 168 December. 36,932,880 239 9,996,598 7123!1,850,316 1572.136,274 302; 4,300,906 110 77,216,974 156 4,241,406i 125 96.303,301 149 1919. January... 9,934,531 64 131,,488,569 95199,,'769,237 130 794,028; 112; 4,718.631 121 48,704,996 99^2, 796,463! 83 61,289,0S0: 95 February.. 8,876,844 62 8,649,063 65 133,,1603,691 96 404,365: 61; 6,006; 178 165 37,540,141! 8111,932,2581 61 46,235,302! 77 March 14,857,872 96 7,544,393 53 166,,1 ]83,222 107 3,720,930 526; 6,049,703 155 48', 356,120| 98 3,039,020| 90 62,031,710! 96 April 30,764,328 1991.5,708,842 11116,019,086 105 8,143,580 115! 6,632,763 170 77,268,599; 156 3,532,772! 104 93,166,073| 144 1 Flour reduced to its equivalent in wheat on basis of 4.} bushels to barrel. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 673 Receipts of grain and flour at nine seaboard centers. 3»3ton, 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=100.1 Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. a T n o d t al f l g o r u a r i .i n Bushels. t R iv e e la . - Bushels-Rje--la- Bushels.! ! 5 t ® iv } e ? . "; Bushels.1 t R iv el e a . - Bushels. t R iv el e a . - Bushels. ! t 3 iv 2 e ? . - Barrels. i tive. Bushels. t R iv el e a . - 1918. May. 2,027,113 16'3,090,808! 87 j 12,387,045! 261! 157,885 1111,387,738 8419,050,589j 841,652,896 15826,488,621! 97 .July 3,515,673 2811,128,285! 32!7,122,372: 150 86,551 61! 802,582 48:12,655,463! 561,266,706 12l!l8,355,64o! 67 August 23,930,107 190i L, 473,105; 4112,970,3411 63. 170,8471 120; 714,103 43129,258,503: 129 589,303 5631,910,367: 116 September 23,786,074 189; 582,858! 165,304,250, 112! 435,549: 307! 730,332 44i30,839,061i 136! 783,902 75J34,366,620! 125 October 18,778,538 149 519,755: 1516,662,972 140 2,332,761! L6421 887,396 53i29,181,422i 1291,543,121: 148136,125,467 132 November 9,854,356 78 786,141: 2215,253,154! 11111,332,239- """ 653,880 3917,879,77O; 791,656,2051 159125,332,693i 92 December 24,221,863 192 1,273.489 36J9,817,268; 207:1,107,437; 779 1,915,831 115 38,335,888; 169 3,258,924; 312153,001,046! 193 1919. I | January 9,768,801 78 1,411,368 40*9,275,187 195 566,191! 3981,738,326 105 22,759,871 100 2,026,246' 194:31,877,978| 116 February 7,805,811 66! 783,263 244,713,794! 106 2.299,664! 1,734: 995,454 64J16,597,986 781,302,061 134 22,457,261! 88 March 13,789,851 109! 636,127 18 3,254,914! 69 3', 880,4.24! 2,7312,285,954 138 23,847,270 1051,644,676 157 31,248,312 114 April 12,581,874 100! 1,089.425 31|4,804,521: 975,069,529; 3,5881,853.372 112I25,197,921 1112,519,370 244 36.670,086 134 May 14,157,852 112|l,5S8;571- 4515,642,176. 1197,061,04S: 4.970;3,56^412 215 32,011,059 1412,535,547 243 43;421,021! 158 1 Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel. 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, May ; 388,732 2,521,136 i 11,459,6 89,076 j 1,443,053 15,901,686 July , ! 3,384,460 736,504! 4,136,167 1 28.633 1,059,197 9,344,967 August 16,041,604 649,169 2,464,705 | 153' 275 1,720,251 21,029,004 SoDternber ! 14' 313,717 181,619 i 3,153,590 144,646 ! 2,208,017 20,001,589 October 13,423,169 115,879 i 4,591,014 1,550,686 '•• 2,697,14122,377,889 November 13,904,426 252,225; 3,548,473 2,385,828 I 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 1,735,876 3,930,465 24,829,633 March • 12" 732,472 346,543 i 5,650,120 1,920,348 4,403,665 25,053,148 April I 7,448,992 464,503 I 5,335,971 3,434,873 5,420,013 22,104,352 May : 7.913,162 44S,020 ! 4,047,059 1,690.800 4,263,510 18,362.611 NOTE.—Figures for San Francesco include also stocks at Port Costa and Stockton. California shipments of citrus and deciduous fruits. I Total Oranges. Lemons. Total citrus fruits. deciduous i fruits. Carloads. Relative. Carloads. I Relative. Carloads. ' Relative. \ Carloads. i 1918. I May 1,957 80 824 203 2,781 I 118 July 914 37 561 139 1,475 52 j 3,758 August 767 31 732 181 1,499 53 i 9,126 September 549 22 275 68 824 29 j 5,879 October 485 20 639 158 1,124 39 i 7,143 November 1,125 46 676 167 1,801 63 i 1,04.4 December 3,565 146 722 178 4,287 150 ' 267 1919. January 3,120 128 531 131 3,651 128 I 109 February 3,180 139 658 174 3,838 144 ! 198 March 5,113 897 221 6,010 211 I 67 April 5,450 223 1,038 256 6,488 228 ! 36 May 5,888 241 1,501 371 7,389 259 ! 276 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

674 FEDERAL RESERVE BULLETIN. JULY 1, 1919. Sugar. [Data of International Sugar Committee for ports of Boston, New York, Philadelphia, Savanriah, New Orleans, Galveston, San Francisco.] [Tons of 2,210 pounds.] Raw stocks Raw stocks Receipts. ! Meltings. at close of Receipts. Meltings. at close of month. month. 1918. 1919. 431,757 385,492 ! 155,963 j January.. 243,806 197,145 66,189 ',' February 389,815 337,420 122,757 July 288,449 135,061 j; 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 !May: 471,205 446,685 201,301 October 242,912 207,566 77,233 i 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.] Receipts. Receipts. Raw stocks at close of month. Tons. 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. May ! 316,464 December ; 58,751 32 92,000 50 11,490 July i 186,225 221,000 55,322 1919. ' August ; 159,252 175,000 39,375 January 172,054 93 147,000 36,544 21 September i 145,555 139,000 46,869 February 283,172 165 229,000 134 90,716 53 October ; 151,703 156,000 42.522 March.." ! 232,471 126 261,000 ! 142 62,187 36 November \ 139,343 139,000 43;112 April I 318,492 173 277,000 i 151 107,582 62 II May 325,736 177 307,000 i 167 126,318 73 Lumber. [From reports of manufacturers' associations.] [M feet.] Southern pine. Western pine. Douglas fir. Eastern white pine. North Carolina pine. i ! ! m N o i o f ll . s. Pr t o io d n u . c- m S e h n ip ts - . : I : m N o i O l f l . s. Pr t o io d n u . c-, I m S e h n ip ts - . m N r0 i o v1 l f . ls. Pr t o io d n u . c- m N o i o l f l . s. Pr t o io d n u . c- m S e h n ip ts - . m N o i o l f . ls. Pr t o io d n u . c- m S e h n ip ts - . 1918. ; May I 194 425,962 495,689 43,47 145,773 128,596 132 380,100 405,900 24 75,903 ! 63,506 25,222 28,458 July ! 201 412,002 453,786 42,45 147,533 112,915 123 269,100 266,300 26 86,658 59,412 31,517 34,815 August 202 391,648 437,776 144,47 151,156 109,402 130 292,200 275,000 26 95,942 51,327 24,118 34,377 September 190 346,069 350,628 45,45 130,029 80,859 106 316,000 248,000 26 72,937 38,711 31,908 34,963 October 202 321,214 353,266 42,47 121,850 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 16 23,529 23,828 32,596 36,012 December ! 204 310,068 322,831 27,46 63,315 ] 63,823 127 222,389 221,720 11 799 14,176 26,728 21,570 1919. January 200 330,137 325,241 J21,49 40,354 I 68,910 122 225,688 227,129 7,565 15,172 28,629 23,896 February ! 195 ] 328,069 309,494 24,48 46,037 I 71,103 122 228,031 238,035 6,802 17,081 25,806 18,034 March : 198 378,752 361,125 27,48 71,426 I 81,328 120 254,650 255,544 7,118 17,525 32,110 22,672 April : 203 397,005 397,677 43,49 124,341 I 97,679 114 264,623 266,308 11,431 14,020 22,369 21,877 May ; 205 414,899 460,238 48 140,037 I 127,730 111 345,984 24,548 17,136 14,375 17,393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1, 1919, FEDERAL RESERVE BULLETIN. 675 Lumber—Continued. RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO. [Chicago Board of Trade.] [Monthly average 1911-1913=100.] Receipts. Shipment:^. Receipts. Shipments. M. feet. R ti e v l e a . - M. feet, R ii e v l e a . - M. feet. 5 ti ° v ? e ? . " ! I M. feet. R ti e v l e a . - 1918. 1918. May... 252,265 119 j 121,667 159 December 163,908 60,831 | 79 July 243,598 115 98, Wo 128 ! I 1919. August 208,963 99 78,707 103 '! January 134,604 63 47,922 62 September 171,515 81 68,133 89 I February 97,511 49 45,585 64 ()c lobor 130,503 62 70,590 92 ' March 124,040 59 46,902 61 "November 142,230 67 72,723 95 :: April 144,253 68 59,055 77 •; Mav 162,365 77 66,001 86 Coal and coke. [Bitaminous coal and coke, U. 3. Geological Survey; Anthracite coal, Anthracite Bureau of Information.] [Monthly average 1911-1913=100.] Coke, estimated monthly production. Bituminous coal, es- | A n Ih r & c i t e c o a 1, • timated monthly ! shipments over 0 j— production. roads. j Beehive. By-product. Total. iv e. sn).rl; tons, Keiauve. Snort tons. Koiauve. ... ... ....... 1918. May 50,927,195 | 137 6,887,256 122 • 2,757,719 [ 110055 2, 243 4,896,923 140 139,204 . 55,587,312 : 150 i 7, OS J, 775 ! 126 2,813,910 108 2300,673 ; 261 • 5,114,583 146 August 55,732,092 i 150 ; 7,180,923 | 128 2,657,022 : 102 2 387)675 271 5,044,747 144 S O e c p to te b m er ber. 5 5 1 2 , , 7 3 5 8 7 5 , , 3 8 3 1 4 3 ! 1 1 4 4 0 3 : 6 6 , , 2 2 3 8 4 6 , , 3 3 9 0 5 6 i I 1 11 J 1 2 2 2' . , 5 G 7 i 0 l , , 2 8 3 8 8 5 | j 1 9 0 8 0 2 2 , 5 4 6 1 3 0, . 7 IS 9 3 8 ; 1 2 2 7 9 4 1 5 4 , ,9 1 8 7 1 5 , , 0 0 3 6 6 8 1 1 4 4 3 8 44,386,987 '. 120 : 5,276,659 ' 94 2,339,197 : 89 2 523)746 j 287 4.862,943 139 Dfcembor 40)634,525 i 110 5,736,260 102 2)255,296 86 2562,018 291 4)817,344 138 1919. J:-i fs^nry 41,473,000 i 112 5,934,241 105 2,401,567 i 92 i] Februarv.. I 31,497,000 i 91 3,87i,932 : 1,822,894 ! 75 il- 6.7'9,482 . 257 12,772,392 \ 122 March./... 33,719,000 ! 91 3.938,908 70 1,768,449 • 08 J ' Voril 32,164,000 i 87 o, 224,715 98 1', 316,960 • 50 ! Miiv 37,547,000 : 101 5,711,915 101 i)135,840 43 I. Movement of crude petroleum in United Slate. [U. S. Geological Survey.] [Barrels of 42 gallons each,] Stocks at Stocks at Marketed. end of Marketed. end of month. month. ! Barrels. Relative.! Barrels. K Barrels. Relative, i Barrels. 1918. 1918. May i 29,672,000 155 . 143,631,000 ; November. 28,347,000 148 131,295,000 December.. ! 28,071,000 146 j 128,311,000 July ! 30,361,000 158 ! 141,475,000 An trust 29,211,000 152 : 139,472.000 1919. September ! 28,674,000 150 ' 135,680)000 January 29,869,000 156 j 129,558,000 October 30,592,000 160 , 134,838.000 February ! 26,51 i, 000 138 ! 128,910,000 March I 30,412,000 159 131)110,000 April 29,310,000 153 132,694,000 May 29,339,000 153 132,165,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

676 FEDERAL RESERVE BULLETIN. JULY J., .19.19. Total output of oil refineries in United States. [Bureau of Mines.] ! Crude oil run I Gasoline Kerosene Gas and fuel Lubricating | (barrels). (gallons). ! (gallons). (gallons). (gallons). 1918. i" April ! 26,201,544 293,396,162 ', 153,703,682 578,255,341 71,022,204 July ! 29,170; 718 332,022,095 !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 i 164,963,798 653,085,050 70,593,079 October I 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 I161,742,713 587,873,987 64,987,842 1919. ' ' January i 26,967,332 303,710,556 i 158,501,260 589,630,056 68,304,613 February I 25,232,876 283,518,194 I164,181,787 553,853,753 62,503,072 March..". i 27,866,775 311,306,755 ! 170,290,930 574,774,156 67,063,995 Stocks at the close of month. i 1918. Apr. 30. 12,600,062 509,197,134 i 393,527,476 471,644,479 144,383,212 July 31.. 14,026,525 349,928,604 432,807,129 519,012,839 136,460,207 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.. 15,719,771 297,326,983 380,117,829 659,001,357 138,853,574 1919. Jan. 31.. 15,380,185 383,212,692 332,393,181 646,411,414 158.370,431 Feb. 28. 14,820,601 458,449,187 303,062,436 692,816,000 152;297,163 Mar. 31. 15,100,361 540,862,429 294,677,623 749,067,806 165,495,254 Iron and steel. [Great Lakes iron ore movements, Marine Review; pig iron production, Iron Age; steel ingot production, American Iron and Steel Institute.] [Monthly average, 1911-1913=100; iron ore, monthly average, May-Nov., 1911-1913=100.] Iron ore shipments Unfilled orders U. S. from the upper Pig iron production. Steel ingot production. Steel Corporation at Lakes. close of month. Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. 1918. May 8,792,231 3..!4(>.412 119 3,2S7,233 8,337,623 158 July 10, (559,203 170 3,420.988 148 3,113,635 130 8,883,801 169 August 9,725.331 161 3j 389^585 146 3,083,680 129 8,759,042 1G6 September. 8,995^014 148 3,418.270 148 3,197,658 134 8,297,905 357 October 8,541.593 141 3,486'. 941 151 3,352,190 140 8,353,293 158 November.. 4,333j828 72 3,354.'074 145 3,000,700 128 8,124,663 154 December.. C, 836 3,433)617 148 2,992,306 125 7,379,152 140 1919. January... 3,302,260 143 3,082,427 130 6,684,208 127 February.. 2,940:168 136 2,688,011 120 6,010,787 114 March 3,090.243 133 2,662,265 110 5,430,572 103 April 1,412,239 2,478!218 107 2,239,711. 93 4,800,685 ! 91 May 6.615,341 ' 109 2; 108,056 91 1,929,024 80 4,282,310 81 Im/ports of pig tin. [Department of Commerce.] [Monthly average, 1911-1913=100.] Pounds, i Relative.!! Pounds. I Relative. 19.18. 191.8. May ' 10,796,218 119 Ij November. 10,734,179 ! 118 December.. July ! 15,567,667 171 !; 65 August : 16,317,437 180 1 1.919. September | 10,630,66C 117 j! January... 1,461,444 October I 9,885.984 109 li February. 1,271,977 74 March. i. 284,970 91 April '504,903 Mav 449,270 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1, 1919. FEDERAL RESERVE BULLETIN. 677 Textiles. [Silk, Department of Commerce: cotton, Bureau of the Census: wool, Bureau of Markets; idle machinery, Jan.-Sept., 1918, inclusive, National Association of Wool Manufacturers.] [Cotton, monthly average crop years 1912-1914=100; silk, monthly average 1911-1913=100.1 Percentage of idle woolen machinery on first of month to total reported. Cotton consumption. of raw silk. Cotton spindles Wool con- Looms. Spinning spindles. active sumption during (pounds). Bales. Relative. month. 1 i I i t n h W c a h n id r 5 e e 0 r e - d j i j 5 U 0 r n - e i d n e e c d r h S c e a t r s d s o . f Combs. ! I Woolen. Worsted j space. | space. 1918. May. 575,862 128 33,691,576 60,124.546 7.9 8.3 5.3 5.4 July 541,792 120 33,674,896 50,951,651 10.4 10.2 5.9 10.5 6.5 1,997,314 August j 534.914 119 33,646.811 51,516,457 12.2 14.3 6.0 10.2 ! 6.6 3.813.595 September I 490,779 109 ( 33,524;275 i 47,648,413 13.8 15.1 7.0 13.2 ' 8.3 3,973;754 October ! 440,833 98 ! 32,760,623 I 48,692,509 18.3 I 24.3 9.3 12.5 I 8.8 2,814,270 November i 457,376 102 ! 33,121,507 : 38.282,723 21-1 2G.8 11.1 23.8 I 11.9 2,336,345 December ! 472,941 105;; 33,652,612 32,355,081 22.5 I 24.9 13.8 17.8 | 16.1 2,680,863 I 1919. ! I January ! 556,721 124 I 33,856,472 , 32,573,970 40.3 32.6 32.2 30.7 36.5 37.5 1,461,827 February i 433,516 103 i 33,282.593 I 23,186,818 52.3 41.5 38.7 39.8 I 41.1 48.6 1,742,812 March ; 433,720 96 ; 32,642:376 | 29.320,063 58.1 42.4 39.1 47.8 41.8 52.7 1,784,412 April ' 475,753 106 I 33,213,026 39,159,945 48.4 38.9 26.5 34.2 ! 28.4 36.1 2. 988,838 May ; 487,998 109 | 33,556,011 45,084,834 36.6 32.9 17.1 22.5 j 16.8 25.8 4.878.640 June 29.6 26.6 15.4 12.8 I 15.2 21.1 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. Production of wood pulp and paper. [Federal Trade Commission.] [Net tons.] W pu o l o p d . p N r e i w nt s . Book. b P o a a p r e d r . W pi r n a g p . - I j Fine. W pu o l o p d . ! p N r e i w nt s . Book. b P o a a p r e d r . v p > in r g a , p i -. Fine. 1918. 1919. i I May.. I 111,242 ; 78,455 174,894 j 61,763 \ 33,512 January i 283,270 j 116,154 70,443 140,859 50,490 1 27,675 Februarv i 238,228 i 103,248 62,616 125,208 45,480 ! 24,600 July j 103,348 ! 69,458 177,931 70,526 34,609 March...* " 278,675 -! 114,746 63,699 136,175 48,069 i 23,514 A* ugustu I 2O(.'5iO2 ,3Q7"7"77 : 1111O3 ,O8O2C6 ! Ti7l 6,4AO3C9\ 192,810 71.249 36,910 April I 254,984 ! 116,278 67,628 138,802 48,158 i 22,470 September ! 2i6,741 99,528 66,581 168.384 61.390 37,833 May : 294,067 ! 105,819 76,821 151,651 56,579 ! 25, 010 N O o ct v o e b m er b er | i 2 2 3 7 7 0 , , 6 8 2 4 4 9 9 8 7 8 , ; 6 1 9 5 3 5 . I 6 0 6 ., 7 7 , ' 262 1 1 4 5 3 2 ! .3 37 2 3 1 5 6 f> 1 ; , 6 9 S 0 1 3 3 2 3 8 , , 4 5 2 3 9 3 i December ; 273,973 107,129 i 64:501 134;103 51,947 29.975 1 Tax-paid manufactured tobacco products in the United States (excluding Porto Rico and Philippine Islands.) [Commissioner of Internal Revenue.] Cigars. Cigarettes. Cigarettes. ; _,. j Chewing - ! and smok- Large. Small. Small. Small. \ ing tobaCQO- 1918. Number. ! Number. 1 Number. I Pounds. Number. Number. Number. j Pounds April 610,372,314 I 79,794,719 ; 3,393,675,490 j 35,229,106 527,586,098 j 59,139,250 2,788,379,210 | 25,276,695 July 634,609,533 ! 79,237,849 3,796,878,822 I 36,607,578 1919, August 1624,491.239 j 60,880,910 ! 3.442,446,234 j 40,76-1,853 January.. 518,706,482 72,458,974 3,079,212,253 29,308,616 September !58o, 400', 449 ; 60,556.000 3'.403,205,736 37.893,818 February. 1476,329,947 60,138,630 3,126,274.602 27,472,269 October !594,764) 527 63, 111'. 160 3;027.300,975 39; 440,893 !jMarch..!!. '549,098,351 j 84,493,873 3,845,079', 275 29,227,678 November... i !537,794.904 63,177'. 200 2,986;775,643 32,618,009 j; April 1510,357,494 ! 73,314,273 2,650,182,742 29,883,710 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

678 FEDERAL RESERVE BULLETIN. JULY 1, 1919. Output of locomotives and cars. [Locomotives, United States Railroad Administration; cars, Railway Car Manufacturers' Association.] Locomotives. Output of ears. Locomotives. Output of cars. D sh o i m pp es e t d ic . ! : p <S. tic. ! ! Foreign. i | Totai. 1 domestic! | Foreign. Total. 19.18. Number.. Number, i Number, i Number, j Number. 1918. i Number. Number.. Number. Number. Number. May. 5,048 | 3,841 i 8,889 J December.. 281 177 ' 7,876 3,402 11,278 July 3,312 ! 4.410 7,722 , 1919. August 214 i 77 ! 2,437 : 4; 847 7,284 : January 282 ! 84 I 8,172 3,635 11,807 September., 267 •! 213 { 2,666 j 3,564 6.230 "| February... 135 ! 164 i 6,623 4,657 11,280 October 295 ! 313 ! 4,555 :, 2,681 7;236 ! March..:.... 258 ! 128 j 5)978 5,795 11,773 November.. 224 i 252 | 6,743-1 2,330 9,093 ! April 197 I 36 ! 7,777 7,373 15,150 :! May 197 i 31 j 4,573 8,533 13,106 Vessels built in United States, including those for foreign nations, and officially numbered by the Bureau of Navigation. [Monthly average 1911-1913=100.] Number.: to G nn ro a s g s e. Relative.: Number. to G nn ro a s g s e. Relative. 1918 1919. May 185 -: 194,464 ; 805 January. .. 132 264,346 1,094 February 135 271,430 1,203 July 193 ! 229,931 i 951 March 186 298,005 1,233 August 177 i 295,349 ! 1,222 April 201 375,6O0 1,554 September 170 ! 308,470 : 1,276 May 250 395,408 1,636 October 202 357,532 : 1,479 1 November 171 ; 357,660 1,480 rccember 153 . 283,359 ; 1,173 :i Tonnage of vessels cleared in the foreign trade. [Department of Commerce.] [Monthly average 1911-1913=100.] Net tonnage. c P e e n r- t- Not tonnage. c P e e n r t - age age r ! j of Rela- American.] Foreign. I I Total. ili i ela- A ca m n e to r i- ! I 11™- '• ! '• - I American. Foreign, j Total. R ti e v l e a . - A ca m n e t r o i- tive. total. I j. I i • total. 1918. i : 1919. May i 1,811,603 : 2,526,793 4,338,396 | 112 \ -11.8 ; 165 : : J F a e n b u r a u r a y r . y . . - .! I 1 1 , , 1 2 6 6 6 2 , , 3 4 9 8 1 7 : I l V ,8 . 0 6 :: 7 > 1 , , 1 0 2 7 3 0 ! i 3 2 ,0 .9 6 3 2 3 , , 5 5 1 5 4 7 7 7 5 8 3 4 8 3 . . 1 0 1 1 5 7 1 0 July ..! 2,093,310 : 2.911,171 i 5,034.481 ! m i 41. 6 ; 161 March .! 1,161.416 l)737:171 j 2)898,587 75 40.1 158 August ..I 2,332.577 '. 2',808)466 5,141)043 i 132 | •lf>. 4 , 179 April J 1,74V.753 2,058'. 220 ! 3,802,973 98 45.9 181 September ..! 2,009". 194 : 2.290,872 4' ,3""0"0 ,0M66n 111 185 May .! 2,424)837 2.469'. 194 I 4,894,031 126 49.5 196 D O N e c o c t v o e e b m m e b r b e e r r . . . . . . I i 1 1 1 '. , , 7 8 1 7 7 4 0 5 1 ) : , 9 9 3 4 3 1 7 5 9 '• : - • . 2 1 2 ) ,0 9 .1 5 9 6 3 1 3 , , 5 7 ,3 1 2 8 7 5 3 3 3 4 , , , 1 7 0 9 8 3 4 2 9 , , , 8 6 3 3 6 3 6 0 0 i i i io 9 8 7 2 i! S 3 4 5 7 ! . . 7 1 4; 1 1 1 8 4 8 6 1 4 Net ton-miles, revenue and nonrevenue. [United Crates Railroad Administration.] 1918: 1919. I May 36,720,788,000 January I 30,383,169.000 FebmaY y I 25,681,943', 000 July 38,761,291,000 March..:. , j 28,952,925,000 August; 38', 4.69,847,000 April 28,629,739,000 September 3Si 592) 137) 000 Mav 32,440,708,000 October 39; 548,562.000 ji ' November 35,533,026)000 !,! 3 .• ecembcr 33.659,507,000 ji Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1, 1919. FEDERAL RESERVE BULLETIN. 679 Commerce of canals at Saull Ste. Marie. [Monthly average May-Nov., 1911-1913=100.] EASTBOUNJX Grain, other than wheat. Wheat. Flour. Iron ore. Total. Rela- Rela- Bushels. Bushels. tive. Br.rrels. tive. Short tons. tive. j Short tons. I tive. 1918. 8.187,450 i 92 2,632.572 14 858,070 74 8,792,162 148 9,200,843 • 131 1919. i April. • 4,176,041 i 16,729,000 1,139,326 1.756,266 ! May.. 9;370,374 I 105 29,096,116 151 910,524 78 ! 6,622,227 112 71895,542 \ 313 WESTBOUND. Hard coal. Soft coal. Total. Total freight. Short tons. R ti e v l e a . - Short tons. R ti e v l e a . - Short tons. R ti e v l e a- .! I Short tons. R ti e v l e a . - 1918. May. 166,155 54 ! 1,877,973 2,203,202 89 i 11,404,045 120 1919. April. 142,864 : 415,824 616,897 ..... 2,373,163 May.. 248,263 80 I 2,239,738 117 2,670,784 107 I 10.566.326 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN, JULY 1, 1919. 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 May totaled "$7,385,835,256, compared with held a total of $1,989,392,000 of discounted $5,901,401,640 fot April of the present year and paper, compared with $1,950,412,000 about the $6,215,083,531, the previous record total for end of April and $897,357,000 held on the cor- December, 1918. Of the total discounts for responding date in 1918. The total for the the month under review the share of war paper most recent date comprises $112,865,000 of war was about 97 per cent, compared with 95.2 per paper held under discount for other Federal cent the month before and 92.7 per cent in Reserve Banks by the Federal Reserve Banks at December of the past year. While all the Cleveland, Chicago, St. Louis, and Minneapolis. Federal Reserve Banks, except Boston and Of the total discounts held, 90.6 per cent was San Francisco, report larger discount figures war paper, compared with 90.3 per cent about than the month before, over 90 per cent of the the end of April and 62.8 per cent on the last total increase is shown for the New York bank, Friday m May, 1918, considerably larger perwhose share of the total discounts for the month centages obtaining for the three eastern and of May is about 55 per cent, or 10 per cent the Cleveland banks. higher than the month before. Discounted trade acceptances held about the Discounts of member banks7 bills secured end of the month totaled $7,321,000, compared by eligible paper declined from $25,056,867 with $8,561,000 held about the close of April in April to $17,737,787 for the month under and $17,723,000 held on the corresponding review. Trade acceptances discounted during date m 1918. By far the larger portion of the the month total $7,121,222, compared with present holdings is composed of domestic trade $8,071,368 for April, 1919, and $13,165,738 for acceptances. Holdings of agricultural paper May, 1918. By far the larger portion of the of all maturities totaled $28,619,000, as against trade acceptances discounted during May of $19,474,000 held on the corresponding date in the present year cover transactions in domestic 1918, while total holdings of live-stock paper trade, foreign trade acceptances to an amount were $30,372,000, compared with $47,260,000 of $1,692,142 being reported only by the New about the end of May of the past year. Nearly York bank. In addition, the banks report the 60 per cent of the agricultural paper is held by discount during the month of $1,051,759 of the Dallas and San Francisco banks, while bankers7 acceptances and $190,053,097 of ordi- about 78 per cent of the total live-stock paper nary commercial and agricultural paper. is held by the Kansas City and Dallas banks. About 98 per cent of the total discounts for During the month under review the number the month was 15-day paper, i. e., biUs matur- of member banks increased from. 8,786 to 8,817, ing within 15 days from date of discount or while the number of discounting members went rediscount with the Federal Reserve Banks up from 3,875 in April to 4,035 in May, a new Six-month bills (agricultural and live-stock record total since the establishment of the paper) totaled $16,460,207, compared with system. In the following exhibit are shown $12,639,627 the month before, about 60 per- the number of member banks in each Federal cent of the larger total being shown for the Reserve district at the close of April and May, Kansas City and Dallas banks. also the number of member banks in each dis- As the result of the large increase in 15-day trict accommodated during these two months: discounts the calculated average maturity of 9 al .1 l 3 t h d e a y p s a — pe s r h o d w is s c o a u n d t e e c d i d d e u d r i d n e g c l t i h n e e f m ro o m nt h t — he Federal Reserve district. N b u a m nk b s e r i n o f d m ist e r m ic b t. er Nu b d m a a n t b e k e d s r . of a c m co e m m m be o r average for the preceding months, the decline April 30. May 31. Apnl. May. being most pronounced in the case of the Boston 425 427 230 245 Boston and New York banks. New York 727 730 426 423 Philadelphia.. 665 666 346 391 About 91 per cent of all the bills were dis- Cleveland 821 825 195 207 Richmond 570 571 281 312 counted at the 4 per cent rate and slightly less Atlanta 425 426 223 262 than 8 per cent at the 4| per cent rate. The Chicago 1,359 1,362 651 560 St. Louis 517 521 190 191 average rate of discount for May works out at Minneapolis 872 879 180 235 Kansas City.... 1,002 1,003 400 418 4.16 per cent, compared with 4.18 per cent for Dallas 741 741 465 508 April of the present year and 4.35 per cent for San Francisco.. 662 666 283 May of the past year. Total.. 8,786 8,817 3,875 4,035 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN, 681 Bills bought in open market during May 4.24 per cent, is identical with the average largely by the New York bank for its own shown for the immediately preceding month. account and for account of other Federal On the last of the month the banks' holdings Reserve Banks totaled $147,650,192, com- of purchased acceptances totaled $185,556,000, pared with $140,891,638 bought the month compared with 1180,319,000 held at the close before and $115,913,940 bought during May, of April and $257,306,000 held on the last of 1918. Of the May, 1919, purchases May, 1918. Of the most recent total all but $144,595,240 were bankers7 acceptances, nearly $1,993,000 were bankers7 acceptances, and of three-fourths of which were based upon these about 75 per cent, or $136,715,000, were foreign trade transactions. Purchases of trade member bank acceptances, while the remainder acceptances are reported by the New York, was made up of bills accepted by nonmember Cleveland, Chicago, and San Francisco banks, institutions, private banks, foreign banks, and the total for the month, $1,896,462, being con- their agencies. Of the $1,993,000 of purchased siderably smaller than for the earlier months of trade acceptances held at the end of May, all the year. The average maturity of all bills but $136,000 were foreign trade acceptances, purchased during the month is given as 45.80 largely drawn by exporters in the Far East days, compared with about 42 days for April, and reported by the New York and San while the average rate of discount charged, Francisco banks. Total investment operations of each Federal Reserve Bank during the months of May, 1919 and 1918. United States bonds. Bills dis- Bills bought in Municipal c m ou e n m te b d e r f s o . r open market. warrants. 3£ per cent. 4 per cent. 4J per cent. Boston *443 930 167 818 501 331 New York 4,007.069.831 60,721,633 ' Philadelphia 945' 479' 028 534 512 1 . Cleveland. 239 824 981 15 472 166 ! Richmond 368^133.803 2,791,242 ! Atlanta 165 527 564 2 788 678 ! • Chicago 412 850 676 22,025.711 1 -- St Louis 205 165 544 5 546 649 Minneapolis 81 152'465 4,596,780 Kansas City 147,379,968 9,595 Dallas 129 874,724 830.000 San Francisco 179,446,505 13,831.895 Total Mav 1919 7 3S5 835 256 147 650 192 Total Mav 1918 2.993,019.34o 115,913,940 £16. 500 $25,R50 82,510,600 $13,295,375 Total, 5 months ending May 31,1919 29!736,118'849 801,184.338 1.000 1,000 1,000,000 326,725 Total, 5 months ending Mav 31,1918 7,551,207,335 642;320;436 1,562,185 4,872,000 39,811,738 13,295,375 Total investment operations. United States United States Total United Victory notes, certificates of States •1;J per cent. indebtedness. securities. May, 1919. May, 1918. .Boston . . S16,250 $16,250 8462,447,748 . 56-1,062,669 New York .§75,3ii,500 75.311' 500 4,203,102.964 i 2,435.168,861 Philadelphia 1,500.000 I)500,000 947,5131540 : 80,508,191 Cleveland 1,259,500 1,259,500 256,556,647 77.234.301 Richmond 500,000 500,000 371,425.045 133,806,799 Atlanta 7,600 735,000 742,600 169,058,842 48,223,999 Chicago . . 2.030,000 2,030,000 436.906,387 172,133,229 St Louis 2,000,000 2,000,000 212,712,193 61,347,269 Minneapolis 12,050 878,000 890,050 86,639,295 32.237.642 653,500 653.500 148,043.063 , 95,988,964 Dallas 130.704; 724 39.427.035 San Francisco 1,670,000 1,670,000 194;948,400 65,883,018 Total Mav 1Q19 35 900 86,537,500 86,573,400 7,620,058,848 Total May 1918 184,425,500 200,257,325 3,309,207,111 Total' 5 months ending May 3*1,1919 35,900 1,413,847,000 1,415.210,625 31.952.514.812 Total, 5 months ending May 31,1918 2,624,717,660 2,682,696,773 10,877,786,729 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 FEDERAL RESERVE BULLETIN. JUL? 1, 1919. Average amount of earning assets held by each Federal Reserve Bank during May. 1919, earnings from each class of earning assets, and annual rates of earnings on basis of May, 1919, returns. Average balances for the month of the several classes of earning assets. Federal Reserve Bank. Discounted Purchased United States Municipal bills. bills. securities. warrants. Total. | Boston 8152,233,040 $14,638,054 §17,455,050 $184,326,144 New York 753,166,858 43,325,498 73,143,200 869,635,556 Philadelphia.. 192,374,942 907,967 20,312,497 213,595,406- Cleveland 132,273,443 21,525,381 17,289,093 171,087,917 Richmond 93,118,887 7,313,774 6,832,909 107,265,570 Atlanta 84,215,540 5,628,807 9,679,358 | 99,523,705 Chicago 220,888,776 25,122,794 272,300,667 St. Louis 68,153,931 15,532,755 87,636,454 Minneapolis 48,169,000 10,814,000 9,234,000 68,217,000 Kansas City 87,150,314 1,886,110 15,350,701 | 104,387,125 Dallas 51,370,232 1,271,064 8,866,000 ! 61,507,296 San Francisco.. 90,811,118 52,218,257 9,261,984 | 152,291,359 Total, May, 1919. 1,973,926,081 189,767,777 | 228,080,340 j. 2,391,774,199 Total, May, 1918. 902,101,974 278,464,206 I 84,645,930 i 3535,420 1,265,747,520 Earnings from— Calculated annual rates of earnings from— Federal Reserve Bank. Dis- Pur- United Munici- j Dis- Pur- United Municicounted chased States pal Total. i counted chased States pal Total. bills. bills. securities. warrants. j bills. bills. securities.warrants. Per cent. Per cent. Per cent. Per cent. Per cent. Boston. j 8535,838 I 852,029 330,135 S618,002 ! 4.14 4. IS 2.03 3.95 New York ! 2,568,094 i 153,055 • 183,698 2,904,847 ! 4.01 4.10 2.96 3.93 Phdladel phia i 663,749 i 3,214 36,613 703; 576 ! 4.06 4.16 2.12 3.87 Cleveland ..i 4.73,502 i 76,840 31,372 581,714 i 4.21 4.20 2.14 4. GO Richmond , 337.811 : 28,409 11,709 377,929 ! 4-27 4.57 2.02 4.15 Atlanta. 297J238 ' 21,790 16,698 335,726 j 4.16 4.56 2.03 3.97 Chicago i 786,001 : 94,171 45,096 925,268 . 4.19 4.22 2.11 4.00 St. Louis 239,(504 i 14,181 28,615 282,400 ! 4.14 4.23 ! 2.17 3.79 Minneapolis : 171.962 i 40,068 21,768 233,798 ' 4.20 4.36 ' 2.78 4.04 Kansas CH v •• 337j 731 : 7,550 28,594 373,875 j 4.56 4.71 2.19 4.22 Dallas ." I; 202,525 ! 5,163 16,200 223,888 ! 4.64 4.78 2.15 4.28 San Francisco .' 344,734 ! 188,212 19,091 552,037 ! 4.47 4.24 2.43 4.27 Total, May, 1919 ' 6,958,789 ! 684,682 • 469,589 , ] 8,113,060 . 4.15 4.25 2.42 3.99 Total, May, 1918 ''• 3,246,542 996,804: 213,089 $1,877 ! 4,458,312 I 4.38 4.36 3.06 4.27 4.29 I ; Bills discounted during the month of May, 1919, distributed by classes, also average rates and maturities of bills discounted by each Federal Reserve Bank. Member banks' collateral | Customers' notes. ! paper Average Fede B ra a l n R k e s. s erve I ! i I G o se b o c l v i u w e g r r a e a n t d r i m o b n e y s n . t G S o ec v u e w r r e a n d r m b e y nt O s t e h c e u r r w ed is . e 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 ll c o o u th n e ts r , Total. m A in a v d t e u a ra r y i g s t e y . b (3 a c s 6 r e i a 5 s n t - ) d e t . p a - y er obligations. Boston i 822,943,483 8414,642,050 §1,459,700 8106,740 i 8179,754 84,598,440 $-143,930,167 9.15 4.14 New York j 44,334,581 3,915,329,542 i 3.820,295 I 687,278 72,S92,135 4,067,069,831 6.58 4.03 Philadelphia 18,830,235 901,388,419 45,000 ' 157, S29 ! 25.057,545 945,479,028 7.27 4.07 C R l i e c h v m ela o n n d d ! ! 5 4 ,4 ,9 3 9 2 2 ,5 ,9 2 7 0 8 3 2 o 2 3 5 , , 6 7 4 8 9 9 , , 2 20 2 0 7 9 1 4 5 1 0 , , 0 0 0 0 0 0 3 85 9 0 1 , , 0 9 7 1 7 2 I ! S 7. i 2 5 6 0 0 0 , , 9 8 7 9 9 1 3 2 6 3 8 9 , , 1 8 3 2 3 4 , , 8 9 0 8 3 1 1 1 0 4 . . 8 4 8 2 4 4 . . 2 1 5 3 Atlanta i 2,176,4-14 151,400,675 742,039 520,106 I 10', 682.210 105,527,564 16.73 4.19 Chicago i 2,873,184 393,232,013 150,750 136,263 j 16,452' 400 412,850,676 16.71 4.21 St. Louis 1,309,317 192,378,989 185,000 336677,776611 18-1.727 ; 10.739,720 205,165,5-14 11.00 4.15 Minneapolis ! 211,079 70)593,800 0,757,000 13,255 i 3i517,331 81,152,465 17.95 4.41 Kansas City ! 1,112,213 126,139,850 - 6,290,902 501,236 13,335,707 147,379,968 21.76 4.66 Dallas ". j 377,088 119,943,750 501,086 108,217 ! 8,941.583 129,874,721 20.43 4.46 San Francisco j 2,059,524 168,701,200 506,250 135,441 ! 804j;090 179,446,505 16.96 4.50 Total... : 106,682.670 7,063,188,7i5 17,737,787 7,121,222 1,051,759 ; 190,053,097 7,385,835,256 9.13 4.10 I 1 Includes SI ,092,142 in the foreign trade. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 888 Bankers' and trade acceptances in the foreign and^domestic trade and finance bills purchased during the month of May, 19:19, also average rates and maturities of total bills purchased by each Federal Reserve Bank. Bankers' acceptances. Trade acceptances. Average Average rate Federal Re- Finance Total pur- maturity (365-day serve Bank. do In m t e h s e tic f I o n r e t i h g e n Total. do In m t e h s e ti c ! . f I o n r e t i h g e n Total. bills. chased bills. in days" I : p b er a s c is e ) n ," t. trade. trade. trade., i trade. "T Boston $4,556,457 513,944,874 818,501,331 : $18,501,331 ! 24.55 4.17 New York 14,721,195 44,181,470 58,902,671 • .j 81,268,962 . 61,268,962 8550,000 | 60,721,633 ! 38.47 4.19 Philadelphia.... 136,745 397,767 534,512 534,512 ! 73.24 4.23 Cleveland 5,477,178 9,624,819 15,101,997 8275,169 j. 275,169 '"95,000 \ 15,472,166 ' 47.20 4.20 • S R A C t i t h . c l i a L h c n a m o g t u a o o i n s d 1 2 3 1 , , , , 4 5 0 9 6 1 2 5 4 5 1 2 , , , , 6 2 8 7 7 4 0 7 8 2 3 1 1 1 3 8 , . , 2 5 8 3 7 1 9 2 6 6 3 4 , , , , 9 0 0 8 3 0 0 7 9 0 0 8 2 2 2 1 , , , 7 7 8 9 8 3 1 8 8 , , , 2 6 7 4 7 4 2 8 2 " : • 46,969 ! 46,969 140,000 2 2 2 2 5 , , , , 0 7 7 5 2 9 8 4 5 8 1 6 , , , , 7 6 6 2 1 4 7 4 1 9 8 2 j \ j | 6 6 3 7 2 5 0 0 . . . . 2 0 6 3 6 5 0 5 4 4 4 4 . . . . 5 5 3 2 6 6 9 8 M Ka in n n s e as a p C o i l t i y s 1,202 9 , , 0 5 1 9 9 5 Z, 111,271 5 4 , , 5 31 4 3 6 , , 2 6 9 4 0 9 : 283,490 4,59 9 6 , , 5 7 9 8 5 0 ! S 5 36 7 . . 7 0 7 4 4 5. , 0 2 7 0 Pallas 90,000 740,000 9,595 830.000 ! 49.16 4.65 San Francisco., 2,590,200 10,846,333 830,000 305,362 j 305,; 90,000 j 13,831,895 | 58.74 4.23 13,438,533 , Total.... 37,737,883 100,857,357 144,595,240 : 275,109; 1,621,293- 1,896,462 j 1,158,490! 147,650,192! 45.80 4.24 Discounted bills, including member banks1 collateral notes, held by each Federal .Reserve Bank on the last Friday in May, 1919, distributed by classes. [In thousands of dollars, i. e., 000 omitted.] Member banks' collat- Customers' eral 1lotes. Agricul- paper se- Trado Bankers' Federal Reserve Bank. • p t a u p ra e l r. Li p v a e p s e t r o . ck c G u o re v d e r b n y - 1 ; Secured bv a a c n c c e e p s t . - a a c n c c e e p s t . - d A is ll c o o u t n h t e s r . Total. mo.nl; war I Govern-' Otherwise obligations.; mont war secured. . obligations. Boston. ... 78.648 ! 67,543 717 246 327 4,198 151 679 New York 223 57.612 . 645,640 2,112 291 24.050 729,929 Philadelphia. 78 14| 451 ! 169,125 35 .. 369 20 12)5J 0 196,589 Cleveland 43 109 5,982 ; 125.422 SO 441 6,112 138,189 Richmond 3,143 13,359 : 68.235 866 1,264 7,230 94.097 Atlanta. 2,491 520 4J548 ; 67,050 672 809 8,518 85; 209 Chicago 2,344 5.825 ! 222,315 90 169 16,001 246,744 St. Louis 360 255 1,545 ; 60,078 85 550 477 6,623 69,973 Minneapolis 466 ? 370 184 ! 45'000 757 5 1 763 50 545 Kansas City. 2,483 1 (>'. 947 1,632 : 51 i 396 4,981 921 6 10; 974 89,340 Dallas 11,989 0.705 940 i 24', 947 805 7.428 52,81.4 San Francisco 4,999 3,466 2,957 ; 67,858 540 .435 1 • 4,028 S4,284 Total 28,619 30,372 187, (.'S3 j 1,615.210 9, (528 7,321 1,122 109,435 1,989,392 Per cent 1.4 1 5 9.4 ' 81 2 .4 . 1 100 Total May 1918 . 19 474 AJ 9()() 112 035 i ^50 768 24 0. 418) 17 723 W5 117 896 495 prT "OT)t. 2.1 5.3 12.5 . 50.3 2,7 2.0 25.1 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

684 FEDERAL RESERVE BULLETIN. JULY 1, 1919. Acceptances purchased and held by each Federal Reserve Bank on May 81, distributed by classes of accepting institutions. [ In thousands of dollars, i.e., 000 omitted.] Bank acceptances. Trade acceptances. Federal Reserve Bank. | Member m N em on b - er m N em on b - er Private F b o a r n e k ig s n , G to r t a a n l d . j banks. t c r o u m st - b S a t n a k te s. banks. bra a n n c d hes, Total. Domestic. Foreign. Total. panies. i Boston ! 12,475 84 1,904 100 14,563 110 110 14,673 New York \ 26,634 810 i 8,861 4,127 3,870 44,302 551 551 44,853 Philadelphia i 476 430 172 32 1,110 3 1,113 Cleveland : 14,688 1,362 i 2,196 1,622 1,360 21,228 136 136 21,364 Richmond ! 6,976 6,976 6,976 Atlanta | 5,259 10 5,269 5,269 Chicago j 27,708 239 131 28,404 28,404 St. Louis I 4,298 350 141 4,789 4,789 Minneapolis ! 6,804 158 191 35 7,188 7,188- Kansas City i 552 25 577 577 Dallas I 793 793 793 San Francisco ' 30,078 681 ! 6,314 6,207 "5," 084* 48,364 1,193 1,1 49,557 Totals: j j May 31,1919 • i 136,741 j 2,853 , 18,729 14,628 10,612 183,563 136 1,857 1,993 i 185,556 Apr. 30,1919 ' 140,034 I 2,975 ! 12,321 14,196 8,230 177,756 58 2,505 2,563 ' 180,319 Mar. 31,1919 .-..j 185,207 2,172 I 15.561 15,263 12,885 231,088 319 4,207 4,526 I 235,614 May 31,1918 i 207,917 1,330 . 5; 168 26,217 8,398 247,030 8,276 8,276 ; 257,306 May 28,1917 i 62,986 | 23.441 ! 525 19.912 235 107,099 2,727 109,826 Bills discounted by each Federal Reserve Bank during the three months ending May 81, 1919, distributed by rates of discount; also average rates and maturities of all bills discounted by each bank during the three months. _ 4 per cent. 4-J- per cent. 4-J per cent. 45 per cent. Federal Reserve Banks. j — — - I Amount. \ Discount. Amount. Discount. Amount. Discount. Amount. Discount. Boston ; $1,176,388,245 | 3686,044 896.384,525 8879,518 8932,376 . 57,053 86,474,629 845,335 New York ! 9,284,108.778 ! 7,139.876 81)871,968 704)471 953,061 6,925 9,877,116 73,717 Philadelphia ! 2,678; 826) 383 j 2,091) 611 12,624,859 121,082 654,504 4,968 2,258,219 13,422 Cleveland i 612,948,997 • 837,155 94,989,463 222,539 1,049,382 5,740 4,609,841 27,196 Richmond ! 347,497,091! 414,269 687,870,923 757,617 13,167,731 29,000 17,318,912 109,594 Atlanta ! 422,3 83'. 296 j 697,772 22,706,650 57,871 1,400,698 10,154 14,031,667 104,264 Chicago i 993,415'. 107 ! 1,628,502 74,120.623 184,032 11,855,638 23,263 22,527,591 171,966 St. Louis ! 505,610) 720 I 066,397 3,797) 223 31,647 6,010,817 15,241 11,571,979 80,584 Minneapolis i 150,056,700 i 238,624 2,522,234 4,789 17,886,619 34,060 2,010,670 8,309 Kansas City ! 109,611,500 ! 166,035 236.743,433 413,657 23,236,965 43,207 1,901,010 j 12,376 Dallas.... .* ". I 295; 139,724 I 478,993 26', 267,631 54,210 2,033,741 5,563 9,156.495 I 52,745 San Francisco 1 i , 514)421,223 865.119 777)398 ! 6,959 Total I 16,635,816,541 j 15,045,278 1,854,320,755 4,296,582 79,181,532 185,174 102,515,527 706,467 5 per cent. 5-J per cent. per cent. Total. Average Federal Reserve Banks. Amount. D iscount.! Amount. Discount. Amount. ! Discount. Amount. Discount. I i 1 i A n v * e » ra i ge d r p a a e y t r e b c a (3 e s 6 n is 5 t ) . - , 1 Boston i 8100,600 $830 . 280,580,375 SI, 618,780 11.11 4.15 New Y'oi'jc -16.072 1.2is :. I" 376,856:995 7,926,237 7.66 4.03 Philadelphia 115)000 '285 i. 694,508!965 2,231,368 7.42 4.07 Cleveland 8269,534 $2.628 713.867!217 1,095,258 13.57 4.13 R \t ' l e a l n un ta or1 d 365., ;> 7 f> 09 4 2 1 7 7 ^ . 4 1 4 2 6 4 ' ' "I.-1 0 4 6 6 6 1 ) .6 7 8 1 8 3 ; :2 02 2 0 1 ! 1 . , 8 3 9 27 7 , , 9 1 2 8 6 5 1 1 0 8 . .5 6 5 3 4 4 . . 2 2 8 1 Chicago ....l....i 15.000 i 28 3,665,976 i §75,294 ! 105)599.935 i 2,083,085 16.46 4.18 St Louis . 20,000 44 ! '. ! •108,809 i 9,526 ! 587.419,548 I 803,439 14.66 4.15 M Ka in n n sa e s a p C o i l t i y s : 29. 4 6 5 7 5 8 , ,1 27 1 - 3 J 23 4 L . 5 8 9 3 9 7 ; ! i i 15 2 ) .1 2 6 3 0 3 ' ' . , 6 1 0 9 8 7 ! 33 5 5 1 ', . 3 1 7 0 7 7 I I • 1 4 7 1 5 6 ) ,4 0 3 9 - 2 1 . !2 1 1 0 8 5 i ! 1,2 3 0 4 1 1 , , 9 9 8 9 1 6 2 1 3 6 . . 1 5 8 3 4 4 . .7 3 2 1 Dallas 9.070,8K5 99,517 9.024.605 i 198,558 ! 210)000 ! '485 •' 350,903:081 i 890.101 20.79 4.45 San Francisco 11,456,332 "10"'4 .233 ' 15; 000 I 33 1 -1,167,437 • 10-4,530 ! 531,137)390 I 1,080)874 16.60 I 4.48 j Total 53,496,549 I 487,163 j 9,324.139 | 201.247 j 20,146.027 1 576,319 '. 18,760,801,070 ; 21,498,230 10.15 I 4.16 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 685 Acceptances purchased by each Federal Reserve Bank during the three months ending May 31. 1919, distributed by rates of discount; also average rates and maturities of acceptances purchased by each bank during the three months. 4 per cent. 4r& per cent. 4& per cent. 4& per cent. Amount. I Discount:. Amount. Discount. Amount. Discount. Amount, j Discount. ! Boston ' ! $8,532,122 $21,361 $.1.4,682,098 ! $73,294 810,695,669 $34,059 $2,022,719 $10,492 Now York : 68,980,962 154,520 23,000 I 70 51,123,030 314,211 18,699,056 150,171 Philadelphia : 1,949.635 i 3,397: 1,501,416 10,950 468,493 3,976 Cleveland | 9,856) 854 i 25,420 I 213,282 j 554 20,587,486 125,651 6,751,551 53,2-11 Richmond j '< ; Atlanta : I ; Chicago ; 20,076,805 I 37,568 i 29,348,954 174,101 4,332,250 34,801 St. Louis i 3,013,539! 9,172 7,455,195 43,485 841,986 6,405 "Minneapolis 1,(583,937 i 5,064 ! 16,235,582 100,307 4,084,841 32,504 Kansas City i 472.806. 1,345 669,901 j 4,290 3,059,564 19,636 455,341 3,799 Dallas. San Francisco 1,258,521 I 1,781 19,738,844 116,406 5,568,640 44,611 Total j 115,825,181 259,628 15,588,281 78,208 159,745,740 j 938,8 43,224,877 340.060 I 41 per cent. j 4-fV per cent. 4g per cent. 4ft per cent. 4$ per cent. Amount, j Discount.! Amount, i Discount.: Amount. Discount. Amount. ; Discount. Amount, i Discount. Boston $11,672,589 j $24,027 [ $1,304,696 ! $6,905 New York , 34.486', 547 106.662 667,134 §435,971 I 83,651 31,092,394 ; §6,809 Philadelphia I ' 329) 689 3) 261 32,134 : 331 Cleveland I 4,263,179 . 22,283 1,429,244 3,514 j 43,795 88 Richmond •. 10,061,265 81,7(i3 Atlanta 20.000 ! 50,000 539 : 8,953,940 70,150 Chicago 13,413) 813 j 134,493 2.099,697 21,506 962,008 9.697 St. Louis : 1,841.752 ! 5,660 6,859.835 17,950 j 638,445 3) 134 §75,000 ! $129 100,168 466 M inncapolLs 424', 665 ! 3) 910 ! 16,934 167 Kansas City '. !. 525,000 ! 2,200 Dallas ;. 2,293,000 i 13,770 San Francisco ' 3.603,478 ! 26.451 | 83,489 737 7,803,102 69,462 79,000 247 Total 70,055,712 : 326,822 j 12,526,229 | 57,581 j 9,856,460 16. 111. 75,000 I 129 23,148,562 j 175,559 Amo 4 u § n p t e , r j D ce i n sc t. ount.Amo 4 u £ n p t e . r D ce is n c t o . unt.; Amo 5 u n pe t. r c D e i n s t c . ount.' Amount T , ota i l. Discount. j ; i m A in v a d e tu r a a w r g i s t e y . ; I | ! p r A a e d v t r a e e y c r ( s e a 3 ) g n 6 , e t 5 . ! Boston ; ! S50.000 S594 ! $8,312 S57 i $48,968,235 $170,789 30.54 4.17 New York $50,818 i S271 18)572 203 ;. ! 175,577,484 742,727 36.84 4.19 Philadelphia '. ! ! 4,281,367 21,915 44.54 4.19 Cleveland • i 147,138 1,245 !. i 43,292,529 231,996 46.57 4.20 Richmond [ , ! 10.061,265 81,763 65.01 4.56 Atlanta • ! ! 9) 023,940 70,764 62. 76 4.56 Chicago ' ' ! 70,233,527 412,226 50. 63 4. 23 St. Louis I I i 20,825,920 86,401 35.80 4.23 Minneapolis '' : ; ; : 22,445,959 141,952 55.02 4. 20 Kansas City j I I 704.569 7,999 5,887,181 39,269 56.01 4.35 Dallas j 295.000! 3,408 ! 2,588,000 17,184 52.56 4.61 San Francisco. 881,733 7,682 j 80)325 ; 548 j ! 39,097,132 267,925 58- 40 4.22 Total : 932,551 ! 7,953 | 591,035 i 712,911 | 8,056 | 452.282,539 j 2,284,911 43.50 4.2-1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 FEDERAL RESERVE BULLETIN. JULY 1, 1910. OPERATIONS OF THE FEDERAL RESERVE BANKS. Federal Reserve Bank operations during the of acceptances, the June 20 total of 274.7 milperiod between May 23 and June 20 continued lions being 81.5 millions in excess of the correon a big scale, in answer to the great loan de- sponding total for May 23. Purchases for mands on the part of their members. Pressure account of other Federal Reserve Banks, as upon their liquid, resources was, however, re- usual, were effected by the New York bank. lieved in a large degree by the very extensive A net gain of 2.2 millions in Treasury ceroperations of the Treasury, including the re- tificates is due to additional investments in demption on June 3 and 17 of the outstanding 1-year 2 per cent certificates to secure Federal balances of the third and fourth series of Reserve bank notes; the larger gain shown on Treasury certificates issued in anticipation of June 6 represents largely temporary certificates the Victory loan, also of two series of tax cer- issued to five Federal Reserve Banks to cover tificates in connection with the payment about advances to the Government pending receipt June 15 of income and excess war profit taxes, of funds from depositary institutions. These besides the disbursement on June 15 of interest certificates were redeemed during the following due on the first Liberty loan. As the combined week, and the June 13 statement accordingly result of these operations the Federal Eeserve shows a decrease of 23 millions under this head. Banks show a net decrease of 140 millions in Total earning assets of the Federal Reservetheir holdings of war paper and of over 100 Banks decreased during the period by about millions in their total discounts on hand. The 17.5 millions, and on June 20 stood at 2,341.5 share of war paper in the total discounts, which millions. was nearly 91 per cent on May 23, shows a de- Between May 23 and June 6, as the result of cline to about 88 per cent on June 20. For the Government deposits and purchases of gold, New York Federal Reserve Bank a decrease of imported from Canada for account of the Brit- 124.5 millions in the amount of war paper and ish Government, the gold reserves of the banks a gain of 16.4 millions in the total of other dis- increased from 2,178.7 to 2,201.8 millions. counts on hand are shown. Since then, following the removal of the gold War paper on hand includes also the amounts embargo, net withdrawals of gold for export held under discount for other Federal Reserve have caused a reduction of the banks' gold Banks. The aggregate amount of such dis- reserves to 2,165.7 millions. Net deposits folcounts increased from 109.3 millions on May 23 low, on the whole, the same course as discounts, to 127.5 millions on June 20, these figures and on June 20 stood at 1,771.3 millions, or representing the contingent liabilities on re- 26.2 millions below the May 23 total. discounted war paper reported for these two Federal Reserve note circulation, except for dates by the Philadelphia, Richmond, and one week, shows a continuous decline, and on Dallas banks. On the other hand, among the June 20 stood at 2,488.3 millions, a reduction discounted bills held by the Cleveland, Chicago, of about 16 millions for the four weeks. The St. Louis, and Minneapolis banks on the same reserve ratio of the banks shows a maximum dates are included the above amounts of bills fluctuation between 51.8 per cent on May 29 discounted for the three borrowing Federal and 53.7 per cent on the following Friday; Reserve Banks. the June 20 ratio, 52.5 per cent, is about 2 During the latter part of the period the points higher than the ratio shown four weeks Federal Reserve Banks increased their holdings earlier. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 687 Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, May 29 to June 20, 1919. [In thousands of dollars; i. e., 000 omitted.] RESOURCES. New Rich- At- Chi- St. Mimic- San Boston. York. phia. land. mond. .lanta. cago. Louis, apolis. City. Dallas. F ci r s a c n o - . Total. Gold coin and certificates: May29 3,639 252,840 650 27,342 2,240 7,868 23,116 3,905 8,358 7,256 9,342 346,618 June 6 3,881 263,578 502 24,510 2,124 7,927 23,293 3,859 8,321 106 9,599 354,969 June 13 3,116 260,047 562 30,901 2,117 7,951 23,134 3,786 8,332 75 7,278 8,512 355,811 June 20 3,401 228,778 422 37,159 2,166 7,883 23,319 3,849 8,329 121 7,290 9,959 332,676 Gold settlement fund, Federal Reserve Board: May 29 47,971 186,786 44,012 45,801 26,716 16,892 87,575 27,905 21,467 39,914 6,792 34,911 586,742 June 6 37,592 192,474 47,043 55,414 21,626 6,977 12,260 18,158 25,174 38,161 6,256 19,920 581,055 June 13 42,006 168,200 52,077 56,524 24,844 13,861 LOO, 321 26,712 24,397 36,901 6,076 30,756 582,675 June 20 43,545 225,032 50,463 38,579 36,488 9,454 73,640 24,034 22,530 5,610 24,894 581,238 Gold with Federal Reserve agents: May 29 56,893 286,920 68,375 30,019 31,554 42,592 266,485 56,804 40,263 29,957 16,594 L05,269 1,131,725 June 6 54,279 285,268 75,259 .32,847 I 32,960 49,597 248,326 58,573 38,617 28,561 16,264 118,957 1,139,508 June 13 51,135 284,281 71,181 .26,171 | 31,01847,647 258,341 56,528 38,213 27,255 15,810 110,390 1,117,970 June 20 52,526 292,876 72,792 .19,789 j 34,160 43,715 255,844 55,532 37,433 26,278 15,920 114,351 1,127,216 Gold redemption fund: May 29 14,268 24,942 14,303 1,659 8,404 5,806 26,830 4,559 5,544 11,894 2,413 2,036 122,658 June 6 16,645 24,829 8,435 243 10,144 6,584 31,436 4,558 6,626 13,163 961 126,272 June 13 19,539 24,829 11,957 2,236 11,549 5,165 29,703 5,520 7,381 14,346 3,021 2,172 137,418 June 20 12,037 24,829 1,834 6,827 4,772 33J19 4,604 15,214 2,864 124,595 Total gold reserves: May 29 [122,771 751,488 127,340 204,821 68,914 73,158 404,006 93,173 75,632 81,827 33,055 .51,558 2,187,743 June 6 112,397 766,149 !131,239 213,014 66,854 71,085 415,315 85,148 73,738 79,991 32,437 .49,437 2,201,804 June 13 jll5,796 737,357 1135,777 215,832 69,528 74,624 411,499 92,546 78,323 78,577 32,185 .51,830 2,193,874 June 20.... 17,509 771,515 1132,637 197,361 79,641 386,522 88,019 76,288 31,684 .50,143 2,165,725 Legal tender notes, silver, etc.: May 29 7,356 50,684 303 1,005 1,703 2,309 106 192 2,136 242 67,363 June 6 7,084 51,890 275 1,104 399 1,438 1,325 2,357 94 149 2,043 381 68,539 June 13 7,059 51,808 274 939 405 1,331 1 147 2,647 88 206 2,006 204 68,114 June 20 7,408 51,869 250 450 1,484 1,002 2,889 87 188 1,971 268 68,734 Total cash reserves: May 29 130,127 802,172 127,643 205,826 69,313 74,861 [04,934 95,482 75,738 82,019 35,191 151,800 I2,255,106 June 6 119,481 818,039 131,514 214,118 67,253 72,523 416,640 87,505 78,832 80,140 34,480 149,818 2,270,343 June 13 122,855 789,165 136,051 216,771 69,933 75,955 412,646 95,193 78,411 78,783 34,191 152,034 2,261,988 June 20 .124,917 823,384 132,887 80,091 67,308 387,524 90,908 76,375 68,770 33,655 150,411 2,234,459 Bills discounted: Secured by Government war obligations *— May 29 .46,191 703,252 .83,577 131,404 81,594 72,198 228,140 61,623 45,184 53,028 25,887 70,815 1,802,893 June 6 33,197 634,661 .60,810 118,393 76,132 64,647 195,120 53,956 44,030 47,704 27,074 65,270 1,620,994 June 13 145,205 630,112 .91,277 128,601 82, 852 73,122 192,979 47,038 48,116 25,547 67,824 1,695,576 June 20 143,557 584,513 .76,588 121,593 84,764 72,405 213,504 58,579 41,617 48,132 23,277 53,399 1,621,928 All other- May 29 5,488 26,677 13,012 6,785 12,503 13,011 18,604 8,350 5,361 36,312 26,927 13,469 ! 186,499 June 6 4,992 38,949 13,900 6,114 12,138 13,174 16,197 9,567 3,859 34,343 25,353 11,544 | 190,130 June 13 4,869 30,644 14,389 6,045 11,587 13,125 16,574 10,436 3,947 34,142 24,837 12,003 ! 182,598 June 20 5,155 39,782 18,254 6,623 13,956 15,296 21,980 10,070 4,913 42,444 24,375 12,664 I 215,512 Bills bought in open market:2 May 29 14,673 44,853 1,113 21,3(54 6,760 5,283 27,640 4,264 7,088 577 838 49,197 I 183,650 June 6 17,433 51,779 972 20,132 7,393 5,382 32,776 5,360 I 7,142 169 613 49,156 ! 198,307 June 13 18,842 71,992 969 26,914 6,961 6,345 34 236 4,108 i 8,753 10 649 54,758 234,537 June 20 19,056 80,948. 864 31,969 6,661 7,059 37,722 6,893 | 17,823 12 649 65,080 274,736 U. S. Government bonds: May 29 539 1,302 1,385 1,083 1,234 377 4,477 1,153 116 8,867 2.632 27,131 June 6 539 1,302 1,385 1,083 1,234 375 4,476 1 153 116 8,867 3,966 2.633 ! 27,129 June 13 539 1,302 1,385 1,084 1,234 376 4,476 1,153 116 8,867 2,632 1 27,130 June 20 539 1,302 1,385 1,083 1,234 376 4,476 1,153 116 8,868 2,633! 27,131 U. S. Victory notes: May29 16 50 7 -! 10 J J J u u u n n n e e e 6 1 2 3 0 3 3 2 0 0 9 5 5 5 0 0 0 8 7 7 2 2 2 4 4 4 6 6 6 °3 3 3 3 3 3 U. S. certificates of indebtedne M J J J s u u u s: a n n n y e e e 2 6 2 1 9 0 3 1 1 1 1 6 7 6 6 , , , , 9 9 9 9 1 1 1 1 6 6 6 6 | 6 6 6 6 8 6 6 3 , , , , 2 4 4 1 7 6 8 4 6 6 2 0 2 1 2 2 5 0 9 1 , , , , 6 6 6 6 8 8 9 8 5 1 0 0 1 1 1 1 6 6 7 7 , , , , 9 0 4 5 7 2 6 1 6 6 7 2 5 9 6 6 , , , , 1 8 2 2 6 6 6 6 0 0 0 0 1 1 1 9 0 0 0 , , , , 5 5 5 5 8 4 9 9 9 9 9 4 2 2 2 2 1 2 3 2 , , , 6 6 0 6 4 1 1 1 2 2 2 2 1 1 1 1 5 9 6 6 , , , , 1 6 1 1 7 8 8 8 7 2 2 2 i 9 6 9 , , 9 , 7 9 5 , 1 1 2 1 0 4 0 71 1 6 6 6 1 , , , , 4 8 8 8 5 8 8 8 3 6 3 5 4 4 5 5 , , , , 9 4 4 9 1 0 0 0 1 0 0 0 1 6 5 7 2 , , , , 0 9 4 8 4 5 4 5 5 6 0 0 2 2 2 2 0 0 2 0 1 1 7 4 , , , , 8 8 5 4 8 5 0 0 3 3 0 5 Tota J M J J l u u u e a n n n a y e e e r n 2 6 2 1 9 i 0 3 ng assets: 1 1 1 1 8 7 8 8 3 4 5 6 , , , , 1 8 2 4 0 2 5 0 6 3 3 1 8 8 7 7 4 0 9 7 4 0 8 0 , , , , 6 8 3 0 1 8 6 7 6 1 1 6 2 2 2 2 1 0 2 1 8 2 8 8 , , , J 7 7 7 7 7 4 0 2 7 7 5 1 1 1 1 7 6 7 7 7 2 8 9 , , , , 1 6 7 6 0 9 8 7 3 8 0 0 1 1 1 1 0 0 0 1 7 6 8 2 , , , , 9 8 8 0 5 9 7 5 1 4 5 7 1 1 1 9 0 0 0 4 0 3 5 , , , , 1 5 4 7 3 7 6 4 5 4 0 2 3 3 2 2 0 0 7 7 1 0 0 1 , , , , 2 5 8 1 9 7 0 8 4 7 3 1 9 8 9 9 9 0 4 3 , , , , 2 5 7 3 1 7 8 7 8 2 2 2 6 6 6 7 5 6 9 1 , , , , 1 9 6 6 0 3 2 2 3 0 9 0 1 1 1 9 0 0 0 8 2 5 6 , , , , 0 9 3 2 1 6 4 4 8 6 1 0 6 6 6 5 1 2 0 7 , , , , 9 3 5 6 0 9 1 7 6 9 8 8 1 1 1 1 4 4 4 3 3 1 3 9 , , , , 5 2 7 4 6 6 2 4 3 3 6 8 2 2 2 2 , , , , 4 2 3 3 0 6 4 4 2 4 4 1 , , , , 0 4 5 5 5 4 2 7 6 6 3 9 Bank premises: J M u a n y e 2 6 9 8 80 0 0 0 • ! 3 3, , 7 7 8 8 2 2 5 5 0 0 0 0 8 8 7 7 5 5 3 3 1 1 2 2 2 21 1 8 8 2 2, , 9 9 3 3 6 6 | 5 5 4 4 1 1 4 4 0 0 1 1 2 2 2 2 1 1 4 4 0 0 0 0 1 1 0 0 , , 9 9 8 8 6 6 June 13 800 i 3,782 500 875 312 218 2,936 ! 541 401 221 400 10,986 June 20 800 ! 3,782 500 875 218 2,936 | 541 401 221 400 11,066 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

688 FEDERAL. RESERVE BULLETIN. JULY 1, 1919. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, May 29 to June 20, 1919—Continued. [In thousands of dollars; i. c, 000 omitted.] RESOURCES—Continued. Boston. Y N o ew rk - . 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. c C a h g i o - . Lo S u t. is. 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 29 51,919 154.077 59.387 57,242 43,542 31,933 77,861 39,368 14,705 52,261 24,381 27,983 634,639 June 6 53,699 ! 162.255 61.674 48,462 60,073 33,868 71,351 46,052 12,633 49,947 23,648 27,095 650,757 June 13 81,508 199,236 79,784 62,749 76,885 43,340 86,048 57,731 16 062 fi5.813 30,787 35,419 835,362 June 20 86,344 198,535 81,726 79,025 67,429 35,731 107,182 46,022 14', 465 62.374 31,389 37,935 848,157 5 par cent redemption fund asaiust Federal Roservobank notos: Mav 29 840 1,803 975 808 180 489 1,376 618 357 730 379 408 8,963 June 6 844 1,752 1,025 774 164 470 1,480 575 289 707 379 409 8 868 June 13 842 1, 734 1,025 803 464 502 1,136 570 322 714 379 408 8*899 Jim;1 20 . 843 1,593 1,025 834 460 495 1,302 610 358 729 396 408 9,053 All other resources: May 29 . . .« 511 2,864 824 762 596 334 1,251 393 232 504 701 1,063 10,035 Juno 6 421 2,911 913 822 755 351 1,331 441 244 358 740 755 10,042 June 13 . . . 388 2,807 977 1,402 502 387 1,362 476 252 395 755 629 10,332 June 20 464 3,022 1,557 888 736 385 1,547 553 175 420 764 681 11,192 Total resources: Mav 29 358,020 1,809,314 408,106 442,616 221,894 208,295 788,861 226,974 157,962 241,155 123,391 325,197 5,321,785 June 6. 349,351 1,781,620 398,373 427,749 234,614 201,565 764,919 224,332 157,101 234,519 121,374 319,925 5,215,442 June 13 392,794 1,797,100 447,042 462,270 256,990 223,976 775,005 249,293 164,667 244,124 126,732 332,153 5,472,146 June 20. 398,621 1,800,377 436,467 458,631 261,983 209,879 801,785 232,006 163,002 239,035 124,103 329,561 5,455,450 i Includes bills discounted for other Federal Reserve Banks: May 29 35,533 52,332 10,000 15,000 112,865 June 6 29,781 49,458 12,000 24,000 115,239 June 13 15,000 58,142 14,800 27,960 115,902 June 20 30,000 65,874 7,600 23,980 127,454 2 Includes bankers acceptances bought from other Foderal Reserve Hanks: With their indorsement- May 29 858 858 June 6 100 ! j 100 June 13 i June 20 •: Without their indorsement— : | May 29 • 26,429 26,429 June 6 21,916 21,916 June 13 26,211 26,211 June 20 27,475 27,475 1 LIABILITIES. Capital paid in: May 29 6,852 21,345 7,632 9,225 4.195 3,245 11,440 | 3,865 3,000 3,785 3,235 4,770 82.589 June 6 6,877 21,384 7,632 9,225 4,209 3,244 11,442 j 3,865 3,006 3,761 3,237 4,770 S2;652 June 13 6,877 21,384 7,633 9,232 4,209 3,247 11,446 ! 3,867 3,006 3,761 3,238 4,774 82,674 Jane 20 6,877 21,444 7,636 9,236 '4,209 3,247 11,456 j 3,867 3,009 3, 761 3,240 4,774 82,756 Surplus fund: May 29 2,996 21,117 2,608 3,552 2.196 1,510 6,416 ! 1,6031,415 2,421 1,184 2,448 49,466 June 6 2,996 21,117 2,60S 3,552 2,196 1,510 6,416 ! 1,(503 1,415 2,421 1,184 2,448 49,460 June 13 2,996 21,117 2,608 3,552 2,196 1,510 6,416 j 1,6031,415 2,421 1,184 2,448 49,466 June 20 ! 2,996 21,117 2,608 3,552 2,196 1,510 6.416 ! 1,603! 1,415 2,421 1,184 2,448 j 49,460 Government deposits: ! May 29 ! 21,702 18,094 13,218 12,311 2,063 3,638 24,257 |9,912 6,382 12,084 6,397 6,421 141,479 June 6 ! 61 8,795 410 3,506 1,578 562 5,401 :1,458 658 1,339 1.510 750 26,058 Due ^ J 1 u 1 to 1 n 1 e 0 m 1 2 e 3 0 m bers—reserve ac- 3 4 0 4 , , 9 0 7 2 8 3 2 1 2 5 , , 6 9 4 1 2 8 4 1 3 4, , 5 8 9 9 3 0 2 2 9 7 , , 7 7 4 9 3 5 1 1 8 5 , , 0 03 9 5 7 2 8 4 , , 7 2 0 99 0 9 4 , , 4 9 1 5 0 7 : |2 8 4 , , 8 3 3 3 . 2 1 7,734 1 7 7 , , 9 4 5 2 2 2 1 2 3 , ; 7 8 3 4 6 4 1 2 0 , , 4 3 1 69 2 ! ! 2 1 4 6 5 1 , , 2 49 4 5 5 count: May 29 97,824 692,133 97,514 131,152 51,255 46,727 236,827 j 55,812 i 50,08073,434 40,644 82,716 ! 1,656,118 June 6 101,557 710,129 106,214 130,763 53,204 46,636 235,740 1 00,359 ! 53,57678,038 43,154 85,734 j 1,705,10 4 June 13 i 100,735 670,417 ! 94,291129,645 52,321 44,088 234,902 j 59,089 \ 48,94869,651 40,574 82,922 | 1,033,583 June 20 .ilOl,515 691,557 | 89,171120,338 50,957 44,738 235,308 | 61,531 51,78872,719 42,562 86,446 I 1,648,630 Deferred availability items: \ May 29 ! 47,214 129,876 59,065 43,400 39,165 24,258 58.677 35,702 5,978 37,689 17,137 19,177 | 517, CSS June 6 ! 43,487 116,959 51,122 44,217 50,900 23,158 55,349 36,888 7,723 35,134 17,515 14,897 ! 497,349 June 13 i 59,092 156,252 71,049 53,349 62,346 24,572 69,727 40,653 12,811 39,164 13,597 21,127 ! 623,739 June 20. \ 50,516 153,585 97,163 65,09S 67,323 24,175 90,075 36,619 14,513 41,951 18,436 22,613 I 682,097 Other deposits, including foreign Government credits: May 29 191 136,551 722 1,679 199 142 2,520 875 420 1,157 169 j 5,693 I 150,324 June 6..- i 1,556 118,557 730 506 304 293 2,647 882 i 1,1701,607 239 j 5,873 i 134,364 June 13 i 353 111,188 1,012 705 106 155 2,092 878 I 765 1,062 77 I 6,172 ! 127,5(55 June 20 | 232 111,861 1,061 666 299 j 341 3,384 763 ! 1,668 884 227 ! 5.878 i 127,264 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 689 Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, May 29 to June 20, 1919—Continued. [In thousands of dollars; i. e.} 000 omitted.] LI A BI LI TIE S—Continued. i Boston. New P d h e i l l - a- C la le n v d e . - m R o ic n h d - . ! ; la A n t t - a. c C ag h o i- . Lo S u t. is. M ap i o n l n is e . - j | K C a i n ty s . as Dallas.! j ! F C S r i a a sc n n o - . Total. j -— — i— Total gross deposits: May 29 1.60.931 97(5,054 170,519 188,542 92,082 79,765 322,281 102,301 62,866 124,304 64,347 |114,3O7 2,465,559 June 6 IW] 001 954,440 158,506 178,992 105,9S6 70,049 299,137 99,587 03,127 116,118 62,418 j107,254 2,362,875 June 13 191,158 969,499 210,242 ;213,442 129,808 93,114 311,078 124,952 70,258 127,299 08,092 '.120,590 2,030,132 .Tune 20 190,316 972,951 201,988 213,897 130,670 77,954 338,177 107,744 08,907 123,500 03,901 1117,349 2,619,180 Federal Reserve notes in actual circulation: May 29 ; 172,171. 712,390 205,734 i223, 599 115,484 1113,350 422,327 104,180 83,894 95,585 46,208 1194,310 2,519,292 TurieO .1.73,771 736, (-74 1207,352 1218,091114,780 115,509 421,040 .103,909 82,029 97,102 40,122 ! 195,989 2,513,037 June 13 il 72,032 -7o3a6 ,2oo8o8 1in2ft0o3 ,7T1in0 2ru1r 7,9n3o4/ 112,904 115,12S 1418,271 103,159 82,975 95,993 45,517 ! 194,0912,499,205 June 20 '. 172,757 735,220 |200, «19 213,454 110,852 115,995 1117,700 102,740 82,417 i 91,023 40,088 1195,132 2. 4SS, 253 -Federal Reserve bank notes in | j circulation—net liability: May 29 • 16,356 34,730 18,609 15,191 5,524 9,023 22,680 ! 13,751 , 7 00 12,907 I 7,020 6,821 108,427 Juno 6 ! 16,208 34,317 i 19,101 15,237 5,504 9,130 22,990 I 14,032 5,833 13,021 ! 7,030 6,783 109,240 June 13 ' 16,190 34,490 ! 19,564 15,324 5,870 9,458 23,202 14,341 5,883 12,488 : 7,290 6,831 170,937 June 20 j 16,638 34,692 I 20,190 15,588 5,997 9,507 ! 23,780 14,009 5,918 12,400 7,503 0,833 j 173,775 All other liabilities: May 29 ! 2,714 13,078 3,004 2,507 1,813 1,402 3,717 1,274 1,032 ! 2,033 1,337 2,541 30,452 June 6 2,838 13,688 3,174 2,649 1,879 1,403 3,888 1,336 1,091 ! 2,0"" 1,383 2,081 38,160 June 13 2,941 i 14,322 3,285 2,786 1,937 1,519 3,992 1,371 1,130 ! 2,102 ! 1,411 2,816 39,072 June 20 3,037 | 14,947 3,426 2,904 2,053 1,606 4,250 1,443 1,276 • 2,324 1,467 2,975 41,714 Total liabilities: May 29 368,020 jl, 809,314 408,106 442,616 221,894 1208,295 788,861 226,974 157,902 241,155 1123,391 J325,197 5,321,785 June 6 ;349,351 11,781,620 398,373 427,749 234,014 1201,505 764,919 224,332 157,101 234,519 1121,374 ^319,925 5,215,442 June 13 - 1392,794 11,797,100 447,042 462,270 250,990 1223,970 775,005 249,293 164,667 244,124 1126,732 332,153 5,472,146 June 20 :398,621 1,800,377 436,467 458,031 261,983 j2G9,879 1801,785 ,232,006163,002 239,035 J124,103 329,501 5,455,450 MEMORANDA. Contingent liability as indorser j on— i Discounted paper redis- | counted with other Fed- j eral Reserve banks- May 29 35,533 !.-.. 45,000 ': .... 32,332 ! 112,865 June 6 35,281 :.... 50,000 .... 29,958 i 115,239 June 13 36,366 i.... 50,000 ; ...I. ....: 29,536 ; 115,902 June 20 >. 56,967 .... 45,000 ; ...j. .... 25,487 i 127,454 Bankers' acceptances sold I to other Federal Reserve i banks— ! May 29 858 j 858 June 6 100 j 100 June 13 June 20 ! Maturities of bills discounted and bought, also of 'Treasury certificates of indebtedness. [In thousands of dollars, i. e., 000 omitted.] 1 W 5 i d t a h y in s. 1 d 0 a to y s 3 . 0 31 d a t y o s . 60 0 d 1 a t y o s . 90 O d v a e y r s 9 . 0 Total. Bills discounted: May 29 727,796 35,738 141,123 60,509 24,226 1,989,392 June 6 542,468 37,495 144,953 61,398 24,810 1,811,124 June 13 577,715 42,424 156,588 75,137 26,310 1,878,174 June 20 508.510 57,993 186,835 54,885 29,217 1,837,440 Bills bought: May 29 52,301 39,711 69,632 22,006 183,650 June 6 57,720 42,542 71,657 26,382 198,307 June 13 61,213 48,315 82,965 42,044 234,537 June 20 61,400 00,662 99,848 52,820 274,736 United States certificates of indebtedness: May 29 30,938 3,318 765 13,720 153,053 201,800 June 6 53,579 411 391 7,121 166,051 227,553 June 13 30,235 162 632 11,130 162,246 204,405 June 20 25,097 244 235 13,036 103,271 201,883 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

690 FEDERAL EESEEVE BULLETIN. JULY 1,1919. FEDERAL RESERVE NOTES. Federal Reserve note account of each Federal Reserve Bank at close of business on Fridays, May 29 to June 20, 1919. [In thousands of dollars, i. e., 000 omitted.] Boston. 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 - . At t l a a . n- 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 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 29 178,160 818,059 217,083 235,467 120,020 117,117 453,179 117,958 85,829 102,054 47,788 215,733 2,708,447 .Time 6 181,545 824,619 219,867 232,494 117,856 119,491 455,021 118,147 84,783 103,258 48,064 217,461 2,722,606 June 13 179,902 827,811 216,888 230,719 116,714 120,958 450,036 116,603 85,379 102,231 47,039 215,615 2,709,895 June 20 180,293 819,149 213,899 228,437 115,386 119,455 447,539 117,366 84,999 1101,655 47,925 217,095 2,693,198 Federal Reserve notes held by banks: May 29 5,989 75,669 11,349 11,868 4,536 3,767 30,852 13,778 1,935 6,469 1,520 21,423 189,155 June 6 7,774 87,945 12,515 14,400 3,076 3,922 33,975 14,238 i 2,154 6,156 1,942 21,472 209,569 June 13 7,270 91,523 13,178 12,785 3,750 5,830 31,765 13,444 ! 2,404 6,238 1,522 20,921 210,630 June 20 7,536 83,923 13,280 14,983 4,534 3,460 29,839 14,626 | 2,582 j 7,032 1,237 21,913 204,945 Federal Reserve notes in actual circulation: May 29 :.172,171 742,390 205,734 223,599 115,484 1113.350 422,327 104,180 | 83,894 [ 95,58546,268 194,310 2,519,292 June 6 173,771 736,674 207.352 218,094 114,780 1115; 569 421,046 103,909 ! 82,629 i 97,10246,122 195,989 2,513,037 June 13 172,632 736,288 203,710 217.934 112,964 115,128 418,271 103,159 82,975 j 95,993 45,517 194,694 2,499,265 June 20 172,757 735,226 200,619 213,454 110,852 115,995 417,700 102,740 82,417 I 94,623 46,688 195,182 2,488,255 Gold deposited with or to credit of Federal Reserve agent: May 29 56,893 286,920 68,375 1130,019 31,554 42,592 266,485 56,804 40,263 ! 29,957 16,594 105,269 1,131,725 June 6 54,279 285,268 75,259 132,847 32,960 49,597 248,326 58,573 38,617 I 28,561 16,264 118,957 1,139,508 June 13 51,135 284,281 71,181 126,171 31,018 47,647 258,341 56,528 38,213 i 27,255 15,810 110,390 1,117,970 June 20 58,526 292,876 72,792 119,789 34,160 43,715 255,844 55,532 37,433 ! 26,278 15,920 114,351 1,127,216 Paper delivered to Federal Reserve agent: May 29 166,352 774,782 151,084 158,956 92,418 83,681 274,317 63,987 I 49,774 \ 89,91753,652 120,361 2,079,281 June 6 155,622 725,389 157,947 143,626 89,244 78,414 244,064 65,502 ! 52,803 i 82,21653,040 107,629 1,955,496 June 13 168,916 732,748 154.213 160,109 93,837 79,568 243,555 68,600 j 51,140 j 82,26851,033 115,216 2,001,203 June 20 167,768 705,243 146,638 158,835 98,546 80,952 273,073 70,126 | 62,500 90,588 48,301 107,544 2,010,114 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 691 Federal Reserve note account of each Federal Reserve agent at close of business on Fridays, May 29 to June 20, 1919. [In thousands of dollars, i. e., 000 omitted.] Boston. N°* P p d h h e i l i - l a a . - C la le n v d e . - m R o ic n h d - . S i la A nt t a - . ! j C ca h g i o - . Lo S u t. is. M ap i o n l n is e- K C a i n ty s . as Dallas. c F i S r s a a c n n o - . Total. FEDERAL RESERVE NOTES. I Received from Comptroller: May 29 !307,200 1,546,780 359,740 353,400 223,220 '225,000 608,600 197,040 131,880 164,800 103,160 276,260 4,497,080 June 6 312,280 1,566,880 373,300 354,000 223,620 :22~,000 1609,720 198,660 131,880 166,800 103,160 280,300 4,547,600 June 13 .317,800 1,580,880 390,980|356,100 224,120 229,600 :619,680! 200,740132,880 167,300 103,560 282,020 4,605,660 June 20 317,800 1,587,580 ,396,980 357,100 225,120 j232,000 ;620,600 201,860 132,880 167,500 1103,560 285,540 4,628,520 Returned to Comptroller: j I May 29 104,520 585,121 136,617 85,413 74,212 I 47,988 !124,741 59,702 30,911 48,366 31,667 54,527 1,383,785 June 6 107,135 598,661 142,233 89,086 76,806 i 48,984 1130,579 62,933 32,057 49,762 31,996 56,839 1,427,071 June 13 110,278 612,069 146,812 92,261 78,748 50,933 i 139,284 64,977 32,961 51,069 32,951 60,405 1,472,748 June 20 112,887 627,431 151,201 95,143 80,607 51,865 144,181 65,974 33,741 52,045 33,340 62,445 1,510,860 Chargeable to Federal Reserve agent: May 29 202,680 961,659 223,123 267,987 149,008 1177,012 483,859 137,338 100,969 116,434 71,493 221,733 3,113,295 June 6 205,145 968,219 231,067 264,914 146,814 1178,016 479,141 135,727 99,823 117,038 71,164 223,461 3,120,529 June 13 207,522 968,811 244,168 263,839145,372 |178,667 480,396 135,763 99,919 116,231 70,609 221,615 3,132,912 June 20 204,913 960,149 245,779 261,957 144,513 j180,135 476,419 135,886 99,139 115,455 70,220 223,095 3,117,660 In hands of Federal Reserve | May29 24,520 143,600 6,040 32,520 28,988 i 59,895 30,680 19,380 15,140 14,380 23,705 6,000 404,848 June 6 23,600 143,600 11,200 32,420 28,958 : 58,525 24,120 17,580 15,040 13,780 i 23,100 6,000 397,923 June 13 27,620 141,000 27,280 33,120 28,658 ' 57,70930,360 19,160 14,540 14,000 23,570 6,000 423,017 June 20 24,620 141,000 31,880 33,520 29,127 60,680 18,520 14,140 13,800 22,295 6,000 424,462 Issued to Federal Reserve Bank less amount returned to Fed- | eral Reserve agent for re- j demption: May 29 178,160 818,059 217,083 235,467 120,020 117,117 453,179 117,958 85,829 102,054 47,788 215,733 2,708,447 June 6.. 181,545 824,619 219,867 232,494 117,856 119,491 455,021 118,147 84,783 103,258 48,064 217,461 2,722,606 June 13 179,902 827,811 216,888 230,719 116,714 120,958 450,036 116,603 85,379 102,231 47,039 215,615 2,709,895 June 20 180,293 819,149 213,899 228,437 115,386 119,455 447,539 117,366 84,999 101,655 47,925 217,095 2,693,198 -Collateral held as security for outstanding notes: Gold coin and certificates on hand— May 29 183,740 17,625 2,500 13,052 11,581 228,498 June 6 183,740 20,625 2,500 13,052 11,581 231,498 June 13 183,740 14.125 2,500 13,052 11,581 224,998 June 20 183,740 8J125 2,500 13,052 11,581 218,998 'Gold redemption fund- May 29 13,180 14,486 12,394 2,554 i 3,092 5,340 3,37.4 2,411 2,597 2,829 15,101 87,251 June 6 11,279 11,528 13,870 12,222 1,960 ' 4,097 5,502 2,142 1,265 3,201 2,499 14,148 83,713 June 13 11,135 10,541 14,792 12,046 2,018 j 2,147 4,797 4,098 2,361 1,895 2.545 12,847 81,222 June 20 11,526 9,136 14,903 11,664 2,160 4,215 8,900 3,101 3,581 ! 2,918 2,655 j 12,058 86,817 'Gold settlement fund, Federal Reserve Board- May 29 47,000 90,000 53,889 100,000 29,000 37,000 261,145 53,430 24,800 27,360 2,184 90,168 815,976 June6 43,000 90,000 61,389 100,000 31,000 43,000 242,824 56,431 24,300 25,360 2; 184104,809 824,297 June 13 40,000 90,000 56,389 100,000 29,000 43,000 253,544 52,430 22,800 25,360 1,684 97,543 811,750 June 20 47,000 100,000 57,889 100,000 32,000 37,000 246,944 52,431 20,800 23,360 1,684 102,293 821,401 Eligible paper minimum required: i May 29 |121,267 531,139 148,708 105,448 88,466 74,525 186,694 61,154 45,566 72,097 31,194 110,464 1,576,722 June 6 1127,266 539,351 144,608 99,647 84,896 69,894 206,695 59,574 46,166 74,697 31,800 98,504 1,583,098 Juno 13 128,707 543,530 145,707 104,548 85,696 73,311 191,695 60,075 47,166 74,976 31,229 105,225 1,591,925 Juno 20 121,767 526,273 141,107 108,648 81,226 75,740 191,695 61,834 47,566 75,377 32,005 102,744 1,565,982 1 For actual amounts, see "Paper delivered to Federal Reserve agent," on p. 9€ 0. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 FEDERAL RESERVE BULLETIN. JULY 1, 1919. CONDITION OF SELECTED MEMBER Other loans arid investments show a con- BANKS. tinuous upward course until June 13, when the maximum of 10,772.9 millions is shown. Substantial liquidation of Treasury certifi- Of the total increase of 257.8 millions under cates issued in anticipation of the Victory loan this head over 43 per cent is the share of the and of taxes due about the middle of June, New York City banks. On the following offset in a measure by the increase in other Friday this item shows a decline of 61 millionsloans and investments, accounts for the prinfor all reporting banks and a corresponding cipal change in the condition of 771 reporting decline of 45.6 millions for the banks in New member banks in leading cities between May 23 York City alone. and June 20. For the four weeks under review the total of Liberty bonds and Victory notes Of the aggregate loans and investments of all held among the assets of these banks shows an reporting banks the combined holdings of increase of 162.7 millions, while the total of United States war securities and war paper on Treasury certificates during the same interval June 20 constituted 24.2 per cent, compared declined by 737.2 millions. The result is a net with 26.2 per cent on May 23 and 26.9 per decrease by 574.5 millions in the banks' hold- cent two weeks later. For the New York ings of United States war securities. As City banks this ratio shows a rise from 28.4 against this very substantial decline, the per cent on May 23 to 30.5 per cent on June 6 amount of war paper on hand increased by and a subsequent decline to 27.2 per cent. 258.7 millions. Aggregate holdings of United Government deposits increased from 627.9 States war securities and war paper from millions on May 23 to 1,180.6 millions on 3,822.3 millions on May 23 reached the high June 6 and on June 20 stood at 823.2 millions.. level of 4,019.9 millions on June 6, following Other demand deposits (net), except for the the final allotment of Victory notes to large last week under review, show a movement subscribers. Since then, as the result of the opposite to that disclosed by Government redemption of Treasury certificates and the deposits. The large decline under this head absorption by the public of Victory notes, the shown on June 20 is caused apparently by the to.tal declined to 3,506.4 millions. large tax payments made about June 15. For the New York City member banks Only nominal changes are shown in the total liquidation of 398.4 millions of Treasury cer- of time deposits and of cash in vault, while tificates and an increase of 115.1 millions in reserve balances (all with the Federal Reserve other United States war securities are noted. Banks) show a decline from about 1,298 to For the member banks in the 12 Federal about 1,269 millions, the lowest figure of Reserve Bank cities corresponding changes in- 1,257.5 millions on June 13 coinciding with clude a decrease of 574.9 millions in certificate a maximum of loans and investments on the* holdings as against an increase of 122.3 in one hand and of demand deposits on the other United States war securities. other. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 693 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 May 29 to June 20, 1919. 1. ALL REPORTING MEMBER BANKS. [In thousands of dollars: i. e. 000 omitted.] Boston. Y N o e r w k. d P el h p i h la i - a. C la l n ev d. e- m R o ic n h d - . la A n t t - a. Dallas. | ' F S ra an n- Total. I cisco. Number of reporting banks: May 29 107 56 i 44,| 772 'June 6 108 50 | 44 i 770 June 13 109 56 44 ; 771 June 20 109 56 ! 88 44 j 771 United States bonds to secure circulation: May 29 14,308 49,513 11,597 S 40,960 25,270 15,615 20,112 I 17,100 14,112 18,324: 34,591 208,378 June 6 14,308 49,579 11,597 41.373 25,570 15,615 20,135 ! 17,056 14,118 18,32-1 I 34,501 209,153 June 13 14,308 49,079 11,597 41,372 25,590 15,515 20,133 i 17,056 14,117 18,324 i 34.605 ?68,566 June 20 '; 14,308 48,980 11,597 41,421 2o,590 15,515 20,141 i 17,056 14,117 18.324 I 34', 605 208,540 Other United States bonds, including Libertv bonds: May "29 20,050 312,871 53,212 87,360 58,080 47,281 10*, 721 30,321 ! 13,331 31,309 24,202 40.136 852,914 June 6 10,390 291,202 32.832 65,313 41,878 29,992 53,454 10,506 i 9,402 23,017 20,473 30;309 636,978 June 13 16,864 298,170 34', 001 61,011 41,807 28,914 53,208 14,120 I 9,596 22,714 20,411 3i, 801 630,292 Juno 20 16,375 300.704 35,487 62,170 40,108 28,993 52,715 15,029 ' 9,710 22,358 20,469 34!603 038,781. United States Victory notes: May 29 June 6 11,147 197,50S 30,026 55,455 17,497 18.406 62,778 22,660 1 5,720 9,295 ! 5,262 12,130 4-17,884 June 13 10,919 180,3S2 20,355 51,745 10,652 io;401 62,752 ! 19,479 ,: 5,50810,117 I 5,13813,217 424,065 June '20 10 686 171,795 IO; 179 47,775 15,271 15.906 58,495 17,586 j 5,976 11,222 I 4,268 10,579 388.738 United States certifi- I cates of indebtedness: May 29 104,418 746,939 124,631 121,892 70,500 03,490 227, 764 54,156 42,975 51,703 37,103 9-1,005 1,739.582 June 6 88,962 589,230 95,167 126,317 73,719 04,401 226,290 49,905 34,154 48,304 37,942 79,992 1,514; 452 June 13 83,125 537,216 95,507 114.918 72,313 62,544 213,459 50,775 32,463 45,811 39,581 71,994 1,422,73ft Juno 20 53 003 347.222 71,276 83', 019 59,556 52,567 182,851 39,0S0 24,915 39.091 31.001 57,073 1,040.664 Total United States securities owned: May 29 138,776 ,139,323 189,440 250,212 53,850 126,342 352,597 101,583 1 63,176 97,1S4 79,689 .08,732 2,860,90-i June 6 130,807 ,127,579 169,622 288,458 .58,664 128,414 302,666 106,187 ! 56,223 94,824 82,001 .03,022 2,868; 407 June 13 125,216 ,070,853 167,400 269,676 56.362 123,371 349,552 101,436 • 5-1.43792,759 83,457 .57,077 2,752,259 June 20 94,372 808,761 137,539 234,385 40', 525112,981 314 202 °S,761 47,487 86,788 74,062 .36,800 2,336.723 Loans> secured by United States bonds, Victory notes, and certificates: I May 29 87,878 576,749 165,047 110,341 43,657 27,571 97,799 27.318 12,530 14,403 24,225 1,194,722 June 6 94,333 778,099 174,125 111,464 43,974 26,788 101,939 26;366 13,526 17,266 25,271 1,420,581 June 13 73,791 771,033 177,431 114,216 43,939 27,432 102.763 27,939 30,312 16,006 7,389 24,364 1,4,16,615 June 20 68,988 784,247 180,502 111,615 43,250 29,839 105,' 514 27,543 39,698 16,078 7,262 23.718 1,438,204 All other loans and investments: May 29 807,010 4,189,578 642,082 998,540 386,794 305,339 1,445,941 385,750 1238,211 455,082 181,891 525,386 10.561,604 June 6 817,887 •1,219,075 673,607 1,015,101 385,361 303,806 1,440,666 386,813 236,901 459,588 185,037 532,539 10,656,381 June 13 830,391 4,307,682 654,350 1,029,751 383,118 310,719 1,464,249 388,661 219,019 161,040 187,614 536,315 10,772,909 June 20 1 843,111 4,258,186 647,716 1,014,196 384,652 312,870 1,457; 182384,221 211,058 474,091 181.731 542,845 '0,711,859 Total loans and invest- j ments: i May 29 '1.033,664 5,905,650 996,569 1,359,093 584,301 459,252 1,896.337 514,651 313,937 566,669 268,764 718,343 14,617,230 .Tune 6 1043,027 6,124,753 1,017,354 1,415,023 587,999 459,008 1,905;271 519,366 |306,650 571,678 274,468 720,832 14,945,429 June 13 1029,398 6,149,568 999,241 1,413,643 583,419 461,525 1,916,564 518,036 303,768 569,805 278,460 718,356 14,941,783 June 20 006.421 5,911,194 965; 7571,300,196 568,427 455,690 1,876,898 500,525 298,243 576,957 263,055 703,423 14,486,786 Reserve with Federal Reserve Bank: May 29 , 67,309 655,756 65,490 90,877 33,263 28,779 168,427 37,499 21,181 45,401 18,301 53,608 1,285,891 June 6 71,524 662,136 67,717 90,477 33,217 30,678 163,844 39,885 23,114 47,663 20,830 52,684 1,303,769 June 13 628.057 63,844 90,164 34,340 29,151 169,575 38,645 22,381 39,522 19,668 53,478 1,257,523 June 20 69,407 645,'433 61,890 80,763 33,330 29,137 165,667 41,116 23,084 43.352 19,987 55,823 1,268,989 Cash in vault: May 29 21,349 114,222 18,278 32,630 15,480 12,807 64,662 10,238 8,650 15.732 9,846 20,768 344,662 June 6 24,581 124,743 19,340 35,791 17,927 14,040 67,003 10,398 I 8,650 15,567 9,362 21,480 368,882 June 13 23,829 123,221 18,011 32,240 17,468 13,321 81,456 10,012 8,178 16.053 9,603 21,058 374,450 June 20 23,789 121,630 18,327 34,213 17,634 12,942 65,859 10,284 8,521 15,635 9,470 20,284 358,588 Net demand deposits on which reserve is computed: May29 716,786 4,940,728 651,349 804,847 311,023 244,083 1,246,854 285,751 224,400 398,221 168,171 450,634 10,442,847 June 6 ; 714,784 4,900,337 649,250 784,694 309,583 248,108 1,234,013 289,862 218,052 405,196 174,640 446,725 10,375,244 June 13 i 734,739 4,967,634 657,782 796,367 321,523 250,687 |1,271,684 302,702 233,814 413,100 181,726 455,273 10,587,031 June 20 ; 723,317 4,833,149 635,002 790,792 310,436 244,270 ',1,220.379 296,984 230,370 410,448 175,008 451,250 10,321,405 Time deposits: I May 29 j 109,059 284,929 20,634 294,143 79,267 1116,371 434,171 97,797 55,563 72,088 28,978 136,689 1.729,689 June 6 ! 108,181 280,637 20,901 294,063 80,174 ! 115,329 435,822 97,930 56,101 72,564 28,861 136,600 i;727,163 June 13 108,017 279,113 20,776 295,722 80,335 116,447 437,033 97,078 55,814 72,787 136,225 1,729,575 June 20 ; 109,764 279,026 20,603 294,274 81,879 116,399 440,600 97,388 56; 281 73,206 30,167 136,547 1,736,134 Government deposits: i May29 ! 63,374 123,254 62,388 59,702 29,321 30,035 59,889 34,756 16,726 26,464 15,176 20,212 541,247 June 6 1 111,735 468,075 ©8,337 130,887 46,390 46,638 128,991 55.153 13,187 35,169 18,782 27,248 1,180,592 June 13 l 84,019 414,668 71,676 102,734 31,961 27,848 123,362 36,332 8,293 21,606 10,882 12,357 945,738 June 20 1 77,590 397,209 53,817 24.155 j 21,049 106,633 25,836 5,001 14,948 5,246 8,856 823.236 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 FEDEKAL RESERVE BULLETIN. JULY 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 May 29 to June 20, 1919— Continued. 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. [In thousands of dollars; i. e., 000 omitted.] Boston. Y N o e r w k. | : d P e h lp il h a i - a C la le n v d e . - m R o ic n h d - . At ta la . n- Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n ty s . as Dallas. c F S i r s a a c n n o - . Total. Number of reporting banks: May 29 72 ! June 6 72 : 261 June 13 72 261 June'20 • 72 : 261 United States bonds to secure circulation: May 29 4,278 39,915 j 7,587 4,031 2,873 3,800 1,369 10,551 2,791 4,745 4,060 18,500 104,500 June 6 - 4,278 39,882 = 7,587 4,031 2,873 3,800 1,370 10,551 2,791 4,754 4,060 18,500 104,477 June 13 4,278 39,382 • 7,587 4,031 2,873 3,800 1,370 10,551 2,791 4,753 4,060 18,500 103,976 June 20 4,278 39,282 ; 7,587 4,081 2,873 3,800 1,370 10,55.1 2,791 4,753 4,060 18,500 103.926 Other United States bonds, including Liberty bonds: May 29 8,916 299,248 I 43,681 18,080 8,533 5,738 49,891 15,849 2,849 9,568 7,116 15,297 484,766 JuiieG 7,351 259,329 24,242 10,917 7,176 1,448 22,311 8,244 1,668 6,315 4,905 14,007 367,913 June 13 7,295 263,242 25,918 8,430 6,780 1,474 22,419 5,607 1,589 7,749 4,948 13,158 368,609 June 20 7 040 265,322 27,414 9,077 7,023 1,447 22,884 7,277 1,718 7,482 4,970 13,084 374.738 United States Victory notes: May 29 1 June6 ! 4,827 165,022 26,533 12,975 2,596 4,276 32,520 13,455 4,347 3,354 2,711 3,339 275,955 Junel3 1 4,738 160,479 23,304 11,514 2,460 2,694 33,577 11,501 4,201 2,949 2,580 3,168 263,165 Juno 20 j 4,738 148,616 16,458 10,044 1,956 2,704 30,797 10,144 4,229 4,919 1,832 3,090 239,527 United States certificates of[i indebtedness: May29 67,287 684,262 109,116 20,825 11,058 9,179 125,911 36,713 18,510 17,272 17,188 31,992 1,149,313 Jurie6 59,209 542,990 81,853 21,782 10,051 12,541 128,947 34,851 12,033 17,683 18,818 25,576 966,334 Junel3 56,124 490,808 81,974 21,159 9,990 12,637 111,161 35,198 10,668 16,125 20,516 21,472 887,832 June 20 31,770 309.382 61,131 13,915 8,441 10,278 94,672 26,551 7,890 13,555 13,653 13,233 j 604.471 Total United States securities I owned: May 29 80,481 1,023,425 160,384 42,936 22,464 18,717 177,171 63,113 24,150 31,585 28,364 65,789 1,738,579 June 6 75,665 1,007,223 140,215 49,705 22,696 22,065 185,148 67,101 20,839 32,106 30,494 61,422 1,714,679 Junel3 72,435 953,911 138,783 45,134 22,103 20,605 168,527 62,857 19,249 31,576 32,104 56,298 1,623,582 June 20 47,826 762,602 112,590 37,117 20,293 18,229 149,723 54,523 16,628 30,709 24,515 47,907 1,322,662 Loans secured by United States bonds. Victory notes, and certificates: May 29 69,553 533,445 157,253 33,221 16,751 7,568 71,466 19,875 6,862 3,326 1,468 11,183 931,971 June 6 74,251 734,755 166,095 33,029 16,980 7,445 74.950 18,338 7,300 5,489 1,498 11,939 1,152,069 June 13 53.880 725,044 169,521 33,940 17,008 8.078 76;327 19,769 7,307 5,552 1,515 11,364 1,129,305 June 20 50,983 738,005 172,911 33,259 16,227 8; 418 75,781 19,681 7,234 5,688 1,523 11,380 i;141,090 All other loans and investments: May 29 578,711 3,819,935 569,110 |286,193 67,736 59,320 897,019 261.879 109,460 1163,404 45,698 195,829 7,054,294 June 6. 586,566 3,847.609 597,647 293,S38 70,852 57,566 887,760 262,937 110,214 1163,970 47,926 201,658 7,128,.543 June 13 594,553 3,921; 905 578,803 ! 301,850 69,116 58,953 893,829 265,006 108,389 i165,184 48,409 j203,274 7,209,271 June 20 605,703 3,876,268 573,128 1301,802 68,660 59,576 887,369 261,634 109,204 1172,659 46,883 207,141 7,170,027 Total loans and investments: May 29 728,745 5,375,805 886,747 1362,350 106,951 85,605 1,145,656 344,867 140,472 1198,315 75,530 272,801 9,724,844 June 6 J 736,482 5,589,587 903,957 376,572 110,528 87,076 1,147,858 348.376 138,353 1201,565 79,918 275,019 9.995.291 June 13 720,868 5,600,860 887,107 380,924 108,227 87,636 1,138,683 347,632 134.945 1202.312 82,028 270,936 9,962.158 Juno 20 704,512 5,376; 875858,629 372; 178 105,180 86,223 1,112,873 335,838 133,066 209; 056 72,921 266,428 9,633!779 Reserve with Federal Reserve Bank: May 29 52.870 59,411 25,033 5,943 5,175 116,742 26,765 10,337 14,194 4,530 20,455 967,943 June 6 56,741 631.725 61,537 23,212 5,567 5.950 113.957 28,080 10,879 16,659 6,282 18.504 979,093 June 13 54,355 596;043 57,762 25,707 5,752 6i724 115,657 27,975 10,614 ! 11,097 5,606 19,547 936,839 June 20 54,881 616,368 55,436 21,144 5,757 6,114 1.13,092 30.292 11,218 15,878 5,415 21,434 957,029 Cash in vault: May 29 12,877 104,388 14.818 7,480 1,695 2,386 38,426 5,338 3,122 4,322 1,747 5,282 201,881 June 6 14.817 112.290 15', 503 8,123 1,414 2,670 40.011 I 5,668 2,959 4.256 1,849 £287 214,847 June 13 14,109 111,241 14,304 7,679 1,712 2,449 39,820 ! 5,526 2,785 4,455 1,634 5.316 211.030 June20 14,625 109,859 14,046 7,519 1,640 2,450 38,820 I 5,583 2,528 4,281 1,702 5; 561 208;614 Net demand deposits on j which reserve is computed: I May 29 jooO, 5584,589.657 568,055 193,829 50,050 45,334 835,025 190.960 94,327 135,544 49,579 181,640 7,484,558 June 6 '552,575 4,542,655 564'. 538193.808 49,465 45,837 830,932 f192,809 101,116 138.904 53,067 178,672 7; 444,378 June 13 ,566,399 4,586,708 572,556 198,951 50,890 47,024 846,957 !206,079 99,490 144,597 56,815 180,956 7,557,422 June 20 J559.514 4,459,294 550,921 201,364 49,487 43,900 813,351 |201,789 100,371 147,551 51,864 181,536 7,360,942 Time deposits: May 29 j 33.170 224,369 12,509 128.552 14,736 20,211 164,294 65,067 18,963 9,059 10.616 704,632 June 6 1 32,454 220,101 12,583 1129; 514 14,588 ! 20,028 164,762 65,208 19,154 8,918 3.171 10!284 701.365 June 13 31,932 218,367 12,485 130,735 14,736 20,944 165,468 64,479 19.301 8.944 3; 165 10;349 700,905 June 20 33,594 218,591 12,614 129,612 14; 843 2i; 079 167; 642 I 64,58719; 433 8,968 3,184 10,106 704,253 Government deposits: May 29 45,396 98.773 55,010 17,466 8,101 6,462 39,908 I 25,492 7,419 15,263 8.571 11,243 339.104 June 6 1 87,075 430,804 88', 522 33,776 10,160 j 12,388 98,489 ! 42;224 4.150 19,490 10;771 14,702 852,551 June 13 : 65,653 388,378 65,545 25,893 5,820 ; 9,118 83,764 I 28,328 3,403 10,764 6,452 7,565 700,683 June 20 62; 986 377,801 49,999 21,009 3.393 ! 7,532 71,164 20J220 1,978 3,390 4,809 631,904 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1,1919. FEDERAL RESERVE BULLETIN. 695 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 May 29 to June 20,1919—Continued. 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES. [In thousands of dollars, i. e., 000 omitted.] I Y N o e r w k.i C la l n e d v . e * - m R o i n ch d - .3 Atlanta. 4Chicago.5 Lo S u t. is.e K C a i n ty sa .' s Dallas.* c F i S s r c a a o n n . - s Total. Number of reporting banks: May 29 3 19 21 12 17 17 162 June 6 4 38 19 21 12 17 17 162 June 13 5 19 21 12 17 17 163 June 20 5 19 21 12 17 17 163 United States bonds to secure circulation: May 29 1,500 23,616 5,091 5,185 1,805 5,205 4,487 1,255 8,485 56,629 June 6 1,599 24,027 5,391 5,185 1,805 5,155 4,487 1,255 8,485 57,389 June 13 1,599 24,027 5,411 5,085 1,805 5,155 4,487 1,255 j 8,485 57,309 June 20 1,600 24,027 5,411 5,085 1,805 5,155 4,487 1,255 ! 8,485 57,310 Other United States bonds, including Libertv bonds: ! May "29 8,398 51,890 11,264 17,801 24,587 12,115 9,986 1,932 17,259 155,232 June 6 3,735 43,321 9,372 10,345 15,838 7,388 7,634 2,073 | 15,570 115,276 June 13 4,106 41,563 9,223 10,035 15,491 6,964 6,813 1,981 ! 14,968 111,144 Juno 20 3,773 41,935 9,048 10,018 15,667 6,815 6,511 2,114 ! 14,833 110,714 United States Victory notes: May 29 June 6 15,707 32,976 3,370 10,954 17,962 8,112 2,253 6,241 97,673 June 13 9,594 31,360 3,480 9,800 17,423 7,074 3,622 6,395 88,846 June 20 9,371 29,583 3,140 9,550 16,330 6,472 2,972 94 5,431 82,943 United States certificates of indebtedness: May 29 10,933 77,511 32,679 36,885 64,528 15,850 18,027 5,885 45,626 307,924 June 0 9,918 84,348 40,962 35,101 64,335 13,994 15,858 5,539 39,825 309,880 June 13 10,698 73,800 40,337 34,201 71,305 14,572 15,789 5,583 39,421 305,706 June 20 8,726 52,306 33,471 28,651 62,998 11,562 13,850 5,360 31,102 248,026 Total United States securities owned: May 29 20,831 153,017 49,034 59,871 90,920 33,170 32,500 9,072 71,370 519,785 June 6 30,959 184,672 59,095 61,585 99,940 34,649 30,232 8,965 j 70,121 580,218 June 13 25,997 170,750 58,451 59,121 106,024 33,765 30,711 8,917 69,269 563,005 June 20 23,470 147,851 51,070 53,304 96,800 30,004 27,820 8,823 | 59,851 498,993 Loans secured by United States bonds, Victory notes, and certificates: May '29 6,980 66,330 13,183 13.358 9,939 6,214 7,290 449 7,76-1 131,507 June 6 7,479 67,227 12,011 13;292 10,620 6,720 7,591 752 7,585 133,277 June 13 10,549 68.578 12,690 12,833 10.617 6,884 6,531 731 7,082 136,495 June 20 10,462 66,627 12,522 13,443 13;383 6,593 6,657 729 7,053 137,469 All other loans and investments: May 29 62,305 520,383 119,725 163,525 263,448 107,996 151,814 14,333 217,546 1,621,075 June 6 63,867 527,510 114,531 162,252 261,198 108,114 153,390 14,283 217,801 1,622,946 June 13 75,384 530,959 115,924 166,681 276,363 107,806 151,799 14,4.75 220,253 1,659,644 June 20 73,970 520,369 117,455 168,617 273,485 106,892 155,871 14,741 221,787 1,653,187 Total loans and investments: May 29 90,116 739,730 181.942 236,754 364,307 147,380 191,604 23,854 296,680 2,272,367 June 6 102,305 779,409 185', 637 237,129 371,758 149,483 191,213 24.000 295,507 2,336,441 June 13 111,930 770,287 187.065 238,635 393,004 148,455 189,041 24,123 296,601 2,359,144 June 20 107,902 734,847 18L047 235,364 383,668 143,489 190,348 24,293 288,691 2,289,649 Reserve with Federal Reserve Bank: May 29 4,926 49,949 12,229 16,559 25,090 9,653 17,324 1,4.61 21,866 159,057 June 6 5,392 51,535 12,547 16,977 23,303 10,754 16,773 1,642 22,460 161,383 June 13 6,675 48,290 12,607 14,734 24,521 9,918 13,579 1,496 21,928 153,748 June 20 6,254 43,193 12,141 15,603 24,797 9,710 14,104 1,096 22,160 149,058 Cash in vault: May 29 1,294 14,547 4,476 6,016 12,001 4,039 5,393 519 7,220 55,505 Juno 6 1,481 16,645 5,931 6,454 12,425 3,855 5,539 648 8,008 60,986 June 13 1,807 14,382 5,642 6,275 26,266 3,688 5,621 640 7,143 71,464 June 20 1,654 16,040 5,854 6,003 12,383 3,792 5,570 737 6,965 58,998 Net demand deposits on which reserve is computed: May 29 50,570 460.401 106,464 137,570 180,681 83,873 133,579 10,874 172,235 1,336,247 June 6 53,467 439'. 363 102,718 140,728 174,849 86,080 135,123 11,214 172,407 1,316,039 June 13 , 69,684 440;135 107,450 141,379 185,004 86,070 135,472 11,364 176,425 1,352,983 June 20 , 64,645 435,123 103,746 140,663 176,464 84,131 133,423 10,877 171,828 1,320,900 Time deposits: May 29 13,626 92,951 14,793 61,863 I 172,625 25,631 37,771 5,918 93,588 .518,769 June 6 13,489 92,451 14,966 6,0887 !173,487 25,587 38,695 6,027 93,450 519,039 June 13 13,665 93.068 14.815 61,334 !173,739 25,477 38,863 6,024 92,916 519,901 June 20 13,192 92,612 16,383 61,254 j173,066 25,655 38,899 6.064 93,126 520,251 Government deposits: May 29....." 7,601 34,673 8,919 16,766 j 10,552 8,571 8 5,294 646 4,431 97. 456 June 6 17,522 87,838 20,583 26,613 i 15,204 11,815 6,826 592 6,379 193', 372 June 13 13.654 71,129 16,223 13;985 I 27,315 7,267 5,180 236 2,340 157,329 June 20 10,707 58,857 14,705 10,715 j 25,258 5/145 3,879 2,011 131,277 1 Buffalo. * New Orleans, Jacksonville, and Birmingham. 7 Omaha and Denver. 2 Pittsburgh and Cincinnati. 5 Detroit. s El Paso. 8 Baltimore. e Louisville, Memphis, and Little Rock. 9 Spokane, Portland, Seattle, and Salt Lake City. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

696 FEDERAL RESERVE BULLETIN. JULY 1, 1919. IMPORTS AND EXPORTS OF GOLD AND SILVER. Gold imports into and exports from the United States. [In thousands of dollars; i. e., 000 omitted.] 1 in 0 g d 1 a M 9 v 1 a s 9 y e . n 20 d , - 1 in 0 g d 1 a M 9 v 1 a s 9 y e . n 31 d , - 1 in 0 g d J 1 a u 9 y 1 n s 9 e e . n 10 d , - J T an o . t a 1 l , s 1 in 91 ce 9. T Ju o n t 1 e a 9 l 1 7 8 J , , a 1 t n 9 o . 1 8 1 . , IMPORTS. Ore and base bullion 216 423 531 7,277 5,545 Bullion refined. 16 61 19,151 26,505 6,351 United States coin... . 10 10,220 6,629 I? ore ign coin 142 Total. 232 484 19,692 44,002 18,667 EXPORTS. Domestic: Ore and base bullion 8 14 48 United States mint or assay office bars i- - 277 3R1 Bullion, refined 1 ! 3.386 Coin 696 200 353 14,054 15,303 Total 696 208 353 14,346 ; 19,098 Foreign coin 2 43 322 Total exports 696 208 355 14,389 19,420 Excess of gold imports over exports since Jan. 1, 1919, $29;613,000. Excess of gold imports over exports since Aug. 1, 1914, §1,101,019,000. Silver imports into and exports from the United States. [In thousands of dollars; i. e., 000 omitted.] M 1 e 0 n 1 a 9 d y d 1 i a 9 n 2 y . 0 g s , M 1 e 0 n 1 a 9 d y d 1 i a 9 n 3 y . g 1 s , J M a T 1 n a o 9 . y 1 t 1 a 9 3 l . 1 , to , J M a T 1 n a o 9 . v 1 t 1 a 8 3 l . 1 , to , J 1 e u 0 n 1 n 9 d d e 1 a i 9 n 1 y . g 0 s , , sinc T 1 e o 9 J 1 ta a 9 l n . , . 1, IMPORTS. Ore and base bullion 1,166 3,837 28,254 12,312 2,260 30,514 United States mint or assay office bars.... 46 Bullion, refined 1(52 136 4.246 15,942 282 4,528 United States coin .... 14 23 292 327 20 312 Foreign coin 86 231 2,719 2,713 242 2,961 Total 1,428 4,227 35,511 31,340 2,804 38,315 EXPORTS. Domestic: Ore and base bullion 4 6 4 United States mint or assay office bars 357 69,599 19,729 69,599 Bullion, refined . . 761 4,056 51,100 58,854 1,896 52,996 Coin 168 325 1,276 937 198 1,474 Total 929 4,738 121,979 79,526 2,094 124,073 Foreign: Bullion, refined .... 430 582 5,669 1,858 51 5,720 Coin 10 204 1,849 3,832 79 1,928 Total 440 786 7,518 5,690 130 7,648 Total exports . 1,369 5,524 129,497 85,216 2,224 131,721 Excess of silver exports over imports since Jan. 1, 1919, $93,406,000. Excess of silver exports over imports since Aug. 1,1914, $373,166,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1, 1919. FEDERAL, RESERVE BULLETIN. 697 OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM MAY 16 TO JUNE 15, 1919. Ite F ( m d e a d s i e ly d r a ra l a w ve n R r a e o g s n e e ) r b . v a e n ks c i i t n y Ite d e R m r i e a s s s t g r e e i d r c ) v r . t e a w o c n u i t t s y o i n d ( e d b a a F i n l e y k d s e a r i v n a - l To i d n t i a s l t o i r w t i e c n m t s ( F d d a e r i d a l e y w r a a n l v o e R n r a e b g s a e e n ) r . k v s e Number. Amount. Number. Amount. Number. Amount. Boston 18,594 $23.407,351 88,449 $12,511,577 j 107,043 535,918,928 New York 20,498 67'071,862 133,852 . 71,519,188 j 154,350 138,591,050 Philadelphia 13,263 258,518 48,426 6,278,921 I 91.689 34,537,439 Cleveland 5,724 % 054,469 70,585 23,940;665 i 76', 309 30,995,134 Richmond 2.558 069,348 53,184 15.340.266 55,742 21,409,614 Atlanta ?,', 477 364,910 28,793 7', 26?;595 I 32', 270 9,627,505 Chicago 17,855 467,000 73,886 12', 605,000 i 91,741 40,072,000 St. Louis 5.858 056,691 42,648 7,988,,416 ! 48,506 17,045,107 Minneapolis 5.377 165,815 25,146 2,439:838 : 30,5?3 11,605,653 Kansas City 5,896 328.080 67.401 13,973;894 ! 73;097 24,301,974 Dallas 1,544 430,375 26', 477 i 9.873,561 I 28,021 12,303,936 San Francisco 2', 244 920,154 37,610 i 7;597;023 ! 39,854 11,517,177 Total: May 16 to June 15,1919. 132,688 196594,573 696,457 i 191,330,944 j 829,145 ! 387,925.51.7 Apr. 16 to May 15,1919 . 129,378 176;737,129 665.641 I 163.0a7.746 i 795,019 339,804; 875 Mar. 16 to Apr. 15,1919. 138,8.17 197;456,121 686.512 j 167', 142,262 | 825,329 364,598,383 May 16 to June 15,1918. 51,055 164,539,000 295;056 i 113;407,619 ! 346,111 277,946,619 Items drawn on banks Items handled by both Items drawn on the j Incorpoi ( n d ail o y t h a e v r e rag d e is ) t . ricts e b p r r a a a r g n e e n c ) t h . es b a ( n d k a s il y a a n v d - a T U v r n e e i r a t a s e g u d ; e re ) S . r t ate o s f ( da t i h ly e I i i 1 . N m d b i u e s a m m t n r k i b b c s e e t r r . inb N m a u n e n m m o k n s b b - o e e r r n r o a t t m s h e a d e u v r t i b u n th a g a n l s a , k n s Number. Amount. Number Amount. par list. banks not on par list. Boston 11,096 §10,934,298 I 8,784 SI, 439,061 429 New York 32,312 18,061,461 ' 2,371 $1,426,455 45,904 23,130,675 734 318 Philadelphia 21,769 8,554,329 | 8,153 2,1?5,1.64 667 3*U 46 Cleveland 3,160 3,366.553 I 1,474 2,138,539 7,542 i 1,558,411 825 833 215 Richmond 7,450 i 5,821,341 463 983,994 2,960 ! 495,221 572 339 1,083 Atlanta 3,409 i 3,367,443 3,917 1,699,434 4,894 1,089,825 424 329 1,247 Chicago 5,703 I 1,066,000 365 344,000 14,407 2,028,000 1,351 3.080 1,088 St. Louis 805 i 520,997 882 383,052 7,097 795,0i;3 526 1,483 1,150 Minneapolis 1,502 ! 1,522,078 1.352 195,178 882 1,307 1,544 Kansas City 6,842 I 4,975,005 3,637 2,089,358 7,349 444,791 1.002 2,279 966 Dallas 4,081 i 2,182,035 ! 1,416 243,594 4,081 I 2,182,035 '744 301 817 San Francisco 1,220 3,735 2,317,905 5,725 j 12,833,215 669 911 153 Total: May 16 to June 15, 1919. 61,906,814 18,260 11,626,331 118,248 ! 48,316,599 8,825 11,782 8,309 Apf. 16 to May 15, 1919. 95,541 57,858,264 15,798 7,613,957 157,820 45,278,441 8,786 11,288 8,762 Mar. 16 to Apr. 15, 1919. 101,329 59,610,264 16,958 9,029,805 137,228 48,802,574 8,758 11,060 9,003 May 16 to June 15, 1918. 54,132 55,703,310 7,623 12,355,115 77,750 39,054,003 8,165 9,710 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

698 FEDERAL. RESERVE BULLETIN. JULY 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. June 1. 1919. Amount per j | | o U G f n e m n it o e e n r d a e l y S s t i t a n o t c e t k h s. e U G a T H n o s r s e i v e t e l e e a d t r d s s n i u o n m S r f y t t e a t h n a h t e e s t e . s 1 H s F a e e n e l r d d d v e e b a r y g a b e l a o n R n r t k e s f s - . or St H R a a t n h t e e e d e l s s d e t U e F r T o v m e n u r e d e i . t t e s s a e y r i s d d a s u l e - ryS c a t e a a t n r p h t a d s e e i l y s t t a R s U h T t e o e e n r s u m e i F e t t a e s r . e s v i d d u d e - r e y Gold coin2 $3,092,037,699 §367,801,295 SI,539,887,136 $389,647,067 Gold certificates 445,204,280 349,497,981 Standard silver dollars """'368*978*936' 45,794,389 81,784,757 Silver certificates 4,897,624 174,744,228 Subsidiary silver '"""243*679*762" 3 4,081,789 227,283,316 Treasury notes of 1890 ! 1,757,932 United States notes ; 346,681,016 12,453,649 4 57,850,495 276,376,872 Federal Reserve notes i 2,702,716,345 43,239,078 153,299,985 2,506,177,282 Federal Reserve bank notes i 175,220,320 19,253,416 7,056,264 148,910,640 National-bank notes ! 722,764,920 60,459,406 9,572,952 652,732,562 Total: June 1,1919 ' 7,592,078,992 561,315,890 2,221,850,525 4,808,912,577 544.75 May 1,1919 ! 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 4,840,972,635 45.17 Mar. 1,1919 1 7,566,299,924 545,695,945 2,169,183,676 4,851,420,303 45.33 Feb. 1,1919 1 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 July 1,1918 6,742,225,784 356,124,750 2,018,361,825 4.367,739,209 41.31 Jan. 1,1918 : 6,256,198,271 277,043,358 1,723,570,291 4,255,584,622 40.53 Apr. 4,1917 5,312,109,272 258,198,442 952,934,705 4.100,976,125 39.54 ' Feb. 1,1917 j 5,045,213,347 279,079,137 849,661,792 3; 916,472,418 37.88 1 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. 3 Includes standard silver dollars. * Includes Treasury notes of 1890. DISCOUNT RATES. Discount rates of each Federal Reserve Bank approved by the Federal Reserve Board up to June 30, 1919. Discounts other than trade acceptances. Trade acceptances. Secured by U. S. Government war obligations. Otherwise secured, also unsecured, Maturing within 15 maturing within— Maturing within— Federal Reserve Bank. days, including member banks' collateral notes. Maturing S U i f n e i . c c d S u a e t r . b e e c t s d e e o r d b t f - i y - S b e o V L c n i i u b d c r t s e e o r d a r t y y n b d y 1 w d 6 i a t t y h o s i . n 90 15 m c b d l e a u a m n d y k i b s n s , e g ' i r n- 1 d 6 a t y o s . 60 6 d 1 a t y o s 9 . 0 c d u li 9 a l v 1 y t e u s t - r o s a ( t a l o 1 g a 8 c r n k 0 i d ness. notes. collateral paper). notes. Boston 4 New York 1.... 4 Philadelphia... 4 Cleveland , 4 Richmond 4 Atlanta , 4 Chicago 34 St. Louis 4 Minneapolis 4 Kansas City... Dallas San Francisco. I 1 Rates for discounted bankers' acceptances maturing within 15 days, 4 per cent; within 16 to 60 days, 4J per cent; within 61 to 90 days, 4J per cent. « Rate of 4 per cent on paper secured by fourth Liberty loan bonds where paper rediscounted has been taken by discounting member banks: at rates not exceeding interest rate on bonds. 3 Applies only to member banks' collateral notes; rate of 4J per cent on customers' paper. 1 Rate of 4J per cent on member banks' collateral notes. 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 maturity.. NOTE 3.—Whenever application is made by member banks for renewal of la-day paper the Federal Reserve Banks may charge a rate not exceeding that for 90-day paper of the same class. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Acceptances: Export trade: Banks granted authority to accept up to 100 per Financing of 611 cent of capital and surplus 650 Individual corporations for financing 611 Holdings during May, distributed by classes Scope of 612 of accepting institutions 684 Failures, commercial, reported 650 Purchases during May, also average rates and Federal Advisory Council, conference of executive maturities * , 683 committee of, with board, regarding export Purchases during three months ending May 31, financing 618 also average rates and maturities 685 Federal reserve banks: Agricultural paper held on last Friday in May 683 Comparative statement of condition, December, Agricultural products, production and exports, 1914, December, 1918, and June, 1919, with. 1909-1918... 636 leading foreign banks of issue 648 Arizona, amendments to banking laws of 658 Resources and liabilities of 686-689 Arkansas, amendments to banking laws of 658 Federal reserve note account of Federal reserve Attorney general of Missouri, opinion of, relative banks and agents 690 to deposit of securities by national banks exer- Fiduciary powers: cising trust powers 655 Deposit of securities by national banks exercis- Austro-Hungarian Bank, comparative statement of ing trust powers in Missouri, opinion by attorcondition, July, 1914, December, 1918, and April, ney general of Missouri relative to 652 1919, with leading banks of issue ' 648 Granted to national banks during June 650 Balance of trade 1. 614 Foreign countries: Bank transactions, debits to deposit account 661-663 Branches of American concerns in, report of Banking laws, State, amendments to 658-660 committee of experts on 637 Banking position 618 Buenos Aires banks, statement showing con- Branches of American concerns in foreign countries, dition of 639 report of committee of experts relative to 637 Comparative statement of condition of leading Buenos Aires banks, statement showing condition banks of issue 648 of. 639 Netherlands Bank and Java Bank, operations of, Business and financial conditions during June 620 during the war 641-647 Special reports by Federal Reserve agents 624 Foreign exchange: Charters issued to national banks during June 650 Control over, termination of 615 Chart showing condition of the Netherlands Bank, Quotations at Amsterdam 646 1914-J919 645 Regulations issued by Division of Foreign Ex- Check clearing system, operation of 697 change relative to 652 Clearing-house bank debits 661-663 Foreign trade financing 615 Coin, bullion, and currency, licenses issued for ex- France, Bank of, comparative statement of condiport of ". 640 tion. July, 1914, December, 1918, and May, Collateral notes held on last Friday in May 683 1919, with leading banks of issue 648 Commercial failures reported 650 German Reichsbank, comparative statement of con- Conferences of Board with Federal Advisory Council • dition, July, 1914, December, 1918, and May, and representatives of corporations engaged in 1919, with leading banks of issue 648 foreign banking 618 Gold: Cost of living in New York 632 Embargo on, termination of 615 Debits to deposit account, weekly figures of 661-663 Imports and exports— Denmark. Copenhagen National Bank, comparative June 618, 696 statement of condition, July, 1914, December. September, 1917-May, 1919 616 1918, and April. 1919, with leading banks of issue. 649 Licenses, number and amounts of, issued by Discount and interest rates prevailing in various the Board for export of ". 640 centers 667-669 Housing and living conditions in New York 632 Discount operations: Houston branch of Federal reserve bank of Dallas, May, by classes of paper 680-682 directors named 619 Three months ending May 31, by rates charged. 684 Imports and exports: Member banks, number of, accommodated in Agricultural products 636 May 680 Discount rates in effect 698 Gold— Earning assets of Federal reserve banks, average During June 618,696 amount of each class held during May 682 September 1, 1917-May 31, 1919 616 Embargo on gold, termination of \ 615 Merchandise, September, 1917-May, 1919 617 England, Bank of, comparative statement, July, Silver— 1914, December, 1918, and May, 1919, with lead- June 696 ing banks of issue 648 September, 1917-May, 1919 616 Errata, June Bulletin 650 Inflation of currency 614 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Page. Interest and discount rates prevailing in various Nevada, amendments to banking laws of 659 centers 667-669 Norges Bank, Norway, comparative statement of Investment operations of the Federal reserve banks condition, July, 1914, December, 1918, and April, during May 681 191.9, with leading banks of issue. 648 Italy, Bank of, comparative statement of condition, New York City, living and housing conditions in.. 632 December, 1914, December, 1918, and April, 1919, Par list, number of banks on ... 679 with leading banks of issue 648 Physical volume of trade 670-679 Japan, Bank of, comparative statement of condition, Prices and exports 613 June, 1914, December, 1918, and May, 1919, with Prices, wholesale, in the United States 664-666 leading banks of issue 649 Private enterprise in export financing 611 Java Bank: "Readily marketable staples," definition of 652 Comparative statement of condition, March, Reserve, deposits with a Federal reserve bank from 1914, December, 1918, and April, 1919, with the savings department of a trust company to leading banks of issue 649 count as 652, 654 Operations of, during the war 641 Resources and liabilities: Law department: Federal reserve banks 686-689 Deposits with a Federal reserve bank from the Member banks in selected cities 692-695 savings department of a trust company mem- Review of the month 611 ber bank to count as reserve ". 654 Rulings of the Federal Reserve Board: Time certificates of deposit which become pay- Deposits with a Federal reserve bank from the able within 30 days 655 savings department of a trust company mem- Deposit of securities by national banks exer- ber bank to count as reserve 652 cising trust powers in Missouri 655 Time certificates of deposit which become pay- Amendments to banking laws of Arizona, Ar- able within 30 days ".. 652 kansas, Nevada, and Utah 658 Definition of " readily marketable staples " 652 Live-stock paper held on last Friday in May 683 Silver, imports and exports of: Maturities: June 696 A verage of acceptances purchased during May. - 683 September, 1917-May, 1918 616 Average of acceptances purchased during three licenses, number and amounts of, issued by months ending May 31 685 the board for export of \ 640 Average of bills discounted during May 682 Spain, Bank of. comparative statement of condition. Average of bills discounted during three July, 1914, December, 1918, and May, 1919, with months ending May 31.. 684 leading banks of issue 649 Of the several classes of earning assets each Speculation on New York Stock Exchange 617 Friday 689 State banking laws, amendments to 658-660 Member banks: State banks and trust companies admitted to Number of, discounting during May 680 system during June. 649 Number of, in each district 680 Sweden Riksbank, comparative statement of condi- Resources and liabilities of, in selected cities. 692-695 tion, Julv, 1914, December, 1918, and May, 1919, Money: with leading banks of issue 648 Gall rates in New York ' 617 Swiss National Bank, comparative statement of Stock of, in the United States 698 condition, July, 1914, December, 1918. and May, National banks: 1919, with leading banks of issue /.. 649 Charters issued to, during June 650 Time certificates of deposit payable within 30 days Deposit of securities by banks exercising trust as demand deposits 652 powers, opinion of attorney general of Mis- Trade, physical volume of 670-679 souri regarding 655 Trust companies. (See State banks and trust com- Fiduciary powers granted to 650 panies.) Netherlands, Bank of: Trust powers. (See Fiduciary powers.) Comparative statement of condition, July, Utah, amendment to banking laws of 660 1914, December, 1918, and May, 1919, with War, effect of, on wealth of the United States, stateleading banks of issue 649 ment by Secretary of Agriculture 635 Operations of, during the war 641 Wheat, production and exports, 1909-1919 636 Chart showing 646 Wholesale prices in the United States 664-666 . c Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis