Federal Reserve Bulletin, 1919-11

FEDERAL RESERVE BULLETIN ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON NOVEMBER, 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. CARTER GLASS, ALBERT STRAUSS, Vice Governor. Secretary of the Treasury, Chairman. ADOLPH 0. MILLER, JOHN SKELTON WILLIAMS, CHARLES S. HAMLIN. Comptroller of the Currency. HENRY A. MOEHLENPAH. GEORGE L. HARRISON, General Counsel. W. T. CHAPMAN, Secretary. W. W. HOXTON, Executive Secretary. It. G. EMERSON, Assistant Secretary. H. PARKER WILLIS, Director, Division of Analysis and Research. W. M. IMLAY, Fiscal Agent, M. JACOBSON, Statistician. W. W. PADDOCK, Chief, Division of Operations and J. E. CRANE, Examination. 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.. W. Willett. C.C. Bullen '.... New York Pierre Jay Benj. Strong, jr J. H. Case L. H. Hendricks.1 L. F. Sailer. 1 E. R. KenzeL1 J. D. Higgins.1 Channing Rudd,1 Philadelphia R. L. Austin E. P. Passmore Wm. H. Hutt, jr W, A. Dyer. Cleveland D.C.Wills E. R. Fancher M. J. Fleming 2...... H. G. Davis. Frank J. Zurlinden 2.. Richmond Caldwell Hardy George J. Seay C. A. Peple. Geo. H. Keesee. - R. H. Broaddus. Atlanta Joseph A. McCord M. B. Wellborn L. 0. Adelson M. W. Bell. Chicago Wm. A. Heath J. B. McDougal C.R. McKay S. B. Cramer. B. G. McCloud 2 St. Louis.... Wm. Me. Martin D.C. Biggs 0. M. Attebery J. W. White. Minneapolis John H. Rich.... R. A. Young S. S. Cook. Kansas City Asa E. Ramsay J. Z. Miller, jr C. A. Worthington 2.. - J. W. Helm.3 Dallas Wm. F. Ramsey R. L. Van Zandt Lynn P. Talley Lynn P. Talley. San Francisco.... John Perrin J. U. Calkins Wm. A. Day... Ira Clerk.4 i Controller. 2 Assistant to Governor. 3 Acting cashier. 4 Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of-— Manager. Federal Reserve Bank of— Manager. New York: St. Louis: Buffalo branch Ray M. Gidney. Louisville branch W. P. Kincheloe. Memphis branch J. J. Heflin. Cleveland: Little Rock branch' A. F. Bailey. Cincinnati branch.. L. W. Manning. Pittsburgh branch-...... Geo. De Camp. Kansas City: Omaha branch 0. T. Eastman. Richmond: Denver branch. C. A. Burkhardt, Baltimore branch Morton M. Prentis. Dallas: Atlanta: El Paso branch R. R. Gilbert. New Orleans branch Marcus Walker. Houston branch......... Sam R. Lawder. Jacksonville branch Geo. R. De Saussure. Birmingham branch A. E. Walker. San Francisco: Nashville branch Bradley Curry. Salt Lake City branch C. H. Stewart. Seattle branch 0. J. Shepherd. Chicago: Spokane branch C. A. McLean. Detroit branch R. B. Locke. 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 $2 per annum. Single copies will be sold at 20 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. Member banks desiring to have the BULLETIN supplied to their officers and directors may have it sent to not less than 10 names at a subscription price of $1 per annum. No complete sets of the BULLETIN for 1915, 1916, or 1917 are available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. Page. Review of the month .• 1009 Business and financial conditions: Summary . _.. . 1019 Special reports by Federal Reserve agents .. 1025 Spain's foreign commerce and finance, 3 914-1919 1036 Circulation of Federal Reserve notes, 1917-1919 1043 Official: State banks and trust companies admitted to the system , ... ...-..- 1051 Charters issued to national banks 1052 Banks granted authority to accept up to 100 per cent of capital and surplus 1050 Foreign branches of American banks 1050 Fiduciary powers granted to national banks 1052 Rulings of the Federal Reserve Board , 1054 Law department: The "Edge bill/7 with amendments as proposed by the House Committee on Banking and Currency 1056 Limitations on loaning power of national banks under the provisions of section 5200, R. S., as amended 1055 Exercise of trust powers by national banks located in New York. 1059 Miscellaneous: Governmental measures to encourage foreign commerce 1046 Cost of living in the New York district 1049 Dissolution of the Capital Issues Committee 1053 Commercial failures reported 1051 Crop statistics, by Federal Reserve districts 1053 Statistical: Wholesale prices in the United States 1061 Discount and interest rates prevailing in various centers.. 1065 Physical volume of trade . 1067 Debits to individual account, September-October 1077 Discount and open-market operations of the Federal Reserve Banks 1081 Operation of the Federal Reserve clearing system ... 1087 Resources and liabilities of the Federal Reserve Banks 1088 Federal Reserve note account 1092 Interdistrict movement of Federal Reserve notes 1094 Condition of member banks in selected cities 1095 Imports and exports of gold and silver 1100 Estimated stock of money in the United States. 1101 Foreign exchange rates -. - 1103 Earnings and dividends of State bank and trust company members 1104 Discount rates approved by the Federal Reserve Board .. 1102 Diagrams: Movement of exchange rates at Madrid, Spain, on principal foreign centers, 1914-1919 = 1042 Federal Reserve note circulation, 1917-1919 , 1044 Par point map. 108T IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 5 NOVEMBER 1, 1919. No. 11 REVIEW OF THE MONTH. quantities of goods purchased for Army use. Two factors have clearly developed themselves The month of October has been unusually during the month as dominant in the whole free from Government fiscal financial situation—the problem of domestic *"*" °Perations iikely in anY waJ speculation and the policy to be pursued with to influence the direction of respect to the demands on credit resulting the money market. During the month interest from it. disbursements, including interest payments In a technical sense this condition has reon the fourth Liberty loan due on October 15, flected itself in a weakening amounted to about $113,000,000, the effect Decline of re- £ fa reserve position of the being, as usual, a temporary shifting of funds 0 e serve percentage. T» I mi from Government account to private hands Federal Eeserve Banks. The and a corresponding rearrangement of bank reserve percentage reported on October 31 was deposits. Little extraneous influence origi- 47.9 per cent, that being the lowest point ever nating with the Treasury operations has been reached. As has been pointed out in former felt in any other direction. Expenditures for issues of the BULLETIN, too much importance the month have amounted to approximately maybe attributed to what is called the " reserve $736,718,000, while income has been $433,- percentage.77 012,000. The opinion expressed in the last The decline of the reserve percentage at issue of the FEDERAL RESERVE BULLETIN that Federal Reserve Banks ought not to be conno new certificate issues would be required dur- sidered as an isolated phenomenon, but has ing the month of October has been justified, principal significance in connection with the the very large cash balance of the Treasury and condition of member banks. These banks rethe substantial yield of the last preceding tax discount for the purpose of restoring their recertificate issues having provided all that was serve balance. Such a balance may become necessary to carry the department through the depleted for any of several reasons, but in a month. time like the present the chief factor leading to The month has been an unusually active rediscounting is the expansion of loans and disperiod in private finance. Great fluctuations counts made in favor of customers. Analysis in call-money rates and variations in the rates of the assets of member banks therefore becharged on commercial paper haye occurred comes necessary in order to ascertain the real since the end of September. There has been an meaning of an increase in rediscounts. Such increasing demand for funds from private an increase may be due to advances in aid of business, both in commodities and securities. speculation pure and simple, or it may be the Speculation is attaining an unprecedented outgrowth of legitimate demand for commeractivity and is embracing not only corporation cial funds. The member bank in rediscountissues of all kinds, but also real estate and many ing naturally selects those items from its portclasses of commodities. Prices both of farm folio upon which the most favorable rate is lands, staple commodities such as cotton, se- granted by the Federal Reserve Bank. If curities, and other properties, continued to there be a preference in favor of some specified rise, notwithstanding the reduction of Gov- kind of paper, as is true to-day of paper secured ernment purchases and the fact that the Gov- by Government obligations, such paper almost ernment has itself released to consumers large invariably is selected as the basis for redis- 1009 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1010 FEDERAL RESERVE BULLETIN". NOVEMBER 1, 1919. counting. The fact that the rediscounts with The growing [volume of discounts held by Federal Reserve Banks consist so largely as the banking system as a whole, in its turn, they have heretofore of what is called "war must pbe subjected to the same criteria of paper" can not therefore be taken as conclusive judgment as have been applied to the holdevidence of the purpose for which the redis- ings of the Federal Reserve Banks. There is counting has been undertaken. Loan accounts no available test of the reasons giving rise to of member banks, as already indicated, may be such borrowing except the statements or inextended because of the demand for funds for formation which may be furnished by the actual speculative purposes, or because of advances borrower, to the bank at which he discounts. for strictly commercial and industrial under- The real character of the situation depends takings, or for the purpose of carrying subupon the use that is being scriptions to Government securities. Were the ^ ^ade hJ member banks of differential rate which now favors war-loan credit facilities to be obtained paper to be reversed so that it would favor at Federal Reserve Banks. It is just here commercial paper, it is likely that the portthat the present situation must be regarded folios of the Federal Reserve Banks would as unsatisfactory. The evidence which is change in character. Member banks would currently available seems to point to the fact select their commercial paper as a basis of rethat member banks, under the influence of discount, and in consequence Federal Reserve strong private demand are, in not a few cases, Bank portfolios might consist primarily of comgreatly expanding their loans. The reports mercial bills rather than of war-loan paper. which come to the Board from the Federal A true appreciation of the credit situation, Reserve districts, general results of which are therefore, can be obtained only by considering reviewed in the summary of business condithe portfolios of Federal Reserve Banks and tions for the current month, indicate a marked those of member banks as an aggregate. advance in the growth of speculative transac- This view of the case makes it important to tions. It must be borne in mind that the Operations of consider not only the situation growth of activity of this kind weakens the member banks, at Federal Reserve Banks, but entire banking situation. Federal Reserve that at member banks as well. In the FEDERAL Banks can not, in a time like the present, RESERVE BULLETIN for October there was pubeasily control this condition of affairs merely lished the result of a statistical analysis of the through changes of discount rates, however entire war-loan paper situation, which showed important the influence exercised [by such that as of June 30 last the total volume of such changes. The fact that there is as yet no free paper in the banking system might be taken as movement of gold between nations and that about 6.5 billions of dollars. There has been a balances of trade are wholly abnormal predecrease in such war paper since June 30, but vents rediscount changes from exerting the there has been a continued expansion of loans effect which they would in normal times. Coand investments of member banks, as shown operation on the part of member banks is by the following figures: therefore necessary to the preservation of a Movement of loans and investments of Federal Reserve satisfactory condition of strength throughout Banks, and of about 775 member banks in selected cities. the banking system as a whole, and good re- Federal Member banks sults can not be obtained through any single Date. Reserve in selected Banks. cities. method, least of all through the use of those modes of restraint and correction which are in June 27,1919. $2,354,167,000 $14,350,197,000 ordinary circumstances sufficient for the pur- July 25,1919. 2,482,558,000 14,379,579,000 Aug. 29,1919. 2,448,977,000 14,968,907,000 pose. The reserve percentage, however, sub- Sept. 26,1919 2,503,088,000 15,297,458,000 Oct. 24,1919. 2,751,751,000 15,537,104,000 ject to the qualifications and restrictions which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1, 1919. FEDERAL RESERVE; BULLETIN. 1011 have been stated, is an index of the changing for the earlier months. It is apparent that character of the situation, and one whose our foreign trade is beginning to show the implications should be constantly kept in effects of lessened dependence upon Governmind. ment support. The facts with regard to for- As was stated in the FEDERAL RESERVE eign demand seem to indicate that what is BULLETIN for October, the disappearance of desired by other countries is not so much the the Treasury from the long-term loan market mere maintenance of existing shipments but and the rapid reduction in its requirements for is an arrangement which will permit of the very short-term accommodation foreshadows the great enlargement of the movement of Ameriapproach of the time when the financial opera- can goods to these countries. They are, in tions of the Government will cease to be the short, seeking to obtain capital for the reconimportant factor in shaping Federal Reserve struction of their industries and the restoration Bank policies and rates which they have been. of industrial prosperity in their territory. This A review of all the conditions in the banking is a matter quite different from the establishsituation has confirmed the Board in the view ment of "credit" to enable current business to that in the application of its discount policy continue as between the United States and its an advance of rates should no longer be de- foreign customers. On the latter point it ferred. would seem that the usual banking machinery During the month of October serious weak- is beginning to operate in a normal way, and ness in foreign exchange has that there is no reason to doubt its adequacy Export and ex- continued to show itself. Both in practically caring for the demands which change situation. grow out of the actual current business of the pound sterling and other foreign countries. European currencies have markedly declined, at times approaching record low rates. The Sir Auckland Geddes, president of the ^British German mark has sold as low as about 3.25 Board of Trade, in a recent statement on the cents and the currencies of the other Central exchange situation as affecting the United Powers have been of correspondingly low value. States, said: These low valuations have been currently "America is so placed that she, like all the ascribed to the uncertainty concerning the rest of us, is in great difficulties with regard to trade situation between the United States and the future of her trade. She has increased the the European countries. Very heavy ship- industrialism of her population. She is not a ments of goods have continued from the great exporter of manufactured goods, but she is the greatest exporter of raw materials. United States, the aggregate amount reported Trade is the exchange of goods and America is for September being $593,000,000, as comin this unhappy position, she has so much that pared with a monthly average for the fiscal there is little she wants, and as a result of that year of 1919 of about $602,000,000. This is the money exchange between New York and the season of the year when breadstuffs and London is moved in her favor, and every movement of the money exchange in her favor is a raw materials are most largely shipped and the movement against her power of export. For figures for September naturally indicate the some time we have got to get raw material from beginning of the movement. Exports, while America, and just because we take that raw about $50,000,000 less than for August, ap- material it makes it more and more difficult proximate the average monthly exports for the for America to get her manufactured exports across the Atlantic. I am told America is sellearlier part of the year, while imports show an ing great quantities of goods to all European increase over August figures of $128,000,000. countries, which will have to be paid for in The decrease in the exports shown is due money. The only result of that is that the largely to a falling off in the exports to the money exchange will move more and more in United Kingdom. Exports to the rest of her favor and in the export sense more and more steadily against her. This means that Europe show but slight changes from the figures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1012 FEDERAL RESERVE BULLETIN. NOVEMBEE 1, 1919. the food from America will be more costly, and that the situation, therefore, is one which apthe manufactured goods from America so dear peals to the investment market. Many of the as to be almost unbuyable. Europe has largely, problems which now confront European countherefore, to work out her own salvation. It is tries are present in an acute form in this counno good for anyone, or any nation, to say we try, and there is a great need for larger producwill rely on America to see us through. The tion, reduced consumption, more economy and salvation for Europe is to be found in Europe, thrift. The liquid wealth of the world as repreand in Europe only. There is only one way sented by goods and commodities has been reto that economic salvation, and that lies duced to an alarming extent by reason of the through work, hard work and strenuous work, war, and the volume of credit throughout the and increased production from mines and world is out of all proportion to the volume of fields and factories. It is not only in coal that goods. In order to bring about more normal output is declining, but in every other British conditions, it will be necessary to restore the industry, except agriculture. In decreasing proper balance between credits and goods. output lies danger.'' This process will necessarily be a slow one, but it is essential that a beginning should be made During October there has been further agita- and the restoration pan be made only by rigid Government tlon in behalf of Government application of the principle of work and save. support of export support of export financing. a The United States Government, beginning shortly after its entrance into the war, aucredit. Two arguments are advanced thorized advances to the Governments of the in support of Government participation or nations associated with it in the war aggregatmaintenance of this kind of financing: (1) That ing $10,000,000,000, nearly all of which has otherwise the financing will not be done and now been allotted and used. There is no reason whatever to believe that our Governthat consequently meritorious requirements ment will, nor, indeed, could it without the whose satisfaction is necessary in order to most harmful inflation, continue to make adbring about the restoration of political order vances out of its treasury to foreign countries, will not be made; and (2) that unless such and I am convinced, therefore, that the provision is made other countries will take problem of financing Europe, as far as America is concerned, is one for private initiative and advantage of our hesitation and will occupy individual enterprise." the foreign market to the exclusion of the American exporter. These two arguments are In this connection the English export credit mutually self-destructive since the first is based plan recently announced is of on the belief that unless the United States English export ! interest. According to statecredit plan. supplies the credit necessary to facilitate the ments officially made it is now movement of goods abroad it will not be fur- intended to create a first credit of 26 million nished, while the latter is confessedly founded pounds sterling, designed to facilitate the moveupon the view that other countries may be in ment of goods from Great Britain to specified position to anticipate our action in the mainte- foreign countries which are supposed to require nance of the sale of our goods abroad. In any such assistance because they are not in a position event, it is the declared policy of Congress no to make immediate payment for the supplies longer to accept the task involved in foreign they receive. Applications for this export credit financing, but to pass this work to private are to be made entirely through banks and hands. That not a few representative Ameri- when made and granted -the Government can financiers believe this policy to be wise has assumes the risk of loans resulting from nonbeen indicated by the expressions of opinion at payment or fluctuations in exchange up to the international conference meeting at Atlan- four-fifths of the total of such loans, the retic City during the week ending October 25. maining one-fifth being carried by the bank Speaking on this subject, Governor Harding through which the application was originally before the conference in question said: filed. This in effect then is equivalent to an assurance that the general public of Great "It is the view of the Federal Reserve Board that the need of Europe is for long credits, and Britain in order to stimulate exports will Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1, 1919. FEDERAL RESERVE BULLETIN. 1013 assume four-fifths of the risk of loans due to ness of the credit they extend, as well as its liquidfluctuations in exchange during the life of the ity. Representatives of not a few banks are export credit. It is an expressed partnership to-day in Europe for the purpose of obtaining between the Government and the banking information upon exactly this point, which of interests, in so far as the credit extends. course is not the same in any two countries British financiers defend such a policy on the or any two transactions in the same country. ground that Great Britain's export trade re- The fact that some banks have arranged for quires stimulation and that it is to the interest this kind of a direct personal survey of the of the British public as a whole that exports field shows a recognition of the true basis of should be enlarged as rapidly as possible in credit to be given to export credit at the order that Great Britain [may obtain a means present time. In a general way the demands of settling her obligation^ in other countries. of Europe may be classified as current or How far this would actually work out in prac- investment, and there should be every effort tice is, of course, dependent upon the direc- to discriminate sharply between them. A tion taken by these credits and the countries bank which undertakes to provide investment among which they are distributed. Never- funds through the medium of current advances, theless, it is generally and broadly true that carrying these current advances for long whatever tends to stimulate the exportation periods, either through a renewal plan or of goods tends also to increase the claims of through the actual funding of the obligations the exporting country upon the country to as they come due in bonds or notes, has taken which it has made the shipments, but if that the first step toward placing itself in a noncountry is not in position to pay, it is difficult liquid or "tied-up" position, from which it to see how the exporting country benefits will find the path of emergence a very diffiunless the securities tendered in payment cult period. Essentially, the basis for what appeal to investors on their merits. In are properly to be called credits in Europe is the United States we have an entirely different dependent upon the export power of European problem. We have shipped far in excess of countries, either present or as definitely demour customary volume for several years past onstrated for the immediate future. The and have received payment for these exports recognition of these principles and the sepain the form of obligations which are held by ration of different classes of advances made the Government. This process of exporta- under each head will be of fundamental tion, as has been frequently explained in the importance in the right management of our FEDERAL RESERVE BULLETIN, has gone so banking situation during the next few months. far as to reduce the available volume of con- As Governor Harding in the address already sumable commodities in the United States cited says: "It should be borne in mind that and has accordingly tended materially to while the United States now occupies relaassist the advance of prices. There is there- tively a stronger position in the field of world fore no analogy whatever between the situa- finance than it has ever held, our bankers have tion of Great Britain and that of the United had comparatively little experience in extend- States. ing long-time credits in foreign countries. Bankers who have been carefully consid- Their transactions have hitherto been in the ering; the European situation direction of dealings in short bills and in plac- European de- , . , \ n , i ing American securities in foreign countries, * * j.x des ire £fundamentally to know mand for credits. . - . _ and it is important that the judgment and what is the exact basis lor the cooperation of European bankers be enlisted future granting of credits in Europe. Their atwhen we undertake the new r&le of purchasing titude toward their stockholders and depositors long-time securities, especially of private enternaturally compels them to consider the sound- 144501—19 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1014 FEDERAL RESERVE BULLETIN. NOVEMBER 1, 1919. prises, with which we can not be expected to What has been done by Great Britain is be familiar. The Federal Reserve Board likely to be done bv other Policy of other \ . . •, ,. • %-, appreciates very deeply the importance from countries. countries, including France, every point of view of promoting our foreign Italy, and Belgium, as has been trade, and believes that the banks of this indicated by them in the conferences that have country generally understand that longer been in progress during the past month at Atcredits than can safely be granted by banks lantic City. If on the other hand German are necessary if we desire to export our surplus credit demands call for correspondingly large of essential commodities." advances for the restoration of business with Among the important events of the past Germany, this market may be asked to carry month bearing upon both the an increasing total in foreign obligations. If British Governquestion of American exports it be assumed that before the war our normal ment loan. and foreign exchange has been absorption of new securities was $5,000,000,000 the action of the British Government in anand that since the war, due to the increase of nouncing the early placing of a loan of $250,prices, that figure must be largely raised, the 000,000 in the New York market. Of this sum addition of great sums for foreign countries or, it is stated that about one-half is to be used in what is the same thing, a subtraction of this the redemption of outstanding 5J per cent amount from the funds available for domestic bonds of early maturity, while the other one- uses, would exert a corresponding influence half is to be used for the purchase of American upon domestic supply of capital. Thfe effect of exportable commodities. The loan is of inter- such a situation would be to maintain the presest from the' exchange standpoint because of sure for, capital which has already been so the fact that it illustrates the method that is marked a feature of the financing of the past being employed by one of the strongest foreign year or two and the inevitable accompaniment Governments to place its securities in the of this would be the continued withdrawal of American market, and thus to work off the consumable goods for export with the concomimarket an excess supply of bills which would tant effects to be expected therefrom upon otherwise tend to depress values. On the prices and values. All these conditions would other hand, it suggests that even the strongest result in continuation of high cost of living. among the foreign Governments is not yet in The trade movements of the next few months position to equalize at any early date its ex- will give valuable and interesting indications ports and imports with the United States. It as to how these interrelated tendencies are illustrates the point which has already been likely to work themselves out. discussed in former issues of the FEDERAL In the study of the whole financial situation, RESERVE BULLETIN that Government credit, G ^ rowt x h i of * b i a nk i x i „ t is worth J y of no te •• that some with the return of more nearly normal business P liabilities in Eo- of our strongest iormer comconditions, is returning to a competitive basis r°Pe- petitors actually have not the and that there will be a tendency toward the resources to continue competing without inequalization of rates upon investments, as well juring themselves and that the expansion of &s a tendency to bring about equalization be- credit which efxists here as the result of overtween foreign Government securities and pri- exportation is more than paralleled abroad. vate investments. The latter movement will The question whether the continental countries be even more marked, should it come to be will have the resolution to subject themselves recognized that Government loans are being to drastic taxation for the purpose of reducing placed for the purpose of facilitating or pro- their outstanding obligations is serious, and to viding a basis for the purchase of goods or the the extent that a negative answer is given to support of commercial operations. this question a continuation of the inflation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEE 1, 1919. FEDERAL RESERVE BULLETIN. 1015 which now exists all over the world must be 42.645 cents for the October 22 allotment. It looked for. Such inflation can not go on indefi- is announced that further sales of telegraphic nitely, but invariably brings its own retribution. transfers of rupees by the New York agency After almost all foreign wars there has been a of the Bank of Montreal on account of the period of excessive prices, inflated credits and India Government had been temporarily disactive trade, eventually followed by the col- continued under instructions from London. lapse which is the result of the price and indus- Changes during October in exchange rates trial disturbances naturally produced by such on principal European centers were less prochanges. Active trade under such circum- nounced than during September, though on the stances is undoubtedly the economic expression whole the general movement of the exchange of the need to replace destroyed commodities. market was toward lower levels, end of October In these circumstances the question of Amer- quotations of sterling, francs, lire, and marks ican trade with foreign countries and of the being all lower than the month before. New basis for such credits as we may extend, be- low records of 10.81 and 3.25 were set for lire comes an unusually important and essential and marks on the last of the month, marking a one, Countries which have suffered from war depreciation from par of 52.1 and 86.3 per cent naturally desire to restore at the earliest pos- for Italian and German currencies. Pesetas sible moment their productiveness and to put at the close of the month were quoted slightly their industrial machinery into full operation. above par, compared with 19.15 at the close In order to bring about this result they natur- of September, while Indian rupees notwithally seek to employ every possible resource standing the further rise of silver during the which they either possess or can obtain the use month were quoted at the end of October at of from others. 41.75 cents, as against 44 cents during the early Besides the regular weekly offerings of British part of the month. Silver, which at the end and French treasury bills at of September was quoted in New York at $1.18 J, increased in price during the latter part Foreign financ- rates ranging between 5£ and 6 of October to $1.23f, and at the close of the ing and exchange, per cent, the monthly record of month was quoted at $1.2If per fine ounce. foreign financing includes the offering of $250,000,000 of 3 and 10 year 5£'per Movement of leading foreign exchange cable rates during cent British gold notes and bonds already dis- October. cussed. About the middle of the month an Quotations Per offering was announced of $8,500,000 of 6 per on— b c e e lo n w t d H ur ig in h g d L ur o i w ng cent gold bonds of the city of Sao Paulo, Par. par Octo- Octo- Brazil. Later in the month announcement SS 3 ee 0 pp . t. O 31 c . t. O 3 o 1 c n . t. ber. ber. was made that an American banking group in conjunction with a British banking firm was 4.8665 Pound sterling... dolls. 4.19 4.1675 14.4 4.2325 4.1575 5.18 French francs .per doll. 8.50 8.83 41.3 8.35 8.87 to extend a loan of about $40,000,000 to the 5.18 Italian lire.......do... 9.65 10.81 52.1 9.72 10.81 23.8 Berlin mark cents. 4.6 3.25 86.3 4.375. 3.25 Russian Government at Omsk. The American 19.3 Spanish peseta... do... 19.15 19.33 10.2 19.40 \ 19.10 5.18 Swiss francs, .per doll. 5.60 5.59 7.3 5.54 \ 5.64 participation was later fixed at $22,000,000. 40.2 Dutch florin. ^... cents. 37.75 37. 9375 5.6 38.50 ' 37.625 26.8 Swedish crown... do... 24.65 23.95 10.6 24.70 23.95 It was also subsequently announced that the 32.44 Indian rupee do... 43.5 41.75 128.7 44.00 41.75 Shanghai tael do... 136.00 140.00 144.00 130.00 loan to the Omsk Government was to be a 54.62 Brazilian milreis .do... 25. 87525.125 " 54.625.70 25.00 42.46 Argentine peso2. .do... 42.35 42.389 42.2 42.471 42.307 straight banking credit. Rupee transactions for the month include the allotment during 1 Above par. 2 Paper. four successive weeks by the Bank of Mon- During the month ending October 10 the net treal on behalf of the India Government of outward movement of gold 8,413,000 rupees (telegraphic transfers), at Gold was $28,322,000, as compared movement. average prices ranging between 43.0945 cents ¥/ith a net outward movement per rupee for the October 1 allotment and of $40,998,000 for the month ending September Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1016 FEDERAL RESERVE BULLETIN. NOVEMBER 1, 1919. 10. The gain in the country's stock of gold porting member banks of United States war obsince August 1, 1914, was $890,267,000, as may- ligations and war paper declined from 3,405.9 to be seen from the following exhibit: 3,168.6 millions, or from 22.3 to 20.5 per cent of their total loans and investments, while loans [In thousands of dollars; i. e., 000 omitted.] secured by stocks and bonds increased from 3,027.2 to 3,141.1 millions, or from 19.8 to 20.5 Excess of Imports. Exports. imports per cent of their total loans and investments. over exports. During the four-week period ending October 24 the Federal Reserve Banks' discount opera- Aug. 1 to Dec. 31,1914 23,253 104,972 181,719 Jan. 1 to Dec. 31,1915 451,955 31,426 420,529 tions continued extremely heavy, resulting in Jan. 1 to Dec. 31,1916. 685,745 155,793 529,952 Jan. 1 to Dec. 31,1917. 553,713 372,171 181,542 an increase by October 24 of about 200 mil- Jan. 1 to Dec. 31,1918. 61,950 40,848 21,102 Jan. 1 to Oct. 10,1919 57,962 239,101 1181,139 lions in their holdings of discounted bills over Total 1,834,578 914,311 890,267 the corresponding September 26 total. It is notable that the larger portion of the addii Excess of exports over imports. tional bill holdings is composed of ordinary Gold imports for the monthly period, amount- commercial paper (at slightly higher rates) ing to $2,839,000, were received principally and not, as in the past, of paper secured from New Zealand, Canada, Dutch East Indies, by United States war obligations. This and Belgium. Of the gold exports, amounting change is due, of course, to the substanto $31,161,000, $10,000,000 were consigned to tial curtailment in the volume of Treas- China, $6,300,000 to Hongkong, $6,000,000 to ury certificates outstanding and held by the Japan, and $2,200,000 to British India, the banks, and the simultaneous increase in the remainder going principally to Salvador, Dutch demand for accommodation by the member East Indies, Denmark, and Spain. Since the banks. Acceptances on hand show some flucremoval of the gold embargo on June 7 total tuations, the October 24 holdings of 368.8 milgold exports have amounted approximately lions being 26.3 millions in excess of the holdto $224,700,000. Of this total about $58,000,- ings reported four weeks earlier. Largely as 000 were shipped to Japan, $33,000,000 to the result of increases in the holdings of bills Argentina, $29,000,000 to China, $28,000,000 discounted and bought in the open market, the each to Spain and Hongkong, and the remainder total earning assets of the Federal Reserve largely to British India, Uruguay, Venezuela, Banks reached a total of 2,751.8 millions, an Canada, and France. increase for the four weeks of 24.8.7 millions. As the result of a temporary suspension of Together with the increase in discount oper- Treasury loan operations mem- ations went increases of 158.3 millions in net S!t ber banks \n the leading cities deposits, of 98.1 millions in Federal Reserve were able to reduce, during the note circulation, and of 12.1 in the Federal four weeks ending October 17, by over 180 mil- Reserve Banks7 liabilities on Federal Reserve lions their holdings of Treasury certificates, bank notes in circulation. Gold reserves of the besides liquidating about 41 millions of loans Federal Reserve Banks show an increase of secured by United States war obligations and 28.7 millions, this amount representing the difreducing by over 16 millions their net invest- ference between the total of 61 millions of gold ments in Liberty bonds and Victory notes. transferred from the continent in Europe to the For the same period, however, the banks, Bank of England vaults in London and the chiefly the New York City members, report a aggregate gold deposits of the Treasury on the practically continuous increase, totaling over one hand and the export withdrawals of gold .110 millions, of loans secured by stocks and on the other. bonds and a 255 million increase in other loans The banks' reserve ratio reached the low and investments. Iggregate holdings by re- level of 48.3 per cent on October 17 and on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1, 1919. FEDERAL RESERVE BULLETIN. 1017 October 24 stood at 48.7 per cent, compared prices higher is not only undesirable from its with 51 per cent four weeks earlier. effect on the cost of living but is laying the foundations for future collapse and depression. The Federal Reserve Board on October Some increase in the bank rate, however; 22-24 held its annual financial seems the necessary first step in any program C°n' conference witii Federal Re- for the restraint of undesirable credit expanserve Agents at Washington. sion, as an indication to the banks that, with the war financing of the Government now on a Subjects of current interest with reference to declining scale, the Federal Reserve Banks internal matters of organization were discussed, may be expected henceforth to function norbut, in addition, attention was given to the mally. But such increase, which need not be general financial situation and the policy of large or uniform in all districts, would be Federal Reserve Banks. Federal Reserve ineffective unless accompanied by a campaign, undertaken gradually and with great discre- Agents presented to the Board a series of tion to secure greater moderation by banks in reports bearing upon the topics under discusthe extension of credit for speculative and sion, and among them was included an expresother undesirable purposes. sion of opinion with reference to the present The fact that Government financing is on a credit situation, from which the following descending scale no longer seems to require extract is taken: such a degree of uniformity in Federal Reserve Bank rates as prevailed during the war, when Of the topics assigned to the committee the Liberty bond rate necessarily overshadthere has only been opportunity to consider owed all others and practically dictated unibriefly the question of the present expansion formity. It is the belief of your committee of credit and what methods of control of credit that rates at the several banks need no longer may be successfully used by the Federal be established either simultaneously or at Reserve Banks in view of the Government's similar levels. / past and prospective financial program. The Nashville branch of the Federal Re- The increasing demands for credit appear to come (a) from the higher costs of commodi- serve Bank of Atlanta was Branch ties and labor in the production and distribu- opened for business on October banks. tion of goods, caused by excess of demand 21, with Bradley Curry, formover supply, and (h) from the higher prices of erly of the Fourth and Firat National Bank of securities, land, and other forms of fixed Nashville, as manager. With the exception of property, as well as of many commodities, caused by active speculation all over the Chattanooga, the new branch bank will serve country. the whole State of Tennessee east of the Ten- The normal check for the Federal Reserve nessee River. Banks to use is a higher discount rate. But The Federal Reserve Board on November 3 in the opinion of your committee the condimade the following announcement with refertions prevailing at home and abroad are so abnormal as to render this method not wholly ence to the hearing held in Washington on Oceffective of itself. The European countries tober 21, 1919, regarding the establishment of are extremely short of goods, and we ourselves a branch of the Federal Reserve Bank of Kanhave not yet been able to satisfy the accumusas City in the southern territory of the Tenth lated demand for goods, resulting from two Federal Reserve District: years of patriotic self-denial on the one hand and a more widely diffused spending power on The Federal Reserve Board has considered the other. Furthermore, international trade the briefs and oral arguments presented by the is extremely unsettled and all the important respective petitioners in the matter of the es- European exchanges are heavily in our favor. tablishment of a branch Federal Reserve Bank It is evident that the use of credit for pro- in the southern portion of the Tenth Federal ducing the goods of which the world is short Reserve District by the Federal Reserve Bank should not be unduly curtailed, and it seems of Kansas City, and has reached the following equally evident that the immoderate use of conclusions: credit by those engaged in speculation in While the portion of the district tributary to securities, land, and commodities to force these cities is being well served in the matter Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1018 FEDEKAL KESERVE BULLETIN. NOVEMBER 1, 1919. of rediscount facilities by the Federal Reserve of Kansas City has therefore been directed to Bank of Kansas City, it is the opinion of the transmit to the Board, not later than November Board, however, that a branch with limited 25, 1919, the information called for, in order powers in the matter of rediscounts, the activi- that a decision may be reached as to the proper ties of which should be devoted mainly to the location of a branch. forwarding and receipt of currency and to tran- On October 31 the Federal Reserve Bank of sit operations, would be a convenience to the member banks and to the public in the territory New York announced in a cirserved by such branch, and would increase the Resignation of cular letter to member banks efficiency of the transit system. In view of the •R. Hi Treman. the retirement of Mr. Robert proximity of Wichita to Kansas City, it is H. Treman, senior deputy manifest that a branch located at that point governor of the Federal Reserve Bank of New would not give any appreciable additional facilities in this respect to the more remote por- York. A minute adopted by the directors of tions of the district; and the Board will, there- the bank on the occasion of Mr. Treman7 s refore, direct the Federal Reserve Bank of Kan- tirement concluded with the following parasas City to establish a branch at either Oklagraph: "The directors of the Federal Reserve homa City or Tulsa. In view of the technical Bank wish to express their affection and pronature of transit operations, the Board has requested a report from the Federal Reserve Bank found respect for him, sentiments which have of Kansas City, giving an analysis of the source, grown and developed in these years of close volume, and direction of outgoing business, and association with him, and to record their acthe volume and direction of incoming business, knowledgment and grateful appreciation of the together with a complete analysis of all mail distinguished, unselfish, and patriotic service schedules with reference to the territory to be served by a branch located in one or the other which he has rendered to the bank and to the of these two cities. The Federal Reserve Bank country.77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1, 1919. FEDERAL RESERVE BULLETIN. 1019 BUSINESS AND FINANCIAL CONDITIONS DURING OCTOBER. Great general prosperity throughout the ing power, high prices, complete full time emcountry, with strong demand for commodities ployment in all lines of industry, orders booked verging at times upon recklessness in buying, by manufacturers in some cases far into 1920, is the general business situation as reported by projected plans for expansion of plants and Federal Reserve agents in the several Federal equipment, and the absence of serious or wide- Reserve districts for the month of October. spread dislocation of working relationship be- Crop returns have been good in most sec- tween employer and employee in any of the tions, and even where decline in output great basic industries; although industrial has brought the total yield below the fore- unrest lies very close to the surface." In discasts, prices are reported as the highest on trict No. 2 the financial situation is characrecord, the money returns being thus largely terized by heavy demand for funds and augmented in spite of the decreased volume. increase in speculative activity, wholesale Staple commodities have moved satisfactorily and retail trade is in large volume, and labor to market during the month, although the conditions are distinctly unsettled, finding parvolume of grain thus shipped is smaller than ticular expression in several great strikes. In last year, while shortage in some commodities, district No. 3 the demand for commodities of such as sugar, has brought about unusual all kinds continues unabated, prices display care in the distribution of existing supplies. great firmness, and labor troubles have not Production of coal has been on the increase, proved very disturbing. In district No. 4 while the demand has been unusually strong, "most concerns are operating at capacity," owing to the fears of consumers concerning although in jobbing and wholesale trade there the prospect of a strike to date from Novem- is some hesitation due to uncertainty of'labor ber 1. There has been no decline ii\ general conditions. Retailers report strong demand. manufacturing, while prices continue firm. In district No. 5 crop returns, owing to the The upward movement of trade usually noted high prices realized, have been abundant, busiin the autumn has been in evidence during ness is active, and "unfavorable factors have the month. Speculative activity has been had little deterrent effect./' In district No. 6 extensive throughout the country and is general business conditions "show no outreaching dangerous levels. This and tke pre- standing change/' and "fall retail trade is vailing high prices have led in some quarters opening up in large volume/' although both to a further development of the spirit of con- corn and cotton crops are poor. In district servatism noted in the last issue of the FEDERAL No. 7 "business generally continues to reflect RESERVE BULLETIN, and in some important the greatly increased buying power growing lines of business leading factors forecast the out of the high wages and agricultural prospossibility of a shrinkage either of prices or of perity of the last three years." In district volume of business, or both. A troublesome No. 8. "most lines of wholesale and retail busifactor in the industrial situation is seen in the ness show increases over the corresponding existence of a widespread condition of indus- period in 1918" and "optimism still pretrial and social unrest, and while disturbances vails/7 In district No. 9 general business is growing out of strikes have not increased active, the unusually good corn crop has been during the month, prospects for a growth in harvested, and the general outlook is good. this direction have been such as to cause some "Reports from all trade and industrial centers anxiety. of district No. 10 tell of continued activity in General business conditions in district No. 1 practically all lines of business in the face of " continue to reflect unprecedented prosperity such discouragements as would at other times as defined in terms of high wages and purchas- be calculated to bring business to a standstill. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1020 FEDERAL RESERVE BULLETIN. NOVEMBER 1, 1919. Apparently there is a determination on the strikes, or a smaller number of men out of part of business to carry on, and there is a work as a result of strikes, is reported. Ungrowing feeling of confidence that efforts now fortunate, on the other hand, has been the fact being made will bring an amicable adjustment that the industrial conference at Washington, of the differences between labor and capital." from which much was hoped, partially dis- In district No. 11 there is "an auspicious open- integrated, thus disappointing the expectations ing of fall activities in all lines of trade," the of many who had believed that it would be disappointing outlook for cotton is offset by productive of great and immediate good. excellent yields and adequate prices realized From several districts it is reported that current on other farm products, the production of the opinion had strongly inclined to the view that oil fields is steadily increasing, and conditions a satisfactory solution of the difficulties would on the whole are sound and prosperous. result from the meeting, and disappointment in li Active trade in large volume, labor dis- the outcome was accordingly keen. Summing turbances, centralized to a large extent around up district labor situations, it would appear that San Francisco Bay, with full employment else- in the New England region there is no general where, and harvesting and movement of or serious| dislocation of working relationships, crops" have characterized the situation in although there is unusual caution among district No. 12. employers, while in Philadelphia but little dis- During October the labor situation has turbance has been experienced. Conditions occupied a position of primary importance. in the South, at Atlanta and the adjacent The reports of Federal Reserve agents show region, are fairly satisfactory, while in Minnethat there has been an increasing degree of apolis and the Northwest there is full emgeneral unrest throughout the country^ which ployment, at good wages. Unrest exists in has culminated in a series of strikes, either New York and Chicago, while the labor situaactual or seriously threatened. The steel tion in the Southwest and on the Pacific coast strike, which has already been long drawn out, is still unsettled, although some controversies although with production well maintained, is heretofore in progress are now apparently app arently appro aching its end. This strike has approaching adjustment or are actually disnot in recent weeks seriously hampered pro- posed of. duction, and the report from district No. 4 is Commodity prices show a recession from the to the effect that its influence i l has been on a high tevels reached during the month of steadily declining scale. Certain districts and August, The general index number of the plants from the beginning were able to main- Bureau of Labor Statistics stands at 221 for tain their organizations almost intact, and in the month of September, as compared with other cases the defection was not of propor- the revised figure of 226 for the month of tions to cripple general operations." On the August, a decrease of 2.6 per cent. The downother hand, serious labor difficulties in New ward tendency noted in some of the leading York, prominently among the longshore- staples during the month of September has men and in the printing trades, have resulted continued during the present month, in parin extensive unemployment. More serious, ticular corn and livestock, though increases are perhaps, in its possibilities than any other noted in the prices of other staples, such as labor disturbance was the threat of a gen- raw cotton and silk and various of the noneral coal-mining strike to . be called on ferrous metals. Scarcity of merchandise in November 1, negotiations for an adjustment certain leading lines, and insufficiency of anticihaving been brought to nothing during the pated output to meet demand is a factor tending latter part of the month. A hopeful indi- to keep these prices at present high levels. cation in the, labor difficulty is the fact that While there is a widespread belief that the in Some districts a smaller number of actual peak of prices has been reached, in certain Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1,1919. FEDERAL EESERYE BULLETIN, 1021 quarters no great declines in the near future Deterioration in quality is also noted in conseare anticipated, but rather comparative stabil- quence of the unfavorable weather conditions ity. Producers' goods remained unchanged which have prevailed, and extraordinary prices in price, the index number being 212, while for the choicer qualities have resulted, as well as decrease in price occurred for both the groups increases in the prices of other grades. Some of raw materials and consumers' goods, the tendency on the part of planters to hold the respective index numbers decreasing 1.7 per staple is reported. cent, from 218 to 214, and 6.3 per cent, from Movement of grain to market is in smaller 241 to 226. Among the subgroups included in volume than last year. Receipts of wheat at the group of raw materials, the index numbers 13 interior centers during September were for farm and animal products show ,c.*vo;sidef- 56,480,997 bushels, as compared with 67,699 r able decreases, from 251 to 240* and from 235 895 * bushels during September, 1918, while to 215 respectively, while the numbers for receipts of corn and oats show a greater falling forest and mineral products show increases, off, being respectively 12,906,830 bushels and from 193 to 218 and from 180 to 184 respec- 20,945,038 bushels, as compared with 19,309 r tively. 863 bushels and 28,957,695 bushels during In agriculture there has been a further in- September, 1918. Wheat and oats prices in crease in the estimated yield of corn, as against the Kansas City district show a slight decline small decreases for spring wheat and oats. up to the middle of the month, while corn Both wheat and oats show low yield per acre, prices have declined considerably. It is reand the quality is poor. In district No. 9 ported that milling operations are heavy, and "the unusually good corn crop has been that mills are well sold up as far in advance as harvested, but the rather unsatisfactory yield permitted. Recent trade reports, however, of wheat, which is both light and shrunken, indicate a decreased demand. Flour produchas presented difficulties in connection with tion during September, as reported by the seed supplies for next spring." Keports indi- United States Grain Corporation, was 14,087,cate a slight reduction in the acreage of wheat 800 barrels, as compared with 12,042,000 barsown this fall in district No. 10, while "corn rels during August. has been helped by the September moisture In view of the prevailing shortage of sugar, and has matured nicely." In district No. 7 care is being used in the distribution of avail- "the corn crop is in very fine condition in most able supplies; all contracts on the books of localities/7 and wheat sowing has been aided refiners will be pooled, and a zoning system by the recent rains, but the acreage in the will be instituted, whereby the East will be e excessively dry sections is smaller than last supplied* by Atlantic Coast refiners, the West year. by domestic beet sugar producers, and the It is reported that the deciduous fruit crop South by southern refiners. in district No. 12 promises to be the" largest on Receipts of cattle at 15 primary markets record. In district No, 4 "tobacco is disap- during September were considerably less than pointing, estimates placing the 1919 crop at 25 for the same month last year, the respective per cent below that of 1918." Last year's figures being 1,871,042 head and 2,249,017 unsold tobacco is now moving at 4 to 5 cents head, corresponding to index numbers of 186 per pound over late quotations. The crop in and 223, wliile receipts during August, 1919, district No. 5 is estimated at only 60 per cent of were 1,541,133 head, corresponding to an index normal, but prices are the highest ever realized, number of 153. Receipts of hogs were also and it is being sold rapidly. The condition of smaller, being 1,704,944 head during Septemcotton showed a further decline to 51.1 per cent ber, 1919, corresponding to an index number on October 25, and the crop is moving slowly. of 78, as compared with 1,775,842 head during Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1022 FEDEBAXi EESEBVE BULLETIN. NOVEMBER 1, September, 1918, corresponding to an index depletion of warehouse stocks, but price denumber of 81, and 1,595,759 head during lines for old materials in Chicago were noted August, 1919, corresponding to an index num- during the second week of the month. ber of 73. Receipts of sheep, however, show Production of bituminous coal during Sep^a considerable increase, being 2,890,831 head tember was 47,403,000 tons, as compared with during September, as compared with 2,220,229 42,883,000 tons during August, the respective head during August and 2,408,609 head during index numbers being 128 and 116. Increased September, 1918, the respective index numbers production is reported during the present being 212, 162, and 176. Drought conditions month, the output for the week ending October in the Northwest are reported to be largely 11 establishing a new high record for the year. responsible for the heavy movement of sheep. While from Philadelphia it is reported that Decreases in the prices of the various classes of prices have sagged somewhat, due to the large live stock are noted. It is noted in Chicago tonnage thrown on the market as a result of that "the average price of beef and mutton is the steel strike, consumers in general have considerably lower than a year ago," while readily taken the coal offered, in view of the 'l the prices of hogs are the lowest in two years." strike situation in the central competitive The labor situation has continued the domi- field. Anthracite coal shipments during the nant feature in the iron and steel industry. month of September were 5,687,401 tons, corre- Due to the fact that the strike was only called sponding to an index number of 101, as comon September 22, little effect is shown in the pared with 6,144,144 tons during August, corre- September figures for the standard indexes of sponding to an index number of 109. Active the industry. Pig-iron production during demand exists for domestic sizes, but steam September amounted to 2,441,554 tons, cor- sizes are weak. The wage agreement with the responding to an index number of 105, as com- miners has been renewed, to continue in effect pared with 2,743,388. tons during August, until April 1,1920. The output of beehive coke corresponding to an index number of 118. increased from 1,733,971 tons during August, The unfilled orders of the United States Steel to 1,790,466. tons during September. A de- Corporation at the close of September were crease is, however, noted since the opening of 6,284,638 tons, as compared with 6,109,103 the steel strike, production during the third tons at the close of August, the respective week of the strike being but 69 per cent of the index numbers being 119 and 116. Operators prestrike average, although still above the low report continually increased production since level prevailing during the second quarter of the opening of the month. the year. Buying activity is reported to have centered Relative quiet continues in the nonferrous to considerable extent in pig iron, the prices of metal industries. Transactions in copper have which, both for prompt and for forward delivconsisted largely of resales, while increases in ery, have advanced, though trade reports indithe prices of lead, tin, and zinc were noted in cate some tendency toward spot transactions the first half of the month. In September in view of the threatened strike of the bitumithere was "practical paralysis of the entire nous coal miners. Demand for finished proshipping of ore and fuel" in the Joplin district, ducts has also been heavy, but there has been due to an extreme "dearth of cars," and exreluctance on the part of producers to accept tremely large stocks of ores accumulated before further bookings in certain lines. Increases in the prices of certain products, such as tank relief came at the close of the month. plates, structural shapes, and steel bars, have No abatement in general manufacturing is occurred. Premiums are offered largely for noted. The cotton-yarn market continues prompt delivery. The growing shortage o: firm, with inquiries numerous. It is reported some forms' of finished steel has .resulted in that cotton-mill output is contracted for up to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

{ 1919. FEDEBAIi KESERVE BX7LLETIK. 1023 the close of the year, and that considerable measure with orders previously booked. Acorders are being booked for 1920. Fine goods tive demand for shoes continues, in excess of the continue very firm and high, but from Boston ability of manufacturers to supply. Retailers* it is reported that fear exists that adjustment purchases have not been restrained by the high of prices of print goods and fancy products to prices prevailing. From Boston it is stated meet the recent advances in the price of cotton that "some of the largest concerns in the may react unfavorably upon demand, or at United States have reached a point where it least cause increased consumption of loss ex- will be impossible for them to accept additional pensive grades. j orders for five or six months." The raw-wool market continues quiet, with The customary seasonal swell in. the volume prices of high-grade wools firm. 'Lack of in- of business continues. Sales, both wholesale terest in low-grade wools continues, reflecting and retail, in many sections are reported to be absence of public demand for low-priced in excess both of those for previous months and fabrics. Considerable interest is displayed in for the same period last year. Stocks of both the prospective offerings of Australian wool byj wholesalers and retailers in leading lines are the British Government, and their possible running low, and complaint is being made of effect upon the market. In worsted yarns there difficulty in obtaining merchandise. The deis absence of desire on the part of both buyer mand for high-grade goods continues, although and seller to contract ahead for the more dis- in both the Boston and Kansas City districts a tant future. Mill openings of both men's and growing tendency is noted on the part of conwomen's wear woolens for spring are on an allot- sumers to limit the amount spent for various ment basis. It is reported from the Philadel- | articles, and from the former it is reported that phia district that "they could very easily book "in buying wearing apparel and other articles new business far into 1920," but that disincli- of household use, except food, the public in nation to do so exists. Marked advances have general is not paying the full amount of the inoccurred in the price of raw silk, and an upward crease in prices necessary to obtain the quality tendency in the price of fine silk goods is noted.I which it formerly bought/' A scarcity _ of merchandise is reported in knit A continuance of building activity is regoods, with, no general contracting for spring ported. Permits issued during September show delivery, because of price uncertainty, except | a seasonal decrease from the August figures, the in the case of silk hosiery, in which orders for ! latter, however, being the record month of the next June delivery have been noted. Recent j present year. Labor difficulties and shortage trade reports indicate little placing with manu- | and high cost of construction both for labor and facturers of new orders for clothing, due ap- | material have continued to be retarding factors. parently to heavy early purchases. i Continuance of a satisfactory amount of build- The hide and leather markets during the ing throughout the winter is predicted. Seapresent month ha,ve been relatively quiet, and sonal decrease in the demand for lumber is rethe upward movement of prices appears to ported from certain districts. Slightly lower have been checked. A waiting attitude has prices are reported on certain grades, such as been largely assumed by tanners with respect to southern pine, while others, in particular westhide purchases, although several large recent ern pine, have increased in price. Increased sales of packer hides in Chicago have been re- production as yet has succeeded but little in ported. In leather the between-season inac- | building up stocks. tivity has been noted. but prices in general have I Official figures for the month of September been well maintained. Lower grades, however. j show a decrease to $161,100,000 in the export have moved at concessions in price. Tanners j balance from the figure of $338,900,000 for the have thus been enabled to catch up in some ' month of Aiigust. This is the lowest figure for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1024 FEDERAL RESERVE BULLETIN. NOVEMBER 1, 1919. any month since July, 1917. Accompanying month during the present year, and October a decrease of approximately $50,000,000 in issues are reported to show little or no falling exports was an increase of $128,000,000 in off in volume. Speculation was not adversely imports. Interest was displayed in the foreign affected by the increase in call money rates trade conference which assembled at Atlantic which accompanied the recent great increase City during the latter part of the month. in loans of the New York Clearing House banks Large decreases in exports are shown for and borrowings from the Federal Reserve Bank meats, chiefly bacon, hams, shoulders and of New York. After touching 15 per cent at lard, and raw cotton, the September exports the close of September rates remained at a of the latter article being 50 per cent less in relatively high level throughout the early part quantity than the month before. On the of October, and again reached 15 per cent on other hand, exports of breadstuffs, mainly October 14 and 15, since which time they have flour and wheat, were larger both in quantity declined sharply with an increase in available and value than for the preceding two months. funds and reached a low figure of 4 per cent. Of the total increase since August of about 128 An upward tendency in commercial paper millions in imports, 70 millions represent an rates in New York is reported, as well as a increase in the value of crude materials im- limited demand for acceptances. The cusported, chiefly raw silk from Japan, Egyptian tomary heavy seasonal demand for funds is cotton, hides and skins, also fibers, and about generally noted. Rates in other centers have 32 millions an increase in the value of im- been steady and have not reflected the erratic ported articles of food, chiefly sugar, from Cuba fluctuations in the New York market. The and coffee from Brazil. board's figures of the volume of check transac- In the stock market the present month has tions continue at a high level. The banking been characterized by a continuance of the situation continues to be regarded as sound, speculative activity which commenced during though need of caution in loan expansion is em-' the last week in September, and price advances phasized in certain quarters, particularly in have occurred. Bond prices have shown a view of heavy seasonal requirements for funds tendency to rise, the returning strength of and the high-price levels now prevailing. high-grade railroad bonds being especially Credit and collection conditions are good and marked. Transactions in Liberty bonds have failures, while showing an increase for Septembeen heavy, and they have led the rise in the ber over those for the two previous months, general investment market. September issues continue unprecedentedly small and few. of new securities were the heaviest for any Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER !,• 1919. FEDERAL* BESBEVE 1025 SPECIAL REPORTS. it being generally assumed that this will take place notwithstanding the opposition df the REPORTED BY DISTRICT JSTO. 1. growers which has been very vigorous, and the General retail trade.—Retail trade continues opening of the London sales to American comactive and merchants are prosperous, reflecting petition. Some dealers sympathize with the the condition of their customers, the reports ;rowers in the view that tne movement to from many quarters indicating apparently no >ring about this sale reflects a shortsighted slackening in the buying of either necessities or policy, inasmuch as the argument made in its luxuries. Volume of business is reported as behalf for the benefit of the manufacturers, and showing; an increase not only in amount as re- Eresumably for the consuming public, might flected in selling prices but in the number of e advanced with equal force with respect to transactions. The latter is not, however, pro- furnishing an outlet for surplus stocks of other portionately as great as the former, i. e., in- materials accumulated by Great Britain, it creased business, when measured in terms of being contended that a reactionary effect upon money, does not because of the steady rise in American industry might result which would s prices necessarily mean an increase in transac- in the long run offset immediate advantages; tions. There has been a widespread impression other dealers are inclined to look upon the that the people in general have been in recent situation more philosophically, taking the months disposed to extraordinary extravagance ground that the demand for fine goods is so and numerous incidents within" almost every- great that it will readily absorb the best grades one's experience, many of which find their way of wool which they believe will form the bulk into print, are constantly cited to support this of the Australian shipment. In the meantime belief. There is, on the other hand, evidence the auctions of our own Government supply, that such cases are exceptional; indeed, that in chiefly of the medium and coarse grades, are buying wearing apparel and other articles of scheduled to come off next month and their household use, except food, the public in general possible effect upon the offering of the British is not paying the full amount of the increase stock remains to be seen. Mills are running to in prices necessary to obtain the same quality capacity and so long as the public remains inwhich it formerly bought; and the number of sistent in its demand for only the finer grades persons who positively refuse to pay for goods of cloth for suitings, leaving a narrow market with respect to which" they can exercise discre- for the medium and coarser grades of wool, tion in buying more than a fixed figure which high prices may be expected to continue. they deem consistent with their means, or Cotton and cotton goods.—The falling off bot|i necessary to adhere to in view of the cost of in quantity and quality in this year's cotton other items which enter into the family budget crop due to unfavorable weather conditions, and, over which they have no control, is reported which have prevailed over much of the cottonby some of the larger stores to be apparently growing section of the South, together wi€h increasing. Whether this attitude on the part the high cost of labor, and the fact that the of the public, if it expands and is steadily sus- supply of last year's crop which was carried tained, will ultimately have an appreciable over was largely of the coarser grades, has reinfluence on retail prices remains to be seen; in sulted in such extraordinary prices for the the meantime retailers continue to experience choice qualities as to cause a marked reaction difficulties in getting deliveries of goods in in buying activity, for while retail current deseason for consumption, a circumstance making mands for print goods and all kinds of fancy for continued high and in some lines still higher products, such as costly shirtings, show little prices, though merchants prefer to be opti- sign of abatement, mill men are fearful th^t mistic in the belief that, in general, prices have any further increase in prices to meet the cotreached the peak. ton price levels recently set by the southern Wool and woolen goods.—Wool dealers reportgrowers would prove the traditional straw the market, while in general still marking time, which broke the camel's back; indeed, buyers to be gradually showing increased activity. themselves, while eager to take whatever the No relief from the shortage in the finer goods is mills are able to offer in the way of fine goods . yet in evidence, with resulting buoyancy in at the prices hitherto prevailing, are reported prices. There is considerable speculation as to as balking when confronted with the advances the effect upon this situation of the offering here in the price of cloth they would find it necessary probably early in the new year of 50,000 bales to pay to meet the sudden rise in the price of of Australian wool by the British Government, the raw material. Thus a situation has been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1026 FEDERAL EESERVE BULLETIN. NOYflMBBB 1, 1919. created in the fine-goods market which may be making ambitious plans for foreign trade after expected to cause a reaction to set in, or, at conditions are stabilized, and one of the largest any rate, to reconcile the consumer to accept- New England companies has recently organized ing the less expensive grades. Manufacturers subsidiary British and French corporations to of goods for household use are sold 60 to 90 simplify the distribution of its products throughdays ahead, but are by no means running in all | out northern Europe. cases to capacity, being apparently reluctant, with few exceptions, to take orders for delivery REPORTED BY DISTRICT NO. 2. very far into the new year, because of uncertainty as to prices and labor conditions. The Money and banking.—The past 30 days have situation as respects the market for coarser been, marked bj important movements in trades, such as are used for ducking, automo- money and banking in this district, particularly in the city of New York. In this period ile tops, hose, etc., is somewhat different, cusloan accounts of New York Clearing House tomers of the mills for this class of goods being banks reached new high levels. The loans and not so dependent upon market fluctuations in investments of the Federal Reserve Bank of the price of raw cotton in making sales to sup- New York increased to a point not far below ply the demands of current trade, and therefore the highest ever reached. The call money willing to make contracts with the manufacrates, as yet the accepted indicator of money turers for monthly deliveries for many months market conditions, rose on three days to 15 in advance on the basis of the cost of cotton at per cent and •frequently to 10 and 12 per cent. the time of delivery. Mills having, or able to install, the equipment to handle orders of this The elements which precipitated the rise in kind are accordingly willing to book orders for loans and in rates had their roots in the condipractically an indefinite period in advance, tions described in our report of a month ago, and there are instances of this being done far On September 15 and the days immediately into 1920, following the Federal Reserve Bank of New Leather and> shoes.—Continued prosperityYork paid $374,000,000 of certificates of indominates all branches of the allied shoe and debtedness, and at the same time sold $437,leather trades, from hides to shoes, a condition 000,000 of new certificates, chiefly of one year equally true of the related industries, such as maturity. During September also there was the manufacture of shoe machinery, lasts, tan- an actual decrease of $400,000,000 in the Govning materials, and shoe findings. Some of ernment debt. The result was momentary the largest concerns in the United States have ease on the money market, a reduction of reached a point where it will be impossible for $225,000,000 in the borrowings by the member them to accept additional orders for five or banks of this district at the Federal Reserve six months, and an actual shortage of footwear, Bank, and a recrudescence of great speculative although perhaps it will not be acute, is a possi- activity at a time when the normal demands bility since the shortened hours of labor are for autumn business and crop moving are norbeginning to show their effect in reduced pro- mally at their apex. duction. The upward tendency in hide and At the Federal Reserve Bank the reduction leather prices has been somewhat checked, but in. member-bank borrowings was transient. at the present time these commodities remain The mounting credit demands of the season and on a strong basis. In the meantime, shoe of speculation in securities, real estate, and prices, always six months or so removed from other forms of property, together with the leather quotations of the moment, have con- withdrawal of $166,000,000 Government detinued to advance. The present checking of posits created by the sale of certificates of inleather values, however, gives some ground for debtedness, produced directly or indirectly in the hope that the "peak" in shoe prices will three weeks a rise of $240,000,000 in the borbe reached by the midsummer of 1920. Ex- rowings at the Federal Reserve Bank, until on tensions to existing plants are being made in October 17 total loans and investments reached some quarters, and the example set by those $974,400,000, only $24,000,000 below the total who have had the courage to take the initiative of last July, the maximum for this bank. in this respect will probably be followed by The increase in loans and investments of other concerns as soon as they are better able New York Clearing House banks from Septemto forecast economic conditions. The export ber 19 to October 17 was about $45,000,000, trade in both leather and shoes is still averaging with the peak on October 10, when the total large totals. Certain prominent concerns are stood at $5,433,000,000, the highest ever Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEB 1, 1919, EBDERM, EESEEVB BULLETIN 1027 reached, and more than $110,000,000 above the new insurance was written than in the correfigure for three weeks previously. This expan-sponding period a year ago. The New York sion occurred in spite of a material liquidation State savings banks show an increase of of war obligations held by the banks. During $137,000,000 in deposits for the first six the same period the banks in this district which months of this year, against $5,164,000 for report their condition to us each Friday reduced the same months of 1918, On the other hand, their Government bond holdings by $9,000,000, extravagance in personal expenditures is everytheir certificates of indebtedness by $109,000,- where reported, and there is still an obviotts 000, and their loans secured by United States disposition on the part of holders of small bonds by $37,000,000; while their loans secured denomination Liberty bonds to sell. In cerby stocks and other bonds increased $112,000,- tain issues the total of $50 bonds which have 000. been presented at the Federal Reserve Bank Nor is this movement confined to New York for exchange into higher denominations—sug- City and the Second Federal Reserve District. Nesting that the purchasers have sold them to The liquidation of Government securities and uyers able to hold $1,000 bonds—exceeds the paper which is taking place in the banks of number originally issued in this district. But every section of the country has released much as New York is the primary market for the sale credit, but this credit has not been used to of Government bonds, large amounts of small reduce borrowings , at the Federal Reserve denomination bonds are constantly being sent Banks; it has been promptly absorbed by the here from other districts for sale." However, demands of production and distribution or by the great volume of such exchanges is indicathe speculation in securities, commodities, and tive of the extent of the continued selling by real estate, which is proceeding actively in small holders. nearly every part of the country. The" de- The movement of call money gives an accumands for credit which have lately been im- rate reflection of the movements described posed upon the Federal Reserve system have above. Immediately after September 15, when reduced its reserves to less than 49 per cent, this bank disbursed funds in payment of certhe lowest in its history, despite the recent- tificates of indebtedness, the call-money rate introduction into these reserves of about for a few days fell to 4 per cent, but the ease $107,000,000 of gold received from Germany soon passed. At the end of September the in payment for foodstuffs, a wholly excep- rate touched 15 per cent and remained high, tional transaction. with only transient declines to the middle of One of the most important developments October, when it again touched 15 per cent on of the past few months has been the general two successive days. At the end of the period, tendency on the part of the banks to distri- with an increase in available funds and a bute, rather than to hold, their certificates of decline in the loan totals of the banks, it fell indebtedness. On September 30, the last date sharply and reached a low figure of 4 per cent. for which figures are available, the total amount Rates for time money tended upward as of certificates outstanding in the country was early as the first week in October, reaching $3,755,000,000, and it is estimated from the 6 per cent for the shorter maturities as against figures of the 776 banks which report weekly5f in the latter part of September. The rate that the aggregate amount of certificates held for longer maturities reached 7 per cent on by all banks in the United States was well October 15 and 8 per cent a day later. under $2,000,000,000. Throughout the period commercial paper The steady liquidation of Government paper rates have ruled at 5| per cent, with the best in the banks and the demand for Government names selling at 5 per cent. Few New York bonds in the market at rising prices indicate banks have been in the market, but an active the gradual absorption by savings of those demand has come from their out-of-town bonds for which the savings of the country correspondents. Offerings have been limited, during the war were insufficient. Among the but latterly rates have inclined upward, in large borrowings made for the purpose of par- sympathy with higher call money. Dealers ticipating in Liberty loans were those of the in acceptances report poor sales for the same large insurance companies, and they are now reason and that their holdings have increased nearly or completely liquidated. This evi- extensively. Rates on acceptances are undence of saving is confirmed in the reports of changed. 84 insurance companies showing that for the Bank clearings for September increased only first six months of this year $845,000,000 more one-half per cent from August. During Qcto- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1028 EEDEEAL KESEBVE BULLETIN. NOVEMBER 1,1919. ber clearings have been heavy and increasing, in considerable degree to new requirements for a result of the increase in commercial transac- a higher gross return on investments which tions and the active stock market. taxation and the value of money have dictated. Stock market.—The position of equilibrium The returning strength of high-grade railroad into which the stock market had worked itself bonds is especially marked, a firmness that is by the middle of September has in a broad shared, though not to the same extent, throughsense been maintained ever since, and this is es- out the list, with the exception of street-railway pecially true of railroad shares. The prices of bonds. That the obligations of the railroads these within the past month have not moved have risen as a group beyond other corporaenough to pass either above the peaks of recent tion issues is no doubt the reflection of confirallies or below the bases of recent breaks. dence that in coming railroad legislation prop- Even the industrial issues have continued to erty rights will be protected. Within t£e move within a price area too confined to denote past month underlying first mortgage railroad any new or powerful tendency. Yet they^ have bonds have recovered about 2| points, while passed slightly above the previous high tide of genera] mortgage, debenture, and convertible the 1919 upward movement, even though they bonds have risen about If points. Industrial 1 aid the new advance only for a couple of days. bonds have risen about three-eighths of a Realizing sales depressed the market some- point. what during the third week of September, and The month's transactions in Liberty bonds a negligible amount of liquidation was reported. have been heavy, proof that the public interest Yet railroad shares, which were the weakest in United States Government issues is being group, did not go any lower than a month maintained. Liberty and Victory bonds led earlier; and in the case of the industrials as an the rise in the general investment market, and average, the lowest prices reached in the latter are still leading it. There is every reason, in half of September were not much below the the volume of the issues, their unparalleled highest prices attained in August. During the security, and the familiarity with them of large reaction of the third week of the month the and small investors, why they should do so. volume of transactions on the New York Stock Further, their net yield to many investors is Exchange shrank to about 920,000 shares daily, greater than the net yield, after taxes, of corwhereas in the upward movement that occu- poration bonds showing the same gross yield. pied the fourth week of September and the first Irrespective of taxation, the effect of which ten days of October the trading averaged about varies greatly between individual holders, the 1,450,000 shares daily. Otherwise expressed, yields of these issues, except the 3J^ per cent the trading and investing public seemed willing bonds of the first Liberty loan and the Victory to stand aside and wait while the market was 3%'s, range from 4.29 for the first 4 per cent sagging, but participated in the movement as converted bonds to 4.87 for the Victory 4%.'s soon as the advance was resumed. (the yields being figured on the life of the On the whole the market seems to have bonds). moved according to the rules of speculation New investment securities continue to be rather than of investment. Purchasers appear offered in large volume. The offerings of to have been guided by matters of expectation September are reported to have been about rather than by performances in the way of $380,000,000, as compared with the previous earnings and dividends. The steel strike was high record this year of $371,000,000 and with rather the reverse of a depressing influence, be- a general average of about $240,000,000 per cause current market opinion exaggerated the month. The circulars received thus far during appearance of victory won by the steel com- October reflect little or no falling off in the panies at the outset. Moreover, high rates for output of new securities. Aside from a larger call money, precipitated to a considerable de- proportion of high-grade Government and mugree by the activity of the market, did not act nicipal issues, the general average character of as a deterrent to the traders, but were regarded these new securities is about the same as in the merely as an incidental and minor offset to recent past. State and local government bonds expected profits. Throughout most of the pe- have been issued in greater variety than in riod urgent liquidation has been notable for its recent times. absence. Foreign trade and foreign exchange.—-The Bond Market and new financing.—Bond outstanding event in the September foreign prices have shown a tendency to rise, indicat- trade record for the country was the leap in ing that the market has already adapted itself the total for imports which, according to the 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOTSMBEB 1, 1919. FEDEBAX* BESERV® BULLETIN, 1029 summary figures from the Department of vocable tonnage which is steadily growing Commerce, were up $100,000,000 from the promises to be a continuing and important preTious high record attained in July. Ex- factor for a long time. The conservative polports, on the other hand, declined from $646, icy as regards price advances which has been 000,000 in August to $593,000,000 in Septem- pursued by the iron and steel manufacturers, ber. Thus the favorable balance of trade for it is indicated, has been disrupted by the shortthe month is reduced to $158,000,000 and ages of material which are growing as a result aggregates $3,J70,000,000 for the year. of the strike. The economic loss produced by At this writing only totals are available, and strikes through interrupted production and the it is impossible to define the imports which cost to the public at large are clearly illustrated account for the increased total. The funda- by this situation. Because many blast furmental explanation is doubtless in the condi- naces are banked and unable to ship pig iron, tion of the foreign exchange market, which even where they have stocks on their yards, encourages imports and sets up an automatic prompt iron is commanding premiums of $2 tariff against our goods abroad. and $3 per ton or more. Prices for forward There was a sharp advance in practically all delivery have been advanced $2 a ton or more. the foreign exchanges during the last week in A similar condition prevails in mill products. September, partly due to speculation, but dur- Prompt or early material is commanding preing October there has been-an almost constant miums and in some lines higher prices are being decline. Sterling, after rising to 4.26, grad- asked and paid for forward delivery. It is a ually dropped to- 4.14% on the 18th, which question when normal production shall have was within about 3 cents of the low record been restored whether the market will return reached in August. Francs rose rather sharply to something near the level prevailing at the to 7.86 on September 29 and then gradually time of the strike; present indications are to declined to 8.77 on October 15. Lire took, the the contrary, since former output and efficiency same course'and declined from 9.52 to 10.16. of the mills in many cases are likely to be matters of slow recovery. KEPOBTED BY DISTRICT NO. 4. Because the extent of the strike has varied widely in different districts, the restriction of General strike conditions which have pre- output in different products has been dissimilar. vailed in the iron and steel industry since Sep- This promises to have its bearing on future tember 22 have interrupted but have failed to market conditions in these respective lines. check the progressive development of trade The leading producer of sheets has restored its in these major lines. The effect of the strike production to 85 per cent, while independent on production has been on a steadily declining sheet mills are running at 75 per cent of the •scale. Certain districts and plants from the rate in force at the time of the strike. The beginning were able to maintain their organi- Carnegie Steel Co. has cut down its idle list of zations almost intact, and in other cases the blast furnaces since September 22 from 35 to defection was not of proportions to cripple, 20. The Cleveland and Youngstown districts general operations. These conditions espe- have remained the points of greatest continucially have applied to the Pittsburgh district, ing disaffection, but the first return of the men to the east, to the south, and to other scat- to any appreciable extent the past week has tered localities. As a result, shipments to con- made the situation more promising from the sumers have been fairly well maintained from standpoint of manufacturers. In the Pittsa number of directions, and these with stocks burgh, Chicago, and other mill territories the of material on hand by the former, together drift of the men back to their jobs now is more with the piecing out from jobbers7 and ware- pronounced and general than at any time since house stocks, have reduced the effect of the the strike. shortage of iron and steel in general manufac- The boats of the bulk freight fleet are still turing or construction work. In fact, the sec- taking considerable delay due to labor trouble ondary results of the strike as yet have not ashore, and much time has been lost since the been serious or crippling as far as general in- last week in September on account of the steeldustry is concerned. workers' strike. It is apparent, nevertheless, that the loss of Shipments to the furnaces that are idle have iron and steel production now being sustained been cut off and a large part of the ore is being is beginning to have a strong bearing upon the placed on dock. That is a slow operation, as market position of iron and steel, and this irre- about 80 per cent of the ore is sent forward Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1030 FEDERAL RESERVE BULLETIN. NOVEMBER 1,1919. direct to the furnaces under normal conditions, the hi^h prices, claim they will not be able to and some of the unloading plants at the lake fill their orders. front are down. Ore has been moving faster than it can be REPORTED BY DISTRICT NO. 5. handled. There has been a big line-up at all , The tobacco crop is estimated at 60 per cent the docks and some of the ore carriers have been of normal, but the highest prices ever obtained held in port a week or more. are being realized. It is being sold rapidly and Retail business throughout the district is the proceeds are already providing some liquiin excellent shape, judging from the reports dation and assisting in the limited marketing of from all classes of merchants. While the cotton. greatest activity has been in the shops which The cotton crop is estimated at a little over cater to the women folks, other stores liaye 10,000,000 bales, which will only supply to a felt the wave of heavy buying. Dealers in women7s wear report that there has been an limited extent the needs of the world. Owing to the disarranged exchange markets and the unexpectedly heavy buying of winter merdetermination of planters to market the staple chandise in addition to the heavy purchases only as full prices can be obtained, the crop is for immediate and fall use. moving slowly at about 35 cents for middling The dry goods jobbing business during the cotton. The liquidation of agricultural paperpast few weeks has shown some hesitation due has begun and bank deposits are showing conto uncertainty of labor conditions. The sky siderable improvement, but money is still in seems to be clearing, however, and retailers good demand. are now buying with more freedom. Orders With the proceeds of tobacco, reasonable for spring delivery are beyond expectations, sales of cotton at present prices and the gradual indicating that customers have confidence in liquidation of advances for raising the crop, the the future. cotton movement will be financed without seri- Dry goods of all kinds are becoming very ous difficulty. Spinners and manufacturers scarce, and will become more so unless some are making maximum profits. move is made to increase production. There The farming interests of Maryland have had a is a short cotton crop, which aggravates the satisfactory year with the exception of the cansituation and makes for still higher prices. ners. Forty per cent to 50 per cent of the can- This shortage of cotton, together with decreased neries in the eastern section are reported as production, forecasts nothing but high prices idle for several months past, owing to damage for months to come. by excessive rains to tomatoes and other truck There is still a reckless disregard in buying, products. especially in the purchasing ol the nonessen- In trade circles, purchases by retail mer~ tials. This recklessness shown in the choice # chants have been well sustained and the indiand price of commodities is one of the strong cations are for a steady demand for merchanfactors that is causing continual high prices. dise throughout the balance of the year. Great There is, however, a distinct falling off in the difficulty is being experienced in securing a purchase of shoes at the very high prices quoted, full quota of supplies from producers. Delivalso in some other departments where the eries are ^Wy slow and in many lines allotments advances have been abnormal. for future deliveries are being made, and ad- But in the face of this merchants claim that vances in prices are expected rather than conditions are such that the prices at which recessions. Great difficulty in obtaining raw they are selling their merchandise to-day seem materials is still reported. criminally low from their standpoint, considering the price of replacement quoted them. In REPORTED BY DISTRICT NO. 6. leather goods and woolens they state they are to-day retailing merchandise at a price at Agriculture.—Present indications are that the which it will be impossible to duplicate at cotton yield of Georgia will be the lowest since wholesale. 1896. The boll weevil has covered most of the The fear that exists in the thinking retailers7 cotton counties in the State and has done great minds is how long can this condition continue damage. The adverse weather has also aided and what must be done to prevent this con- in reducing the crop. Long periods of flooding tinuous rise. It is impossible for them to rains early in the season were followed in Aumerchandise on a standardized basis as they fust and September by severe drought and formerly did, as the manufacturers, despite eat. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVBMBEE 1, 1919. FEDERAL RESERVE BULLETIN. 1031 The cotton crop of Alabama will show a de- ceipts. On account of the high prices these creased production this year. The percentage commodities had reached, no importance is is now estimated at 55 per cent oi a normal attached to this decline. Both products are crop. Boll weevils and unusually wet and cold again on the upgrade. Labor conditions in weather during the early spring, together with this industry are decidedly better and operaunsatisfactory labor conditions, greatly re- tions are now going on in a satisfactory duced this crop. manner. Reports from Florida indicate that conditions in the Sea Island cotton market are about the REPORTED BY DISTRICT NO. 7. same as previously reported. Some sales have Business, generally speaking, continues to been made recently at about 65 cents, but it is reflect the greatly increased buying power thought the price will rise and many are holding growing out of the abnormal wage distribution out on this account. and agricultural prosperity of the last three The corn crop of Georgia is reported to be the years. Manufacturing in most lines in the poorest in several years. Despite the very ma- Middle West is exceedingly active and the people terial increase in acreage, the total output will are spending their incomes as freely as though be far below that of last season. they expected to be able to continue indefinitely The Mississippi corn crop is reported to be on the war-time basis. the shortest since 1916. The corn acreage was About the only indication of a distinct slightly reduced this year, and some of that tendency toward conservatism is found among planted was abandoned and not replanted on the merchants, who despite the lavish buying account of weather conditions and labor of luxuries and other merchandise are carrying troubles. The acreage planted in sweet pota- comparatively small stocks of merchandise toes was increased 10 per cent, and the indica- and manufactured products, measured in tion is the crop will be increased about 800,000 volume. One factor in this, however, apparbushels over last year. ently is the limited amount of raw material The corn crop of Tennessee made a slight im- and the continued high prices, mercantile conprovement during the month of September, the cerns hesitating to stock up at high prices in condition on October 1 being reported at 75 per face of an inevitable subsequent readjustment cent of normal/ compared with a 10-year aver- to a lower level. age of 81 per cent. The buckwheat crop of There are indications cropping out here and upper east Tennessee suffered for moisture, as there of a growing tendency to expand manudid late white potatoes. Sweet potatoes are facturing plant capacity instead of increasing showing up well, and harvesting is going on in present plant efficiency in order to care for some places with good yields and quality. the present demand. Bankers are beginning The Tennessee tobacco crop took on renewed to scrutinize their loans more closely, with a life during September, and what at one time view of checking a possible disposition on the was expected to be a short and poor crop has part of borrowers negotiating loans ostensibly turned out to be one of the best ever produced for commercial purposes when working capital in the State. is gradually being absorbed in plant expansion. Lumber.—The lumber market during the The menace of such a condition, if it becomes past month has settled somewhat and prices general, lies in the absorption of floating credit are slightly lower. This is due in part to the by necessitating the use by banks of their own slackened demand in the Northern States with liquid assets in obtaining rediscounts at the the approach of cold weather, and the further Federal Reserve Bank. fact that weather conditions in the producing The banking situation continues to reflect States have been favorable to increased output. heavy borrowing all through the Middle West. The railroads are buying very little, and the Cattle feeding and other agricultural purposes, export demand has declined. Even though the as well as manufacturing and the continued market is easier and prices have declined high-price level, call for a use of credit in peace slightly, it is not probable that there will be times equal to if not greater than a year ago any large reduction in prices because stocks when we were at war. Advices from member are verjr scant at the mills. The car supply banks, however, reveal some development of is unsatisfactory. conservatism which is manifesting itself in Naval stores.—Both turpentine and rosin a closer discrimination in the matter of making show a marked decline during September, due loans, with a view of checking the more specuprincipally to the comparatively larger re- lative enterprises in their work of expansion Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1032 FEDERAL RESERVE BULLETIN. NOVEMBER. 1, 1019.. and the forcing of greater economy and to losses for cattle raisers, who have to fall development of efficiency in operation, to the back on their cushion of profits made in the end that production may be increased without last two years. a corresponding plant expansion. The tonnage being booked by the big steel REPORTED BY DISTRICT NO. 8. companies operating at Gary is reported on an average to be very satisfactory. The A survey of the industries in the several demand for steel in such lines as implement manufacturing centers in the district indicates and automobile manufacturing is in excess that many lines of business have developed of the ability to produce the material, and materially beyond a prewar basis. The numwestern steel makers say that they are not in ber of employees has increased and wages are a position to accept further orders for ship- from 40 per cent to 100 per cent higher. In ment prior to Febi aary or March. There addition to this many new industries have appears to be a large demand for steel, which been established. A large manufacturer of is more or less held in abeyance on account of shoes says there is a good demand for his strikes, Dot only in the steel industry but in product, but that he is somewhat hampered various localities in building and other trades. by the "underproduction of labor.7' His The export demand is'large, and once the labor orders on hand for future delivery are far situation clears up, predictions are for an above normal. The market, he says, is very unusually good demand for steel during the high, but shows some signs of weakness. entire coming year. Manufacturers of clay products, brick, tile, In building lines the demand for material clay pipe, etc., say there is a good demand for , is -marked, due somewhat of course to the their products from small manufacturers and settlement of the building trades strike in for municipal and other internal improvements. Chicago; consequently all building material The demand is about 75 per cent of normal. fabricators are well supplied with work. The The steel strike and dullness in the metal demand for steel continues light from rail- trades has restricted the demand for fire brick. roads, and the indications are that no large Prices tend to decline. commitments will be made before the first Wholesale and jobbing.—-A large wholesale of the year. hardware concern reports that, its business is The average price of beef and mutton is improving. It attributes this to the good harconsiderably lower than a year ago, notwith- vests, remunerative prices to farmers, and to standing the smaller receipts at tie principal the optimistic spirit prevailing. Its business markets during September compared with the increased considerably over last year, but previous year, which, showed a decrease of 23 decreased slightly from last month. There is per cent for cattle, 18 per cent for calves, and still a tendency in some quarters to buy only a small decrease in the receipt of hogs. The for immediate wants. prices of hogs are the lowest in two years. Wholesale grocery firms say prices are tend- There are big stocks of pork abroad, which ing to lower levels; that there is a good demand Germany would absorb ii she could finance for their products, but that orders on hand for the operation. With cheaper corn in sight future delivery are not as large as last year. there are predictions of a $12 price for hogs. There are few complaints of the Government's Receipts of sheep increased 26 per cent. The sale of foodstuffs. receipts for the first nine months of the year Wholesale dry-goods houses say there is a showed a decrease of 10 per cent for cattle, strong demand for their products. One firm 1 per cent for calves, and an increase of 29 says its business decreased 5 per cent from last per cent for sheep. The increase in the year, but increased 10 per cent over last receipts of sheep are due to big runs which month. It asserts it has already booked large have arrived from the dry northwest, a lot orders for the spring and summer of 1920. of lambs being light in weight. The demand for the best grades of cotton, The drought districts of the northwest have which is exceptionally strong at this time, has also contributed to shipment of cattle, ex- put cotton factors and jobbers in an optimistic cepting beef stock which is being fed for the frame of mind. Their only complaints are of market. In consequence, there have been big export difficulties and of a prospective shortruns of light cattle, selling for $10 to $12 age of farm labor. per hundreds Declining markets and high Retail.—Some retailers say that the " antiprices for feeds, however, are contributing profiteering agitation" and the high prices Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOYEMBBR 1, 1919. FEDERAL RESERVE BULLETIN. 1083 have affected their sales adversely. In the The amount of wheat and other grains South, the unseasonably warm weather has coming into the market is less than last year. delayed the demand for fall and winter goods. Bank clearings have shown a tendency to While some stores report increases in business decline during the month as a result of the as high as 61 per cent over last year and 35 per limited movement, and railroad grain traffic cent over last month, yet one concern states is reduced 40 to 50 per cent. that its apparent margin of increase is due Wholesalers and jobbers are doing a very largely to an extension of its plant and to the satisfactory business and both sales and colhigher prices. lections are good. They are still meeting with difficulty in procuring satisfactory supplies of REPORTED BY DISTRICT NO. 9. merchandise, and report that the difficulty of The demand upon milling and manufac- securing supplies is due to the shortage of proturing institutions throughout the ninth re- duction in eastern mills and factories. Reserve district is steady and is increasing. tailers report that in money volume their sales Most mills and plants are operating at capacity are generally above normal. Buyers have with large orders ahead, which are sufficient plenty of money and are spending it freely. to guarantee a continuation of the present Retail collections are good. Retail lines in active conditions through the winter months. common with wholesale lines report difficulty in maintaining their stocks and in procuring The rainfall in the western half of the district has so far been unsatisfactory and this has, to prompt delivery of merchandise. a. considerable extent, interfered with fall plowing. In regions that were visited by REPORTED BY DISTRICT NO. 10 8 grasshoppers this year the farmers are, how- Agriculture.—-Fall rains, generally light and ever, steadily plowing fields that are likely to be well scattered over the district, have made infested. In the eastern half of the district pastures green in nearly all sections, and with where moisture conditions are better, a nor- fall-sown wheat getting a good start the farmers mal amount of fall plowing will be accom- are sure of fine pasturage until Christmas, or plished. until. the heavy snows come. In parts of The corn crop, which is- unusually good, has Colorado and Wyoming snow fell early this been harvested and is safely in the shock or in year, but grass is green in the low ranges. crib« The yields have been good in all parts Preparation of the soil and seeding of wheat of the district where corn is an important crop progressed satisfactorily over the greater part and the quality is excellent. of the winter wheat area in September, although Killing frosts were late in arriving, and this the ground was somewhat dry for best results condition was favorable to good yields of late in southwest Missouri, southeast Kansas, garden and field produce. The late season northwest Oklahoma, and north of the Platte has also favored the maturity of fodder crops in Nebraska. Improved weather conditions and large amounts of rough forage are avail- in these sections early in October helped out able for winter use. This, with the season's the situation materially. Reports from many excellent hay crop, will be of great value in sections are that wheat is coining up fine and consequence of the high prices of mill feed and it has a good stand and a dark rich green color. similar products. It is too early for accurate estimates of the The rather unsatisfactory wheat yields and acreage of wheat sown this fall, but reports the fact that most of the wheat from this crop thus far would indicate a slight reduction of the is light in weight or shrunken has already acreage from last year's planting. Threshing presented difficulties in connection with seed of the 1919 crop of wheat is still under way in supplies for next spring. Milling interests the western part of this district. and State agricultural authorities are in- The September moisture helped the corn in a vestigating the available supplies of good good many localities and improved the condiseed and are taking early steps to prevent tion perceptibly. The corn has matured nicely the marketing of wheat that will be required and without damage from frost. The season for the planting of next year's crop. With is now over except the gathering. Taking the plans for action already under way there is a corn belt as a whole the yield for 1919 is better good prospect that notwithstanding the read- than the five-year average. Practically all ily apparent shortage in the seed wheat grain sorghums have matured nicely and the supply, a solution of the problem will be yield is heavy. Cotton is fairly good in Old a* found before the planting season comes around- homa, though heavy rains in September did Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1034 FEDERAL BESERVE BtJLLETm. NOVEMBER 1,-1919. some damage to the crop. The production of decline brought No. 2 mixed corn down to $1.39 broom corn will be greater than that of last on October 14, and at the same time No. 3 year, but on a greatly reduced acreage. mixed was ,$1.36 to $1.38. Oats were slightly The digging and hauling of sugar beets to off in September as compared with the August the factories is now under way, and great prices, the top and bottom September prices activity is reported in all of the sugar-beet sec- being 73 cents and 67 cents for No. 2 white tions of Colorado, Wyoming, Nebraska, and oats. Mid-October saw No. 2 white oats selling Kansas. The beets are of excellent quality, at 69 cents to 70 cents. but the yield per acre is short of last year's yield. Milling operations have been heaviest of the The largely increased acreage this year, how- year in the past four weeks. At Kansas City ever, is said to insure a larger production of operations have been 89 per cent to 103 per beets by several thousand tons. cent capacity, at Omaha 85 per cent to 90 per That 1919 has been a good all-round year cent capacity and at interior milling points at agriculturally was disclosed in a practical way 86 per cent to 90 per cent capacity. AH points at the International Soils Product Show in show a good increase over last year's operations Kansas City, where the products of this dis- in flour making. The flour trade has been trict came in competition with those of the irri- heavy, due largely to the fact that buyers could gated sections of Arizona, the fertile lands of not longer afford to hold back in the hope of Manitoba, and other favored sections of this obtaining lower prices. Prices are showing country. Kansas, Oklahoma, and Colorado very slight changes only. each had wonderfully fine prize-winning State Live stock.—Receipts of cattle, although exhibits, while several of the counties and sec- meeting demands except as to finished fat tions of other States of this district also had cattle, failed to come up to the September mark remarkable exhibits. of 1918 as a result of car shortage on the one Grain movement and milling.—The movement hand and unsatisfactory prices on the other. of wheat to the markets of this district has been The market during September was very erratic. in larger volume since harvest time than at the Beef steers started off at $18.75 for tops, same time last year—and this in the face of dropped to a top price of $15.25 during the embargoes, car shortage, and the permit-to- month, and at the close the top price paid was v ship system. The increase at Kansas City, $17. The market was steadier in the fore part Omaha, and St. Joseph for the months of July, of October, with top prices around $18. All August, and September were 17 per cent larger grades of cattle average 50 cents to $1.50 lower than for the same after-harvest three months in than a year ago. Efforts toward establishing 1918. It has been about the same at Wichita, foreign credits and a promised reduction of Oklahoma City, and other grain centers of the ocean shipping rates on beef are expected to district. Corn receipts at all points have been help bring a stabilization of the cattle market. about 50 per cent of the volume of receipts up Hog prices at the end of September reached to this time last year, due to the fact that prac- the low level of $16 to $16.90 for bulk sales, tically no corn was held over from last year's having declined from $17.75 to $19.60 at the scanty crop. A marked increase of corn re- beginning of the month. Big declines followed ceipts is looked for when the movement of this early in October. On the 11th the averyear's crop is under way. Receipts of oats age for the week was $15.53, and bulk sales on were in about the same proportion as corn, the 16th were at $13.75 to $14.40, the lowest about 50 per cent of last year's marketing at price level for hogs since July, 1917. The this time. receipts were light and the demand uneven. Top and bottom prices of No. 1 hard wheat With a good corn crop, a larger movement of at Kansas City in September were $2.57 and heavy hogs is anticipated. $2,18 per bushel. October brought something Drought conditions in the northwest are said of a decline, as on the 14th No. 1 hard wheat to be largely responsible for the unprecedented was selling at $2.27 to $2.50, with a preference run of sheep on the markets this autumn. for the dark variety. No. 1 red wheat was This is evidenced by the enormous receipts at selling at that date* at $2.24 to $2.25, having Omaha, Kansas City, Denver, and St. Joseph. suffered a decline in about the same proportion Omaha made the highest one month record for as the hard wheat. The top and bottom of sheep receipts at any market, with a total of corn prices in September was $1.77 and $1.36 849,811 in September. Packers took about 30 for No. 2 mixed, snowing a sharp break from the per cent of the sheep offered and the remainder Mgh prices of July and August. A further went to various parts of the country as feeders Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOYBMBEB 1, 1919. FEDERAL. RESERVE BULLETIN. 1085 and breeders. Prices fluctuated greatly in While the return from the cotton crop has September. From $14.50 at the beginning of not been received in sufficient volume to reflect the month best western lambs advanced to $16 its full effect upon trade, there is every eviby the 10th then dropped to $14 by the 22d, dence of a steady increase in the general prosand at the close of the month sold at $15. On perity reported last month in all lines of mer- October 16 western lambs from Colorado and cantile activities. Utah sold at $14,50 and native lambs at $14. Wholesale trade.—Wholesale houses through- Reports from over the district indicates an out the district report a continuance of an increased supply of finished stock on the market almost unprecedented volume of fall trade, as pastures are in excellent condition and there many complaining of inability to maintain Is now an abundance of feed, stocKs to supply the demand. Some mills are reported to be canceling or reducing orders REPORTED BY DISTRICT NO. 11. previously accepted. Apparently the retailers are buying with full confidence as to the future Agriculture.—The cotton crop is both late and no fear of losses from an eariy depression and short. Picking is progressing in north of prices. Texas, where the plant was about three weeks late in. maturing. In south Texas the crop REPORTED BY DISTRICT NO. 12. was considered almost a total failure, both as to quantity and quality. Recent rains and Movement of wheat in the Pacific Northwest cold weather have severely affected the grow- is as rapid as transportation facilities will pering staple, and it is now freely predicted that mit, it being estimated that fully 60 per cent the Texas yield this year will fall considerably is now out of the farmers' hands. Plowing and below 3,000,000 bales. seeding of winter wheat is progressing satis- The Texas wheat crop for this year is esti- factorily in Oregon, but lack of favorable mated to be 25,000,000 bushels in excess of weather is retarding fall seeding in western that of 1918. The acute car shortage has Washington and northern Idaho. A large greatly hindered shipments, but efforts are decrease in acreage is predicted in both districts, being made by the Railroad Administration California produced nearly one-fifth and the to relieve the situation, and it is thought that twelfth Federal reserve district slightly more the bulk of the crop will be moved within the than one-fourth of the total barley production next 30 days. of the United States. A bountiful corn crop has been harvested, Arizona and California (including that part insuring an ample feed supply for farmers and of the Imperial Valley situated in Mexico) nave stockmen for the coming winter. grown 176,000 bales of cotton during 1919, an Rice and hay are being harvested under increase of 53,000 bales over 1918. With indiadverse weather conditions, and a fair yield of cated yields of 305 pounds and 333 pounds both is indicated. per acre, respectively, these yields, which are Live stock,-—'Recent rains in west Texas have the highest per acre in the United States, relieved conditions there appreciably and placed exceed the average by 147 and 175 pounds, the ranges in excellent condition. Both grass respectively. and feedstuff's are reported as plentiful, and With an average production of 66 bushels of stockmen are well prepared for the winter. rice per acre, as compared with an average of Breeding herds, however, are greatly depleted, 36.6 bushels for the 11 rice-growing States, Caliand unless the breeders are able to obtain fornia assumes second place in amount grown, needed financial assistance further sacrifices of its acreage having increased from 16,000 acres herds are inevitable. With the exception of in 1914 to 138,000 in 1919. "stockers," prices on all classes of live stock The deciduous fruit crop of the district promare reported as declining, although receipts at ises to be the largest on record. Commercial Fort Worth continue to show a loss in all production of apples is estimated at 30,690,000 classes except sheep as compared with the boxes, as compared with 21,309,000 boxes in corresponding period last year. 1918. Recent windstorms in Washington Retail trade.—-An exceptionally heavy vol- may reduce this estimate by approximately ume of sales is reported in all iines of retail 1,000,000 boxes. In spite of this, Washington trade. Cash sales are being made in large and retains the position of the largest commercial increasing volume, and the call for high-priced apple-grqwing State in the United States, with merchandise shows no sign of diminishing. a crop of approximately 15,000,000 boxes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1036 .FEDERAL BESERVE BULLETIN. NOVEMBER I, 1919. SPAIN'S FOREIGN COMMERCE AND These values have not been increased since the FINANCE: 19I4-1919.1 outbreak of the war, while prices have advanced, so that at current prices the excess of BALANCE OF TRADE. exports over imports would be considerably greater than is indicated by the figures. Spain is primarily an agricultural country, This very large excess of exports has been but is also rich in mineral resources. Her exbalanced during the past five years by the ports consist largely of products of the soil, following items: Additions to the Bank of such as wines, fruits, nuts, vegetables, and Spain's gold holdings, which from December olive oil, together with such minerals as iron 31, 1913, to September 2.0, 1919, increased by ore, pyrites, lead, copper, and mercury. On 1,814 millions; purchase by Spanish nationals the other hand, Spain imports coal, cotton, ferof 615 millions of Spain's foreign loan obligatilizers, tobacco, lumber, and especially mations, loans of 685 millions to the Allies, and a chinery and other manufactured products. A considerable amount of Spanish railwaj^ and table showing Spain's balance of trade for a other securities repatriated during the period. series of years follows. 8pain9s balance of trade 1910-1919.2 THE BANK OF SPAIN. [Exclusive of gold and silver.} The Bank of Spain, which stands at the [In thousands of pesetas.] center of Spanish finance, has the monopoly of note issue, acts as the fiscal agent of the Excess of Excess of Government, and occupies an important place Year. Imports. Exports. imports. exports. both as a bankers' bank and the largest bank for the public, reflecting in its balance sheets 1910 1,099,757 1,060,615 39,142 many of the important economic developments 1911... 1,070,183 1,086,812 16,628 1912 1,137,087 1,131,852 5,235 of the country. A table showing the balance 1913............ 1,411,914 1,173,302 238,612 1914... 1,082,449 929,914 152,535. sheets at the end of each year, 1913-1918, and 967,739 1,242,447 274,708 principal asset and liability items on Sepi9i6iiiiiriinii 912,973 1,361,549 448,576 1917............ 733,823 1,311,314 577,491 tember 20, 1919, is attached. It will be 1918.. 575,708 938,409 362,701 noted that the gold holdings of the bank in- 1919 (4 months) 575,682 454,332 187,650 creased from 674 million pesetas afc the end of 1913 to 2,488 millions on September 20, 1919. Before the war Spain's imports generally Silver holdings, on the other hand, show a subexceeded her exports by considerable amounts, stantial decline, from 716 millions to 640 but during the war period the demand for millions. The banks7 discounts more than Spanish products on the part of the belligerents doubled during the period and its holdings of increased very greatly, with the result that the "polizas," or notes secured by personal propbalance of trade, beginning with the year 1915, erty, commercial paper, or merchandise, inwas heavily in Spain's favor. It should be creased from 292 millions on December 31, noted that the figures in the table are from 1913, to 980 millions on September 20, 1919. official Spanish sources and that the values of Notes in circulation show a great expansion, exports are not actual values but values ascorresponding to the country's enlarged busisigned to different articles by the Government. ness activity and the prevailing higher level 1 An article on "Activities of the Bank of Spain/' by Arthur N. Young, of prices. The limit, of note circulation, trade commissioner, which appeared in Commerce Keports for October which was 2 billion pesetas before the war, 18, 1919, gives a description of the organization and functions of the bank. The present study, therefore, deals in some detail only with was raised on several occasions during the Spain's foreign commerce during the war period, with foreign exchange, with the gold policy of the Bank of Spain, and with credits granted to period under review and is now 4 billions, the the Allies. Acknowledgment is made of Mr. Young's assistance in actual circulation having increased from 1,931 the preparation of this study. Principal sources: Annuafreports and weekly statements of the Bank millions to 3,708 millions. Legal reserve reof Spain; Anuario Estadistico de Espafia, 1917; Estadlstica General del Comereio de Espafla en 1916; Besumenes Mensuales de la Estadlstica quirements for notes changed as the outdel comereio Exterior de Espafia; Boletin oficial de la Camera de Comer- standing amounts increased. The following eio de Madrid; Amario oficial de valores de la Bolsa de Madrid, 1910- 192(h Espana Economies Y Fmanciera (weekly). table from Commerce Reports for October 18, 2 Compiled by Trade Commissioner Arthur N. Young from official 1919, shows the requirements in detail: sources, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1,1919. FEDERAL RESEEVE BULUSTIN. 1037 Legal reserve requirements of the Bank of Spain, Reserves. Amount of note issue. r A eq m u o ir u e n d t . Gold required. Silver required. Kind of gold or silver. Aug. 1,1914: Pesetas, Pesetas. Pesetas. Up to 1,200,000,000 400,000,000 200,000,000 or more 200,000,000 or less ] Spanish silver or gold, foreign gold at From 1,200,000,000 to 1,500,000,000... 180,000,000 120,000,000 or more.. 1. 60,000,000 or less [• par, or gold bars at rate of 3,444.44 From 1,500,000,000 350,000,000 250,000,000 or more 100,000,000 or less......1 pesetas per kilo of fine gold. Since Aug. 1,1914: From 2,000,000,000 to 2,500,000,000... 500,000,000 Not specified 500,000,000 or less Specie; no kind specified. From 2,500,000,000 to 3,000,000,000... 500,000,000 500,000,000 None... Gold; no kind specified. From 3,000,000,000 to 3,500,000,000... 500,000,000 500,000,000 None. Gold only, of which not more than 15 per cent may be without legal currency unless the minister of finance authorizes it on account of the international situation. From 3,500,009,000 to 4,000,000,000... 500,000,000 500,000,000 None Gold only, none without legal currency to be held without authorization of minister of finance. Total 2,930,000,000 2,070,000,000 or more,.. 860,000,000 or less It will be noted that the required percentage dividends were 21 per cent and in addition of metallic reserve increases with the volume 30 million pesetas, amounting to 20 per cent of circulation and that an increasing proportion of the stock, were distributed in 4 per cent of the reserve is required to be in gold. All bonds. The charter of the Bank of Spain notes over 2 billion pesetas require a 100 per expires at the end of 1921, and in connection cent gold reserve. The actual reserve position with its pending renewal an effort is being of the bank at the outbreak of the war and at made to increase the part of the government subsequent dates is shown in the table below. in the management and its share in the profits of the bank. Notes in circulation and reserves of the Bank of Spain* [Amounts in thousands of pesetas.] TRADE WITH THE ALLIES AND FOREIGN EXCHANGE. Percentage of Metallic reserves. reserve to notes. Of special interest in connection with Spain's Notes in Date. circula- economic developments during the war period tion. Total Gold is her trade with Great Britain, France, and the Total. Gold. Silver. re- reserves.serves. United States, and the exchange rates prevailing in Spain in respect to these countries. A July 25,1914.. 1,919,000 1,273,300 543,500 729,800 66 28 table showing the monthly high and low rates Dec. 31,1914.. 1,973,600 1,282,600 573,100 708,900 65 29 prevailing during 1914-1918 and the first eight Dec. 31,1915.. 2,100,200 1,620,100 867,200 752,900 77 41 Dec. 30,1916.. 2,360,100 1,991,900 1,250,900 741,000 84 53 months of 1919 is attached. Dec. 31,1917.. 2,798,600 2,676,100 1,966,900 709,200 96 70 Dec. 31,1918.. 3,334,300 2,869,700 2,228,300 641,400 86 67 Great Britain's exports to and imports from Sept. 20,1919. 3,708,400 3,050,700 2,410,300 640,400 82 65 Spain during the period, as shown in the British foreign trade accounts, were as follows: The reserve ratio rose steadily during the period under discussion, except in 1919, and [In thousands of pounds sterling.] stood at 82 per cent on September 20 last, as compared with 66 per cent at the outbreak of Exports Imports the war. At the same time the percentage of Calendar year. f B ro r m it a G in r e to at fr t o o m G S re p a a t in E im xc p e o s r s t s o . f gold reserve rose from 28 to 65 per cent, so Spain. Britain. that gold, which constituted less than half of the total metallic reserve in July, 1914, formed 1913.. 8,631 14,394 5,763 nearly four-fifths of the total reserve in Sep- 1914 7,142 14,114 6,972 1915 7,453 18,864 11,411 tember of the present year. 1916 . . 10,187 25,034 14,847 1917 5,575 22,166 16,591 Dividends paid by the Bank of Spain were 1918.. 3,869 30,697 26,828 20 per cent for each year, 1914-1917. In 1918 1919 (Jan.-June) 4,955 17,298 12,343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1088 FEDERAL RESERVE BULLETIN, NOVEMBER 1, 1919. During the entire period covered by the [In thousands of dollars.] table England's imports from Spain exceeded her exports to that country, but the adverse Exports Imports b g a re la a n te c r e s i i n n c th e e t h tr e a d o e u w tb i r t e h a k S p o ai f n t b h e e c a w m a e r . m T uc h h e Year ending June 30— U S f n r t o a it t m e e s d S U p f n r a o i i t n m e d to E e x x c p e o s r s t s o . f to Spain. States. rate of sterling exchange in Madrid was about par in 1914, but in 1915 the low rates recorded 1913 31,472 23,220 8,251 each month were below par, the high still 1914 30,388 24,659 5,729 remaining above par. During that year Engr 1915 38,113 18,027 20,085 1916 52,837 27,864 24,973 land supported her exchange by gold exports 1917 76,978 36,863 40,115 1918 67,163 24,566 42,598 to Spain, but in 1916 sterling exchange fell 1919 98,932 30,979 67,952 definitely below par, the pound sterling being quoted in Madrid during December of the year It will be seen that exports from the United at between 21.98 to 23.1 pesetas as against States to Spain exceeded the imports throughpar of 25.22 pesetas. During 1917 the pound out the period under review, the excess being declined still further and continued to decline much greater since 1915 than in 1913 or 1914. until June, 1918, the lowest figure quoted In 1915 and 1916 this excess amounted to over during the period being 16,63. Since the 20 million dollars, in 1917 and 1918, over 40 launching of the allied military drive in mid- millions, and in 1919 to 68 millions. In spite summer of 1918, sterling exchange began to rise of our favorable trade balance, the dollar was and has remained more favorable to Great quoted in Madrid below par in May, 1916, con- Britain than during the preceding years, but tinued to fall until June, 1918, when it was is still below par. quoted as low as 3.53 pesetas (5.18 being par), Spain's trade with France, according to and did not reach par again until July, 1919. official French trade accounts, was as follows: Since that time quotations have been generally above par. This apparently anomalous de- [In thousands of francs.] cline of dollar exchange in the face of a balance of trade favorable to the United States Exports Imports may be explained by the following facts: Spain, Calendar year. from Francefrom Spain Excess of to Spain. to France. imports. as shown above, had large trade balances against Great Britain and France, which re- 1913 151,232 281,592 130,360 sulted in the accumulation of sterling and franc 1 1 9 9 1 1 4 5 1 13 1 9 2 , , 4 2 7 6 5 7 5 1 8 9 1 3, , 0 3 9 6 5 2 44 8 1 0 , , 8 8 8 2 7 8 exchange in the hands of Spanish merchants 1916 190,151 883,884 693,733 and brokers. In normal times exchange rates 1917 206,942 1,348,149 1,141,207 1918 163,027 567,596 404,569 can not fall below the so-called gold point; that 1919 (January-June) 93,597 498,306 404,709 is, the point when it becomes more profitable to ship gold than to pay the premium on bills France's exports to Spain show moderate in- of exchange, but during the war the activities creases throughout the war period, but her of submarines made the shipment of gold so imports from Spain increased by leaps and expensive and hazardous that the gold point bounds, until in 1917 they amounted to 1,348 ceased to operate as the limiting factor of varimillion francs. The large excess of imports ations in exchange rates, and furthermore, gold from Spain resulted in a fall of French ex- exports were soon prohibited by the belligerchange in Madrid, which from above par in ents. Thus, unfavorable trade balances de- 1914 fell as low as 61.35 pesetas per 100 francs pressed sterling and franc exchange in Spain in June, 1918. The success of the Allied offen- very much below the gold point. In the sive, however, together with a decrease in the United States, on the other hand, sterling exdemand for Spanish supplies, resulted in a rise change was pegged at 4.76f, or only 2 per cent in French exchange which was quoted as high below par, and franc exchange at about 5.70, as 95.07 in November, 1918. Since that time or 9 per cent below par. Spanish merchants exchange has fallen again, fluctuating in in need of American exchange to pay for pur- August, 1919, between 64.50 and 72.60 pesetas chases in the United States were, therefore, per 100 francs, and reaching in September a able to purchase sterling or franc bills at a low new low level of 58.90 pesetas per 100 francs. rate in Spain and buy therewith in New York The trade between the United States and dollar exchange at the "pegged77 rate. For Spain is shown in the following table: example, a Spanish merchant who desired to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1, 1919. FEDERAL BESERVE BULLETIN. 1039 pay in America for goods valued at 100,000 of analyzing their bearing upon exchange, pesetas in June, 1918, would buy sterling ex- be grouped together. Their unfavorable balchange at 18.05 pesetas per pound; that is, he ance with Spain amounted to over 240 million would obtain 5,540.17 pounds for his 100,000 dollars in 1917, and to over 150 million dollars pesetas; this amount he would convert at in 1918, and so long as the exchange rates $4.76375 per pound into $26,391.98. In this remained linked together by the "pegging" way the Spanish importer would receive arrangement, all the three countries had $26,391.98 for 100,000 pesetas, or at the rate unfavorable rates in Madrid, but as soon as the of about 3.79 pesetas per dollar. Since dollar arrangement was discontinued each country's exchange was thus obtainable at a low rate, a exchange rate was determined independently higher rate would not be paid for it and the by the trade balances existing between it and depreciation of sterling and franc exchange was Spain.1 in this way reflected, through the "pegged" rate, in a depreciation of the dollar in terms of GOLD POLICY OF THE BANK OF SPAIN. Spanish currency. The situation that developed was in effect Prior to the adoption of the gold embargo that for purposes of foreign exchange America, by the United States in the fall of 1917 large Great Britain, and France were a unit, Ameri- amounts of American gold were shipped to can exchange being more favorable than that Spain to avoid the unfavorable rate, the amount of France or England, only to the extent that of gold exported from the United States to the " pegged " rate in New York was below par, Spain in 1916 being about 17 millions, and in L e., about 2 per cent for the pound and 9 1917 about 102 millions. With these large per cent for the franc. Thus, for example, the amounts of gold going to Spain and the rate nigh rate of sterling exchange in January, 1918, of exchange for bills being low, the Bank of was 19.91, that of franc exchange 72.88, and Spain was able to buy American gold conthat of dollar exchange 4.135. At these rates siderably below its bullion value, the rate in the discount amounted to 21 per cent for December, 1917, being as low as 4.85, as sterling, 27 per cent for francs, and 20 per cent against a par of 5.18, tne discount being over for dollars. This relationship continued to be 6 per cent. Pounds sterling were also purmaintained approximately up to the time of the chased at a discount, the lowest figures "unpegging77 of the exchanges in March of the recorded being 24.75. As a result the bank present year. In November, 1918, at the accumulated a large stock of gold, the comtime of tne armistice, all three exchanges were position of which at the end of 1917 and 1918 at a high point: 24.57 for sterling, 95.07 for was as follows: francs, and 5.11 for dollars, but in December, January, and February, the unfavorable trade balance existing between France and England Million pesetas. on the one hand, and Spain on the other, 1917 1918 depressed all the three rates again. In March franc and sterling exchange continued to Spanish coins 378.3 378.9 decline, while dollar exchange, which became Foreign gold: independent of the others as soon as the fixed Francs 214.5 284.2 Pounds sterling 437.6 597.0 rate ceased to be operative, began to advance Marks ... .4 .5 Dollars 822.5 854.1 in response to America's own favorable balance Various 2.4 2.4 of trade with Spain. The advance at first Gold bars ... 1,4 1 7 1 7 1 . . 4 2 1,7 1 3 11 8 . . 2 2 was gradual, but when in June the United Total 1,966.9 2,228.3 States Government removed its embargo on gold, dollar exchange rose at once above par and has generally remained at a premium It will be seen that about two-fifths of the since that time. gold in the possession of the Bank of Spain con^ A diagram illustrating the movement of the sisted of American gold coins, large quantities three exchanges is attached. The rates plotted of which were purchased at a discount. The on the chart show the movement of the profit and loss account of the Bank of Spain monthly high rates and are expressed in shows that profits from the purchase of gold percentages of par. It may be said that during at a discount amounted in 1917 to 29,976,306.50 the operation of the fixed rates in New York pesetas and in 1918 to 2.848,653.51 pesetas. trade balances of Great Britain, France, and the United States with Spain, could, for purposes This entire subject has been discussed in an article by Paul P. Gour» viteh, in the Annalist for Apr. 23, 1917, p. 559. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1040 FEDERAL RESERVE BULLETIN. NOVEMBER 1, 1919. These profits were used to distribute an extra Another trade agreement was concluded be- "bond" dividend to the stockholders, amount- tween France and Spain in 1918, the financial ing to 30 millions or 20 per cent per share. features of which are as follows: The Spanish Since the removal of the gold embargo on June Government agrees to authorize a consortium 9, the United States has shipped about 28 mil- of Spanish bankers and merchants to open to a lions of gold to Spain, but war restrictions being syndicate of French bankers a credit not no longer in force, and franc and sterling ex- exceeding 35 million pesetas during each of the change having been "unpegged," this gold was 10 months beginning March, 1918, that is to accepted in Spain at its bullion value. say 350 millions in all. These credits were to be guaranteed by the deposit with the Bank CREDITS TO ALLIES. of Spain of obligations of the French treasury made out in pesetas, and payable in Spain, and In order to facilitate purchases in Spain by wherever possible by the deposit of Spanish the nationals of the United States, Great Brit- securities. A further credit of 105 millions ain, and France, the Spanish Government was extended in 1919. through the medium of the Bank of Spain, In the case of the United States a credit of arranged for credits to be granted to these 250 million pesetas was granted, of which 155 countries. The British credit of 75 million millions have been used. The Banco de pesetas, granted on April 12, 1919, carried 5 Urguijo and the Banco de Barcelona handled per cent interest. The credit is guaranteed by the first 75 millions of acceptances, and arthe British treasury and is granted to a syndi- ranged for a syndicate of 62 Spanish banks for cate of English bankers, who agree to export the remaining 175 millions. In America a to Spain up to 150,000 tons of coal monthly syndicate of bankers, represented by the Merduring the life of the agreement at a fixed price cantile Bank of the Americas, is acting in the calculated at the par of exchange. Accept- matter. The acceptances are handled largely ances of the British purchaser were discounted through transfers of credits on the books ol the by Spanish commercial banks and rediscounted Bank of Spain, so that no large increase in note with the Bank of Spain. circulation is caused by the transaction. Balance sheets of the Bank of Spain, 1913-1918, and principal items for Sept. 20, 1919. [In 1,000 pesetas.] Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dee. 31, Dec. 31, Sept. 20, 1913. 1914. 1915. 1916. 1917. 1918. 1919. ASSETS. Gold 674,128 720,331 970,421 1,341,066 2,055,902 2,315,022 2,487,891 Silver..... 716,291 708,857 752,905 741,042 709,206 641,395 640,395 Minor coins for account of treasury 2,982 3,107 3,265 3,324 3,200 2,719 2,412 Bills receivable.. 6,920 4,019 5,216 3,114 4,981 5.678 4,677 Discounts 456,784 529,146 468,408 436,375 429,979 855,562 954,057 Loans secured by personal property 10,749 18,632 15,432 15,727 19,486 21,252 33,526 Polizas: Unsecured 229,432 185,334 161,603 155,950 149,050 132,567 Secured by personal property, commercial paper, and merchandise , 291,797 427,915 361,327 418,853 574,994 647,680 980,419 Due from correspondents in Spain , 24,911 25,581 18,584 13,911 14,129 14,055 11,277 Other bills 25,437 34,771 29,522 15,516 9,481 6,730 787,798 Securities . , U,655 11,655 11,655 89,035 11,655 104,670 11,655 Perpetual 4 per cent interior loan obligation 344,432 344,432 344,432 344,437 344,437 344,475 344,475 Current accounts 419,347 352,680 274,016 312,461 370,452 376,080 Account with the treasury 192,696 253,314 267,723 162,692 185,220 228,386 253,088 Beal estate and furniture 14,848 14,084 13,088 14,250 14,273 12,717 11,682 Other assets , 5,740 5,740 101,271 42,109 5,733 5,733 Total. 3,531,325 3,822,598 4,115,515 4,909,078 5,731,204 LIABILITIES. Capital... 150,000 150,000 150,000 150,000 150,000 150,000 150,000 Eeserves .. ... i. 20,000 22,000 24,000 26,000 26,000 30,000 30,000 Bonds of the Bank of Spain 30,000 30,000 Profit and loss 22,137 23,897 23,367 23,519 50,811 25,839 18,710 Notes in circulation. 1,931,284 1,973,640 2,100,174 2,360,084 2,798,642 3,334,288 3,708,408 Current accounts 485,124 608,463 697,788 748,203 942,442 1,158,761 982,625 Current accounts in gold 1,073 1,911 3,239 7,430 2,726 4,133 Deposits . . 10,882 10,758 9,418 8,553 9,435 10,603 Dividends, interest, and other bills payable 73,050 64,890 67,761 67,400 67.439 76,516 45,609 Accounts with the treasury. 149,944 115,340 67,306 54,810 50,483 50,220 303,176 Credits granted secured by personal property, commercial paper, or merchandise. 108,845 225,846 192,278 193,629 278,902 342,702 437,248 Credits granted without security 96,213 78,820 80,367 74,366 81,590 77,948 70,305 Other liabilities.... 485,281 408,844 406,886 404,847 446,787 442,768 78,092 Total. 3,531,325 3,822,598 4,115,515 4,909,078 5,731,204 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEK 1, 1919. FEDERAL RESERVE BULLETIN. 1041 Rates of foreign exchange for the yean1914-1919 in Madrid on Paris, New Yorh and London. } [Sources: Anuario Estadistico de Espafla, 1917; for 1917 and 1918, Boletin Oficialde la Camara de Comercio de Madrid (Official Bulletin of the Chamber of Commerce); for 1919, Espafia Economica y Finaneiera.] Francs. Dollars. Pounds sterling. High rates expressed in percentages of par. 5 High. Low. High. Low. High, Low. Francs. Dollars. s P te o r u l n in d g s . 1914. January.. . . 106.45 105.30 26.89 26.61 106.45 106.6 February 106.30 105.97 26.77 26.70 106.30 106.1 March 106.32 105.95 26.79 26.69 106.32 106.2 April 106.17 105.96 J 26.72 26.66 106.17 105.9 May 106.12 105.30 26.69 26.53 106.12 105.8 June... 105.15 103.00 26.47 25.91 105.15 104.9 July . . . 104.65 103.22 26.30 25.60 104.65 104.2 August 101.68 96.30 25.70 25.00 101.68 101.9 September... 101.00 96.00 26.00 24.75 101.00 103.1 October 105.50 100.00 26.65 25.75 105.50 105.7 November 104.50 103.28 26.17 25.81 104.50 103.8 December.. .. 104.15 100.40 25.98 25.19 104.15 103.0 1915. January.. . 101.25 100.15 25.70 25.13 101.25 101.8 February. 100.20 97.40 25.18 24.65 100.20 98.9 March... 97.45 94.20 24.68 24.03 97.45 97.0 April 95.00 93.85 24.22 23.93 95.00 96.9 May 97.85 95.00 25.19 24.45 97.85 99.1 June...- 98.65 95.75 26.00 25.02 98.65 103.6 July 95.75 92.00 1 5 28 25.88 25.00 95.75 101.95 102.5 August 92.75 $% 50 25.10 24.81 92.75 99.9 September 90.90 88.80 24.94 24.76 90.90 98.9 October 91.00 90.10 15.27 24.95 24,67 91.00 101.76 98.9 November 90.80 89.75 I 5.37 25.17 24.91 90.80 103.69 99.8 December 91.55 90.00 15,22 25.20 24.99 91.55 100.99 99.9 1916. January 90.00 89.500 5.280 5.260 25.127 24.976 90 101.95 99.6 February 89.841 89.120 5.280 5.280 25.131 25.050 89.841 101.95 99.6 March *. 89.500 86 00 25.083 24.620 89.500 99.5 April.... •.. 86.950 84.925 24.775 24.200 86.950 98.2 May .... 87.00 84.300 5.050 5.050 24.480 23.768 87.00 97.51 97.1 June ... 84.625 81,996 4.965 4.965 23.756 22.992 84.625 95.87 94.2 July 84.375 83.033 4.980 4.980 23.737 23.390 84.375 96.16 94.1 August 84.457 83.285 4.970 4.930 23.750 23.440 84.457 95.97 94.2 September 85.500 84.226 5.00 4.930 23.840 23.627 85.500 96.55 94.5 October 85.300 84.200 4.940 4.890 23.720 23.402 85.300 95.39 94.0 November..... . 84.250 84.250 4.855 4,855 23,395 22,967 84.250 90.75 92.8 December ... 83.00 78.800 4.800 4.800 23.100 21.980 83 92.68 91.6 1917. January.... 80.981 79.933 4.720 4.675 22.476 22.175 80.981 91.14 89.1 February 81.900 80.500 4.785 4.715 22.720 22.360 81.900 92.39 90.1 March 80.857 78.680 4.670 4.650 22.516 21.920 80.857 90.17 89.3 April 82.050 78.800 4.640 4.610 22.210 21.580 82.050 .89.59 88.1 May 79.431 76.200 21.620 20.748 79.431 85.7 June....... 76.650 73.066 4.230 4.220 20.776 19.995 76.650 81.68 82.4 July 76.550 75.122 4.380 4.330 20.965 20.296 76.550 84.57 83.1 August 80.750 75.720 4.500 4.380 21.900 20.835 80.750 86.89 86 8 September 79.00 73.275 4.460 4.455 21.700 20.150 79.00 86.12 86.0 October 75.888 73.520 4.330 4.260 20 860 20.253 75.888 83.61 82 7 November 74.600 73.566 4.255 4.225 20.392 20.091 74.600 82.16 79.7 December. 73.80 72.175 4.195 4.120 20.111 19.630 73.80 81.00 79.7 1918. January.. 72.88 71.59 4.135 4.085 19.91 19.50 72.88 79.84 78.9 February 73.61 71.87 4.16 4.07 19.95 19.55 73.61 80.32 79.1 March ....... 71.79 68.83 4.07 3.94 19.50 18.70 71.79 78.59 77.3 April 68.80 62.05 3.99 3.63 18.66 16.78 68.80 77.04 74.0 May 64.02 61.55 3.63 3.54 17.34 16.70 64.02 70.09; 68.8 June 66.44 61.35 3.67 3.53 18.05 16.63 66.44 70.86 71.6 July 66.03 63.62 3.72 3.60 17.91 17.25 66.03 71.83 71.0 August 77.89 65.60 4.28 3.72 20.57 17.85 77.89 82.64 81.6 September 81.73 77.70 4.41 4.26 21.32 20.30 81.73 85.15 84.5 October. 90.03 85.28 ,4.87 4.37 23.41 22.18 90.03 94.03 92.8 November 95.07 90.20 5.11 4.87 24.57 23.51 95.07 98.67 97.4 December.. 92.10 91.00 5.095 4.97 23.92 23.63 92.10 98.38 94.8 1919. January ^ 91.55 91.00 4.975 4.94 23.80 23.64 91.55 96.06 94.4 February 91.00 84.11 4.97 4.60 23.71 21.86 91.00 95.97 94.0 March 88.80 83.22 5.00 4.72 23.30 22.39 88.80 96.55 92.4 April . ...... 84.77 80.23 5.02 4.93 23.30 22.91 84.77 96.93 92.4 May 81.76 74.05 5.01 4.84 23.23 23.03 81.76 96.74 92.1 June 80.50 76.00 5.07 4.93 23.30 22.79 80.50 97.90 92.4 July 79.50 73.60 5.24 5.06 23.26 22.84 79.50 101.18 92.2 August.. 72.60 61.50 5.28 5.05 22.90 20.75 72.60 101.95 90.8 September... .* . 68.00 58.90 5.28 5.18 22.24 21.69 68.00 101.95 88.2 1 Average figures. Only one figure quoted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ON PRINCimL FOREIGN CENTERSJ9I4~!91B. OQj M d Sd MM mtShitis. ^M I w Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBBK 1, 1919. FEDERAL BESEBVE BULLETIN. 1043 Circulation of Federal Reserve Notes, 1917-1919. different geographic sections show in general In the tables below and accompanying dia- a close parallelism between the movement in grams is shown the course of Federal Reserve volume of circulation in all sections of the note circulation of all the Federal Reserve Banks country. It is seen, however, that during the during the past three years and for the present year ending October 24 a greater expansion year, also the amounts of Federal Reserve notes of circulation occurred during the crop-moving reported outstanding and in actual circula- season in the Middle West and in the South. tion by the several Federal Reserve Banks in the four main sections of the country. Start- Federal Reserve notes in actual circulation, by geographic regions. ing with the very moderate amount of 273 millions of notes at the beginning of 1917, [In thousands of dollars; i. e., 000 omitted.] Federal Reserve note circulation increased slightly over 100 millions by the first week of Boston, Chicago, April, when the United States joined the Great N P ew h ila Y d o e r l k - , St M . a p L i o n o l n i u s e , i - s, A m K tl o i a c n n h d t - a , , F S r a a n n- R Fe e d se e r r v a e l War. During the following six months the Cle p v h e i l a a , nd. K C a i n t s y a . s Dallas. cisco. system. circulation of Federal Reserve notes almost doubled, and by the close of the year reached 1918. Oct. 25..., $1,333,095 (9,777 $297,334 $187,706 $2,507,912 a total of 1,246 millions, the increase during Nov.l..... 1,334,564 299,018 190,954 2,515,504 Nov. 8 1,356,354 308,412 193,748 2,558,196 the last three months of the year being much Nov. 15.... 1,349,561 706i, 310,095 196,210 2,562,517 Nov. 22.... l,34i,270 709,132 307,416 197,397 2,555,215 larger than during the first six months of the Nov. 29.... 1,342,465 714,592 310,410 201,209 2,568,676 Dec. 6 1,343,512 722,836 312,104 206,G71 2,584,523 w^r. During the calendar year 1918 the in* Dec. 13.... 1,349,376 730*455 312,849 211,900 2,604,580 Dec. 20,... 1,380,926 750,061 320,270 212,444 2,663,701 crease in note circulation with the exception of Dec. 27 1,388,724 764,368 320,460 211,692 2,685,244 the first month in the year was continuous up 1919, Jan. 3...... 1,365,480 753,626 316,981 211,518 2,647,605 to November 21, when following the armistice Jan. 10...., 1,324,551 741,905 315,109 209,116 2,590,681 Jan. 17..... 1,270,580 726,874 311,054 204,581 2,513,089 for the first time a slight recession in the Jan.24..... 1,245,734 718,827 302,449 199,546 2,466,556 Jan. 31..... 1,238,552 710,514 302,837 198,826 2,450,729 volume of circulating Federal Reserve notes is Feb. 7 1,244,382 711,662 301,789 196,332 2,454,165 Feb. 14.... 1,268,672 711,684 294,517 193,515 2,468,388 noted. During 1919 the volume of circulation Feb. 20.... 1,267,120 710,756 295,979 192,393 2,466,248 Feb.28.... 1,281,008 709,412 290,547 191,340 2,472,307 has fluctuated around 2| billions, but has Mar. 7 1,291,137 712,945 291,567 192,888 2,488,537 Mar. 14.... 1,309,861 714,147 288,317 190,770 2,503,095 shown no rapid increase, except since the Mar. 21.... 1,316,382 714,054 289,989 190,262 2,510,687 Mar. 28.... 1,328,762 712,234 292,280 188,500 2,521,776 middle of September. A comparison of the Apr. 4 1,341,959 721,013 293,684 191,014 2,547,670 Apr. 11..., 1,348,771 719,474 290,693 189,650 2,548,588 curves for the three years indicates that dur- Apr, 18..., 1,348,255 714,789 289,531 191,129 2,543,704 Apr. 25.... 1,353,737 715,451 288,452 191,912 2,549,552 ing 1917 and 1918 the increase in circulation May 2 1,350,987 712,964 286,785 198,304 2,549,040 caused by the necessities of war finance and M M a a y y 9 16... 1 1 , , 3 3 5 4 8 3 , , 8 7 4 4 4 5 7 7 1 1 2 0 , , 9 2 3 2 3 7 2 27 8 8 4 , , 7 6 7 1 6 1 2 1 0 9 0 9 , , 3 2 6 9 1 1 2 2 , , 5 5 5 3 6 2 , , 7 0 4 3 9 9 the rapid rise in prices was so great that it is M M a a y y 3 2 0 3 . . . . . . , , 1 1, , 3 3 4 3 3 1 , , 8 2 9 5 4 9 7 7 0 05 2 , , 9 6 8 9 6 2 2 2 7 7 4 5 , , 2 1 3 0 2 2 1 1 9 9 6 4 , ,3 0 1 7 0 0 2 2, , 5 5 1 0 9 4 , , 2 2 9 5 2 3 difficult to trace the effects of seasonal demands J J u u n n e e 6 13..., 1 1 , , 3 3 3 3 0 5 , , 5 8 6 9 4 1 7 7 0 0 0 4, , 6 3 8 9 6 8 2 2 7 7 3 6 , , 6 4 0 7 9 1 1 1 9 9 4 5 , , 6 9 9 8 4 9 2 2 , ,5 4 1 9 3 9 , , 0 2 3 6 7 5 for currency. Nevertheless one may note an J J u u n n e e 2 2 0 7 ..., 1 1 , , 3 3 3 2 1 2 , , 9 0 6 5 2 6 7 6 0 9 0 7 , , 2 4 4 8 1 0 273,535 1 19 9 4 5 , , 7 1 4 8 8 2 2 2 , , 4 4 8 99 8 , , 1 2 8 5 0 3 acceleration in the rate of growth beginning J J u u l l y y 4 11 .. . . . . . ; . 1 1 , , 3 3 5 0 7 6 , , 7 4 5 2 5 3 7 7 0 0 9 5, , 8 8 0 4 9 5 2 2 7 7 4 3 , , 8 5 6 0 8 1 2 2 0 0 1 1 , , 2 0 1 6 2 2 2 2 , , 5 5 5 38 2 , , 1 3 2 4 7 8 Julyl8.... 1,339,846 701,159 273,307 197,736 2,512,048 with September of each year and a recession at July 25.... 1,340,133 269,127 195,328 2,504,497 Aug. 1..... 1,348,166 695,810 268,100 194,744 2,506,820 the beginning of the year, marking a diminu- Aug. 8 1,360,081 707,357 269,439 195,180 2,532,057 tion of the exceptional demands for currency A Au u g g . . 2 1 2 5 . . . .. .. . 1 1 , , 3 3 7 7 9 0 , , 5 2 5 8 0 2 7 7 0 1 5 1 , ,2 4 4 6 3 5 2 2 6 6 6 4 , , 8 2 1 5 6 3 1 1 9 9 8 8 , , 3 4 4 8 1 8 2 2 , , 5 5 4 5 0 3, , 5 9 3 0 4 4 for crop-moving purposes and during the A S u ep g. t . 2 9 5 . . . . . .. , , 1 1 , , 4 3 0 9 7 5, , 1 0 3 9 8 2 7 7 1 2 7 6 , 0 2 6 9 3 2 2 2 6 7 4 0 , , 9 9 0 2 7 6 2 2 0 0 3 7 , , 5 3 2 8 1 7 2 2 , ,6 5 1 8 1 0 , , 6 6 9 2 7 9 period preceding the Christmas holidays. S S e e p p t t . . 1 19 2 . . . . . . 1 1 , , 3 4 9 0 8 8 , , 2 3 1 2 4 9 7 73 2 1 8 , , 3 5 9 3 3 2 2 28 7 0 3 , , 9 9 2 9 2 5 2 2 1 1 0 0 , , 3 7 7 2 2 9 2 2 , , 6 6 2 2 1 1 , ,2 2 5 2 8 8 Sept. 26... 1,415,823 741,101 288,104 210,326 2,655,354 The curves indicating the course of Federal Oct. 3 1,428,068 757,812 306,877 215,429 2,708,186 Reserve note liabilities of the banks in the Oct. 10... 1,435,784 770,013 320,156 215,731 2,741,684 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE CIRCULATION, if ~ OCTOBER 19/8 TO OCTOBER 1919, i BY GEOGRAPHIC REGIONS, 18 , (districts $,6, j //). Johd Cfrc 3000 3000 zeoo 2S00 2600 2600 2400 2400 2200 2200 aooo 2000 f&OO 1600 1600 1600 1400 1200 1200 1000 1000 800 GOO 600 600 400 400 20Q MARCH I AFRIL \ MAY I\ JUNBA \fULY 1 AUGUST \$&TEMBffi{ OCTOBER \ IB 16 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H FEDERAL RESERVE NOTE CIRCULATION, 1SI7-JSIB. «0«0«0«0«0»0« 1917. -o.-OK>"©"<*0- 1918. *« *4 -&~o™4>-O- 19(9. fi > > I 2900 tesa. 2600 BMW. N M 2400 / / Jf > I 2200 \ ^^ 4W 2000 i ieoo /*» 1600 (as fflt^- ** 1400 MOO d ^^ 1200 f A 1200 1000 1000 soo 800 -- «( u >-< 600 i 600 < 400 400 »«< ,^,-< zoo 200 q 0 \JANUAKY Af/j JON£_J^ JULY \_AU6UST S£FT£MBSi\ OCTOBER Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1046 FEDERAL RESERVE BULLETIN. NOVEMBER 1,1919. Federal Reserve notes in actual circulation, 1917-1919, EXPORT CREDITS SCHEME—FULLER EXPLANATORY STATE- MENT. [In thousands of dollars; i. e., 000 omitted.] The following announcement by the board of trade embodies a previous announcement on the subject of 1917 1918 1919 the export credits scheme, published on September 5, together with certain alterations and additions bringing Jan. 3.........,.....*. , 272,873 1,251,205 2,647,605 that announcement up to date:— J Ja a n n . . 1 1 7 0 , 2 2 6 6 2 8 , , 9 1 6 6 7 8 1 1 , , 2 2 4 38 2 , , 7 1 9 9 7 9 2 2 , ,5 5 1 9 3 0 , , 0 6 8 8 9 1 The Government are prepared through the export Jan. 24 259,768 1,234,934 2,466,556 credits department of the board of trade, 10, Basinghall- Jan, 31.. ......; 260,030 1,236,101 2,450,729 street, E.C.2, to consider applications for advances up to F F e eb b . . 1 7. 4 .. .'..-. , 2 2 7 91 8 , , 5 P 2 3 3 9 1 1 , , 2 26 8 1 1 , , 2 0 1 4 9 5 2 2 , , 4 4 5 6 4 8 , , 1 38 6 8 5 80 per cent, of the cost of the goods to the seller (including Feb.2O 303,171 1,314,581 2,466,248 freight and insurance and the commission paid to the Feb. 28........ , 314,258 1,351,091 2,472,307 Department by the seller), in respect of exports to M M a a r r . . 1 7 4 . ...... , 3 3 2 3 6 6 , , 6 0 1 6 2 1 1 1 , , 3 4 8 0 3 6 , , 9 2 9 2 0 8 2 2 , , 4 5 8 0 8 3 , , 5 0 3 9 7 5 Finland, Mar. 21 , 346,804 1,429,509 2,510,687 The Baltic Provinces (Latvia, Esthonia, and Lithuania), Mar. 28. 357,765 1,452,838 2,521,776 Poland, A A p p r r . . 4 11 . . .. 3 4 7 0 6 1 , , 5 8 1 0 0 9 1 1, , 4 4 9 7 9 9 , , 3 9 7 2 7 0 2 2 , , 5 5 4 4 7 8 , , 6 5 7 8 0 8 Czeeho-Slovakia, Apr. 18... 414,357 1,514,287 2,543,704 Yugo-Slavia, Apr. 25...... 420,509 1,526,232 2,549,552 The areas in Russia to which the scheme for insurance M M a a y y 9 2 4 4 2 3 8 8 , ,2 5 1 0 8 2 1 1 , , 5 5 6 56 9 , , 6 6 6 1 0 8 2 2 , , 5 5 5 4 6 9 , , 7 0 4 4 9 0 against abnormal commercial risks applies. May 16 446,501 1,569,445 2,532,039 Any variations which may be made from time to time May 23... 454,402 1,578,621 2,504,253 in the countries to which the scheme relates will be an- J M u a n y e 2 6 9 4 4 6 8 4 1 , ,4 8 6 6 9 5 1 1 , , 6 6 0 39 0 , , 5 9 7 6 9 8 2 2, , 5 5 1 1 3 9 , , 0 2 3 9 7 2 nounced. June 13 ... 491,615 1,651,500 2,499,265 a Advances will be made subject to the following con- June 20 499,721 1,677,951 2,488,253 ditions:— J J u ul n y e 2 3 7 5 5 2 0 7 8 , , 4 8 5 0 9 7 1 1 , , 7 7 2 9 2 1 , , 2 5 1 6 6 9 2 2 , , 4 5 9 5 9 2 , , 1 3 8 4 0 8 1. The bills of lading are to be surrendered to the pur- July 11 .. 532,508 1,813,425 2,538,127 chaser against his acceptance of a bill of exchange in July is.........* .:...... 534,226 1,829,045 2,512,048 sterling drawn by the seller for the full amount of the in- July 25..... 534,015 1,870,835 2,504,497 voice at a tenor conforming to the agreed length of credit A A u u g g . . 1 8 5 5 4 4 0 9 , , 7 24 8 4 5 1 1, , 9 9 5 0 5 6 , , 2 4 7 6 6 5 2 2 , , 5 5 0 32 6 , , 0 8 5 2 7 0 and against the deposit by the acceptor of security (see Aug. 15 •, 558,782 1,985,419 2,540,904 the next paragraph). The Government will release the Aug. 22...... 573,049 2,032,837 2,553,534 drawer from any recourse against him for the amount of A Se u p g t . . 2 5 9 . .. 5 62 8 1 7 , , 2 9 9 1 9 5 2 2 , ,1 0 8 9 0 2 , , 6 7 7 0 9 8 2 2 , , 5 6 8 1 0 1 , , 6 6 2 9 9 7 the advances made except in the case of misrepresenta- Sept. 12 644,567 2,245,429 2,621,228 tion by such drawer. S S O e e c p p t. t t . . 3 2 1 . 6 9 ... 6 7 7 4 7 0 0 0 0 , , , 9 2 2 1 1 4 6 2 6 2 2 2 , , , 3 2 4 4 3 9 9 1 5 , , , 0 3 0 0 2 3 4 6 1 2 2 2, , , 7 6 6 0 5 2 8 5 1 , , , 1 3 2 8 5 5 6 4 8 lad 2 i . n g T h a e g a p i u n r s c t h a as e d r e p m os u i s t t o a f g r c e u e r r t e o n c t y a ke w h u i p c h t , he c a b lc i u ll l s a t o e f d Oct. 10 , 779,885 2,478,378 2,741,684 on the basis of the market exchanges, will be the equiv- Oct. 17 815,210 2,502,488 alent of the amount of the draft plus a margin (usually 15 O O c c t t . . 3 2 1 4...... 8 8 4 8 7 1 , , 5 0 0 0 6 1 2 2, , 5 5 1 0 5 7 , , 5 9 0 1 4 2 per cent), which value will have to be maintained. This Nov.7 932,512 2,558,196 deposit must be made with the Department's agents in the Nov.14 972,535 2,562,517 country of purchase and will be held as security for the N N o o v v. . 2 2 1 8.. 1 1 , , 0 0 1 5 5 6 , , 8 9 9 8 2 3 2 2 , , 5 5 6 5 8 5 , , 6 2 7 1 6 5 due payment of the bill of exchange. The relative insur- Dec. 5 1,110,537 2,584,523 ance policies will be retained as additional security. Dec. 12...... 1,153,385 2,604,580 3. The Department will consider proposals for the D D e e c c . . 2 19 6.... 1 1 , , 2 2 2 4 7 6 , , 6 4 4 8 2 8 2 2, , 6 6 8 6 5 3 , , 2 7 4 0 4 1 deposit of produce or securities instead of currency, and in certain cases for the deposit of fixed amounts of currency. Governmental Measures to Encourage Foreign PREFERENCE FOR STERLING PAYMENT. Commerce. 4. When the advance is needed, the shipping documents must be accompanied by a letter of guarantee In view of the great interest which attaches from an approved bank of the country of purchase or at the present time to Governmental action in elsewhere, stating that the bill of exchange will be accepted and the deposit of security made upon the first presentaconnection with the encouragement of fortion of the documents to the buyer, and undertaking that eign commerce, the following summary of the value of such security will be maintained. Applimeasures undertaken in this direction by cations accompanied by "a banker's guarantee of sterling some of the leading countries is presented. payment of the bill at maturity will receive preferential consideration. 5. For the convenience of exporters the Department is ®REAT BRITAIN. prepared to receive applications, and if so decided, provisionally to sanction advances prior to the shipment of The British Government has arranged for a the goods. In such cases a limit of time must be stated credit of £26,000,000 for goods sold to differ- within which the shipping documents, &c, will be proent countries. The London Times for Septem- duced and the advance taken. 6. The advance made by the Department will be a first ber 26,1919, contains the following statement: charge upon the proceeds of the bill and security, but, if Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMEEBl, 1919. FEDERAL KESEBVE BULLETIN. 1047 such proceeds are less than the cost (including freight, distributed by the Canadian Trade Commission insurance, and commission paid by the seller to the De- among the manufacturers of Canada, who are partment), the loss represented by the difference will be able to participate in a given order at the prices shared between the Department and the drawer of the bill, the share of the Department being in the proportion which quoted. These prices are all in Canadian dolthe advance bears to the amount of such cost, freight, lars, so there is no question of exchange. The insurance, and commission. Canadian merchant receives payment on pro- 7. The credits will be granted for such periods as the duction of ocean bills of lading; but if ships are Department may determine in each case at the time of application for the advance. not provided the material is put in storage and 8. Advances will not be made for the export of raw 90 per cent of the purchase price is paid immedimaterials or of surplus Government stores, and preference ately to the Canadian and the balance after will be given to the finance of goods where the larger part shipment is made. The Canadian Governof the cost is due to manufacture in this country. 9. All applications must be passed to the Department ment, under the arrangement whereby these by the bankers of the seller, whose recommendation must credits were established, receives from the be attached. , foreign Government 5-year term bonds for the 10. After collection of an amount equal to the cost (invalue of the goods sold, these bonds bearing cluding freight, insurance, and the commission paid to the Department by the seller), the bill of exchange and interest at 5J per cent, payable semiannually any relative security will be transferred to the seller if in Canadian dollars. Whatever obligation is payment of the full amount has not been made. executed by the Roumanian purchaser rims only 11. At any time after the maturity of the bill or after against the Roumanian Government. * any default the Department will be entitled to close a transaction and transfer the bill of exchange and relative security to the seller, who will bear his proportion, as indi- FRANCE. cated above, of any loss incurred. France's principal activity in the field of for- DEPARTMENT'S CHARGES. eign trade has been her exports of munitions and 12. Interest will be calculated at the rate of 1 per cent military supplies to many of the new countries above the Bank of England rate from time to time ruling of Europe as well as to the Anti-Bolshevik forces with a minimum of 6 per cent per annum, and will be in Russia. In connection with general commerpayable by the purchaser in accordance with clauses to be cial exports it is interesting to note that a bill inserted in the bill of exchange. The purchaser must agree to increase at the end of each six months the security has been introduced in Parliament and has deposited so as to cover the amount of such interest. Com- passed the Chamber of Deputies establishing a mission to defray the expenses of the Department and to French National Bank of Foreign Commerce. form a fund to meet any losses will be payable by the seller The capital of this bank is to be 100 million at the time the advance is taken. He may, however, include this commission in his invoice and add same to the francs, supplied by a syndicate of French banks amount of his cost, freight, and insurance when calculat- and exporters. The Government agrees to turn ing the amount of the advance. The rates will not be over to the Bank of Commerce the proceeds of less than 3 per cent for the first year, 4 per cent for the the excess profits tax on the notes issued by the second year, and 5 per cent for the third year; but in the event of the bill of exchange being paid before maturity Bank of France, after deducting certain proportionate rebate will be allowed to the purchaser. amounts allotted for agricultural credit. These In no case, however, will the charge be reduced below 2 amounts are to be used as follows: First, as an per cent. annual subsidy not to exceed two million francs, 13. The conditions set out above may be modified at any time or in special cases. and, secondly, for making advances to the Bank of Commerce, without interest, up to a maximum With the consent of Barclays Bank (Ltd.), of 25 million francs during a period of 20 years. Mr. L. A. Davis, deputy foreign manager of The sums thus turned over by the Government that bank, has been appointed manager of are to be carried by the bank as a special reserve the Department. account, to which will be added also during the CANADA. period of the Government subsidy the share of the Government in the bank's profits, which is In the early summer of 1919 credits of $25,- fixed at 30 per cent of the net earnings above 5 000,000 each were extended to Belgium, Rou- per cent of the capital. The Government's mania, Greece, and France under the authority advances to the bank are to be discontinued of Orders in Council. Purchases are being when the special reserve fund reaches 25 million made by nationals of these various countries francs, and the annual subsidy will cease to be in London through the agency of the Canadian paid when this amount is reached by the reserve mission in that city, Canadian representatives fund or when the capital of the bank will earn 7 with samples and prices being in London er cent in net dividends (reduced to 6 per cent for the purpose. The orders which result are >y the senate). The subsidy, however, is guar- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1048 FEDERAL. KESERVE BULLETIN". NOVEMBER 1, 1919. anteed for five years from the establishment of of augmenting the conversion fund. The conthe bank. vention was approved a second time by the SPAIN. President of Argentina and the representatives of England, France, and Italy on February 4, The Spanish Government has made arrange- 1919, but the Senate on April 11, 1919, refused ments for credits of 75 million pesetas to Great to ratify it on the ground that it would benefit Britain, of 455 millions to France, and of 250 dealers in the ports but would not be benemillions to the United States. These credits ficial to the producers. A recent cable from are discussed on page 1040 of this issue. Ambassador Stimson, published in the Commercial and Financial Chronicle for October 11, ITALY, states that the Chamber of Deputies has returned a majority report in favor of granting The Italian Government has apparently not the proposed credit. The cable also stated that undertaken any steps to promote foreign a delegation representing the Chamber of Comtrade. A project is under consideration for merce of Rosario, a great grain center, had rethe establishment in Italy of an institution for quested President Irigoyen to expedite the loan the insurance of credits granted to foreign by calling an extra session of Congress. customers, along the lines of the British Trade Indemnity Cp. The details of the plan have URUGUAY. not as yet been made public. For the purpose of stabilizing exchange and facilitating the exportation of Uruguayan prod- ARGENTINA. ucts, the Government has made provisions for A convention was entered into on January the granting of credits to Great Britain, France, 14, 1918, between Argentina and England, and Italy. France and Italy, by which credits of respec- The bill (law of February 2, 1918) granting tively 80, 80, and 40 million dollars in gold the credit to Great Britain authorized the Bank were to be granted to these countries for the of the Republic to open in current account a purchase of Argentine products. Amounts credit up to 15,000,000 pesos ($15,510,000), in drawn under these credits were to carry 5 favor of the British Government or its order, to per cent interest, payable quarterly. Balances be applied to the purchase of Uruguayan prodoutstanding against the borrowing Govern- ucts. It was stipulated that this credit should ments were to be covered within 24 months. expire in two years but might be renewed by The Argentine Government in the mean- mutual agreement with legislative sanction; it time retains the right to draw against the was to be secured by a deposit of bonds of the foreign Governments for direct operations in consolidated debt of Uruguay or of other Uruexchange up to the equivalent of the amounts guayan loans. Interest at the rate of 5 per cent drawn under the above mentioned credits when per annum was to be payable at Montevideo in the rate of exchange does not exceed 49 pence coin or in matured coupons of Uruguayan bonds on England, 5.25 francs on France, and 6.15 lire at their face value. It was agreed that any balon Italy. A decree issued simultaneously fixed ance due at the expiration of the time set the minimum prices for cereal exports. The should be paid in gold coin, the exportation of convention carries a proviso to the effect that which was guaranteed by the British Governdrawings by the Argentine Government on ment. England, France, and Italy under the agree- In addition to this loan to the British Government must not be used for direct or indi- ment the same law authorized the Banco de la rect remittances to the United States. The Republica to make loans up to the amount of credits were to be handled by the Argentine 8,000,000 pesos ($8,272,000) to individuals, Banco de la Nacion, whicli was to receive notes societies, or corporations not domiciled in the from the Caja de Conversion to be used in the country. These loans, intended to facilitate transactions arising from the credits, such notes the exportation of national products, were to to be delivered only when reserves are not be- be made on the basis of bona fide commercial low the legal 40 per cent. When payment by transactions. As security the borrowers had the borrowers is made, the notes were to be to deposit abroad gold, bonds, or coupons of returned and canceled. Fifty per cent of the the national debt, or any other foreign securi- Bank's profits from these notes was to be con- ties acceptable to the bank. As in the case of verted into gold and employed for the purpose the Government loan the maturity of these Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1,1919. FEDERAL RESERVE BULLETIN. 1049 loans was not to exceed two years. It was somewhat more than 500 stores of all classes suggested that bonds of the Republic or bonds in many parts of New York City, indicate that of the Banco Hipotecario del Uruguay (Govern- the rise of food prices since 1914 has been about ment mortgage bank) would be particularly as follows: acceptable, but transactions of this kind were restricted to 3,000,000 pesos. The recipients of this credit had to prove a legal domicile in October, Item. 1914 to 1918, to the Republic. 1918. October, 1919. Subsequently, on December 4, 1918, the credit granted to the British Government by Percent. Per cent. the law of February 2, was increased to 20,000, Flour 61.9 9 2 000 pesos ($20,680,000), with a proviso that a Potatoes. 96.8 9.9 Sugar . 56.4 1.2 further credit of 10,000,000 pesos ($10,340,000) White beans 84.4 120.3 Apples 57.7 43.9 under the same conditions might be extended Pork. 68.4 »7.7 when the 20 million credit was exhausted. Beef... . 69.8 »7.5 Lamb 100.7 18.3 By the same law (February 2,1918) a similar All meat .. 74.5 13.3 Vegetables 74.3 3.8 credit in current account up to 15,000,000 pesos ($15,510,000) was granted to France, the terms * Decrease. being practically the same as those of the British credit. The French convention con- The decreases have helped materially to tained a stipulation, not found in the British, offset the increases, if indeed they have not to the effect that the Bank of the Republic offset them altogether. Though the prices should not use the accounts for direct or were derived from trustworthy sources, it is indirect remittances to the United States. to be understood that every dealer approached Under the conventions it was agreed that did not have figures for all products; yet the Uruguayan Government should draw enough were secured to give what is deemed against balances in its favor when London to be a fairly accurate picture of comparative exchange was as high as 52^ pence, though it food costs. In the table given below the perwas further provided that, if Great Britain and centages have been applied to the typical France should in their negotiations with Ar- expenditures of a group of families whose total gentina agree upon a more favorable rate, then expenses in 1914 averaged $1,260, and whose this rate should become a part of the conven- food costs amounted to a little less than half tions of Uruguay upon the latter's demand. that sum. Taking that year's record of ex- In May, 1919, a similar credit of from 15,000,000 penditures as a base, and after weighting the to 20,000,000 Uruguayan pesos ($15,510,000 to percentages to represent a group of foodstuffs, 20,680,000), was granted for the same purpose the following results were obtained: and under the same conditions to the Italian Government. October, October, Expense items. 1914 1918. 1919. Cost of Living in District No. 2.1 Meats, etc .....*. $236.40 $412.50 $398.90 Dairy products 143.30 250.05 250.05 Sugar and miscellaneous 67.30 105.25 106.50 (From monthly report of the Federal Reserve Agent of the Second Breadstufis , „ „, 62.65 101.45 110.80 (N. Y.) Federal Reserve District.) Vegetables... 26.40 46.00 47.75 Total 536.05 915.25 914.00 Investigation has been made of the changes in the cost of living, particularly as they relate to retail food prices in the city of New York Thus it would appear that retail costs of and to rents in this and other cities. The cost foodstuffs in New York City, taking the typical of living, at least as far as it relates to the item family expenditures for this purpose as a whole, of food, appears upon the present evidence to increased between 1914 and 1918 about 70.7 be little or no more oppressive than it was a per cent, and that they are now about the same year ago. Figures secured at first hand from as they were a year ago. .representative retail dealers, operating in all Other important elements in the cost of living, such as clothing and rents, are not i It will be noted that the increases in the cost of living indicated here equally susceptible of tabulation, primarily do not differ greatly (in so far as the results of the two studies are com- because of great individual variation. Parparable) from those shown by the more elaborate investigation of the Bureau of Labor Statistics, summary tables of which are published in ticularly as to clothing there is difficulty m the September number of the Monthly Labor Beview* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1050 FEDERAL RESERVE BULLETIN. NOVEMBER 1, 1919. making exact comparisons over a period of Erratum, time, item for item. Observations of retail For the table on page 949 of the October clothing purchasing indicates that Hhere has been a great change in the nature and quality BULLETIN entitled "United States equivalent of London price of silver per ounce, 1,000 fine, of articles in demand; high-priced clothing is and value of silver in a rupee, 1873-1918/' subsought to the relative exclusion of the cheaper stitute the following: grades. Thus clothing items in budgets of Families which were formerly in the category of the one used above are inordinately inflated. Gold val- Gold val- A study of rent increases in New York City, Date. P s r i i l c v e e r o . f u v e e r o f i n s i a l- Bate. P s r i i l c v e e r o . f u v e e r o f in s i a lrupee. rupee. supplemented by reports from Buffalo and Rochester, does not give adequate statistical 1873 1.29769 0.44608 1896. 0.67565 0.23225 information on whicn to base closely drawn 1874 1.27883 .43960 1897 . .60438 .20776 conclusions. It would appear, however, that 1 18 8 7 7 6 5... 1 1L . 1 2 6 4 4 2 1 3 4 3 . . 4 4 2 0 7 0 0 1 5 7 1 18 8 9 9 9 8 . . 6 5 0 9 1 0 5 1 4 0 . . 2 2 0 0 2 6 8 7 5 8 rents lagged somewhat behind other rising 1877 'L.. 20189 .41315 1900 .62007 .21315 1878 L. 15358 .39654 1901 .59595 .20486 costs and that the increase in the past year 1879 L. 12392 .38635 1902 .52795 .18148 has been very nearly equal to that of the pre- 1880... 1L. 14507 .39362 1903 .54257 .18651 1881,... L. 13229 OOQOO 1904 .57876 . 19895 vious four-year period. Thus, an estimate for 1882 ]L. 13562 .39037 1905 .61027 .20978 moderate-priced dwellings in the borough of 1 1 8 8 8 8 3 4 1 ] L L. . 1 1 0 10 8 6 7 8 4 . . 3 3 8 8 1 1 1 8 3 0 1 1 9 9 0 07 6 . . . . . . . 6 6 7 6 6 1 8 5 9 2 . .2 2 2 3 7 2 4 6 0 8 Brooklyn indicates 25 per cent increase, 1885 1. ofifiin . 36613 1908 .53490 .18387 1886 .99467 .34192 1909 .52016 .17881 divided evenly between the 1914-1918 period 1887 .97946 .33669 1910 . 54077 .18589 1888 .93974 .32304 1911 .53928 .18538 and the year 1919. In the borough of Man- 1889 .93511 .32144 1912 .61470 . 21130 hattan increases in household rents have 1890 1.04634 .35968 1913 .60458 .20782 1891 . 98800 .33963 1914 . .55312 .19014 varied greatly; for private houses of an old 1892. .87145 .29956 1915 .51892 .17838 type and in less-favored neighborhoods rents 1 1 8 8 9 9 3 4 . . .6 7 3 8 4 0 79 30 . . 2 2 1 6 8 8 2 2 1 3 1 19 9 1 1 7 6. . '.. . . 8 6 7 8 5 6 3 4 0 7 . . 2 3 3 0 5 0 9 8 7 8 have increased no more tnan 5 per cent, 1895 .65406 .22483 1918 . 1.04157 .35804 whereas apartments of'the best sort are in Acceptances to 100 Per Cent, such demand that a 40 or 50 per cent increase in the entire period is not unusual. The Since the issuance of the October BULLETIN average residential rent increase for the city the following banks have been authorized by is estimated at between 20 and 30 per cent the Federal Reserve Board to accept drafts and for the period, from one-half to three-quarters bills of exchange up to 100 per cent of their of which took place in the last year. The capital and surplus: mayor's committee, which has been hearing Citizens & Southern Bank, Savannah, Ga. complaints of alleged profiteering in rents and Firet National Bank, Valddsta, Ga. has treated some 24,000 cases, tells us that it National Bank of Commerce, Forth Worth, Tex. estimates that not over 5 per cent of the land- Stockyards National Bank, Forth Worth, Tex. lords who have appeared before it are actual Waxahachie National Bank, Waxahachie, Tex. Utica Trust & Deposit Co., Utica, N. Y. profiteers. Commercial rents in New York First National Bank, Gainesville, Tex. City, including rents of offices, are usually for Lowry National Bank, Atlanta, Ga. long terms, and while instances appear of Chicago Trust Company, Chicago, 111. First National Bank, St. Louis, Mo. increases up to 100 per cent, on the whole the increases have been much less, and in any case the rise should be spread over a period of Foreign Branch Banks. years. A list of branches of national banks and In Rochester the average increase is reported international and foreign banks, doing business to be about 26 per cent, with rents for property under agreement with the Federal Reserve in the favored business districts up 33 per Board, which have opened for business during eent, for dwellings under $30 a month up 20 October, is given below: per cent, and for higher types of residences up 25 per cent. Buffalo reports an extraordinary Mercantile Bank of the Americas, New York City: Madrid, Spain. shortage of dwellings, with tenants renting at National City Bank of New York: sight without the mediation of real estate Calle Rondeau, Montevideo, Uruguay. agents. Thus individual cases vary greatly, Barcelona, Spain. but it appears that the increases run from 14 International Banking Corporation, New York City: Tsingtao, Province of Shantung, China. to 36 per cent, with commercial rent increases Asia Banking Corporation, New York City: materially less. Canton, Ohina. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1,1919. FEDERAL BESEEVE BULLETIN. 1051 State Banks and Trust Companies Admitted. Commercial Failures Reported. The following list shows the State banks and Commercial failures in the United States trust companies which have been admitted to during September reported to R. G. Dun & Co., membership in the Federal Reserve System as for every month so far this year, made a very during the month of October. favorable comparison with those of the corre- One thousand one hundred and thirty-three sponding period in 1918, being only 473 in num- State institutions are now members of the ber, with liabilities amounting to $8,791,319, system, having a total capital of $398,535,946, against 674 for $17,407,130 the same month a total surplus of $481,912,151, and total re- year ago. These returns show a reduction of sources of $8,850,565,687. 29.8 per cent in number and 49.5 per cent in the sum owed compared with September of last year, and except in August and July of this Capital. Surplus. T so o u ta r l c e r s e . - year, when the totals in both instances were smaller, the number is much less than for any month in several decades and the liabilities District No. 3. lighter than for any month since September, The Grange Trust Co., Huntingdon, Pa.. , ;.-..... $125,000 $664,586 1909. Separation of these insolvencies, ac- The Schuylkill Haven Trust Co., 125,000 155,000 1,212,121 cording to Federal Reserve districts, reveals the Schuylkill Haven, Pa fact that in every district, except the fifth and District No 4. sixth, September business reverses were much Marshall County Bank, Moundsville,W. Va ...... 150,000 40,000 1,224,577 less numerous than for the same month in 1918, with the falling off especially pronounced in the District No. 5. second, seventh, ninth, and eleventh districts. Citizens Bank & Trust Co., Rock Hill,S. C... 100,000 5,000 567,572 The exhibit as to liabilities, however, is hardly so uniformly favorable, six districts out of the District No. 7. twelve, namely, the fourth, fifth, sixth, eighth, American State Bank, Fort Madison, Iowa 100,000 8,000 1,200,211 tenth, and twelfth, reporting more or less 25,000 5,000 173^394 expansion, with that in the fourth, $1,559,307 Bank of Fountain, Fountain, Mich.. against $582,903 last year, the most noticeable. District No. 8. 50,000 5,000 55,000 These increases, however, were far more than Bank of Commerce, El Dorado, Ark. 150,000 400,000 4239, .859 counterbalanced by the marked improvement Belleville Savings Bank, Belleville,Ill Farmers & Merchants Bank, Dyer, 40,000 18,941 331,188 in the remaining districts, notably the first, Tenn where $1,037,546 compared with $1,978,500; District No. 10. the second, $2,335,120 with $5,188,489; the Citizens State Bank, Liberal, Kans. 50,000 17,000 542,497 Farmers State Bank, Cozad, Nebr... 50,000 10,000 829,669 third, $816,230 with $4,223,184; and the Cordell State Bank, Cordell, Okla... 30,000 3,000 seventh, $661,371 with $3,453,050. Cheyenne State Bank, Cheyenne, Wyo .... 100,000 20,000 459,352 First State Bank, North Bend, Nebr. 25^000 15,000 578,073 Failures during September. District No. 12. Bank of Norwalk, Norwalk, Calif 25,000 10,000 303,349 Number. Liabilities. French-American Bank of Savings, San Francisco, Calif 1,000,000 250,000 13,551,774 Districts. The San Francisco Savings & Loan 1919 1918 1919 1918 Society, San Francisco, Calif 1,000,000 2,300,000 60,509,192 Savings union Bank & Trust Co., San Francisco, Calif 1,500,000 1,625,000 45,621,028 First 71 $1,037,546 $1,978,500 Commercial Trust & Savings Bank, Second. 2,335,120 5,188,489 Santa Barbara, Calif 575,000 200,000 6,480,670 Third 816,230 4,223,184 Renton State Bank, *Renton, Wash.. 25,000 2,500 65,531 Fourth..... 1,559,307 Anglo-California Trust Co., San Fran- Fifth 704,352 245,936 cisco, Calif 1,500,000 500,000 21,002,732 Sixth 771,880 257,383 Seventh.... 125 661,371 3,453,050 Eighth. 210,616 395,975 dra N w O n T E fr . o — m T h m e e M m o b u e n rs t hi A p y . r State Bank, Mount Ayr, Iowa, has with- T N e in n t t h h,. 1 9 5 0 2 , , 2 4 8 5 2 8 3 1 0 8 4 2 ; , 8 4 5 0 9 0 The Bank of Commerce, Philadelphia, Pa., has converted into National Eleventh... 48,883 272.521 Bank of Commerce; the Drovers & Merchants Bank, Philadelphia. Twelfth.... 78 403,274 321,930 - Pa., has converted into Drovers and Merchants National Bank; and the Ttigby State Bank, Rigby, Idaho,has converted into First National Total 473 674 8,791,319 17,407,130 Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1052 FEDERAL RESERVE BULLETIN. NOVEMBER 1,1919, New National Bank Charters. DISTRICT NO. 3. The Comptroller of the Currency reports Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and comthe following increases and reductions in the mittee of estates of lunatics: number of national banks and the capital of Haddonfield National Bank, Haddonfield, N. J. national banks during the period from Septem- First National Bank, Elmer, N. J. ber 27, 1919, to October 31, 1919, inclusive: Ventnor National Bank, Ventnor, N. J. Nazareth National Bank, Nazareth, Pa. Banks. National Bank of Pottstown, Pottstown, Pa. New charters issued to 41 National Bank of Spring City, Spring City, Pa. With capital of. $3,930,000, Allentown National Bank, Allentown, Pa. Increase of capital approved f or * 34 With new capital ofx. 8,910,000 DISTRICT NO. 4. Aggregate number of new charters and Trustee, executor, administrator, registrar of stocks and banks increasing capital 75 bonds, guardian of estates, assignee, and receiver: With aggregate of new capital authorized 12,840,000 Citizens National Bank, Cincinnati, Ohio. Number of banks liquidating (other than First National Bank, Cincinnati, Ohio. those consolidating with other national Second National Bank, Cincinnati, Ohio. banks under the act of June 3, 1864) 5 National City Bank, Cleveland, Ohio. Capital of same banks 775,000 Union National Bank, Fostoria, Ohio. Number of banks reducing capital 0 Merchants National Bank, Hillsboro, Ohio. Reduction of capital2 400,000 First National Bank, Troy, Ohio. Total number of banks going into liquida- Union Commerce National Bank, Cleveland, Ohio. tion or reducing capital (other than those Trustee, executor, administrator, registrar of stocks and consolidating with other national banks bonds, guardian of estates, assignee, receiver, and comunder the act of June 3, 1864).... 5 mittee of estates of lunatics: Aggregate capital reduction 2 1,175,000 First National Bank, Ellwood City, Pa. Consolidation of national banks under the Bank of Pittsburgh, N. A., Pittsburgh, Pa. actof Nov. 7, 1918........ 4 Trustee and registrar of stocks and bonds: Capital. 1,475,000 Merchants National Bank, Defiance, Ohio. The foregoing statement shows the aggre- First National Bank, Marietta, Ohio. gate of increased capital for the period of the banks embraced in statement was 12,840,000 DISTRICT NO. 5. Against this there was a reduction of capital Trustee, executor, administrator, registrar of stocks and owing to liquidation (other than for con- bonds, guardian of estates, assignee, receiver, and comsolidation with other national banks un- mittee of estates of lunatics: der the act of June 3, 1864) and reduc- Seaboard National Bank, Norfolk, Va. tions of capital of2- 1,175,000 First National Bank, Greenville, S. C. Net increase 11,665,000 DISTRICT No. 6. Trustee, executor, administrator, registrar of stocks and i Includes two increases of capital aggregating $100,000 incident to consolidations under the act of Nov. 7,1918. bonds, guardian of estates, assignee, receiver, and com- * Includes a reduction in capital of $400,000 incident to a consolidation mittee of estates of lunatics: under the act of Nov. 7,1918. City National Bank, Tuscaloosa, Ala. Fiduciary Powers Granted to National Banks. DISTRICT NO. 7. Trustee, executor, administrator, registrar of stocks and The application of the following banks for bonds, guardian of estates, assignee, receiver, and compermission to act under section 11-k of the mittee of estates of lunatics: Federal Reserve Act has been approved by Dixon National Bank, Dixon, 111. First National Bank, Cambridge, Ind. the Federal Reserve Board during the month First National Bank, Elkader, Iowa. of October, 1919: National Union Bank, Jackson, Mich. Trustee, executor, administrator, guardian of estates, DISTRICT NO. 1. assignee, receiver, and committee of estates of lunatics: Trustee, executor, administrator, registrar of stocks and First National Bank, Hawarden, Iowa. bonds, guardian of estates, assignee, receiver, and com- Guardian of estates, assignee, receiver, and committee of mittee of estates of lunatics: estates of lunatics: Foxboro National Bank, Foxboro, Mass. Old National Bank, Battle Creek, Mich. First National Bank, New Bedford, Mass. Kegistrar of stocks and bonds, guardian of estates, assignee, receiver and committee of estates of lunatics: DISTRICT NO. 2. Farmers & Merchants National Bank, Benton Harbor. Mich. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and com- DISTRICT No. 8. mittee of estates of lunatics: Trustee, executor, administrator, registrar of stocks and First National Bank, Amsterdam, N. Y. bonds, guardian of estates, assignee, receiver, and com- First National Bank, Corning, N. Y. mittee of estates of lunatics: Oneida Valley National Bank, Oneida, N. Y. First National Bank, Jeffersonville, Ind. Connecticut National Bank, Bridgeport, Conn. England National Bank, Little Bock, Ark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVHMBEB 1, 1919. FEDERAL RESERVE BULLETIN. 1053 DISTRICT NO. 11. committee shall close up its affairs, and that all the records, including letters, correspondence, and testimony in the Trustee, executor, administrator, registrar of stocks and possession of said committee, be turned over to the Fedbonds, guardian of estates, assignee, receiver, and comeral Trade Commission. mittee of estates of lunatics: In witness whereof I have hereunto set my hand and First National Bank, Nogales, Ariz. caused the seal of the United States to be affixed. City National Bank, El Paso, Tex. Done this thirtieth day of August, in the year of our First National Bank, Orange, Tex. Lord one thousand nine hundred and nineteen and of the DISTRICT NO. 12. independence of the United States of America the one hundred and forty-fourth. Trustee, executor, administrator, registrar of stocks and WOODROW WILSON. bonds, guardian of estates, assignee, receiver, and com- By the President: mittee of estates of lunatics: ROBERT LANSING, Medford National Bank, Medford, Greg. Secretary of State. United States National Bank, Portland, Oreg. Capital National Bank, Salem, Oreg. Guardian of estates, assignee, and receiver: Crop Statistics, by Federal Reserve Districts. First National Bank, Junction City, Oreg. Forecasts of corn production as of October Dissolution of Capital Issues Committee. are even more favorable than the forecasts of the previous month, while wheat forecasts BY THE PRESIDENT OF THE UNITED STATES OF AMERICA. are somewhat below those issued in September. A PROCLAMATION. The estimate of hay production issued as of September remains unchanged, while the fore- Whereas Congress, on April 5,1918, enacted a law known as '' The war finance corporation act;'' and cast for oats is lower by about 5 million bushels Whereas, under section 206 of said act, it is provided in October than in September. The forecast that the President may^ at any time by proclamation de- of oats production in the 10 districts for clare that the title relating to the Capital Issues Commitwhich data are given is higher on October 1 tee is no longer necessary and that thereupon it shall cease to be in effect: % . than on September 1, indicating that a decline Now, therefore, I, Woodrow Wilson, President of the more than sufficient to offset this increase United States, by virtue of the authority in me vested, do occurred in the forecasts for the two nonrehereby proclaim and declare that title two of said war porting districts, namely, the Kansas City and finance corporation act, relating to the Capital Issues Comhe Dallas districts. mittee, is no longer necessary, and I further direct that the Acreage and production of corn, wheat, oats, and hay in Federal Reserve districts and in the United States, 1919 and 1918. [In thousands of units of measurement.] T U S o t n t a a i t l t e e f s d o . r T 1 t o r 0 t i a c l d t i s f s . o - r D B t i 1 o s o — n t s r . - ict D Y N i 2 s o e — t r r w k ic . t D P p i d h 3 s h e — i t i l l r - a a i . c - t D C l i a l s e n t v r d e i . c - t D m R i 5 s o i — c t n r h i d - c . t D 6 la — is n t A t r a i t . c - t C D h i f s i j c tr a i g c o t . D L 8 i — o s u tr S i i s t c . . t D M ap i 9 i s o n — t l r n i i e s c . - t D c F i i S r s s a a t c r n n o i - . ct CORN. Acreage: 1919 102,977 78,'761s 188 951 1,533 5,273 14,964 24,178 15,366 7,235 270 1918 107,494 91,230 967 1^45 5,442 8,745 15,191 35,346 16,726 6,811 255 Production (bushels): Forecast as of Sept. 1,1919....2,857,692 2,285,382 9,094 40,141 66,547 203,618 198,884 246,448 897,618 377,951 236,708 8,373 Forecast as of Oct. 1,1919 2,900,511 2,326,484 9,321 41,802 67,748 208,278 196,806 243,020 916,881 382,687 251,448 8,493 Estimated, 1918 ..2,582,814 2,266,195 9,273 35,604 59,805 184,232 205,689 253,494 895,138 372,977 241,402 8,581 WHEAT. Acreage: 1919.. 71,526 45,888 32 1,523 2,954 3,678 1,268 5,166 7,357 17,477 5,840 1918...... 59,110 41,445 41 497 1,344 2,853 3,565 1,168 3,766 17,551 4,980 Production (bushels): Forecast as of Sept. 1,1919.... 923,350 580,639 764 12,509 25,836 59,253 41,237 12,022 86,287 103,537 134,473 104,721 Forecast as of Oct. 1,1919 918,471 577,500 636 12,527 25,836 59,310 41,237 12,022 86,287 103,537 131,919 104,189 Estimated, 1918 917,100 902 8,979 22,312 52,012 40,754 11,710 74,585 101,837 281,025 75,812 OATS. Acreage: 1919 42,365 31,754 334 1,149 748 1,211 1,317 14,118 2,438 9,285 1,154 1918 44,400 35,661 332 1,339 764 2,432 1,238 1,497 14,923 2,597 1,206 Production (bushels): Forecast as of Sept. 1,1919— 1,224,815 944,732 12,004 27,412 20,742 68,394 25,393 25,833 438,683 67,019 218,582 40,670 Forecast as of Oct. 1,1919 1,219,521 948,319 11,388 29,679 23,165 71,339 25,444 26,152 441,272 62,124 218,177 39,579 Estimated, 1918 1,538,359 1,342,577 13,280 54,811 29,773 101,356 28,111 640,005 77,486 329,045 37,850 HAY. 19l9. 69,719 54,494 3,700 4,658 2,226 3,288 3,723 12,618 5,626 12,285 6,370 1918 71,254 59,041 3,631 4,658 2,226 4,397 3,287 3,744 12,735 5,762 12,394 6,207 Production (tons): Estimate as of Sept. 1,1919... 103,544 81,862 4,835 6,862 3,013 5,719 4,286 4,372 18,010 7,398 14,994 12,373 Estimated, 1918 90,443 75,208 5,847 3,116 6,122 4,203 16,344 6,500 14,304 10,574 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1054 FEDERAL RESERVE BULLETIN. NOVEMBER 1,1919. RULINGS OF THE FEDERAL RESERVE BOARD. Below are published rulings made by the tor to purchase goods which are shipped to the Federal Reserve Board which are believed to customer and which are charged by the factor against the customer's account, then the note be of interest to Federal Reserve Banks and attains a commercial status because of the commember banks. mercial purpose to which its proceeds are applied by the factor. Cotton factors' paper. In order to ascertain the necessary facts it The Federal Reserve Board has carefully may be proper for a Federal Reserve Bank to considered the question whether cotton fac- require statements or affidavits from the maker tors7 paper may properly be considered eli- of the note as to the exact nature of the transgible for rediscount as commercial paper within action out of which it arises. With these the meaning of section 13 of the Federal Re- principles as a guide, the Federal Reserve serve Act. In view of the fact that it is appar- Bank must determine the eligibility of any ent from all the evidence on hand that the particular paper in the light of the circumcircumstances and conditions under which so- stances in which it was issued, and its proceeds called cotton factors7 paper is issued vary so disposed of. much in different cases, it is impossible to give any categorical answer to the question present- Deposits of member banks in foreign banks. ed, or to make any general ruling that cotton In response to several inquiries the Federal factors' paper, as such, is eligible or ineligible Reserve Board has had occasion to rule that for rediscount. that part of section 19 of the Federal Reserve The Board is clearly of the opinion on the one Act as amended by the act of June 21, 1917, hand, that paper, the proceeds of which are which provides that "no member bank shall used to lend to some third party, is finance pakeep on deposit with any State bank o.r trust per rather than commercial paper and is, in company which is not a member bank a sum in consequence, ineligible for rediscount even excess of 10 per cent of its own paid-up capital though that third party may use the proceeds and surplus,77 does not prohibit a member for a commercial purpose. On the other hand, bank from keeping on deposit with any foreign the Board believes that any paper, the probank a sum in excess of 10 per cent of the ceeds of which are used to purchase goods to member bank's paid-up capital and surplus. sell to some third party, is eligible for redis- Section 19 was amended as above indicated count as commercial paper within the meaning with the express purpose of permitting member of section 13. banks to carry such balances in foreign banks. Whether or not a given transaction falls within one class or the other is solely a question of fact for the determination of the direc- Deposits of the United States Shipping Board and tors of the Federal Reserve Bank to which the Emergency Fleet Corporation. paper is presented for rediscount. The mere In the opinion of the Federal Reserve Board, fact that a borrower on a given note is a cotton deposits of the United States Shipping Board factor does not of itself render that note ineli- and deposits of the Emergency Fleet Corporagible since its eligibility is a matter to be deter- tion are not United States Government demined by the use to which the proceeds of that posits within the meaning of that part of the particular note are put. If a cotton factor bor- law which provides that reserve requirements rows on his own note to increase his capital for of the Federal Reserve Act " shall not apply the purpose of lending to his customers, the note to deposits of public moneys of the United would come within the first class and would be States.77 Member banks, therefore, should ineligible, but if it can be determined that the maintain appropriate reserves against all deproceeds of the note instead of being loaned to posits of the United States Shipping Board a customer by the factor are used by the fac- and the Emergency Fleet Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1,1919. FEDERAL EESEEVE BULLETIN. 1055 LAW DEPARTMENT. Limitations on loaning power of national banks. Some examples of what a national bank may lend at any one time to any one customer under the amendment to section 5200 approved Oct. 22,1919, ex- House Bill 7478, amending sections 5200 and pressed in terms of percentage of the bank's capital and surplus. 5202. of the United States Revised Statutes, Illustra- Illustra- Illustrawas approved by the President on October 22, tion 1. tion 2. tion 3. 1919, in the form printed on page 965 of the October 1, 1919, BULLETIN. Per cent. Per cent. Per cent. The amounts which a national bank may prop- (A) Accommodation or straight loans.. 10 5 5 (D) Notes secured by warehouse reerly lend to any one person, company, corpora- ceipts etc 15 20 15 (E) Notes secured by alike face amount tion or firm (including in the liability of a com- of U. S. Government obligations 10 10 15 pany or firm, the liabilities of the several mem- Total 35 35 35 bers thereof) under the provisions of section 5200, as amended, are stated below in terms of (B) Bills of exchange drawn No limit imposed by law. the percentage of the paid-up and unimpaired against actually existing value. (C) Commercial or business No limit imposed by law. capital stock and surplus of the lending bank. paper. (F) Notes secured by at least No limit imposed by law. CHARACTER OF LOANS. AMOUNTS LOANABLE. 105 per cent of United States Government obligations. (A) Accommodation or straight Maximum limit, 10 per cent of loans, whether or not single name. bank's paid-up and unimpaired capital and surplus. WHAT A FEDERAL RESERVE ^BANK MAY DISCOUNT FOR ITS MEMBER BANKS. (B) "Bills of exchange drawn in No limit imposed by law. good faith against actually existing values." The limitations imposed upon the amounts The law expressly provides that of rediscounts which a Federal Reserve Bank this phrase shall also include: (a) Drafts and Mils of exchange may make for a member bank, whether State secured by shipping documents conveying or securing title to goods or national, are determined by the provisions shipped. of the Federal Reserve Act and are not in any (b) Demand obligations, when secured by documents covering way affected by the amendment to section 5200. commodities in actual process of shipment. Under the provisions of section 13 of the (c) Bankers' acceptances of the Federal Reserve Act any Federal Reserve Bank kinds described in section 13 of the Federal reserve act. may rediscount for any member bank, whether (C) Commercial or business pa- No limit imposed by law. State or national, the obligations of any one per (of other makers) actually borrower to the extent of 10 per cent of the owned by the person, company, corporation, or firm negotiating member bank's capital and surplus, but it is the same. expressly provided that " bills of exchange (D) Notes secured by shipping 15 per cent of bank's capital and drawn against actually existing values" shall documents, warehouse receipts, or surplus,;in addition to the amount other such documents, conveying, allowed under (A); or if the full not be included in determining that 10 per or securing title covering readily amount allowed under (A) is not marketable nonperishable staples, loaned then the amount which cent limit. including live stock. may be loaned in the manner de- In the opinion of the Federal Reserve Board No bank may make any loan un- scribed under (D) is increased by der (D), however. the loanable amount not used un- this phrase il bills of exchange drawn against (a) Unless the actual market der (A). In other words, the value of the property securing the amount loaned under (A) must actually existing values" includes, among other o th b a li n g at 1 io 1 n 5 i p s e n r ot c e a n t t an o y f ti t m he e l f e a s c s e b ne u v t e t r h e b e a g m gr o e r g e a t t e h a o n f ( 1 A 0 ) p a e n r d c ( e D nt ) , kinds of paper " drafts or bills of exchange seamount of the note; and may equal, but not exceed 25 per cured by shipping documents conveying or securco ( v & er ) e U d n b le y s s i n t s h u e r p an ro c p e, e r a ty n d i s i n fu n ll o y cent. ing title to goods shipped" and "bankers7 acevent shall the privilege afforded ceptances of the kinds described in section 13 of by (D) be exercised for any one customer for more than 6 months the Federal Reserve Act," even though section 13 in any consecutive 12 months. (unlike the amendment to section 5200) does not (E) Notes secured by not less 10 per cent of bank's caDital and than a like face amount of bonds or surplus,in addition to the amount expressly state that those two classes of paper are notes of the United States issued allowed under (A); or if the full bills of exchange drawn against actually existing since April 24, 1917, or by certifi- amount allowed under (A) is not cates of indebtedness of the United loaned, then the amount which values. In the opinion of the Board, however, States. may be loaned in the manner described under(E)isincreasedby the accepted demand bills on which the drawer loanable amount not used under is released from liability are not " bills of ex- (A). In other words, the amount loaned under (A) must never be change" within the meaning of section 13 and more than 10 per cent, but the aggregate of (A) and (E) may must, therefore, be included in determining the equal, but not exceed 20 per cent. limits on the amount of paper of any one bor- (F) Notes secured by United No limit; but this privilege un- rower which a Federal Reserve Bank may redis- States Government obligations of der regulations of the Comptroller the kinds described under (E) the of the Currency, expires December count for any member bank. face amount of which is at least 31,1920. Under the terms of section 11 (m), as amendequal to 105 per cent of the amount of the customer's notes. ed by the act of March 3, 1919, any Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1056 FEDERAL KESERVE BULLETIN. NOVEMBER i, 1919. Reserve Bank may, until December 31, 1920, for member national banks. If, however, the rediscount for any member bank, whether State regular line of credit of the borrower from the or national, the Obligations of any one borrower member State bank is more than that 10 per to the extent of 20 per cent of the member cent limit, then the Federal Reserve Bank bank's capital and surplus, provided, however, can not rediscount any of that regular line of that the excess over and above 10 per cent credit, but may rediscount that paper which is must be secured by bonds or notes of the United secured by Government obligations of the kinds States issued since April 24, 1917, or by certifi- specified up to the limits described above. cates of indebtness of the United States. (See ruling of the Federal Reserve Board printed on pages 361 and 362 of the April, LIMITATIONS ON THE POWER TO REDISCOUNT FOR 1919, FEDERAL RESERVE BULLETIN.) MEMBER STATE BANKS. The above discussion relates to the general powers of a Federal Reserve Bank to make Federal Incorporation of Institutions engaged in foreign rediscounts for any member bank, whether banking or other financial operations. State or national. It must be observed, how- Senate bill 2472, known as the "Edge bill," ever, that under the terms of section 9 of the providing for the Federal incorporation of insti- Federal Reserve Act no Federal Reserve Bank tutions to engage in international or foieign can rediscount for a member State bank any of banking or other financial operations, which the paper of any one borrower who is liable to after being favorably acted on by the Senate, such member State bank in excess of 10 per passed the House in the form printed below cent of the capital and surplus of that State and was referred to conference committee. bank, but it is provided that the discount of The part struck out represents matter in the bills of exchange drawn against actually exist- Senate bill eliminated by the House, and the ing values and the discount of commercial or part in italics represents new matter added by business paper actually owned by the person the House. negotiating the same shall not be included in determining the amount to which a borrower UNION CALENDAR NO. 136. is liable to such member State bank. The provisions of section 9 are in no way [Sixty-sixth Congress, first session. S. 2472. Report No, 408.] affected by the amendment to section 5200 of AN ACT To amend the Act approved December 23,1913, known as the Federal Reserve Act. the Revised Statutes, and the same test as to the eligibility of any part of the line of paper Be it enacted by the Senate and House of Representatives of of any one borrower which is held by a member the United States of America in Congress assembled, That the act approved December 23, 1913, known as the Federal State bank is applicable now as before that Reserve Act, as amended, be further amended by adding amendment to section 5200. a new section as follows: Under the provisions of Section. 11 (m), as amended by the act of March 3,1919, the Board "BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN has ruled that a Federal Reserve Bank may, BANKING BUSINESS. until December 31, 1920, rediscount for a "SEC. 25 (a). Corporations to be organized for the purmember State bank paper secured by not less pose of engaging principally in international or foreign than a like face amount of bonds or notes banking or other international or foreign financial operations, or in banking or other financial operations in a deof the United States issued since April 24, 1917, pendency or insular possession of the United States, either or certificates of indebtedness of the United directly or through the agency, ownership, or control of States, without regard to the amount the bor- local institutions in foreign countries, or in such dependenrowing bank may already have loaned to its cus- cies or insular possessions as provided by this section, and to act when required by the Secretary of the Treasury as fiscal tomer under his regular line of credit, provided, agents of the United States, may be formed by any number however, that the aggregate of all rediscounts of natural persons, not less in any case than five. of the paper of any one borrower must in no "Such persons shall enter into articles of association case exceed 20 per cent of the capital and sur- which shall specify in general terms the objects for which plus of the member State bank. the association is formed and may contain any other provisions not inconsistent with law which the association In other words, if the regular line of credit of may see fit to adopt for the regulation of its business and the the borrower from a member State bank is conduct of its affairs. not more than the 10 per cent limit fixed by "Such articles of association shall be signed by all of the section 9 of the Federal Reserve Act, Federal persons intending to participate in the organization of the corporation and thereafter shall be forwarded to the Federal Reserve Banks may rediscount for State mem- Reserve Board and shall be filed and preserved in its office. ber banks to the same extent that they may The persons signing the said articles of association shall, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1,1919. FEDEEAL EESEEVE BULLETIN. 1057 under their hands, make an organization certificate which in, bullion, and exchange; shall specifically state: to borrow and to lend money ^p "First. The name assumed by such corporation, which to issue debentures, bonds, and promissory notes under shall be subject to the approval of the Federal Reserve limitations as the Federal Reserve Board may prescribe, but Board, but shall include the word' Federal,' and no other finanin- no event having liabilities outstanding thereon at any one cial corporation hereafter organized underj any law other thatinme exceeding ten times its capital stock and surplus; to an act of Congress shall use such word in its name under a receive deposits outside of the United States and to receive penalty of $25 for each day that such word is used in violationonly such deposits within the United States as may be inciof this provision. dental to or for the pier pose of carrying out transactions in "Second. The place or places where its operations are foreign countries or dependencies or insular possessions of the to be carried on. United States; and generally to exercise such powers as "Third. The place in the United States where its home are incidental to the powers conferred by this Act or as office is to be located. may be usual, in the determination of the Federal Reserve "Fourth. The amount of its capital stock and the num* Board, in connection with the transaction of the business ber of shares into which the same shall be divided. of banking or other financial operations in the countries, "Fifth. The names and places of business or residence colonies, dependencies, or possessions in which it shall of the persons executing the certificate and the number of transact business and not inconsistent with the powers shares to which each has subscribed. specifically granted herein. Whenever a corporation organ- "Sixth. The fact that the certificate is made to enable ized under this section receives deposits in the United States the persons subscribing the same, and all other persons, it shall carry reserves in such amounts as the Federal Reserve firms, companies, and corporations, who or which may Board may prescribe, but in no event less than 5 per centum thereafter subscribe to or purchase shares of the capital of its deposits, stock of such corporation, to avail themselves of the "(b) To establish and maintain for the transaction of advantages of this section. its business agencies but not branches in the United States "The persons signing the organization certificate shall and branches or agencies in foreign countries, their dependuly acknowledge the execution thereof before a judge of dencies or colonies, and in the dependencies or insular some court of record or notary public, who shall certify possessions of the United States, at such places as may thereto under the seal of such court or notary, and there- be approved by the Federal Reserve Board and under after the certificate shall be forwarded to the Federal such rules and regulations as it may prescribet-f€cs4-4e Reserve Board to be filed and preserved in its office. febMfed ^ * d f e k y #L b fe Upon duly making and filing articles of association and an Board-aiay -horn- time organization certificate, and after the Federal Reserve Board -m, including countries or depenhas approved the same and issued a permit to begin businessd,encies not specified in the original organization certificate, the assocaition shall become acd be a body corporate and "(c) With the consent of the Federal Reserve Board as such and in the name designated therein shall have to purchase and hold stock or other certificates of ownerpower WEHJQ?—g^efe-^eoB^i^ioas—asd—fegttferfeioBts—as—4fee ship in any other corporation organized under the pro- $%4eml-^^9e¥¥e-^e^4-sftay-^eBe»bbee ttoo aaddoopptt aanndd uussee aa visions of this section, or under the laws of any foreign corporate seal, which may be changedd att tthhe plle asure off country or a colony or dependency thereof, or under the its board of directors, to have succession for a period of laws ol any State, dependency or insular possession of twenty years unless sooner dissolved by the act of the share-the United States engaged principally in the business of holders owning two-thirds of the stock or by an Act of Con-banking or in any other financial operation of the kinds gress or unless its franchises become forfeited by some authorized by this section but not transacting business in violation of law; to make contracts; to sue and be sued, the United States? except such as in the judgment of complain, and defend in any court of law or equity; to the Federal Reserve Board may be incidental to its elect or appoint directors, all of whom shall be citizens international or foreign business: Provided, however, That, of the United States; and, by its board of directors, to except with the approval of the Federal Reserve Board, no appoint such officers and employees as may be deemed corporation organized hereunder shall invest in any one proper, define their authority and duties, require bonds corporation an amount in excess of 10 per centum of its of them, and fix the penalty thereof, dismiss such officers own capital and Burplusj-eseepir in-a -corporoteoB- -eagage4 or employees, or any thereof, at pleasure and appoint lja-4-ko business of bsb&fefcB-g, when 15 per centum- of its others to fill their places; to prescribe, by its board of esyifebl and-suypfes-may bev BO -invested:*: Provided further, directors, by-laws not inconsistent with law or with the That no corporation organized hereunder shall purchase, regulations of the Federal Reserve Board regulating the own or hold stock or certificates of ownership in any other manner in which its stock shall be transferred, its directors corp } oration organized hereunder or under the laws of any elected or appointed, its officers and employees appointed, State which is in substantial competition therewith, or its property transferred, and the privileges granted to it which holds stock or certificates of ownership in corporations by law exercised and enjoyed. which are in substantial competition with the purchasing "Each corporation so organized shall have power, under corporation. such rules and regulations as the Federal Reserve Board " Nothing contained herein shall prevent corporations may prescribe: , organized hereunder from purchasing and holding stock in "(a) To purchase, sell, discount, and negotiate, with or any corporation where such purchase shall be necessary to without its indorsement or guaranty, notes, drafts, checks, prevent a loss upon a debt previously contracted in good bills of exchange, acceptances; including bankers' accept- faith; and stock so purchased or acquired in corporations ances, cable transfers, and other evidences of indebted- organized under this section shall within six months from ness; to purchase and sell, with or without its indorsement such purchase be sold or disposed of at public or private or guaranty, secutities, including the obligations of the sale unless the time to w dispose of same is extended by the United States or of any State thereof but not including Federal Reserve Board, shares of stock in any corporation except as herein provided;"No corporation organized under this-section shall to accept bills or drafts drawn upon it subject to such carry on any part of its business in the United States limitations and restrictions as the Federal Reserve Board except such as, in the judgment of the Federal Reserve may impose; to issue letters of credit; to purchase and Board, shall be incidental to its international or foreign Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1058 FEDERAL. RESERVE BULLETIN. NOVEMBER 1, 1919. business: And provided further, That except such as is ployee of any member bank, who has procured the approval incidental and preliminary to its organization no such of the Federal Reserve Board from serving at the same time corporation shall exercise' any of the powers conferred as a director or other officer, agent or employee of any corporaby this section until it has been duly authorized by the tion^ organized under the provisions of this section in whose Federal Reserve Board to commence business as a cor- capital stock such member bank shall have invested; or (2) poration organized under the provisions of this section. prohibit any director or other officer, agent, or employee of any gg corporation organized under the provisions of this section, who has procured the approval of the Federal Reserve Board, from serving at the same time as a director or other officer, elkir in tthh e difldpesi i ^ f di agent or employee of any other corporation in whose capital iaterierb' with tho freedein ofcompe^feion in the stock such first mentioned corporation shall have invested ssaattee-ooll c o e ^4e^ieT under the provisions of this section. "No corporation organized under this section shall engage No member of the Federal Reserve Board shall be an officer in commerce or trade in commodities except as specifically or director of any corporation organized under the provisions provided in this section, nor shall they control or fix or of this section, or of any corporation engaged in similar attempt to control or fix the price of any such commodities. business organized under the laws of any State, nor hold stock The charter of any corporation violating this provision shall in any such corporation, and before entering upon his duties be subject to forfeiture in the manner hereinafter provided in as a member of the Federal Reserve Board he shall certify this section. It shall be unlawful for any director, officer, under oath to the Secretary of the Treasury that he has complied agent, or employee of any such corporation to use or to con- with this requirement. spire to use the credit, the funds, or the power of the cor- "Shareholders in any corporation organized under the poration to fix or control the price of any such commodities, provisions of this section shall be liable for the < and any such person violating this provision shall be liable debts, and cngagemeB^e-el-s^refereefBe to a fine of not less than $1,000 and not exceeding $5,000 or lc -the gQ -amotiTi^ off thm imprisonment not less than one year and not exceeding five unpaid stock subscriptions. No such corporatit ion shhlal llb beyears, or both, in the discretion of the court, come a member of any Federal reserve bank. "No corporation shall be organized under the provisions "Should any corporation organized hereunder violate or of this section with a capital stock of less than $2,000,000, fail to comply with any of the provisions of £fee4aws~e#-4ke one-quarter of which must be paid in before the corpora- ¥¥ffttjj&&eeddSSttaatteess this section,, all of its rigg,h ts, privilpegges, and tion may be authorized to begin business, and the re- franchises dderiidv ed hfh erefrom maty htbh erebby bfe ffiotrdfeited. mainder of the capital stock of such corporation shall be Before any such corporation shall be declared dissolved, or paid in installments of at least 10 per centum on the whole its rights, privileges, and franchises forfeited, any nonamount to which the corporation shall be limited as fre- compliance with, or violation of such laws shall, however, quently as one installment at the end of each succeeding be determined and adjudged by a court of the United two months from the time of the commencement of its States of competent jurisdiction, in a suit brought for kafibfeisg business operations, until the whole of the capital that purpose in the district or territory in which the home stock shall be paid in. The capital stock of any such office of such corporation is located, which suit shall be corporation may be increased at any time, with the brought by the United States at the instance of the Federal approval of the Federal Reserve Board, by a vote of two- Reserve Board or the Attorney General. Upon adjudicathirds of its shareholders or by unanimous consent in tion of such noncqmpliance or violation, each director and writing of the shareholders without a meeting and without officer who participated in, or assented to, the illegal act a formal vote, but any such increase of capital shall be fully or acts, shall be liable in his personal or individual capacity paid in within ninety days after such approval) and may be for all damages which the said corporation shall have reduced in like manner, provided that in no event shall sustained in consequence thereof. No dissolution shall it be less than $2,000,000. No corporation, except as herein take away or impair any remedy against the corporation, provided, shall during the time it shall continue its its stockholders, or officers for any liability or penalty operations, withdraw or permit to be withdrawn, either in previously incurred. the form of dividends or otherwise, any portion of its capital. "Any such corporation may go into voluntary liquida- Any national banking association may invest in the stock of tion and be closed by a vote of its shareholders owning any corporation organized under the provisions of this section, two-thirds of its stock. but the aggregate amount of stock held in all^ corporations "Whenever the Federal Reserve Board shall become engaged in business of the kind described in this section and satisfied of the insolvency of any such corporation, it may in section 25 of the Federal Reserve Act as amended shall not appoint a receiver who shall take possession of all of the exceed 10 per centum of the subscribing bank's capital and property and assets of the corporation and exercise the surplus. same rights, privileges, powers, and authority with respect "A majority of the shares of the capital stock of any thereto as are now exercised by receivers of national banks such corporation shall at all times be held and owned by appointed by the Comptroller of the Currency of the citizens of the United States, by corporations the con- United States: Provided, however, That the assets of the trolling interest in which is owned by citizens of the United corporation subject to the laws of other countries or juris- States, chartered under the laws of the United States or of dictions shall be dealt with in accordance with the terms a State of the United States, or by firms or companies, the of such laws. controlling interest in which is owned by citizens of the "Everjr corporation organized under the provisions of United States. The provisions of section 8 of the Act this section shall hold a meeting of its stockholders approved October 15, 1914, entitled 'An Act to supple- annually upon a date fixed in its by-laws, such meeting to ment existing laws against unlawful restraints and mo- be held at its home office in the United States. Every nopolies, and for other purposes/ as amended by the Acts of such corporation shall keep at its home office books con- May 15, 1916, and September 7, 1916, shall be construed to taining the names of all stockholders thereof, and the apply to the directors, other officers, agents, or employees names and addresses of the members of its board of direcof corporations organized under the provisions of this tors, together with copies of all reports made by it to the section: Provided, however, That nothing herein contained Federal Reserve Board. Every such corporation shall shall (1) prohibit any director or other officer, agent or em- make reports to the Federal Reserve Board at such times Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1, 1919. FEDERAL RESERVE BULLETIN. 1059 and in such form as it may require; and shall be subject shares of any such corporation may^continue to be for the to es8«&iaa£ieB8--wfeefie¥e£ examination once a year and at same amount each as they were before the conversion, and the such other times as may be deemed necessary by the Federaldirectors may continue to be directors of the corporation until Reserve Board by examiners appointed by the Federal others are elected or appointed in accordance with the pro- Reserve Board, the cost of such examinations, including visions of this section. When the Federal Reserve Board the compensation of the examiners, to be fixed by the has given to such corporation a, certificate that the provisions Federal Reserve Board and to be paid by the corporation of this section have been complied with, such corporation and examined." all its stockholders, officers, and employees, shall have the The directors of any corporation organized under the same powers and privileges, and shall be subject to the same provisions of this section may, semiannually, declare a duties, liabilities, and regulations, in all respects, CLS shall dividend of so much of the net profits of the corporation as have been prescribed by this section for corporations originally they shall judge expedient; hut each corporation shall, before organized hereunder. the declaration of a dividend, carry one-tenth of its net profits Every officer, director, clerk, employee, or agent of any corof the preceding half year to its surplus fund until the same poration organized under this section who embezzles, abstracts, shall amount to 20 per centum of its capital stock. or willfully misapplies any of the moneys, funds, credits, E % Ai ^ i t f e id to de securities, evidences of indebtedness or assets of any character e^^^¥^^ of such corporation; or who, without authority from the dia5£^^ Federal rectors, issues or puts forth any certificate of deposit, draws any order or bill of exchange, makes any acceptance, assigns any note, bond, debenture, draft, bill of exchange, mortgage, judgment, or decree; or who makes any false entry in any book, report, or statement of such corporation with intent, in either case, to injure or defraud such corporation or any other company, body politic or corporate, or any individual person, or to deceive any officer of such corporation, the Federal ReeH3affle^ ese^veSystes*? serve Board, or any agent or examiner appointed to examine Any corporation organized under the provisions of this the affairs of any such corporation; and every receiver of any section shall be subject to tax by the State within which its such corporation and every clerk or employee of such receiver home office is located in the same manner and to the same who shall embezzle K abstract, or ivillfully misapply or wrongextent as other corporations organized under the laws of that fully convert to his own use any moneys, funds, credits, or State which are transacting a similar character of business. assets of any character which may come into Ms possession or The shares of stock in such corporation shall also be subject under his control in the execution of his trust or the performto tax as the personal property of the owners or holders ance of the duties of his employment; and every such receiver thereof in the same manner and to the same extent as^ the or clerk or employee of such receiver who shall, with intent to shares of stock in similar State corporations: Provided, injure or defraud any person, body politic or corporate, or to however, That such shares owned by nonresidents of any deceive or mislead the Federal Reserve Board, or any agent or State shall be taxed only in the city or town in which the examiner appointed to examine the affairs of such receiver, corporation's home office is located, and not elsewhere. shall make any false entry in any book, report, or record of any matter connected with the duties of such receiver; and Any corporation organized under the provisions of this every person who with like intent aids or abets any officer, section may at any time within the two years next previous director, clerk, employee, or agent of any corporation organto the date of the expiration of its corporate existence, by a vote ized under this section, or receiver or clerk or employee of such of the shareholders owning two-thirds of its stock, apply to receiver as aforesaid in any^ violation of this section, shall the Federal Reserve Board for its approval to extend the period upon conviction thereof be imprisoned for not less than two of its corporate existence for a term of not more than twenty years nor more than ten years, and may also be fined not more years, and upon certified approval of the Federal Reserve than $5,000; in the discretion of the court. Board such corporation shall have its corporate existence for such extended period unless sooner dissolved by the act of the Whoever, being connected in any capacity with any corshareholders owning two-thirds of its stock, or by an act of poration organized under this section, represents in any way Congress or unless its franchise becomes forfeited by some that the United States is liable for the payment of any bond violation of law. or other obligation or the interest thereon issued or incurred Any bank or banking institution incorporated by special by any corporation organized hereunder, or that the United law of any State or of the United States or organized under States incurs any liability in respect of any act or omission the general laws of any State or of the United States and of the corporation, shall be punished by a fine of not more having an unimpaired capital sufficient to entitle it to become than §10,000 and by imprisonment of not more than five a corporation under the provisions of this section may, by the years. vote of the shareholders owning not less than two-thirds of the capital stock of such bank or banking association, with the approval of the Federal Reserve Board, be converted into a Exercise of trust powers hj national banks located in New Federal corporation of the kind authorized by this section York. with any name approved by the Federal Reserve Board: Pro- The following is an opinion rendered October vided, however, That said conversion shall not be in contraven- 15, 1919, by Mr. Justice Isaac M. Kapper, of tion of the State law. In such case the articles of association and organization certificate may be executed^ by a majority the Supreme Court of the State of New York of the directors of the bank or banking institution, and the to the effect that since the enactment of section certificate shall declare that the owners of at least two-thirds 11 (k) of the Federal Reserve Act, as amended of the capital stock have authorized the directors to make such by the act of September 26, 1918, a State no certificate and to change or convert the bank or banking institution into a Federal corporation. A majority of the longer has the power to prohibit the exercise directors, after executing the articles of association and the of trust powers by national banks or to disorganization certificate, shall have power to execute all other t criminate against such banks by prohibiting papers and to do whatever may be required to make its organization perfect and complete as a Federal corporation., The its courts from appointing them in fiduciary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1060 FBDEEAL RESERVE BULLETIN. NOVBMBEB 1, 1919. capacities when the laws of that State permit amendatory act'of September 7, 1918 (sec. 9794-k), has the appointment of competing State corpora- authorized the Federal Reserve Board to empower national banks to assume other specified trust relationships, "or to tions in such capacities. The opinion also holds act in any other fiduciary capacity in which State banks, that, as a matter of fact, no intent to discrim- trust companies, or other corporations which come into inate against national banks can be inferred competition with national banks are permitted to act from section 2*352 of the New York Code of under the laws of the State in which the national bank is located.'' That amendment further provided that** when- Civil Procedure and that a national bank which ever the laws of such State authorize or permit the exercise has been granted the necessary permit under or any or all of the foregoing powers by State banks, trust section 11 (k) of the Federal Reserve Act, is a companies, or other corporations which compete with "suitable person" within the meaning of this national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in code section and may be appointed special contravention of State or local law within the meaning of guardians thereunder: this act/' Hence we see that Congress, by appropriate legislation, has vested national banks with power to act in In the Matter of the Petition of Bessie B. Mollineaux, Supreme enumerated trust capacities, and under the cited decision Court, Nassau County. of the United States Supreme Court such legislation became the controlling and paramount law, superior to any ineon* The purchaser of an Infant's real estate sold in this pro- sistent State legislation. In my judgment the State no ceeding objects to the title, and this motion is made to longer has power to prohibit the exercise within its domain compel acceptance. The purchaser's sole objection is to of the powers and functions so conferred upon such banks, the appointment by the supreme court of a national bank and no power to accomplish this result indirectly by disas special guardian in a proceeding for the sale of the real crimination in favor of local corporations and against estate of an infant, asserting that such a corporation is not national banks or agencies of similar character. And any among those qualified ior such an appointment under prior State legislation which limited the exercise of specisection 2352 of the Code of Civil Procedure which, he fur- fied powers to certain specified State corporations or agenther asserts, is the only authority for appointing a special cies became inoperative when Congress clothed Federal guardian in such a proceeding. Said section is. as follows: corporations and agencies of a rival character with like "Upon an application to sell, mortgage, release, or lease powers. But I do not think that a legislative intent to real property or an interest in real property of an infant, discriminate against national banks or agencies or to prothe court must appoint a suitable person to be the special hibit their acting in the trust capacities enumerated in the guardian of the infant with respect to the proceedings, Federal acts referred to can be inferred from the code secwho must thereupon file with the clerk a bond as prescribed tion 2352 (supra). The Federal acts in question were passed in the last section. Any trust company authorized by the in 1913 and 1918, while the amendment to section 2352 of laws of this State to act as general guardian of the estate the code, permitting the appointmeot of a trust company of an infant without giving security may be appointed such as special guardian was passed in 1893 (chap. 268, Laws of special guardian, and in such case the court, in the order 1893). It seems plain, therefore, that national banks were of appointment, may dispense with the giving and filing not in the legislative mind when the amendment of 1893 of any such bond." It is the contention of the purchaser was enacted, for at that time such banks had not been that if a corporation may be appointed a special guardian, vestea by Congress with power to act in any of the trust the code section In question contains a limitation which capacities enumerated in the subsequent legislation confines such corporate appointee to a trust company. referred to, and were therefore in no event eligible to The purchaser frankly concedes that all the broad powers appointment to any trust capacity in the State of New conferred upon the Federal Reserve Board by recent acts York. 1 am, moreover, of the opinion that section 2352 of Congress, to authorize national banks to act in certain of the code is a limitation only to the extent of dispensing specified trust capacities, permits the designation of a with the security required when a trust company is the national bank to act in practically all fiduciary capacities, appointee, and that that section containing, as is obvious, excepting those expressly limited, as by the code section no express inhibition against the appointment of a nonin question. This concession shortens the discussion resident natural person or a foreign or domestic corporation materially, and it suffices to say that in the case of National as special guardian, the sole statutory requirement being Bank v. ITnion Trust Co. (244 U. S., 416) the United States that the appointee must be a "suitable person," empowers Supreme Court has rendered futile any controversy over the supreme court to appoint a national bank, otherwise the powers of national banks to act as fiduciaries. That duly empowered to act in a fiduciary capacity, as special decision goes to the extent of declaring the principle that guardian, for such bank, being so duly qualified, is therewhen Congress, in the exercise of its constitutional powers, fore a "suitable person " within the meaning of the statute. has clothed national banks with authority to exercise the This view is fortified by the concession made by the purfunctions possessed by rival State corporations of a similar chaser here that the national bank, special guardian at bar, character the State is without power to nullify such action is empowered to act in all trust capacities, so far as concerns by Congress by discriminatory legislation in favor of State the doctrine of ultra vires, and could not act in the present corporations. The State may reasonably regulate the case because, as claimed, said bank was ineligible for exercise of the powers so conferred, but may not prohibit. appointment under the code, as stated at the outset. Since that decision, which was based upon section 11 (k) As above stated, this view is held untenable. In my opinof the Federal act of December 23, 1913, Congress, by an ion the motion should be granted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEB 1, 1919. FEDERAL RESERVE BULLETIN. 1061 WHOLESALE PRICES. ter, eggs, and milk, salmon, veal, and wheat flour (winter patents, Kansas City), illuminat- In continuation of figures shown in the ing oil, men's vici kid shoes, hosiery, and cotton October BULLETIN there are presented below underwear, these were more than offset by monthly index numbers of wholesale prices for decreases in the prices of other commodities, the period January, 1919, to September, 1919, principally foodstuffs, such as potatoes, beans, compared with like figures for September of rice, coffee, wheat flour (standard patents, previous years; also for July, 1914, the month Minneapolis), rye flour, corn meal, lard, glucose, immediately preceding the outbreak of the and various meats, in particular fresh and mess great war. The general index number is that beef, bacon, hams and mess pork, lamb and of the United States Bureau of Labor Statistics. mutton, and poultry, as well as cheese, print In addition there are presented separate num- cloths, and cottonseed oil. bers for certain particular classes of commo- A decrease of 1.7 per cent, from 218 to 214, dities in accordance with plans announced in is noted in the index number for the group of previous issues of the BULLETIN. raw materials. Diversity is exhibited in the Quotations for two commodities, namely, changes in the index numbers for the several phosphate rock and eggs (Louisiana, at the subgroups. While the numbers for the farm market, New Orleans), have been omitted. and animal products subgroups show consider- Index numbers for September are provisional, able decreases, the numbers for the forest and due to t\e fact that certain data were not- mineral subgroups have increased. The index received in time to render them available for number for the last-named group now stands at use in the calculations. 184, as compared with 180 for August, an in- A recession in wholesale prices is noted during crease of 2.1 per cent. Decreases in the prices the month of September from the high level of copper, tin, and zinc were more than offset reached during the month of August. The by increases in the prices of various sizes of angeneral index number of the Bureau of Labor thracite and bituminous coal, coke, lead, crude Statistics for September stands at 221, as com- petroleum, and southern foundry pig iron. An pared with 226 for the month of August. increase of 12.9 per cent, from 193 to 218, is Decrease is noted in the index numbers for noted in the number for the forest products both the groups of raw materials and of con- subgroup, No. 2 Douglas fir and yellow pine sumers' goods, while the index number for the surfaced boards alone among the commodities group of producers' goods remains unchanged included in the group not having increased in at 212. Among the commodities included in price. The decrease of 4.3 per cent, from 251 this group, decreases in the prices of cotton to 240, in the number for the group of farm yarns, linseed oil, steel plates, tallow, and products is due to decreases in the prices of bran were offset by increases in the prices of corn, oats, rye, and barley, cotton, fiaxseed, and worsted yarns, harness oak and side chrome timothy, which were not offset by increases in leather, various building materials, such as the prices of various classes of wheat, hops, lath, brick, window glass, and red cedar alfalfa, and tobacco. An increase in the price shingles, cast-iron pipe, silver, wood pulp, and of silk did not serve to offset decreases in the sulphuric acid. prices of various classes of live stock, in par- The index number for the group of con- ticular cattle, hogs, sheep, and poultry, wool sumers' goods has decreased 6.3 per cent, from and hides, in consequence of which the index 241 to 226. Although increases in price number for the animal products subgroup occurred in the case of an extended list of com- shows a decrease of 8.4 per cent, from 235 to modities, among which may be mentioned but- 215. 144501—19—8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1062 FEDERAL RESERVE BULLETIN. NOVEMBER 1,1919. 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. products. products. products. materials. number). July,1914 102 106 97 92 103 September, 1914 104 110 96 100 100 108 103 September, 1915 102 104 92 92 98 99 99 98 September, 1916 138 125 95 117 121 142 130 127 September, 1917 214 195 129 167 181 203 175 182 September, 1918 255 219 143 180 204 203 209 207 1919. January •. 234 208 147 179 196 196 216 203 February...,, ... 224 210 148 175 194 192 205 197 March ......... 237 217 149 173 199 190 210 201 April......... 246 224 145 170 202 186 214 203 May 255 225 146 170 205 189 219 207 June 250 217 156 173 203 196 217 207 July , 261 233 166 177 214 202 230 219 A Se u p g t u e s m t ber.... P. K .. ., 2 2 4 5 0 1 2 21 3 5 5 2 19 1 3 8 1 18 8 4 0 2 2 1 1 8 4 2 2 1 1 2 2 2 24 2 1 6 2 2 2 2 1 6 In order to give a more concrete illustration figures for September of previous years; also of actual price movements there are also pre- for July, 1914, the month immediately presented in the following table monthly actual ceding the outbreak of the great war. The and relative figures for certain commodities of actual average monthly prices shown in the a basic character, covering the period January, table have been abstracted from the records of 1919, to September, 1919, compared with like the United States Bureau of Labor Statistics. Average monthly wholesale prices of commodities. [Average price for 1913=100.] 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 N p sp o o r l . i i s 1 n . , 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 d tt h l t e o ic , a s c g t h e o o e . i r c s e , , H st h i e d e e a e r v s s r , y C p n a h c a ic k ti a e v g r e s o ' . , Year and month. Average Rela- Average Rela- Rela- Average Rela- p A r v i e c r i a e ge r Rela- Average Relaprice per tive price per tive price per tive price per tive tive price per tive bushel. price. pound. price. bushel. price. bushel. price. pounds. price. pound. price. July, 1914 $0.7044 114 $0.1331 105 $0.8971 103 $0.8210 $9.2188 108 $0.1938 105 September, 1914 .7748 126 .0838 66 1.1364 130 1.1069 112 9.7313 114 .2100 114 September, 1915 .7269 118 .1053 83 .9811 112 1.0760 109 8.9500 105 . 2650 144 September, 1916 .8522 138 .1532 121 1.6080 184 1.5344 156 9.8000 115 .2600 141 September, 1917 2.0613 335 .2160 170 2.2213 254 2.1775 221 14.9875 176 .3300 179 September, 1918 1.5313 249 .3578 282 2.2169 254 2.2363 227 18.4100 216 .3000 163 January, 1919... 1.3750 223 .2850 224 2.2225 254 2.3788 241 18.4125 216 .2800 152 February, 1919.. 1.2763 207 .2694 212 2.2350 256 2.3450 238 18.4688 217 .2800 152 March, 1919..... 1.4588 237 .2681 211 2.3275 266 2.3575 239 18.5750 218 .2763 150 April, 1919...... 1.5955 259 .2670 210 2.5890 296 2.6300 267 18.3250 215 .2950 160 May, 1919 1.7613 286 .2947 232 2.5925 297 2.7800 282 17.7438 209 .3513 191 June, 1919 1.7563 285 .3185 251 2.4575 281 2.3613 239 15.4600 182 .4075 222 July,1919; 1.9075 310 .3377 266 2.6800 307 2.2580 229 16 8688 198 .4860 264 August, 1919 1.9213 312 .3125 246 2.5250 289 2.2394 227 17.6375 207 .5200 283 September, 1919 1.5410 250 .3078 242 2.5350 290 2.2385 227 16.8050 .4638 252 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBBB 1, 1919. FEDERAL. RESERVE BTJLLETIK". 1068 Average monthly wholesale prices of commodities—Continued. (Average price for 1913=100.] H C og h s ic , a l g ig o h . t, g W ra o d o e l s , , 0 s n c i o o u , r i e - d | . N H e e w m Y lo o c r k k , . Y N e f e l l l w o o o w r Y i n p o g i r n , k e . , s C to o v a ti l e , d , a e N n w e t w a h t r e a Y r c . o it r e k , , Coa r C u l, i n n b c o i i t f n u m n m a i i n t n i e . o , us, Year and month. p A r v ic e e r a p g e e r. Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- 100 tive price per tive price per tive price per tive price per tive price per tive pounds. price. pound. price. M feet. price. M feet. price. long ton. price. short ton. price. July, 1914 $8.7563 104 $0.4444 94 $24.5000 101 $42.0000 94 $4.9726 98 $2.2000 100 September, 1914 9.0188 107 .4583 97 24.2500 100 42.0000 94 5.1794 102 2.2000 100 September, 1915 „ . 7.7000 91 .5714 121 20.5000 85 38.5000 86 5.1529 102 2.2000 100 September, 1916 10.7750 127 .6857 146 23.7500 98 38.0000 85 5.6625 112 2.5000 114 September, 1917 18.4250 218 1.3714 291 30.5000 126 57.0000 128 6.1303 121 3.3000 150 Sentember 1918 20.0700 237 1.4365 305 63.0000 141 6.9000 136 4.1000 186 January, 1919 17.4125 206 1.1200 255 36.0000 149 63.0000 141 7.9500 157 4.1000 186 February, 1919 17.4688 207 1.0909 232 36.0000 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 April, 1919 20.3813 241 1.0909 232 36.0000 149 64.0000 144 7.9045 156 4.0000 182 May, 1919 20.7000 245 1.0727 228 36.0000 149 65.0000 146 7.9857 158 4.0000 182 June, 1919 20.7800 246 1.1818 251 36.0000 149 68.0000 152 8.1174 160 4.0000 182 Julv. 1919 22.3875 265 1.2364 263 41.0000 169 73.0000 164 8.1881 162 4.0000 182 August, 1919 21.6125 256 1.2364 263 78.0000 175 8.3145 164 4.0000 182 September, 1919 18.2100 215 1.2182 259 95.0000 213 8.4020 166 4.5000 205 Copper, ingot, Lead, pig, Petroleum, crude, C t o a a s l , , N Po or c f a o h l o k. n- Coke, v i C ll o e n . nells- e N l e e w ct r Y ol o it r i k c . , d N es e i w lv e Y ri o z r e k d . , Pen a n t s w y e lv ll a s n . ia, 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 long ton. price. short ton. price. pound. priee% pound. price. barrel. price. long ton. price. July, 1914 $3.0000 100 $1.8750 77 $0.1340 85 $0.0390 89 $1.7500 71 $13.0000 88 September, 1914 3.0000 100 1.7250 71 .1238 79 .0388 88 1.4500 59 13.0000 88 September, 1915 2.8500 95 1.6750 69 .1775 113 . .0490 111 1.6000 65 14.7500 100 September, 1916 4.0000 133 2.7500 113 .2775 176 .0650 148 2.3000 94 18.3100 125 September, 1917. 3.9080 130 11.7500 482 . 2525 161 1.0380 236 3.5000 143 42.7500 291 September, 1918 4.6320 154 6.0000 246 .2600 165 .0805 183 4.0000 163 32.0000 218 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 May, 1919 4.9000 163 3.8437 158 .1600 102 .0508 115 4.0000 163 25.7500 175 June 1919 5.1400 171 4.0000 164 . 1756 112 .0530 120 4.0000 163 25.7500 175 July, 1919 5.1400 171 4.0950 168 .2150 137 .0561 128 4.0000 163 25.7500 175 August, 1919 5.1400 171 4.2188 173 .2281 145 .0579 132 4.0000 163 25,7500 175 September, 1919 4.5920 188 .2220 141 .0609 138 4.2500 173 25.7500 175 Cotton yarns, Leather, sole, Steel, billets, Steel plates, Steel rails, open Worsted yarns, northe 1 r 0 n / 1 c . ones. hemlock No. 1. P B it e t s s s b e u m r e g r h , . tan b k u , rg P h i . tts- hea b rt u h r , g P h. itts- 2-32 b ' r s e c d r . 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. July, 1914 $0.2150 97 $0.3050 108 $19.0000 74 $0.0113 76 $30.0000 100 $0.6500 84 September, 1914 .1700 77 21.0000 81 .0120 81 30.0000 100 .6600 85 September, 1915 .1700 77 .3100 110 24.1000 93 .0135 91 30.0000 100 .8500 119 September, 1916 .2750 124 .3700 131 45.0000 174 .0350 236 35.0000 117 1.2000 154 September, 1917 .4200 190 .4800 170 66.2500 257 .0800 541 40.0000 133 1.7000 219 September, 1918 .... .6100 276 .4900 174 47.5000 184 .0325 220 57.0000 190 2.1500 277 January, 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 1.5000 193 April, 1919. .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 June, 1919 .5608 253 .5100 181 38.5000 149 .0265 179 47.0000 157 1.6000 206 July, 1919 .5912 267 . 5300 188 38.5000 149 .0265 179 47.0000 157 1.6000 206 August, 1919 . . .. .6130 111 .5700 202 38.5000 149 .0265 179 47.0000 157 1.6242 209 September, 1919 .5903 267 .5700 202 38.5000 149 .0253 171 47.0000. 157 1.7500 225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1064 FEDERAL BESERVE BULLETIN. NOVEMBER 1,1919. Average monthly wholesale prices of commodities—Continued. [Average price for 1913=100.] Flour, wheat, Beef, carcass, fstandard patents, Hams, smoked, Illuminating oil, Sugar, granuste g e o r o s d , C n h a i t c iv ag e o. Coffee, Rio No. 7. 1 s 9 ta 1 n 4- d 1 a 9 r 1 d 7 , w 19 a 1 r 9 , ; Chicago. 15 N 0 e ° w f i Y re o t r e k s . t, Ne l w at e Y d o , rk. 1918, Minneapolis. Year and month. Average Rela- Average Rela- Rela- Average Rela- Rela- Average Relaprice per tive price per tive tive price per tive price per tive price per tive pound. price. pound. price. price. pound. price. gallon. price. pound. price. July, 1914 $0.1350 104 SO. 0882 79 $4.5938 100 SO. 1769 106 10.1200 97 $0.0420 September, 1914 .1438 111 .0763 69 5.9400 130 .1905 115 .1200 97 .0680 159 September, 1915 .1350 104 .0675 61 5.3313 116 .1447 87 .1200 97 .0506 119 September, 1916 .1375 106 .0988 89 8.4250 184 .1900 114 .1200 97 .0637 149 September, 1917 .1900 147 .0913 82 11.2625 246 .2675 161 .1300 105 .0823 193 September, 1918 .2450 189 .0959 86 10.2100 223 ,3281 197 .1750 142 .0845 198 January, 1919... .2450 189 .1547 139 10.2750 224 .3494 210 .1750 142 207 February, 1919., .2450 189 .1544 139 10.5500 230 .3338 201 .1750 142 207 March, 1919 .2450 189 .1602 144 11.2125 245 .3381 203 .1810 147 .0882 207 April, 1919 .2450 189 .1695 152 12.2150 266 .3595 216 .1850 150 .0882 207 May, 1919 .2430 188 .1931 173 12. 4188 271 227 .1850 150 .0882 207 June, 1919. . 2025 156 .2114 190 12.0125 262 229 .2000 162 .0882 207 July, 1919...... . 2075 160 .2303 207 12.1550 265 230 .2050 166 .0882 207 August, 1919 .2350 181 .2150 193 12.0063 262 231 .2180 177 .0882 207 .2275 176 149 11.6200 254 209 .2200 178 207 September, 1919. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. I In the following tables are presented actual discount and interest rates New York for demand paper secured by prime bankers' acceptance, a type prevailing in the various cities in which the several Federal Reserve Banks of paper which made its appearance in the New York market some months and their branches are located during the periods ending September 15 and ago. Quotations for new type of paper will be added from time to time as October 15, 1919. Quotations are given for prime commercial paper, deemed of interest. both customers' and purchased in the open market, interbank loans, bank- In the majority of centers no marked changes in rates are noted during ers' acceptances, and paper secured by prime stock exchange or other cur- the period under review, rates in general being reported firm. Rates for rent collateral. Separate rates are quoted for paper of longer or shorter commercial paper purchased in the open market, in particular customary maturities in the first-named and last-named classes. In addition, quota- rates, however, show a decrease in a considerable number of centers. The tions are given for commodity paper secured by warehouse receipts and for increase in the high rate for demand collateral loans in New York does not cattle loans, as reported from centers in which such paper is current. appear to be reflected in other centers, with the possible exception of Quotations are also given of rates charged on ordinary loans to customers Philadelphia. Comparison with rates prevailing during the period ending secured by Liberty bonds and certificates of indebtedness. Assistance to October 15, 1918, reveals decreases in many centers in the rates for comcustomers to enable them to purchase such Government obligations has mercial paper purchased in the open market, as well as less marked generally been extended at lower rates, either at the rate borne by such decreases in the rates for customers' commercial paper, for interbank obligations or at a rate slightly higher. The tables also show quotations in loans, and in the low rates for collateral loans. Discount and interest rates prevailing in various centers. DURING 30-DAY PERIOD ENDING SEPT. 15, 1919. Prime commercial paper. Bankers* acceptances, Collateral loans—stock exchange Secured by 60 to 90 days. or other current. Secured by Liberty warehouse bonds and District. City. receipts, certificates etc. of indebtedness. Indorsed. Unindorsed B. L. C. H. L. C. No. 1... Boston..... No. 2.. New York i... 6 4|4t-5 Buffalo 05 48 54£ ja 1 • j6 6 5 6 No. 3.. Philadelphia.. 6 4£ 5 No. 4.. Cleveland 6 6 6 6 5 6 Pittsburgh 6 6 6 6 5 5| Cincinnati 6 5|5 5 No. 5.. Richmond 6 6 6 6 4f 5 Baltimore 6 .5i 5J No. 6.. Atlanta 6 5 6 8 5 6 Birmingham.. 8 6 6 6 4f 6 Jacksonville.. 8 6 8 8 6 6 New Orleans-. 5 61 4| 5-6 No. 7.. Chicago 6 5| 6 5 5| Detroit 6 5| 6 No. 8.. St. Louis 6 4| 5| Louisville 6 5 5| Memphis 6 4| 5 Little Rock... 7 5| 6 No. 9... Minneapolis... 5£ 5 5 No. 10.. Kansas City... 8 6 6-7 6 4|6 Omaha.... 7 5| 6 6 5 6 Denver 8 6 6 8 4|6 No. 11.. Dallas 10 6 8 86 6 El Paso 8 8 8 8 6 8 No. 12.. San Francisco. 6 4f 6 Portland 7 6 6 Seattle 8 4| 7 Spokane 8 4£6 Salt Lake City 8 5 6 * Rates for demand paper secured by prime bankers' acceptances, high 6J, low 4i, customary 4J-5§. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Discount and interest rates prevailing in various centers—Continued. O DURING 30-DAY PERIOD ENDING OCT. 15,1919. Prime commercial paper. . Bankers7 acceptances, Collateral loans—stock exchange Secured by 60 to 90 days. or other current. Secured by Liberty Customers'. Open market. Interbank Cattle warehouse bonds and District. City. loans. loans. receipts, certificates etc. of indebt- 3 d 0 a t y o s . 90 m 4 o n to t h 6 s. 3 d 0 a t y o s 9 . 0 m 4 o t n o t h 6 s. Indorsed. Unindorsed. Demand. 3 months. m 3 o t n o t h 6 s. H. L. a H. L. C. H. L. C. H. L. C. H. L. C. H. L. C. H. L. a H. L. C. No. 1... Boston 6 6J5i 64 54 5. 4&44 44 6 6 6 No. 2... New York *... 6 5 54 6 5 54-6 54 5 5! 6 4| 44 15 4 6 Buffalo 6 5 54-54 6 5 6 6 5 54 5| 6 5 6 N N o o . . 4 3 . . . .. . C Ph le i v la e d la e n l d phia.. 6 6 5 5 5 6 64 6 5 5| 6 54 5; 4& 4& 9 6 4 6 4 6 6 6 6 6 No. 5... P R C i i i c n tt h c s i m b nn o u a n r t g d i h— 6 6 6 5 54 6 65 6 6 4 ' 6 6 6 5 5 5 4 4 4 6 6 6 5 6 45 5 5 6 4 5 6 4 5 54 5 6 4 4 & f 4 & 4 4 44 5 44 4; 6 6 6 5 5 6 6 6 6 6 6 6 6 6 5 * 6 6 6 Baltimore 6 54 6 6 5 5| 6 5 5f No. 6... A Bi t r l m an in ta g . h .. a - m.. 6 6 5 5 6 5| 8 5 6 6 6 5 6 4 6 6 6 6 5 6 4 6 6 8 6 5 6 6 6 6 54 6 6 8 5 6 4 6 6 Jacksonville... 8 6 6 8 6 7 7 6 6 7 6 6 8 6 8 8 6 7 New Orleans-. 8 6 7 7 5 54-6 7 5 54-64 8 5J 6-7 No. 7... C D h e i t c r a o g it o 6 7 5 5 4 5 5 J |- - 6 6 6 6 5 5 4 4 6 54-6 4 44 6 6 5 6 4 6 6 54 54 66 554| 5544 No. 8... St. Louis 6 54 6 6 54 54 44 5 6 54 54 6 54 6 6 6 6 Louisville . 6 54 54 6 54 6 6 5 6 6 5 6 No. 9... L M i i t n tl n e e R ap o o c l k is . . . . . . 6 6 7 ^ 6 5 5 4 6 6 6 6 6 7 6 5 5 i 6 5 6 4 4 4| 4% 4J 6 6 6 7 6 5 6 6 4 6 6 5 4 4 6 546 No. 10.. Kansas City... 72 54 6 7 5 6 6 5 6 8 6 6-7 Omaha. 6 54 6 6 54 6 6 54 6 8 6 6 Denver 8 5 6 8 5 6 8 6 6 846 6 No. 11. Dallas 8 6 6 8 6 6 6 6 6 10 6 8 8 6 8 El Paso 8 6 8 8 6 8 8 6 8 8 8 8 Houston 7 5 6 7 6 6 7 6 7 '8"*6*T No. 12. San Francisco - 6 5 54-6 6 54 6 6 44 4|-6 6 5 6 Portland 7 6 6 7 6 6 44 44 44 6 6 6 Seattle 8 5 6 8 5 6 8 5 6 8 54 7 8 6 7 6 6 6 44 7 6 7 Salt Lake City 8 6 7 8 6 7 8 6 7 1 Rates for demand paper secured by prime bankers7 acceptances, high 6, low 4J, customary 4|. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1067 NOVEMBER 1,1919. FEDERAL RESERVE BULLETIN. PHYSICAL VOLUME OF TRADE. • January issue contains a description of the methods employed in the compilation of the In continuation of tables in the Qciober data and the construction of the accompany- FEDERAL RESERVE BULLETIN there are pre- ing index numbers. Additional material will sented in the following tables certain data be presented from time to time as reliable relative to the physical volume of trade. The figures are obtained. Live-stock movements. [Bureau of Markets.] Receipts. Shipments. C c m a a a l t v t r l e k e s e , a t 6 n s. 0 d m H a o r g k s e , t 6 s 0 . 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 , a t 4 s n . 4 d T k o i t n al d , s a . ll C c m a a l a t v t r l e k e s e , a t 5 n s. 4 d 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 a rs l r e e k s s e , a t 4 s n . 4 d T k o i t n al d , s a . ll 1918. Head. Head. Head. Head. Head. Head. Head. Head. Head. Head. September... 2,808,273 2,393,545 3,319,682 125,121 8,646,621 1,226,121 793,820 2,075,140 118,733 4,213,814 1919. January..... 2,111,704 5,861,685 1,567,613 110,411 9,651,413 761,168 1,546,875 608,016 106,459 3,022,518 February 1,440,329 4,404,751 1,131,805 82,526 7,059,411 528, 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, 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 1,107,411 575,136 49,634 2,430,780 A- 1,822,410 3,862,785 1,425,018 33,977 7,144,190 1,181,745 614,275 34,658 2,613,764 1,580,256 3,812,466 1,685,236 40,067 7,118,025 709,,6637 1,373,824 828,046 36,889 2,948,396 J A J u u u l n y g e u st >. 2 2 2 , , , 3 0 0 7 1 0 7 9 7 , . , 0 1 2 5 3 6 4 9 6 2 2 2, , , 4 9 1 0 9 0 1 8 3 , , , 6 8 6 7 3 0 7 6 9 3 3 2 , , , 8 2 1 1 1 7 0 1 7 , , , 4 9 3 4 4 3 1 0 1 1 4 8 4 8 1 0 , , ,8 6 9 4 9 1 8 1 7 7 8 7 , , , 7 2 4 3 3 1 0 2 5 , , , 0 7 9 2 3 9 0 5 6 1,1 7 5 0 0 6 , , , , 1 8 88 8 1 4 6 3 3 9 8 6 6 6 9 0 3 0 , , , 6 6 8 1 6 2 4 2 1 2 2, , 4 0 9 6 1 9 6 4 7 , , , 9 2 3 3 6 3 7 7 8 1 4 7 3 3 5 4 , , , 7 7 2 2 3 6 4 8 8 2 3 4 , , , 6 7 6 7 1 1 4 1 3 , , , 1 4 5 7 5 8 2 8 1 September... 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. Head. Relative. Head. Relative. 1918. September.... „ 2,249,017 223 1,775,842 81 2,408,609 176 82,656 180 6,516,124 141 1919. 1,656,046 164 4,603,335 209 1,079,377 79 56,631 123 7,395,419 160 February 1,096,118 116 3,451,894 168 774,881 61 48,786 114 5,371,679 125 March. . .. 1,094,614 109 2,842,663 129 847,842 62 41,805 91 4,826,924 105 April ., 1,255,379 125 2,823,484 128 970,070 71 31,509 68 5,080,442 110 May 1,262,065 125 3.049,223 139 934,613 68 21,345 46 5,267,246 114 June. . . . 1,122,782 111 3,061,838 139 1,116,003 82 28,418 62 5,329,041 115 July 1,527,881 152 2,411,539 110 1,558,767 114 37,866 82 5,536,053 120 August 1'541,133 153 1,595,759 73 2,220,229 162 57,206 124 5,414,327 117 September .. 1,871,042 186 1,704,944 78 2,890,831 212 88,283 192 6,555,100 142 SHIPMENTS. 1918. 932,131 229 488,298 101 1,426,120 283 74;473 182 2,921,022 203 1919. January 589,362 145 988,035 204 357,386 71 56,282 137 1,991,065 139 February 404,296 107 881,507 195 240,815 51 47,829 125 1,574,447 118 March... 423,819 104 925,802 191 289,742 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 46 1,626,830 113 Junei 503,354 124 1,005,505 208 465,776 93 25,322 62 1,999,957 139 July....... 515,071 127 691,283 143 694,942 138 32,836 80 1,934,132 135 August 650,252 160 455,705 94 1,352,252 269 49,996 122 2,508,205 175 September........ 872,043 214 501,856 104 1,849,958 367 83,264 203 3,307,121 230 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1068 FEDERAL. RESERVE BULLETIN. NOVEMBER 1,1919. Exports of certain meat products. [Department of Commerce.] [Monthly average, 1911-1913=100.] Beef, canned. Beef, fresh. an B d e o ef th , e p r ic c k u le re d d. Bacon. Ha d m e s rs a , n c d u r s e h d o . ul- Lard. Pickled pork. Pounds. R ti e v l e a . - Founds. R tiv el e a . - Pounds. t R iv el e a . - Pounds. t R iv el e a . - Pounds. t R iv el e a . - Pounds. t R iv el e a . - Pounds. t R iv el e a . - 1918. September.. 7,349,591 1,109 34,071,816 2,747 3,009,998 113 41,621,488 249 36,190,919 242 33,267,902 76 2,843,374 64 1919. January 12,636,060 1,907 17,436,495 1,406 6,030,937 226 101,000,122 603 54,846,433 367 37,850,338 86 2,273,683 51 February... 8,151,723 1,318 13,729,993 1,186 3,635,120 146 114,842,525 735 49,283,053 354 68,972,779 168 1,956,362 47 March 8.997,973 1,358 14,651,276 1,181 3,749,394 140 151,086,397 902 85,712,426 574 97,239,435 221 2,141,508 48 April....... 2; 896,759 437 21,639,915 1,744 2,673,681 100 141,814,255 847 109,569,968 734 86,555,951 197 2,494,454 56 y&y... 5,669,232 856 14,872,987 1,199 2,957,163 111 68,957,465 412 49,707,874 333 55,807,234 127 2,095,072 47 June 6,574,766 992 15,212,094 1,226 4,768,308 178 172,441,100 1,030 96,854,552 649 114,328,804 260 3,131,639 71 July........ 5,392,104 814 8,680,524 700 3,320,564 124 117,679,193 703 47,452,834 318 68,163,734 155 2,392,515 54 August . 2,894,361 437 8,075,386 651 2,494,113 93 84,150,778 502 40,147,727 269 48,968,628 111 2,117,796 48 September.. 1,213; 709 183 7,285,951 587 3,523,887 132 57,179,511 341 18,209,239 122 36,960,364 84 2,792,439 63 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.] Total grain and Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. flour.* Bushels. R tiv el e a . - Bushels. R tiv el e a . - Bushels. R tiv el e a . - Bushels. R tiv el e a . - Bushels. R tiv el e a . - Bushels. R tiv el e a . - Barrels. R ti e v l e a . - Bushels. t R iv e e la . - 1918. Sept'ber..77,091,253 286 23,546,962 105 36,474,801 1814,443,850 401 7,773,073 108149,329,939 192 2,583,888 132160,957,435 186 1919. January. 24,652,641 9128,731,387 128 22,945,659 114 5,615,054 507 8,943,782 125 90,888,523 1171:., 396,888 71 97,174,519 112 February 14,049,055 5613,034,852 6215,961,423 85 2,406,029 233 6,556,594 52,007,953 721L, 032,368 56 56,653,609 70 March 13,768,496 5113,431,797 60 17,076,822 8~5" 44.,955,130 44811,723,691 163 60,955,936 781';.,485,320 76 67,639,876 78 April. 11,208,305 4218,301,721 82 20,063,678 99 55;,498,493 9,634,405 134 64,706,602 831,.,990,349 102 73,663,173 85 May.. 11,625,657 43 10,301,200 4619.,9,206,465 95 44,,280,911 8,416,141 117 53,830,374 69 25',447,200 125 64,842,774 75 June.. 8,125,034 30 21,098,146 94 2!44.,576,968 122 22.,791,618, 25212,878,517 1-80 69,470,283 891.,894,599 97 77,995,979 90 July.. 49,612,115 18412,549,219 56 2155;,233,109 125 33:,105,486 281 8,627,091 120 99,127,020 1271L, 572,420 80106,202,910 122 August 80,714,559 299 8,503,282 38 2!99,,774,582 147 33;,824,263 345 6,638,871 93 129,455,557 166 28:,283,145 117131,738,702 152 Sept'ber 69,953,295 25916,267,145 72 26,721,030 132 55,446,371 492 5,294,256 74123,682,097 1593J;, 275,034 162138,419,750 160 * Flour reduced to its equivalent in wheat on basis of 4J 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.* Bushels. R tiv el e a . - Bushels. R tiv el e a . - Bushels. R tiv el e a . - Bushels. t R iv el e a . - Bushels. R tiv el e a . - Bushels. R ti e v l e a . - Barrels. R ti e v l e a . - Bushels. R ti e v l e a . - 1918. Sept'ber..28,676,514 186 9,507,098 67 25,002,316 1651,068,641 151 3,238,586 8367,493,155 137 4,433,259 13187,442,821 135 1919. January., 9,934,531 64 133,,4'88,569 9519,769,237 130 794,028 112 4,718,631 121 48,704,996 99 2,796,463 83 61,289,080 95 February 8,876,844 62 8,649,063 6513,603,691 96 404,365 61 6,006,178 165 37,540,141 811,932,258 61 46,235,302 77 March 14,857,872 96 7,544,393 5316,183,222 107 31,720,930 526 6,049,703 155 48,356,120 98 3,039,020 90 62,031,710 96 April. 30,764,328 19915,708,842 " 16,019,086 105 8,143,580 1,150 6,632,763 170 77,268,599 156 3,532,772 104 93,166,073 144 May.. 31,901,327 207 7,784,931 17,069,617 112 7,.525,794 1,063 6,677/508 171 70,959,177 144 4,320,146 128 90,399,834 140 June.. 8,151,872 53 8,629,052 6115,638,317 103 21',740,593 387 9,588,195 246 44,748,029 913,130,826 92 58,836,746 91. July.. 12,423,422 81 8,102,275 5715,628,503 1031,546,100 218 9,133,004 234 46,833,304 95 2,589,176 76 58,484,596 90 August. 36,986,491 240 5,135,459 3617,919,623 1181,436,377 203 5,028,674 129 66,506,624 135 3,805,273 112 83,630,353 129 Sept'ber. 37,730,048 245 6,622,779 4716,651,580 1102,317,740 327 2,943,167 75 66,265,314 134 4,787,300 141 87,808,164 136 * 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

NOVBMBBB 1, 1919. FEDERAL RESERVE BULLETIN. 1069 Receipts of grain and flour at nine seaboard centers. 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.] Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Tota f l l o g u r r a .* in and Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Barrels. R ti e v l e a . - Bushels.j t R iv e e la . - 1918. Sept'ber.. 23,786,074 189 582,856 16 5,304,250 112 435,549 307 730,332 4430,839,061 136 783,902 7534,366,620 125 1919. January.. 9,768,801 78 1,411,366 9,275,187 195 566,191 398 1,738,326 105 22,759,871 100 2,026,246 194 31,877,978 116 February. 7,805,811 66 783,263 4,713,794 106 2!,, 299,664 1,734 995,454 64 16,597,986 78 1,302,061 134 22,457,261 88 March. 13,789,851 109 636,127 3,254,914 69 3[],880,424 2,7312,285,954 13823,847,270 105 1,644,676 157 31,248,312 114 April.. 12,581,074 100 1,089,425 4,604,521 97 5' ,069,529 3,5681,853,372 112 25,197,921 111 2,549,370 244 36,670,086 134 May..- 14,157,852 112 1,588,571 5,642,176 119 7,006611,048 4,9703,561,412 215 32,011,059 141 2,535,547 243 43,421,021 158 June.. 10,260,075 81 1,051,177 3010.0,,249,644 216 3;,670,055 2,5836,564,620 396 31,795,571 140 2,340,158 224 42,326,282 154 July... 5,806,227 46 901,842 25 6,959,186 1461,479,951 1,0429,723,852 586 24,871,058 110 1,514,135 145 31,684,666 116 August 26,902,757 214 815,132 23 5,676,984 119 64,510 45 4,993,395 301 38,452,778 169 1,385,762 133 44,688,707 163 Sept'ber 28,010,858 512,072 5,345,464 113 535,701 377 2,171,521 131 36,275,616 161*2,165,163 207 46,318,850 169 * Flour reduced to its equivalent in wheat on basis of \\ bushels to barrel. s Figures for Portland not included. 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. September 14,313,717 181,619 3,153,590 144j646 2,208,017 20,001,589 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 5,650,120 1,920,348 4,403,665 25,053,148 April.... 7,448,992 464,503 5,335,971 3,434,873 5,420,013 22,104,352 May..... - - 7,913,162 448,020 4,047,059 1,690,860 4,263,510 18,362,611 June 4,180,160 214,079 5,475,856 514,252 6,783,798 17,168,145 July 5,557,644 265,196 3,760,063 867,491 5,528,176 15,978,570 August 17,396,269 155,491 2,216,989 578,250 5,414,183 25,761,182 September 21,171,440 172,254 1,901,510 516,142 4,061,830 27,823,176 NOTE.—Figures for San Francisco include also stocks at Port Costa and Stockton. Cotton. [New Orleans Cotton Exchange.] [Crop years 1911-1913=100.] Sight receipts. Port receipts. Overl m an e d n t. move- Ameri t c a a k n i n s g p s i . nners' St i o n c t k e s r i a o t r p t o o r w ts n a s n a d t close of month.ig Bales. R ti e v l e a . - Bales. R ti e v l e a . - Bales. R ti e v l e a . - Bales. R ti e v l e a . - Bales. R ti e v l e a . - 1918-19. 401,860 32 226,242 25 50,482 48 372,394 82 1,306,868 Ill September 988,156 79 536,190 58 42,028 40 352,025 77 1 644,690 140 October 1,632,921 130 779,371 85 158,768 151 697,623 154 2,189,007 186 November 1,710,666 136 641,283 70 217,450 207 1,007,892 222 2,745,815 233 December 1,709,734 136 690,782 75 157,038 149 929,491 205 2,697,141 229 January ..... .« 1,392,468 111 705,493 77 157,270 149 705,353 155 2,637,908 224 768,444 61 477,696 52 106,368 101 383,157 84 2,689,379 22S March 601,858 48 460,066 50 75,489 72 202,556 45 2,604,519 221 April 494,106 39 462,363 50 79;700 76 149,566 33 2,484,852 211 May . 536,139 43 502,082 55 99,041 94 193,016 42 2,417,631 205 Season total 11,724,104 78 6,735,898 61 1,528,262: 121 5,850,715 107 1,928,959 164 1919-20. August 313,301 25 238,271 26 49,630 47 302,238 67 1,412,048 120 September 584,776 47 260,698 28 26,138 25 300,001 66 1,501,805 127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1070 FEDERAL RESERVE BULLETIN. NOVEMBER 1, 1919. California shipments of citrous and deciduous fruits. Total Oranges. Lemons. Total citrus fruits. deciduous fruits. Carloads. Relative. Carloads. Relative, Carloads. Relative. Carloads. 1918. September. 549 22 275 29 5,879 1919. January 3,120 128 531 131 3,651 128 109 February 3,180 139 658 174 3,838 144 198 March 5,113 209 897 221 6,010 211 67 April 5,450 223 1,038 256 6,488 228 36 May 5,888 241 1,501 371 7,389 259 276 June 3,648 149 1,520 375 5,168 181 896 July 2,568 105 1,038 256 3,606 127 4,199 August 1,785 73 436 108 2,221 78 6,601 September 1,840 75 414 102 2,254 79 6,781 Sugar, [Data of International Sugar Committee for ports of Boston, New York, Philadelphia, Savannah, New Orleans, Galveston, San Francisco.l [Tons of 2,210 pounds.) Raw stocks Raw stocks Receipts. Meltings. at close of Receipts. Meltings. at close of month. month. 1918. 1919. September 176,867 210,745 56,978 April 450,938 387,548 185,315 May 471,205 446,685 201,301 1919. June 429,617 493,293 151,692 January... 243,806 197,145 66,189 July 394,557 435,247 115,341 February 389,815 337,420 122,757 August 333,686 356,048 85,650 March 355,710 361,010 106,889 September 352,345 295,278 55,644 Sugar. [Data for ports of New York, Boston, Philadelphia.] [Weekly Statistical Sugar Trade Journal.] [Tons of 2,240 pounds. Monthly average 1911-1913-100.) Receipts. Meltings, R cl a o w se s o t f o c m k o s n a t t h. Receipts. Meltings c R lo a s w e o s f t o m ck o s n a th t . Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. R ti e v l e a . - 1918. 1919. September 145,555 79 139,000 76 46,869 27 April 318,492 173 277,000 151 107,582 62 Mav 325,736 177 307,000 167 126,318 73 1919. June 271,875 148 313,000 171 85,193 49 January : 172,054 93 147,000 80 36,544 21 July 264,782 144 292,000 159 57,975 34 February 283,172 165 229,000 134 90,716 53 August 246,419 134 229,000 125 75,394 44 March 232,471 126 261,000 142 62,187 36 September 262,137 142 292,000 159 45,531 26 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1,1919. FEDERAL RESERVE BULLETIN 1071 Naval stores. [Data for Savannah, Jacksonville, and Pensacola.J [In barrels.] [Compiled from reports of trade organizations at these cities.] Sp p ir e i n ts t i o n f e t . ur- Rosin. Spi p r e it n s t i o n f e t . ur- Rosin. Stocks at Stocks at Stocks at Stocks at Receipts. close of Receipts. close of Receipts. close of Receipts. close of month. month. month. month. 1918. 1919. September 14,530 123,630 52,181 242,981 April 8,379 75,546 19,493 225,657 May. 26,358 47,115 50,435 229,404 1919. June 31,904 33,733 63,456 221,612 January 7,645 125,541 34,835 285,808 July 27,747 30,656 77,062 235,707 February 5,583 121,676 22,154 259,974 August 21,013 24,756 74,402 203,812 March 4,226 97,450 14,338 243,813 September 21,574 27,021 72,616 190,580 Lumber. [From reports of manufacturers' associations.) [M feet.] Southern pine. Western pine. Douglas fir. Eastern white pine. North Carolina pine. N m be u i r m l l o s - f . Pr t o io d n u . c- m S e h n ip ts - . N m be u i r l m l o s - f . Pr t o io d n u . c- m S e h n ip ts - . tlon- m S e h n ip ts - . N m be u i r l m l o s - f . Pr t o io d n u . c- m S e h n ip ts - . N m be u i r l m l o s - f . Pr t o io d n u . c- m S e h n ip ts - . 1918. September. 190 346,069 350,628 45,45 130,029 80,859 106 316,000 248,000 26 72,937 38,711 31,908 1919. January.... 200 330,137 325,241 21,49 40,354 68,910 122 225,688 227,129 7,565 15,172 February.. 195 309,494 24,48 71,103 122 238,035 6,802 17,081 25,806 18,034 March 198 378,752 361,125 27,48 71,426 81,328 120 254,650 255,544 7,118 17,525 32,110 22,672 fifc::: 203 397,005 397,677 43,49 124,341 97,679 114 264,623 266,308 11,431 14,020 22,369 21,877 205 414,899 460,238 45,48 140,037 127,730 111 345,984 388,803 24,548 17,136 14,375 17,393 June 204 360,084 426,193 49 156,561 139,923 115 300,410 327,364 29,741 26,525 20,733 28,865 July 206 401,939 466,786 48 148,533 140,680 114 268,634 301,050 27,382 22,470 22,326 34,191 August 204 417,036 423,002 48 152,748 140,236 118 416,422 397,290 20,247 26,839 27,177 30,159 September. 202 416,640 372,727 51 154,102 138.537 126 332,905 261,797 16,913 22,;574 33,146 35,468 RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO. [Chicago Board of Trade.] [Monthly average, 1911-1913=100.] Receipts. Shipments. Receipts. Shipments. Mfeet. R ti e v l e a . - Mfeet. R ti e v l e a . - M feet. R ti e v l e a . - Mfeet. R ti e v l e a . - 1918. 1919. September 171,515 81 68,133 89 April. 144,253 59,055 77 May 162,365 66,001 86 1919. June 184,862 80,762 105 January 134,604 47,922 July 200,148 90,134 118 February... 97,511 45,585 August 170,385 87,953 115 March 124,040 46,902 September ... 205,909 93,120 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1072 FEDERAL. RESERVE BULLETIN. NOVBMBEK 1, 1919. Coal and coke. I [Bituminous coal and coke, U. S. Geological Survey; Anthracite coal, Anthracite Bureau of Information.] [Monthly average, 1911-1913=100.] Coke, estimated monthly production. Bituminous coal, est p i r m od at u e c d t io m n. onthly A m n e th n r t a s c o i v te e r c o 9 a r l o , a s d h s ip . - Beehive. By-product, Total. Short tons. Relative. Long tons. Relative. Short tons. Relative, Short tons. Relative. Short tons. Relative, 1918. September 51,757,334 140 6,234,395 111 2,570,238 2,410,798 274 4,981,036 143 1919. January ... 41,485,000 112 5,934,241 105 2,401,567 February 31,566,000 91 3,871,932 74 1,822,894 | 6,779,482 257 12,772,392 122 March . 33,719,000 91 3,938,908 70 1,768,449 April 32,164,000 87 5,224,715 93 1,316,960 May... 37,547,000 101 5,711,915 101 1,135,840 June 37,055,000 100 5,619,591 100 1,170,752 July 42,754,000 115 6,052,334 108 1,512,178 August 42,880,000 116 6,144,144 109 1,733,971 47,403,000 128 5,687,401 101 1,790,466 Movement of crude petroleum in United States, [U. S. Geological Survey.] [Barrels of 42 gallons each.] Marketed. Marketed. Stocks at end Stocks at end of month of month (barrels.) (barrels.) Barrels. Relative Barrels. Relative 1918. 1919. September 28,674,000 150 135,680,000 April 29,310,000 153 132,694,000 May 29,339,000 153 132,165,000 1919. June 31,239,000 163 135,646,000 January 156 129,558,000 July 33,521,000 175 141,742,000 February 26,511,000 138 128,910,000 August. 33,986,000 177 137,891,000 March 30,412,000 159 131,110,000 September 34,487,000 180 138,517,000 Total output of oil refineries in United States. [Bureau of Mines.] Crude oil run Gasoline Kerosene Gas and fuel Lubricating (barrels). (gallons). (gallons). (gallons). (gallons). 1918. August 28,534,275 330,335,046 149,678,850 671,113,871 72,892,879 1919. January 26,967,332 303,710,556 158,501,260 589,630,056 68,304,613 February 25,232,876 283,518,194 164,181,787 553,853,753 62,503,072 March. 27,866,775 311,306,755 170,290,930 574,774,156 67,063,995 April 27,775,217 319,807,838 183,453,728 588,808,408 70,954,128 May 30,267,227 354,472,377 190,345,026 652,166,738 76,442,252 June 28,920,764 338,336,985 178,974,224 632,205,805 64,636,153 July 31,202,522 342,491,757 205,727,289 638,185,469 67,037,414 August— 32,362,057 326,846,167 219,502,888 685,702,461 72,920,214 STOCKS AT CLOSE OF MONTH. 1918. Aug. 31 13,946,595 285,446,538 424,281,481 569,016,413 137,496,986 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 15,106,361 546,062,429 294,677,623 749,067,806 165,495,254 Apr. 30 15,184,844 593,616,170 276,356,837 807,895,498 170,122,088 May 30 16,372,314 594,035,688 244,635,631 788,740,572 173,754,109 June 30. 16,775,723 593,896,610 252,542,434 811,790,637 175,384,775 July 31 15,304,915 514,919,358 279,855,061 817,809,519 173,884,303 Aug. 31 15,131,549 434,531,446 296,065,646 830,329,785 170,572,819 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1,1919. FEDERAL RESERVE BULLETIN. 1073 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, 1011-1913—100; iron ore, monthly average, May-November, 1911-1913-100.] Iro f L r n o a m k o e r s e . th s e h ipm up e p n e ts r Pig iron production; Steel in t g i o o t n . produc-, Un a S f t t i e l c l e l e l o d s e o C o rd f o e r m r p s o o r U n a t . t h i . o S n . Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. 1918, September.. 8,995,014 148 3,418,270 3,197,658 134 8,297,905 157 1919. January 3,302,260 143 3,082,427 130 6,684,268 127 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 June.... 7,980,839 132 2,114,863 91 2,219,219 92 4,892,855 93 July 9,173,429 151 2,428,541 105 2,508,176 104 5,578,661 106 A Se u p g t u e s m t ber.. 4 8 , , 4 1 2 7 3 8 , , 1 4 3 8 3 3 1 7 3 3 5 2 2, , 4 7 8 4 7 3 , , 9 3 6 8 5 8 1 1 1 0 8 7 2,746,081 114 6 6 , , 2 1 8 0 4 9 , f 6 1 3 0 8 3 1 1 1 1 ® 6 Imports of pig tin. [Department of Commerce.] [Monthly average, 1911-1913 -100.] Pounds. Relative. Pounds. Relative 1918. 1919. September...*..... , 10,630,666 117 April 504,903 6 May 449,270 5 1919. June 112,000 1 January.... 8,461,444 July 113,120 1 February 6,271,977 August 9,872,459 109 March 8,284,970 September 11,087,403 122 Raw stocks of hides and shins. [Bureau of Markets.] [In pieces.] C hi a d t e tl s e . Calfskins. Kipskins. Goat. Kid. Cabretta. Sh l e a e m p b a . nd 1919. Jan. 31 5,922,514 1,294,949 515,523 4,239,381 245,815 601,686 6,844,680 Feb. 28 5,791,095 1,266,021 429,704 5,683,585 227,513 843,344 9,033,943 Mar. 31 5,108,516 1,219,935 415,882 7,987,277 181,952 559,576 8,264,864 Apr. 30, 5,256,384 1,845,254 421,474 12,080,410 724,209 1,520,522 9,095,816 May 31 4,549,004 2,273,368 15,121,868 1,246,075 2,044,524 8,039,531 June 30 4,696,332 2,285,015 558,033 16,991.19? 2,521,016 1,697,754 8,ll«,702 July 31 4,966,081 2,389,368 554,516 15,589,y44 1,964,828 2,767,694 6,815,160 Aug. 31...... 5,498,844 2,145,320 18,263,446 880,276 2,348,769 7,126,885 Sept. 30 5,786,081 2,023,864 906,438 13,650,470 822,830 2,533,079 7,291,563 NOTE.—Figures for Sept. 30 are provisional. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1074 FEDERAL, BESERVE BULLETIN. NOVEMBER 1,1919. Textiles. [Silk, Department of Commerce; cotton, Bureau of the Census; wool, Bureau of Markets; idle machinery, January-September, 1918, inclusive, National Association of Wool Manufacturers.] [Cotton, monthly average crop years 1912-1914«*100; silk, monthly average 1911-1913—100.] Percentage of idle woolen machinery on first of month to total reported. Cotton consumption. Cotton Imports ofraw silk. spindles Wool con- Looms. Spinning spindles. active sumption during (pounds). month. th W an id 5 er 0- 5 U 0 n -i d n e c r h S ca et r s d s o . f Combs. Bales. Relative. ineh reed reed Woolen. Worsted. Pounds. Relative. space. space. § 1918. September...... 489,962 109 33,488,181 47,648,413 13.8 15.1 7.0 13.2 8.3 20.2 3,973,754 194 1919. January 556,721 124 33,856,472 32,573,970 40.3 32.6 32.2 30.7 36.5 37.5 1,461,827 71 February. 433,516 103 33,282,593 23,186,818 52.3 41.5 38.7 39.8 41.1 48.6 1,742,812 91 433,720 96 32,642,376 29,320,063 58.1 42.4 39.1 47.8 41.8 52.7 1,784,412 87 April 475,753 106 33,213,026 39,159,945 48.4 38.9 26.5 34.2 28.4 36.1 2,988,838 146 Mav 487,998 109 33,556,011 45,084,834 36.6 32.9 17.1 22.5 16.8 25.8 4,878,646 238 June . 474,407 105 33,943,405 48,849,892 29.6 26.6 15.4 12.8 15.2 21.1 3,848,354 188 July . 509,793 113 34,184,407 54,973,093 22.0 26.0 9.7 7.6 8.9 13.5 5,202,407 254 August 502,536 112 34,187,310 48,938,476 22.1 24.9 9.4 6.5 8.9 10.9 3,802,500 186 September...... 491,313 109 34,216,662 52,985,961 19.9 22.8 8.1 5.5 7.9 12.8 6,755,271 330 October 16.0 20.7 8.2 5.9 7.7 7.2 Production of wood pulp and paper. [Federal Trade Commission.] [Net-tons.] W pu o l o p d . p N r e in w t s . Book. b P o a a p r e d r . W pi r n a g p . - Fine. W pu o l o p d . p N r e in w t s . ' Book. b P o a a p r e d r . W pi r n a g p . - Fine. 1918. 1919. September. 246,741 95,670 65,751 161,775 31,607 April 284,984 116,278 67,628 138,802 48,158 22,470 May 294,067 105,819 76,821 151,651 56,579 25,010 1919. June. 277,142 114,896 71,938 152,957 60,656 27,122 January... 283,270 116,154 70,443 140,859 50,490 27,675 July 260,685 113,929 75,613 169,593 63,769 30,036 February.. 238,228 103,248 62,616 125,208 45,480 24,600 August 260,987 113,413 82,737 189,782 64,861 33,122 March 278,675 114,746 63,699 136,175 48,069 23,514 September. 266,915 111,434 81,024 184,897 63,353 31,923 Sale of revenue stamps for manufactures of tobacco in the United States (excluding Porto Rico and Philippine Islands). [Commissioner of Internal Revenue.] Cigars. Cigarettes. Cigars. Cigarettes. Chewing Chewing and smok- and smok- Large. Small. Small. ing tobacco. Large. Small. Small. ing tobacco. 1918. Number, Number. Number. Pounds. 1919. Number. Number. Number. Pounds. July... 634,609,533 79,237,849 3,796,878,822 36,607,578 April 510,357,494 73,314,273 2,650,182,742 29,883,710 May... 551,659,749 57,611,547 2,767,699,400 33,340,102 1919. June 576,976,572 48,855,070 3,140,393,217 31,312,150 Janua y 518,706,482 72,458,974 3,079,212,253 29,308,616 July.. 569,965,088 47,290,267 3,585,111,783 33,838,667 February 476,329,947 60,138,630 3,126,274,662 27,472,269 August March 549,098,351 84,493,873 3,845,079,275 29,227,678 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOYBMBBB-1, 1919. FEDERAL RESERVE BULLETHS". 1075 Output of locomotives and cars. [Locomotives, United States Railroad Administration; cars, Railway Car Manufacturers' Association.] Locomotives. Output of cars. Locomotives. Output of cars. D sh o i m pp e e s d ti . c F p o c le o re t m e ig d - n . Do ti m c. es- Foreign. Total. D sh o i m pp e e s d ti . c F p o c le o re t m e ig d - n . Do ti m c. es- Foreign. Total. 1918. Number. Number. Number. Number. Number. 1919. Number. Number. Number. Number. Number. September 267 213 2,666 3,564 6,230 April 197 36 7,777 7,373 15,150 May . .. 207 31 4,573 8,533 13,106 1919. June 160 44 1,785 5,307 7,092 January 282 84 8,172 3,635 11,807 July 121 73 2,777 6,936 9,713 February ,. 135 164 6,623 4,657 11,280 August 160 173 18,509 5,015 23,524 March „ 258 128 5,978 5,795 11,773 September 111 51 19,980 4,302 24,282 Vessels built in United States, including those for foreign nations, and officially numbered by the Bureau of Navigation. [Monthly average, 1911-1913=1,100.] Number. Gross Relative. Number. to G nn ro a s g s e. Relative. 1918. 1919, September 170 308,470 1,276 April.... 201 375,605 1,554 May 250 395,408 1,636 1919. June 272 422,889 1,750 January 132 264,346 1,094 July 245 397,628 1,645 February 135 271,430 1,203 August 238 455,338 1,884 March 298,005 1,233 September 202 378,858 1,568 Tonnage of vessels cleared in the foreign trade. [Department of Commerce.] [Monthly average, 1911-1913=100.] Net tonnage. Per Net tonnage. Per cent- centage age American. Foreign. Total. t R iv el e a . - A ca m n o e f r to i- t R iv el e a . - American. Foreign. Total. R ti e v l e a- A ca m n o e f r to i- R ti e v la e - . total. total. 1918. 1919. September. 2,009,194 2,290,872 4,300,066 Ill 46.7 185 April 1,744,753 2,058,220 3,802,973 98 45.9 181 May...., 2,424,837 2,46S,194 4,894,031 126 49.5 196 1019. June 2,339,320 2,511,501 4,850,821 125 48.2 191 January... 1,166,391 1,896,123 3,062,514 78 38.1 151 July 2,362,571 2,920,247 5,282,818 136 44.7 177 February.. 1,262,487 1,671,070 2,933,557 75 43.0 170 August 2,957,249 2,797,818 5,755,067 148 51.4 203 March 1,161,416 1,737,171 2,898,587 75 40.1 158 September 2,627,480 2,481,676 5,109,156 131 51.4 203 Net ton-miles, revenue and nonrevenue. [United States Railroad Administration.] 1918. 1919. September . 39,579,023,000 April 28,629,739,000 May 32,440,708,000 1919. June 31,953,366,000 January 30,383,169,000 July..... 34,914,294,000 February 25,681,943,000 August. 36,361,653,000 March 28,952,925,000 September 38,860,311,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1076 FEDERAL RESERVE BTJIXETIST. NOVBMBEE 1, 1919. Commerce of canals at Sault Ste. Marie, [Monthly average, May-November, 1911-1913-100.] SASTBOUND. Grain, other than wheat. Wheat. Flour. Iron ore. Total. Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Barrels. 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 . - 1918. September 817,251 92 5,955,593 31 1,137,110 8,750,841 147 9,154,660 131 1919. April 4,176,041 16,729,000 1,139,326 1,756,266 May 9,370,374 105 29,096,116 151 910,524 6,622,227 112 7,895,542 113 June 6,694,901 75 6,402,051 33 1,031,630 8,004,897 135 8,554,979 122 July 7,100,008 2,391,840 12 915,420 8,912,609 150 9,343,396 133 August 5,284,741 59 1,487,218 8 935,700 4,727,994 80 5,080,651 72 September 2,918,591 10,180,991 53 917,420 7,978,562 134 8,525,794 122 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 . - Short tons. R ti e v l e a . - 1918. September , 293,800 95 2,796,577 146 3,245,413 130 12,400,073 131 1919. April i.. 142,864 415,824 616, 2,373,163 May 2,239,738 117 2,670, 107 10,566,326 111 June 227,200 73 2,266,984 118 2,664, 107 11,219,416 118 July 344,462 111 2,037,265 106 2,572, 103 11,916,152 125 August , 185,387 60 1,189,558 62 1,529, 61 6,609,961 70 Septem ber s, 231,030 75 1,156,841 60 1,677, 67 10,202,917 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVBMBBB 1, 1910. FEDERAL BESEEYE BULLETIN. 1077 BANK TRANSACTIONS DURING SEPTEMBER-OCTOBER. In the table below are shown debits to indi- debits to individual account which totaled yidual account for four weeks ending October over 10£ billions and exceeded the 10 billion 22 as reported by 156 of the country's most mark for the first time since the week ending ? Important clearing houses. In addition debits September 17. The large figures for the week to individual account for each of the four weeks ending October 22 were apparently due in are compared with figures for the corresponding part to interest payments by the Government weeks of last year, comparable data being on Liberty bonds of the fourth issue and also available for 138 centers. to heavy trading on the exchange during the Aggregate debits to individual account for week. the week ending October 1 were about 5 per Debits to individual account reported for cent above the figures for the immediately the four-week "period September 25-October preceding week, the- increase apparently re- 23, 1918, show a decline during the first week flecting to a large extent interest and dividend and a steady increase for the three weeks folpayments made at the end of the month and lowing. The figures of debits for 1918 conof the third quarter. A further increase was stitute between 70 and 80 per cent of the correshown for the following week, but a decided sponding figures for the four weeks of the drop-for'the week ending October 15. The present year, which is accounted for in part by last week of the period saw a large increase in the rise in the price level. Debits to individual account at clearing-house banks during.each of the four weeks ending Oct. 22', 1919, and Oct. 2$, 1918. [In thousands of dollars.] 1919 1918 Week ending— Week ending— Federal Reserve district. Oct. 22. Oct. 15. Oct. 8. Oct. 1. Oct. 23. Oct. 16. Oct. 9. Oct. 2. No. 1—Boston: Bangor........ ...... ................... •3,416 3,100 3,200 8,184 2,930 2,701 2,777 2,738 Boston ..... ....... ... 382,293- 324,726 311,552 271,665 253,581 220fl53 206,541 230,041 Eall River..... . . . . ............. 10,177 8,398 8,797 7,522 10,562 6,859 9,199 8,573 Hartford .............................. 25,316 20,794 27,832 27,374 21,972 16,836 19,265 24,684 Holyoke ................. 4,135 3,426 3,941 4,171 4,169 2,998 3,046 2,154 Lowell 5,916 5,191 5,017 4,948 6,469 5,003 5,251 5,108 New Bedford. ^ . . 9,070 7,236 7,180 6,812 7,213 7,496 5,465 6,063 New Haven......... .................. 20,162 17,396 18,318 16,714 15,975 15,113 16,410 15,053 Portland...... .. 7,788 10,255 9,710 9,635 9,368 6.748 ' 7,953 9,101 Providence 51,008 36,772 34,952 31,426 43,753 29,385 28,010 29,040 Springfieid. . . . .. 20,628 17,717 16,449 > 15,483 12,501 7,810 8,406 8,808 Waterbury..... ... 6,547 6,967 7,217 6,719 9,727 7,081 6,820 7,284 Worcester 30,443 17,495 17,622 16,049 17,242 14,513 14,725 16,976 "No. 2—New York: Albany 22.569 19,979 21,860 18,420 20,226 15,914 19,446 Bingfa.am.ton . ..... 3,976 3,357 3,893 3,346 2,696 2,740 2,763 2,811 Buffalo . 72,122 59,628 62,091 62,965 58,184 56,764 59,835 61,553 N Pa e s w s a Y ic ork.. .... .................. 5S 71 5 2 ; , 8 0 7 8 9 0 4,680 5 , 0 1 3 3 4 1 5,414 4 , , 2 4 6 1 6 2 5,365 4 , 7 2 1 1 3 7 4,22 3 1 ,5 9 7 8 3 4 3,453 3 , , 9 6 1 2 8 3 3,406 4 , 6 6 1 5 8 0 3,831 3 , , 0 4 7 3 7 6 Rochester. 32,126 28,049 28,222 28,873 28,960 24,306 23,832 27,114 Syracuse... 16,378 12,599 16,259 16,348 14,707 10,368 12,600 9,123 No. 3—Philadelphia: Altoona ... ........................ 3,612 .2,922 3,540 3,039 3,426 8,102 2,936 2,966 Chester.. „ ................. 5,504 2,431 4,666 4,759 5,647 4,909 4,340 4,959 Harrisburg. 4,075 4,226 4,458 3,900 6,125 5,292 6,045 6,985 3,404 3,142 3,859 3,465 3,254 3,119 3,129 3,348 Lancaster................................. 6,235 5,347 5,919 5,342 5,802 4,656 4,557 4,762 Philadelphia 377,703 283,458 345,720 345,454 341,184 275,702 264,464 325,756 Reading.. . . 4,555 3,841 4.045 4,269 6,831 5,749 6,305 5,440 S cranton. 12,622 13,192 13,895 16,510 12,106 11,621 11,538 14,616 Trenton . ... .......... ......... 11,093 10,634 10,098 9,929 10,448 8,447 7,784 8,833 Wilkes-Barre............................. 7?776 9,394 7 859 8,287 7,468 6,722 6,007 6,968 Williamsport. . . ... ........... 3,690 3,190 3 722 3,549 3,610 3,612 3,155 3,034 Wilmington. .......*.... 10,615 11,086 10.255 10,453 11,531 7,012 8,367 9,044 York . ................. 4,303 3,615 4,416 3,975 3,579 3,195 3,223 3,168 No. 4—Cleveland: Akron. 25,546 18,639 26,136 24,001 16,940 13,300 13,144 12,388 63,902 57,562 55,490 63,081 60,836 50,685 45,948 49,033 Cleveland 162,212 167,589 162,109 157,980 146,703 134,676 115,797 Columbus . . .......... 30,396 30,184 28,872 "27,445 28,194 26,047 23,816 20.676 11,832 11,874 11,465 12,131 13,628 11,232 10,824 11,23£ Erie .....i.................. 7,326 6,320 7,440 7,171 7,845 6,976 6,895 7,193 6,190 6,664 4,560 6,256 2,791 3,315 2,660 3,020 L-exington............................. — 4,891 3? 865 4,419 4,516 3,327 3,360 3,420 4,142 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1078 FEDERAL RESERVE BULLETIN. NOVEMBEB lt 1919. Debts to individual account at clearing-house banks during each of the four- weeJcs ending Oct. 22,1919, and Oct. ; 1918—Continued. [In thousands of dollars.] 1919 1918 Week ending— Week ending- Federal Reserve district. Oct. 22. Oct. 15. Oct. 8. Oct. 1. Oct. 23. Oct. 16. Oct. 9, Oct. 2. Mo. 4—Cleveland—Continued. Oil City 3,301 2,610 3,407 2,412 3,326 2,361 3,018 2,409 Pittsburgh 192,566 171,756 156,107 186,596 Springfield. 3,426 3,593 2,891 3,537 2,675 3,055 2,594 3,324 Toledo.......... ..... 22,074 31,365 30,963 27,455 25,482 22,837 20,100 23,502 Wheeling .11,527 9,213 7,656 7,096 9,183 7,696 6,200 9,168 Youngstown 13,442 14,812 17,901 17,633 13,458 12,726 16,452 14,418 No. 5—Richmond: Baltimore 111,169 103,178 105,051 103,600 85,350 72,818 72,901 82,719 Charleston 12,713 10,540 10,118 9,380 Charlotte 4,000 6,400 4,300 5,800 6,700 6,100 5,863 5,5 Columbia. 10,714 8,938 9,753 8,797 7,963 6,449 7,723 Norfolk 22,243 20,687 21,315 17,712 19,789 17,644 16,314 16,295 Raleigh . 5,000 4,963 4,800 4,600 4,579 3,372 4,415 3,207 Richmond 40,946 33,616 31,640 29,084 25,605 23,412 24,633 No, 6—-Atlanta: Atlanta 41,388 38,772 34,632 32,294 , 27,075 27,329 24,400 25,391 Augusta ....". 15,879 12,858 14,072 11,963 9,589 9,176 12,1S6 9,947 Birmingham 16,241 15,139 15,401 15,630 13,735 13,292 13,079 14,302 Chattanooga 12,130 13,032 12,220 11,103 9,777 8,680 8,532 8,920 Jacksonville 12,053 11,265 10,981 12,006 10,370 8,352 8,808 10,270 Knoxville...., 6,642 6,855 6,966 6,627 5,600 5,814 6,197 6,817 Macon 11,835 9,809 9,094 8,844 7,793 7,176 6,431 7,236 Mobile. 8,182 8,001 8,344 6,792 7,110 7,395 8,058 7,086 Montgomery 8,183 6,181 6,562 5,296 4,969 5,105 5,426 4,423 Nashville 23,208 22,367 23,238 21,351 21,607 23,522 19,744 21,801 New Orleans 84,556 71,809 72,919 70,782 54,293 51,712 53,811 61,357 2,386 2,273 2,618 2,334 2,147 1,645 1,483 1,957 Savannah 28,664 22,452 22,350 18,481 20,662 16,804 19,669 17,408 Tampa 4,800 4,805 4,856 4,336 3,586 3,806 3,854 3,797 Vicksburg 2,384 2,421 2,051 1,088 1,730 1,693 | 1,920 1,665 No. 7—Chicago: Bay City 3,269 2,917 3,164 2,545 2,796 2,587 I 2,373 2,494 Bloomington 3,042 2,515 2,896 2,804 2,365 2,170 j 2,399 2,851 Cedar Rapids 9,759 7,055 12,039 7,740 Chicago 739,158 626,381 700,787 654,015 593,013 550,815 527,764 568,381 Davenport 8,024 7,008 9,077 8,051 6,983 6,349 8,452 9,153 Pecatur 3,900 3,117 4,180 3,471 3,387 3,049 3,225 3,333 Des Moines 23,165 22,229 25,337 19,531 18,060 17,554 Detroit. 145,039 153,759 136,873 133,288 104,764 101,655 87,134 94,642 Dubuque.; 2,977 2,578 2,815 2,265 3,900 2,700 2,300 1,477 Flint 10,736 8,433 9,553 10,208 4,998 3,124 4,135 2,954 Fort Wayne...:. 7,480 5,572 6,208 5,732 5,747 5,362 5,221 4,731 Grand Rapids 18,684 16,541 18,686 18,015 14,722 13,605 12,648 15,555 Indianapolis 34,578 33, Ul 30,596 30,342 33,491 31,143 29,171 29,166 Jackson. 5,421 4,317 4,330 4,239 Kalamazoo 4,193 4,175 4,273 3,756 2,919 2,884 3,074 3,320 Lansing 6,480 6,078 5,735 5,587 2,991 .3,225 2,816 3,408 Milwaukee 66,962 61,493 55,581 56,642 58,854 57,768 55,742 50,479 Peoria 10,217 9,670 9,507 9,092 11,164 10,875 11,834 12,234 Rockford 5,684 5,883 6,608 4,964 5,463 4,848 4,683 2,454 Sioux City.......... 14,720 14,458 14,853 14,146 South Bend 2,111 5,208 4,639 3,671 3,982 3,649 3,263 3,304 Springfield 4,759 4,382 3,707 5,705 4,144 4,732 3,525 4,565 Waterloo, Iowa 3,854 3,759 3,369 3,842 3,246 3,064 2,871 Ko, 8—St. Louis: Evansville 4,620 4,647 4,164 4,451 4,680 3,973 3,643 3,971 Little Rock 11,762 13,097 11,899 8,907 9,061 6,350 8,750 6,347 Louisville 34,653 32,708 30,983 30,077 48,954 29,431 25,562 28,912 Memphis 42,007 42,099 34,432 27,052 29,900 49,687 26,561 33,145 St. Louis 166,686 155,773 149,206 140,367 138,424 135,935 \ 139,594 132,185 Mo. 9—Minneapolis: Aberdeen 2,154 1,988 2,465 1,930 1,827 3,981 1 2,255 1,886 Billings 2,823 2,555 2,385 2,226 2,380 2,039 I 1,890 2,187 Duluth 24,534 23,498 24,482 23,892 56,895 61,194 ' 66,884 67,964 Fargo 10,147 9,860 '9,336 9,181 3,832 3,503 4,304 3,551 Grand Forks 2,376 2,708 2,609 2,226 1,832 1,757 1,854 l',983 Great Falls 2,441 2,142 2,773 2,174 Helena . 2,765 2,817 3,431 2,531 2,774 2,822 2,645 -3,287 Minneapolis 104,046 101,901 103,328 98,807 112,748 115,667 122,376 110,310 St. Paul 39,690 39,806 37,227 42,102 45,218 38,824 32,974 37,674 Superior.. 2,081 2,131 2,169 2,189 3,007 2,349 ' 2,813 2,299 Winona. 2,174 1,215 1,515 1,404 No. 10—Kansas City: Atchison 541 534 | 510 448 Bartlesville, Okla... 3,193 2,789 I 3,212 3.477 1,763 2,021 1,536 2,257 Colorado Springs... 3,143 3,085 | 2,704 2,841 2,827 2,681 2,685 2,242 Denver 35,218 34,112 31,875 34,068 28,992 28,985 26,345 32,156 Joplin... 3,526 3,660 3,479 3,206 3,707 4,228 3,544 3,607 Kansas City, Kans. 3,322 3,421 3,422 3,322 3,017 3.196 4,531 3,306 Kansas City, Mo 91,887 83,484 I 92.754 88,571 91,927 91,012 91,031 110,391 5.977 5,775 ! 6,002 4,580 3,617 a, 521 3,233 3,253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

N0V3QMBBB 1, 1919. FEDERAL. KESERVE BULLETIN". 1079 Debts to individual account at clearing-house banks during each of the four weeks ending Oct. ##, 1919, and Oct.; 1918—Continued, {In thousands of dollars.] 1919 1918 Week ending— Week ending— Federal Reserve district. Oct. 22. Oct. 8. Oct. 1. Oct. 23. Oct. 16. Oct. 0. Oct. 2. No. 10—Kansas City—Continued. Oklahoma City.: 19,619 18,344 19,328 17,764 15,542 17,290 15,091 17,900 Omaha 66,407 66,359 73,564 66,295 62,744 62,842 65,394 63,288 Pueblo . '. 3,462 4,061 6,264 4,258 4,138 4,568 4,934 4,333 St. Joseph.. 21,457 17,437 17,330 14,177 18,575 22,934 21,411 18,671 Topeka 5,932 6,311 6,328 5,234 4,574 4,456 4,815 4,254 Tulsa 23,696 26,586 21,841 24,778 19,624 21,006 16,791 15,959 Wichita 12,802 11,644 12,416 13,732 8*265 9,303 8,203 6,372 No. 11—Dallas: Albuquerque 1,937 1,590 1,910 1,372 1,439 1,501 1,253 Austin 4,220 3,602 4,690 3,395 3,100 3,212 4,099 3,436 Beaumont 4,427 •4,138 3,948 3,869 4,430 3,855 4,216 3,218 D alias...... 53,532 50,805 43,485 44,960 35,531 29,312 34,426 28,018 El Paso 9,522 8,540 7,995 6,517 6,390 5,205 5,930 5,872 Fort Worth. 25,387 24,822 24,217 22,831 15,347 16,274 18,275 16,813 Galveston 13,223 10,304 10,054 8,749 8,556 5,941 11,553 8,913 Houston i., 40,934 35,111 30,418 33,252 29,493 24,114 26,516 26,942 San Antonio.. 7,824 7,949 8,373 6,696 Shreveport 6,579 8,573 6,666 6,220 6,292 5,434 6,391 6,300 Texarkana.... 2,089 1,793 1,744 1,773 1,738 1,448 1,162 1,111 Tucson 1,240 1,043 1,156 988 1,927 1,659 2,122 1,883 Waco. , 5,889 3,652 4,876 4,445 3,218 4,475 4,863 No. 12—San Francisco: Berkeley 2,696 2,334 2,469 2,314 Boise 3,764 3,435 3,407 2,810 2,907 2,390 Fresno 14,077 11,651 11,069 10,132 6,508 6,694 5,574 5,836 L L o o n s g A B ng e e a l c e h s . 8 3 6 , , 8 3 9 1 9 8 7 3 4 , , 7 1 2 2 9 0 ! 7 3 4 , , 9 6 4 9 6 0 8 3 1 , , 4 0 5 00 0 5 2 9 , , 2 6 2 7 8 8 5 2 1?, 2 80 5 5 4 5 2 0 , , 1 4 9 6 3 5 5 2 2 , , 3 6 9 08 0 Oakland.. 18,595 16,450 ! 20,150 14,192 14,130 10,439 13,662 11,151 Ogden .- 4,330 4,159 ! 4,239 4,686 3,655 4,074 3,774 4,261 Pasadena....... 3,982 3,863 ! 4,122 4,849 2,253 2,185 2,689 2,098 Portland 55,096 56,040 I 51,959 46,463 52,706 48,350 49,357 44,790 Reno 3,729 2,958 ! 3,058 2,579 2,120 1,776 2,518 1,947 Sacramento 16,464 16,305 j 15,755 16,264 11,726 11,850 14,358 12,924 Salt Lake City..... 19,749 17,749 ! 14,399 16,883 18,347 17,. 447 14,447 16,422 San Diego 6,836 5,162 | 5,368 4,568 5,941 5,416 5,461 5,294 San Francisco... ..... 205,646 192,515 S 191,786 199,631 165,541 150,119 146,718 155,233 San Jose 9,419 7,105 I 7,684 7,102 Seattle....... 58,270 51,993 i 53,666 53,801 56,702 5i,880 51,158 54,156 Spokane . 15,297 14,524 I 15,006 14,554 10,643 9,476 10,176 10,711 Stockton. 6,159 3,650 ! 5,952 5,555 4,498 5,398 4,497 4,509 Tacoma. 12,100 11,634 | 11,797 10,471 12,178 1 12,836 11,466 14,343 Yakima.... 4,533 3?-295 ! 3,814 3,041 2,518 2,213 2,020 1,959 Recapitulation showing figures for clearing-house centers reporting each of the four weeks ending Oct. 1919. [In thousands of dollars.] 1919 Number Federal Reserve district. of Weekending— centers included. Oct. 22. Oct. 15. Oct. 8. Oct. 1. No. 1—Boston 13 576,899 479,473 471,787 421,702 No. 2—New York 7 5,865,130 4,808,777 5,551,003 5,499,882 No. 3—Philadelphia... 13 455,187 356,478 422,452 422,931 No. 4—Cleveland 14 558,631 536,046 519,416 547,310 No. 5—Richmond 7 206,785 188,322 186,977 178,973 No. 6—Atlanta 15 276,531 248,039 246,304 228,927 No. 7—Chicago 23 1,134,212 1,010,118 1,075,203 1,009,278 No. 8—St. Louis 5 259,728 248,324 230,684 210,854 No. 9—Minneapolis... 11 195,231 190,621 191,720 188,662 No. 10—Kansas City.. 15 300,182 287,602 301,029 286,751 No. 11—Dallas 13 176,803 161,922 149,532 145,067 No. 12—-San Francisco 20 550,959 502,671 504,336 504,345 Grand total 156 10,556,278 9,018,393 9,850,443 9,644,682 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1080 FEDERAL KESEEVE BULLETIN. NOVEMBER 1,1919. Recapitulation showing figures for clearing-house centers reporting each of the four weeks- ending Oct. 22, 1919, and ' '' ' Oct. 23, 1918. [In thousands of dollars.} 1919 1918 Federal Keserve district. Num of ber Week ending— Week ending— centers included. Oct. 22. Get, 15. Oct. 8. Oct. 1. Oct. 23. Oct. 16. Oct. 9. Oct. 2. No. 1—Boston 576,899 479,473 471,787 421,702 415,462 342,696 333,867 364,623 No. 2—New" York.. 5,842,561 4,788,798 5,529,143 5,481,462 4,330,104 3,551,719 3,510,198 3,935,114 No. 3—Philadelphia.... 455,187 356,478 422,452 422,931 421,011 343,138 331,850 399,879 No. 4—Cleveland 203,853 196,701 201,200 202,734 186,685 163,590 155,071 160,514 No. 5—Richmond 183,358 168,844 ,167', 106 160,796 142,023 126,772 122,905 132,450 'No. 8—Atlanta. 276,531 248,039 246,304 228,927 200,043 191,501 193,598 202,377 No. 7—Chicago......... 1,081,147 962,059 1,018,644 963,622 869,525 813,786 772,823 817,372 No. 8--St. Louis 259,728 248,324 230,684 210,854 231,019 225,376 204,110 204,560 No. §—Minneapolis 190,616 187,264 ,187,432 185,084 230,513 230,136 237,995 231,141 No. 10—Kansas City... 299,641 300,519 286,303 269,312 278,043 269,544 No. 11—Dallas......... 161,153 148,731 134>373 132,554 112,804 96,454 114,690 102,506 No. 12—San Francisco. 535,080 489,797 490,776 492,119 431,370 394, 212 390,533 400,629 Grand total...... 138 10,065?754 8,561,576 9,400,420 7,839,871 6,757,423 6,637,184 7,239,154 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOYEMBSS 1/1919. FEDERAL RESERVE BULLETIN, 1081 DISCOUNT AND' OPEN MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS. Discount operations during the month, of for this class of paper bought during the September aggregated $6,726,155,257, showing month being. 4J per cent. an increase of over 292 millions, or 4.5 per On the last Friday in September the Federal cent, over the total for August. The. total Reserve Banks held a total of $1,882,263,000 for the month under review does not include of discounted bills, compared with $1,815,amounts of bills discounted for other Federal 134,000 on the last Friday in- August and Reserve Banks, which totaled $189,000,000, $1,713,430,000 on the corresponding date in as against $195,945,500 the month before. 1918. Of the total discounts on hand at the Increases in the aggregates of discount opera- end of September about 84 per cent was the tions for September, as compared with August, share of war paper, compared with about 87 were reported for each Federal Reserve district, per cent on the last Friday in August and 71 except the New York and the Richmond per cent about the end of September, 1918. districts, the largest relative increases being At the New York bank this proportion was shown for the St. Louis, Minneapolis, and about 93 per cent and at the Boston bank but Kansas City districts, where-agricultural opera- slightly less. Discounted trade acceptances tions are at their height during the month of on hand about the end of September totaled September, about $10,960,000, as against $9,000,000 at War paper constituted about 90 per cent of the end of August and $19,254,000 the previous the total paper discounted during the month, year. Holdings of agricultural paper totaled compared with 95 per cent in the previous $32,931,000, ..as against $30,363,000 about the1 month. Discounts of trade acceptances for end of August and $35,440,000 on the correthe month of September-aggregated $10,619,405 sponding date the year before, while holdings (as against $6,427,411 for August), and of live-stock paper were $27,273,000, compared included a much larger amount, $1,327,231 with $27,538,000 the month before and. as compared with $366,333, of acceptances $48,703,000 about the close of September of in the foreign trade. Purchases of foreign last year. Of the' total agricultural paper on trade acceptances were reported by the hand the largest proportion, about 30 per cent, Boston and New York Federal Reserve Banks. was held by the .Dallas-bank,' while of the total Bankers' acceptances discounted during the live-stock paper over one-half represents the month aggregated $388,454, member bank holdings of the Kansas City bank. bills secured by eligible pa|fer $29,801,567 (as During the month the membership shows a against $20,028,459 in August), while ordinary net increase of 29, the number of members at commercial and agricultural paper totaled the close of September being 8,933, as com- $447,060,323, compared with' $235,824,380 pared with 8,904 at the end of August. Mem- # for the preceding month. ber banks accommodated by the discount of Over 96 per cent of the total discounts for paper in September numbered 3,722, as the month was 15-day paper, i. e., bills matur- against 3 460 in August. In the following ? ing 15 days from date of discount or rediscount exhibit are shown the numbers of member with the Federal Reserve Bank. Six-month banks in each Federal Reserve district at the bills, consisting of agricultural and live stock end of September and of July, together with paper,., totaled $5,443,693, compared with the number in each district accommodated $4,216,353 the month before, the increase during each of the two months. over the low total reported during the height of the crop-moving season being probably due Number of member Number of member to the increased demand for accommodation banks in district. banks accommodated. in connection with thq sowing of fall crops. Federal Reserve Bank. The average maturity of all the paper dis- Sept. 30. Aug. 31, te S m e b p e - r. August. counted during the month works out _at 9.44 days, as against 9.33 days for August. About Boston 430 429 231 243 New York.... 743 741 378 381 86 per cent of the paper discounted during the Philadelphia.. 673 670 388 389 month took the 4 per cent rate and over 10 per Cleveland 840 835 222 213 Richmond.... 573 572 387 299 cent the 4J per cent rate. The average rate Atlanta....... 429 427 255 241 Chicago....... 1,363 1,364 494 468 of discount charged during the month works St. Louis...... 530 528 205 186 out at 4.18 per cent, as against 4.12 per cent Minneapolis... 905 896 164 163 Kansas City... 1,017 1,014 351 295 the month before. Of the paper purchased Dallas. 749 "748 420 341 San Francisco. 681 680 227 242 in open market, the bulk carried a 4, a 4|, a 4& or a 4J per cent rate, the average rate Total.... 8,933 8,904 3,722 3,46© Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1082 FEDEBAL EESERVE BULLETIN. NOVEMBER 1,1919. Bills purchased in the open market during Banks report a total of $300,129,000 of pur- September, largely by the New York bank, chased bills on hand, compared with both for its own account and for account of $367,163,000 on August 31, 1919, and other Federal Eeserve Banks, totaled $289,320,000 on September 30, 1918. Of $205,048,335, compared with $194,210,625 the most recent total all but $2,976,000 were in August. Of the total bills purchased, bankers' acceptances, while of the remainder $201,962,430 were bankers' acceptances, over $209,100,000 were bills accepted by member 75 per cent of which were based upon foreign banks, $33,104,000 by private banks and trade transactions. Purchases of trade bankers, $21,873,000 by foreign banks and acceptances amounting to $2,773,437 were their agencies, and $33,076,000 by other reported by the New York, Cleveland, and nonmember institutions. Of the $2,976,000 San Francisco banks, and were also based of purchased trade acceptances held at the largely on foreign trade transactions. The end of the month, $591,000 were domestic average maturity of all bills purchased dur- trade acceptances and $2,385,000 were foring the month was 46.15 days,, compared eign trade acceptances. Of the latter amount with 50.73 days for August, while the average all but $291,000 were reported by the New rate of discount charged works out, the same York and San Francisco banks, and represent as for August, at 4| per cent. largely acceptances drawn by exporters in On September 30 the Federal Reserve the Far East. Total investment operations of each Federal Eeserve Bank during the months of September, 1919 and 1918. Eederal Keserve Bank. co B m u b i e n l a l m t n s e k b d d s e i . s r f - or m i b n o B a u r o i k l g p l e s h e t n t . M r w i a u p n a n a t r l i s - c . - U b S o n t n a i t t d e e s s d . V U S n i n o t c a t i t e t t o e e s r s d . y d c e e U b r o t t n i f e f i d i t c i n e n a - d e t s es s. se U S c T u n t o a r i t i t t t a e e i l s d es. I Sept T ., o 1 t o 9 a p l 1 e 9 in r . a v t e io S s n t e m s p . e t. n , t 1918 Boston $314,051,684 $20,353,090 $31,170,000 $31,170,000 $365,574,774 $249,026,363 New York 3,495,701,094 64,460,086 858,955,000 858,955,000 4,419,116,180 3,081,248,564 Philadelphia.., 1,003,715,978 687,216 16,087,500 16,087,500 1,020,490,694 167,232,191 Cleveland..— 300,427,161 23,450,835 $50 179,754,500 179,754,550 503,632,546 160,066,781 Richmond..... 344,921,874 5,226,079 16,600,000 16,600,000 366,747,953 218,416,000 Atlanta 212,788,726 3,950,570 1*1260". 19,000,000 19,000,200 235,739,496 123,787,635 Chicago 378,009,982 24,031,764 652,755,000 652,755,000 1,054,796 746 466,437,999 St. Louis 208; 364,700 7,213,275 215,577,975 120,403,692 Minneapolis..., 66,850,995 12,698,615 53,393,00ft 53,393,000 132,942 610 77,127,901 Kansas City... 139,961,557 600,000 50 6,409,500 6,409,550 146,971,107 78,861,372 Dallas 117,312,012 1,025,272 7,000,000 7,000,000 125,337 284 76,531,393 San Francisco. 144,049,494 41,351,533 28,963,000 28,963,000 214,364,027 134,829,649 Total, September, 1919 6,726,155,257 205,048,335 200 1001,870,087,5001L,, 870,087,8008,801,291,392 Total, September, 191S 4,685,139,704 183,132,122 18,764 106,950 1 85,582,000 85,688,950 I 4,953,989,540 Total, 9 months ending Sept. 30,1919. 56,408,282,65811,748,762,357 1,000 1,328,025 373,950|3,844,462,0003\,, 846,163,975 62,003,209,990J Total, 9 months ending Sept. 30,1918 22,479,290,1171.,,201,402,6371L, 697,919 7!2, ,560,163 3,178,118,660 3,250,678,823 \, 933,069,496 2 3| per cent Liberty bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

.NOYBMBBB 1,4.919. FEDERAL RESERVE BULLETIN. 108.3 Average amount of earning assets held by each Federal Reserve Bank during September, 1919, earnings from each class of earning assets, and annual rate of earnings on basis of September, 1919, returns. Average daily holdings of the several classes of earning assets. Federal Reserve Bank. Discounted Purchased United States Municipal bills. bills. securities. warrants. Total. Boston......... $121,518,581 $44,534,884 $23,016,383 $189,069,848 New York. 851,052,987 73,305,700 93,588,333 817,947,020 Philadelphia..-. 195,612,074 843,226 29,304,400 226,759 700 Cleveland 123,713,210 40,364,448 29,797,153 193,874,811 Richmond..... 90,225,882 6,654,159 11,387,300 108,267,341 Atlanta 95,306,288 4,255,822 14,058,836 113,620,940 Chicago........ 186,297,025 43,767,685 66,230,283 296,294,993 St. Louis 74,701,186 13,485,058 18,221,400 106,407,644 Minneapolis 39,309,700 20,512,233 10,429,733 70,251,666 Kansas City.... 72,820,622 20,388,280 21,154,381 114,363,280 Dallas 55,831,494 549,675 11,232,667 67,613,836 San Francisco. 69,944,873 85,274,436 11,824,950 167,044 259 Total, September, 1919.. 1,777,333,922 353,935,606 340,245,819 2,471,515,347 Total, September, 1918........... 1,603,152,988 249,750,577 67,085,047 $67,959 1,920,056,571 Earnings from— Calculated annual rate of earnings from- Federal Reserve Bank. Dis- Pur- United Munic- Dis- Pur- United Municcounted chased States ipal war- Total. counted chased States ipal war- Total bills. bills. securities. rants. bills. bills. securities. rants. Per cent. Per cent. Per cent. Per cent. Per cent. Boston.. $417,693 $154,473 $610,526 4.18 4.22 2.03 3.93 New York..... i 2,165,396 257,264 173,551 2,596,211 4.05 4.21 2.26 3.86 Philadelphia ..I 651,312 2,945 50,317 704,574 4.03 4.24 2.08 3.78 Cleveland......... ...! 416,064 140,063 51,209 607,336 4.09 4.22 2.09 3.81 Richmond......... .........! 318,703 25,115 18,795 362,613 4.30 4.59 2.01 4.07 Atlanta... ...i 337,184 16,444 24,066 377,694 4.17 4.55 2.02 3.91 Chicago ........................I 644,182 152,803 111,825 908,810 4.21 4.25 2.05 3.73 St. Louis ........! 256,937 47,396 32,601 336,934 4.18 4.27 2.17 3.85 Minneapolis. I 138,800 74,856 19,580 233,236 4.30 4.44 2.28 4.01 Kansas City. 282,756 70,576 42,575 395,907 4.72 4.21 2.45 4.21 Dallas 207,937 2,213 20,075 230,225 4.53 4.89 2.17 4.14 San Francisco. 258,940 299,340 22,715 580,995 4.41 4.27 2.34 4.23 T T X o W o t i t l a d a ly l l , , S S UC e e U p p I t A t e e J m J m LU b b U e e C r r I , , ) 1 I 1 S 9 9 X 1 1 3 8 . 9 . . . . . . . . . . . . . . . . . .. U 6 5 . , W , 0 6 9 U 2 5 . 7 O ,9 ,7 U 0 6 I 4 7 1, 8 2 5 4 9 3 , , 1 4 9 8 5 8 6 1 0 4 5 9 , , 6 9 6 2 9 3 . 7 6 , , 9 6 4 3 5 7 , , 0 1 6 5 1 8 4 4 . . 1 2 7 7 4 4 . . 2 1 7 9 2 2 . . 1 7 7 3 4.88 3 4 . . 9 2 1 1 Bills discounted during the month of September, 1919, distributed by classes; also average rates and maturities of bills discounted by each Federal Reserve Bank. Member banks' collateral Customers' notes. Federal Reserve Bank. m p c G u a e r o p n e v e t d e r w r b s n e a y - - r G S o ec v u e r r e n d m b en y t Otherwise a a T c n c r c a e e d p s e t . - B a a a c n n c c e k e p e s t r . - s' d A is l c lo o t u h n e t r s. Total. m in a t d u a r y it s y . A ( b 3 v 6 a r e a s 5 i r - t s e a d ) g a . y e obligations. war obliga- secured. tions. Per cent. Boston...!.... $32,126,812 $270,424,246 $793,000 i $348,356 $25,000 $10,334,270 1314,051,684 11.85 4.18 New York 41,329,289 3.282,979,949 6 3,567,082 261,992 167,562,782 3,495,701,094 6.49 4.04 Philadelphia.. 21,821,228 '928,134,397 25,500 270,787 53,464,066 1,003,715,978 6.69 4.01 Cleveland 7,216,667 267,276,380 222,000 1,506,098 24,206,016 300,427,161 13.16 4.12 Richmond 4,357,478 321,731,170 3,719,000 466,194 14,648,032 344,921,874 9.79 4.31 Atlanta....... 3,137,658 182,040,760 2,738,500 522,391 24,349,417 212,788,726 16.95 4.19 Chicago ... 4,321,217 302,664,200 407,110 484,222 70,133,233 378,009,982 20.29 4.36. St. Louis 3,356,958 179,143,487 166,000 674,714 75,000 24,948,541 208,364,700 14.10 4.29 Minneapolis... 109,588 54,050,800 115,000 99,953 12,475,654 66,850,995 19.39 4.44 Kansas City.., 2,231,991 98,807,348 19,658,957 384,550 18,878,711 139,961,557 20.76 4.55 Dallas 553,820 103,036,973 1,956,500 58,465 11,706,254 117,312,012 18.91 4.3§ San Francisco, 1,900,002 125,533,090 2,236,593 26,462 14,353,347 144,049,494 16.41 4.39 Total.... 122,462,708 6,115,822,800 29,801,567 10,619,405 388,454 447,060,323 6,726,155,257 9.43 4.1& & Includes S140?152 of trade acceptances in the foreign trade. s Includes $1,187,079 of trade acceptances in the foreign trade. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1084 FEDERAL KESEBVE BULLETIN, 1919. Bankers* and trade acceptances in the foreign and domestic trade and finance bills purchased during the month of September, 1919; also average rates and maturities of total bills purchased by each Federal Reserve Bank. Bankers' acceptances, Trade acceptances. Federal Reserve Bank. d I o n m t e h s e tic f I o n r e t i h g e n Total. do In m e th st e ic f I o n r e t i h g e n Total. Fi b n i a ll n s. ce j ch T b p a o i u s l t r l e a s - d l . m A in a v t d e u a r r a y i g t s y e . A (3 b v 6 a r e 5 a s r - i t a e d s g ) a . e y . trade. trade. trade. trade. Boston....... $4,278,178 $16,074,917 $20,353,090 $20,353,090 29.52 New York.... 11,593,646 52,114,666 63,708,212 $50,000 $577,821 $627,821 $124,053 64,460,086 36.65 Philadelphia.. 115,478 571,738 687,216 687,216 49.70 Cleveland..... 7,291,861 15,593,423 22,885,284 384,504 181,047 565,551 23,450,835 49.93 "Richmond..., 1,404,079 3,822,000 5,226,079 5,226,079 36.38 Atlanta....... 3,229,498 • 721,072 3,950,570 3,950,570 59.45 Chicago ... 5,213,178 18,818,586 24,031,764 24,031,764 60.50 St. Louis..... 1,136,218 6,077,057 7,213,275 7,213,275 48.67 Minneapolis... 4,600,432 7,941,183 12,541,615 157,000 12,698,615 54.42 E^ansasCity.. 600,000 600,000 600,000 78.25 Dallas........ 575,272 450,000 1,025,272 1,025,272 58.10 San Francisco 8,519,496 31,220,557 39,740,053 45,088 1,534,977 1,580,065 31,415 41,351,533 54.86 Total... 48,557,231 153,405,199 201,962,430 479,592 2,293,845 2,773,437 312,468 205,048,335 £.15 4.25 Amounts of bills discounted and acceptances bought by each Federal Reserve Bank during July, August and September\ 1 1919, distributed by maturities. , 15-day maturities. 30-day maturities. 60-day maturities. Federal Reserve Bank,. Discounts. Acceptances. Total. Discounts. Acceptances. Total. Discounts. Acceptances. Total, Boston........... $854,792,064 $27,134,601 $881,926,665 $10,141,295 $14,933,934 $25,075,229 $16,545,600 $23,310,798 $39,856,398 New York....... 10,853,552,453 79,958,754 10,933,511,207 9,571.247 48,449,655 58,020,902 25,466,697 43,188,831 68,655,528 Philadelphia..... 2,950,776,573 569,180 2,951,345,753 1,478,222. .1,478,222 1,667,876 60,000 1,727,876 Cleveland........ 835,163,017 7,149,475 842,312,492 5,734,611 11,402,765 17,137,376 9,639,600 20,471 145 30,110,745 Richmond....... 1,103,200,183 1,708,600 1,104,908,783 9,826,072 7,788,916 17,614,988 13,683,522 3,449,275 17,132,797 Atlanta.......... 538,379,313 878,934 539,258,247 5,862,236 2,266,500 8,128,736 11,871,581 3,236,436 15,108,017 Chicago... 1,023,862,238 14,028,923 1,037,891,161 14,254,434 3,444,963 17,699,397 34,322,337 30,756,425 St. Louis......... 469,337,826 6,559,208 475,897,034 8,417,407 1,393,161 9,810,568 10,626,206 7,538,727 Minneapolis...;.: 119,032,717 73,487 119,106,204 2,509,791 2,030,651 4,540,442 8,441,057 16,939,440 25,380,497 Kansas City...... 312,209,990 312,209,990 4,605,520 4,605,520 15,210,158 15,210,158 Dallas... •....-•. 287,434,576 226,000 287,660,576 3,373,405 785,103 4,158,508 7,561,698 365,000 7,926,698 San Francisco...... 377,192,993 378,598,886 1,928,267 11,123,295 13,051,562 5,385,077 40,513,688 45,898,765 Total....... 19,724,933,943 139,693,055 19,864,626,998 77,702,507 103,618,943 181,321,450 160,421,409 j 189,829,765 350,251,174 90-day maturities. Over 90-day maturities. Total. Federal Reserve Bank, Discounts. Acceptances. Total. Discounts. Acceptances. Total. Discounts. Acceptances. Total. Boston........— $84,001,440 $22,511,684 $106,513,124 $10,244 $10,244 $965,490,643 $87,891,017 $1,053,381,660 New..York-..'-..... 125,286,172 86.892,314 212,178,486 i 1,600 1,600 11,013,878,169 258,489,554 11,272,367,723 Philadelphia...... 4,641,814 846,731 5,488,545 I 1,000 1,000 2,958,565,485 1,475,911 2,960,041,396 Cleveland......... 9,549,228 31,415,587 40,964,815 23,349 23,349 860,109,805 70,438,972 930,548,777 Richmond........ 20,768,696 3,310,000 24,078,696 351,564 351,564 1,147,830,037 16,256,791 1,164,086,828 Atlanta... ..... 15,011,517 4,657,135 19,668,652 1,494,667 1,494,667 572,619,314 11,039,005 583,658,319 Chicago........ 43,937,905 29,764,628 73,702,533 2,904,395 2,904,395 1,119,281,309 77,994,939 1,197,276,248 St. Louis............ 18,925,624 6,637,962 25,563,586 305,077 305,077 507,612,140 22.129,058 559,741,198 Minneapolis....... 2,780,419 12,074,369 14,854,788 833,285 833,285 133,597,269 31,117,947 164,715,216 Kansas City 15,575,551 ! 621,115 16,196,666 6,361,620 6,361,620 353,962,839 621,115 354,583,954 Dallas............. 9,020,094 776,650 9,796,744 4,147,868 4,147,868 311,537,641 2,152,753 313,690,394 San Francisco..... 11,601,180 43,093,852 54,785,032 2,570,448 2,570,448 398,767,965 96,136,728 494,904,698 Total..*..... 361^189,648 242,602,027 603,791,667 19,005,117 19,005,117 20,343,252,616 675,743,790 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1,1919. FEDERAL, RESERVE BULLETIN. 1085 Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks from July 1 to September SO, I9 [In thousands of dollars; i. e., 000 omitted.) Rediseounted or sold by Federal Reserve Bank of— D b is y c ou F n e te d d e r o a r l pu R rc e h s a er s v e e d New Yori Philadelphia. Richmond Atlanta. a M po in li n s e . - Dallas. bank of— • 1 July. August.tem Se b p- er. July. August. tem Se b p- er. July. August.tem Se b p- er. tem Se b p- er. te S m e b p- er. July. August. tom Se D p- er. New York 22 Cleveland... 10.012 •3 666 Chicago- 114,000 40.000 63.000 (35,000 50,137 25,000 20,500 16,500 7,000 30,000 St. Louis 20,000 51,709 10,000 Minneapolis.... . . . 7,000 80,000 36^ 100 35,000 2,500 • ... 4 000 Kansas City io,6i3 15.010 ........ San -Francisco 27,043 10,028 7.; 0,88 Total................... 37,055 20,041 22,098 114,000 47,000 63,000 165,000 137,946 70,000 26,000 | 22 16,500 11,000 30,000 Purchased bills. 37 055 20 041 22 098 22 Discounted bills 114,000 47,000 63,000 165,000 137,946 70,000 26,000 16,500 11,000 30,00» 1 Rediseounted or sold by all Federal. Reserve Banks, Discounted or purchased by Federal Reserve During July, August, and September, 1919. Total since Jan. 1,1919. Bonk of— July. I August, September. I Total. ! Pu{ bi S ll ! s ? . sed Dis b c i o l u ls n . ted I I Total. Pur b c i h ll a s. sed Dis b c i o l u ls n . ted New York 22 22 22 55,178 15,178 40.000 Cleveland 3,000 13,012 10,012 3,000 l 259,252 | 30,235 229,017 Chicago 97,137 138,500 4.31,137 L, 431,137 I 1,132,970 25,136 1,107,834 St. Louis. 51,709 10,000 81,709 L. 81,709 j 136,780 5,071 131,70ft Minneapolis. 47 100 37,500 164,600 L. 164,600 437,895 j 19,282 418,613 Kansas City. 10,013 I 15,010 25,023 ! 25,023 .....; 40,093 I 35,093 5,006 San Francisco. 10,028 j 7,088 44,159 I 44,159 j. 311,583 I 111.583 Total............... 211,120 759,662 |. ! 2,173^751"]. Purchased bills 22,120 79,216 241,578 Discounted bills 189,000 680,446 I I,932,178 discounted hills, including member banks7 collateral notes, held by each Federal Reserve Bank on the last Friday in September, 1919y distributed by classes. [In thousands of dollars: i. e.y 000 omitted.] Member banks' col- j (Customers' lateral notes. j ! paper se- Federal Reserve Bank. A p t g a u r p r ic e a u l r. l- paper. c G ur o e v d e b r y n-. Se G c o u v re e d rn b - y jc T e r p a t d a e n c a e c s - J B S an e k s e ~ r s' | d A is ll c o o u th n e t r s. Total. i 1 . m o e b n li t g a w - ar m o e b n l t i g w a- ar O s t e h c e u r r w ed is . e ! tions. tions. Boston 75,200 48,591 ! 423 119 8,606 333,302 New York , 148 80,386 537,451 \. 2,892 159 44,508 665,544 Philadelphia... 57 11,665 168,486 I 407 19 21,219 201,856 Cleveland 34 2 | 9,174 102,461 i 162 1.551 16,726 130,110 Richmond..... 3,207 18 | 14,196 57,901 | 2,005 839 14,002 92,288 Atlanta ... 4,237 1,036 j 5,220 66,088 ! 1,713 581 19,301 Chicago 6,000 160,455 } 227 437 39,592 218,546 St. Louis 557 •'"mi 6,611 53,570 ! 316 762 145 22,385 84,538 Minneapolis.... 493 2,618 I 110 34,476 ! 88 5,073 42,858 Kansas City 4,149 15,305 | 1,464 43,021 i 11,815 613 37 11,767 88,171 Dallas 9,844 5,280 ! 805 31,225 526 8,022 55.702 San Francisco.. 4,371 2,822 | 3,136 48,751 100 2,368 9,583 7i; 132 Total. 27,273 i 214,027 1,358,476 17,230 10,961 479 220,904 7,882,282 Percent.. .... 1.8 1.4 11.4 72.2 0.9 0.6 11.7 100 Total, September, 1918. 35,440 48,703 158,265 1,062,176 39,593 349,999 *, 718,430 Percent.. , 2.1 2.9 9.2 G2.0 ' '100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1086 FEDERAL RESERVE BULLETIN. NOVEMBER 1, Acceptances purchased and held by each Federal Reserve Bank on Sept. 80,1919, distributed by classes of accepting institution* [In thousands of dollars; i. e., 000 omitted.l Bank acceptances. Trade acceptances. Federal Reserve Bank. I ! M b e a m nk b s e . r m p t N c e a r o m n o u m i n s b e t - - s e . r m b S N e a t m n o a k n t b e - s e . r I P b r a i n v k a s t . e b F , r o b a a r n a n e c n d i h k g e n s Total. Domestic. Foreign, j i Total. Q to n t u a i l i , l Boston 34,686 455 703 3,648 i 365 39,857 New York 1,648 9,061 I 12,505 i 9,195 65,389 288 813 1,101 Philadelphia '307 100 ! 218 ! 63 t Cleveland 22,668 2,058 3,239 i 3,250 i 2,151 "92 *29i' Richmond 6,,33199 6,319 Atlanta 55,29323 5,923 I , , Chicago 34,912 55 475 1,844 185 37,471 : i j 37,471 St. Louis 6,434 225 224 564 9,107 i | | ! «,m.' Minneapolis 16,381 682 304 550. 18,278 I ! i ! 18,27* Kansas City 7,021 1,721 480 10,085 i ! i ! 10,0K,*, Dallas...... 844 844 i i 8*4 San Francisco 40,309 2,018 8,615 10,564 j 8,320 211 1,281 1,492 71,31* Totals: Sept. 30,1919. 208,784 8,255 24,821 33,420 I 21,873 297,153 591 2,385 2,976 300,1 Pi Aug. 30,1919.. 264,827 3,111 32,665 43,815 j 20,955 365,373 561 1229 1,790 307,Ifci July 31,1919.. 269,568 8,935 31,928 42,593 18,967 371,991 576 673 1 249 373,240 Sept. 30,1918. 233,926 2,859 2,479 27,551 13,999 280,814 2,745 5,761 8,506 280,331) Sept. 29,1917. 131,997 14,987 2,193 21,708 I 2,286 173,171 6,942 180,1 IK Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NoysMBBB 1, 1919. FEDERAL RESERVE BULLETIN, 1087 OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM SEPT. 16 TO OCT. 15, 1919. Items drawn on banks in Items drawn on banks in dis- Total items drawn on banks Federal Reserve city (daily trict outside Federal Re- in own Federal Reserve average). serve city (daily average). district (daily average). Number. Amount. • "Number. Amount. Number. Amount. Boston.... 20,830 95,422 $15,807,002 116,252 $41,756,828 New York 29,237 81,130,871 143,156 73,677,839 172,393 154,808,710 Philadelphia... 48,868 33,913,950 56,848 8,544,079 105,716 42,458,02$ Cleveland 7,204 9,417,088 | 87,438 28,643,958 94,642 38,061,046' Richmond . 3,061 7,964,434 62,028 20,287,053 65,089 28,251,487 Atlanta........ 3,671 4,550,589 33,340 10,040,019 37,011 14,590,608 Chicago 26,305 30,725,000 i 95,843 18,064,000 122,148 48,789,000 St. Louis...... 6,606 10,763,307 I 54,907 9,943,114 61,513 20,706,421 Minneapolis 8,923 11,119,096 I 29,244 3,054,874 36,167 14,173,970 Kansas City... 6,598 12,453,253 | 81,705 15,406,291 88,303 27,859,544 Dallas 1,703 2,642,080 I 37,236 9,149,307 38,939 11,791,387 San Francisco. 3,755 4,443,118 I 47,695 10,800,026 51,450 15,243,144 Totals: Sept. 16 to Oct. 15,1919... 164,761 235,072,612 824,862 223,417,562 919,623 458,490,174 Aug. 16 to Sept. 15, 1919. 149,460 208,529,081 761,680 202,812,209 911,140 411,341,290 July 16to Aug. 15,1919... 139,678 194,733,618 731,680 176,612,134 871,358 371,345,752 Sept. 16to Oct. 15,1918... 64,931 208;639,006 495,441 169,025,374 560,372 377,664,380 Ite i ( n m d a s i l d o y r t a h a w e v r e n r a o g n d e i ) s b . t a r n ic k t s s Ite p b m a ra r s e n h n c a t h n e d s b l ( e a d d n a k i b l s y y b a a v o n e th d r- Ite u S m r t e a s r t e d s o r a f w (d t n h a e i o l n y U T n a re v it a e e s r d - - b N m d a i u e s n m m t k r s i b b c e e i t n r r . b n N e o o u r n l n i m b m s p a t b e a . n e r m k r s - p m s I a o o t n u v h r t c h a t i a o n u e t n e g r r a - d s l banks Number. Amount. Number. Amount. Number. Amount. not on par list. Boston 13,724 $13,381,162 5,229 11,053,109 430 242 New York 38,870 22,820,878 1,984 $960,709 37,641 28,841,970 746 322 Philadelphia ...,...., 26,922 9,649,316 5,817 2,210,813 674 409 Cleveland.. 3,849 4,072,707 2,681 1,423,107 5,202 1,019,213 841 1,025 64 Richmond .......... 7,986 7,741,748 491 805,605 1,976 395,076 575 443 1,019 Atlanta. 3,452 3,312,945 4,033 2,279,072 3,290 1,365,560 431 348 1,220 Chicago 7,473 1,784,000 538 550,000 13,552 2.032,000 1,363 3,211 986 St. Louis 894 493,091 1,008 313,764 5,600 562,422 530 1,848 801 Minneapolis. 1,808 1,549,579 1,129 154,575 909 1,504 1,369 Kansas City............ 8,287 5,994,756 4,149 2,000,141 5,168 386,222 1,019 2,828 45i Dallas.......... 4,645 2,389,591 4,221 795,813 4,242 859,072 748 750 405 San Francisco. 1,477 1,775,705 4,057 2,289,777 4,591 6,292,609 689 922 142 Totals: Sept. 16 to Oct. 15,1919. 119,387 74,965,478 23,162 11,417,988 93,437 45,272,641 8,955 13,852 0,5T Aug. 16 to Sept. 15,1919. 107,279 66,883,891 21,959 10,984,785 77,201 51,935,604 8,920 13,040 7,178 July 16 to Aug. 15,1919.. 110,817 66,552,940 20,787 9,119,203 83,659 57,868,769 8,694 12,578 7,621 Sept. 16 to Oct. 15,1918. 89,455 70,992,919 13,033 11,127,973 106,539 51,048,149 8,510 10,318 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1088 EEDEKAL RESERVE BULLETIN. NOVBMBBB 1, 1919. OPERATIONS OF THE FEDERAL RESERVE BANKS. Aggregate increases of 248.7 millions in earn- such paper declined from 70.2 to 43.1 millions, ingmssets, primarily discounted bills, a further this being the amount held under rediscount addition of 98.1 millions to the Federal Reserve by the Chicago bank for the Philadelphia, Richnote circulation, and a gain of 28.7 millions in mond, Atlanta, and Dallas banks. Similarly gold reserves represent the principal changes acceptance holdings of the several banks are in condition of the Federal Reserve Banks dur- inclusive of the amounts of bank acceptances ing the four weeks between September 26 and purchased from other Federal Reserve Banks. October 24. The total of these bills sho^s a decline from War paper holdings of the Federal Reserve 31.7 to 12.7 millions, all held by the San Fran- Banks show a continuous increase from 1,572.5 cisco bank. millions on September 26 to 1,698.9 millions Government deposits fluctuated between 61.3 on October 17 and a reduction to 1,666.1 mil- and 133.6 millions, and at the end of the period lions the following week. Other discounts stood at about 84 millions, or 22.7 millions on hand show an increase during the first three higher than at the beginning of the period. weeks from 309.7 to 422.8 millions, and a re- Members7 reserve deposits attained-their maxiduction during the next week to about 416 mum—1,841.1 millions on October 17—and millions, the total increase for the period under declined to 1,813.6 millions the week after, the review being 106.3 millions for commercial pa- increase for the period being 82.2 millions. per proper, as against 93.6 millions for war Other deposits, including foreign Government paper. While all the banks, except those at credits, likewise reached their maximum on Richmond, St. Louis, and Dallas, report sub- October 17, when 101.4 millions were reported, stantial increases in their holdings of discounts while the October 24 total of 98.9 millions is other than war paper, over 80 per cent of the 3.2 millions larger than at the beginning of the increase represents the combined shares of the period. Net deposits, except for the latest New York, Chicago, and Minneapolis banks. week under review, show a; continuous growth, Acceptances on hand show some fluctuations, and on October 24 figure out at 1,792.4 millions, net liquidation in the beginning of October or 158.3 millions larger than four weeks before. being followed by additions to the volume held Federal Reserve note circulation went up from during the latter part of the month, the October 2,655.4 to 2,753.5 millions, or at the rate of 24 holdings being 26.3 millions larger than four 24.5 millions a week. Most of the increase in weeks before. It is interesting to note that note circulation took place during the earlier October 24 acceptance holdings of the San part of the period; in fact, for the last week Francisco bank, 97.2 millions, are but slightly under review only a nominal increase of less below those of the New York bank, these two than a million dollars is noted. During the banks reporting over one-half of the total same period the banks7 aggregate liabilities on acceptances held by all the 12 banks. An Federal Reserve bank notes increased steadily increase in Treasury certificate holdings from from 239.5 to 251.6 millions. 251.1 to 273.6 millions represents in part addi- Transfer to London of about 61 millions of tional investments in one-year 2 per cent cer- gold held in custody heretofore by the national tificates to secure Federal lieserve Bank notes, banks of Belgium and the Netherlands and partly also temporary purchases of these securi- inclusion of the amounts transferred among the ties from nonmember banks, largely by the reserves of the Federal Reserve Banks, also New York bank. As the result of the above gold deposits by the Treasury, were partly operations the total earning assets of the banks offset by export withdrawals of gold, the net increased from 2,503.1 on September 26 to result being an increase in the gold holdings of 2,761.3 millions on October 17, and stood at the banks by 28.7 millions. This moderate in- 2,751.8 millions on October 24, or 248.7 millions crease in reserve is, however, more than outabove the total shown four weeks earlier. weighed by the large increases in the deposit War paper holdings of the several Federal and Federal Reserve note liabilities of the Reserve Banks include amounts held under banks, as may be seen from the decline of the rediscount for other Federal Reserve Banks. reserve ratio during the period from 51 to 48,7 During the period under review the total of per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1,1919. FEDEKALr BESERVE BULLETIN. 1089 Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Oct. 3 to Oct. 24 } [In thousands of dollars; i. e., 000 omitted.] RESOURCES, Boston. Y N o e r w k. P p d h h e i i l l - a a . - C la le n v d e , - m R o ic n h d - . ilanta c C a h g i o - . Louis. M ap i o n l n is e . - K C an it s y a . s Dallas. F c S i r s a a c n n o - . Total. Gold coin and certificates: Oct.3 . 7/003 153,957 1,152 15,229 2,319 7,880 24,054 3,465 8,310 87 6,987 11,962 242,405 Oct. 10 7,288 150,542 1,124 13,319 2,206 7,862 24,047 3,256 8,319 138 7,014 20,370 245,485 Oct.17 7,489 160,809 1,018 15,321 2,232 7,801 24,213 3,050 8,275 149 7,041 14,556 251,954 Oct.24 7 717 155,967 1,101 15,492 2,257 7,850 24,239 2,932 8,320 173 7,200 15,127 248,375 Gold settlement fund, Federal Reserve Board: Oct.3 45,160 127,380 31,142 52,423 30,070 [09,391 12,912 26,469 25,782 5,171 41,571 516,335 Oct. 10 58,982 56,301 34,528 51,746 28,906 7,553 [45,387 16,409 14,535 33,226 7,207 42,124 496,904 Oct. 17........ 57,884 43,171 35,346 52,375 27,758 8,505 .20,408 16,283 14,290 31,698 5,133 48,342 461,193 Oct. 24....................... 66,845 100,792 31,515 42,686 33,647 7,868 98,371 14,114 10,782 24,866 5,589 28,460 465,535 Gold with foreign agencies: Oct.3 7,949 39,964 8,711 8,929 5,336 3,920 12,958 5,118 2,940 5,227 2,831 5,009 108,892 Oct. 10 7,891 39,6.73 8,648 8,864 5,297 3,892 12,864 5,081 2,940 5,189 2,811 4,973 108,123 Oct.17... 7,805 39,239 8,553 8,767 5,239 3,849 12,723 5,025 2,887 5,132 2,780 4,918 106,917 Oct. 24 9,707 48,805 10,639 10,905 6,516 4,787 15,825 6,250 3,591 6,383 3,458 6,117 132,983 Gold with Federal Reserve agents: Oct.3........ 74,166 287,654 73,946 [34,536 34,096 45,576 272,036 49,553 34,506 35,961 19,918 04,450 1,166,398 Oct. 10 71,272 285,358 79,167 [36,261 37,237 48,654 277,635 54,434 38,476 34,521 21,314 .02,368 1,186,697 Oct.17 70,382 284,406 78,795 [33,120 40,786 49,619 66,857 37,823 35,233 21,497 .00,656 1,201,302 Oct.24...................... 67,467 283,000 75,058 .32,740 39,215 50,918 285,649 70,013 37,119 35,110 22,028 99,616 1,197,933 Gold redemption fund: Oct.3 11,794 25,000 13,539 5,165 6,436 2i,11 5,693 3,936 4,079 2,524 1,143 101,252 Oct. 10..................... 14,457 24,872 8,385 290 6,564 5,456 14,940 5,640 4,900 5,398 3,079 138 94,119 Oct.17 17,281 24,872 10,007 737 7,600 6,139 19,836 6,080 5,520 4,588 3,338 1,079 107,077 v Oct.24 19,951 24,780 12,656 401 8,632 6,107 13,555 5,053 1,166 4,623 2,779 2,076 101,779 Total gold reserves: Oct.3 146,072 633,955 [28,490 211,942 76,986 72,676 [39,557 76,741 76,161 71,136 37,431 164,135 2,135,282 Oct. 10.... ......;... 159,890 556,746 131,852 210,480 80,210 73,417 [74,873 84,820 69,170 78,472 41,425 169,973' 2,131,328 Oct.17...................... 160,841 552,497 133,719 210,320 83,615 75,913 97,295 68,795 76,800 39,789 169,551 2,128,443 Oct.24 171,687 613,344 [30,969 202,224 90,267 77,530 [37,639 60,978 71,155 41,054 151,396 2,146,605 Legal tendernotes, silver, etc.: Oct.3. 5,942 52,260 241 238 1,111 1,060 5,988 436 1,802 192 70,229 Oct. 10...... 5,4.11 53,545 266 915 225 1,089 1,090 5,954 272 1,704 227 70,772 Oct.17 5,501 53,374 239 903 191 1,097 1,254 5,734 1,751 255 70,742 Oct.24 5,504 50,585 153 906 223 1,190 1,437 5,534 57 1,822 2S5 Total cash reserves: Oct.3.... 152,014 686,215 128,731 212,835 77,224 73,787 440,617 82,729 76,227 71,572 39,233 164,327 2,205,511 Oct. 10.. 165,301 610,291 132,118 211,395 80,435 74,506 475,963 90,774 69,244 78,744 43,129 170,200 2,202,100 Oct.17........ 166,342 605,871 133,958 211,223 83,806 77,010 460,562 103,029 68,858 77,180 41,540 169,886 2,199,185 Oct.24 177,191 663,929 131,122 203,130 90/490 78,720 439,076 103,896 61,035 71,415 151,681 2,214,561 Bills discounted: Secured by Government war obligations!— Oct.3 122,745 674,010 175,243 119,263 75,099 73,667 181,605 59,685 35,042 34,924 54,045 1,654,166 Oct. 10....... ... 120,944 697,763 182,038 120,582 80,471 72,184 165,002 58,095 33,528 51,814 36,480 53,896 1,672,797 Oct.17 121,104 698,653 181,508 122,463 83,178 71,530 179,599 56,966 37,203 53,524 38,129 55,028 1,698,885 Oct.24........... . 109,146 675,336 182,789 116,920 85,780 71,174 186,790 58,424 33,204 52,280 39,263 54,949 1,666,055 All other— Oct.3..... 72,578 21,290 21,464 20,312 31,110 52,749 32,473 12,572 45,480 24,118 18,545 361,771 Oct.10............ 10,456 104,877 21,418 21,526 18,641 31,792 48,903 32,189 19,373 45,307 23,711 22,865 401,058 Oct.17................. 12,877 116,668 25,061 24,960 18,013 35,923 46,155 26,059 21,823 48,645 23,677 22,981 422,842 Oct.24 11,641 105,083 23,252 23,793 17,125 33,988 57,022 22,231 25,645 23,465 22,841 416,084 Bills bought in open market:2 Oct.3 4.1,675 87,682 645 35,588 6,022 5,982 38,557 9,106 19,944 621 766 80,079 Oct.10 45,880 80,400 645 34,814 5,663 6,924 40,826 7,343 19,156 621 659 83,951 326,852 Oct.17 . 46,078 85,315 618 36,240 5,577 8/564 42,006 7,444 19,270 521 1,100 90,205 342,938 Oct.24 i 46,385 97,925 601 39,779 5,357 10,282 43,358 6,213 19,622 471 1,640 97,213 17. S. Government bonds: Oct.3 539 1,257 1,'385 1,094 1,234 375 4,477 1,153 116 2,632 27,095 Oct.10 539 1,257 1,385 1,094 1,234 375 4,477 1,153 116 8,867 3,966 2,633 27,096 Oet.17..................... 539 1,257 1,385 1,094 1,234 375 4,477 1,153 116 3,966 2,633 27,097 Oct.24.... ... 539 1,257 1,385 1,094 1,234 375 4,476 1,153 116 3,966 2,632 27,095 IT. S. Victory notes: Oct.3.. 50 5 73 Oct.10. 50 5 73 133 Oct.17.... 50 5 27 87 Oct.24 50 5 27 U.S. certificates of indebted- Oct.3 21,731 69,471 28,682 24,704 10,560 13,464 40,840 17,068 8,265 12,124 7,700 8,539 263,148 Oct.10........... 23,166 69,771 28,793 24,604 11,160 13,464 42,216 17/068 11,904 7,700 9,397 267,551 Oct.17........... 21,670 72,465 29,182 24,714 11,360 14,464 39,872 17,099 8,914 12,366 8,200 9,108 269,414 Oct.24 22,042 73,473 29,188 24,733 11.660 14,. 464 40,523 17,099 9,094 12,344 8,200 10,765 273,585 Total earning assets: Oct.3 195,778 905,048 227,245 202,113 113,227 124, 318,228 119,485 76,012 115,930 71,474 l@3,840 2,632,983 Oct.10 200,990 954,118 234,279 202,620 117,169 ^124,744 301,424 115,848 80,554 |118,513 72,516 172,712 2,695,487 Oct.17 202,273 974,408 237,754 209,471 119,362 ; 130,861312,109 108,721 87,353 123,924 75,072 179,9§i 2,761,263 Oct. 24........... —(757 953.124 237,215 206/319 121,156 130.288 332,169 105,120 87,708*123,961 76,534 188,489 2,751,751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1090 FEDERAL RESERVE BULLETIN. NOVEMBUB'1, 1919. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Oct. S to Oct. 24,1919—-Continued. [In thousands of dollars, i. e., 000 omitted.] RESOURCES—Continued. | Boston. Y N o e r w k. P p d h h e i i l l a - a . - C la le n v d e . -1 m R o ic n h d - . Atlanta c C a h g i o - . Lo S u t i . s. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F C S r is a a c n n o r . Total. Bank premises: Oct 3 2,089 3,994 500 890 447 476 2,936 691 402 359 400 13,184 Oct. 10 2,212 3,994 500 890 446 490 2,936 691 402 358 400 * 13,319 Oct. 17. ......... 2,211 3,994 500 890 463 490 2,936 691 402 359 400 13,336 Oct. 24. 2,212 3,994 500 889 463 490 2,936 690 402 382 400 13.358 Gold in transit or in custody in foreign countries: Oct.3 46,355 ........ 46,355 Oct. 10 . •• 46,355 46,355 Oct. 17 46/355 46,355 Oct. 24 19,242 19,242 ITncollected items and other deductions from gross deposits: Oct. 3.... 73,687 201,352 76,938 66,326 68,879 37,374 105,062 57,873 21,324 75,421 37,613 40,106 861,955 Oct. 10 .. .. .... 61,166 195,105 72,830 62,100 78 202 39,419 90,585 74,952 23,220 71,735 45,192 39,152 853,658 Oct. 17. 98,011 287,801 100,822 87,240 87,816 45,330 136,171 72,034 20,548 76,154 55710 48,175 1,115,812 Oct. 24......... .... 68,387 218,507 77,865 78,239 79,786 42,713 99,626 66,894 22,717 74,532 45,919 42,823 918,008 5 per cent redemption fund against Federal Reserve bank notes: Oct. 3 ...... . l>072 2,703 1.400 1,114 404 688 1,496 740 378 892 485 525 11,897 Oct. 10.......... 1072 2,799 ! l'.400 1,170 375 667 2,019 811 366 892 515 550 12,636 Oct. 17 1,071 2,769 1450 1,086 375 699 1,944 635 334 892 511 565 12,331 Oet.24.......... ....... 1,072 2,651 1,446 1,126, 375 739 2,123 702 314 892 526 605 12,571 All o>ther resources: Oct.3 . ...... 313 2,316 1,337 695 1,016 241 1,444 578 138 545 758 865 10,246 Oct. 10.... 307 2,073 498 678 741 361 1,180 589 156 550 532 829 8,494 Oct. 17 .... 318 5,286 1,371 749 939 911 1,220 624 162 511 512 927 13,530 Oct 24 . .. 324 2,351 781 847 835 242 1,323 469 164 515 432 856 9,139 Totalresources: Oct.3 424,953 1,847,983 436,151 483,973 261,197 237,169 869,783 262,096 174,079 264,762 149,922 370,063 5,782,131 Oct. 10 ... 431,048 1,814,735 441,625 478,853 277,368 240,187 874,107 283,665 173,540 270,836 162,242 383,843 5,832,049 Oct. 17 ...... 470,226 1,926,484 475,855 5(10,659 292,761 255,301 914,942 285,734 177,255 279,063 173,704 399,828 fi.161.812 Oct. 24 438,943 1,863,798 448,929 490,550 293,105 253,192 877,2*53277,771 171,938 271,717 166,669 384,765 5.938.630 * Includes bills discounted for other FederalReserve Banks: Oct 3 56,790 7,000 63,790 Oct. 10... .. 45,340 5,000 50,340 Oct. 17 ........ 48,720 5,000 53,720 Oct. 24... 43,052 43,025 2Includes bankers' acceptances bought from other Federal Reserve Banks without their indorsement: Oct 3 12,607 12,607 Oct 10 ! 10,996 10,996 Oct. 17 -•-••---j -- 13,668 13,668 Oct.24 12,662 12,662 i LIABILITIES. Capital paid in: Oct.3.. 7,034 22,045 7,762 9,406 4,314 3,380 12,078 4,010 3,037 3,901 3,324 5,059 85,350 Oct. 10 7,034 22,047 7,768 9,411 4,314 3,382 12,078 4,030 3,040 3,903 3,324 5,060 Oct. 17... 7,034 22,048 7,774 9,419 4,317 3,436 12,078 4,032 3,050 3,906 3,325 5,121 85,540 Oct. 24 ................. 7,034 22,051 7,774 9,418 4,317 3,436 12,185 4,025 3,051 3,928 3,327 5,317 85,836 Surplus fund: Oct.3 5,206 32,922 5,311 5,860 3,800 2,805 9,710 2,589 2,320 3,957 2,029 4,578 81,087 Oct. 10 5,206 32,922 5,311 5,860 3,800 2,805 9,710 2,589 2,320 3,957 2,029 4,578 81,087 Oct. 17..................... 5,206 32,922 5,311 5,860 3,800 2,805 9,710 2,589 2,320 3,957 2,029 4,578 81,087 Oct. 24. 5,206 32,922 5,311 5,860 t3,800 2,805 9,710 2,589 2,320 3,957 2,029 4,578 81,087 Government deposits: Oct.3............. -... 9,436 13,573 5,307 5,911 2,433 3,988 14,558 4,205 5,268 2,515 5,450 78,832 Oct. 10. 8,709 8,276 7,559 7,102 5,300 3,121 11,342 3,128 6,012 6,169 5,534 7,815 80,067 Oct. 17 12,285 45,907 10,251 13,322 1,148 5,412 12,974 6,123 4,741 7,159 4,250 10,067 133,639 Oct. 24....................... 6,181 40.206 7,733 5,008 5,358 3,508 4,937 3,162 1,328 2,170 2,914 1,479 83,984 Due to members-~r e s e r y e account: Oct.3. 107,305 740,091 100,485 129,103 54,622 47,213 248,210 61,348 54,793 77,004 44,678 101,011 1,765,863 Oct. 10. 114,432 738,429 102,147 124,870 55,140 46,086 247,889 67,050 51,315 77,107 49,638 103,756 1,777,859 Oct. 17. 122,372 752,519 104,546 133,838 56,784 47,366 258,688 63,970 53,755 85,452 51,400 110,411 1,841,101 Oct. 24... 116,372 737,434 105,719 126,876 58,882 49,988 254,194 64,986 54,068 83,256 53,156 108,632 1,813,563 Deferred availability items: OCt. 3..................... 55,359 171,215 67,574 62,836 59,348 34,506 75,966 46,103 15,564 55,500 28,099 19,898 691,968 Oct. 10.................... 53,328 145,586 65,438 55,284 66,885 33,931 77,872 58,648 16,055 59,745 28,611 27,351 688,735 Oct. 17..................... 78,773 205,982 9911,992299 73,784 78,965 41,715 102,967 59,308 18,409 59,111 38,570 32,643 882,127 Oot.24............. 170.096 69,001 69,434 34,412 77,833 52,962 15,750 58,864 31,365 26,529 733,264 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVBMBBB 1, 1919. FEDERAL RESERVE BULLETIN 1091 Resources and liabilities of each Federal Reserve Bank at close of business on Fridays. Oct. 8 to Oct. . 1919—Continued. [In thousands of dollars; i. e., 000 omitted.] LIABILITIES—Continued. 1 Boston. Y N o e r w k. 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 - . Atlanta Chi- Lo S u t. is. M ap i o n l n i e s. - City. Dallas. F c S i r s a a c n n o - . Total. Other deposits, including foreign Government credits: Oct.3 5,672 43,819 6,912 6,104 3,662 2,814 9,739 3,728 2,241 3,615 2,141 7,466 97,913 Oct. 10............ 43,178 6,773 6,140 3,625 3,207 9,263 3,851 2,167 3,772 2,125 7,413 97,203 Oct. 17..... 5,682 43,878 6,875 6,153 3,636 2,718 11,350 3,651 2,197 3,638 2,128 9,524 101,430 Oct. 24 5,717 44,146 6,695 6,146 3,655 2,922 9,664 2,193 3,654 2,015 8,235 98,878 Oct.3 177,772 180,278 203,954 120,065 348,473 117,367 76,803 141,387 77,433 133,825 2,634,576 Oct. 10......................182,158 935,469 181,917 193,396 130,950 86,345 346,366 132,677 75,549 146,793 85,908 146,335 2,643,863 Oct. 17............... 219,112 1,048,286 213,601 227,097 140,533 97,211 385,979 133,052 79,102 155,360 96,348 162,645 2,958,326 Oct. 24 188,658 991,882 189,148 204,623 137,329 90,830 346,628 124,946 73,339 147,944 89,450 144,875 2,729,652 Federal Reserve notes in actual circulation: Oct.3 .................. 211,341 761,705 213,801 241,221 121,695 128,384 457,059 120,420 83,406 96,927 56,798 215,429 2,708,186 Oct. 10 213,067 759,830 216,987 245,900 126,448 133,448 462,546 126,438 83,944 97,085 60,260 215,731 2,741,684 Oct. 17.....................215,092 758,191 219,271 243,718 131,791 137,215 462,597 128,315 83,979 96,490 61,143 214,767 2,752,560 Oct. 24. 213,903 750,809 216,396 246,295 135,114 140,943 463,729 128,611 84,236 96,275 60,930 216,216 2,753,457 Federal Reserve bank notes in circulation—net liability: Oct.3....../............... 21,248 51,700 26,631 21,335 9,909 12,818 39,030 16,510 7,602 16,980 9,324 8,850 241,937 Oct. 10..................... 21,192 52,813 27,135 21,940 10,365 12,878 39,848 16,666 7,692 17,407 9,626 9,614 247,176 Oct. 17.................... 21,270 52,675 27,251 22,088 10,783 13,202 40,847 16,439 7,758 17,578 9,731 10,053 I 249,675 Oct. 24... 21,352 52,953 27,537 21,730 10,931 13,633 40,956 16,247 7,853 17,716 9,751 10,931 ; 251,590 All other liabilities: Oct.3...................... 2,352 10,913 2,368 2,197 1,414 1,261 3,433 1,200 911 1,610 1,014 2,322 30,996 Oct. 10..................... 2,391 11,654 2,507 2,346 1,491 1,329 3,559 1,265 995 1,691 1,095 2,525 32,848 Oct. 17.................... 2,512 12,362 2,647 2,477 1,537 1,432 3,731 1,307 1,046 1,772 1,128 2,664 34,616 Oct. 24 2,790 13,181 2,763 2,624 1,614 1,545 4,045 1,353 1,139 1,897 1,182 2,848 36,981 Total liabilities: Oct.3 424,953 1,847,983 436,151 483,973 261,197 237,169 869,783 262,096 174,079 264,762 149,922 370,063 5,782,131 Oct. 10 431,048 1,814,735 441,625 478,853 277,368 240,187 874,107 283,665 173,540 270,836 162,242 383,843 5,832,049 Oct. 17 470,226 1,926,484 475,855 510,659 292,761 255,301 914,942 285,734 177,255 279,063 173,704 399,828 6.161,812 Oct. 24.................... 438,943 1,863,798 448,929 490,550 293,105 253,192 877,253 277,771 171,938 271,717 166,669 384,765 5,938,630 MEMOEANDA. Contingent liability as indorser on discounted paper rediscounted with other Federal Reserve Banks: Oct.3................ 17,625 19,905 8,920 17,340 63,790 Oct. 10..................... 9,850 15,000 6,650 18,840 50,340 Oct. '17..................... 19,410 10,000 9,060 15,250 53,720 Oct. 24..................... 12,815 5,000 9,337 15,900 43,052 Maturities of bills discounted and bought, also of Treasury certificates of indebtedness. [In thousands of dollars; i. e., 000 omitted.] Within 16 to 30 31 to 60 61 to 90 15 days. days. days. days. Bills discounted: Oct.3 ,657,457 117,639 167,570 2,015,937 Oct. 10............................... ,756,690 167,147 2,073,855 Oct. 17 ,777,863 109,132 162,437 2,121,727 Get. 24 ,721,280 115,589 143,163 2,082,139 Bills bought: Oct.3......................... 104,417 69,704 116,849 326,667 Oct. 10............................... 95 228 60,772 129,186 326,852 Oct. 17................................. 95,063 59,443 131,462 342,938 Oct. 24.... 88,601 79,954 124,124 368.846 United States certificates of indebtedness: Oct.3........................... 20,856 16,850 263,148 Oct. 10............................... 14,156 15,500 13,497 24.177 267,551 Oct. 17............................... 32,290 4,990 18,227 19,769 269,414 Oct. 24................................ 31,814 3,000 25,762 14,875 273,585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1092 FEDEKAL BESEBVE BULLETIN. NOVEMBER 1, 1919. FEDERAL RESERVE NOTES. Federal Reserve note account of each Federal Reserve Bank at close of business on Fridays from Get S to Oct. 241919. 1 (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 - . 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 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: Oct. 3 222,053 226,454 253,963 126,401 131,701 480,811 138,017 85,082 102,468 59,578 233,214 2,899,122 Oct. 10 .222,059 846,434 228,374 259,028 131,342 136,579 486,411 149,238 85,752 102 827 62,908 238,292 2,949,244 Oct. 17...... .......227,569 842,682 232,002 258,008 136,692 141,244 490,903 149,062 85,499 102,740 63,591 240,080 2,970,132 Oct. 24... 226,453 839,326 234,266 257,407 139,671 144,922 494,424 150,577 86,445 [102,117 63,962 241,040 2,980,610 Pederal Reserve notes held by ' banks: Oct. 3 10,712 77,675 12,653 12,742 4,706 3,317 23,752 17,597 1,676 5,541 2,780 17,785 190,936 Oct. 10 8,992 86.604 11,387 13,128 4,894 3,131 23,865 22,800 1,808 5,742 2,648 22,561 207,569 Oct. 17 12,477 84,491 12,731 14,350 4,901 4,029 28,306 20,747 1,520 6,250 2,448 25,313 217,563 Oct. 24 12,550 88,517 17,870 11,112 4,557 3,979 30,695 21,966 2,209 I 5,842 3,032 24,824 227,153 Federal Reserve notes in actual circulation: Oct. 3 .".......211,341 761,705 213,801 241,221 121,695 128,384 457,059 120,420 83,406 96,927 56,798 215,429 2,708,186 S Oct. 10 ... 213,067 759,830 216,987 245 900126,448 133,448 462,546 126,438 83,944 97,G85 60,260 215,731 2,741,6»4 "Oct. 17 215,092 758,191 219,271 243,718 131,791 137,215 462,597 128,315 83,979 96,490 61,143 214,767 2,752,569 Oct. 24 213,903 750,809 216,396 246,295 135,114 140,943 463,729 128,611 84,236 96,275 60,930 216,216 2,753,457 Gold deposited with or to credit of Federal Reserve agent: Oct.3 74,166 287,654 73,946 134.536 34,096 45,576 272,036 49,553 34,506 35,961 19,918 104,450 1,166,398 Oct. 10 71,272 285,358 79,167 136,261 37,237 48,654 277,635 54,434 38,476 34,521 21,314 102,368 1,186,697 Oct. 17 70,382 284,406 78,795 133,120 40,786 49,619 282,128 66,857 37,823 35,233 21,497 100,656 1,201,302 Oct. 24 67,467 283,000 75,058 132,740 39,215 50,918 285,649 70,013 37,119 35,110 22,028 99,616 1,197,933 Paper delivered to Federal Reserve agent: Oct. 3 173,500 833,652 156,749 173,964 95,037 102,791 272,793 101,264 60,952 94,939 139,194 2,264,643 Oct. 10 177,280 882,520 154,424 174,758 98,116 101,595 254,613 97; 467 63,876 97,742 60,850 149,333 2,312,574 Oct. 17.. 180,059 900,059 154,645 180,488 100,966 105,793 267,399 90,399 70,516 102,690 62,906 155,127 2,371,@4? Oct. 24..... 167,172 877,733 103,226 179,177 103,959 102,546 287,094 68,329 102,749 64,368 163,661 2,366?882 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1, 1919. FEDERAL RESERVE BULLETIN. 1093 Federal Reserve note account of each Federal Reserve agent at close of business on Fridays, Oct. 3 to Oct. 24, 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 ia - , 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 an it s y a . s Dallas. F S r a a n n- Total. cisco. FEDERAL RESERVE NOTES. Received from Comptroller: Oct.3.... 419,800 1,789,460 466,860 423,680 259,600 257,140 740,800 248,780 142,280 181,720 111,240 338,760 5,380,120 Oct. 10 428,400 1,805,760 466,860 423,680 266,260 261,000 753,760 262,120 145,480 183,720 118,980 345,920 5,461,940 Oct. 17 432,900 1,812,440 466,860 434,060 271,260 263,960 759,080 264,120 145,480 186,020 126,820 348,620 5,511,620 Oct. 24 439,480 1,827,220 472,860 435,860 278,120 274,000 770,680 265,080 145,480 186,020 131,740 350,620 5,577,160 Returned to Comptroller: Oct.3 ...155,247 824,080 205,546 140,897 108,671 74,904 225,269 92,453 45,668 71,362 41,892 99,346 2,085,335 Oct. 10 ....158,141 835,326 209,826 144,672 110,530 76,326 230^469 93,572 46,698 72,803 42,497 101,428 2,122,288 Oct. 17 -.161,031 845,758 212,698 146,812 111,980 77,361 235,977 95,148 47,351 74,090 42,814 103,140 2,154,160 Oct. 24 163,947 857,294 216,434 149,193 113,552 78,563 240,536 96,993 48,055 75,213 43,283 104,180 2,187,243 Chargeable to Federal Reserve agent: ^Oct.3: 264,553 965,380 261,314 282,783 150,929 182,236 515,531 156,327 96,612 110,358 69,348 239,414 3,294,785 Oct. 10 270,259 970,434 257,034 279,008 155,730 184,674 523,291 168,548 98,782 110,917. 76,483 244,492 3,339,652 Oct. 17 271,869 966,682 254,162 287,248 159,280 186,599 523,103 168,972, 98,129 111,930 84,006 245,480 3,357,460 Oct. 24 275,533 256,426 286,667 104,568 195,437 530,144 168,087 97,425 110,807 88,457 246,440 3,389,917 In hands of Federal Reserve Oct.3 42,500 126,000 34,860 28,820 24,528 50,535 34,720 18,310 11,530 7,890 9,770 6,200 395,663 Oct. 10 48,200 124,000 28,660 19,980 24,388 48,095 36,880 19,310 13,030 8,090 13 575 6.200 390,408 Oct. 17 44,300 124,000 22,160 29,180 22,588 45,355 32,200 19,910 12,630 9,190 20,-415 5', 400 387,328 Oct. 24 49,080 130,600 22,160 29,260 24,897 50,515 35,720 17,510 10,980 8,690 24,495 5,400 409,307 Issued to Federal Reserve Bank less amount returned to Federal Reserve agent for redemption: Oct.3 222,053 839,380 226.454 253,963 126,401 131,701 480,811 138,017 102,468 59,578 233.214 2, 899,122 Oct. 10 222,059 846,434 228,374 259,028 131,342 136,579 486,411 149,238 85,752 102,827 62,908 2381292 2,949,244 Oct. 17 227,569 842,682 232,002 258,068 136,692 141,244 490,'903 149,062 85,499 102,740 63,591 240,080 2,970,132 Oct. 24 226,453 839,326 234,266 257,407 139,671 144,922 494,424 150,577 86,445 102,117 63,962 241,040 2,980,610 Collateral held as security for outstanding notes: Gold coin and certificates- Oct.3 . 183,740 30,125 2,500 4,000 13,052 8,831 242,248 Oct. 10 183,740 32,125 ~,500 4,000 13,052 8,831 244.248 Oct. 17... 183,740 30,125 2,500 4,000 13,052 8,831 242,248 Oct. 24 183,740 30,125 2,500 4,000 13,052 8,831 242,248- Gold redemption fund— Oct.3 14,166 13,914 15,557 14,411 2,096 2,076 8,812 2,622 2,654 1,601 3,103 12,596 93,608 Oct. 10 14,272 11,618 11,278 14,136 3,237 2,654 8,611 3,503 1,624 2,161 3,499 11,515 88,108 Oct. 17 11,382 10,666 13,406 12,995 1,786 3,119 9,103 3,927 3,971 2,873 3,182 15,539 91,949 Oct. 24 13,467 9,260 14,669 12,615 2,215 2,918 8,544 4,082 3,267 1,750 3,713 14,499 90,999 Gold settlement fund, Federal Reserve Board— Oct.3.. 60,000 90,000 58,389 90,000 32,000 41,000 263,224 42,931 18,800 34,360 91,854 830,542 Oct. 10 ; 57,000, 90,000 67,889 90,000 34,000 43,500 269,024 46,931 23,800 32,360 90,853 854,341 Oct. 17 59,000 90,000 65,389 90,000 39,000 44,000 273,025 58,930 20,800 32,360 9,484 85,117 867,105 Oct. 24 54,000 90,000 60,389 90,000 37,000 45,500 277,105 61,931 20,800 33,360 9,484 85,117 864,686 Eligible paper, minimum required— * Oct.3 147,887 551,726 152,508 119,427 92,305 86,125 208,775 88,464 50,576 66,507 39,660 128,764 1,732,721 Oct. 10 150,787 561,076 149,207 122,767 94,105 87,925 208,776 94,804 47 276 68,306 41,594 135,924 1,762,547 Oct. 17 157,187 558,276 153,207 124,948 95,906 91,625 208,775 82,205 47,676 67,507 42,094 139,424 1,768,830 Oct. 24 158,986 556,326 159,208 124,667 100,456 94,004 208,775 80,564 49,326 67,007 41,934 141,424 1,782.677 1 For actual amounts, see **Paper delivered to Federal Reserve agent," on p. 1092. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1094 FEDERAL RESERVE BULLETIN. NOVEMBER 1, 1919. Amounts of Federal Reserve notes received from and returned to other Federal Reserve Banks for redemption or credit during the period from Jan. 1 to Sept. 30, 1919. Boston. New York. Philadelphia. Cleveland. Richmond. Received. Returned. Received. Returned. Received. Returned. Received. Returned Received. Returned Boston $45,579,250 $25,642,500 $2,681,500 $2,230,000 $3,477,450 $1,193,100 S3,527,350 $1,642,750 New York $29,467,500 145.431,500 27,972,000 47,385,500 25,553,600 17,137,150 24,430,800 18,188, 750 Philadelphia... 3,094,000 5,134,600 47,069,000 45,635,050 8,647,000 7,495,000 7,820,870 10,635,750 Cleveland .. 1,327,250 3,499,750 17,428,150 21,147,100 7,452,500 6,241,500 5,436,100 7,970,000 Richmond 1,670,750 3,537,750 18,533,000 21,887,950 4,764,250 5,772,500 8,165,500 4,683,350 Atlanta. 1,202,380 1,812,450 10,000,310 12,581,300 1,351,000 2,678,000 3,706,430 2,232,400 4,963,970 6,558,250 Chicago 2,458,500 4,667,850 21,233,500 23,849,900 2,185,900 3,874,500 13,735,500 12,803,300 4,235,500 6,774,000 St. Louis 767/390 911,050 7,505,400 5,105,400 614,625 1,133,500 4,495,095 1,287,850 2,118,145 1,995,500 Minneapolis... 309,500 1,023,750 2,614,000 3,401,250 255,500 828,000 838,000 1,183,550 424,000 1,760,250 Kansas City... 345,650 1,217,900 3,383,200 4,639,500 317,600 1,126,000 1,219,950 1,265,750 753,550 1,802,500 Dallas.. 229,755 394,400 2,388,300 2,279,250 264,600 406,500 680,700 368,600 426,900 615,500 San Francisco. 795,240 926,100 5,932,020 9,072,200 495,980 736,550 1,430,340 652,850 1,022,260 496,250 Total. 41,667,915 68,557,100 181,666,130 175,241,400 8,355,455 72,412,550 71,949,565 50,302,900 55,159,445 58,439,500 Atlanta. Chicago. St. Louis. Minneapolis. Kansas City. Received. Returned Received. Returned R eceived. Returned Received. Returned Received. R eturned Boston II, 787,250 $1,151,880 $4,634,450 $2,793,700 $899,450 $776,610 $1,048,850 $333,000 $1,226,650 $354,150 «New York 13,908,100 10,585,960 27,773,250 21,575,500 5,786,350 7,695,105 3,813,350 2,609,000 5,210,800 3,418,700 Philadelphia... 2,805,000 2,133,415 5,221,510 4,490,000 1,194,500 1,498,715 884,000 422.000 1,183,500 604,700 Cleveland 2,411,450 3,718,680 14,161,550 14,120,000 1,456,200 4,494,895 1,339,550 857,000 1,430,350 1,233,450 Richmond..... 6,831,750 4,745,870 6,864,310 4,293,000 2,025,000 2,127,775 1,796,250 411,500 1,822,000 769,750 Atlanta 5,332,795 4,777,500 6,862,225 7,490,160 818,880 428,000 1,704,075 1,186,850 Chicago.... 4,672,500 5,130,545 9,792,000 18,557,180 13,735,000 12,117,000 11,649,500 6, 990,100 St. Louis 7,349,910 6,820,475 i8,"459,'i80 "9*869,'666 1,399,215 731,500 7,031,585 6,079, 900 Minneapolis... 443,500 841,250 12,245,500 13,706,500 729,000 1,397,615 1,996,000 1,649,350 Kansas City... 1,240,750 1,916,725 6,890,100 11,673,000 6,021,"00 7,027,530 1,649,350 1,987,000 Dallas 2,111,650 3,291,900 1,721,600 2,539,000 2,008,605 4,153,215 295,450 299,500 2,448,200 2,864,000 San Francisco. 872,505 726,255 5,998,100 7,958,500 1,132,065 1,592,390 2,570,090 2,863,000 4,191,415 2,993,750 Total. 44,434,365 41,062,955 109,302,345 97,795,700 37,906,795 56,811,190 29,409,985 23,058,500 39,894,075 28,144,700 Dallas. San Francisco. Total. Received. Returned. Received. Returned. Received. Returned. Boston .1379,000 $193,600 $912,500 $805,490 $61,153,700 $37,116,780 New York 2,634,150 1,864,000 10,078,750 6,077,670 176,658,650 181,968,835 Philadelphia... 441,000 301,700 786,500 • 975,195 '79,146,880 79,326,125 Cleveland 433,200 517,150 755,450 1,430,540 53,631,750 65,230,065 Richmond 599,750 365,250 506,250 1,053,590 53,578,810 49,648,285 Atlanta 3,109,650 1,917,500 748,455 877,920 39,830,170 42,540,330 Chicago.......... 2,507,000 1,344,250 7,849,000 5,870,985 94,053,900 101,979,610 St. Louis.. 4,144,715 1,818,000 1,598,210 1,118,565 55,483,500 36,870,740 Minneapolis... 271*000 236,050 2,990,500 2,732,550 23,116,500 28,760,115 Kansas City... 2,810,000 1,991,900 2,915,250 4,111,265 27,5'6,800 38,759,070 Dallas... 1,525,450 1,529,035 14,101,210 18,740,900 San Francisco. 1,529,805 660,600 25,969,820 28,678,445 Totsl.... 18,859,270 11,210,000 30,666,345 26,582,805 709,271,690 709,619,300 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1, 1919. FEDERAL RESERVE BULLETIN. 1095 CONDITION OF MEMBER BANKS IN SELECTED CITIES. Liquidation of over 180 millions of Treasury all reporting banks, while the amount of loans certificates, also of 17.2 millions of other secured by stocks and bonds increased by 114.9 United States Government securities, besides millions, or from 19.8 to 20.4 per cent of the a reduction of 40.9 millions in the total war banks' total loans and investments. For New paper holdings represent the main develop- York City the ratio of the first group item ments along war finance lines during the shows a reduction from 28.1 to 25.3 per cent, month according to reports received from 778 as against a rise in the ratio of the latter item member banks in leading cities and covering from 22.6 to 24.4 per cent. the four-week period between September 19 Government deposits declined almost steadand October 17. No new issues of Treasury ily, from 770.9 to 482.8 millions, while other certificates were made nor did any of the out- demand deposits (net) at the end of the period standing series fall clue during the period under stood at 11,153.5 millions, or 180.2 millions review. The above reduction in certificate above the total four weeks earlier. For the holdings in a way measures, therefore, the New York City banks a decline of 140.8 milamount which the banks were able to place in lions in Government deposits and a slight dethe hands of the public during the four weeks. cline in other demand deposits are noted, indi- Holdings of United States bonds and Victory cating substantial withdrawals of balances by notes show a substantial drop on September 26, banks in the interior from their metropolitan since when there has been but little change in correspondents. Time deposits went up 59.6 the amounts reported, while the volume of war millions in all parts of the country, banks repaper on hand shows a practically continuous porting successive gains under this head. decline. Reserve balances with the Federal Reserve Loans secured by stocks and bonds with the Banks show an increase for the four weeks of exception of one week show a continuous in- 146.7 millions, of which 90.5 millions represents crease from 8,026.2 to 3,141.1 millions for all the share of the New York City banks. These reporting banks, and from 1,303.2 to 1,413.6 increases go hand in hand with the increase in millions for the member banks in New York loans and deposits of the reporting banks, also City. Outside of New York City changes in with the increase in accommodation at the this item have been fairly moderate, reductions Federal Reserve Banks, which went up 442.9 in these loans by the banks in the Atlanta, Chi- millions for all reporting banks and 272.8 cago, Minneapolis, Kansas City, and Dallas dis- millions for the New York City banks. The tricts about offsetting the increases elsewhere. combined ratio of this amount and Govern- All other loans and investments show a steady ment deposits to the aggregate investments of rise to October 10, when a total of 8,870 millions the banks in Government war securities and is shown. On October 17 the corresponding their holdings of war paper gives some clue as total shows a slight recession to 8,854.6 millions, to the extent to which the burden of war this total marking, however, an increase for the financing is shifted by the member banks to period of 251.3 millions. During the four their Reserve Banks. ' During the period under weeks the aggregate of Government war se- review this ratio shows an increase from 59.7 curities and war paper declined by 237.3 mil- to 69 per cent for all reporting banks., and from lions to 3,168.6 millions, or from 22.3 to 20.5 51.4 to 65.6 per cent for the member banks in per cent of the total loans and investments of New York City. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1096 FEDERAL RESERVE BULLETIN. NOVEMBER 1, 1919. Principal resources and liabilities of member banks in leading cities including member banks located in Federal Reserve Bank y cities and in Federal Reserve branch cities, as at close of business on Fridays from Sept. 26 to Oct. 17, 1919. 1. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [In thousands of dollars; i. e., 000 omitted.] I B to o n s- . Y N o e r w k - . 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 - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n i e s. - K C an it s y a . s Dallas. F c S i r s a a c n n o - . Total. Number of reporting banks: Sept. 26....--- HI 82 100 776 Oct. 3 111 100 776 Oct. 10. ........... 111 100 776 Oct. 17 , .... 112 100 77 778 United States bonds to secure circulation: Sept. 26 14,608 11,417 41,851 25,821 14,874 20,648 17,154 7,120 14,467 19,103 34,605 269,706 Oct. 3 14,608 47,863 11,387 41,851 25,821 14,878 17,154 7,120 14,467 19,203 34,605 269,656 Oct. 10 14,023 48,223 11,262 41,851 25,821 14,912 17,154 7,120 14,467 19,203 34,605 269,539 Oct. 17..---------.-.-.- 14,023 11,262 41,851 25,821 14,613 20,898 17,154 7,120 14,517 19,278 34,605 269,365 Other United States bonds, including Liberty bonds: Sept. 26 - 16,871 284,764 31,316 61,774 37,957 28,005 47,966 15,110 11,236 23,588 19,976 41,405 619,968 Oct.3 .... 16,812 279,400 30,695 62,647 37,935 28,375 46,731 15,813 11,356 24,284 19,792 41,784 615,624 Oct. 10 -- 16,608 277,232 30,735 62,126 37,100 28,656 47,038 15,294 11,812 24,474 19,515 41,124 611,714 Oct. 17 16,476 277,811 30,315 62,744 36,487 28,222 47,102 15,590 12,818 25,543 19,790 42,164 615,062 United States Victory notes: Sept. 26 9,640 122,422 17,993 35,095 14,078 12,463 49,124 9,864 5,829 11,389 5,049 9,984 302,930 Oct.3 9,628 124,985 17,501 34,825 14,686 12,327 49,942 8,933 5,579 11,191 5,184 9,827 304,608 Oct. 10...• - 9,231 125,012 17,533 32,600 15,857 12,257 52,145 8,321 5,485 11,351 4,898 10,491 305,181 Oct. 17 10,173 128,900 16,047 30,920 15,457 11,944 53,739 5,285 10,627 4,635 10,056 305,866 United States certificates of indebtedness: Sept. 26..-- 44,011 525,768 62,372 78,270 21,566 40,965 112,436 24,496 25,240 28,018 32,978 54,219 1,050,339 Oct.3 42,525 501,443 57,468 77,144 21,164 38,460 109,476 24,129 25,202 27,133 31,788 52,114 1,008,046 Oct. 10 40,616 496,488 54,176 75,689 21,313 34,679 108,229 23,347 25,072 27,171 31,619 54,392 992,791 Oct. 17. 35,916 460,600 51,068 75,236 20,885 34,645 109,941 22,302 25,322 29,227 53,444 945,549 Total United States securities owned: Sept. 26.....t 85,130 980,992 123,098 216,990 99,422 96,307 230,174 66,624 49,425 77,462 77,106 140,213 2,242,943 Oct.3.. 83,573 953,691 117,051 216,467 99,606 94,040 226,848 66,029 49,257 77,075 75,967 138,330 2,197,934 Oct. 10. 80,478 946,955 113,706 212,266 100,091 90,504 228,310 64,116 49,489 77,463 75,235 140,612 2,179,225 Oct. 17...-.-----.-.-... 76,588 915,534 108,692 210,751 98,650 89,424 231,680 63,129 50,545 77,650 72,930 140,269 2,135,842 Loans secured by United States bonds, Victory notes, and certificates: Sept. 26 1.....:.... 63,245 739,089 161,534 110,241 41>465 27,138 13,764 19,543 6,850 23,024 1,333,697 Oct;3 60,894 728,753 160,718 109,641 40,290 26,905 98,239 29,847 14,053 19,972 6,692 22,940 1,318,944 Oct. 10 60,684 724,510 159,950 109,033 39,968 27,965 100,998 29,793 17,502 20,858 7,009 22,806 1,321,076 Oct. 17...,..---..-..,.. 57,800 709,841 158,089 107,847 39,915 27,169 104,545 29,068 17,302 21,213 6,527 22,812 1,302,128 Loans secured by stocks and bonds, other than United States securities: Sept. 26................ 203,761 1,458,325 204,786 303,133 105,683 46,269 354,341 134,085 33,170 73,214 27,280 109,063 3,053,110 Oct.3 ,........:. 197,421 1,552,764 203,439 311,411 102,951 45,561 327,388 135,101 33,397 68,942 28,213 116,026 3,122,614 Oct. 10 205,891 1,521,215 207,545 314,632 105,611 44,938 328,164 142, 111 28,751 67,635 111,553 3,105,934 Oct. 17 208,438 1,547,906 209,444 315,939 108,211 43,726 325,910 141,840 30,062 68,249 27,838 113,463 3j141,026 All other loans and investments: Sept. 26 617,705 3,168,876 471,212 779,155 316,919 309,000 1,225,371 282,257 262,479 446,230 174,358 614,146 8,667,708 Oct.3-.... 640,315 3,171,617 475,962 780,868 322,085 321,369 1,240,315 283,454 263,048 451,282 176,636 624,999 8,751,950 Oct. 10...... 649,596 3,259,011 476,615 781,759 324,630 322,419 1,264,750 273,654 260,846 456,383 181,282 619,101 8,870,046 Oct. 17 656,324 3>220,913 460,330 783,458 323,106 326,667 1,272,909 281,470 263,476 461,399 183,314 621,201 8,854,567 Total loans and investments: Sept. 26 969,841 6,347,282 960,630 1,409,519 563,489 478,714 1,908,692 511,964 358,838 616,449 285,594 886,446 15,297,458 Oct.3- 982,203 6,406,825 957,170 1,418,387 564,932 487,875 1,892,790 514,431 359,755 617,271 287*508 902,295 15,391,442 Oct. 10. 996,649 6,451,691 957,816 1,417,690 570,300 485,826 1,922,222 509,674 356,588 622,339 291,414 894,072 15,476,281 Oct. 17 999,150 6,394,194 936,555 1,417,995 486,986 1,935,044 515,507 361,385 628,511 897,745 15,433,563 Reserve balances with Federal Reserve Bank: Sept. 26 73,590 657,279 74,574 83,999 36,775 28,284, 172,983 41,591 26,577 54,383 21,462 61,422 1,332,919 Oct.3 77,340 686,881 68,332 89,173 35,602 32,216 172,884 40,435 26,298 45,365 21,615 67,296 1,363,437 Oct. 10 * 80,220 690,482 67,764 85,115 35,949 30,879 175,428 45,827 23,785 45,404 23,571 65,229 1,369,653 Oct. 17 80,777 695,703 65,599 92,702 36,875 32,216 181,474 41,811 24,829 51,687 21,915 70,535 1,396,123 Cash in vault: Sept. 26 • 22,928 123,608 16,550 29,843 15,561 12,600 65,436 9,448 9,017 14,601 9,328 20,860 349,780 Oct.3 23,624 120,372 16,460 33,138 16,406 13,386 64,931 10,608 14,922 9,903 21,340 353,950 Oct. 10 24,346 127,029 16,984 32,035 17,122 15,215 68,269 10,331 9,282 16,423 10,247 23,462 370,745 Oct. 17 25,066 122,889 18,411 34,063 16,560 14,216 68,632 10,725 9,030 15,472 10,349 22,972 368,385 Net demand deposits on which reserve is computed: Sept. 26 733,869 5,008,384 663,812 791,092 329,535 257,323 1,294,287 313,603 268,768 449,514 192,243 536,724 10,839,154 Oct.3 764,550 5,112,387 669,596 818,614 336,677 262,641 1,294,919 312,086 267,387 440,190 195,719 544,720 11,019,486 Oct.10 782,677 5,103,364 677,051 805,689 343,093 268,194 1,308,840 318,262 259,420 443,306 202,153 550,762 11,062,811 Oct. 17 777,382 5,122,105 671,682 825,260 347,691 272,891 1,332,446 322,314 263,330 451,048 206^017 561,357 11,153,523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVBMBEE 1, 1919. FEDERAL RESERVE BULLETIN. 1097 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 Sept. 26 to Oct. 17,1919—Continued. 1. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [In thousands of dollars; i. e., 000 omitted.] B to o n s- . Y N o e r w k. P p d h h e i i l l - a a . - C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n i e s. - K C an it s y a . s Dallas. F c S i r s a a c n n o - . Total. Time deposits: Sept. 26 112,238 404,983 22,122 299,985 93,641 117,818 453,758 101,720 58,316 85,254 30,946 213,435 1,994,216 Oet.3 112,117 410,462 22,025 298,514 94,008 119,63.3 454,515 102,338 58,534 84,133 31,144 215,172 2,002,595 Oct.10 118,266 420,295 22,221 300,358 93,865 119,447 458,660 103,761 58,212 83,257 31,224 214,531 2,024,097 Oct.17 , .., 120,714 425,677 22,287 300,891 94,635 .120,042 459,231 104,130 58,119 83,370 31,383 217,209 2,037,688 Government deposits: Sept. 26 41,996 423,713 54,732 51,202 13,705 10,789 49,568 10,997 9,967 7,845 12,961 4,860 692,335 Oct. 3....... 31,909 394,390 50,348 44,171 10,112 7,173 38,143 8,537 6,858 3,720 8,022 604,485 Oct.10 33,746 383,787 49,121 45,170 11,712 7,379 43,013 12,267 7,948 6,046 8,348 3^731 612,268 Oct.17.. .. 27,278 296,598 38,016 36,156 9,921 6,216 35,044 9,603 7,119 5,484 7,080 4,289 482,804 Bills payable with Federal Reserve Bank: Sept. 26.... 28,666 480,578 141,575 91,800 58,028 57,780 72,230 35,869 19,105 48,443 23,761 38,237 1,096,072 Oct.3 ; 28,439 533,388 136,849 98,562 52,550 59,332 82,362 35,065 21,880 53,079 26,345 40,723 1,168,574 Oct.10 24,747 553,590 140,513 97,633 51,819 56,460 76,861 32,805 22,120 55,002 29,269 40,576 1,181,395 Oct.17 34,125 558,142 143,548 99,974 52,402 57,542 84,555 32,210 24,297 58,420 27,933 41,603 1,214,751 Bills rediscounted with Federal Reserve Bank: Sept. 26 63,648 118,817 27,469 24,925 19,977 18,369 37,951 25,426 4,714 19,641 4,959 13,874 379,770 Oct3 61,785 143,067 26,518 27,371 20,150 23,502 40,343 32,009 9,936 20,925 6,063 13,552 425,221 Oct.10..... 64,981 177,205 19,789 28,693 20,157 25,044 37,539 30,409 16,391 21,526 7,456 18,514 467,704 Oct.17 60,808 187,044 30,320 31,765 19,250 29,623 35,014 25,333 19,171 23,219 8,674 19,128 489,349 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. N umber of reporting banks : Sept.26 22 262 Oct.3 22 !261 Oct.10 22 261 Oct.17 22 262 United States bonds to secure circulation: Sept.26 4,478 38,341 7,407 4,131 2,832 3,800 10,549 2,791 4,753 4,440 18,500 103,460 Oct.3 4,478 38,166 7,377 4,131 2,832 3,100 1,438 10,549 2,791 4,753 4,440 18,500 102,555 Oct.10..... 3,893 38,526 7,252 4,131 2,832 3,100 1,438 10,549 2,791 4,753 4,440 18,500 102,205 Oct.17 3,893 38,526 7,252 4,131 2,832 3,100 1,438 10,549 2,791 4,753 4,515 18,500 102,280 Other United States bonds, including Liberty bonds: Sept.26 7,810 253,846 24,191 9,108 6,025 1,332 15,558 6,962 2,867 7,613 5,151 20,269 360,732 Oct.3 7,988 248,833 23,787 8,710 6,059 1,326 14,266 7,135 3,158 8,295 4,993 20,760 355,310 Oct.10. 8,002 246,765 23,773 8,815 5,990 1,348 14,207 6,869 3,498 7,870 4,785 20,771 352,693 Oct.17 7,926 247,928 23,196 8,611 5,769 1,366 14,169 6,910 4,080 8,884 4,933 20,612 354,384 United States Victory notes: Sept.26 2,097 105,478 14,312 1,073 1,700 23,413 5,038 3,050 5,959 1,567 3,045 175,617 Oct.3 2,108 108,399 14,054 8,661 1,044 1,188 24,368 4,185 2,991 5,838 1,791 3,037 177,664 Oct.10 1,643 108,790 14,018 8,184 999 1,140 25,746 3,815 2,301 6,326 1,462 3,269 177,693 Oct.17 2,503 112,514 12,707 7,456 1,031 1,142 26,029 3,554 2,299 5,873 1,387 3,324 179,819 United States certificates of indebtedness: Sept.26 .. 25,977 498,541 55,832 13,122 1,083 15,992 60,455 19,302 10,317 12,883 19,576 17,266 750,346 Oct.3 25,532 474,120 51,354 12,945 1,033 14,199 59,154 18,943 10,279 12,342 18,405 16,703 715,009 Oct.10 24,243 469,196 48,247 12,353 1,018 14,199 57,924 18,359 10,100 12,246 18,251 19,735 705,871 Oct.17 19,909 433,761 45,159 11,972 997 14,199 57,767 18,108 10,350 11,940 16,310 19,970 660,442 Total United States securities owned: Sept.26... 40,362 101,742 35,246 11,013 22,824 100,864 41,851 19,025 31,208 30,734 59,080 1,390,155 Oct.3 40,106 96,572 34,447 10,968 19,813 99,226 40,812 19,219 31,228 29,629 59,000 1,350,538 Oct.10 37,781 863,277 93,290 33,483 10,839 19,787 99,315 39,592 18,690 31,195 28,938 62,275 1,338,462 Oct.17 34,231 832,729 88,314 32,170 10,629 19,807 99,403 39,121 19,520 31,450 27,145 62,406 1,296,925 Loans secured by United States bonds, Victory notes, and certificates: Sept.26.... 46,479 699,830 155,570 33,872 15,814 8,941 73,991 21,293 7,554 7,865 1,459 11,763 1,084,431 Oct.3 44,451 690,676 154,785 33,136 15,680 6,598 73,483 22,118 7,556 7,875 1,448 11,888 1,069,694 Oct.10.. 44,141 686,903 153,751 33,277 15,483 6,575 75,786 21,933 7,501 7,854 1,408 12,379 1,066,991 Oct.17 41,289 672,833 152,087 33,239 15,265 6,440 79,303 21,174 7,502 8,258 1,292 12,104 1,050,786 Loans secured by stocks and bonds, other than United States securities: Sept.26... 151,242 1,324,844 187,293 103,830 15,842 14,082 275,352 105,863 14,086 28,841 51,951 2,281,879 Oct.3 150,076 1,421,914 185,918 108,183 14,680 9,798 247,782 107,246 13,844 29,061 10,006 54,361 2,352,869 Oct. 10 156,419 1,390,180 189,789 110,938 15,553 8,183 248,423 113,950 13,927 29,363 9,394 53,969 2,340,088 Oct.17..... 159,293 1,413,569 191,677 110,780 16,226 7,094 247,064 112,830 14,245 29,532 9,442 55,084 2,366,836 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1098 FEDERAL^ RESERVE BULLETIN. NOVEMBER 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 Sept. 26 to Oct. 17,1919—Con. 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [In thousands of dollars; i. e., 000 omitted.] B to o n s- . - Y N o e r w k, P p d h h e i i l l a - a . - C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. c F i S r s a a c n n o - . Total. All other loans and investments: Sept. 26... 435,893 2,818,993 410,243 223,577 62,542 58 478 662,137 184,143 126 259 163,109 47,095 5,475,837 Oct.3... 451,468 2,821,775 412,526 225,713 63,586 50 585 682,051 180,277 127; 687 160,994 46,280 5,510,744 Oct. 10 457,962 2,910,062 412,644 224,091 62,626 50 644 698,206 166,558 124 018 161,509 48,671 287,140 5,604,131 Oct. 17.. --.-.- 463,413 2,872,101 396,680 217,882 60,659 51 726 697,734 171,532 126 979 162,771 47,299 287,076 5,555,852 Total loans and investments: Sept. 26 -. 673,976 5,739,873 854,848 396,525 105,211 104325 1,112,344 353,150 166 924 231,023 87,941 406,162 10,232,302 Oct. 3 - 686,101 5,803,883 849,801 401,479 104,914 86 794 1,102,542 350,453 168 306 229,158 87,363 413,051 10,283,845 Oct. 10 696,303 5,850,422 849,474 401,789 104,501 85 189 1,121,730 342,033 164 136 229,921 88,411 415,763 10,349,672 Oct. 17 698,226 5,791,232 828,758 394,071 102,779 85^ 067 1,123,504 344,657 168 246 232,011 85,178 416,670 10,270,399 Reserve balances with Federal Reserve Bank: Sept. 26 58,696 616,802 67,718 23,073 6,079 4234 119,062 32,559 13 160 22,716 5,484 26,282 995,865 Oct.3 58,573 649,386 61,531 25,141 6,410 6 777 117,447 30,963 13228 15,319 6,291 31,568 1,022,634 Oct. 10 65,107 654,140 61,593 22,791 5,754 51427 119,616 35,820 11366 16,030 7,766 28,199 1,033,609 Oct. 17 64,821 653,452 59,300 26,425 6,674 6 059 125,971 31,791 11798 17,171 6,129 32,592 1,042,183 Cash in vault: Sept. 26 14,143 111,389 13,300 7,666 1,473 2 713 38,512 5,122 2 858 4,037 2,197 7,332 210,742 Oct.3 14,616 106,941 12,761 7,913 1,505 2 636 36,984 5,511 2 533 3,954 2,042 6,464 203,860 Oct. 10 14,894 112,881 13,785 7,448 1,676 2 794 39,619 5,562 2 852 4,027 2,244 7,434 215,216 Oct. 17 15,360 109,466 14,311 8,007 1,614 2,617 40,023 5,412 2,498 4,007 2,382 7,285 212,982 Net demand deposits on which reserve is computed: Sept. 26 562,710 4,581,079 579,319 202,370 53,077 53, 136 858,834 224,039 120,169 165,742 59,,63388 |241,532 7,701,645 Oct.3 583,768 4,684,470 584,587 215,558 57,964 45 473 857,577 220,332 120,944 162,362 60,850 246,342 7,840,227 Oct. 10. •606,565 4 678,258 592,897 207,727 58,243 47,567 862,499 225,732 112,868 167,285 62,908 246,899 7,869,448 • Oct. 17 597,411 4,680,040 586,764 211,462 59,662 48, 339 884,878 228,864 113,376 166,417 66,294 253,914 7; 897,421 Time deposits: Sept. 28. 33,529 324,793 13,707 136,602 18,747 21, 435 169,831 64,232 21, 756 13,326 3,354 75,935 897,247 Oct.3 • 33,211 329,529 13,556 136,218 18,944 17,924 170,262 64,608 21, 825 11,496 3,393 76,551 897,517 Oct. 10 33,475 339,066 13,707 137,482 18,868 17,780 172,051 65, 111 21, 364 10,046 3,414 76,839 909,203 Oct. 17 34,709 343,947 13,771 137,923 18,775 17,982 172,927 65,362 21, 385 10,159 3,422 77,369 917,731 Government deposits: Sept. 26 33,006 416,959 52>231 15,111 1,561 3,234 31,196 9,352 4,732 3,675 9,942 2,856 583,855 Oct.3 25,712 390,564 48,562 12,748 613 1,859 25,123 7,416 3,998 1,822 6,040 715 525,172 Oct. 10 26,964 379,553 46,865 14,573 1,312 1,970 29,353 11,081 3,612 2,679 5952 2,298 526,212 Oct. 17 21,409 293,100 36,127 11,841 1,244 1,512 24,063 8,658 3,311 2,429 5,090 2,298 411,082 Bills payable with Federal Reserve Bank: Sept. 26. . 19,791 424,044 135,547 26,913 19,089 17,598 36,230 25,485 8,590 24,215 11,500 19,247 768,249 O Oc c t t . . 1 3 0 ........... 1 1 8 7 , , 8 9 3 2 9 7 4 4 9 7 6 5 , ,7 9 5 6 2 5 1 1 3 3 0 3, , 2 8 3 3 4 1 2 2 9 4 , , 0 9 4 6 7 5 1 1 6 3, , 9 1 7 9 2 1 1 1 5 5 , ,7 8 2 2 7 7 3 4 7 0 , , 8 9 5 3 2 0 2 1 5 9 , , 1 3 4 4 9 9 8 8,5 6 7 2 0 5 2 2 3 4 , ,7 7 2 5 2 5 1 1 3 4 , , 2 7 5 5 0 0 2 1 0 9 , , 1 0 4 7 7 0 8 8 2 1 6 9 , , 1 3 3 1 6 0 Oct. 17 26,065 500,174 136,199 22,088 12,866 14,003 40,308 21,658 10,532 24,051 12,250 21,505 841,699 Bills rediscounted with Federal Reserve Bank: Sept, 26 50,559 100,829 25,992 11,693 4,694 6,063 24,723 10,015 4,001 13,458 1,423 6,422 259,872 Oct.3 51,062 124,347 25,374 10,919 4,102 4,814 26,271 17,107 7,941 14,445 2,309 6,242 294,933 Oct. 10 54,516 159,155 18,656 14,899 4,889 3,425 23,769 15,204 13, 961 14,160 2,748 11,223 336,605 Oct. 17 51,352 169,295 29,092 19,152 4,492 5,747 22,304 8,114 16,097 14,339 3,234 11,693 354,911 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES. D Y N is o t e r r w i k ct. D C i l s a le t n r v d i e c - t. D m R is i o t c r n h i d c - t. D A i t s l t a r n ic ta t. D C i h s i t c r a i g ct o . D L is S o t u t r . i i c s t. D K i C a st n i r t s y i a c s t. D D is a t l r l i a c s t. F D ra i S s n t a c r r i i i s c c t. o Total. Number of reporting banks: Sept. 26 19 18 12 18 17 12 30 172 Oct.3 19 18 12 18 17 12 30 172 Oct. 10... 19 18 12 18 17 12 30 172 Oct. 17 19 18 12 18 17 12 30 173 United States bonds to secure circulation: Sept. 26 1,599 24,407 5,583 4,685 1,870 5,255 4,487 6,758 8,485 63,129 Oct. 3 1,599 24,407 5,583 4,685 1,870 5,255 4,487 6,858 8,485 63,229 Oct. 10 1,599 24,407 5,583 4,685 1; 870 5,255 4,487 6,858 8,485 63,229 Oct. 17........ 1,599 24,407 5,085 1,870 5,255 4,487 6,858 8,485 63,629 Other United States bonds, including Liberty bonds: Sept. 26 6,354 40,326 8,801 8,406 17,204 7,387 7,243 7,117 14,242 117,080 Oct.3 6,243 41,378 9,075 8,594 17,555 7,714 7,459 7,155 14,246 119,419 Oct. 10 ' 6,327 40,868 8,864 8,664 17,314 7,469 7,687 7,212 13,610 118,015 Oct. 17 1 5,969 42,404 8,815 8,459 17,077 7,790 7,705 7,259 14,825 120,303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOYBMBEK 1, 1919. FEDERAL RESERVE BULLETIN. 1099 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 Sept. 26 to Oct. 17, 1919—-Con. 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES—Continued. [In thousands of dollars; i. e., 000 omitted.] Di Y N st o e r r w i k cti. D C i l s a l t e n r v i d c e t - 2. D m R ist i o r c n i h c d - t*. D A is tl t a ri n c t t a *. D C i h s i t c ri a c g t o s. D L is S o tr u t i . i c s ts D K is C a t n r it i s c y a t s *. D D is a tr ll i a c s ts. F D r i a s S n t a r c i n i c s t c , o Total. United States Victory notes: Sept. 26 7,258 19,667 3,986 7,128 15,738 4,542 1,997 1,567 4,653 66,536 Oct.3 . 7,098 19,558 3,946 7,041 15,733 4,471 1,859 1,493 4,613 65,812 Oct.10 6,401 17,903 4,444 7,051 15,616 4,173 2,099 1,528 5,005 64,220 Oct. 17 6,632 17,746 4,423 6,893 15,500 4,206 1,979 1,459 4,526 63,364 United States certificates of indebtedness: S ep t. 26 12,317 54,513 10,516 16,842 34,423 4,692 6,436 8,132 26,126 173,997 Oct. 3 12,377 53,671 10,247 14,342 32,722 4,694 6,142 8,082 25,014 167,291 Oct. 10 12,352 53,054 10,427 14,755 32,577 4,533 6,353 8,165 24,140 166,356 Oct. 17 12,279 53,084 10,288 14,722 34,070 3,758 6,427 8,164 23,109 165,901 Total United States securities owned: Sept. 26 27,528 138,913 37,061 69,235 21,876 20,163 23,574 53,506 420,742 Oct.3 27,317 139,014 28,851 34,662 67,880 22,134 19,947 23,588 52,358 415,751 Oct. 10 26,679 136,232 29,318 35,155 67,377 21,430 20,626 23,763 51,240 411,820 Oct.17. 26,479 137,641 29,109 35,159 68,517 21,009 20,598 23,740 50,945 413,197 Loans secured by United States bonds, Victory notes, and certificates: Sept. 26 13,448 64,842 11,360 9,594 10,285 6,707 7,955 2,215 6,114 132,520 Oct. 3 13,229 64,751 10,470 10,006 10,147 6,722 8,166 1,964 6,296 131,751 Oct. 10 13,188 64,402 10,294 10,370 10,529 6,834 9,126 2,058 6,208 133,009 Oct. 17 13,027 63,735 10,780 10,380 10,611 9,121 1,962 132,907 Loans secured by stocks and bonds other than United States securities: Sept. 26 39,855 147,309 35,458, 22,987 40,302 25,522 26,270 11,525 33,271 382,499 Oct.3... 39,552 150,444 34,977 24,618 41,188 25,080 21,923 11,020 37,574 386,374 Oct. 10 39,931 150,913 35,680 25,671 41,407 25,432 20,576 11,202 33,264 384,076 Oct.17 > 40,304 152,381 35,492 25,130 40,781 26,269 20,506 11,288 33,280 385,431 All other loans and investments: Sept. 26 114,299 399,349 95,726 160,235 272,355 83,455 145,317 50,802 225,152 1,546,690 Oct.3 114, 652 398,657 95,468 163,588 270,688 88,427 151,541 53,806 229,805 1,566,632 Oct. 10 113,368 399,648 96,650 165,671 273,522 92,107 154,098 55,506 226,041 1,576,611 Oct. 17 114,464 406,059 95,795 166,228 273,062 94,812 154,826 57,307 230,875 1,593,428 Total loans and investments: Sept. 26 195,130 750,413 171,430 229,877 392,177 137,580 199,705 88,116 318,043 2,482,451 Oct.3 .. 194,750 752,866 169,766 232,874 389,901 142,363 201,577 90,378 326,033 2,500,508 Oct. 10 193,166 751,195 171,942 236,867 392,835 145,803 204,426 92,529 316,753 2,505,516 Oct.17 194,274 759,816 171,176 236,897 392,971 148,953 205,051 94,297 321,528 2,524,963 Reserve balances with Federal Reserve Bank: Sept. 26 13,996 44,901 14,682 15,700 26,355 8,236 15,551 6,473 22,100 167,994 Oct. 3 14,281 47,703 12,675 16,642 27,667 8,457 14,618 6,788 23,144 171,975 Oct.10 12,597 45,838 12,743 16,779 27,919 8,875 13,637 7,103 23,515 169,006 Oct.17.... 14,843 49,512 12,582 17,081 18,585 6,954 24,448 181,812 Cash in vault: Sept. 26 , 2,487 12,792 5,059 6,117 13,636 3,685 5,052 2,417 6,907 58,152 Oct.3 2,860 14,986 5,090 6,190 15,262 4,339 5,288 2,786 6,770 63,571 O O c c t t . . 1 10 7 ...ft ; 2 2 , , 7 9 8 9 2 4 1 1 3 5 , , 9 39 3 6 5 5 5 , , 4 4 4 0 2 4 6 6 , , 8 3 7 9 9 5 1 1 4 5 , , 7 0 2 6 3 2 4 4 , , 5 1 1 4 6 8 5 5 , , 5 8 5 7 7 4 3 2 , , 1 7 5 4 1 3 7 7 , , 1 3 5 7 6 1 6 6 5 4 , , 2 3 2 0 6 2 Net demand deposits on which reserve is computed: Sept. 26 125,397 429,011 112,575 142,463 79,870 141,470 54,634 185,300 1,474,522 Oct.3 127,285 439,951 112,109 142,403 205,167 80,996 139,377 56,106 189,958 1,493,352 Oct. 10 125,233 434,437 112,919 143,670 211,892 82,611 135,444 58,148 194,556 1,498,910 Oct.17 128,658 446,683 111, 103 145,638 216,004 83,199 138,595 57,011 194,429 1,521,320 Time deposits: Sept. 26 30,456 92,784 19,391 59,624 182,143 30,151 42,048 16,711 100,551 573,859 Oct. 3 30,808 91,768 19,437 60,776 182,121 30,369 42,569 16,809 101,118 575,775 Oct. 10 . 30,982 92,229 19,331 60,996 183,525 31,244 42,870 16,898 100,226 578,301 Oct. 17 .... 30,852 92,655 19,241 61,383 182,980 31,334 43,043 16,890 101,726 580,104 Government deposits: Sept. 26 3,886 32,640 7,363 5,444 8,559 1,594 2,246 1,751 1,362 64,845 Oct.3 2,191 29,083 6,036 3,990 6,529 1,071 1,139 1,181 226 51,446 Oct. 10 1,698 27,951 6,709 3,983 6,141 1,139 1,911 1,173 588 51,293 Oct.17...... 1,303 21,563 5,426 4,733 909 1,704 946 1,146 41,558 Bills payable with Federal Reserve Bank Sept. 26 20,289 59,807 12,760 14,878 18,655 9,659 14,054 6,343 13,723 170,168 Oct.3... 21,278 64,082 9,874 16,610 22,605 9,216 17,310 7,917 14,775 183,667 Oct. 10 21,171 67,395 10,883 15,902 17,590 10,389 19,680 9,327 15,305 " 187,642 Oct.17.... 22,918 72,907 13; 343 17,913 19,143 9,782 22,259 10;135 15,072 203,472 Bills rediscounted with Federal Reserve Bank: Sept. 26 , 6,912 9,462 9,248 3,819 2,589 13,773 946 725 6,052 53,526 Oct. 3 6,693 11,903 10,054 6,477 3,485 13,298 1,003 802 6,033 59,748 Oct. 10 7,005 9,557 9,371 8,861 4,016 13,710 1,434 1,174 5,731 60,859 Oct.17 6,830 9,407 12,289 2,735 15,926 2,054 2,142 5,855 66,087 1 Buffalo. * New Orleans, Jacksonville, and Birmingham. 7 Omaha and Denver. 2 Pittsburgh and Cincinnati. »Detroit. 8 El Paso and Houston. 3 Baltimore. 6 Louisville, Memphis, and Little Rock. » Spokane, Portland. Seattle, and Salt Lake City. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1100 FEDEBAL EESERVE BULLETIN. NOVEMBER 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.] 10 days 10 days 10 days Total Total, ending ending ending since Jan. 1 to Sept. 20, Sept. 30, Oct. 10, Jan. 1, Oct. 10, 1919. 1919. 1919. 1919. 1918. IMPORTS. Ore and base bullion 161 782 705 13,074 11,825 United States mint or assay office bars 6 Bullion, refined 13 57 845 28,871 38,387 United States coin . 105 13 12 10,730 6,779 Foreign coin -. 146 5,287 178 Total 279 852 1,708 57,962 57,175 EXPORTS. Domestic: Ore and base bullion 15 115 United States mint or assay office bars. * 3,814 5,074 7,269 67,442 4,334 Bullion, refined 19 19 12,597 3,397 Coin..... 5,997 3,071 5,882 158,800 26,302 Total 9,830 8,145 13,170 238,854 34,148 Foreign coin.. .. .. . 6 9 247 425 Total exports.. 9,831 8,151 13,179 239,101 34,573 Excess of gold exports over imports since Jan. 1,1919, $181,139,000. Excess of gold imports over exports since Aug. 1,1914, $890,267,000. Silver imports into and exports from the United States. [In thousands of dollars; i. e., 000 omitted.] 10 days 10 days 10 days Total Total, ending ending ending since Jan. 1 to Sept. 20, Sept. 30, Oct. 10, Jan. 1, Oct. 10, 1919. 1919. 1919. 1919. 1918. IMPORTS. Ore and base bullion 1,573 3,187 2,093 55,129 32,674 United States mint or assay office bars 50 Bullion, refined 69 196 38i 6,444 19,385 United States coin 44 28 22 804 965 Foreign coin 128 81 253 4,356 3,589 Total 1,814 3,492 2,749 66,733 56,663 EXPORTS. Domestic: Ore and base bullion 4 14 United States mint or assay office bars 71,235 21,702 Bullion, refined 1,867 4,121 2,459 87,578 138,636 Coin 16 13 75 2,308 2,831 Total * : 1,883 4,134 2,534 161,125 163,183 Foreign: Bullion, refined 57 2,390 1,011 16,100 4,131 Coin 191 414 71 3,495 5,226 Total 248 2,804 1,082 19,595 9,357 Total exports. i 2,131 6,938 3,616 180,720 172,540 Excess of silver exports over imports since Jan. 1,1919, $113,987,000. Excess of silver exports over imports since Aug. 1,1914, $393,747,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBBE 1, 1919. FEDERAL RESERVE BTJIXETIST. 1101 Estimated general stock of money, money held by the Treasury and by the Federal Reserve system, and all other money in the United States Oct. 1, 1919. G U m e n n o i e n te r e a d y l s S i t n t o a c t t h k e e s of U G a T H n o s r s i v e e t e l e a e t d r s d s n u i o m S n r f y t e t a t h a n h te e s t e . s 1 H Fe e d B ld e a a r n g b a k e y l n s R a t a e s n n s . d e d r f v o e r t F h T e e H d r U e e e s l a r n y d a s i s l t u o t e e r R u d y m t e s S a s . i e d n ta r e d v te e s S a c t A t a n a h t p m d e e i s t o U F a T u e n n r o d e i t u t e a e p t r s s d a e u i l d r ry e Reserve system. Gold coin 2 , $2,905,726,555 $367,522,935 $1,467,825,272 $397,076,567 Gold certificates- 360,051,100 313,250,681 Standard silver dollars 308,145,759 ''""65," 551," 989* 81,784,880 Silver certificates 5,281,421 153,809,165 Subsidiary silver "243*386," 383 7,777,605 * 4,836,334 230,766,444 Treasury notes of 1890 1,718,304 United States notes 346,681,016 17,943,605 * 59,928,022 268,809,389 Federal Reserve notes. 2,866,288,515 39,048,355 177,508,375 2,669,731,785 Federal Reserve bank notes. 251,190,800 49,520,795 10,255,405 191,415,600 National-bank notes 721,485,210 2,023,440 650,613,736 Total: Oct. 1,1919... 7,662,898,238 616,213,318 2,087,709,369 4,958,975,551 $46.61 Sept. 1,1919.. 7,563,705,808 611,419,803 2,099,226,575 4,853,059,430 45.65 Aug. 1.1919.. 7,525,115,361 588,526,823 2,142,473,627 4,794,114,911 45.13 July 1,1919... 7,588,473,771 578,848,043 2,167,280,313 4,842,345,415 45.00 Apr. 1,1919.. 7,586,752,855 550,628,454 2,195,151,766 4,840,972,635 45.17 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 Apr. 1,1918.. 6,480,181,525 339,856,674 1,873,524,132 4,266,800,719 40.47 Jan, 1,1918... 6,256,198,271 277,043,358 1,723,-570,291 4,255,584,622 40.53 Oct. 1,1917... 5,642,264,856 242,469,027 1,429,422,432 3,970,373,397 37.97 July 1,1917.. 5,480,009,884 253,671,614 1,280,880,714 3,945,457,556 "37.88 Apr. 1,1917.. 5,312,109,272 258,198,442 952,984,705 4,100,976,125 39.54 1 Includes reserve funds against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of nationalbank notes, Federal Reserve notes, and Federal Reserve Bank notes. s Includes balances in gold settlement fund standing to the credit of the Federal Reserve Banks and agents. » Includes standard silver dollars. ^ Includes Treasury notes of 1890. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1102 FEDERAL RESERVE BULLETIN. NOVEMBER 1, 1919. DISCOUNT RATES. Discount rates of each Federal Reserve Bank approved by the Federal Reserve Board up to Oct. 31, 1919. Discounts other than trade acceptances. Trade acceptances. Secured by U. S. Government war obligations. Otherwise secured, also unsecured,2 Maturing within— Maturing within 15 maturing within— days, including mem- Federal Reserve Bank. ber banks' collateral notes. Maturing within 16 to 90 15 days, in- Secured by Secured by cluding 91 to 180 t i U i n f . i d S c e a . b te t c e s e d r o - - f bo V L n i i d b ct e s o r a r ty y nd c m o b l e a l m a n t k e b s r e a ' r l 1 d 6 a t y o s 6 . 0 61 d a t y o s 9 . 0 c d u li a v l y t e u s - r s ( a t a o l g a c r n k i- d 15 days. 1 d 6 a t y o s. 90 notes. notes. paper). Boston 4 4 41 41 41 5 4 New York1... 4 4 4i 4| 41 5 4 Philadelphia. 4 4 41 41 41 5 4 44 Cleveland 4 4 41 4| 41 51 41 44 A Ri t c la h n m ta ond 4 4 4 4 i 4 4 1 1 41 4 4| f 4 4 } 1 5 44 4* Chicago 4 41 41 4f 41 5 41 44 St. Louis . 4 41 41 4f 41 54 41 44 Minneapolis.. 4 4 41 4 41 5 54 44 Kansas City.. 4 41 4i 5 5 54 4 41 Dallas 4 4 41 44 4! 5 54 44 44 San Francisco 41 4i 41 44 5 5 51 44 41 41 44 4} 5i 1 Rates for discounted bankers' acceptances maturi 4 n i g within 15 days, 4 per cent; within 16 to 60 days, 4J per cent; within 6 4 1 1 to 90 days, 4§ pe cent. 2 Rates on paper secured by War Finance Corporation bonds, 1 per cent higher than on commercial paper of corresponding maturity. NOTE 1.—Acceptances purchased in open market, minimum rate 4 per cent. NOTE 2.—Whenever application is made by member banks for renewal of 15-day paper the Federal Reserve Banks may charge a rate not exceeding that for 90-day paper of the same class. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOTEMBEB 1, 1919. FEDEBAL EESEBVB BULLETIN. 1103 FOREIGN EXCHANGE RATES. Monthly ranges of exchange rates on leading foreign money centers, quoted in New York during the three months ending October, 1919. August. September. October. Exchange at par. Low. High Low. High Low. High London: 60-day bankers'bills.i .dollars for £.. 4.8665 4.15 4.3425 4.1125 4.25 4.13 4.215 Demand bills do 4.8665 4.1625 4.3525 4.1325 4.2625 4.15 4.3225 Cable transfers do 4.8665 4.17 4.3625 4.14 4.27 4.1575 4.24 Paris: Demand bills francs for 100 dollars.. 518.1347 817.00 730.00 922.00 782.00 887.00 838.00 Cable transfers do 518.1347 815.00 728.00 920.00 780.00 885.00 836.00 Berlin dollars for 100 marks1.. 23.82 4.00 6.25 3.375 4.60 3.25 4.375 Milan: Demand bills. lire for 100 dollars.. 518.1347 967.00 862.00 1013.00 947.00 1080.00 975.00 Cable transfers do. 518.1347 965.00 860.00 1011.00 945.00 1078.00 973.00 Prague. dollars for 100 kronen1.. 20.26 3.65 5.50 2.85 4.00 2.35 3.85 Vienna do. 20.26 2.125 3.00 1.20 2.625 .85 1.65 Jugo-Slavia. dollars for 100 kronen1. 20.26 2.50 3.75 1.75 2.35 1.45 2.15 Warsaw dollars for 100 marks *. 23.82 4.50 6.75 3.25 4.50 2.30 3.85 Brussels francs for 100 dollars *. 518.1347 855.00 755.00 900.00 797.00 868.50 835.00 Madrid dollars for 100 pesetas. 19.30 18.88 19.75 18.80 19.25 19.08 19.28 Helsingfors dollars for 100 markkal. 19.30 6.50 8.50 5.00 6.75 3.50 5.25 Athens. .dollars for 100 drachmal. 19.30 17.50 19.80 16.75 17.50 17.25 18.90 Sofia.... , dollars for 100 lev i. 19.30 3.25 6.00 2.50 5.00 3.00 4.50 Bucharest dollars for 100 lei1. 19.30 4.75 6.75 4.30 6.00 4.25 5.75 Belgrade dollars for 100 dinar i. 19.30 8.00 13.00 7.00 8.50 5.00 7.50 Amsterdam dollars for 100 florins. 40.20 36.4375 37.5625 36.9375 38.125 3y. 625 38.0625 Stockholm dollars for 100 kronors. 26.80 24.00 24.90 24,10 24.60 23.90 24.60 Copenhagen dollars for 100 kroner. 26.80 21.45 22.05 21.55 22.40 21.30 21.75 Christiania do 22.70 23.70 22.60 23.50 22.65 23.20 Zurich .francs for 100 dollars. 518.1347 574.00 558.00 571.00 547.00 566.00 556.00 Canada.. dollars for 100 Canadian dollars2. 100.00 94.6875 96.50 95.875 97.00 96.00 96.75 , Mexico City. dollars for 100 pesos1. 49.85 48.375 50.00 48.875 49.00 49.00 49.125 Bogota dollars for 100 Colombian dollars1. 97.33 97.00 100.00 97.75 98.25 98.00 100.50 Montevideo centavos to dollar i. 98.50 97.00 99.75 99.25 99.50 Buenos Aires .dollars for 100 gold pesos1. 103.75 104.50 103.50 104.10 103.60 104.00 Bio de Janeiro dollars for 100 paper milreis *. 3 54.62 24.875 27.50 24.50 25.00 25.00 25.70 Valparaiso dollars for 100 paper pesos*. 4 36.50 20.00 22.00 19.00 20.00 20.00 21.25 Yokohama dollars for 100 yen. 49.85 50.50 50.75 50.375 50.75 50.50 50.75 Hongkong dollars for 100 Hongkong dollars.. 80.25 86.00 83.75 88.50 87.00 96.00 Shanghai dollars for 100 Shanghai taels.. 122.25 135.00 130.00 136.50 135.50 142.00 Singapore dollars for 100 Singapore dollarsl.. 56.78 56.25 56.50 54.00 56.25 53.00 56.00 London average price of silver at nominal rate of £ ($4.8665) (dollars per fine ounce) 1.2 1.35494 1.40511 New York average price of silver (dollars per fine ounce) 1.11398 1.14652 1 19154 1 Cable rates. 2 Checks (demand). * Rate for a gold milreis. < Rate for gold peso. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1104 FEDERAL, BESERVE BULLETIN. NOVEMBEB 1, 1919. EARNINGS AND DIVIDENDS OF STATE BANK AND TRUST COMPANY MEMBERS. Abstract of reports of earnings and dividends of State bank and trust company members of the Federal Reserve system for the first six months of 1919, arranged by districts. [In thousands of dollars, i. e., 000 omitted.] D b N a is ( n o 3 t k . r 6 i s 1 c ) t . D b N a i ( s n 1 o t 1 k . r 0 i s 2 c ) t . D b N a is ( n o 3 t k . r 6 i s 3 c ) t . D b N a is ( n o 8 t k . r 0 i s 4 c ) t . D b N a i ( s n o 4 t k . r 2 i s 5 c ) t . D b N a i ( s n o 5 t k . r 7 i s 6 c ) t . D b N a i ( s 3 n o t 0 k . r 3 i s 7 c ) t D b N a is ( n o 5 t k . r 2 i s 8 c ) t . D b N a i ( s n o 7 t k . r 5 i s 9 c ) t . D b N a i 0 o s ( n 2 t . ) k r 9 . 1 i s c ) 0 t D b N a i ( o s 1 n t . 1 k r 5 1 i s c 1 ) t . D b N a i ( o s 1 n t . 0 k r 3 1 i s c 2 ) t . b U S ( T a 1 n t n o , a i 0 k t t t 3 a e e s 8 l s d ). Capital stock paid in 29,275 131,913 22,250 32,986 9,860 16,540 74,770 22,750 6,823 4,550 7,857 12,280 371,854 Surplus 31,633 166,086 46,129 60,182 7,041 10,856 68,126 18,868 2,289 2,333 2,681 4,680 420,904 Total capital and surplus.... 60,908 297,999 68,379 93,168 16,901 27,396 142,896 41,618 9,112 6,883 10,538 16,960 792,758 Gross earnings: Interest and discount. 14,282 72,627 8,314 13,288 2,906 5,583 33,527 7,353 2,166 2,223 2,394 4,436 169,099 Exchange and collectionoharges 52 372 91 62 40 287 467 287 51 37 54 93 1,893 Commissions.... 189 ,2,218 95 216 10 113 458 201 81 37 10 101 3,729 Other earnings 1,543 10,232 1,881 4,159 601 719 3,167 847 49 226 55 287 23,766 Total gross earnings. 16,066 85,449 10,381 17,725 3,557 6,702 37,619 8,688 2,347 2,523 2,513 4,917 198,487 Expenses: Salaries and wages.... 2,368 10,463 1,444 2,256 470 1,076 7,565 1,427 496 371 539 955 29,430 Interest and discount on borrowed money 692 5,538 1,003 548 316 614 1,284 921 75 92 305 397 11,785 Interest on deposits 6,012 30,228 2,505 6,855 999 1,446 13,715 2,135 971 928 235 1,332 67,361 Taxes 845 5,194 655 696 237 382 2,374 434 159 75 147 303 11,501 Other expenses . 1,345 7,620 836 2,196 289 970 3,934 1,057 320 320 338 633 19,858 Total expenses 11,262 59,043 6,443 12,551 2,311 4,488 28,872 5,974 2,021 1,786 1,564 3,620 139,935 Net earnings since last report 4,804 26,406 3,938 5,174 1,246 2,214 8,747 2,714 326 737 949 i 1,297 58,552 Recoveries on charged-off assets. 351 807 32 159 182 310 538 46 39 29 34 ;1 204 2,731 Total net earnings and recoveries 5,155 27,213 3,970 5,333 1,428 2,524 9,285 2,760 365 766 983 1,501 61,283 Losses charged off: On loans and discounts....... 234 989 32 133 138 162 660 99 31 50 97 136 2,761 On bonds, securities, etc 249 2,133 1,163 310 177 20 360 328 6 3 140 4,889 Other losses 259 1,058 66 162 22 71 319 6! 9 4 26 118 2,175 Total losses charged off...... 742 4,180 1,261 605 337 253 1,339 488 46 54 126 394 9,825 Net addition to profits 4,413 23,033 2,709 4,728 1,091 2,271 7,946 2,272 319 712 857 1,107 51,458 Dividends paid* 1,841 11,912 2,135 2,824 507 838 4,546 1,292 356 326 278 680 27,535 Ratio of net profits to capital and surplus (annualbasis) (percent). 14.5 15.5 7.9 10.1 12.9 16.6 11.1 10.9 7.0 20.7 16.3 13.1 13.0 1 Two banks not reporting. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Acceptances: Deposits of member banks in foreign banks, ruling Banks granted authority to accept up to 100 on 1054 per cent of capital and surplus...... 1050 Deposits of United States Shipping Board and Holdings by Federal Keserve Banks during Emergency Fleet Corporation not Government September 1086 deposits, ruling on 1054 Purchases by Federal Keserve Banks during Discount and interest rates prevailing in various September. .... . 1084 centers 1065,1066 Purchases by Federal Reserve Banks during Discount .operations of the Federal Reserve Banks: three months ending September, distributed Member banks, number of, accommodated in by maturities . 1084 September. 1081 P Agricultural paper held by Federal Reserve Banks September, by classes of paper. 1081 during September 1085 Three months ending September, distributed Argentina, credits extended by, to other countries.. 1048 by maturities 1084 Amendments to Federal Reserve Act: Discount rates: "Edge bill," providing for Federal incorpora- Discussion of 1010 tion of institutions engaged in foreign bank- In effect on October 31 1102 ing, s'tatus of... 1056 Dividends and earnings of State bank and trust Bank of Spain, condition of, 1914-1919 1036-1040 company members, first six months of 1919...... 1104 Bank transactions, debits to individual account 1077 Earning assets of the Federal Reserve Banks held Banking laws: during September 1083 "Edge bill," providing for Federal incorpora- Earnings and' dividends of State bank and trust tion of institutions engaged in foreign bank- company members, first six months of 1919..... 1104 ing, status of 1056 "Edge Bill," providing for Federal incorporation What a Federal Reserve Bank may discount for of institutions engaged in foreign banking, status its member bank, not affected by amendment of.... 1056 to section 5200, R. S 1055 Erratum, October Bulletin 1050 Banking situation, discussion of 1017 Export trade: Branches, foreign, of American banks 1050 Discussion of 1011 Branches of Federal Reserve Banks: English export credit plan 1012 Hearing on establishment of branch bank at Government support of export credit 1012 Oklahoma City or Tulsa.. . 1018 Statement of Sir Auckland Geddes, president of Nashville branch, opening of .. 1017 British Board of Trade, on situation as affect- Business and financial conditions during October.. 1019 ing the United States 1011 Special reports by Federal Reserve agents 1025 Failures, commercial, reported 1051 Canada, credits extended by, to other countries 1047 Federal Reserve Act: Capital Issues Committee, dissolution of 1053 "Edge Bill," amending, providing for Federal Charters issued to national banks during October... 1052 incorporation of institutions engaged in for- Charts: eign banking, status of 1056 Federal Reserve note circulation, 1917-1919... 1044 Federal Reserve agents, conference of, with Federal Movement of exchange rates in Madrid, 1914- Reserve Board... 1017 1919 1042 Federal Reserve Banks, resources and liabilities Par point map 1086 of. 1088-1091 Federal Reserve notes : Cheek clearing and collection: Circulation of, 1917-1919 1043-1046 Map showing states in which banks remit at par. 1087 Interdistrict movement of 1094 Number of nonmember banks on par list 1087 Note account of Federal Reserve Banks and Operation of system, September 16-October 15. 1087 Federal Reserve agents 1092 Par list, number of banks on 1087 Fiduciary powers: Collateral notes held by Federal Reserve Banks Exercise of, in New York 1059 during September , 1085 Granted to national banks during October 1052 Commercial failures reported 1051 Foreign branches of American banks 1050 Cost of living in New York 1049 Foreign commerce, credits extended by foreign Cotton factors' paper, eligibility for rediscount as countries to encourage 1046-1049 commercial paper, ruling on.0. 1054 Foreign exchange, discussion of 1011 Credits: Foreign exchange rates: English export credit plan 1012 Discussion of 1015 European demands for 1013 In Madrid, 1914-1919 ." 1041,1042 Extended by foreign countries to encourage Quoted in New York during three months endforeign commerce 1046-1049 ing October 1103 Government support of export credit 1012 France, credits extended by, to other countries 1047 Crop statistics, by Federal Reserve districts 1053 Gold imports and exports 1016,1100 Currency, stock of, in the United States 1101 Great Britain, credits extended by, to other coun- Debits to individual account 1077-1080 tries 1046 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

n INDEX. Imports and exports: National banks: Gold 1016,1100 Charters issued to, during October 1052 Silver 1100 Exercise of trust powers in New York 1059 Spain, 1914-1919 1037-1039 Fiduciary powers granted to, during October.. 1052 Index of wholesale prices 1061-1064 Limitations on loaning power of, under section Interest and discount rates prevailing in various 5200, Revised Statutes, as amended .... 1055 centers...: 1065,1066 New York, cost of living in 1049 Investment operations of Federal Keserve Banks Open market operations of the Federal Reserve Banks 1081 during September 1082 Physical volume of trade....... 1067-1076 Law department: Prices, wholesale, index numbers of... ... 1061-1064 Limitations on loaning power of national banks, Rediscounts and sales between Federal Reserve under section 5200 of Revised Statutes, as Banks, July 1-Sept. 30, 1919 1085 amended 1055 Reserve position at Federal Reserve Banks 1009 What a Federal Reserve Bank may discount for Reserves against deposits of United States Shipping its member bank, not effected by amendment Board and Emergency Fleet Corporation, ruling to section 5200, Revised Statutes 1055 on 1054 Amendment to Federal Reserve Act providing Resources and liabilities: for Federal incorporation of institutions en- Federal Reserve Banks 1088-1091 gaged in foreign banking, status of 1056 Member banks in selected cities 1095-1099 Exercise of trust powers by national banks Review of the month.... 1009-1018 located in New York. 1059 Rulings of the Federal Reserve Board: Live-stock paper held by Federal Reserve Banks Cotton factors' paper 1054 during September •.. 1085 Deposits of member banks in foreign banks 1054 Maturities: Deposits of United States Shipping Board and Acceptances purchased during September 1084 Emergency Fleet Corporation not Govern- Acceptances purchased, three months ending ment deposits 1054 September. 1084 Silver imports and exports; 1100 Bills discounted during September 1083 Spain: Bills discounted, three months ending Sep- Credits extended by, to other countries 1040,1048 tember 1084 Foreign commerce and finance of, 1914- Bills discounted and bought, also Treasury cer- 1919 1036-1042 tificates of indebtedness — 1091 State banks and trust companies admitted to system Member banks: during October 1 1051 Deposits of, in foreign banks, ruling on.... 1054 Trade, physical volume of 1067-1076 Earnings and dividends of State bank and trust Treasury financing during October, discussion of... 1009 company members, first six months of 1919.. 1104 Treman, R. H., resignation of, as deputy governor Number discounting during September .. 1081 of Federal Reserve Bank of New York 1018 Number of, in each district. 1081 Uruguay, credits extended by, to other countries.. 1048 Resources and liabilities of .... - 1095-1099 War paper held by Federal Reserve Banks during Money, stock of, in the United States 1101 September 1085 Nashville branch, opening of. 1017 Wholesale prices, index numbers of - - -.» - 1061-1064 o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis