Federal Reserve Bulletin, 1920-01

FEDERAL RESERVE BULLETIN ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON JANUARY, 1920 WASHINGTON GOVERNMENT PRINTING OFFICE 1920 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD. EX OFPICIO MEMBERS. W. P. G. HARDING, Governor. CARTER GLASS, ALBERT STRAUSS, Vice Governor. Secretary of the Treasury, Chairman, ADOLPH C. MILLER, JOHN SKELTON WILLIAMS, CHARLES S. HAMLIN. Comptroller of the Currency. HENRY A. MOEHLENPAH. GEORGE L. HARRISON, General Counsel, W. T. CHAPMAN, Secretary. W. W. HOXTON, Executive Secretary. R. 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

TABLE OF CONTENTS. Page. Review of the month 1 Business and financial conditions: Summary 13 Special reports by Federal Reserve agents 19 Federal Reserve banking in 1919 11 International price index 26 Gold policy and foreign commerce of the Scandinavian countries, 1914-1919 35 The French National Bank of Foreign Commerce 46 Movement of foreign exchange rates in New York 49 Official: State banks and trust companies admitted to the system 62 Charters issued to national banks 62 Banks granted authority to accept up to 100 per cent of capital and surplus 60 Foreign branches of American banks 63 Fiduciary powers granted to national banks 64 Rulings of the Federal Reserve Board 65 Law department: Renewal of drafts drawn by the purchaser of goods and secured at the time of original acceptance by warehouse receipts or bills of lading 66 Miscellaneous: Adjustment of salaries in the Federal Reserve Banks 54 Retail trade index 53 The Edge Act, providing for the incorporation of institutions to engage in foreign banking 56 Act making gold certificates legal tender '. 60 Change in boundaries of districts Nos. 6 and 8 59 Election of directors of Federal Reserve Banks 60 Los Angeles branch opened - 60 Directors of branch banks 61 Branch at Oklahoma City approved 63 Commercial failures reported 63 Statistical: Wholesale prices in the United States 68 Discount and interest rates prevailing in various centers 72 Physical volume of trade k 74 Debits to individual account, November-December 84 Discount and open-market operations of the Federal Reserve Banks 88 Operation of the Federal Reserve clearing system. 94 Resources and liabilities of the Federal Reserve Banks 95 Federal Reserve note account 100 Condition of member banks in selected cities 102 Imports and exports of gold and silver 108 Estimated stock of money in the United States 109 Foreign exchange rates in New York during three months ending December, 1919 Ill Discount rates approved by the Federal Reserve Board 110 Diagrams: Movement of foreign exchange rates at Stockholm 40 Movement of foreign exchange rates at Copenhagen 41 Exchange rates at New York on principal allied and neutral countries 51 Exchange rates at New York on principal silver-standard countries 52 Par point map 94 in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS. Federal Reserve Bank Chairman. Governor. Deputy governor. Cashier. Of- Boston Frederic H. Curtlss... Chas. A. Motes.. 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. E. R. Kenzel.1 J. D. Higgms.1 Channing Rudd.1 A. W. Gilbart.1 Philadelphia... R. L. Austin E. P. Passmore. Wm. H. Hutt, jr W. A. Dyer. Cleveland D.C.Wills E. R. Fancher. M.J.Fleming3 H. G. Davis. Frank J. Zurlinden 3. Richmond Caldwell Hardy. - George J. Seay.. 0. A. Peple Geo. H. Keesee. R. H. Broaddus...... Atlanta Joseph A. McCord M. B. Wellborn. L. C. Adelson M. W. Bell. Chicago Wm. A. Heath... J. B. McDougal. C. R. McKay S. B. Cramer. B. G.McCloud2 St. Louis Wm. Me. Martin.. D. C. Biggs 0. M. Attebery J. W. White. Minneapolis JohnH. Rich R. A. Young S. S. Cook. Kansas City AsaE. Ramsay... J. Z. Miller, jr... C. A. Worthington8. J. W. Helm.8 Dallas Wm. F. Ramsey.. R. L. Van Zandt. Lynn P. Talley Lynn P. Talley. San Francisco.. John Perria J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk.* 1 Controller. *Assistant to governor. «Acting cashier. * 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. Los Angeles branch Ira Clerk. Portland branch C. L. Lamping. Chicago: Salt Lake City branch... C. H. Stewart. Detroit branch R. B. Locke. Seattle branch C. J. Shepherd. Spokane branch C. A. McLean. 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

FEDERAL RESERVE BULLETIN VOL. 6 JANUARY, 1920- No. 1 REVIEW OF THE MONTH. The relations between public finance operations and the condition of the banks have thus Treasury operations during the month of been especially noteworthy during December, December have continued to Public finance. producing as they have a somewhat complex follow the same general course situation in the earning investments of the which had been reported during the autumn system. On 14 business days during the months. On the basis of the daily Treasury month of December the total investments of statements, the total receipts for December, the Federal Reserve Bank of New York were exclusive of transactions in the public debt, more than $1,000,000,000. Since the middle of aggregated $1,092,691,597.63, of which amount November Government deposits have been $905,307,590.08 represents receipts on account withdrawn with fair regularity. These deposof income and profits taxes, while expendiits, created chiefly by the sale of certificates tures on the same basis aggregated $492,410,of indebtedness during August and September, 665.02, leaving a net current surplus for the resulted, when the Government called for the month of $600,280,932.61. The total amount funds, in a momentary rise not only in rates of income and profits taxes deposited with the on the stock exchange money market, but in Federal Reserve Bank of New York and its the loans and discounts of the Federal Reserve Buffalo branch for the period from December Banks. This amounts to saying that the 1 to December 31 was $270,133,737.42. Sales deposits resulting from the sale of certificates of certificates of indebtedness under the offering consist for the most part only of entries on the of December 15 aggregated $728,130,000, of books of the banks showing credits to the which amount $281,882,500 were in the New account of the United States. It is not until York district. The total amount of Treasury the Government demands deposits that the certificates maturing December 15 was $662,- bank has to find the funds with which to pay. 752,000, of which amount $294,189,500 were Recourse, if necessary, is then had to the Fedoutstanding in the New York district. The eral Reserve Bank where the purchased certifinet disbursements by the Treasury for interest cates or other collateral were put up as security on the public debt, on the basis of the daily for loans, and these are normally liquidated Treasury statements, for the month of Decem- when the withdrawn deposits return to the ber were $140,566,811.57. Receipts in New banks as Government checks. York and at other points only partially offset The reserve percentages for the different the disbursements of the Treasury, and the banks of the Federal Reserve result was a corresponding increase in funds ****" system ^ave continued during momentarily available at the banks in those the month to show more or less districts. Subsequent income-tax receipts and fluctuation as between the several banks, but payments of loans by the banks out of the comparatively little fluctuation for the system proceeds of redeemed certificates of indebtedas a whole. In the following table are given ness combined to reduce the earning investfor November and December the reserve perments of the Federal Reserve system, which centages obtaining for all Federal Reserve fell to $2,891,836,000 on December 19. At Banks combined. From this it will be seen the New York Federal Reserve Bank the level that the combined reserve percentage of the of earning assets on December 19 was the system has decreased during the month of Delowest since October 23. cember about 1.6 per cent. 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN. JANUARY, 1920. Per cent. ities has not as yet been fully paralleled by November 7 46. 8 rates in the southern and western parts of the N ovemb er 14 47.1 ountry. November 21 46.9 Conditions not only at Federal Reserve November 28 45. 5 December 5 46.4 Banks, but throughout the New discount December 12 46. 0 member banks of the system, rates. December 19... 46.8 as thus indicated, led the Board December 26 44.8 on December 11 to authorize an advance in During the same period the total of loans in discount rates, while by a readjustment of rates the system and at the different banks has subthe differential in favor of paper secured by stantially been unchanged, there being only a Government obligations other than Treasury minor reduction. This maintenance of the outcertificates of indebtedness was eliminated. standing loans of the banks has been due to The following table shows the new discount the fact that while some banks in the commerrates just referred to, and indicates a general cial centers have reduced their commitments level for 90-day commercial rediscounts amountvery materially, partly as a result of high rates ing to 4f to 5 per cent. At the corresponding for call money, banks elsewhere have almost date last year the rates were generally \ to f correspondingly increased their loans. The per cent lower for Government secured paper, following table shows the movement of loans, commercial discounts being about as at present. discounts, and investments during the month Upon the present basis the rate is substantially of November and December: the same throughout the system, varying in Loans, discounts, and investments of reporting member banks the case of most of the banks not more than in leading cities. about one-fourth of 1 per cent, irrespective of [Amounts in millions of dollars.] whether the paper is commercial in character or is secured by Government obligations. All Federal Leading cities in New York City. Reserve Bank all Federal Reserve cities. districts. Discount rates approved by Federal Reserve Board up to Dec. 31, 1919. Number Number Number of banks. Amount. of banks. Amount. of banks. Amount. Discounted bills maturing within 90 days (in- Oct. 31 5,789 268 10,420 784 15,611 cluding member banks' Agricul- Nov. 7 5,688 268 10,361 783 15,570 15-day collateral notes) Trade ac- tural and 14 5,570 274 10,334 790 15,582 Federal Reserve secured by— ceptances live-stock 2 2 1 8 5 5 , , 4 4 8 6 7 7 2 2 7 7 5 6 1 1 0 0 , , 2 2 3 1 3 6 7 7 9 9 4 5 1 1 5 5 , , 4 4 6 5 3 1 Bank. m w at i u th ri in ng ma p t a u p r e in r g Dec. 5 5,374 276 10,155 796 15,439 Treasury Otherwise 90 days.* within 91 12 5,394 276 10,177 796 15,459 certificates secured to 180 days. 19 5,473 276 10,309 796 15,614 of indebt- and un- 26 5,460 276 10,323 797 15,621 edness,. secured.1 Boston As a result of the continued maintenance of New York Philadelphia... the volume of bank credit outstanding, inter- Cleveand Richmond est rates have continued very high and have At'anta Chicago shown a marked rising tendency. The com- St. Louis Minneapolis mercial rate of interest is now 6 per cent or Kansas City.... Dallas higher, while call rates during the month ran San Francisco.. as high as 18 per cent and were only tempo- 1 Rate on paper secured by War Finance Corporation bonds, 1 per cent rarily reduced to moderate levels. These rates higher. 2 Rate also applies to bankers' acceptances discounted by the New represent conservative tendencies in the loan York and Cleveland banks. policies of banks, but as the reports of the Board 3 Rate of 4i per cent on paper secured by 4J per cent certificates. < Rate of 4i per cent on member banks' collateral notes secured by from the various Federal Reserve districts 4J 6 p R er a te c e o n f t 5 c p e e r r t if c i e c n at t e f s o . r maturities 61 to 90 days. show, the higher trend in interest rates in the NOTE.—Acceptances purchased in open market, minimum rate 4 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

. JANUARY, 1920. FEDERAL RESERVE BUIiLETIK. It is thus seen that, with the exception of especially in the case of those banks which Minneapolis, all the banks have adopted a have been carrying a relatively large "float." uniform rate for all commercial paper maturing Early in 1918 the Federal Reserve Board within 90 days, the rate in the Minneapolis was informed of a disposition district being 5 per cent for paper maturing Increased rates ,-, , - i i i on bank balances. On the Part °f larSe banks within 61 to 90 days, as against 4| per cent throughout the country to infor shorter maturities. The differential estabdulge in sharp competition for bank balances lished during November between rates on and to offer inducements in the way of increased paper secured by 4J per cent Treasury cerrates of interest. At that time the Board was tificates and paper secured by 4^ per cent consulted by representative bankers and an certificates has also been eliminated by most adjustment was arrived at. Upon the underof the banks through the adoption of a uniform standing then reached, the Clearing House 4$ per cent rate for paper secured by all classes banks of New York agreed to fix a rate of 2| of Treasury certificates. These changes have per cent on bank balances payable on demand, brought about a great simplification in the with the proviso that the interest rate would Federal Eeserve System's rate structure. be automatically advanced or reduced one- The effect of this advance in discount rates quarter of 1 per cent with each advance or was decidedly less than was the influence of decline of one-half of 1 per cent in the 90-day that which had been authorized on November rate at the Federal Reserve Bank of New York. 4, due to the fact that the influence of the This rate is now 4f per cent, and should it be second increase of December 11 was directly advanced at any time to 5 per cent the rate in line with the policy which had already been of interest paid by New York banks for outinitiated on November 4. In New York the of-town bank balances would advance autoannouncement of the new rates was followed matically to 2J per cent, and a 5^ per cent by a day or two of high call interest charges rate at the New York reserve bank would and of active liquidation, while a similar effect, advance the interest rate on bank balances although in less pronounced degree, was automatically to 2| per cent. observable at other points throughout the The Board wishes to be free to approve country. such discount rates as conditions may make In this connection reference may be made necessary or desirable, but it is anxious at the to a letter transmitted by the Board to Federal same time to avoid a disturbance of the Reserve Banks under date of December 19 whole banking situation such as would most in which a new method of figuring deposits likely result from an advance in the interest upon which reserve is to be computed was laid rate allowed on out-of-town balances by the down. In accordance with an opinion of New York Clearing House banks, or banks counsel the Board now rules that beginning in other large centers. with February 12, 1920, the reserve to be car- The Board has decided, therefore, to invite ried by Federal Reserve Banks against deposits representatives of the clearing houses from will be computed against immediately avail- all parts of the country to meet together in able deposits only. Items on the liability side Washington on Tuesday, January 6, 1920, whose availability is deferred and uncollected for the purpose of discussing this matter in items on the resource side of the bank state- the hope that some way will be found of ment of condition will be disregarded in deter- abrogating the existing entangling alliance mining the deposit liability upon which reserve between Federal Reserve Bank discount rates is computed. This action will tend to apply and interest rates on deposits without endana more severe standard of computation, gering existing banking relationships. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN. JANUARY, 1920. The month of December has been a period of According to the reports made public by the unusual uncertainty and dis- Bureau of Foreign and Domes- Foreign ex- organization in the foreign ex- tic Commerce, November forchange and for- . remarkch market A eign trade figures (issued on eign credits. _ °, .. . , , . „ ^ a Dec. 23), show a continuously increasing balable decline in the chief Euroance of trade in favor of the United States. pean quotations occurred between the begin- This balance for the whole of the year 1919, ning and the 14th of the month, directly ascribit is now estimated, will run well up toward able to the excess of our exports to, over im- $4,000,000,000. The November figures not ports from, the countries which were primarily only show no sign of slackening in the moveaffected. Generally abnormal conditions now ment of goods but even indicate an increase, exist in the exchange market. Current items though it should be noted that there has also are not being settled continuously as before the been a marked increase of importations. The war, while many exporters are " carrying" their net excess of exports over imports for the foreign customers upon open account. In the month is, however, $311,710,086, a figure in following table are furnished figures designed excess of the balance for the preceding month. to set forth some of the more interesting move- While, however, figures for the volume of ments occurring during the month at selected United States exports are thus very large, it is dates. In each case the low quotation for to be recalled that they have attained this the day mentioned has been cited. great size largely as a result of the high prices Nov. 29. Dec. 6. Dec. 13. Dec. 20. of commodities and that they do not represent England 3.99f 3.84} 3.65i 3.71* a corresponding increase in the number of France 9.84 10.75 11.87 11.35 Italy 12.28 12.77 13.60 13.22 units of goods exported. Indeed, in some Spain 19.60 19.65 19.50 18.70 Argentina 43.125 43.25 43.15 43.125 branches of business there has been a distinct Hongkong 100.00 101.75 100.50 99.00 China (Shanghai). 150.00 150.00 159.00 164.00 falling off in the actual volume of goods shipped. Japan 50.31J 50.50 50.50 50.50 The following condensed table shows the Canadian exchange has also been quoted as export trade situation as indicated by the low as 11 per cent off, although during the figures made public on December 23—an 11latter part of the month there was recovery. month showing. These conditions in the exchange market have been the subject of close scrutiny and November— continuous discussion on the part of both 1919 1918 domestic and foreign authorities. Public statements made by various British economists and Free of duty. $302,136,620 $204,274,453 Dutiable 127,074,457 46,733,584 publicists have been based upon what was Total.. 429,211,077 considered to be the necessity of obtaining from the United States definite action designed D Fo o r m e e ig st n ic .. . . . 72 1 9 1 , , 8 1 0 1 7 3 , , 7 4 0 5 7 6 51 9 3 , ,1 0 8 5 0 6 , , 2 3 5 4 0 4 to alleviate what they thought to be a wholly Total 740,921,163 522,236,594 abnormal and distressing condition. In several Excess of exports. 311,710,086 271,228,557 countries, notably in the Central Empires, the 11 MONTHS ENDING NOVEMBER— exceedingly low value of the currency has been 1919 1918 Increase. such as to make importation from the United States very difficult. The abnormal exchange Free of duty. $2,428,838,518 $2,066,896,344 $361,942,174 situation is in part due to the extreme depre- Dutiable 1,099,293,791 753,429,849 345,863,942 ciation of many foreign currencies as compared Total 3,528,132,309 2,820,326,193 707,806,116 with gold in their home markets, and is not EXPORTS. Domestic 7,084,005,090 5,492,495,386 1,591,509,704 entirely assignable to the derangement of Foreign. 158,040,708 90,706,047 67,334,661 imports and exports between the United Total 7,242,045,798 5,583,201,433 1,658,844,365 States and other countries. Excess of exports. 3,713,913,489 2,762,875,240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL, RESERVE BULLETIN. The problem thus presented by our export In view of the continuance of very high trade situation is one of the utmost importance exports to European countries, in connection with international trade and Foreign trade ^ acti(m of Co sg and the financing. . , . ... with the continuance of active business con- President in definitely placing ditions in the United States. the so-called "Edge Act" upon the statute For several months past it has been the books becomes a matter of moment. Action belief of foreign trade authorities that the upon the conference committee's report regardgrowingly unfavorable rates of exchange would ing this measure having been taken by the form an impenetrable obstacle and that as a Senate on December 15, the President on Deresult of the lack of systematic foreign credits cember 24 signed the measure, thus enacting a considerable falling off in our shipments it into law. The provisions of the bill have would take place. In considering this predicbeen fully set forth in general terms in past tion and its apparent nonfulfillment, there is, issues of the BULLETIN and do not need dehowever, to be borne in mind the fact that the tailed review at this time. It is, however, growing volume of exports to which reference important to note that the measure in the form is made is in terms of money and not in volume in which it has been enacted calls for action by of goods, foreign countries now being obliged the Federal Reserve Board in order to carry to pay far higher values for raw materials than its terms fully into effect. The Board has they did even a few months ago. On the other jurisdiction of the procedure relating to the hand, it should be remembered that as yet organization of corporations under the act and time has not been afforded for establishing is also required to regulate the conditions under the results of the present credit situation in which the corporations may operate in numerous foreign trade. Whatever the amount of credit important respects, including the terms and extended through the efforts of banks and conditions upon which bills and drafts may be commercial houses to European buyers may accepted and those upon which debentures, be, it is different in its character and effect as bonds, and promissory notes may be issued, well as in its volume from the credit extended while the Board is given general authority to through the use of Government funds up to a determine what powers the concerns may exerperiod shortly after the conclusion of the armicise as incidental to the powers conferred by the stice at the end of 1918. Some American act or as usually exercised by similar corporaexport houses have been financing their foreign tions. Whenever an Edge Act corporation customers to a considerable extent either by receives deposits in the United States it is carrying them on open account or by leaving required to carry reserves in such amount as credit balances due themselves on deposit with the Board may prescribe, but in no event less foreign banks. Such houses are of course than 10 per cent of those deposits. To the obliged to resort to their own banks for larger Board also is assigned the duty of passing accommodation than they would otherwise upon applications made by any such corporaneed, so that the indirect extension of credit tion to purchase and hold stock in other corfrom banking sources in support of foreign porations organized under the terms of the trade may be very considerable, although it Edge Act, under the terms of any State law, does not result in an immediate and complete or under the laws of any foreign country. cancellation of indebtedness such as occurred Other functions in connection with the eligiwhen the Treasury advanced the proceeds of bility of directors on the boards of the new corpublic loans for the use of buyers representing porations are intrusted to the Federal Reserve European nations. Board, to which the various corporations are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN. JANUARY, 1920. required to report and by whose examiners they interesting to note an increase in the volume are to be examined. These numerous details of Bank of France notes of 1,433,671,000 francs, in connection with the organization and opera- while the increase of Federal Reserve notes tion of the proposed corporations will require during the past year amounts to nearly the issue of regulations or instructions de- $372,000,000. In all such cases the real quessigned fully to cover the points specified in the tion to be determined is whether the increase law. Such regulations are already under of notes issued represents a corresponding advisement and the Board expects to make growth of business transactions which carry them public without delay to the end that with them their own power of "liquidation/' there may be no further postponement of or whether they are in effect a conversion of action under the terms of the law by those who Government bonds or other obligations into desire to take advantage of its provisions. terms of money. The action taken by Great The question how far the proposed organiza- Britain parallels the policy adopted by Contion will be able to furnish effective aid under gress after the close of the Civil War in fixing existing conditions to European countries is the volume of greenbacks at a specified maxione upon which no definite opinion can be ex- mum which could not be exceeded. Contracpressed; but which will depend not only upon tion of currency or of credit in general may be the number and scope of the new concerns, effected through change in the backing or probut also upon the extent to which investors all tection which supports the issues or in lieu of over the United States respond to the offer of such far-reaching action, a first step may be debentures to be issued by them. taken through the policy of maximum limita- The fact already referred to that low quota- tion which the British Government is now retions of foreign currencies are ported to have adopted. In the United States Currency in no small degree merely a the question to be considered in connection changes. reflection of the fact that these with the currency would naturally be how far currencies are depreciated at home is clearly the growth in its volume corresponds to a realized by foreign banking authorities. This growth in the volume of current production is shown by the action of the British Ex- and business. Indices of the physical volume chequer, announced on December 18, in fixing of trade, which have been collected by the the volume of British secured circulating cur- Board during the past year, point to a shrinkage rency notes at a figure identical with the maxi- in production. As has often been stated in mum which has existed during the past year. the BULLETIN, these indices are as yet incom- This circulation has increased during 1919 plete. The conclusion to be drawn from them about £38,000,000. It will be remembered as they stand is, however, supported by the that the so-called "Cunliffe Committee/7 which comparison of ton-mile freight movements on reported in 1918 and whose report was then American railroads. Such a comparison tends published in the FEDERAL RESERVE BULLETIN, to show an even heavier falling off, although pointed to a limitation of the volume of Gov- here it should be remembered that during the ernment issues of all kinds as a cardinal prin- war the high movement of war freight to ciple in the restoration of sound financial con- export points produced an artificial level of ditions in England. The action now taken comparison. The indications at all events are would seem to be an acceptance of this view clearly to the effect that there has been some then expressed. If adhered to, the policy decrease rather than an increase in the would mean a distinct limit to further cur- country's general output. rency inflation in Great Britain, as any further While the question of private action in the demands for circulation would have to be met financing of European needs from bank reserves as they were when England Aid for Europe. , ,-, • , . • n has thus been practically rewas on a gold basis. In this connection it is ferred to the bankers and investors of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. country, the question of governmental inter- December 18, Mr. Glass said that "in order to vention is still under discussion in the press. meet the urgent necessity of keeping the desti- The Secretary of the Treasury in his annual tute populations of Europe alive^through this report to Congress, transmitted at the opening winter, there must be taken at once measures of the session, calls attention to the situation for their relief. The resources and efficiency of and expresses the opinion that—- the private charities of this country are not " inequalities of exchange reflect not only the adequate to the necessities which can not in trade and financial balance between two coun- the nature of the case be financed through orditries, but, particularly after a great war such nary private channels." Congress had already as that we have been through, the inequalities been advised that it was the desire of the of domestic finance. The United States has department to fund the maturing interest oblimet a greater proportion of the cost of the war from taxes and bond issues than any other gations of allied Governments to which we country. Largely as a consequence of this had made loans during the war, in so far as policy, the buying power of the dollar at home such Governments might deem action of the kind has been better sustained than has the buying necessary and in so far as it might be deemed wise power at home of the currency of any European by Treasury authorities to make this concession belligerent. For the United States to determine by governmental action to depress the to them. The Treasury is considering with dollar as measured in terms of foreign exchange representatives of the Governments of the and to improve the position of other currencies Allies the funding of the demand obligations as measured in terms of dollars would be to which the United States holds into long-time shift to the American people the tax and loan obligations, and at the same time the funding burdens of foreign countries. This shifted burden would be measured by the taxes to during the reconstruction period, or, say, for a be imposed and the further loans to be ab- period of two or three years, of the interest on sorbed by our people as a consequence and by the obligations of foreign Governments acquired increased domestic prices. United States Govby the United States under the Liberty loan ernment action at this time to prevent in reacts. The relief thus furnished by the action spect to foreign exchange the ordinary operation of the law of supply and demand, which of the department should in an important automatically sets in action corrective causes, degree alleviate the necessities of the European and to prevent the dollar from going to a financial situation by relieving European Govpremium when its natural tendency is to do so, ernments of the necessity of providing a volume would artificially stimulate our exports, and of exchange which may be roughly estimated as through the competition of export demand with domestic demand, maintain or increase $500,000,000 per annum in order to meet their domestic prices." current indebtedness to the United States. One of the important phenomena of the Although thus expressing in unmistakable past month has been the rapid language the general view of our financial Silver situation. advance in the price of silver, relations to Europe which has been the conboth in the London and New York markets. sistent policy of the Treasury ever since the This advance has carried the value of the metal conclusion of the armistice and which is as high as $1.3575 in the United States. In generally accepted as the sound one, the Secretary of the Treasury is disposed for hu- the following table the course of silver prices manitarian reasons to modify his attitude in during the past few years is briefly sketched, so far as relates to the relief of immediate with more detailed figures covering the years suffering. In a letter to Congress dated 1918 and 1919. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 FEDERAL RESERVE BULLETIN. JANUARY, 1920. Annual average price of a fine ounce of silver, 1910-1919, December 10, 1919, showing a net excess of based upon London quotations at par rate of exchange exports of about $145,000,000. In view of the for ike years 1910 to 1917, inclusive, and on New York quotations thereafter; also bullion value of Sll\ grains of conditions thus indicated by the movement of pure silver (contents of silver dollar) at the average annual silver bullion out of the country to the Orient, prices quoted. announcement was made on December 6 that [Data furnished by the Director of the Mint.] under arrangements made between the Treasury and the Federal Reserve Board standard Average Value of Year. a p n r n i u ce al p in u r a e s s i i l l v v e e r r silver dollars that are free in the Treasury will of ounce dollar. until further notice be delivered against other of silver forms of money to the Division of Foreign 1910 . . .. $0.54077 $0.41825 Exchange of the Federal Reserve Board, which 1911 .53928 .41709 1912 . . . .61470 .47543 will through the Federal Reserve Bank of New 1913 .60458 .46760 1914 .55312 .42780 York, cooperating with the branches of Ameri- 1915 .51892 .40135 1916 .68647 .53094 can banks in the Orient, employ such dollars 1917 .89525 .69242 1918 .98446 .76142 in regulating our exchanges with silver stand- 1919 1.12085 .86691 ard countries. It was noted that the arrangement referred to can not of course affect the Average monthly .New York prices oj* fine bar silver per ounce. redemption of outstanding silver certificates in standard silver dollars. Average Average Further changes in the price level have oc- New York New York Year and month. f p in ri e c e b o a f r Year and month. f p in ri e c e b o a f r curred during the month of silver per silver per December. The index number ounce. ounce. priceievel8 *" of the Bureau of Labor for the 1918. IS19. month of November showed an upward move- January $0.93927 January.. $1.01558 February .89514 February 1.01500 ment of 7 points, while Sauerbeck's index num- March .92728 March... 1.01475 April.. .98394 April 1.01500 ber for Great Britain shows a parallel movement May 1.00003 May 1.08020 June - ... 1.00010 June 1.11402 of 8 points as compared with 1913 as a base, July 1.00000 July 1.07332 August • 1.00692 August... 1.12386 or 7 points compared with its original base. September 1.01492 September 1.15636 October 1.01500 October.. 1.20692 These changes continue to be of large impor- November 1.01500 November 1.30446 December 1.01587 December 1.33072 tance, as has been noted by the BULLETIN in Average for year .98446 Average for year... 1.12085 the past, in their bearing upon both economic and social conditions through their influence The situation has been such as to tend to on wages and other forms of income. They stimulate the movement of our exports to are also exercising an influence upon investoriental countries in precisely the same way ment conditions. As prices advance and that the unfavorable conditions of exchange in money loses in its purchasing power, the marrelation to Europe have tended to hamper the ket tendency is to increase the rate of interest sale of our goods in those countries in which to be required for the use of capital. There has the dollar was at a premium. The brief table been some indication of changes in this regard already furnished at an earlier point in this as evidenced in the lowered value of investment issue shows how the dollar in trade with ori- securities. Careful analysis of the situation, ental nations has tended to fall below par, just however, shows that the change in the cost of as exchanges upon the European belligerents capital which has occurred during the past few have shown the dollar at a quotation very far months has been far less than that which has above par. At the same time there has been taken place in the value of goods. A survey of heavy exportation of silver from the United the situation recently made for the Federal States to oriental countries, the aggregate ship- Reserve Board would indicate the following ments of the metal between January 1 and results: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. Mexico. Of the gold exports, amounting to Yield Yield After Security. 1913. now. taxes. $57,797,769, $21,050,000 were consigned to Argentina, $19,035,474 to Japan, $4,494,415 to Per cent. Per cent. Per cent. Hongkong, $3,953,780 to British India, $1,986,- Municipals 4.28 4.62 4.62 Railroad bonds 4.92 5.96 5.24 453 to China, and $1,200,000 to Spain, the re- Industrial bonds 6.71 6.63 5.84 Industrial notes 6.21 6.51 5.73 mainder going principally to Mexico, Straits Industrial preferreds 6.88 7.25 6.81 Settlements, Panama, Canada, and Dutch These net yields after taxes were obtained East Indies. Since the removal of the gold by deducting 12 per cent from the bond and embargo on June 7 total gold exports have note yields, except municipals (which are not amounted to approximately $331,673,000. Of subject to Federal tax), and 6 per cent from the this total about $92,635,000 were shipped to yield of preferred stocks. Japan, $54,050,000 to Argentina, $34,686,000 It is worthy of note that upon the basis of to China, $36,094,000 to Hongkong, $31,954,these estimates the gross price of capital ob- 000 to British India, and $29,200,000 to Spain, tained through the issue of industrial bonds and the remainder largely to Uruguay, Venehas gone up 0.92 per cent; and of this, the war zuela, Dutch East Indies, Mexico, and Canada. taxes account for 0.79 per cent, while the rise The net outward movement of gold since the in the price of capital, meaning net to the in- removal of the embargo was approximately vestor, accounts for only 0.13 per cent. So $308,946,000. great has been the effect of the enlarged earn- During the same monthly period the net outing power of the industrial companies upon the ward movement of silver was $29,168,000, as credit of the companies that industrial notes compared with a net outward movement of $1,688,000 for the month ending November 10. and preferred stocks apparently yielded at the Net exports of silver since August 1, 1914, were time of this estimate actually less in the net $424, 603,000, as may be seen from the followthan they did in 1913. ing exhibit: During the month ending December 10 the net outward movement of gold JOHSL'*'*™s $54,688,000, as compared [In thousands of dollars, i. e., 000 omitted,] with a net outward movement Excess of of $44,950,000 for the month ending November Imports. Exports. exports over 10. Net imports of gold since August 1, 1914, imports. were $792,073,000, as may be seen from the Aug. 1 to Dec. 31,1914 12,129 22,182 10,05S following exhibit: Jan. 1 to Dec. 31,1915 34,484 63,599 19,115 Jan. 1 to Dec. 31,1916 32,263 70,595 38,332 Jan. 1 to Dec. 31,1917 53,340 84,131 30,791 [In thousands of dollars, i. e., 000 omitted.] Jan. 1 to Dec. 31,1918 71,376 252,846 181,470 Jan. 1 to Dec. 10,1919 82,271 227,113 144,842 Excess of Total 285,863 710,466 424,603 imports Imports. Exports. over exports. Almost three-fourths of the silver imports Aug. 1 to Dec. 31,1914 23,253 104,972 181,719 for the most recent monthly period, amounting Jan. 1 to Dec. 31,1916 451,955 31,426 420,529 Jan. 1 to Dec. 31,1916 685,745 155,793 529,952 to $7,649,000, were received from Mexico; Jan. 1 to Dec. 31,1917 553,713 372,171 181,542 Jan. 1 to Dec. 31,1918 61,950 40,848 21,102 Salvador, Canada, Chile, and Peru furnish- Jan. 1 to Dec. 10,1919 66,729 346,063 1279,333 ing most of the remainder. Of the silver ex- Total 1,843,345 1,051,273 792,073 ports, amounting to $36,817,000 (as against 1 Excess of exports over imports. $9,577,000 the month before), $27,271,000 were Gold imports for the monthly period, amount- consigned to China, $3,554,000 to Hongkong, ing to $4,554,198, were received principally $3,221,563 to Canada, and the remainder prinfrom Canada, New Zealand, Belgium, and cipally to the Netherlands and Mexico. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN. JANUARY, 1920. During the^four weeks between November creased from 480 to 585.2 millions, a new 21 and December 19 member high record, while total earning assets likewise situation. banking banks in the leading cities re- reached a record total of 3,080.5 millions, an increase since November 21 of 163.6 millions. port net liquidation of 8 millions of United States bonds and of 33.6 mil- Net deposits reached the low level of 1,610.9 lions of Victory notes, as against an increase millions on December 19, following the heavy of 23.3 millions Treasury certificates, following tax payments due on December 15, and on the the latest issue of tax certificates on December following Friday stood at 1,704.5 millions, a 15. % War paper holdings, exclusive of amounts decrease of 142.3 millions since November 21. rediscounted, show a decline of 37.6 millions, Loss of 40.9 millions in gold reserves and 51.4 due largely to redemption by the Government millions in total cash reserves were Caused apat or before maturity of Treasury certificates. parently to a large extent by export with- The net decrease for the 4 weeks in the aggre- drawals of gold and silver. Federal Reserve gate holdings of United States war securities note circulation shows an increase for the five and war paper, 56 millions, is, however, more weeks of 240.4 millions, or at an average than fully offset by increases of 49.6 millions weekly rate of about 48 millions, the increase in the total of loans secured by stocks and being especially marked during the last two bonds and of 157.6 millions in other loans and weeks of the year. As a result the reserve investments. On the other hand, these banks ratio of the banks shows a decline from 46.9 to reduced their bills payable with the Federal 44.8 per cent. Reserve Banks by 208.4 millions, so that, on Under date of December 27, 1915, the the whole, their net loans and investments Resignation of Federal Reserve Board pubshow but little change for the period under redirectors, lished the following resolution: view. Payment of income and excess-profits taxes due on December 15 resulted in a con- Whereas, it is the opinion of the Federal Reserve Board that persons holding political or public office in the siderable reduction of their net demand deservice of the United States, or of any State, Territory, posits, the amount carried by reporting banks county, district, political subdivision, or municipality on December 19 being 148 millions less than thereof, or acting as members of political party comfour weeks before. For the same period the mittees, can not consistently with the spirit and underbanks report an increase of 416.2 millions in lying principles of the Federal Reserve Act, serve as their Government deposits. directors or officers of Federal Reserve Banks. Resolved, That the Federal Reserve Board hereby ex- Data for the Federal Reserve Banks, avail- presses to the member banks its opinion that no such perable for the 5-week period ending December 26, sons should henceforward be elected or act as directors or indicate a gradual reduction in the holdings of officers of Federal Reserve Banks; and prescribes as a war paper to 1,414.9 millions on December 19 condition of eligibility that candidates for election shall comply with the terms of this resolution. (a decrease of 258.9 millions since November Resolved further, That copies of this resolution be sent to 21) and a gain of 95.4 millions for the following every member bank and Federal Reserve Bank and to all week. Other discounts show a continuous directors of Federal Reserve Banks. growth, the December 26 total being 233.8 In accordance with the spirit and purpose millions in excess of the corresponding Novemof this resolution, two resignations from ber 21 figure. Fifteen-day paper, which con- Federal Reserve Banks have occurred. Col. stituted about 83 per cent of the total discounts William B. Thompson has resigned as class B held by the Federal Reserve Banks on October director of the Federal Reserve Bank of New 31, the Friday preceding the adoption of the York to become chairman of the Republican new rate schedule, which did away with National Ways and Means Committee, and the differential between 15-day and 90-day Mr. William C. Procter has resigned from the war paper in nearly all districts, constituted 68 per cent of the total discounts held on the last board of the Cincinnati branch of the Federal Friday in 1919. Acceptances on hand in- Reserve Bank of Cleveland. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 11 Federal Reserve Banking in 1919. 29.2 per cent, by Treasury certificates. Other discounts, which aggregated 302.5 millions at During the calendar year 1919 activities of the close of 1918, continued at a comparatively the Federal Reserve Banks continued in unlow level during the greater part of the year. diminished scope and volume. Cessation of It was only at about the close of September actual hostilities did not end the war work that the discounts of ordinary commercial of the banks, and loan operations for the Govpaper began to show material increases. On ernment in close harmony with the Treasury, December 26 holdings of this class of paper involving the flotation of the last popular war aggregated 684.5 millions, and constituted loan and the placing of the several issues of 31.2 per cent of the Federal Reserve Banks' loan and tax certificates, continued to be one total holdings of discounted bills, as against of the leading if not the leading function of the less than 18 per cent the year before. Federal Reserve Banks. This task involved Acceptances on hand, which totaled 303.7 collection, concentration, and disbursement millions on December 27, 1918, moved within on Government account of 15,669 million moderate limits during the first part of the dollars, of which 4,491.5 millions represents the present year. About the end of June the total total of the Victory loan allotted; 6,754.4 for the first time in the year was in excess of millions the combined amounts of eight series 300 millions. During the last two months of of certificates issued during the year in anticithe year, however, the accumulation of acceppation of the Victory loan and of four series tances in the portfolios of the Federal Reserve of the so-called loan certificates; and 4,423 Banks proceeded at a rapid pace, the total held millions the total of eleven series of certificates on the last Friday of the present year, 585.2 issued in anticipation of income and excess millions, being over 21 per cent of the total profits taxes due in 1919 and 1920. bills held by the Federal Reserve Banks, com- The success of these issues was due in part pared with 15 per cent the year before. to the accommodation accorded to member During the year the banks7 holdings of United banks through the discount at preferential States bonds show a reduction from 28.9 to rates of so-called war paper—i. e., member 26.8 millions, the present holdings comprising banks7 own notes and customers7 paper secured largely circulation bonds and 3 per cent conby United States war bonds and certificates. version bonds and, only to a very small extent, Reported holdings of war paper, which totaled Liberty bonds. An increase since January 3 slightly over 1,400 millions at the close of 1918 of 148.4 millions in Treasury certificate holdand reached a maximum of 1,863.5 on May 16, ings represents largely additional investments about jbhe time of the consummation of the of the banks in one-year 2 per cent certificates Victory loan, when war paper constituted 91.4 to secure Federal Reserve bank-note circuper cent of the total discounts held by the lation. Total earning assets increased during Federal Reserve Banks, gradually declined to the year from 2,318.2 to 3,080.5 millions, or 1,383.9 millions, or 84.1 per cent of the total nearly 33 per cent. discounts held by these banks on Septem- During the earlier part of the year, while the ber 19. Between that date and the middle of gold embargo was still in force, and between November these totals followed an upward August and November, the banks' gold recourse. Since then, as the result of rate reserves were increased through net imports of vision, the amount of war paper has gone down gold and through the acquisition of German to 1,510.4 millions, or 68.8 per cent of the total gold and its transfer to London. These gains discounts held on December 26. Of this total, were practically offset, however, by the amount 732.4 millions, or 48.5 per cent, were secured of gold withdrawn for foreign shipments, by Liberty bonds, 337.7 millions, or 22.3 per largely to Spain, Argentina, and the Far East, cent, by Victory notes, and 440.3 millions, or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDEBAL BESEBVE BULLETIN. JANUARY, 1920. with the result that gold reserves at the close ratio of cash reserves to aggregate deposit and of the present year, 2,078.4 millions, are 11.9 note liabilities during the entire period, except millions less than a year ago. Total cash on July 11, continuing above 50 per cent. reserves show a similar decline from 2,146.2 Substantial growth of deposit liabilities during to 2,135.5 millions. October and November and the large note As against moderate changes in the banks' issues during the last two months, coupled with reserve holdings, their net deposits, because a simultaneous loss of about 70 millions in of the increase in membership and in conse- reserves, account for the considerable decline in quence of the general credit expansion, show the reserve ratio during the latter part of an increase during the year from 1,552.9 to the year. On the last Friday of 1919 the 1,704.5 millions. Federal Reserve note cir- reserve ratio stood at 44.8 per cent, compared culation on the last Friday in 1918 totaled with 50.6 per cent on the corresponding date 2.685.2 millions. During the early part of in 1918. the present year there was considerable con- Some indication of the growth of the system traction of the note circulation, followed by is afforded by the comparative figures of paidmoderate expansion up to the close of Septem- in capital, which show an increase during the ber, when the notes in circulation totaled year from 80.7 to about 87.3 millions, or 6.6 2.655.3 millions. Since then the volume of millions, corresponding to an increase in the circulating notes has increased by over 400 aggregate capital and surplus of member banks millions, or at an average weekly rate of over 30 of 221.9 millions, as the result of accession of millions. In addition there has been an in- new members and increase in the capitalization crease during the year of 143.9 millions of Fed- of existing member banks. The largest relative eral Reserve bank notes in circulation, issued gains in paid-in capital are shown for the San largely to take the place of silver dollars Francisco, Chicago, and Kansas City banks, melted and silver certificates withdrawn from while the largest increases in the number of circulation under the Pittman Act. banks admitted to membership during the year The reserve position of the banks until the are reported for the San Francisco, Chicago, close of September shows but little change, the and Cleveland districts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL, RESERVE BULLETIN. 13 BUSINESS AND FINANCIAL CONDITIONS DURING DECEMBER, 1919. Great activity in retail trade, strong demand manding goods, especially luxuries * * *. for goods and consequently large volume of The signing of the armistice was apparently buying orders at manufacturing plants, high the signal for an outburst of the buying fever and rising prices throughout the country, and which has not yet reached its height.'7 In full employment of labor at unprecedented District No. 5 high prices for crops have furwages, except in those cases where employment nished a stimulant to trade from which no has been rendered unsteady or insecure as the considerable reaction is yet apparent. Demand result of strikes or labor disturbances, are the at manufacturing establishments is unabated. principal factors reported by Federal Reserve District No. 6 speaks of "remarkable comagents from their several districts. General mercial activity and expansion" and asserts anxiety concerning the continued advance in that "the volume of holiday trade generally prices is exhibited, while unfavorable foreign- during the month appears to be greater than exchange rates are regarded as likely to bring has ever been experienced." The Federal about a reduction in exports which m^y Reserve agent at Atlanta, however, remarks necessitate some readjustment of domestic that in some cases business is about stable in industry. Labor disturbances during the month the volume of goods, although "in money there of December have on the whole been less has been quite an increase in the business severe than in November, both the steel and done." From district No. 7 it is reported that coal strikes reaching a practical conclusion "business is good," the demand for bank followed by resumption of work. accommodation has continued heavy and In practically all districts primary emphasis business has rapidly "picked up the slack is placed on the general distribution of pur- caused by the coal shortage and fuel conservachasing power and the freedom with which tion restrictions/' In district No. 8 collections recipients of wages and salaries are expending are good and business is large, labor difficulties their means in the purchase of goods. District are less than heretofore, but "high prices are No. 1 reports that "the year closes with New exerting a restraining influence on buying," England industries stimulated by post-war con- although even where the volume of merchandise ditions to a degree of peace-time activity is smaller, the value of the transactions is unparalleled in the economic history of this larger than last year. In district No. 9 "manusection." In district No. 2 high prices and facturing enterprises are very active," demand active trade exist, and both manufacturers and is strong, there is a shortage of skilled labor distributors of dry goods, textiles, hardware, in industrial centers, "but retail reports from footwear, and similar merchandise "are sold up outlying districts show some slowing up in ahead as far as they will take orders." Credits merchandise sales and a tendency on the part have been shortened and production is far of buyers to hesitate because of high prices." short of demand, but cautious manufacturers In district No. 10 there is "an extraordinary are disinclined to commit themselves far in volume of trade running through the fall advance. Banking expansion has been some- months and reaching its highest peak about what stayed. In district No. 3 it is stated that Thanksgiving. Merchants' stocks are low and "the enormous demand for commodities of all the holiday season has been attended by great kinds has been far from satisfied. Unsatisfied buying activity and considerable extravagance." demand is reflected in higher prices.'7 District In district No. 11 "every line of trade and No. 4 takes the view that "with no thought finance now reflects the year's peak position in of price, with little provision for the future, trade balances and for the first time in many our people almost without exception are de- months the district finds itself not only with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN. JANUARY, 1920. ample funds for its own use but with a healthy- States early rains have prevented plowing for surplus which it can lend." In district No. 12> wheat from obtaining its full scope. In disexcept for seasonal unemployment, " labor is trict No. 4 and especially in Ohio, winter wheat fully employed/7 no strikes of consequence are seeding is reported very late, while the very in progress, domestic commerce continues late seeding naturally went into the winter active, and real estate sales are very large. with practically no growth and a doubtful ulti- From sundry of the districts it is noted that mate result. Fodder is reported to have been the growth of business is far more noticeable severely damaged. District No. 5 reports that in terms of dollars than in units of production, the season now drawing to a close has been a while, as just indicated, there are some in which fair one for the harvesting of crops. Cotton very high prices are already beginning to pro- has been more closely picked than last year, duce a curtailment of buying power. This and the demand for tools, horses, mules, and appears to be more largely true in the country fertilizers indicates extensive preparation for and outlying districts than in the cities. The next year's crops. Some cotton is still being banking situation is spoken of as reflecting the held, but the crop generally appears to have high prices of goods in the form of larger de- been rapidly picked, ginned, and sold. mand for accommodation. Increase in the Receipts of cattle at 15 primary markets durcost of living is referred to as an unquestion- ing November were 2,046,664 head, correspondable menace and in some districts it is reported ing to an index number of 203, as compared that retailers themselves recognize this fact. with 2,317,487 head during October and The "work and save" program is reported by 2,053,359 head during November, 1918, the some to be considered hackneyed or obsolete. respective index numbers being 230 and 204. High wages are resulting chiefly in a reduction The receipts of sheep are slightly in excess of of labor time. According to one report "much those during November, 1918, being 1,743,189, of our skilled labor works only sufficient days as compared with 1,677,537 last year, and during the month to keep going. The effect of 2,405,511 during October, 1919, the respective excessive wages has been that of destroying index numbers being 128, 123, and 176. Reregular standards of living and the recognized ceipts of hogs, however, are considerably less basis of prices." than at the same time last year, showing a In districts whose products are predomi- decline from 3,431,782- head, corresponding to nantly agricultural the usual midwinter inter- an index number of 156 during November, mission of activity has set in. In the grain- 1918, to 2,715,955 head, corresponding to an growing regions early snowfall and severe cold index number of 124 during November of this weather has done harm, particularly to the live- year, as compared with 2,160,079, correspondstock prospects. On the Pacific coast unfav- ing to an index number of 98 during October. orable climatic conditions during the early From Kansas City it is reported that November planting season retarded the sowing of wheat receipts of cattle and sheep at the six markets so that in Washington the acreage of winter of that district were 15 and 36 per cent, respecwheat will be only 60 to 70 per cent and that of tively, below the October record, while re- Oregon 90 to 93 per cent of normal. However, ceipts of hogs were 13 per cent larger than in in the dry-farming sections of Utah and south- October. Reports at the middle of December ern Idaho there has been much larger sowing indicated more liberal supplies of cattle and of fall grain than in 1918. In district No. 10 sheep, but largely reduced supplies of hogs as acreage of winter wheat is considerably less compared with the marketings for the same than last year. In the cotton States the period last year. Hogs marketed in November crop has been relatively small and the yield showed an increased weight as compared with per acre low, but prices have been at a record November, 1918, while December has brought level. Wheat sowings in Tennessee are about still further reduction in the prices of hogs. 60 per cent of last year's and in other Southern It is reported from Chicago that although the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL, RESERVE BULLETIN. 15 average price of live hogs in November was tral at 8 per cent, and those served by the only $14.20, as compared with $17.70 a year Buffalo, Rochester & Pittsburgh at 21 per cent previous, the average price for December is of capacity. The Federal Reserve agent at considerably lower. Cattle prices have also Philadelphia predicts that the total production declined since the October report. The sale of bituminous coal for 1919 may be 150,000,000 of the War Department's entire surplus of tons less than in 1918. Anthracite coal profrozen beef is not expected to affect the market duction has been fairly satisfactory, although very materially. not quite up to the level of last year. In the Grain shipments are reported unusually slow, fourth Federal Reserve district resumption of partly owing to coal shortage and consequent work by the miners has relieved what might reduction of warehouse accommodations. For have been a serious situation, but the supply the period from December 1 to December 18 it of cars still seems inadequate to move coal was reported from the Minneapolis district freely to the points where it is needed. The that a severe shortage of cars has existed and production of coke in the fourth district has that there has been the utmost difficulty in se- also been curtailed by reason of the miners' curing cars for the shipment of stock and farm strike. One phase of the coal strike which products. Country elevators are full of grain has received much attention has been its possiand all movements of loaded cars are slow. On ble effect upon other industries. On this subthe Pacific coast farmers are holding spring ject the Federal Reserve agent at Philadelphia seed wheat in anticipation of having to reseed. remarks that "the effect on the industries of Winter feeding of live stock on the Pacific coast this district has not been very marked, although has begun much earlier than was expected, but some mills and factories have been compelled in spite of this there was a heavy demand for to close down." In Cleveland it is stated that cattle for feeding and the stockyards report the the restriction on fuel supplies necessitated a quality offered superior to that of a year ago. sharp cut in the production of steel, although A large amount of paper is said to be offered a critical stage had only barely been reached by cattle loan companies in consequence of when the coal strike was terminated. the heavy movement of cattle from the drought Petroleum conditions, as reported from sections of Montana, Wyoming, and Kansas the Kansas City district, indicate the completoward the Southwest for grazing grounds. tion of 963 wells, a decline of 76 wells as com- Coal production has felt the effect of the pared with the October record. The total strike and has accordingly been low in the daily new production from the November combituminous field. The production during No- pletions was 69,131 barrels. Great activity in vember was 20,303,000 tons, corresponding to the effort to speed up production has occurred. an index number of 55, as compared with An advance of 25 cents a barrel on crude oil 54,579,000 tons, corresponding to an index has given a new impetus. number of 147 during October and 43,895,000 The iron and steel industry has been obliged tons, corresponding to an index number of 118 to face sever operating problems and trade during November, 1918. The production of and market conditions have accordingly been anthracite coal, however, has been well main- subordinated for the time being. Toward the tained, shipments during November being end of the coal strike fuel curtailments had 5,971,671 tons, as compared with 6,560,150 been ordered which would have necessitated a tons during October and 5,276,659 tons during very material reduction in steel output. In November, 1918, the respective index numbers fact, during the early days of December many being 106, 117, and 94. Tn the central Penn- blast furnaces were obliged to bank and a numsylvania fields the bituminous strike seriously ber of steel works were also closed. Loss of curtailed output. Mines served by the Penn- output has accordingly been suffered by the sylvania Railroad produced at 46 per cent of industry during December, the situation being capacity, those served by the New York Cen- cumulative as a result of the coal strike and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BUULETIN. JANUARY, 1920. the steel disturbance. It is estimated that the to result in increased activity in the Joplin loss of production during the past three months lead and zinc districts, although operations as compared with the rate of activity prevailing have been curtailed due to the coal shortage October 1, has been from 2,000,000 to 2,500,000 and weather conditions. tons in iron and steel. In the Atlanta dis- In general, manufacturing activity is very trict, however, although the industry was great. Shoe manufacturers in the Philadelphia handicapped by the coal strike, there has been district are now operating with sufficient orders a very heavy demand for pig iron, and steel ahead to last until spring, but it is noted that mills, while suffering from the coal strike, have high prices have to some extent tended to check been actively employed. They now have purchasing. In St. Louis the manufacturing of enough unfilled orders on hand to keep them boots and shoes is steady and larger orders are operating at full capacity for many months to in hand for future delivery than ever before. come. In Philadelphia pig iron is in strongest Leather is reported to continue to decline in demand since the signing of the armistice, and value, being particularly marked in lower steel products of all kinds are in heavy demand. grades. Tanners are reported to be cautious in Production during November was 2,392,350 the replenishment of stocks of hides which have tons as compared with 1,863,558 tons during likewise shown a decrease in price. In shoe October, the respective index numbers being manufacturing and leather, New England tan- 103 and 80. The unfilled orders of the United ners are inclined to be cautious. Materials for States Steel Corporation at the close of Novem- women's fine shoes are still rising in price. No ber were the highest for any month during the early reduction in the cost of footwear is forepresent year, being 7,128,330 tons, correspond- seen, but the public is beginning to show a more ing to an index number of 135, as compared conservative attitude as to purchasing. Clothwith 6,472,668 tons at the close of October, ing manufacturers report very large orders, corresponding to an index number of 123. The future demand exceeding normal, while Novemhigh costs of production now prevailing are ber business was about on a par with the correproving a serious problem to steel producers, sponding month a year ago. Manufacturers of and one large manufacturer in the Philadelphia woolens in district No. 3 have not kept up with district has closed his order books until definite demand and values are extremely high. At costs can be ascertained. Raw materials are the New England wool sales during the past advancing, while fuel and transportation month the demand for fine grades continued charges show possibilities of following in the and far western wools are being purchased in same direction. Meanwhile, the demand for advance of harvesting. Manufacturers are sold steel is strong in all lines, various railroads out for months ahead at high prices, chiefly for placing tonnages for 1920 delivery. Such an output of fine fabrics, but there are hopeful orders placed or under negotiations in dis- indications for an increasing demand for wools trict No. 4 run from 800,000 to 1,000,000 tons. of a lower grade. In silk goods demand is un- In the copper market producers are re- precedented and prices are the highest ever reported to confine their sales largely to con- ceived. Raw materials can be obtained in fair sumers. Heavy snows in Colorado during volume and with reasonable ease, but only at the latter part of November resulted in cessa- very high prices. tion of operations of the smaller operators In New England manufacturers of fine cotton who work their properties only in the summer. fabrics have not yet developed a policy with The marked increase in the price of silver has respect to taking on business, but many have caused many small operations to start, and sold practically their entire anticipated output increased production is anticipated in the for the first quarter of 1920, and others have course of a few months. Advancing prices engaged their product as far as August and of lead and a feeling of certainty that zinc ore September. The demand for goods continues prices will also advance is likewise expected high and strong. In cottons the high price of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 17 the raw material has had a bad effect while un- York building contracts fell off $2,585,000 in satisfactory shipping conditions have added to November as compared with the preceding the difficulties of producers. There has been an month. This was a decrease of about 5 per active call for all kinds of cotton goods both for cent. Contract awards, however, normally domestic and export trade, while prices have show much larger decline at this season. The been steadily on the increase. There are prac- total volume of building in New York is very tically no stocks on hand at the mills. Manu- much above normal in cost and somewhat above facturers are concerned over the future and normal in floor space. Residential building merchants are urged not to carry more goods continues on a large scale. The continued rise than are absolutely necessary. The attitude of in the prices of building materials has not yet the consumer toward higher prices on spring reduced the extent of building operations below goods is considered likely to be an important normal. factor. The wholesale and jobbing trade is The Atlanta district reports that conditions considerably confused, some dealers reporting during the past month have been favorable to very large increases running as high as 200 per the production of naval stores and that receipts cent, as compared with last year, while others have accordingly been well maintained. Prices report decreases up to 33 per cent. It would have been stable and the prospects are that they seem that some retailers in anticipation of will go no lower this season. Domestic demand higher prices have been buying ahead. is very large and labor conditions are not un- The housing situation is reaching a critical satisfactory. stage which may result in largely stimulating The development of real estate speculation building operations. In the Middle West, par- commented upon in many Federal Reserve ticularly in industrial centers, the shortage is districts in November appears to have reached said to be acute. Rents have advanced very another stage in some quarters at least. The greatly in view of the standstill of building oper- Federal Reserve agent at Chicago notes that ations and the increase of city populations an encouraging feature of the situation is the which have called for much more extensive ac- fact that the rise in the price of land has recommodation. In Chicago thus far building ceived a decided check, while in some cities permits have been granted amounting to about prices have declined 25 per cent as compared $90,000,000, but it is estimated that from 4 to with a few months ago. On the Pacific coast, 10 years will be required to overcome the de- however, there is still a tendency to purchase ficiency in housing accommodation. In De- farm lands at high prices for the purpose of troit rentals have increased about 85 per cent reselling. since the beginning of the war and the shortage An active lumber market is reported for all of houses is the more serious than a year ago. parts of the country in spite of the steadily In South Bend, Ind., the shortage is excep- increasing prices. Production in many sectionally acute and the same is true at many tions is stated to be well below normal, and mills important industrial points throughout the Mid- are well supplied with orders. It is stated dle West and in the Northwest. The same situ- from the Atlanta district that "the year will ation exists in many other parts of the country; close with the greatest demand for lumber and in fact, so widely as to be all but universal, the highest prices ever known, and the outlook although in varying degrees. As a result of it is said to be for still higher prices early next an increase in building has already set in and year." in St. Louis the permits granted during the past As already noted, a serious view is taken of month have been much larger than those of the the advance in prices. The index number of preceding month or the corresponding month the Bureau of Labor Statistics shows an adlast year. The same is true of the fourth Fed- vance from 223 during October to 230 during eral Reserve district, while on the Pacific coast November, which is the highest level yet building construction is very active. In New reached. The increaso is found in the index Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETO*. JANUARY, 1920. numbers for each of the principal groups, raw chiefly in New York City, but banks elsewhere materials showing an increase from 220 dur- increased their loans by about $264,000,000 ing October to 226 during November, pro- during the same period, making a net decrease ducers' goods from 211 to 216, and consumers' of only $139,000,000 for all the reporting banks goods from 228 to 236. The increase in the in the country, about 794 in number. During index number for the group of raw materials the month discount rates at the Federal Reis due largely to the increase in the prices of serve Banks were once more advanced, this farm products, the index number for which advance being effective December 11. Comgroup increased from 254 in October to 275 in mercial paper rates have continued to harden November, while the index number for the for- somewhat, and in New York are now on a est products group likewise increased from 224 6 per cent basis as compared with about a 5 J per in October to 239 in November. That for the cent basis at the middle of November. Call animal products group remains constant at money has been as high as 18 per cent during 212 and that for the group of mineral products the month, but the prevailing rate has been shows a decrease from 184 to 183. In Great around 8 to 10 per cent, although at one time Britain, Sauerbeck's index number shows an as low as 5 per cent. Less activity, not only advance from 224.3 to 231. in the New York stock market but also on The month of December shows some abate- stock exchanges the country over, has been a ment of labor unrest and disturbances which feature of the month's operations. Practihad greatly reduced production during the cally throughout the country there has been preceding month. The termination of the coal some tendency to a hardening in money rates strike and the cessation of activity in the steel of all kinds. The investment yield of securistrike, as well as the increase in the number of ties has increased materially and during the men employed in those industries, has greatly month of December there has been a considreduced the figures representing unemploy- erable liquidation in bonds. The result has ment. From many districts it is reported that been to reduce bonds generally and in a marked the chief difficulty does not lie in systematic way. The lowest price level since 1896 has strikes but in indisposition to increase pro- been reached. Third Liberty bonds and Vicduction or to keep steadily at work. The re- tory 4f per cent notes have sold on a basis duced output as a result of very short hours or higher than 5 per cent. Dubious issues of suspension of work a given number of days stocks have made their appearance in great each week has proved to be a national problem. numbers throughout the country. The move- The disposition of labor to pursue such a policy ment is stronger in the larger cities but is very is ascribed by many to high wages and the de- widely prevalent. A vast growth of new ensire to employ the increased purchasing power terprises, some doubtful, some sound, appears thus obtained in the purchase of leisure rather to be taking place throughout the country, and than goods. the total volume of securities issues has been far During the month of December there has in excess of any within recent months. Wage been some reduction in the expansion of bank earners are buying for cash or are transferring credit, and from district No. 2 it is reported their Liberty bonds to promoters, who in many that "the progressive expansion of October cases offer extraordinarily high rates of return. has been stayed, at least for the present." A During the month foreign exchange has gone falling off in the amount of new securities of- to record low levels, sterling at one time fered for sale is reported, while during the touching $3.65. Francs and lire have paralmonth the loans of the New York banks have leled this decline in sterling, and practically all continued to decline. From October 31 to exchanges have been unsettled. During the December 21 the loans, discounts, and invest- latter part of the month there was an upward ments of the 112 reporting banks in the district movement, which restored many of the curfell off about $403,000,000, this decline being rencies to somewhat better figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 19 SPECIAL REPORTS. REPORTED BY DISTRICT NO. 2. REPORTED BY DISTRICT NO. 1. Stock market.—The liquidation of stocks With no important curtailment of produc- which followed the extraordinary money contion on account of the coal strike, for the reason ditions early in November has been continued that reserve supplies had not been seriously with a fair degree of consistency throughout invaded before the settlement of the difficulty, the past 30 days. This liquidation proceeded and through the installation of fuel-oil systems without sharp breaks in the market and with in many large plants, the year closes with New lessened public participation, as is customary England industries stimulated by post-war in a declining market. The former extravaconditions to a degree of peace-time activity gant demands upon credit appear to have unparalleled in the economic history of this subsided considerably. section; wages advanced to rates hitherto Daily sales fell off materially. In the third undreamed of and commodity prices at corre- week of November the average was 1,145,000 sponding levels; and labor at the moment shares a day; in the fourth week 980,000; in quiescent. While there has been no doubt the first week of December 936,000; in the considerable saving from earnings as evi- second week 938,800, and in the third week denced by large aggregate deposits in savings fell to 867,200 shares a day. A partial recovinstitutions and investments in Government ery of prices which took place early in Decemobligations, nevertheless no one may observe ber was most pronounced in the highly specuwithout a feeling of apprehension the manner lative issues, wxule shares which are commonly in which the enhanced purchasing power of regarded as investment stocks remained comthe wage earners is being dissipated by irra- paratively dull. tional personal expenditures, especially when it The market has been fairly responsive to is beginning to be coupled with requests for news developments. For instance, the terminacredit at retail stores by many who have never tion of the bituminous miners' strike and the before known the meaning of a charge account. announcement of the Attorney General that The readjustment of rediscount rates by the he would not appeal the Southern Pacific oil Federal Reserve Banks was undertaken with land case caused a rise in particular stocks and a view to modifying the situation of which lent a momentary strength to the rest of the these conditions are a reflex, but this will not list. The announcement of the fractional infurnish the complete remedy. Indeed, not creases in rates by this bank on December 11 until some powerful influence is brought to bear was followed by a day of high call money rates upon the machinery of production to establish and active liquidation. a more normal relationship between the quan- Bond market and new financing.—The liquidatity of necessities and of luxuries, respectively, tion which developed in stocks was far more offered for consumption will it be possible to pronounced in the bond market. It maniaccumulate the wealth necessary to pay the fested itself tentatively in the third week of cost of the war as represented by the enormous November and became heavy during the next debts of the nations and to bring about a return two weeks; although three-quarters of the to normally healthy social conditions. ^ It is transactions were in United States bonds, the unlikely, however, that any reduction in the prices of which fell, the declines in the prices cost of living will be forced upon the consumer of corporation bonds were heavier. From by the voluntary benevolence of the makers the middle of November to the middle of of goods; it is certain that it will not come about December United States bonds fell off about through legislation any more than it was three-quarters of a point; industrial bonds one vouchsafed the people of Rome in 301 A. D. and one-half points; public utilities two and one by the Edict of Diocletian; and if it comes quarter points, and railroad bonds about three otherwise than by a collapse of the existing points. Bonds other than Government issues economic structure such as would bring, not which were most heavily sold were those of reduced prices only, but reduced earnings and railroad and street railway companies whose widespread distress, it can come only through records of earnings are poor, and of other corindividual sacrifices, foresight, and initiative porations whose bonds are regarded as high manifested by restricted expenditure and grade but because of their prices have the conservation of savings beyond anything yet smallest yields. In spite of some exceptions apparent. the bond market as a whole fell to the lowest Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN. JANUARY, 1920. price level reached since 1896. The effect of the chances of return for the investor are limited the decline on Liberty bonds was to place the to the maintenance of the present price level. third 4| per cent ana the Victory 4£ per cent The operations of dealers in poor or worthless issues on a better than 5 per cent basis. stocks are particularly serious at a time of The high price of money in November great expansion such as the present, not only caused a marked reduction in the aggregate of because of the waste of capital involved, but new issues by domestic corporations. The because fraudulent issues are lost sight of in total for that month was $253,000,000, as com- the general outpouring. Reports from the pared with $390,000,000 in October and $90,- banks in certain parts of the district indicate 000,000 in November a year ago. This falling that a large amount of Liberty bonds have been off seems to register the passing for the time secured in exchange by promoters, who promise being at least of the high tide of offerings to an 8 per cent rate or better in place of the bond houses by corporations which are anxious interest carried by the bonds. Many sales for to enlarge their capital. Nevertheless, it is cash are reported also, particularly to wage reported to us that the applications are still earners. An estimate of the amount of dubious so numerous that the best bond houses are issues on sale, secured from a source specialable to consider only a small proportion of izing in such matters, puts the total at them and in the aggregate they are much " hundreds of millions." beyond the power of the market to absorb. As usual, the victims of such transactions Dubious issues.—The creation of a great body are those who are in the worst position from of new capitalists through the sale of Liberty knowledge or experience to measure the worth loans and because of the generally higher level of securities. Methods of sale include not only of wages, has encouraged the sinister activity newspaper advertisements and offers through of promoters and salesmen who are trying to the mails, but solicitation by a highly organized float stocks of the most dubious character. corps of canvassers. In a number of cases the Based upon answers to inquiries made from name of the Federal Reserve Bank is reported 50 banks outside of New York City, and upon to have been used for the purpose of convincing other evidence within the metropolitan dis- prospective purchasers of the value of the stock trict, it appears that this movement is general offered. Usually the argument has been that in the larger cities of the district, particularly the bank whose stock the canvasser is selling New York, Buffalo, Rochester, Syracuse, Utica, will become a member of the Federal Reserve and Binghampton, but with varying intensity. system, or that the paper to be handled by the It appears that some of the promoters are men newly organized "finance corporation" will be whose business records do not stand scrutiny discounted by the Federal Reserve Bank. either from the standpoint of success or per- Such statements should be sifted with the sonal integrity, and some of them have in greatest care, but usually the man approaohed times past been found guilty of crime. by the canvasser is in no position to know the A possible indication of the extent to which limitations set by law, both on Federal Reserve new capital is sought appears in the total of membership and discounts. new incorporations. Doubtless only a fraction Certain cases of apparently fraudulent intent of the total is intended for immediate issue, have already been brought to the attention of depending primarily upon the capacity of the the Federal or local prosecutors, but in the past public to buy, and a number of them are, of most prosecutions nave succeeded only when course, of the highest character. Nevertheless, the fraud has been completed and the investor the total is noteworthy. In November new has lost his money. It is therefore essential incorporations in the Eastern States amounted that individuals buy only after seeking advice to $1,341,000,000 and in October $2,363,000,- from trusted bankers or others who are equip- 000, as compared with $131,000,000 in Novem- ped with sound information and good sense on ber a year ago. The monthly average for financial matters. In a number of progressive 1919 up to this time is $1,054,000,000, which is communities the newspapers not only refuse nearly seven times the monthly average shown to take dubious financial advertising, out have by the five years prior to the war. Most of the undertaken to warn their readers against new incorporations are of oil, shipping, and unscrupulous vendors of stocks. Officers of cjiemioal companies and concerns engaged in banks can carry this public service further by the manufacture of articles the current prices of giving advice to all inquirers, whether they are which are high and the margins of profit on the customers or not. Many bankers are already present basis exceptionally good. Inmany cases doing work of that sort. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BUULiETIN. 21 REPORTED BY DISTRICT NO. 3. moving very comfortably, due somewhat to its use in place of bituminous coal, but there is Coat—The strike of the bituminous miners nothing urgent about the situation. Prices has seriously curtailed the output of that kind have not changed during the past month. of coal in the central Pennsylvania fields. Fig- Labor conditions in the anthracite field show ures of the United States Geological Survey for no apparent unsettlement. the end of November indicate that mines served by the Pennsylvania Railroad were producing REPORTED BY DISTRICT NO. 5. at 46 per cent of capacity; mines served by the New York Central, at 8 per cent of capacity; The recent restrictions in the use of coal had and those served by the Buffalo, Rochester & a slightly demoralizing effect on business, and Pittsburgh, at 21 per cent of capacity. The had it been continued beyond the brief period settlement of the strike very possibly may not of its enforcement would have seriously handibe followed by immediate resumption of full- capped all lines of business. The location in time operations, but it is hoped that by the this district of some of the largest and finest first of the year production may be up to nor- coal properties, the settlement of the miners' mal; meanwhile we are faced with a distinct strike, and the prompt removal of these restricshortage of bituminous coal. Thus far the tions relieved the uneasiness over the situation. effect on the industries of this district has not Normal conditions are being promptly restored been very marked, though some mills and fac- and the incident relegated to the past, with the tories have been compelled to close down. The hope that a final settlement with the miners total production for the country up to Novem- will be reached without further trouble. This ber was 100,000,000 tons below the correspond- event has been the only disturbing feature ing period in 1918. November is estimated to of the past month, and although the irreguhave added 30,000,000 tons to this shortage and larities as to labor and supplies of materials and December may add as much as 20,000,000 more. delays in freight movements are matters of It appears not at all improbable, therefore, that more or less comment, all reports indicate unuproduction for the year 1919 would be sual activity. The prices realized for tobacco, 150,000,000 tons below 1918. During the cotton, and other crops have furnished a stimumonths preceding the strike car shortage was lant to trade, from which no considerable reacevidently an important element in curtailing tion is yet apparent. A conservative correoperations, and it is to be hoped that this diffi- spondent, while confirming these conditions, culty will be eliminated in so far as is possible. evidently considers a reaction inevitable and A severe winter may cause serious conse- overdue, and remarks, "We are all aboard the quences. 'Blue Sky Special/ indulging in the evanescent Anthracite-coal production has been fully pleasures and diversions usually incident to an satisfactory, though not quite up to the level excursion to the fool's paradise of inflation. of last year. The following table shows the No one knows or seems to care where or when shipments over the nine principal anthracite- we will stop." coal carriers: REPORTED BY DISTRICT NO. 6. 1919 1918 Coal.—While the coal miners' strike reduced the coal output to an alarming extent through- Tons. Tons. January 5,934,241 5,638,383 out the country, the situation in the Alabama February.. 3,871,932 5,812,082 March 3,938,908 7,276,777 coal fields has not, so far as the output is con- April 5,224,715 6,368,373 cerned, injured this territory, except for the May 5,711,915 6,887,256 June 5,619,591 6,867,669 fact that this section has been called upon to July 6,052,334 7,084,775 August 6,144,144 7,180,923 serve other parts of the country and to supply September. 5,687,401 6,200,000 railroads with fuel to meet their requirements. October 6,560,150 6,286,366 November.. 5,971,671 5,276,659 This situation has been practically adjusted December.. 5,736,260 since the acceptance by the coal miners of the President's proposal, and conditions will no Sizes for domestic use are in adequate supply, doubt be normal within a short time. The though in some few cases it has been necessary output for November in the Birmingham disfor consumers to take pea in place of nut, and trict was 1,080,810 tons, as compared with egg in place of the stove size. Steam sizes are 1,459,385 for October. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN. JANUARY, 1920. j steel, and miscellaneous industrials.— the last two years is conservatively estimated The iron and steel industry in this section was at between 75,000 and 100,000 persons per greatly handicapped by the coal miners' strike, year, which means that between 150,000 and and reduced production resulted. There is a 200,000 additional persons required housing in very heavy demand for pig iron, and prices a period when building construction was either have advanced. Consumers are realizing the at a standstill or was greatly curtailed by warshortage and are eager to contract for a large time restrictions, expectations of lower prices supply. There are less than 100,000 tons of for material and labor, and by strike interfoundry iron in Alabama yards, and most of ference. that belongs to consumers. The total output Such large building construction as is now of pig iron in November was 196,209 tons, as under way in Chicago involves, as a rule, the compared to 208,793 tons in October. elimination of housing facilities for from 25 to Steel mills, while suffering from the coal 30 families, sometimes more. The new buildstrike, have been actively employed and have ings supplanting those destroyed are mostly of enough unfilled orders on hand to keep them the apartment hotel type. These, of course, operating to full capacity for many months. will provide housing facilities for a larger num- The miscellaneous industrial iron manufactur- ber of families, but at a higher rental for less ing plants are in full operation, with orders in space. The kind of homes which appear to be large volume booked for future delivery. chiefly in demand are the four, five, and six room apartments. The one and two room kitchennette apartments are more frequently REPORTED BY DISTRICT NO. 7. constructed because of the income they return Housing problem.—The housing situation is to the owner, renting from $65 to $100 and up looming up as a serious problem in practically per month. Thus far this year there have been all of the industrial centers of the Middle West. granted permits for about $90,000,000 of work, In Detroit as well as in Chicago, where the and it is said that this takes care of the normal frowth of population in the last few years has increase and about 5,000 to 10,000 units of the een abnormal, the situation is acute. Inter- shortage in homes. At the present rate auference with construction in Chicago through thorities estimate from 4 to 10 years will be strikes retarded the building of homes suffi- required to overcome the housing deficiency. ciently to add to an already acute shortage of The shortage in homes in Detroit is estimated homes. Conditions in Chicago a year ago were at 33,000, which is nearly 10,000 greater than such as to bring into use for winter housing a year ago, and notwithstanding the active places built for summer use only. campaign, next year will probable see an in- Apartments in Chicago, which for many years creased deficit. So far in 1919 there have been had been idle and almost ready for condemna- approximately 11,500 new apartments, while tion, are again pressed into service, and several the requirements were for 20,000. The annual families in many instances are " doubling up." increase in population in Detroit is now esti- In the congested sections, such as the foreign mated at 100,000, while the increase in the districts and in parts of the West Side and in accommodations as the result of 1919 building the belt circling Chicago's Loop or down-town will care for approximately 14,600 families. district, the situation makes not only for the There has been and is in prospect considerable undermined health of the occupants but con- building of groups of cottages by contractors tributes to serious and growing dissatisfaction. and manufacturers at $1,000 to $1,800. Rent- The so-called middle class of salaried people, als in Detroit have increased on the whole about with incomes ranging from $2,000 to $5,000 a 85 per cent. year, also have found the scarcity of dwelling In South Bend, Ind., the shortage in homes space a serious factor in their living costs, with is acute, owing to the great industrial growth. home seekers bidding up rentals against each Old factories are expanding and new ones other to extreme figures. Rentals have ad- coming to town. There were about 500 homes vanced from 20 to 75 per cent and even 100 built last year and plans contemplate 1,500 to per cent. be built in 1920. Fort Wayne, Ind., reports a Obviously it is impossible to present exact shortage of 1,000 homes, with rentals 20 to 25 figures to show the acute condition. Esti- per cent higher. East Chicago, Ind., building mates from sources which ordinarily are re- is hampered by high material and labor costs, garded as reliable, place the shortage in Chicago with rentals from 20 to 25 per cent higher. alone at between 40,000 and 50,000 homes. Hammond, Ind., has a shortage of homes and The increase in population in Chicago during reports a further increase in rentals of 15 per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL. RESERVE BULLETIN. 23 cent, bringing the advance between 35 and 40 REPORTED BY DISTRICT NO. 8. per cent from prewar figures. Rentals.—Indianapolis has experienced an Wholesale and jobhing.—The wholesale trade increase in rentals of from 35 to 50 per cent, situation is considerably mixed. Some dealers with a prospect of further dwelling shortage. report large increases in the value of their sales La Fayette, Ind., has an acute housing situa- as compared with November last year, in some tion, with rentals 20 per cent higher and no cases over 200 per cent;, others engaged in the available houses or apartments. The same same line of business report decreases up to 33 condition prevails at Muncie, Ind., with rentals per cent. Orders on hand for future delivery for business rooms 100 per cent higher and in most lines are reported to be larger than common residences 75 per cent higher than in usual. The unfavorable weather conditions in prewar times, while furnished rooms are 50 per in parts of the district, which have increased cent higher. the stocks held by retailers, have naturally The building situation at Terre Haute, Ind., decreased the demand from wholesalers. Busiis about 75 per cent of normal, with rentals ness generally, however, is good and was not about 10 per cent above prewar times. Misha- seriously affected by the coal strike. waka, Ind., has experienced a shortage of homes Some wholesale dry goods houses report very for several years, but a building program is large increases in the value of their sales as combeing worked out by manufacturers to finance pared with last year, which is due in great the employees so that they may own their own measure to the desire on the part of buyers to homes. It is estimated that 500 additional avoid advancing prices. One dealer in comhomes could be used. Rentals are 25 to 40 menting on this situation says: "Our spring per cent higher than in normal times. lines have been sold up and withdrawn from In lower Michigan Saginaw reports 10 per sale. We are offering certain lines of fall cent increase in rentals compared with a year merchandise, such as blankets, underwear, ago, and 30 to 40 per cent higher than in war hosiery, kint goods, and napped goods for detimes, with 100 houses under construction. livery in the spring months and they are being Muskegon estimates 1,000 new homes built taken freely. This shows the inclination of the within a year but rentals have advanced 14 per merchant to buy his merchandise ahead of cent. Battle Creek rentals have increased from time, with a view to heading off any advance, 50 to 60 per cent since 1917 owing to the rapid rather than buying these goods when he actuindustrial growth and a demand for homes far ally needs them/' Another concern states that in excess of supply, with plans now under way the prices that have been made for fall are for the building of 1,000 new homes in 1920. higher than those for spring. Des Moines and other Iowa cities are also Wholesale drug houses generally report inexperiencing a shortage in homes, but corre- creases in value of their sales as compared with spondents attribute this shortage in the smaller 1918. One concern, however, reports a 10 per cities chiefly to wealthy farmers moving into cent decrease, due to the shortage of a certain town and the abandonment of the poorer for product which forms a large part of its business. the better buildings. There is a boom in sev- No basic changes in raw materials or in patented eral of these towns in the building of houses compounds are reported. Orders on hand for costing from $3,000 to $7,000. Rentals have future delivery are beyond normal in some advanced from 20 to 50 per cent in Iowa cities. cases. Decline in land speculation.—One encourag- Dealers in electrical supplies say their busiing feature in the advices from Iowa and Illi- ness is slightly less active than it has been. nois is the assurance on the part of bankers One concern says the coal strike cut down its that the rise in the price of land has undoubt- sales 25 per cent. edly received a decided check, and in some in- Cotton factors complain of the exchange stances, according to those well posted, prices situation which is unfavorable to exports. The have declined 25 per cent compared with a few high price of cotton is a favorable factor affectmonths ago. The consensus of opinion is that ing them. there willl>e little land change hands until after Wholesale grocery companies for the most the settlements of March, when it will be known part report increases over October. During how many defaults have occurred in contracts the coal strike, however, buying was somealready made. what checked in mining towns. Orders on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 FEDERAL. EESEBVE BUU^ETIN. JANUARY, 1920. hand for future delivery are still below normal, acreage of 23.4 per cent for Colorado, 20.7 per one company reporting that it has none. cent for Kansas, 29.4 per cent for Nebraska, and 7 per cent for Oklahoma. Slight decreases REPORTED BY DISTRICT NO. 9. of the wheat acreage also are reported from the 19 counties of Missouri that are in this district, The spring season will bring some problems and also in Wyoming and the portion of New in connection with the'live stock situation. It Mexico in this district. will be necessary to ship back into the west end Indications point to an increased acreage of of the district a considerable amount of stock cotton in Oklahoma for the coming year, while to replace that removed before snow fall on in many sections more attention will be deaccount of the severe shortage of feed. The voted to corn and potatoes, the acreage of both amount of snow so far received is very promis- of these staples having been reduced in the last ing for a good year in the districts that were dry year in order to speed up wheat production. during the season recently closed. The 1919 Growers of sugar beets in the Coloradocrop of wheat is, however, of very poor quality. Wyoming-NebrasEa-Kansas regions have not Most of it arriving at terminal markets is light as yet indicated their acreage for 1920. From in weight, shriveled, and shrunken, and of very reports received the growers are apparently in low germination. Without the most active no hurry to make new contracts based on the efforts there will undoubtedly be a serious 1918-1919 prices, on account of the additional shortage of seed for spring planting. The cost of production. prospect is so unfavorable that an organization The car shortage and cold weather have been has already been formed to gather data in unfavorable for the movement of many of the regard to available seed supplies, and to con- products of the farms to the markets and a duct such work during the winter as will locate larger per cent of these products are said to be and provide for the distribution of the seed still in the growers' hands than usual at this that is available. The prospect is for a reduc- season. tion in next year's wheat acreage, while in the Grain and milling.—Arrivals of wheat at the western half of the district the acreage of winter principal markets of this district in November wheat and winter rye is already reduced. were greatly in excess of those of October and With these exceptions, the outlook is not about two and one-half times the receipts in unfavorable. November of last year. The extraordinary increase in November was largely the result of REPORTED BY DISTRICT NO. 10. improved transportation service resulting from the pressure brought to bear on the Railroad Agriculture.—The condition of growing Administration. It had the effect of greatly winter wheat in the States of this district is relieving the congested situation at local elevareported generally good, although a consider- tors and opened up a freer movement of wheat able acreage of wheat that was planted late from the farms into the market channels. At made slow progress, December conditions in this time last year, it is remembered, all grain the States ranging from 75 to 91 per cent. movements were under shipping permits, The snow in the central Great Plains area which accounts for the small receipts in Novemis generally considered as beneficial to grow- ber of last year. ing wheat, although a large part of the farm On account of scarcity of choice milling work usually done at this season was sus- grades from the spring wheat sections, heavy pended because of the severe cold weather. requisitions were made on the markets of this The agricultural outlook for the coming year district for stocks of hard and red wheat, the is reported good from most sections. The area tendency being to stiffen prices. The high of winter wheat sown this fall is considerably price at which wheat sold m Kansas City in less than that planted to winter wheat in the November was $2.80 for No. 2 hard and $2.48 fall of 1918, indicating that with the war period for No. 2 red. Relinquishments to millers of at an end farmers are desirous of returning to about 60,000,000 bushels of wheat held by the their former system of diversified crops. The United States Grain Corporation at 7 cents a estimated acreage of winter wheat now in the bushel over the guaranteed level at which the ground is: Colorado, 978,000 acres; Kansas, grain was purchased had little influence on 9,196,000 acres; Nebraska, 3,093,000 acres; cash wheat prices. Oklahoma, 2,881,000 acres. These figures indi- Flour-milling operations in the month of cate a decrease from the previous year's November were: At Kansas City 78 to 89 per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL. RESERVE BULLETIN. 25 cent of capacity; at Omaha 92 to 100 per cent the district as a whole, nor even as representacapacity; at interior milling points 82 to 91 tive of the situation in all parts of western per cent capacity. In early December some of Texas, the fact remains that that part of the the mills, particularly at interior points, were district which for many years has been suffering either shut down or were working on short time the hardships of droughts and crop failures on account of the coal shortage, with the result has this year taken on tne novel rdle of leaderthat the per cent of activity was somewhat ship in productivity, resulting in a wave of reduced. prosperity that has carried itself to and beyond On account of the fluctuations of prices of the boundaries of the eleventh district. wheat, the flour prices have also shown slight Late estimates show that Texas as a whole changes, but generally flour is 75 cents to $1 has received from its 1919 cotton crop the higher than early November prices. Short largest money return it has ever realized, despatents sold December 6 at $12.75 to $13.65, Eite the practical certaintv that the number of standards at $12.45 to $13.45, and straights at ales already ginned is tne smallest in recent $11.85 to $12.50. years. It is the opinion of reliable authorities Receipts of corn, although slightly above that this situation, combined with other those in October, were about 30 per cent less influences affecting agriculture in this district, than the receipts in November, 1918. Car will tend to produce a much larger cotton shortage helped in the holding back of new acreage here in 1920 than was sown in 1919. corn. Prices were materially improved as Agriculture.—The winter grain acreage has compared with those of September and Octo- been greatly reduced this year by the excessive ber. The high and low prices of corn at Kansas fall rains throughout the gram belt. Esti- City in November were $1.61 and $1.40 for No. mates place the reduction, as compared with 2 mixed as against $1.50 and $1.39 in October. last year's acreage, at from 35 to 50 per cent. Receipts oi oats were about 10 per cent be- The condition of the growing grain is generally low the November, 1918, receipts and prices unfavorable, due to lack of proper preparation showed some improvement over October prices. of the soil and also damage in some sections No. 2 white oats sold from 70 to 77£ cents. by insects. From present indications the season's yield will not exceed 35 per cent of normal. REPORTED BY DISTRICT NO. 11. Notwithstanding the loss sustained by cotton farmers from the effects of the excessive rain- The closing months of the year 1919 have fall on both the yield and grade of the staple, found this district in a peculiarly checkered the higher prices realized this year on their situation, with some sections setting new high marketable cotton, as well as on other farm records in the volume and profits of their products, have placed the farmer in a much products, while others are suffering from the easier financial condition than they were a year disastrous effects of crop failures. ago. The Texas cotton crop for 1919, of wnich The most striking and surprising feature of approximately 85 per cent nas been gathered, this anomalous situation, as disclosed by the has been estimated by the Department of developments of the past 30 days, are the Agriculture at 2,700,000 bales, although some reports that are coining in from the western of the leading authorities in the State of Texas ?art of the district, particularly from western contend that this estimate is too high. exas, where a year of copious and well dis- Although it is too early to form a reliable tributed rainfall has resulted in an amazing estimate of next year's cotton acreage in this record of productivity and development during district, many reports are being received to the the year just closed. effect that the small acreage available this fall In one western county alone a $9,000,000 for winter grain has caused farmers in many cotton crop, a $1,000,000 wheat crop, and more communities to announce their determination feedstuff than its farmers have been able to to plant a larger acreage in cotton next year. gather have yielded an average crop income of more than $500 per capita, transformed many REPORTED BY DISTRICT NO. 12. tenant farmers into farm owners, and demonstrated generally what this section is capable Of the 10 leading wool-producing States, of doing under favorable weather and market 5 are located in the twelfth Federal Reserve conditions. district, which produced approximately 30 per While the figures cited from this county cent of the 1919 wool cup. Production oy can not be taken as a picture of conditions in States has been as follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 FEDERAL, RESERVE BULLETIN. JANUARY, 1920. with the material available in this country. It State. Rank. Production. is recognized that these indexes are for the most part made up of too few commodities to Pounds. represent the general wholesale price levels of Idaho 22,145,000 Utah 15,800,000 their respective countries with any degree of Oregon 14,040,000 California. 13,298,000 exactitude. On the other hand, foreign price Nevada... 10,500,000 material obtainable in this country is too Total.. 75,783,000 scanty to make possible the construction of larger indexes which would be more representative than those now published. If the limita- The following table indicates the great tions of these indexes are understood, they may decrease in hop production in this district be used with considerable confidence in a study during the last few years: of wholesale price oscillations. Following is a description and analysis of the Normal indexes which will be published currently along State. 1919 prior to with the actual monthly figures for the past 1919. three years computed with 1913 as a base.1 Bales.* Bales. California 70,000 115,000 Oregon 35,000 135,000 DESCRIPTION AND ANALYSIS OF EXISTING Washington 20,000 45,000 INDEXES. TotaL 125,000 295,000 The wholesale price index of the United 1185 pounds net per bale. States Bureau of Labor Statistics commands greater confidence as a measure of the general Fully 97 per cent of the 1919 crop has been wholesale price level in this country than any sold at prices ranging from 30 to 35 cents per of the other indexes published here. It conpound, with the latter price now being freely sists of market quotations for over 300 comoffered to growers for unsold stock. Growers modities of industrial importance, weighted are now contracting for their 1920, 1921, and according to the quantity of these articles 1922 crops at a price of 36 cents per pound, which enters into the trade or exchange of this which compares with a prewar price of 15 to country, allowance not being made for the 20 cents per pound. Heavy reductions in frequency of turnover. A critical analysis of acreage throughout the world, because of the this list shows that all of the leading industries demand for foodstuffs during the war, are of the country are represented by one or more largely responsible for this important increase quotations, that in most cases commodities are in price. quoted as raw materials, and in one or more stages of manufacture, but that such representation is somewhat uneven. The types of International Price Index. quotations used are rather heterogeneous. This is in some cases due to differences in indus- Especially since the close of the war a keen trial organization, some goods being sold interest has been shown in the course of foreign exclusively on a cash basis, others on contract, prices, not only for purposes of comparison the meaning of the contract price differing from with our own price level but also as a method industry to industry. This diversity would of studying business conditions abroad. In seem to be desirable if in each case the type of view of this fact, the Federal Keserve Board quotation used represents the basis of sale of has undertaken the study of this subject and the largest quantity of the commodity being expects to publish each month the general traded in. To determine this requires very index numbers of leading foreign countries and specific trade information. Quotations are in addition index numbers of certain groups of obtained from trade magazines and private commodities which it considers valuable for firms. In most cases these sources appear to special study. be reliable, but as in the case of the type of It was decided to make use of the index price used, doubtless considerable improvenumbers published in the various foreign ment could be made in this direction by further countries for the purpose of studying the genstudy of specific industries. eral wholesale price levels of those countries only after considerable effort had been made 1 More complete information can be obtained regarding most of the to discover a better method of price comparison indexes described below from Bulletin 173, U. S. Bureau of Labor Statistics . This bulletin is in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDEBAL RESERVE BULLETIN. 27 The method of weighting used is satisfactory quotations used except in a very general way. for a study of the general price level, although Official returns are used in such cases as wheat, theoretically it would appear that frequency barley, and oats, and imported articles are of turnover should be considered. To take quoted in bond; otherwise private firms, the this into account involves a detailed knowledge Economist, and other publications are used, of sales methods in different industries. but no statement is made as to the type 01 The reliability of the index of the Bureau of price. Labor Statistics has been tested by the study The Economist index at present consists of 44 made by the price section of the War Indus- quotations unweighted except roughly by the tries Board of prices during the war.1 The number of quotations allowed to the different latter study involved the construction of an commodities. Although the omissions are not index number for 1913 to 1919, consisting of so striking as in the case of the Statist (corn 1,366 commodities representing the leading and hides being perhaps the most important), industries of the country, weighted according the reduction in the number of quotations to the quantity produced here plus that im- practically guarantees a less accurate measureported. In the preparation of this index, ment of the price movement of the separate great emphasis was placed upon the study of commodities. Most of the commodities quoted marketing methods in connection with the are raw materials, although the following semichoice of commodities quoted and the types manufactured and manufactured articles are inof prices used. The results of this study show cluded: Flour, meats, cotton yarn, possibly an average difference during the six-year cotton cloth, steel rails, iron bars, leather, and period between this index and that of the petroleum. Nothing is published regarding the Bureau of Labor Statistics of 1.5 points with type of price quotations used other than that prices in the 1914 fiscal year considered as 100. they represent market quotations in London Judging from this fact and taking into consid- and Manchester. eration that this was a war period, it would The Board of Trade index is computed from seem unnecessary to attempt to improve upon the prices of 47 commodities weighted in acthe index of the Bureau of Labor Statistics cordance with estimated consumption, confor the purpose of studying the general wholesumption being "taken to mean any process by sale price level in this country. which the commodity is substantially changed Three indexes are currently published to in character. In other words, consumption in show the general level of wholesale prices in manufacture is recognized as well as consump- England, that of the Board of Trade (official), tion by an individual." All commodities exthat of the Economist, and that of the Statist. cept certain ones in the food group are raw ma- The last one mentioned is usually accorded terials. Instead of using market quotations of the greatest confidence in England and abroad. one sort or another, import and export values Its construction has served as a pattern for are used for the most part as the basis for the several other European indexes. Both the index. These values are supplemented by Economist and the Statist index were origi- official quotations for wheat, barley, and oats nally constructed for the purpose of throwing and by prices paid by public institutions for light upon the relation between the gold supply certain food-stuffs which may be termed semiand prices. The Statist index consists of ap- wholesale prices. proximately 60 quotations and is not weighted From the above discussion it is apparent that except in a crude way by allowing two quota- none of the British indexes is as inclusive as tions to certain very important commodities that of the United States Bureau of Labor Stasuch as wheat, iron, coal, and cotton, to tistics nor so scientifically weighted, assuming mention a few. Analysis of the list of com- that the aim in all cases is the same, namely, to modities included shows certain important measure the general price level of the country omissions such as rubber, paper, gasoline, considered. Although certain important intobacco, and others of perhaps less importance. dustries are entirely unrepresented, the Statist Quotations are largely for commodities in index is superior to the other two in the numtheir raw state, although there are such ex- ber of quotations included. Manufactured ceptions as wheat, flour, meats, leather, and articles are almost equally slightly represented refined petroleum. It is impossible to dis- in the Statist and Economist indexes and still cover from published sources the type of more slightly in that of the Board of Trade. Import and export values are probably not so * See History of Prices During the War, Summary. By Wesley C.representative of the prices paid by the country Mitchell, W. I. B. Price Bull. No. 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 FEDEBAXi BESEBVE BTJIJLETIN. JANUARY, 1920. as a whole as reliable market quotations. In and manufactured goods, unweighted. Prices this respect again the Statist and the Econo- are obtained from reliable firms with whom the mist would seem to be preferable to the Board bank has connections. of Trade index. On the other hand, the Board of Trade index is weighted according to con- Index numbers of wholesale prices (all commodities). stimptipn whereas the other two are weighted (1913-100.) in only a very general sort of way. The weighting used, however, is influenced ap- it parently T>y a desire to measure the cost of living rather than the general wholesale price level Id.2 since the weight of 330 points is given to food, all other commodities receiving the weight of 176. It may be concluded, therefore, that the Statist index is probably the most suitable one II for measuring tne British wholesale price level. It is inadequate, especially in respect to quotations of manufactured goods and weighting. 1913. 100 100 100 100 100 100 100 100 Only one wholesale price index is publisned 1 1 9 9 1 1 4 5 . . 1 1 0 0 0 1 1 1 0 2 1 6 1 1 4 0 0 2 1 9 3 5 3 1 1 4 1 5 6 9 9 5 7 1 1 0 4 6 7 1 1 0 1 1 0 at present in France, namely, that of the 1916. 124 159 187 202 185 117 138 135 Statistique Generale 01 the French Ministry of 1917. Labor and Social Welfare, the index of Jules J F a e n b u ru ar a y r — y.. 1 1 5 5 6 1 1 1 9 8 3 7 2 2 1 2 5 6 2 24 2 1 9 1244 1 12 2 6 8 1 16 5 3 7 Domergue published in the Rfeforme Economi- March. 161 198 229 260 127 167 April 173 203 248 265 131 2 146 171 que having been allowed to lapse at the begin- May 182 205 256 278 139 181 ning of the war. The former index consists of J Ju u l n y e 1 1 8 8 5 7 2 2 1 0 6 8 2 2 6 6 6 8 2 30 8 4 8 1 1 5 4 8 5 2 158 1 1 8 8 3 4 45 commodities unweighted. It resembles the August.... 186 206 270 311 169 183 September 183 207 280 331 169 182 Statist and Economist indexes in number and October... 181 212 284 350 164 «168 181 type of commodities, very few manufactured November 183 215 293 364 163 187 December. 183 217 304 365 166 190 goods being quoted. The quotations are 1918. obtained from the Bourse de Commerce of January... 185 219 313 367 172 2 173 191 Paris, official and trade journals, and the February. 187 220 319 384 179 195 March 187 221 327 399 183 199 R6forme Economique. April 190 223 333 407 207 «178 199 The leading Italian wholesale price index J M u a n y e 1 1 9 9 1 3 2 2 2 2 6 5 3 32 3 9 5 4 4 2 1 2 7 1 1 8 8 6 8 2 2 0 0 4 8 published at the present time is that of Prof. July 198 227 337 435 194 *180 210 August 203 230 350 435 206 211 Kiccardo Bachi, the official Italian indexes con- September 207 231 356 435 206 211 sisting of small numbers of foods at semi- N O o ct v o e b m er ber 2 20 0 6 5 2 2 2 3 9 2 3 3 6 5 0 8 4 4 4 3 3 8 3 36 7 7 0 2 2 1 1 6 4 2 21 1 5 4 wholesale prices. The Bachi index consists of December. 207 230 353 372 372 214 213 40 commodities at wholesale and is constructed 1919. January 203 224 348 328 214 «177 212 on a similar plan as the Economist index for February.. 197 220 340 323 213 207 England. As is the case with the British and March 201 217 337 326 354 206 205 April 203 217 332 330 207 206 French indexes, the commodities are quoted May 207 229 325 337 215 210 June 207 235 3S0 356 228 210 mostly as raw materials. The quotations are July 219 243 358 247 218 obtained for the most part from the official August 226 250 365 251 223 September. 221 253 257 223 reports of the chambers of commerce of Genoa October 223 264 271 222 November. 230 272 227 and Milan. The Swedish Government has recently begun »Year. «Quarter. publishing a wholesale price index. So far, we have been unable to discover how this There is at present a very excellent Ausindex is constructed, the commodities used, or tralian index number published by the Comthe source of quotations. The index number monwealth Bureau of Census and Statistics, is being publisned currently, however, by the consisting of 92 commodities weighted on the Supreme Economic Council in the Monthly basis of the country's aggregate consumption. Bulletin of Statistics, and judging from the So far as can be judged, the list is a very ingrouping of commodities it must be similar to clusive one, covering Australia's leading raw the other best known European indexes. materials, important producers' goods, and a The Bank of Japan publishes a wholesale long list of goods used in private consumption. price index for Tokyo currently. It consists of Melbourne trade journals are used for the most prices of 56 commodities, both raw materials part as a source for quotations, but in a few Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 29 cases, where Australian markets are not It is apparent from the table on page 28 that developed, prices are quoted on the London credit expansion has been least m Australia. market. The weighting is apparently based The United States and Canada appear to be in on aggregate consumption as contrasted with approximately the same position and someprivate consumption. In other words, the what better off than the European countries. idea of measuring the cost of living has not It would seem that values in Japan have influenced the weighting, but consumption shifted in about the same ratio as in England, has been estimated by adding imports to pro- whereas in France, Italy, and Sweden money duction and subtracting exports. This index has depreciated even more radically. number is published quarterly in the Labour It should be noted also that whereas prices Bulletin, computed on the basis of average in all of these countries declined for a few prices in 1911 equal to 100. Since 1915 an months after the close of the war, they have additional monthly index number has been consistently advanced during the last five or computed on the basis of prices in July, six months in every case where we have recent 1914, equal to 100. Unfortunately, the La- figures. bour Bulletin is not received in this country As stated at the beginning of this article, the very promptly after publication. index numbers published abroad are fairly The official Canadian index is very similar satisfactory for the purpose of studying general to that of the United States Bureau of Labor price movements. By the use oi the group Statistics in number and choice of commodities. indexes for foods, clothing, etc., published in It is not a weighted index, however. The 272 every case except that of the Bank of Japan, quotations used in the construction of the index it is possible to follow the movement of prices cover the leading commodities of the country in related groups of industries. We thus have in both the raw and manufactured condition. in addition to the average price fluctuation in a Trade journals, boards of trade, and commer- given country the variations of groups of cial houses are used for the collection and veri- industries from the average. fication of the price quotations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 FEDERAL RESERVE BULLETIN. JANUARY, 1920. Group index numbers— United States Bureau of Labor Statistics. [1913=100.] Date. pr F o a du r c m ts.Food, etc. cl C o l a t o h n t i d h ng s s. F li u g e h l t i a n n g d .a p n r M d o e d t m u a e c l t t s a s l .m b L a u t u i e a m l r n b d i d i a e n l r s g . ic C d a r h l u s e g m a s - n . d f H g u o r o i n o u n i d g s s s e h . - Mi n s e c o e u l s l . a- 1913 100 100 100 100 100 100 100 100 100 1914 103 102 98 96 88 98 101 99 98 1915 106 105 99 92 94 94 109 99 99 1916 119 124 123 114 142 100 157 115 117 1917. January 148 151 161 176 183 106 159 132 138 February 151 160 162 185 190 108 160 132 141 March 163 161 164 188 199 110 165 132 143 4fc::::::::::::::::::::: 181 183 169 184 208 114 170 139 149 197 192 173 194 217 117 179 139 150 197 188 179 201 239 127 180 144 152 June 199 182 187 192 257 132 198 ' 152 153 July 205 181 193 165 249 133 209 152 156 August 204 180 193 160 226 134 223 152 155 September 208 184 193 146 182 134 252 152 163 October 212 185 198 155 174 134 240 155 166 November . 205 186 202 158 174 135 238 155 170 December 1918. January 207 188 211 157 174 136 232 161 178 February. 208 187 216 157 176 138 232 161 181 March 212 179 223 158 176 144 232 165 184 April 217 180 232 157 177 146 229 172 191 May 214 179 237 160 178 148 223 173 194 June 217 180 245 159 178 150 219 178 196 July 224 186 249 166 184 154 216 199 190 August 230 193 252 166 185 157 222 221 191 September 237 200 254 167 184 159 220 226 194 October 224 202 256 167 187 158 218 226 196 November 221 208 255 171 188 164 215 226 203 December 222 212 250 171 184 164 195 227 204 1919. January 222 209 234 170 172 161 191 218 212 February 218 197 223 169 168 163 185 218 208 March 228 205 216 168 162 165 183 218 217 A>il 235 212 217 167 152 162 178 217 216 May 240 216 227 167 152 164 179 217 213 June 231 206 258 170 154 175 174 233 212 July 246 218 282 171 158 186 171 245 221 August 243 228 303 175 161 209 172 259 225 September 226 212 306 181 160 229 173 262 217 October 230 211 313 181 161 231 174 264 220 November 240 219 325 179 164 236 176 299 220 Group index numbers— United Kingdom Statist. [1913-100.] Date. V f t o e a o b g d l e s e - . A f n o i o m ds a . l S co u t f g e f a a e . r e , , s F t o u o ff d s - . Minerals. Textiles. Sundries.Materials. 1913 100 100 100 100 100 100 100 100 1914 110 100 107 105 90 97 105 98 1915 155 125 130 137 109 111 131 119 1916 193 152 161 169 140 152 163 153 1917. January 258 176 180 208 146 187 188 174 February 255 185 187 212 148 199 195 181 March 269 188 195 220 150 207 198 185 April 273 191 195 223 150 205 215 191 May , 269 198 197 225 155 214 210 194 June 273 207 206 232 154 237 210 200 July . 251 202 201 221 154 239 210 200 August , 242 194 217 216 153 236 215 201 September 234 188 225 211 151 242 222 205 October 235 190 246 216 154 254 226 210 November 232 192 247 216 158 257 230 214 December , 231 197 252 218 157 257 237 217 1918. January 243 200 250 224 160 262 227 216 February 245 200 254 225 162 263 229 217 March 239 200 258 224 162 268 232 219 April.. 241 203 231 222 167 264 243 224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 31 Group index numbers—United Kingdom Statist—Continued. Date. f V t o a e o b g d l e s e - . A fo n o im ds a . l S co t u f e g f a e a . e r , , s F t o u o ff d s - . Minerals. Textiles. Sundries.Materials. 1918. May 241 203 231 222 165 263 250 226 242 201 232 221 163 268 255 229 July 249 201 232 224 175 261 250 228 August . . . . .. 256 201 230 226 173 277 249 232 250 220 232 233 172 275 246 230 0 c tober 254 230 234 240 173 266 246 228 November..... 256 230 236 241 166 256 243 222 December 256 230 236 241 161 258 250 224 1919. January .' 249 226 221 234 159 246 246 218 February 250 226 221 235 156 242 235 212 March 240 205 238 224 154 235 246 213 April 243 206 228 224 154 239 243 213 May 244 208 236 226 177 253 258 230 246 208 243 229 182 258 271 239 July 244 208 275 231 202 256 284 250 August ....... 254 208 320 242 206 272 283 254 September 258 208 327 244 206 286 279 257 October 260 226 322- 253 222 305 284 270 November .. ... 266 226 332 180 296 328 280 Group index numbers—France and Italy. France, Bulletin de la Statistique Italjr,i Prof. Bachi. Generale. 1913=100.] [1913-100.] Date. F ( o 2 o 0) d . s Ma ( t 2 e 5 r ) i . als C m e a e r n a e d a ts l . s s O f t o u t o h f d f e s - r . Textiles. M m i a e n n t e a d r l a s l . s g O o t o h d e s r . 1913 100 100 100 100 100 100 100 1914 104 101 102 84 96 100 96 1915 131 145 132 93 113 207 133 1916 167 206 156 135 184 380 197 1917. January.. . . .. . . . . .. . .. 183 242 175 150 240 419 210 February 189 256 184 155 248 449 218 March 191 260 188 158 274 518 230 April 228 264 189 158 266 535 243 May 230 277 189 167 281 592 230 June 238 289 191 171 308 597 252 July 237 293 207 173 330 610 286 238 296 212 174 341 630 286 September 244 309 236 176 364 688 287 October. . . . .. 236 322 267 183 413 685 305 November 239 337 268 198 426 711 322 December 249 349 269 189 428 720 326 1918. 257 358 February. . . ... .. ..... . ... . 260 367 March 264 378 April 275 380 May 279 382 269 377 July 274 388 August .. . .. 292 398 296 404 October 298 410 348 279 484 775 427 November . .. . . 301 404 348 285 484 746 432 December 304 392 304 286 484 430 432 1919. January 313 376 304 300 330 306 422 February 316 360 300 307 328 306 384 March 337 337 292 312 331 355 362 April 336 330 294 330 333 358 349 May 319 330 293 336 375 366 340 June . . . . . . . . .. . . . .. . . . . . . .. 313 344 320 343 380 419 836 July 334 331 387 420 342 August. ..... .. . . . .. 332 350 414 421 341 ,. * Group index numbers January-September, 1918, not available in this country. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 FEDERAL. RESERVE BULLETIN. JANUARY, 1920. Group index numbers—Sweden, Official. [1913=100.] Raw Date. Ve f g o e o t d a . ble A f n o i o m d. al m c fo a u r t l e t a r u g i r a r e i l . - s Coal. Metals. B m u a i t l e d r i i n al g . P p a u p lp e . r le H a a i t n d h d e e s r. 1913-14 100 100 100 100 100 100 100 100 19141 136 101 114 123 109 104 118 1915 151 140 161 177 166 118 116 158 1916 152 182 180 266 272 165 233 229 1917 181 205 198 551 405 215 267 206 1918 221 419 304 856 398 275 300 195 1918. October 276 487 318 826 382 293 309 208 276 486 318 780 385 293 315 208 December ... 276 482 318 844 384 293 327 208 1919. 276 483 356 810 373 293 323 208 276 448 356 784 341 293 323 208 March 276 438 356 814 317 288 323 174 April 276 423 367 769 287 288 323 172 i Average for the six months ending Dec. 31,1914. Group index numbers—Canadian Department of Labor.1 Date. f G o a r d n a d d i e n r s . A m n a e i n m a d t a s l . s pr D od a u ir c y ts, t F a v a r b e n u g l d i e e t s - s . O fo t o h d e s r . Textiles. l H ea e i t d t h c e . e s r , , Metals. I m m e p n l t e s - . m B a u t e i e l t r d c i . i a n l g s, lig F a h u n t e d in l g. c D h c a r a e n u l m d s g . i s - 1913. 100 100 100 100 100 100 100 100 100 100 100 100 1914. 114 107 100 99 104 102 105 96 101 100 94 106 1915. 136 104 105 93 121 114 110 128 106 97 92 160 1916. 142 121 119 130 136 148 143 167 128 100 113 222 1917. January 174 138 157 196 154 165 174 177 153 105 153 228 February 178 146 156 224 155 171 168 197 157 107 150 231 March 185 149 145 241 156 177 161 202 157 109 161 238 April 201 157 140 246 168 182 161 210 157 113 143 241 May 222 171 143 269 195 189 173 222 159 115 151 243 June 214 165 134 289 192 199 174 228 178 116 162 229 July 216 163 136 258 187 205 169 230 184 123 194 232 August 216 160 147 214 192 210 171 233 189 124 184 231 September... 207 163 149 250 189 212 170 233 188 124 190 239 October 205 166 159 170 189 222 163 226 188 125 154 236 November... 222 169 160 220 192 233 163 220 187 128 158 243 December... 228 173 165 220 194 247 166 221 187 130 158 247 1918. January 232 181 168 216 195 250 160 217 189 131 159 255 February 242 184 171 221 202 250 156 223 203 132 160 260 March 258 191 159 214 203 255 156 226 210 143 161 256 April 251 198 157 215 204 257 154 222 209 148 162 243 May 236 221 155 203 210 264 173 237 206 148 163 242 June 227 210 155 224 210 278 173 237 210 149 200 259 July 229 205 163 234 214 283 173 238 212 150 205 259 August 227 199 165 217 214 284 174 236 220 152 205 250 September... 214 199 170 206 220 287 177 235 224 153 206 244 October 227 198 179 199 226 286 179 231 230 153 208 244 November 216 186 186 213 227 291 179 230 231 154 210 244 December... 207 171 190 227 290 171 217 214 154 211 244 1919. January 198 191 191 206 223 293 171 204 229 154 209 240 February 192 191 178 188 218 281 162 189 229 155 202 233 March 199 196 171 189 219 282 162 172 229 156 199 212 April 217 209 184 198 213 284 166 162 223 153 206 210 May 231 213 181 209 213 277 202 162 223 153 192 208 June 238 213 179 221 215 274 211 161 226 158 194 197 July 240 216 186 200 218 278 235 166 226 168 194 195 August 243 215 189 210 224 277 260 171 228 170 196 September... 232 201 193 195 227 282 256 171 231 183 197 October 232 180 204 178 228 289 252 165 225 188 201 198 November... 240 175 221 240 230 298 252 171 232 194 201 181 1 Unimportant groups omitted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 33 In England and the United States commodi- in the unmanufactured state, but this is probties in the textile and clothing group have ably due to the comparatively undeveloped risen more radically in price than other com- condition of Russian industry. We have no modities, food products being in much closer recent information regarding this index. agreement with the general price level. In As regards the smaller countries of Europe, France "materials'7 as a group have risen with the exception of Holland, wholesale price more than foods and in Italy cereals and meats indexes are either not available at all or availhave remained comparatively cheaper than able on an annual basis only. In Belgium other commodities. The same may be said there is no wholesale price index published with of vegetable but not of animal food in Sweden. regularity. The same situation exists in Spain In Italy minerals and metals and textiles have and Norway. In Denmark the State Statisrisen more than other groups of commodities tical Bureau publishes an annual index based and in Sweden meats have risen only less on the import and export values of 38 comradically than coal. modities, weighted, so far as we can judge, on the basis of consumption. The Netherlands Statistical Office publishes monthly separate WHOLESALE PRICE STATISTICS IN OTHER FORindex numbers for 14 commodities, but no gen- EIGN COUNTRIES. eral index number has been compiled. There are certain additional countries for The Japanese Department of Agriculture which it would be highly desirable to have and Commerce publishes an index number up-to-date index numbers, notably Germany, consisting of approximately 65 commodities, Spain, and Argentina. The situation in Russia weighted roughly by allowing more than one is such that market quotations, if published, quotation to important commodities. No statewould be of little significance. ment is made as to the method of obtaining So far as we are aware, no general wholesale quotations. Both raw and manufactured artiprice index is being published currently in cles are included in the list, although the Germany. Prices have been published in predominance is given to raw materials. the Vierteljahrshefte zur Statistik des Deutschen Reichs during the war on only a com- PLANS FOR ADDITIONAL INTERNATIONAL PRICE paratively small number of commodities. STUDIES. Before the war, however, over 200 price quotations were published monthly, for approxi- When the Federal Reserve Board first aumately 40 commodities. These were not thorized the study of foreign prices, it was with combined in an index but on the basis of these a view to constructing an international index quotations an index could be constructed of prices for the leading countries of Europe with little effort. and the United States. There is no wholesale price index published It was thought at that time that a group of with regularity in Spain but judging from a commodities could be found which would serve preliminary survey of three leading financial as a pattern for a matched index for the leadjournals (Espana economica y financiera, El ing industrial countries of the world, the idea financiero, Semana financiera), it seems likely being that the leading countries of Europe and that prices of certain groups of commodities America were similar enough for prices of one may be followed fairly satisfactorily. list of commodities to represent their different So far as we know, there is no wholesale price levels with fair accuracy. Because of the price index published in Argentina. We have extreme difficulty of obtaining price material not yet made a sufficiently careful study of for most of the foreign countries it was thought the Argentinian material available in this necessary to limit this list to what might be country to know how feasible it will be to called basic commodities and a few leading study prices there. manufactured materials. Accordingly a list Before the war the Russian Ministry of Com- was prepared of 65 of the most important commerce and Industry published a wholesale modities in American industrial life. An effort price index annually, based on 66 commodi- was then made to find quotations for similar ties, practically unweighted. To judge of the commodities in the leading European counrepresentativeness of the list would require an tries. At the same time the American index intimate knowledge of Russian economical de- was computed on this basis, and also a British velopment such as we do not possess. By far index as closely matched as possible. As a rethe largest number of commodities are quoted sult of this study it was concluded that the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 FEDERAL RESERVE BULLETIN. JANUARY, 1920. method has serious theoretical drawbacks and struct general price indexes for each of those that from a strictly practical point of view it countries. These indexes would obviously not is impossible of satisfactory execution with the consist of matched commodities, since every price material available in this country. The country differs from every other as regards the most serious objection to such a method lies in comparative importance of commodities in its the fact that no index can be constructed industrial life, but would be constructed so as to which will adequately measure the wholesale represent the industrial characteristics of the price level of a group of countries. Even respective countries. In other words, in councountries which appear to be of practically the tries of high industrial development it would be same general industrial development differ necessary to have prices of manufactured comoften very greatly in separate branches. For modities included in the index; in countries of instance, corn is a commodity of enormous im- agricultural importance farm products would portance in the economic life of the United be emphasized, etc. States, whereas it is of relatively small impor- The survey of foreign price statistics showed tance abroad. Countries whose industrial de- that it would be impossible with the material velopment is as similar as that of England, available in this country to construct large France, and Germany differ greatly as to the general wholesale price indexes based upon the importance of basic commodities in their indi- prices of manufactured goods as well as raw vidual cases. Differences become much greater materials. At the same time it was apparent when countries of widely different develop- that with the use of a comparatively small ment are included in the comparison. number of quotations certain interesting and Considered from a practical point of view, it important economic problems could be studied was found impossible to match a considerable currently in the case of a few of the leading number of commodities in every country countries at least. Experiments were therestudied. Even in the case of England, for fore made with the classification of commodwhich we have a larger quantity of price ities into goods produced, imported, and exmaterial than for any other country, prices for ported for the United States and England several commodities could not be found. which gave rather interesting results. A careful study of the results of the experi- At the same time the opinions of certain ment with the matched index for the United leading economists in this field were obtained States and England leads to the conclusion regarding the value of the matched index as that it formed no better basis for comparison of compared with the representative commodity prices in the two countries than the indexes of index as a basis for international price comthe Bureau of Labor Statistics and the Statist. parisons. The question of the advisability of The matched index for England was somewhat the Federal Reserve Board's constructing a superior to the Statist in that it contained new type of index adapted to the study of prices on a larger number of manufactured business conditions, as well as the general price articles. It was impossible to obtain expert level, was also put to them. The classification advice regarding the reliability of the price of goods into those produced, imported, exquotations used, however, or the market infor- ported, and consumed was tentatively menmation necessary for the construction of a tioned. There appears to be a difference of matched index. The matched index for the opinion regarding the value of the matched as United States was obviously not so good as the compared with the representative commodity index of the Bureau of Labor Statistics as a index, but considerable interest was shown in general wholesale price index since less inclu- the idea of a new index and several valuable sive|and therefore less representative. suggestions were received. The Board has It was decided therefore that if general these suggestions under consideration and will wholesale price levels in several countries were announce its plan for future international price to be compared, it would be necessary to con- studies as soon as it is completed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAIi RESERVE BULLETIN. 35 GOLD POLICY AND FOREIGN COMMERCE serves were the result largely of payment by OF THE SCANDINAVIAN COUNTRIES, belligerents for goods purchased in Sweden. 1914-1919. A situation developed which has few, if any, precedents in the financial history of the worla, SCANDINAVIAN MONETARY UNION. A continuous stream of gold was pouring into the coffers of the Bank of Sweden, as it was Sweden, Norway, and Denmark formed in under legal obligation to accept all this gold 1873 what is known as the Scandinavian at its mint value. The bank had only two Monetary Union, by the terms of which the alternatives in dealing with the situation coins of each country were made legal tender under the laws in force at the time—either in all the three countries. The standard coins, to issue notes in return for all the gold of the face value of 20 and 10 kroner, contain and therebv increase the circulation of the jj% and -j^g- of a kilogram of fine gold, respeccountry witnout reference to commercial needs, tively, and the Governments of the three or to dispose of some of its earning assets and countries were bound by the treaty to purchase pay for the gold by notes thus obtained. The gold from any person offering it" at the fixed issue of notes in payment for gold would add price of 2,480 kroner per kilogram, less a nothing to the bank's earnings, since gold in mintage charge of one-half per cent on the vault under these circumstances would be a 10-kroner piece and one-quarter per cent on "dead" asset. Even less desirable appeared the 20-kroner piece. Expressed in American the sale of the bank's assets, as that policy units, the 10-kroner coin contains 62.2258 would gradually transform it into a mere gold grains of pure gold and is worth $2.6799, the deposit vault with no earning power whatever. mint value of a Scandinavian krona thus being Swedish economists, confronted with this novel 26.8 cents. Silver coins and subsidiary coins situation of a country with too much gold, of the signatory powers are also legal tender reached the conclusion that, just as Swedish throughout the Union territory up to amounts merchants would not accept the goods of any limited by the treaty, but bank notes are not country except at the market price, neither legal tender outside of the country of issue. should the bank accept gold on any other Since the monetary policies adopted by Swe- terms. Sweden needed goods, not gold, and den were followed by the other two countries, if she could cause the outside world, especially the following discussion deals with Sweden in England, to pay for purchases in Sweden by more detail than with Norway or Denmark. merchandise rather than gold, the country at large as well as the bank would be benefited. SUSPENSION OF GOLD PAYMENTS AND OF GOLD In view of these considerations, the bank PURCHASES. sponsored another modification of its organic act, by which the King and the Parliament, or At the outbreak of the Great War the authorthe Eang alone, when the Parliament is not ities of the Bank of Sweden, alarmed by the in session, is authorized to suspend for a public's demand for gold and fearing that the fixed period the bank's obligation to purchase bank's reserves might become impaired by gold in bars at the mint price; also to suspend large withdrawals of gold, submitted to the the provisions of both the bank and mint acts legislature an amendment to the bank act according to which the bank as well as the which permits the King and the Parliament mint were bound to pay gold coins for all gold together, or when the Parliament is not in bars tendered.1 This bill became law on session, the King alone, to release the bank for February 8,1916, and was to continue in operaa fixed period from the obligation to redeem its tion to February 4, 1917, but has since been notes in gold on demand. Suspension of gold extended and is still in force. The order suspayments was sanctioned by royal order from pending gold purchases was issued xm February May 11, 1915, to October 1 of the same year 8, 1916, and the order suspending the free and was then extended to February 4, 1916. coinage of gold on April 28 of the same year. In the meantime the gold situation underwent At this point Sweden's gold policy came a radical change and on January 3, 1916, the into conflict with the terms of the Scandinabank resumed gold payments. vian Monetary Union by which the three During 1916 the gold holdings of the bank signatory powers had bound themselves to showed continuous and marked increases. treat each other's gold coin as legal tender. From 142 millions in January they rose to 161 millions in February and to 184 millions in i For text of this bill see FEDEBAL RESERVE BULLETIN for May, 1918, December. These additions to the gold re- p.378. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BULLETIN. JANUARY, 1920. It was, therefore, necessary, before the sus- interchangeable as was the case while the pension of gold purchases would become Monetary Union was in operation, have fluctueffective, to have Denmark and Norway ated in accordance with their respective trade adopt the same policy as that pursued by balances. Thus, the Swedish krona has been Sweden. At Sweden's request, after a confer- at a premium in Norway and Denmark during ence of delegates of the three countries in most of the period under review owing to Gothenburg on February 23 and 24, Denmark Sweden's more favorable trade balance with adopted this course on March 17, and Norway the European belligerent countries. at about the same time. To recapitulate: The Bank of Sweden up to FOREIGN TRADE AND FOREIGN EXCHANGE. the outbreak of the war was prepared to redeem all its notes in gold and to purchase In prewar years Sweden ordinarily imported whatever gold was offered at a fixed price. more goods than she exported. Her exports The practical result of the amendments to the consisted largely of timber, wood pulp, iron, bank and mint acts permitting the suspension and other raw materials, while her principal of these functions m case of need is that imports were food, textiles, and coal. The Sweden in reality is prepared to redeem her two principal countries with which Sweden notes in gold only so long as no great amount traded were Germany and Great Britain. of notes is presented for redemption, and is Import and export figures for Sweden are ready to purchase gold at a fixed price only so available to the end of the calendar year 1917. long as no large amount of gold is tendered. It will be seen from the table on page 39 that It may be noted that the bank was not Sweden continuously exported more goods to prohibited from purchasing gold, but simply Great Britain than she imported from that released from the obligation of purchasing it country. It will also be noted, however, at a fixed price, and as a matter of fact pur- that tne excess of exports to Great Britain chases at a discount were made by the bank, increased decidedly as the war progressed. although its operations in this line were not During the year 1916 the exports were twice on so large a scale as those of the Bank of Spain as large as the imports and during the year (see FEDERAL RESERVE BULLETIN for Novem- 1917 more than 3£ times as large. The table ber, 1919, p. 1039). A measure of these gold on page 42 and the chart on page 40 show purchases is afforded by the growth of the fluctuations of exchange quotations in Stockbank's gold holdings, which increased from 125 holm. At the outbreak of the war the pound millions at the end of 1915 to 286 millions at sterling was quoted in Stockholm slightly the end of 1918. Possession of this gold, above par and rose somewhat during the however, did not enable Sweden to secure following months, while gold payments were from the belligerents the merchandise of received from England for merchandise purwhich she stood in need, for gold had tem- chased in Sweden. This rise continued until porarily lost much of its purchasing power in March, 1915. From that time on, as the the international market. If, indeed, Sweden's blockade of Germany became more effective purpose in refusing to accept gold at par was and communication more hazardous, also as primarily to induce England and other belliger- England's needs became more acute and as ents to pay for their purchases in goods, the she restricted gold payments, the rates for policy was not a success, as goods could not sterling began to decline. By the end of be had at any price. As a matter of fact, 1915 the pound was quoted at more than 3 imports of merchandise from England to per cent discount and by the end of 1916 at Sweden declined from 214 million kronor in more than 7 per cent discount. The decline 1915, to 164 millions in 1916, and to 65 millions continued until November 7, 1917, whenfit in 1917. reached its lowest level, the discount during In its practical operation the suspension of that month exceeding 28 per cent. From the purchase of gold by the Scandinavian that time the rate advanced again with fluctubanks amounts to a temporary annullment of ations, the more rapid advance taking place the essential feature of their Monetary Union, since the signing of the armistice in November, namely, the free circulation of all Scandinavian 1918. During December oi the present year money throughout the Union territory. As a the British pound has been quoted at Stockresult, intra-Scandinavian trade balances must holm above par. be settled by bills of exchange, and the curren- Trade balances alone are not sufficient, cies of the three countries, instead of being however, to explain the changes in the value of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL, RESERVE BULLETIN. 37 the British pound at Stockholm. Another f ac- when Great Britain ceased to support her tor is found in the toll collected by Sweden exchange in New York. As a result the for the use of her ships. Sweden's earnings dollar immediately rose above par and has from foreign shipping, which were about 120 remained so since that time. During Nomillion kronor annually before the war, in- vember American exchange has been quoted creased to 242 millions in 1915 and to 416 in Stockholm at as much as 18 per cent premillions in 1916, while in 1917 they amounted mium, a condition which causes serious conto 229 millions. England alone incurred a cern to Sweden's importers and to American bill for shipping amounting to 130 million exporters. kronor in 1916. As in the case of other neu- Norway's foreign commerce and exchange trals, part of the claims on foreign countries rates are shown in the tables on page 39 and was used by Sweden to repurchase a large page 43. In the case of Norway earnings amount of home securities owned abroad. from the foreign carrying trade are an even During the period from July 1, 1914, to De- more important factor than in the case of cember 31, 1917, about 343 millions of Swedish Sweden. The following statement shows those securities were repatriated, about 76 millions earnings for the years 1911 to 1917 J of which came from England. While the income from the carrying trade operated to enhance Sweden's favorable trade balance, her Tonnage Earnings Year. carried (1,000 purchases of securities held abroad were an (1,000 kroner). tons). offset againt her net exports of merchandise. Sweden before the war was a heavy importer 1911 1,171 161,086 from Germany, having an unfavorable balance 1912 1,261 188,440 1913 . . 1,329 218,619 of trade amounting to about 100 million kro- 1914 1,379 211,478 nor a year. Beginning with 1915, however, 1915 1,413 474,525 1916 1,422 1,062,662 this balance changed in Sweden's favor. At 1917 1,129 1,107,177 the same time Germany contributed to the earnings of the Swedish merchant marine, and, From earnings averaging about 200 million on the other hand, returned about 179 million kroner during the years 1911 to 1914 Norkronor of Swedish securities. Mark quota- way's receipts from this source rose to 475 tions in Stockholm declined practically with- millions in 1915, to 1,063 millions in 1916, and out a break from the beginning of the war until to 1,107 millions in 1917. It will be noted October, 1917, then rallied somewhat as the that during 1917 Norway's total imports chances of a negotiated peace appeared bright- were about 1,661 millions and her exports 791 er, only to decline again with the turning of millions, so that she had an unfavorable trade the tide in favor of the Allies in June, 1918. balance of about 900 millions. This balance, From that time German exchange declined however, was more than offset by her earnings very rapidly, stood at about 41 per cent below in the carrying trade. It will also be noted par in November, 1918, when the armistice was that the actual amounts carried did not insigned, and continued to fall, reaching in crease materially and that the large returns November of this year the level of 85.4 per were due to the enormous increase in rates. It cent below par. is to be remembered, of course, that the extra haz- Throughout the war Sweden purchased ardous nature of navigation in the submarinemore from the United States than she sold to infested waters necessitated large advances in this country, the amount of Sweden's unfa- freight rates. Nevertheless the increase in vorable balance increasing very decidedly as these rates is startling: Thus, for example, the war progressed. At the same time, Amer- the rate per ton from the east coast of Great ican exchange was below par at Stockholm Britain to the eastern ports of Norway quoted for the reason that sterling exchange in New at 4.6 kroner in January, 1914, advanced to York was "pegged" at about 2 per cent below 8.10 kroner in August and to 11.4 kroner by par.1 Examination of the table of foreign the end of the year. In 1915 the advance exchanges on page 42 and of the chart on page continued and at the end of that year the rate 40 shows that dollar exchange in Stockholm per ton was 18.7 kroner per ton. By the end remained with remarkable constancy about of 1916 it was 45.5 kroner, while in 1917 the 2 per cent above sterling until March, 1919, increase was nothing short of spectacular, as in June of that year it reached 260 kroner per i For discussion of the effect of pegging on dollar exchange see FED- ton. During the next three or four months, EEAL RESEEVE BULLETIN for November, 1919, p. 1038. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 FEDERAL RESERVE BULLETIN. JANUARY, 1920. which are the latest for which information is of Sweden (Sveriges Riksbank), the Bank of available, the rates declined somewhat and in Norway (Norges Bank), and the National September of that year were 205 kroner per ton. Bank at Copenhagen (Nationalbanken in Thus Norway, not being in a position to Kj0benhavn). export as much merchandise as Sweden and These banks have a monopoly of note issue bemg greatly in need of outside supplies, had in their respective countries, the Bank of an unfavorable merchandise balance even Sweden being owned by the Government (or during the war years, but the earnings of her rather the houses of Parliament), while the merchant marine considerably more than Banks of Norway and of Denmark are prioffset her excess of imports and her true inter- vately owned but under Government supernational balance was decidedly favorable. vision and sharing their profits with the Denmark, being situated in greater proxim- Government. ity to belligerent Europe and having less It will be noted that the gold holdings of the immediate access to the northern sea where Bank of Sweden increased from 109 million ocean communication was possible with much kronor at the end of 1914 to 286 millions at less danger from mines and submarines, was the end of 1918; the bank's holdings of bills not able to do so great a business with Great payable in Sweden were much lower at the end Britain during the war as in previous years of 1915 and 1916 than at the end of 1914, (see tables on pages 39 and 44). Her trade when they amounted to 175 millions, while balance with Great Britain was favorable at the end of 1918 they had increased to 280 until 1916 but was against her in 1917. Brit- millions. Holdings of bills payable abroad ish exchange consequently never fell so low increased from 43 millions in 1914 to 91 in Denmark as in Sweden, the lowest point millions in 1915, and 122 millions in 1916, but being reached in November, 1917, when the declined to 110 millions in 1917 and to 70 pound was at about 19 per cent discount. millions in 1918. Advances, other than in It rallied soon thereafter, however, reached current account, largely on securities, show a par early in 1919, and has been considerably rapid growth from 53 millions at the end of above par since that time,-the latest quota- 1916 to 181 millions at the end of 1918. On tions being approximately 10 per cent above the liability side an expansion of note circulapar. Denmark's largest exports during the tion from 304 millions in 1914 to 814 millions war were to Germany: from about 300 million in 1918 is noted, while deposits increased from kroner during 1914 her exports to that country 108 millions in 1914 to 197 millions in 1917, increased to 487 millions in 1915 and to 691 but declined to 141 millions in 1918. millions in 1916. During 1917, doubtless as The Bank of Norway, for the period from a result of allied pressure, the exports fell to December 31, 1914, to December 31, 1918, 488 millions. At the same time Denmark's reports increases in gold reserves from 38 to imports from Germany were considerably 122 million kroner; in domestic discounts lower than before the war. Consequently from 120 to 434 millions; in deposits from 21 German exchange in Copenhagen fell below to 128 millions; and in note circulation from Ear and continued to decline as her trade 134 to 436 millions. The National Bank at alance with Denmark became increasingly Copenhagen shows a growth of its gold reserves unfavorable. The German mark was quoted from 79 million kroner on July 31, 1914, to in Copenhagen at a 50 per cent discount in 187 millions on July 31, 1919. During the October, 1917, then rallied temporarily, only same period its deposits in current account to decline again, and reached a level of about rose from 17 millions to 115 millions and its 83 per cent below par in November of this note circulation from 156 to 429 millions. year. Denmark, as the other Scandinavian coun- LITERATUBE USED. tries, shows considerable earnings from her Sweden: Handel, issued by the Department of Commerce, Sweden, for 1911carrying trade, her income from this source, 1919. which was in the neighborhood of 100 millions Kommercialla Meddelanden, issued by the Department of Coma year during prewar times, being 219 millions merce, for January, 1919. in 1915, 351 millions in 1916 and 330 millions Statistisk Arsbok, issued by the Swedish Government, for 1911-1918. De Svenska Statsmakterna och Krigstidens Folkhushollning, for in 1917. 1917-18. Keglemente for Forvaltningen af Sverigfes Riksbank, issued by the ASSETS AND LIABILITIES OF CENTRAL BANKS. Swedish Government in 1907. Sveriges Riksbank, dess Tillkomst och Verksamhet, issued by the Tables are attached (pages 45 and 46) bank showing the assets and liabilities of the Bank Die Golpolitik der Bank von Schweden wahrend der Kriges, by Albert Hahn, in Schmollers Jahrbush, 1917, second issue, p. 53. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL. RESERVE BULLETIN. 39 Sweden—Continued. Norway's trade balance with principal countries for the years Affarsverlden, Stockholm, for January-November, 1919. 1912-1917 {in 1,000 kroner). Goteborgs Handels=och Sjofarts=Tidning (daily) Gothenburg, June-November, 1919. Sveriges Riksbanks Arsbok, for 1911-1918. Countries. 1912 1913 1914 1915 1916 1917 Sveriges Skepsfart, Government report, 1918. Gold after the war in relation to inflation and the foreign exchanges, Germany: by K. Wiksell, in the Economic Journal, December, 1918, p. 409. Imports 167,956176,065151,299 155,218 176,471 156,483 The depreciation of gold, by G. Cassel, in the Econlomic Journal Exports 75,019 67,228 76,167 192,716 291,777 150,133 September, 1917, p. 346. Great Britain: The Scandinavian gold policy, by K. Wiksell, in the Economic I E m x p p o o r r t t s s 1 9 4 4 7 , , 8 9 3 9 2 51 L 9 4 IU, 8 6 , A , 6 2 tt 4 4 7 4 X 1 1 U 5 0 V} 9 5 , , 1 7 J.O 8 0 U 6 7 2 1 5 8 3 7 , , 5 6 8 7 4 2 3 2 7 7 4 4 , , 0 4 0 2 7 8 4 3 3 0 0 1 , , 6 8 9 9 6 3 Journal, September, 1916, p. 313. France: The present situation of the foreign exchanges, by G. Cassel, in the Imports 15,075 11,719 10,587 13,853 23,349 30,997 Exports 14,687 14,223 10,034 27,590 79,099 81,584 Economic Journal, March, 1916, p. 62. United States: Denmark: Imports 33,807 39,201 73,060 183,627 337,998 551,397 Danmarks Vareindforsel-og Udforsel, issued by the Department Exports 33,432 30,222 44,864 33,154 32,387 22,438 Sweden: of Statistics, 1911-1917. Imports 35,332 46,328 46,937 75,166 132,441 162,275 Statistisk Aarbog, issued by the Government, 1911-1918. Exports 21,443 26,440 34,681 67,464 68,350 55,877 Handelsberetning, issued by the Wholesale Dealers' Association, Denmark: Imports 26,996 28,347 29,400 33,351 69,140 104,476 1915-16. Exports 8,440 9,158 18,398 30,337 40,538 19,801 Nationalbanken i Kjobenhavn Regnskab, 1911-1919. Other countries: Finanstidende, Copenhagen, March-November, 1919. Imports 98,574104,317 153,169 240,259 224,984 Lovtidende, July 13, 1908, Copenhagen. Exports 87,819 146,713120; 171 137,827 201,754 159,646 Politiken (daily), Copenhagen, January-March, 1919. Total imports 525,735 552,321567,277 867, 9681,353,6651,661,308 Norway: Total exports. 335,672 392,631410,022 676,760 791,372 Handel, issued by the Government, 1911-1917. Statistiske Meddelelser, issued by the Government, 1914-1915 and January-June, 1919. Denmark1 s trade balance with principal countries for the years Aarbok, issued by the Exchange at Bergen, Norway, 1916-1918. 1912-1917 (in 1,000 kroner). Les Lois de la Banque de Norvege, Christiania, 1909. Statistisk Aarbok, issued by the Government, 1911-1918. Aftenposten (daily), Christiania, August-November, 1919. Countries. 1912 1913 1914 1915 1916 1917 Norges Skibsfart, Government report for 1917. See also FEDERAL RESERVE BULLETIN, 1918, pp. 379-384. Germany: Imports 314, 328,308 264,653 200,380 265,067 237,181 Sweden's trade balance with principal countries for the years Exports 18lJ 178,737 301,424 486,701 690,900 488,415 Great Britain: 1912-1917 (in 1,000 kronor). Imports 135, 134,561145,137 253,435 336,518 283,814 Exports 373,079 410,338 431 — 385,114 351,456 264,577 France: Countries. 1912 1913 1914 1915 1916 1917 I E m x p p o o r r t t s s 19, 2 3 0 , , 3 9 4 3 2 5 1 6 7 , , 4 5 1 1 5 2 1 5 3 , , 5 2 1 9 1 1 1 1 9 , , 7 7 6 7 7 5 1 1 3 , , 8 5 9 2 6 4 United States: G I e m rm p a o n rt y s : 273,860 289,900 238,550 251,500 420,173 288,228 Sw I E m e x d p p e o o n r r : t t s s 1 1 , , 3 4 5 3 4 9 8 7 6 , , 8 9 5 7 3 9 8 1 4 1 , , 2 6 9 6 2 1 31 1 3 2 , , 7 69 4 4 2 31 9 1 , ,0 3 6 9 1 7 21 4 4 , , 0 13 5 9 2 Exports 170,930179,080174';,840 486,415 437,532 352,050 Imports 71,104 83,097 92,805 117,130 137,150 Gr I e m a p t o B rt r s itain: 188,950 206,820183,810 213,527 164,416 65,080 No E r x w p a o y r : ts 33, 34,083 37,960 67,772 63,280 113,245 Exports 222, ~ — 329,550 320,052 216,123 Imports 8,755 17,475 28,450 39,815 30,687 France: Exports 18, 19,300 22,843 32,138 55,977 72,705 Imports 33,170 35,280 28,880 23,796 23,562 15,706 Other countries: Un I E m i x te p p d o o r r S t t s s tates: 5 6 3 0 , , 2 4 3 6 0 0 6 76 6 , , 5 2 8 6 0 0 3 7 2 8 , ,0 6 7 8 6 8 3 3 21 1 , ,4 8 7 6 6 5 2 9 1 6 3 , , 5 9 9 3 3 6 6 9 3 6 , , 7 1 8 2 6 2 I E m x p p o o r r t t s s 3 22 6 3 2 , , 3 24 8 2 0 , , 4 8 4 5 7 818 5 3 5 1, , , 5 0 3 6 8 2 2 1 5 39 5 , , 3 2 3 2 3 1 2 13 6 6 8 , , 1 0 1 3 1 4 1 1 1 6 9 5 , , 5 9 6 6 7 5 Exports 32,150 34,400 41,208 33,751 75,395 50,428 Total imports... 200 1,031,500 795,2281,157,324 1,357,4001,082,460 Norway: Total exports... 8001 896,100 867,446 1,129,263 1,308,888 1,064,457 Imports 23,680 25,930 29,036 50,489 61,139 51,667 Exports 42,910 54,030 76,206 115,384 162,713 Denmark: Imports 49,640 53,680 51,648 69,766 79,590 113,423 Exports 67,480 70,650 72,850 80,395 93,844 112,777 Other countries: Imports 153,130158,350116».,910 211,567 175,744 128,384 Exports 170,970175,040 143,562 278,567 417,580 391,674 Total imports...782,890 846,540 726,9101,142,510 1,138,560 758,610 Total exports...760,470 817,340 772,350 1,316,360 1,556,3801,349,55 k Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

I MOVEMEHTOTFOREIGNEXCHANGE RATES ATSTOCKHOLM. 8 ntwroRK Lonpon FARIS BCHUHs © Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

I MOVEMENT OETOREIGN EXCHANGE RATES AT COPENHAGEN % .......... NEWYORK - L011D0/1 PARIS HAMBUR6• • • • B W Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 FEDERAL RESERVE BULLETIN. JANUARY, 1920. Monthly high and low rates of exchange in Stockholm on principal foreign countries: 1914-1919. [Par: 1£—18.1595 kronor; 100 francs—72 kronor; 1 dollar-3.7314 kronor; 100 Reichsmarken—88.8888 kronor.] Exchange on— Percentage of par (based on high rate). Month and year. London (par 18.16). Paris (par 72). New York (par 373). Berlin (par 88.89). London. Paris. New Berlin. York. High. Low. High. Low. High. Low. High. Low. 1914. Jjjjy 18.33 18.24 72.90 72.50 89.10 89.00 100.93 101.25 100.24 18.40 18.35 74.50 73.00 89.25 89.15 101.32 103.47 100.41 18.80 18.45 74.50 73.00 89.30 89.10 103.52 103.47 100 46 18.95 18.80 75.50 74.50 89.00 85.75 104.35 104.86 100.12 19.10 18.95 77.00 75.50 85.00 84.50 105.17 106.94 95.62 19.20 19.15 77.50 77.00 88.50 85.25 105.72 107.64 99 56 1915. 19.35 19.20 77.50 77.30 400.00 398.00 87.75 87.25 106.55 107.64 107.24 98.72 19.45 19.40 78.00 77.30 407.00 400.00 87.40 84.00 107.10 108.33 109.12 98.32 19.50 19.10 78.00 75.50 408.00 398.00 84.75 82.00 107.37 108.33 109.38 95.34 April 19.05 18.50 75.25 73.00 397.00 386.00 82.00 79.00 104.90 104.51 106.43 92.25 May 18.52 18.25 73.00 71.00 386.00 381.00 80.00 78.20 101.98 101.39 103.49 90.00 18.20 18.10 71.00 68.50 381.00 378.00 78.60 77.10 100.22 98.61 102.14 88.42 July 18.50 18.15 70.50 67.75 389.00 380.00 80.50 77.00 101.87 97.92 104.29 90.56 18.30 18.15 68.25 65.75 390.00 384.00 78.70 78.30 100.77 94.79 104.56 88.54 18.13 18.07 67.00 65.00 395.00 381.00 79.75 78.55 99.83 93.06 105.90 89.72 18.06 17.50 66.50 63.00 382.00 379.00 79.10 77.10 99.44 92.36 102.41 88.99 17.50 16.83 63.75 61.00 379.00 359.00 77.25 71.30 96.36 88.54 101.61 86.91 17.60 16.45 64.50 59.70 372.00 350.00 72.00 68.25 96.91 89.58 99.73 81.00 1916. 17.45 17.00 62.80 61.25 366.00 358.00 69.30 66.75 96.09 87.22 98.12 77.96 17.37 16.88 62.10 60.25 364.00 352.00 66.65 64.55 95.64 86.25 97.59 74.98 16.95 16.52 60.50 58.10 356.00 349.00 64.35 61.60 93.33 84.03 95.44 72.39 16.47 15.75 58.00 55.50 348.00 334.00 63.00 60.80 90.69 80.56 93.30 70.87 May 15.75 15.35 51.10 54.35 338.00 327.00 62.50 61.25 86.72 70.97 90.62 70.31 16.85 15.85 60.00 56.00 349.00 335.00 63.25 62.00 92.78 83.33 93.57 71.16 JUly 16.95 16.35 60.35 58.25 358.00 352.00 64.10 63.00 93.33 83.82 95.98 72.11 16.80 16.65 60.00 59.10 355.00 351.00 63.10 62.00 92.51 83.33 95.17 70.99 17.05 16.65 61.25 59.75' 361.00 353.00 62.75 62.00 93.88 85.07 96.78 70.59 16.85 16.72 60.75 60.50 357.00 353.00 62.10 61.75 92.78 84.38 95.71 69.86 16.87 16.75 60.85 60.50 357.00 354.00 61.60 59.25 92.89 84.51 95.71 69.30 16.77 16.12 60.50 58.25 354.00 343.00 58.75 55.00 92.34 84.03 94.91 66.09 1917. 16.25 16.07 58.75 58.05 344.00 340.00 57.50 56.75 89.48 81.60 92.23 64.68 February 16.18 16.11 58.50 58.00 341.00 340.00 57.25 56.00 89.09 81.25 91.42 64.40 March 16.50 15.80 58.25 57.00 341.00 334.00 57.75 53.00 90.85 80.90 91.42 64.96 April 16.35 15.65 60.50 57.00 343.00 331.00 53.00 51.25 90.03 84.03 91.96 59.62 May 15.98 15.80 58.85 58.15 336.00 334.00 51.65 50.50 87.99 81.74 90.08 58.11 15.85 15.61 58.25 57.30 334.00 329.00 50.50 44.50 87.27 80.90 89.54 56.81 July 15.58 14.30 57.30 52.50 329.00 302.00 47.00 43.00 85.79 79.58 88.20 52.87 14.50 14.00 53.00 51.25 305.00 297.00 43.25 41.65 79.84 73.61 81.77 48.66 14.16 13.70 51.75 49.65 299.00 288.00 41.65 40.25 77.97 71.88 80.16 46.86 October 13.55 11.55 49.25 42.55 285.00 245.00 39.75 34.00 74.61 68.40 76.41 44.72 13.00 11.00 47.50 40.25 275.00 234.00 45.00 33.00 71.58 65.97 73.73 50.62 14.50 13.25 53.50 47.00 308.00 280.00 59.50 50.00 79.84 74.31 82.57 66.94 1918. 14.50 13.95 53.25 51.50 307.00 297.00 62.00 55.00 79.84 73.96 82.31 69.75 February 14.85 14.20 55.00 52.50 312.00 300.00 62.50 55.00 81.77 76.39 83.65 70.31 15.00 13.98 55.25 51.00 316.00 297.00 63.00 55.00 82.59 76.74 84.72 70.87 April 14.20 13.80 52.50 51.00 301.00 292.00 59.75 57.00 78.19 72.92 80.70 67.22 May 14.15 13.75 52.25 51.00 300.00 290.00 58.75 57.00 77.91 72.57 80.43 66.09 June ....... 14.00 13.42 51.75 49.50 296.00 284.00 57.75 49.25 77.09 71.88 79.36 64.97 July 13.55 13.29 50.00 49.00 287.00 280.00 51.00 47.00 74.61 69.44 76.94 57.37 August 13.85 13.20 53.75 48.75 292.00 278.00 47.50 45.00 76.26 74.65 78.28 53.44 SpDtember .... 15.00 14.03 58.00 53.70 320.00 296.00 50.00 45.00 82.59 80.56 85.79 56.25 October 16.85 15.10 64.50 58.00 355.00 318.00 59.50 47.50 92.78 89.58 95.17 66.94 17.10 16.65 66.00 64.25 362.00 350.00 52.50 44.75 94.16 91.67 97.05 59.06 December 16.72 16.20 64.50 62.30 354.00 342.00 44.75 38.00 92.07 89.58 94.91 50.34 1919. 17.00 16.28 65.50 62.75 358.00 344.00 44.25 40.50 93.61 90.97 95.98 49.78 February ... 16.98 16.87 65.50 65.10 358.00 354.00 42.50 35.50 93.50 90.97 95.98 47.81 March . 17.13 16.89 65.25 61.50 385.00 356.00 37.75 33.50 94.32 90.63 103.22 42.47 April 17.49 17.08 63.25 62.00 377.00 372.00 34.00 27.75 96.31 87.85 101.07 38.25 May 18.40 17.49 63.00 59.00 396.00 376.00 36.25 27.50 101.32 87.50 106.17 40.78 June 18.20 17.72 62.25 59.75 392.00 384.00 32.00 25.00 100.22 86.46 105.09 36. OC July 17.78 17.59 57.50 55.00 408.00 401.00 26.50 23.50 97.90 79.86 109.38 29.81 August 17.55 17.20 54.00 49.50 416.00 400.00 24.25 18.75 96.64 75.00 111.53 27.2S 17.27 16.85 53.00 44.50 415.00 405.00 20.00 13.50 95.09 73.61 111.26 22.50 October 17.47 17.13 50.00 47.25 421.00 407.00 17.50 13.00 96.20 69.44 112.87 19.69 November 19.90 17.53 48.00 46.00 441.00 421.00 13.00 10.00 109.58 66.67 118.23 14.62 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 43 Monthly high and low rates of exchange in Christiania on principal foreign countries, 1914-1919. [Par: 1 £-18.1595kroner; 100 francs-72 kroner; 1 dollar-3.7314kroner; 100 Reichsmarken-88.8888kroner; 1 florin-149.99 kroner.] Exchange on— Percentage of par (based on high rate). London Paris New York Berlin Amsterdam Month and year. (par 18.16). (par 72). (par 373). (par 88.89). (par 149.99). London Paris. New Berlin.Amster- York. dam. High. Low, High. Low, High. Low, High. Low High. Low 1914. July 18.30 18.25 72.80 72.50 89.05 89.00 150.70 150.60 100.77 101.11 100.18 100.47 August 18.40 18.33 73.00 72.90 89.25 89.05 151.50 150.80 101.32 101.39 100.40 101.01 September 18.75 18.50 74.50 73.00 89.30 89.20 156.00 152.00 103.24 103.47 100.46 104.01 October 18.95 18.75 75.50 74.50 89.20 86.50 163.00 156.00 104.35 104.86 100.34 108.67 November 19.10 18.95 77.00 75.50 86.25 85.00 162.00 159.00 105.17 106.94 97.03 108.01 December 19.40 19.20 78.00 77.00 88.50 85.00 162.00 161.00 106.82 108.33 99.56 108.01 1915. January 19.39 19.33 77.50 77.10 403.00 400.00 87.75 87.40 162.00 161.00 106.77 107.64 108.04 98.71 108.01 February... 19.60 19.40 78.00 77.25 410.00 403.00 87.30 85.00 164.00 162.00 107.92 108.33 109.92 98.21 109.34 March 19.61 19.50 78.00 77.50 410.00 408.00 84.75 83.75 164.00 162.00 107.98 108.33 109.92 95.34 109.34 April 19.00 18.60 75.00 73.25 398.00 393.00 82.00 80.50 158.00 154.00 104.62 104.17 106.70 92.24 105.34 May 18.55 18.35 73.00 71.75 390.00 390.00 80.50 79.25 154.00 153.00 102.14 101.39 104.56 90.56 102.67 June 18.30 18.14 71.50 70.00 388.00 387.00 78.50 77.50 152.50 150.50 100.77 99.31 104.02 88.31 101.67 July 18.60 18.15 70.50 69.00 395.00 387.00 80.50 77.30 158.00 152.50 102.42 97.92 105.90 90.56 105.34 August 18.35 18.24 68.50 66.50 395.00 390.00 79.25 79.00 157.25 155.50 101.04 95.14 105.90 89.15 104.84 September.. 18.15 18.10 66.75 66.25 399.00 388.00 80.00 79.50 158.00 158.00 99.94 92.71 106.97 89.99 105.34 October 18.08 17.95 66.25 65.75 388.00 385.00 79.00 78.50 158.00 157.00 99.55 92.01 104.02 88.87 105.34 November.. 17.63 17.30 64.50 63.25 384.00 374.00 77.65 76.25 159.75 156.25 97.08 89.58 102.95 87.35 106.51 December... 17.35 17.00 63.50 62.00 372.00 361.00 71.00 69.75 162.00 152.25 95.53 88.19 99.73 79.87 108.01 1916. January 17.60 17.35 63.50 62.50 372.00 367.00 69.75 67.50 162.50 159.00 96.91 88.19 99.73 78.46 108.34 February... 17.25 16.93 61.50 60.50 364.00 356.00 66.75 66.25 153.50 151.50 94.98 85.42 97.59 75.09 102.34 March 16.95 16.53 60.60 58.50 356.00 351.00 64.40 62.50 151.75 147.75 93.33 84.17 95.44 72.44 101.17 April 16.47 15.75 58.00 55.75 349.00 329.00 63.50 61.25 148.50 140.00 90.69 80.56 93.57 71.43 99.01 May 16.05 15.30 57.00 54.00 336.00 321.00 63.00 61.00 140.00 132.00 88.38 79.17 90.08 70.87 93.34 June 17.05 15.75 61.00 56.25 355.00 332.00 63.50 62.50 151.00 138.50 93.88 84.72 95.17 71.43 100.67 July 17.05 16.65 60.75 59.00 356.00 349.00 63.75 63.50 148.00 145.00 93.88 84.38 95.44 71.71 98.67 August 17.05 16.70 60.75 59.50 361.00 353.00 63.50 63.00 148.00 145.25 93.88 84.38 96.78 71.43 98.67 September.. 17.50 17.00 62.50 61.00 369.00 359.00 64.50 63.75 149.50 146.00 96.36 86.81 72.56 99.67 October 17.22 17.15 62.00 62.00 363.00 363.00 63.25 63.00 148.00 147.75 94.82 86.11 97.32 71.15 98.67 November.. 17.30 17.30 62.50 62.50 366.00 366.00 62.00 62.00 148.50 148.50 95.26 86.81 98.12 69.74 99.01 December... 17.15 16.75 61.75 60.75 364.00 359.00 61.25 57.75 148.50 146.00 94.43 85.76 97.59 68.90 99.01 1917. January 17.10 17.03 61.75 61. 40 363.00 359.00 61.25 60.25 147.00 146.00 94.16 85.76 97.32 68.90 98.01 February... 17.03 16.94 61.40 61.00 361.00 355.00 60.50 58.75 146.00 143. 75 93.77 85.28 96.78 68.06 97.34 March 16.50 16.00 59.35 57.75 346.00 336.00 55.75 53.50 140.00 137.00 90.85 82.43 92.76 62.71 93.34 April 16.53 17.10 61.00 58.40 347.00 339.00 54.25 53.00 142.50 137.50 91.02 84.72 93.03 61.03 95.01 May 16.18 16.18 59.45 59.45 340.00 340.00 52.30 52.30 140.25 140.25 89.09 82.57 91.15 58.83 93.51 J J u u n ly e 1 1 6 6 . . 2 1 0 5 1 1 6 5 . . 1 9 7 3 5 5 9 9 . . 5 2 0 5 5 5 9 8 . . 0 0 0 0 3 3 3 4 9 0 . . 0 0 0 0 3 3 3 3 9 5 . . 0 0 0 0 5 4 0 9. r8 0 0 0 4 4 5 7 . .5 7 0 5 1 1 4 4 0 0 . . 6 0 0 0 1 1 4 3 0 8 . . 4 5 0 0 8 8 9 8 . . 2 9 0 3 8 8 2 2 . . 6 2 4 9 9 9 1 0 . . 1 8 5 8 5 5 7 5 . . 1 1 4 2 9 9 3 3 . . 7 3 4 4 August 15.65 15.35 56.85 56.00 329.00 326.00 46.50 46.25 137.75 136.00 86.17 78.96 88.20 52.31 91.84 September.. 15.38 15.55 56.60 55.85 327.00 324.00 46.00 45.10 137.75 136.00 84.69 78.61 87.67 51.74 91.84 October 15.15 13.50 54.75 49.50 318.00 284.00 44.25 41.50 137.00 128.00 83.42 76.04 85.25 49.78 91.34 November.. 14.40 12.90 52.25 48.00 302.00 279.00 45.50 41.00 131.00 122.00 79.29 72.57 80.97 51.18 87.34 December... 15.00 13.90 55.00 51.25 312.00 292.00 61.00 52.50 136.50 127.50 82.59 76.39 83.65 91.01 1918. January 14.95 14.45 54.75 53.50 313.00 305.00 57.75 135.00 132.25 82.32 76.04 83.91 70.87 90.01 February... 15.45 14.75 57.00 54.25 324.00 310.00 65.00 57.25 147.50 136.00 85.07 79.17 73.12 98.34 March 15.33 14.60 56.25 54.00 322.00 306.00 63.00 57.25 148.25 144.00 84.41 78.13 86.33 70.87 98.84 April 15.11 15.10 55.75 55.25 318.00 317.00 63.50 62.25 152.00 150.00 83.20 77.43 85.25 71.43 101.34 May *5.30 14.95 56.50 55.25 324.00 314.00 63.00 62.25 160.50 156.50 84.25 78.47 70.87 107.01 June 15.15 15.03 55.75 55.50 317.00 316.00 62.00 55.00 161.75 161.00 83.42 77.43 84.99 69.74 107.84- July 15.12 15.00 55.75 55.25 317.00 315.00 57.00 52.75 165.00 164.00 83.25 77.43 84.99 64.12 110.01 August 15.28 14.95 59.00 55.25 319.00 313.00 53.25 51.00 165.50 163.00 84.14 81.94 85.52 59.90 110.34 September.. 15.80 15.38 61.00 59.00 333.00 322.00 53.00 49.00 157.50 156.00 87.00 84.72 89,28 59.62 105.01 October 17.35 16.50 67.00 63.00 364.00 345.00 62.00 53.00 156.50 153.00 95.53 93.06 97.59 69.74 104.34 November.. 17.45 17.10 67.25 66.00 366.00 358.00 54.00 47.00 155.25 151.50 96.09 93.40 98.12 60.74 103.51 December... 17.10 16.83 66.00 65.00 358.00 352.00 45.00 39.00 152.50 151.50 94.16 91.67 95.98 50.62 101.67 1919. January 17.34 17.00 66.70 65.50 364.00 357.00 45.50 43.00 151.75 150.00 95.48 92.64 97.59 51.18 101.17 February... 17.40 17.40 67.00 67.00 366.00 366.00 41.50 41.50 150.75 150.75 95.81 93.06 98.12 46.68 100.51 March 17.77 17.50 67.05 66.85 373.00 368.00 38.50 37.00 153.00 151.50 •97.85 93.13 100.00 43.31 102.01 April 18.12 17.87 65.00 64.50 390.00 390.00 35.50 30.50 156.75 155.75 99.77 90.28 104.56 39.93 104.51 May 18.47 18.45 63.00 62.50 398.00 389.00 30.50 29.00 157.25 156.25 101.70 87.50 106.70 34.31 104.84 June 18.45 18.20 62.25 62.00 401.00 393.00 31.00 26.00 156.50 154.75 101.59 86.46 107.51 34.87 104.34 July 18.75 18.25 62.00 57.50 435.00 401.00 30.00 24.20 160.75 156.50 103.24 86.11 116.62 33.74 107.17 August 18.45 18.25 58.00 53.00 445.00 422.00 25.50 19.50 162.50 159.00 101.59 80.56 119.30 28.68 108.34 September.. 18.33 17.65 55.00 46.00 439.00 424.00 20.15 14.00 163.50 158.50 100.93 76.39 117.69 22.66 109.01 October 18.34 18.05 52.25 48.75 440.00 431.00 18.75 14.50 167.25 161.50 100.99 72.57 117.96 21.09 111.51 November.. 18.63 18.32 49.50 47.25 465.00 440.00 13.00 10.00 171.75 167.25 102.64 68.75 124.66 14.62 114.51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 FEDERAL RESERVE BULLETIN. JANUARY, 1920. Monthly high and low rates of exchange in Copenhagen on principal foreign countries: 1914-1919. [Par: 1 £=» 18.1595 kroner, 100 francs=72 kroner, 1 dollar= 3.7314 kroner, 100 Reichsmarken= 88.8888 kroner.] Exchange on— Percentage of par (based on high rate). Hamburg (par Month and year. London (par 18.16). Paris (par 72). New York (par 373). 88.89). New Ham- London. Paris. York. burg. High. Low. High. Low High. Low. High. Low 1914. July 18.33 18.24 73.30 72.50 375.50 375.50 89.15 89.05 100.93 101.81 100.67 100.29 August 18.37 18.35 73.70 73.00 377.00 375.50 89.20 89.15 101.15 102.36 101.07 100.34 September... 18.65 18.40 74.00 73.00 385.00 377.00 89.20 89.00 102.69 102.78 103.22 100.34 October 18.90 18.70 76.00 74.50 392.00 385.00 88.95 85.25 104.07 105.56 105.09 100.06 November... 19.10 18.90 77.00 76.00 400.00 392.00 85.00 84.00 105.17 106.95 107.24 95.62 December... 19.20 19.20 77.50 77.50 402.00 399.00 88.25 85.50 105.72 107.64 107.77 99.28 1915. January 19.30 19.20 77.50 77.50 405.00 404.00 87.35 87.00 106.27 107.64 108.58 February.... 19.50 19.30 78.50 77.50 412.00 405.00 87.10 83.90 107.37 109.03 110.46 97.98 March 19.50 18.95 78.50 76.00 413.00 404.00 84.75 82.25 107.37 109.03 110.72 95.34 April 18.85 18.45 77.50 73.50 400.00 396.00 82.00 79.50 103.79 107.64 107.24 92.24 May 18.52 18.20 73.25 71.00 395.00 386.00 79.60 78.00 101.98 101.74 105.90 89.54 June 18.16 18.10 70.50 69.25 385.00 382.00 78.50 77.10 100.00 97.92 103.22 88.31 July 18.65 18.15 70.75 68.50 396.00 384.00 80.40 77.20 102.69 106.17 90,44 August 18.33 18.20 69.00 67.50 395.00 392.00 78.65 78.30 100.93 95.83 105.90 88.48 September... 18.20 18.10 67.00 66.50 400.00 391.00 80.10 78.80 100.22 93.06 107.24 90.11 October 18.16 17.60 67.00 65.25 390.00 388.00 79.60 77.50 100.00 93.06 104.56 89.54 November... 17.45 17.15 64.00 62.25 383.00 371.00 77.00 73.00 96.09 102.68 86.62 December... 17.90 16.90 64.00 62.00 379.00 370.00 73.35 69.00 101.61 82.51 1916. January 17.60 17.19 63.50 62.25 375.00 372.00 69.50 65.00 96.91 88.19 100.54 78.18 February 17.42 16.89 63.00 61.00 373.00 357.00 67.00 64.50 95.92 87.50 100.00 75.37 March 16.94 16.48 61.00 58.50 360.00 352.00 64.30 61.50 93.28 84.72 96.51 72.33 April 16.44 15.73 58.25 56.00 351.00 337.00 62.75 60.70 90.52 80.90 94.10 70.59 May 16.00 15.35 57.00 54.25 341.00 330.00 62.35 61.00 88.10 79.17 91.42 70.14 June 17.10 15.75 60.50 56.50 358.00 339.00 63.25 62.00 94.16 84.03 95.98 71.15 July 17.00 16.50 61.00 59.00 360.00 353.00 64.00 63.00 93.61 84.72 96.51 71.99 August 17.37 16.85 62.35 60.25 368.00 357.00 63.90 63.70 95.64 86.60 98.66 71.88 September... 17.65 17.35 63.50 62.35 372.00. 366.00 64.50 63.70 97.19 88.19 99.73 72.56 October 17.55 17.49 63.50 63.00 370.00 368.00 64.10 64.00 96.64 88.19 99.20 72.11 November... 17.67 17.53 64.00 63.30 373.00 370.00 64.25 61.00 97.30 100.00 72.28 December... 17.63 17.20 63.75 61.75 373.00 367.00 61.50 58.25 97.08 88.54 100.00 69.18 1917. January 17.40 17.30 63.00 62.50 368.00 366.00 61.50 61.00 95.81 87.50 98.66 69.18 February 17.35 17.17 62.75 62.00 367.00 362.00 61.50 59.35 95.53 87.15 98.39 69.18 March 17.14 16.45 61.75 59.60 362.00 348.00 59.15 55.00 94.38 85.76 97.05 66.54 April 16.95 16.41 62.75 59.60 357.00 347.00 54.75 53.75 87.15 95.71 61.59 May 16.70 16.52 62.15 61.25 352.00 350.00 54.20 52.25 91.96 86.32 94.37 60.97 June 16.51 16.30 61.25 60.50 349.00 347.00 52.15 46.75 90.91 85.07 93.57 58.66 July 16.35 15.95 60.25 58.50 346.00 337.00 50.00 47.25 90.03 83.68 92.76 56.24 August 15.90 15.60 58.00 57.00 336.00 329.00 47.50 46.00 87.55 80.56 90.08 53.43 September... 15.61 15.30 57.00 56.00 329.00 324.00 46.00 44.75 85.95 79.17 88.20 51.74 October 15.26 13.75 55.75 52.00 323.00 294.00 44.75 41.00 84.03 77.43 86.60 50.34 November. -. 14.70 13.00 54.50 50.00 315.00 280.00 51.00 39.50 80.94 75.69 84.45 57.37 December... 15.40 14.55 57.50 54.50 328.00 310.00 64.00 50.25 84.80 79.86 87.94 71.99 1918. January 15.50 15.12 58.00 56.50 329.00 322.00 66.00 60.00 85.35 80.56 88.20 74.24 February 15.68 15.37 58.25 57.25 331.00 325.00 65.50 59.50 86.34 80.90 88.74 73.68 March 15.80 15.10 58.75 56.25 334.00 319.00 65.75 60.50 87.00 81.60 89.54 73.96 April 15.32 15.00 57.00 56.00 325.00 319.00 64.00 62.00 84.36 79.17 87.13 71.99 May 15.30 15.07 56.75 56.00 323.00 317.00 63.75 62.15 84.25 78.82 86.60 71.71 June 15.36 15.17 57.00 56.25 325.00 321.00 63.25 55.50 84.58 79.17 87.13 71.15 July , 15.27 15.08 57.00 56.00 324.00 318.00 57.25 52.50 84.08 79.17 64.40 August 15.53 15.02 60.25 55.75 327.00 316.00 53.85 50.25 85.51 83.68 87.67 60.58 September... 16.44 15.55 63.00 60.25 347.00 327.00 51.50 50.25 90.52 87.50 93.03 57.93 October 17.58 16.45 67.75 64.00 369.00 348.00 60.50 51.35 96.80 94.10 98.93 68.06 November... 17.85 17.75 69.25 60.00 376.00 374.00 55.60 48.00 98.29 96.18 100.80 62.54 December.. 17.86 17.59 69.25 68.00 376.00 370.00 48.00 44.00 98.34 96.18 100.80 53.99 1919. January 17.85 17.73 68.50 375.00 373.00 47.25 44.00 98.29 95.83 100.54 53.15 February... 18.28 18.23 70.75 70.50 385.00 383.50 45.20 43.00 100.66 98.26 103.22 50.84 March1 18.48 18.26 70.65 66.00 400.00 383.50 41.50 36.50 101.76 98.13 107.24 46.68 April 18.70 18.36 68.00 66.00 400.50 396.50 37.00 30.00 102.97 94.44 107.37 41.62 May 19.82 18.70 67.50 64.50 426.50 401.00 38.80 30.25 109.14 93.75 114.34 43.64 June 19.79 18.99 67.75 64.00 427.00 410.00 37.50 27.50 108.97 94.10 114.48 42.18 July 19.73 19.52 66.00 61.75 453.00 426.00 32.00 26.00 108.64 91.67 121.45 35.99 August 19.88 19.33 62.25 57.00 461.00 453.00 27.35 20.50 109.47 86.46 123.59 30.76 September.. 19.36 18.63 59.50 50.50 465.00 448.00 21.45 15.50 106.60 82.64 124.66 24.13 October 19.65 19.32 56.25 53.25 469.50 460.00 18.90 15.15 108.20 78.13 125.87 21.26 November.. 19.92 19.50 53.50 50.25 494.00 467.00 15.15 10.50 74.31 132.44 17.04 1 Data for Mar. 4-9 missing. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 45 Assets and liabilities of the Bank of Sweden on Dec. 31, 1914-1918 (in 1,000 kroner). [Source: Riksbankens Arsbrook (the Bank of Sweden's year book).] 1914 1915 1916 1917 1918 ASSETS. Gold in coin and bullion 108,537 124,572 183,520 244,457 285,566 Subsidiary coin 1,888 2,134 2,339 1,600 365 Checks and sight drafts, including foreign 13,328 18,030 17,170 25,210 35,464 Current account deposits held abroad 16,751 51,084 39,070 19,150 45,667 Government securities 24,574 52,156 62,910 59,856 54,618 Securities of domestic corporations 3,002 5,334 5,692 5,539 5,046 Bills payable in Sweden 174,938 113,620 121,623 186,345 280,306 Bills payable abroad 43,400 91,141 122,413 110,129 70,494 Advances in current account 2,505 2,289 2,498 1,396 1,202 Other advances 42,694 24,880 52,898 121,296 180,544 Sundry assets 71,973 63,964 66,390 85,030 92,310 Total assets 503,590 549,204 676,523 860,008 1,051,582 LIABILITIES. Capital 50,000 50,000 50,000 50,000 50,000 Surplus 12,500 12,500 12,500 12,500 12,500 Deposits 108,144 129,069 173,130 197,448 141,424 Duetqforeign banks 9,019 9,955 4,810 1,934 318 Notes in circulation 304,058 327,886 417,517 572,722 813,534 Bank orders 2,049 2,608 3,598 8,821 11,477 Dividends due and payable to the Government 8,800 8,760 8,120 Sundry liabilities 9,020 8,426 16,583 22,329 Total liabilities 503,590 549,204 676,523 860,008 1,051,582 Assets and liabilities of the Bank of Norway on Dec. 81, 1914-1918 (in 1,000 hronor). [Source: Regnskab for Norges Bank.] 1914 1915 1916 1917 1918 ASSETS. Gold in vault 38,394 51,630 123,236 116,393 121,980 Held with Scandinavian banks of issue 3,327 15,638 3,089 i 3,365 3,230 Held with other foreign agencies 27,884 63,240 79,206 76,921 69,786 Loans and discounts, domestic 119,650 86,343 159,711 409,783 433,841 Bills foreign 804 310 551 665 241 Real estate loans 1,512 1,385 1,256 1,102 998 Securities 8,963 13,394 13,440 13,091 13,221 Sundry assets 6,540 2,428 7,486 840 1,073 Total assets 207,074 234,368 387,975 622,160 644,370 LIABILITIES. Capital 25,000 25,000 25,000 35,000 35,000 Surplus 13,362 11,944 11,453 17,366 17,048 Notes in circulation 134,182 162,211 257,854 326,319 436,212 Deposits i 21,140 27,274 83,307 226,451 127,530 Sundry liabilities U3,390 7,939 10,361 17,024 25,580 Total liabilities 207,074 234,368 387,975 622,160 644,370 i Exclusive of checking accounts. 2 Includes checking accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 FEDEBALi RESERVE BULLETIN. JANUARY, 1920. Assets and liabilities of the National Bank at Copenhagen {Denmark) July 31, 1914-1919 {in 1,000 kroner). [Source: Nationalbankens Regnskab.] 1914 1915 1916 1917 1918 1919 ASSETS. Gold coin and bullion 78,515 107,029 161,455 195,113 189,778 187,380 Subsidiary coin 6,135 5,413 3,911 2,732 2,417 2,824 Foreign credits 14,139 37,575 59,915 41,775 63,988 43,664 Danish Government securities 1,919 12,381 21,091 25,789 17,621 32,576 Other Danish securities 1,721 7,218 6,377 5,989 8,088 11,402 Foreign Government securities 8,083 8,990 8,892 8,647 4,041 4,259 Notes of and credits with other Scandinavian banks of issue 229 315 174 15 115 27,515 Domestic bills 59,401 35,599 33,133 36,665 40,142 73,778 Foreign bills 7,509 1,125 10,952 10,117 10,099 7,463 Loans and discounts 17,519 17,324 22,067 18,056 18,959 30,521 Real estate 1,772 2,031 2,348 2,806 2,750 3,000 Other assets 27,123 34,093 74,699 100,641 156,267 184,840 Total assets 224,065 269,093 405,014 448,345 514,265 609,222 LIABILITIES. Capital 27, 27,000 27,000 27,000 27,000 27,000 Surplus 8, 8,198 8,320 8,443 8,865 9,283 Notes in circulation 15I 204,325 245,013 289,308 365,335 428,552 Government deposits 3,532 3,426 3,317 3,204 3,087 Current account deposits 16, 4,092 97,422 84,724 114,927 Other deposits 11,723 22,006 9,515 9,375 2,380 Due to foreign central banks of issue 4,839 5,724 1,769 Profit and loss. 3,772 3,805 9,722 9,630 12,678 Other liabilities 1,612 1,823 1,849 6,132 11,315 Total liabilities 224,065 269,093 405,015 448,345 514,265 609,222 The French National Bank of Foreign Com- rise to a great deal of controversy. Even merce.1 prior to this discussion there had been publications on the subject and a committee of the for- For about two decades the question of export eign commerce counselors had taken up the banks has been under consideration in France. subject on several occasions. The great credit A solution is contained in the law of October 25, houses and the banks having foreign relations 1919. This law provides for the assignment to were taken to task. They defended thema "bank to facilitate the foreign trade of selves by pointing to the services they were ren- France" of a part of the supplementary tax dering to the export trade by discounting three paid to the Treasury by the Bank of France, in months' paper and by credits which in some accordance with article 4 of the agreement of cases they were extending to their clients en- October 26, 1917, after deducting the amount gaged in the export business. They declared to be devoted to agricultural credits by virtue with good reason that they could hardly underof article 3 of the law of December 20, 1918. take under all circumstances to handle paper (For text of the law, see p. 48.) which in the case of Italy matured within four The general plan of organization of the or six months, in the case of Russia within six export bank is as follows: A stock company and even nine months, and in the case of South with a capital of 100,000,000 francs is to be America in no less than four months. Since organized under the name of " French National Bank of Foreign Commerce.7' (Banque Na- their deposits are nearly all payable on demand, they were not in a position to risk such an imtion ale fran^aise du commerce ext6rieur.) mobilization of their funds. Furthermore they The law provides for a subsidy to be granted were asked to take practically all the risk themby the Government to the bank. selves. Their attention was called to the ex- Before entering upon an examination of the ample of German banks, such as the Deutsche plan, it will be interesting to recall the phases Bank and the Disconto-Gesellschaft, which through which the campaign for the establishwent so far as to become silent partners in exment of export banks in France has passed, port industries. One fact was, however, overand to outline the present position of France looked, namely, that English merchants for a in the matter of commercial export credit. long time and German merchants since 1874 or M. P&rier, commercial attach^ of the London 1875 had started to make regular commercial embassy, made a report in 1908 on the question explorations of the countries where they wished of export credit which he thought was neglected to open markets. These pioneers broke the by the French banks, and the report gave ground and were followed by their nationals 1 Based on an article in L'^conomiste Francais for June 28,1919. who moved to those countries, and by settling Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 47 there established friendly centers of population. final solution arrived at is in line with this pro- This made possible the building up of a valuable posal, as proved by the law under discussion. credit organization in foreign countries largely In the meantime, since direct assistance by by utilizing information obtained among the Bank of France on the desired basis was nationals of the mother country. Such not to be permitted, and since it appeared immethods were not practicable for France, which , possible to modify the cautious methods of dehas no surplus population to send to foreign posit banks, other means of attaining the end countries there to form a helpful nucleus for m view were considered. Nearly all the prothe development of commercial relations. posals provided that all banks without distinc- The problem is, therefore, a peculiarly dim- tion were to grant export credits, while the cult one for France. In writings published at Bank of France would help them to mobilize that time it was remarked that only a special their holdings of long-term paper. None of organization could undertake the risks and these plans was ever adopted. that the ablest and most experienced represent- The solution, foreshadowed from the beginatives of foreign commerce should be desig- ning when the participation of credit institunated to take the lead in establishing such a tions was discussed, was finally along the followbank, since they alone would possess the neces- ing lines: Persons, the nature of whose business sary knowledge of foreign markets and of the and connections made them directly interested needs to be met. in export credit, manufacturers for export, ex- A short time later, ia 1910, the Bank of port merchants and brokers, to whom might France decided to accept for discount commer- be added ship brokers and navigation comcial bills payable abroad, on condition that panies, should organize a bank of export, conthey be of French origin, or, if originating tribute its capital and intrust its management abroad, be made payable to merchants resident to one of their number, who by his experience in France. The bank in this matter, however, in foreign commerce and his character was best maintained its old rules, by requiring for this qualified to undertake the task. This solution class of paper three signatures and insisting on was adopted in principle, though the plan does, a maturity not exceeding three months. not contemplate the establishment of an insti- It is clear that this fell far short of what was tution entirely independent and endowed exwanted by the advocates of export credit who clusively with its own resources. The Governsaw in it an important, if not the prime, mover ment, with the proceeds of the circulation tax of foreign commerce. Advantage was there- to be collected from the Bank of France, will,, fore taken in 1911 of the Government's privil- as in the case of agricultural credit, come to, ege of terminating the charter of the Bank of the financial aid of the new institution. France to introduce into the agreement of re- An agreement has been entered into between newal a clause designed to enhance the part of M. Klotz, minister of finance, and the founders that bank in the matter of granting export of the " French National Bank of Foreign credit. This clause granted authority to the Commerce/' organized as a stock company bank to extend credits with maturities in excess with a capital of 100,000,000 francs, the of three months, a provision advocated on the founders being leading traders and bankers. ground that, as was pointed out above, matur- This agreement contains the following proities of export credits would have to be as visions: The Government places at the dishigh as six months, nine months, and in posal of the new institution two-thirds of certain cases even longer. The minister of the amounts paid to the Treasury by the finance at that time refused to have the funda- Bank of France in accordance with article 4 of mental statutes of the bank thus modified the agreement of October 26, 1917.1 These It was at this juncture, while the renewal of amounts shall be used: First, up to a maximum the bank's charter was being discussed in the of 2 millions as an annual subsidy; secondly, Senate, that a member of that body, M. Bar- for making advances during 20 years, the bier, while recognizing that the bank could duration of the agreement, without interest not directly participate in granting export up to a maximum of 25 million francs. The credit, made the proposal suggested by the sums thus turned over by the Government are plan adopted in the organization of agricul- to be carried by the Bank of Foreign Commerce tural credit, that it would be proper to ask the in a special account entitled " Special reserve Bank of France to give material and moral account." support to special institutions organized for the purpose of granting export credits. The i For text of Article 4 see page 340 of the April, 1919, number of the Federal Reserve Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 FEDERAL RESERVE BULLETIN. JANUARY, 1920. The subsidy will come to an end when the its character as a special export bank. The bank's capital will earn over 6 per cent, or operations of the main office, according to when the advances made directly by the Gov- the charter, are strictly limited to transacernment, together with the Government's par- tions arising from the export and import ticipations in the profits turned back into this of merchandise, and the current accounts fund, in accordance with article 44 of the char- opened with the bank will bear interest only ter, will have reached the figure of the special on credit balances arising from such transacreserve fund mentioned above. In any case, tions. Agencies of the bank abroad will have the period for which the annual payment of the authority to engage in ordinary banking busi- 2 million franc subsidy will be obligatory for ness, except stock exchange and other speeuthe Government will not be less than five years, lative operations. beginning with January 1 of the year following the organization of the company. Among LAW AUTHORIZING ESTABLISHMENT OP FRENCH minor provisions the following are to be noted: NATIONAL BANK OF FOREIGN COMMERCE. The Government will have authority to draw for purposes of advances to the company in ARTICLE 1. The agreement entered into May 28, 1919, part on the fund made available to the Treas- by and between the ministers of finance and of commerce, ury for "assisting credit organizations," and acting in the name of the Government, parties of the first part, and Messrs. J. Block, G. Griolet, and G. Ferme", the subsidy given by the Government shall be acting in the name of the French National Bank of Foreign part of the annual profit and loss account of Commerce (in process of formation), parties of the second the Bank of Foreign Commerce. part, and the supplements to the said agreement dated July 21 and September 24, 1919, are approved. The Government is to participate in the ART. 2. The agreement and the supplements approved profits. From the earnings of the bank 5 per by the preceding article shall be recorded on payment of cent is to be deducted for the legal reserve the regular fee of 3 francs and 75 centimes (3 fr. 75); and to make up a sum that would pay a cumu- likewise the act of incorporation of the corporation. lative 6 per cent dividend on the paid-in cap- ART. 3. The minister of finance is authorized to pay to the French National Bank of Foreign Commerce, after ital. The balance, except such sums as may previous deduction of the amount allotted to the agriculbe carried forward to the following year's ac- tural credit by article 3 of the law of December 20, 1918, count, is to be divided as follows as long as two-thirds of the supplementary dues paid by the Bank the regime of Government advances continues: of France under article 4 of the agreement of October 26, 1917. Sixty per cent are to be placed at the disposal These payments shall be made: of the general assembly of stockholders, 5 per 1. As a subsidy which may attain a maximum amount cent to the board of directors, 5 per cent to the of 2 million francs (2,000,000 fr.) per annum, this subsidy staff, and 30 per cent to the Government. The to be paid during a period of five years and to cease after that time if the stockholders of the French Bank of For- Government, however, is to add its share of eign Commerce receive a net dividend in excess of six the profits to its advances to the bank until per cent (6%), or if the amount of the special reserve fund such time as these advances shall have reached mentioned below reaches the sum of 25 million francs 25,000,000 francs. After this figure is reached (25,000,000 fr.). 2. The remainder, as an advance without interest, so the Government is to receive only 20 per cent long as the special reserve fund created by the payments of the profits and the board of directors and of the Government shall not have reached the amount of the staff 10 per cent each. The Government, 25 million francs (25,000,000 fr). as an interested party, will have supervisory ART. 4. The following persons shall not be eligible to the administrative council of the French National Bank control over the Bank of Commerce. Two of Foreign Commerce or to any salaried positions within Government examiners will audit the bank's the administration of the society or its branches: inventory, its annual and current accounts, its 1. Members of Parliament. cash in vault, its bill portfolio, and all its 2. Public officials or persons attached to a public office, who took part in the exercise of their official duties in the papers. preparation of the agreement and the supplements ap- The bank is to have its central office in proved by the present law and have not discontinued Paris. No branch or agency is to be permitted their functions for at least five months. in France. The central office will collect in- The present law has been discussed and adopted by the Senate and the Chamber of Deputies and will be enforced formation and keep the records of the solvency as the law of the land. of foreign buyers. The bank must preserve Done in Paris, the 23d of October, 1919. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 49 Foreign Exchange Rates. in August, as the result of the activities of the National Institute for Foreign Exchanges, and In the tables and charts below are shown the remained at that level until April, 1919. When movements of monthly high exchange rates in the exchanges were u unpegged" in March of New York on (1) principal centers in allied this year, sterling, franc, and lira exchanges countries, London, Paris and Milan; (2) princi- immediately fell below the previous level, and pal centers in neutral countries, Amsterdam, in December 1919 the high quotations were as Stockholm, Zurich, Madrid, and Buenos Aires; follows: $3.9875 for the pound, 10.08 cents for (3) principal center in countries having a silver the franc, and 8.103 cents for the lira, the disstandard, Bombay, Shanghai, and Hongkong. counts amounting to 18.06, 47.77, and 58.02 In the tables absolute rates and percentages of per cent, respectively. par are shown, while the curves are plotted on Exchange rates on neutral countries were all the basis of percentages of premium or dis- above par during 1918, Madrid exchange count at whicn the currencies of the different reaching a premium of over 54 per cent in April countries were quoted in the New York market. of that year. During the present year these Similar information from the beginning of the exchange rates followed a downward course, war to the summer of 1918 was shown in the and in October were all quoted below par. In FEDERAL RESERVE BULLETIN for September, December the Spanish peseta, the Argentine 1918, pp. 837 et seq. The information here peso, and the Swiss franc were at a premium, presented is for the calendar years 1918 and while the Dutch florin and the Swedish krona 1919. Explanations made in the previous were quoted at substantial discounts. study as to the basis of calculations apply also Spectacular advances in the price of silver, to the present tables and charts. especially during the last six months, account Sterling exchange remained fixed at about for the rise in exchange rates on India and 2 per cent discount until April, 1919, when the China. The price of the Indian rupee, however, British Government discontinued its " pegging" being under direct control of the British Govarrangement; French exchange was at about 9 ernment, has not risen as high as the price of per cent discount during the first seven months the Hongkong dollar, which was quoted in of 1918 and at about 5 per cent from August of December at about 125 per cent, or of the that year to April, 1919; while lira exchange, Shanghai tael, for which the high December after falling as low as 42 per cent discount in quotation was about 160 per cent above the May, 1918, rose to about 19 per cent discount average 1913 bullion values of these coins. Movement of exchange rates (highest rates for sight drafts during month) in New York on principal financial centers during period January, 1918, to December, 1919. 1. RATES ON CENTERS IN PRINCIPAL ALLIED COUNTRIES. London (4.8665=100). Paris (19.3=100). Milan (19.3=100). 1918. Per cent. ;•• cent. Per cent. January $4.7535 97.68 $17.53 90.83 $12.03 62.33 February 4.7535 97.68 17.51 90.73 11.76 60.93 March 4.7535 97.68 17.47 90.52 11.98 62.07 April 4.7550 97.71 17.49 90.62 11.38 58.96 May 4.7550 97.71 17.53 90.83 11.15 57.77 June 4.7550 97.71 17.50 90.67 11.29 58.50 July 4.7535 97.68 17.50 90.67 12.48 64.66 August 4.76 97.98 18.26 94.61 15.71 81.40 September 4.755 97.71 18.28 94.72 15.70 81.35 October 4.755 97.71 18.29 94.77 15.75 81.61 November 4.7575 97.76 18.55 96.11 15.75 81.61 December 4.7585 97.78 18.34 95.02 15.748 81.60 1919. January 4.7585 97.78 18.33 94.97 15.771 81.40 February 4.7585 97.78 18.328 94.96 15.718 81.44 March 4.7580 97.77 18.298 94.81 15.718 81.44 April 4.6725 96.01 17.006 88.11 14.245 73.81 May 4.6925 96.42 16.474 85.36 13.333 69.08 June 4.6350 95.24 15.948 82.63 12.738 66.00 July 4.57 93.91 15.396 79.77 12.706 65.83 August 4.3550 89.49 13.698 70.97 11.60 60.10 September 4.2625 87.59 12.787 66.25 10.559 54.71 October 4.2325 86.97 11.933 61.83 10.256 53.14 November 4.1625 85.53 11.3058 58.58 9.94 51.50 December 3.9875 81.94 10.08 52.23 8.103 41.98 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 FEDERAL RESERVE BUTJ.ETIN. JANUARY, 1920. Movement of exchange rates (highest rates for sight drafts during month) in New York on principal financial centers during period January, 1918, to December, 1919—Continued. 2. RATES ON CENTERS IN NEUTRAL COUNTRIES. A (4 m 0. s 2 t = er 1 d 0 a 0 m ). ( S 2 t 6 o .8 c - k = h o 1 l 0 m 0). Zurich (19.3-100). Madrid (19.3=» 100). B ( u 4 e 2 n .4 o 5 s -1 A 00 ir ) e . s ' 1918. Per cent. Per cent. Per cent. Per cent. Per cent. January $44.25 110.07 $34.25 127.80 $22.99 119.12 $24.40 126.42 $45.98 108.32 February. 45.50 113.43 33.50 125.00 22.42 116.17 25.25 130.83 44.04 103.75 March 46.75 116.29 34.00 126.87 23.17 120.05 25.63 132.80 44.44 104.69 April 48.25 120.02 34.50 128.73 23.53 121.92 29.75 154.15 43.85 103.30 May 50.50 125.62 34.75 129.66 26.11 135.28 28.40 147.15 43.91 103.44 June - .... 51.00 126.87 35.60 132.84 25.38 131.50 28.55 147.93 43.38 102.19 July 52.00 129.35 35.80 133.58 25.38 131.50 27.55 142.75 44.83 105.61 August • - 52.75 131.22 36.25 135.26 25.54 132.33 26.50 137.31 44.60 104.97 49.50 123.13 33.75 125.93 23.04 119.38 23.37 121.09 45.00 106.01 October 46.75 116.29 31.80 118.66 21.65 112.18 22.65 117.36 45.35 106.83 42.25 105.10 29.00 108.21 20.32 105.28 20.70 107.25 45.50 107.18 December 42.75 106.34 29.45 109.88 20.92 108.39 20.20 104.66 45.35 106.83 1919. 42.75 106.34 29.10 108.58 20.746 107.49 20.14 104.35 45.15 106.36 February. . 41.25 102.61 28.15 105.04 20.597 106.72 21.10 109 33 44.95 105.89 March. 41.125 102.30 28.15 105.04 20.70 107.25 21.10 109.33 45.00 106.01 April 41.25 102.61 27.125 101.21 20.3252 105.31 20.375 105.57 44.375 104.53 May 40.25 100.12 26.70 99.63 20.3252 105.21 20.25 104.92 44.875 105.71 June 39.25 97.64 26.25 97.95 19.305 100.03 20.06 103.94 44.07 103.82 July * . . .. 38.75 96.39 25.50 95.15 19.08 98.86 19.72 102.18 43.25 101.88 August . 37.5625 93.44 24.90 92.91 17.92 92.85 19.75 102.33 42.375 99.82 September 38.125 94.84 24.60 91.79 18.28 94.72 19.25 99.74 43.25 101.88 October .. 38.0625 94.68 24.60 91.79 17.985 93.19 19.28 99.90 42.35 99.76 November 38.00 94.53 23.85 88.99 18.18 94.20 20.10 104.14 43.375 102.18 December . .. 38.25 95.15 22.30 83.21 20.08 104.04 19.90 103.11 43.25 101.88 3. RATES ON CENTERS IN SILVER COUNTRIES. Bombay (32.44=100). Shanghai (65.49=100).* Hongkong (47.16-100) .* 1918. Per cent. Per cent. Per cent. January $35.00 107.89 174.07 $75.00 159.03 February 35.75 110.20 164.91 73.00 154.79 March 36.00 110.97 169.49 77.00 163.27 April 137.25 114.83 166.44 77.00 163.27 May 39.50 121.76 167.20 76.50 162.21 June 38.50 118.68 173.31 79.00 167.51 July 177.89 80.50 170.70 August 190.87 88.00 186.60 September 2 35.73 110.14 206.14 90.00 190.84 October 204.61 87.75 186.07 November 189.34 80.00 169.64 December 35.875 110.59 190.87 82.00 173.88 1919. January 35.65 109 90 126.00 192.40 81.00 171.76 February 35.65 109 90 123.00 187.81 78.00 165.39 March 35.875 110.59 114.00 174.07 75.25 159.56 April 35.65 109.90 117.75 179.80 80.25 170.17 May 42.50 131.01 125.50 191.63 87.00 184.48 June 42.50 131.01 127.50 194.69 84.00 178.12 July 43.00 132.55 125.00 190.87 83.00 176.00 August 43.50 134.09 135.00 206.14 86.00 182.36 September 45.00 138.72 136.50 208.43 88.50 187.66 October 44.00 135.64 142.00 216.83 96.00 203.56 November 44.75 137.95 173.00 264.16 106.00 224.77 December 46.25 142.57 170.00 259.58 106.50 225.83 1 Minimum rate for telegraphic transfers fixed Apr. 11 at 35.75; previously 33.5. 2 Rates for telegraphic transfers fixed June 18 at 35.73. ' Average 1913 values on the basis of the average price of silver in London for the calendar year 1913. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 51 EXCHANGE RATES AT NEW YORK 1 ON PRINCIPAL ALLIED COUNTRIES. 0 -to i tmmt -20 -30 "40: -SO I 1 .BEFY J >-—«— tmmimatslamsimmi * • •• i I! ^ ! ,CED I 0 s > -10 tan, s Ss \ \ -20 -30 \ s -40 N > -SO 8 i 1! 1 o * 1918 I9!9 EXCHANGE RATES AT NEW YORK I ON PRINCIPAL NEUTRALCOUNTRIES. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 FEDERAL RESERVE BULLETIN. JANUARY, 1920. 1 EXCHANGE RATES ATNEWYORK i ONmiNCIPALSILyER-STANDARD COUNTRIES, -mmmw-SHAnGHAt -o^o-ffOflGKdNG'o—o— BOMBAY"**"***** +I7Q +J/U +160 +150 +/&) / • +/40 +14/1 Y+130 +IV) i i A*' %m \ +100 / \ y +90 k hi - +on \ / J +80 — +/&1 >y 1 ^< f *70 -^ a. 7/1 A s + 60 — +&) +50 >•* />* +30 »• f < + in 0 +pfi I 0 • % +IO ° - /I : u n t\ ?! !i Si 1! 5 | ^ c \\ 1918 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL, RESERVE BULLETIN. 53 Retail Trade Index. monthly sales. Finally, the percentage was requested of outstanding orders at the close For several months past the Federal Re- of the month to total purchases during the serve Board has been engaged in the develop- calendar year 1918, which was taken as a base. ment of an index number designed to show While considerable progress has been made in the activity of retail trade. In establishing several districts in obtaining the cooperation of this index it was sought to obtain from de- retail establishments, it is not believed desirable partment stores of representative character to publish in any district such percentage throughout the country figures showing, either figures until enough establishments have in actual amounts or in percentage form, reported to furnish an index which is thorchanges in the volume of net sales, instituting oughly representative of the general condition monthly comparisons with the same month of trade. In the following statement is given last year, as well as showing cumulative season a summary of the reports obtained in district percentages for the two years. In addition, No. 12, which will appear in the annual request was made for data showing stocks at report of the Federal Reserve agent at San the close of the month as compared with such Francisco. These percentages have been stocks at the close of the same month last computed from actual figures furnished by year, and at the close of the previous month of the several reporting concerns. Since the the current year. In order to afford a com- original request for such data in September parison of stocks on hand at the close of each of this year there has been an increase of month during the present season with the sales about 30 per cent in the number of stores during the same period, request was made for reporting in this district. Twenty-nine stores data showing the percentage of average stocks furnished such information for the month of at the end of each month to the average November. Condition of retail trade in Federal Reserve district No. 12. [Decreases shown in italics.] Percentage of increase or decrease. Comparison 3f net p s e a r l i e o s d l w as it t h y e t a h r o . se of corresponding Stocks at end of month compared with— Month. July 1,1919, to close of— Same month last year Last month. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Los Angel es 48.8 68.3 110.6 88.7 58.3 52.9 69.9 77.2 6.3 0.6 13.9 19.5 5.5 4.2 5.6 0.7 San Francisco 31.3 40.9 92.3 45.2 30.0 33.1 46.5 46.3 .5 10.6 15.5 26.5 15.6 13.2 9.7 2.2 Oakland 20.7 25.1 68.5 30.3 20.1 22.4 32.3 31.9 7.5 .5 1.4 1 g 6.3 12.6 5.4 .2 Sacramento 16.7 32.5 69.2 36.6 15.4 22.4 35.7 35.7 20.S 10.7 4.6 .3 18.7 4.8 3.7 6.1 Seattle 23.7 27.6 50.6 21.0 24.4 28.3 31.6 29.5 7.2 17.8 15.2 15.3 22.7 13.2 6.5 2.9 Spokane 176.0 46.4 99.9 70.4 13.8 3.4 Salt Lake City **23.2** 3*3*4* 44.8 42.7 "*23.*9""*25.*8* 24.8 32.0 Total for district.... 30.3 40.6 82.0 46.1 31.0 34.4 46.9 47.5 .9 7.0 11.9 17.5 12.6 10.3 6.5 .5 Percentage of average stocks at Percentage of outstanding end of each month from July orders at end of month to 1, 1919, to date, to average total purchases during calenmonthly sales for same period. dar year 1918. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Los Angeles 481.7 459.5 495.6 485.6 27.9 32.7 45.1 53.5 San Francisco 418.6 460.5 442.8 453.0 34.1 28.1 25.8 29.5 Oakland 547.1 564 7 558.3 559.1 Sacramento 468.2 400.7 355.9 339.3 Seattle 411.6 ' 459.0 422.3 432.0 on 0 28.3 25.1 22.1 Spokane 462.4 20.0 Salt Lake City 46.5 16.8 11.4 Total for district .. 422.4 470.7 459.3 463.1 34.3 29.1 29.6 29.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 FEDERAL RESERVE BULLETIN. JANUARY, 1920. Adjustment of Salaries in Federal Reserve groups which conformed to certain requirements. In the present case it is deemed oest, Banks. in order to take every precaution against the Early in the past summer the Division of divulgence of personal information, to ask the Analysis and Research was directed by the employee to fill in the schedule form privately Federal Reserve Board to undertake the and to place it unsigned in an envelope, which development of a method of adjusting salaries he or she will then seal and return to the govin the Federal Reserve Banks to meet changes ernor of the bank or to some party designated in the cost of living. The task naturally by him, the name of the individual only appeardivides itself into three parts, as follows: ing on a detached slip which is to be filed at (1) The determination of price variations in the bank for checking purposes. Furthermore, the several classes of consumption goods in the group to be covered in this study will each locality. lack homogeneity in that some of the in- (2) In order to arrive at the proper weight- dividuals will be neads of families, some major ing for such price changes it is necessary to supports of families, some partial supports of determine what percentage of the total expen- families, some living alone, and others only ditures of a typical family or individual goes partially self-supporting. It is felt, however, for food, what for clothing, etc., in each salary that in order to secure weights that will be group in each locality. strictly relevant it is preferable to have pro- (3) In view of the great increase in prices portionate expenditures for food, clothing, etc., during the last few years the problem is not of as many as possible of the people whose simply one of adjusting salaries in the future salaries are to be adjusted rather than of a to any changes in the cost of living that may homogeneous group representing one type. then take place, but also one of determining For this reason the necessarily brief quesas far as possible to what extent the ad- tionnaire has been prepared in two slightly vances that have already been made in the different forms, one to cover family and one rates of compensation meet the enhanced to cover individual incomes and expenditures. cost of living at present. One or the other of these forms is to be used as the case demands. Selections by the indi- Mature consideration of the problem and vidual of the form which he or she is to fill in conferences with men who are daily in touch is to be made by such individual in accordance with the practical situation led to the adoption with instructions given on page 1 of the quesof the following plan of procedure: tionnaire. (1) With regard to price variations. A recent study of the Bureau of Labor Statistics In view of the fact that a large proportion shows the changes in price levels of the various of the employees of the Federal Reserve Banks classes of consumption goods; that is, food, are unmarried and live with parents (in some clothing, housing, etc., which have taken place cases paying only a nominal amount for board during the past four or five years. Further- and room, while" others partially support the more, it is the intention of the Bureau family), it is thought best to include in the of Labor Statistics to repeat this study every schedule a question which will render it possix months in the future. It is believed that sible to select such cases for whatever treatthese figures, coupled with the regular monthly ment may be considered appropriate. In the retail food price figures of the Bureau of Labor belief that it will not be practicable to make Statistics, will fully serve the purpose of this differences in adjustments for variation in the study in this respect. size of families and, due to the absence of mem- (2) In order to give proper weighting to the bers of the family at various seasons of the price changes in each oi these classes oi goods year, that the replies to such a question would the following questionnaire has been prepared.1 oe of doubtful value, the usual question re- Each employee of the Federal Reserve Banks garding the size of family has been omitted. receiving a salary of $5,000 per annum or less (3) With regard to changes in the rate of will be asked to give the information listed in compensation during the last few years. Bethis questionnaire. cause of the large expansion of the banks dur- Practically all such schedules previously ing the period of the recent rise in prices it is used have been handled personally by trained believed that it will be impossible to get from enumerators and applied to selected family the Federal Reserve Banks a complete record of compensation rates in effect prior to the 1 Acknowledgment is due Prof. R. E. Chaddock, Prof. W. F. Ogburn, recent rise in prices for each type of work now and Mr. F. A. Ross, all of Columbia University, for critical advice with respect to the form of the schedule. performed in the Federal Reserve Banks. It Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 55 seems, therefore, impossible to determine from 3. Amount paid for heat, light, electric power, during the year ending Dec. 31,1919 the records of these banks alone the amount of (Heat or light furnished with your apartment or house adjustment in rates of compensation which has and covered by the rent is not to be included here. The word "heat" is meant to include that used for cooking.) actually taken place since the recent rise in 4. Amount paid for food during the year ending Dec. 31, 1919 (If you have no record of the amount spent for food durprices. In order to obtain this important ing the year ending Dec. 31,1919, we would suggest that information the following plan is being pur- you estimate the amount spent per week for food during a typical week of that period and multiply that by 52. sued: Each of the Federal Reserve Banks is The amount here should cover all food expenditures, even though a part of this food is consumed by boarders. being asked to furnish us with compensation Amounts spent for lunches by members of the family rates now in effect for each type of work. should also be included, but not such expenditures of boarders and lodgers. In case you were married for only These rates will be compared with those in a part of the time, estimatethe amount for the year at the rate of expenditures during the period married.) effect during late 1915 or early 1916 in banking 5. Amount paid for clothing during the year ending Dec. 31, houses which were at that time fully organized. 1919 (The amount entered here should cover the clothing expenditures of the family group, but not those of board- QUESTIONNAIRE FOR USE IN OBTAINING INFORMATION ers and lodgers. In case you were married for only a part of the time, estimate such expenses for a full year.) REGARDING INCOME AND EXPENDITURES OF EMPLOYEES 6. Amount spent for furniture and house furnishings during year OF FEDERAL RESERVE BANKS.1 ending Dec. 31,1919 7. Miscellaneous expenditures: Before attempting to answer the questions on the following pages, (a) Health (including doctors' fees, medicine, hosread this page carefully. pital bills, dentists' fees, nurses' fees, eye- If for the whole or a part of the year ending Dec. 31,1919, you were a glasses, etc.) I married man and lived with your wife, or if you were a married woman (6) Recreation— and Hvediwith your husband, or if you, whether married or unmarried, (1) Board and room while on vacation were the major support of the family group in which you lived, fill in (2) Movie tickets, theater tickets, pool, bil- Section I (pages 2 and 3). liard and bowling charges, club dues, If during that period you were not included in the group described railroad fare, etc above, fill in Section II (pages 4 and 5). (c) Education (including newspapers, magazines, NOTE.—If you feel that you could give the facts called for more accu- school tuition, school supplies, music lesrately for the family group in which you lived than for yourself individ- sons, etc.) ually then fill in Section I, even if according to instructions above you (d) Other miscellaneous items not mentioned should fill in Section II. above Or, if you were included in the group described in the first paragraph above for only a short period of time during the year ending Dec. 31,1919, Total miscellaneous expenditures and believe therefore that your expenditures for that period are not typical, then write the word " Section II" in this blank space Total expenditures $ and fill in Section II. In this case you should, of course, estimate your 8. If your expenditures for the year ending Dec. 31, 1919, exceeded individual expenditures for the full year on the basis of that part of the your income for that period, how was this deficit met? year during which you lived singly. Under no circumstances fill in both Sections I and II. 9. Did you keep for all or a part of the year ending Dec. 31,1919, a rec- The main purpose of the questions which follow; is not to find out how ord of expenditures? If so, what part? much it costs you to live, out rather to determine what part of your 10. Did you keep dm ing the year ending Dec. 31,1919, charge accounts expenditures goes toward clothing, what part toward food, what part with butcher? Grocer? Clothier? Were toward rent, etc. these paid by check? [Perforated line.] (Fill in this slip, detach it, and file with bank.) Name INCOME. Department 1. Total salary received during the year ending Dec. 31,1919 $. Bank 2. Bonus received during the year ending Dec. 31,1919 Branch (The amount entered after 1 and 2 should be, respectively, the amount of salary and bonus actually received (After questionnaire is filled in, place it in envelope, seal, and return it for the year ending Dec. 31,1919, regardless of whether or to Governor of your bank.) not you were employed during that time by the Federal 2 Reserve Bank. Thus, all or a part of the amount entered here may have been received from other concerns than SECTION I. the Federal Reserve Bank with which you are now connected. In case you were married for only a part of the This section is to be filled in by those who, by reason of the fact that time, give your yearly salary at the rate received during for the whole or a part of the year ending Dec. 31,1919, they were married the period married, and yearly bonus at rate accruing and lived with husband or wife, or were the major supports of the family during period married.) groups in which they lived, or, for other reasons, are to give the income 3. Total salary received by wife (or husband) during the year and expenditure facts for the family groups rather than for themselves ending Dec. 31,1919 individually. Before filling in the answers to any of the following questions, read 4. Bonus received by wife (or husband) during the year ending Section I entire. Dec. 31. 1919 .. EXPENDITUBES. (The amounts entered in 3 and 4 as the salary and bonus, respectively, of your wife (or husband) should be such l.|Total rent paid during the year ending Dec. 31,1919 $ salary and bonus received during that period, whether (The amount entered here should be the total rent paid coming from the Federal Reserve Bank or from other for the apartment or house in which the family lived during concerns. In case you were married for only a part of the the period mentioned, even if a part of such house or apart- time, give the yearly salary and bonus of your wife (or ment was occupied by lodgers. In case you were married husband) for the year at the rate received during the for only a part of the time, give the yearly rentattherate period married, and yearly bonus at the rate accruing paid during the period married. This item should not during the period married.) include amount covering board and room while on vaca- 5. Total earnings of all other members of family group during the tion.) year ending Dec. 31,1919 2. Rental value of home, if owned Jt (The family group should include everybody living (The meaning of this question is: If for the whole or with the family except boarders and lodgers. The word apart of the year ending Dec.31,1919,you owned your "earnings" here means pay received for work done. No home, for how much do you think you could have rented amounts received by such members of the family group it for that period, as judged by rentals of similar houses from investments, etc., should be entered. Only the in the neighborhood?) earnings of the members of the family group as distinguished from the boarders and lodgers should be entered. The income of the boarders and lodgers should not be Ul Copies of the questionnaire now in the hands of the banks are to be entered anywhere on these sheets.) amended to accord with the copy here presented. 6. Total income from lodgers during the year ending Dec. 31,1919 .. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 FEDERAL RESERVE BULLETIN. JANUARY, 1920. 7. Total income from table boarders during the year ending 5. Miscellaneous expenditures;—Continued. Dec. 31,1919... (c) Education (including newspapers, magazines, (Lodgers and boarders within the meaning of these ques- books, school tuition, school supplies, music tions are those who rent rooms or board with the family lessons, etc.) on a purely commercial basis; that is to say, those who (d) Other miscellaneous items not mentioned receive no aid from the family in the sense of reduced above rates for any consideration. In case you have an individual or individuals both boarding and lodging with Total miscellaneous expenditures you and paying a flat sum covering both items, enter the Total expenditures $ amount which would be charged for table board alone after 7, then deduct this sum from the amount paid for 6. If your expenditures during the year ending Dec. 31, 1919, exceeded board and lodging and enter the remainder after question your income for that period, how was such a deficit met? 6.) — 7. Did you keep for all or a part of the year ending Dec. 31, 1919, a Total earnings $. record of expenditures? If so, for what part? 8. Did you, for any part of the year ending Dec. 31,1919, live with your 4 immediate family or nearest relatives? SECTION II. 5 This section is to be filled in by those who give their expenditures as INCOME. individuals rather than family expenditures. Before filling in the answers to any of the following questions read 1. What is your sex? Section II entire. (Write the word.) EXPENDITURES. 2. Total salary received during the year ending Dec. 31,1919 $ ,3. Bonus received during the year ending Dec. 31,1919 If for the major portion of the year ending Dec. 31,1919, you lived with (The amounts entered after 2 or 3 should be, respectyour immediate family or nearest relatives, answer questions 2, 4, 5, 6, ively, the amount of salary and bonus actually received for 7, and 8. the year ending Dec. 31,1919, regardless of whether you If for the major portion of the year ending Dec. 31, 1919, you did not were employed during that time by the Federal Reserve live with your immediate family or nearest relatives, answer questions Bank; thus all or a part of the amount entered here may- 1, 2-B, 3, 4, 5, 6, 7, and 8. have been received from other concerns than the Federal Reserve Bank with which you are now connected.) 1. Total rent paid during the year ending Dec. 31,1919 $ (This question is to be answered only by those who for Total earnings $ the major portion of the year ending Dec. 31, 1919, did not live with their immediate family or nearest relatives. In case you lived and boarded in the same place, paying a single sum to cover the two items, determine the amount for which table board could be had at this place by one The Edge Act. who rooms elsewhere, then deduct this amount from the amount paid for room and board, and consider the remainder as the amount paid for rent. If for a portion of Senate bill 2472, known as the "Edge the year you were living with your immediate family or bill," providing for the incorporation of instinearest relatives, the answer to this question should nevertheless cover a full year's rent at the rate paid dur- tutions to engage in international or foreign ing the part of the year in which you did not live with your immediately family or nearest relatives.) banking or other financial operations, was 2. (a) Amount spent weekly for food gotten outside of home, i.e., approved by the President on December 24. lunches, etc $ (6) Amountpaid weekly to family The act follows: (This question, both (a) and (6), is to be answered only by those who for the major portion of the year ending Dec. 31,1919,lived with their immediate family or nearest [PUBLIC—No. 106—66TH CONGRESS.] relatives.) 2-B. Amount paid for food during the year ending Dec. 31,1919 [S. 2472.] An Act To amend the Act approved December 23,1913, known as the diate family or ._. Federal Reserve Act. In case you lived and boarded in the same place, paying a single sum to cover the two items, the answer to this Be it enacted by the Senate and House of Representatives question should be determined in this manner: Add to of the United States of America in Congress assembled, That the amount (of which table board could be had at this place by one who rooms elsewhere the amount spent the Act approved December 23, 1913, known as the Fedfor lunches during the period. If for a portion of the eral Reserve Act, as amended, be further amended by year you did live with your immediate family or nearest adding a new section as follows: relatives, the answer to this question should nevertheless cover a full year, such a figure to be determined by first estimating the amount spent weekly for food during that "BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN part of the year in which you were not living with your BANKING BUSINESS. immediate family or nearest relatives and multiplying that figure by 52.) 3. Amount paid for heat and light during the year ending Dec. 31, "SEC. 25 (a). Corporations to be organized for the pur- 1919 . pose of engaging in international or foreign banking or (This question is to be answered only by.those who for other international or foreign financial operations, or in the major portion of the year ending Dec. 31, 1919, did not live with their immediate family or nearest relatives. banking or other financial operations in a dependency or If for a portion of the year you were living with your insular possession of the United States, either directlv or immediate family or nearest relatives, the answer to this through the agency, ownership, or control of local instituquestion should nevertheless cover a full year at the rate tions in foreign countries, or in such dependencies or insular possessions as provided by this section, and to act when required by the Secretary of the Treasury as fiscal not to be entered here.) agents of the United States, may be formed by any number 4. Amount paid for clothing during the year ending Dec. 31,1919 5. Miscellaneous expenditures: of natural persons, not less in any case than five. (a) Health (including doctor's fees, medicine, "Such persons shall* enter into articles of association nurses' fees, hospital bills, dentists' fees, eyeglasses, etc $ which shall specify in general terms the objects for which (5) Recreation— the association is formed and may contain any other (1) Board and room while on vacation provisions not inconsistent with law which the association (2) Movie tickets, theater tickets, railroad may see fit to adopt for the regulation of its business and fares, pool, billiard and bowling charges, club dues, etc the conduct of its affairs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL, RESERVE BULLETIN. 57 '' Such articles of association shall be signed by all of the lend money; to issue debentures, bonds, and promissory persons intending to participate in the organization of the notes under such general conditions as to security anil corporation and, thereafter, shall be forwarded to the such limitations as the Federal Reserve Board may pre- Federal Reserve Board and shall be filed and preserved scribe, but in no event having liabilities outstanding in its office. The persons signing the said articles of thereon at any one time exceeding ten times its capital association shall, under their hands, make an organization stock and surplus; to receive deposits outside of the certificate which shall specifically state: United States and to receive only such deposits within " First. The name assumed by "such corporation, which the United States as may be incidental to or for the purshall be subject to the approval of the Federal Reserve pose of carrying out transactions in foreign countries or de- Board. pendencies or insular possessions of the United States; "Second. The place or places where its operations are and generally to excerise such powers as are incidental to to be carried on. the powers conferred by this Act or as may be usual, in " Third. The place in the United States where its home the determination of the Federal Reserve Board, in conoffice is to be located. nection with the transaction of the business of banking or " Fourth. The amount of its capital stock and the other financial operations in the countries, colonies, denumber of shares into which the same shall be divided. pendencies, or possessions in which it shall transact busi- "Fifth. The names and places of business or residence ness and not inconsistent with the powers specifically of the persons executing the certificate and the number granted herein. Nothing contained in this section shall of shares to which each has subscribed. be construed to prohibit the Federal Reserve Board, under "Sixth. The fact that the certificate is made to enable its power to prescribe rules and regulations, from limiting the persons subscribing the same, and all other persons, the aggregate amount of liabilities of any or all classes infirms, companies, and corporations, who or which may curred by the corporation and outstanding at any one thereafter subscribe to or purchase shares of the capital time. Whenever a corporation organized under this secstock of such corporation, to avail themselves of the advan- tion receives deposits in the United States authorized by tages of this section. this section it shall carry reserves in such amounts as the "The persons signing the organization certificate shall Federal Reserve Board may prescribe, but in no event less duly acknowledge the execution thereof before a judge than 10 per centum of its deposits. of some court of record or notary public, who shall certify "(b) To establish and maintain for the transaction of its thereto under the seal of such court or notary, and there- business branches or agencies in foreign countries, their after the certificate shall be forwarded to the Federal dependencies or colonies, and in the dependencies or in- Reserve Board to be filed and preserved in its office. sular possessions of the United States, at such places as Upon duly making and filing articles of association and may be approved by the Federal Reserve Board and under an organization certificate, and after the Federal Reserve such rules and regulations as it may prescribe, including Board has approved the same and issued a permit to begin countries or dependencies not specified in the original business, the association shall become and be a body organization certificate. corporate, and as such and in the name designated therein "(c) With the consent of the Federal Reserve Board to shall have power to adopt and use a corporate seal, which purchase and hold stock or other certificates of ownership may be changed at the pleasure of its board of directors; to in any other corporation organized under the provisions have succession for a period of twenty years unless sooner of this section, or under the laws of any foreign country or dissolved by the act of the shareholders owning two- a colony or dependency thereof, or under the laws of any thirds of the stock or by an Act of Congress or unless its State, dependency, or insular possession of the United franchises become forfeited by some violation of law; States but not engaged in the general business of buying to make contracts; to sue and be sued, complain, and or selling goods, wares, merchandise or commodities in the defend in any court of law or equity; to elect or appoint United States, and not transacting any business in the directors, all of whom shall be citizens of the United United States except such as in the judgment of the Fed- States; and, by its board of directors, to appoint such eral Reserve Board may be incidental to its international officers and employees as may be deemed proper, define or foreign business: Provided, however, That, except with their authority and duties, require bonds of them, and the approval of the Federal Reserve Board, no corporation fix the penalty thereof, dismiss such officers or employees, organized hereunder shall invest in any one corporation or any thereof, at pleasure and appoint others to fill their an amount in excess of 10 per centum of its own capital places; to prescribe, by its board of directors, by-laws not and surplus, except in a corporation engaged in the busiinconsistent with law or with the regulations of the Fed- ness of banking, when 15 per centum of its capital and sureral Reserve Board regulating the manner in which its plus may be so invested: Provided further, That no corstock shall be transferred, its directors elected or appointed, poration organized hereunder shall purchase, own, or hold its officers and employees appointed, its property trans- stock or certificates of ownership in any other corporation ferred, and the privileges granted to it by law exercised organized hereunder or under the laws of any State which and enjoyed. is in substantial competition therewith, or which holds "Each corporation so organized shall have power, under stock or certificates of ownership in corporations which are such rules and regulations as the Federal Reserve Board in substantial competition with the purchasing corporation. may prescribe: "Nothing contained herein shall prevent corporations "(a) To purchase, sell, discount, and negotiate, with or organized hereunder from purchasing and holding stock without its indorsement or guaranty, notes, drafts, checks, in any corporation where such purchase shall be necessary bills of exchange, acceptances, including bankers' accep- to prevent a loss upon a debt previously contracted in tances, cable transfers, and other evidences of indebted- good faith; and stock so purchased or acquired in corporaness; to purchase and sell, with or without its indorse- tions organized under this section shall within six months ment or guaranty, securities, including the obligations of from such purchase be sold or disposed of at public or prithe United States or of any State thereof but not includ- vate sale unless the time to so dispose of same is extended ing shares of stock in any corporation except as herein by the Federal Reserve Board. provided.; to accept bills or drafts drawn upon it subject "No corporation organized under this section shall carry to such limitations and restrictions as the Federal Reserve on any part of its business in the United States except Board may impose; to issue letters of credit; to purchase such as, in the judgment of the Federal Reserve Board, and sell coin, bullion, and exchange; to borrow and to shall be incidental to its international or foreign business: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 FEDEKAL EESERVE BULLETIN. JANUARY, 1920. And provided further. That except such as is incidental have invested; or (2) prohibit any director or other officer, and preliminary to its organization no such corporation agent, or employee of any corporation organized under the shall exercise any of the powers conferred by this section provisions of this section, who has procured the approval until it has been duly authorized by the Federal Reserve of the Federal Reserve Board, from serving at the same Board to commence business as a corporation organized time as a director or other officer, agent or employee of any under the provisions of this section. other corporation in whose capital stock such first-men- "No corporation organized under this section shall tioned corporation shall have invested under the provisions engage in commerce or trade in commodities except as of this section. specifically provided in this section, nor shall it either "No member of the Federal Reserve Board shall be an directly or indirectly control or fix or attempt to control officer or director of any corporation organized under the or fix the price of any such commodities. The charter provisions of this section, or of any corporation engaged in of any corporation violating this provision shall be sub- similar business organized under the laws of any State, ject to forfeiture in the manner hereinafter provided in nor hold stock in any such corporation, and before enterthis section. It shall be unlawful for any director, officer, ing upon his duties as a member of the Federal Reserve agent, or employee of any such corporation to use or to Board he shall certify under oath to the Secretary of the conspire to use the credit, the funds, or the power of the Treasury that he has complied with this requirement. corporation to fix or control the price of any such com- "Shareholders in any corporation organized under the modities, and any such person violating this provision shall provisions of this section shall be liable for the amount of be liable to a fine of not less than $1,000 and not exceeding their unpaid stock subscriptions. No such corporation $5,000 or imprisonment not less than one year and not shall become a member of any Federal reserve bank. exceeding five years, or both, in the discretion of the "Should any corporation organized hereunder violate court. or fail to comply with any of the provisions of this section, "No corporation shall be organized under the provisions all of its rights, privileges, and franchises derived hereof this section with a capital stock of less than $2,000,000, from may thereby be forfeited. Before any such corone-quarter of which must be paid in before the corpora- poration shall be declared dissolved, or its rights, privtion may be authorized to begin business, and the remain- ileges, and franchises forfeited, any noncompliance with, der of the capital stock of such corporation shall be paid or violation of such laws shall, however, be determined in installments of at least 10 per centum on the whole and adjudged by a court of the United States of compeamount to which the corporation shall be limited as fre- tent jurisdiction, in a suit brought for that purpose in the quently as one installment at the end of each succeeding district or territory in which the home office of such cortwo months from the time of the commencement of its poration is located, which suit shall be brought by the business operations until the whole of the capital stock United States at the instance of the Federal Reserve shall be paid in. The capital stock of any such corpora- Board or the Attorney General. Upon adjudication of tion may be increased at any time, with the approval of such noncompliance or violation, each director and officer the Federal Reserve Board, by a vote of two-thirds of its who participated in, or assented to, the illegal act or acts, shareholders or by unanimous consent in writing of the shall be liable in his personal or individual capacity for shareholders without a meeting and without a formal vote, all damages which the said corporation shall have susbut any such increase of capital shall be fully paid in tained in consequence thereof. No dissolution shall take within ninety days after such approval; and may be re- away or impair any remedy against the corporation, its duced in like manner, provided that in no event shall it stockholders, or officers for any liability or penalty prebe less than $2,000,000. No corporation, except as herein viously incurred. provided, shall during the time it shall continue its oper- "Any such corporation may go into voluntary liquidaations withdraw or permit to be withdrawn, either in the tion and be closed by a vote of its shareholders owning form of dividends or otherwise, any portion of its capital. two-thirds of its stock. Any national banking association may invest in the stock "Whenever the Federal Reserve Board shall become of any corporation organized under the provisions of this satisfied of the insolvency of any such corporation, it may section, but the aggregate amount of stock held in all appoint a receiver who shall take possession of all of the corporations engaged in business of the kind described in property and assets of the corporation and exercise the this section and in section 25 of the Federal Reserve Act same rights, privileges, powers, and authority with respect as amended shall not exceed 10 per centum of the sub- thereto as are now exercised by receivers of national scribing bank's capital and surplus. banks appointed by the Comptroller of the Currency of ' 'A majority of the shares of the capital stock of any such the United States: Provided, however, That the assets of corporation shall at all times be held and owned by citi- the corporation subject to the laws of other countries or zens of the United States, by corporations the controlling jurisdictions shall be dealt with in accordance with the interest in which is owned by citizens of the United States, terms of such laws. chartered under the laws of the United States or of a State "Every corporation organized under the provisions of of the United States, or by firms or companies, the con- this section shall hold a meeting of its stockholders antrolling interest in which is owned by citizens of the nually upon a date fixed in its by-laws, such meeting to United States. The provisions of section 8 of the act ap- be held at its home office in the United States. Every proved October 15, 1914, entitled 'An act to supplement such corporation shall keep at its home office books conexisting laws against unlawful restraints and monopolies, taining the names of all stockholders thereof, and the and for other purposes,' as amended by the acts of May 15, names and addresses of the members of its board of direc- 1916, and September 7, 1916, shall be construed to apply tors, together with copies of all reports made by it to the to the directors, other officers, agents, or employees of Federal Reserve Board. Every such corporation shall corporations organized under the provisions of this sec- make reports to the Federal Reserve Board at such times tion: Provided, however, That nothing herein contained and in such form as it may require; and shall be subject shall (1) prohibit any director or other officer, agent, or to examination once a year and at such other times as may employee of any member bank, who has procured the ap- be deemed necessary by the Federal Reserve Board by proval of the Federal Reserve Board from serving at the examiners appointed by the Federal Reserve Board, the same time as a director or other officer, agent or employee cost of such examinations, including the compensation of any corporation organized under the provisions of this of the examiners, to be fixed by the Federal Reserve section in whose capital stock such member bank shall Board and to be paid by the corporation examined. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDEKAL RESERVE BULLETIN. 59 "The directors of any corporation organized under the ity from the directors, issues or puts forth any certificate of provisions of this section may, semiannually, declare a deposit, draws any order or bill of exchange, makes any dividend of so much of the net profits of the corporation acceptance, assigns any note, bond, debenture, draft, biil as they shall judge expedient; but each corporation shall, of exchange, mortgage, judgment, or decree; or who makes before the declaration of a dividend, carry one-tenth of any false entry in any book, report, or statement of such its net profits of the preceding half year to its surplus fund corporation with intent, in either case, to injure or defraud until the same shall amount to 20 per centum of its capital such corporation or any other company, body politic or stock. corporate, or any individual person, or to deceive any offi- "Any corporation organized under the provisions of cer of such corporation, the Federal Reserve Board, or any this section shall be subject to tax by the State within agent or examiner appointed to examine the affairs of any which its home office is iocated in the same manner and such corporation; and every receiver of any such corporato the same extent as other corporations organized under tion and every clerk or employee of such receiver who shall the laws of that State which are transacting a similar embezzle, abstract, or willfully misapply or wrongfully character of business. The shares of stock in such cor- convert to his own use any moneys, funds, credits, or poration shall also be subject to tax as the personal prop- assets of any character which may come into his possession erty of the owners or holders thereof in the same manner or under his control in the execution of his trust or the perand to the same extent as the shares of stock in similar formance of the duties of his employment; and every such State corporations. receiver or clerk or employee of such receiver who shall, "Any corporation organized under the provisions of with intent to injure or defraud any person, body politic, this section may at any time within the two years next or corporate, or to deceive or mislead the Federal Reserve previous to the date of the expiration of its corporate exist- Board, or any agent or examiner appointed to examine the ence, by a vote of the shareholders owning two-thirds of affairs of such receiver, shall make any false entry in any its stock, apply to the Federal Reserve Board for its ap- book, report, or record of any matter connected with the proval to extend the period of its corporate existence for a duties of such receiver; and every person who with like term of not more than twenty years, and upon certified intent aids or abets any officer, director, clerk, employee, approval of the Federal Reserve Board such corporation or agent of any corporation organized under this section, or shall have its corporate existence for such extended period receiver or clerk or employee of such receiver as aforesaid unless sooner dissolved by the act of the shareholders in any violation of this section, shall upon conviction thereowning two-thirds of its stock, or by an Act of Congress or of be imprisoned for not less than two years nor more than unless its franchise becomes forfeited by some violation ten years, and may also be fined not more than $5,000, in of law. the discretion of the court. "Any bank or banking institution, principally engaged "Whoever being connected in any capacity with any in foreign business, incorporated by special law of any corporation organized under this section represents in any State or of the United States or organized under the general way that the United States is liable for the payment of laws of any State or of the United States and having an un- any bond or other obligation, or the interest thereon, issued impaired capital sufficient to entitle it to become a corpo- or incurred by any corporation organized hereunder, or ration under the provisions of this section may, by the vote that the United States incurs any liability in respect of of the shareholders owning not less than two-thirds of the any act or omission of the corporation, shall be punished capital stock of such bank or banking association, with the by a fine of not more than $10,000 and by imprisonment approval of the Federal Reserve Board, be converted into for not more than five years." a Federal corporation of the kind authorized by this sec- Approved, December 24, 1919. tion with any name approved by the Federal Reserve Board: Provided, however, That said conversion shall not be in contravention of the State law. In such case the articles of association and organization certificate may be executed by a majority of the directors of the bank or bank- Change in District Boundaries. ing institution, and the certificate shall declare that the owners of at least two-thirds of the capital stock have By act of its legislature, the State of Missisauthorized the directors to make such certificate and to sippi has created a new county under the title change or convert the bank or banking institution into a of il Humphreys/; by assigning thereto terri- Federal corporation. A majority of the directors, after executing the articles of association and the organization tory formerly included partially in each of certificate, shall have power to execute all other papers and Sharkey, Yazoo, Washington, Sunflower, and to do whatever may be required to make its organization Holmes Counties. Inasmuch as the newlyperfect and complete as a Federal corporation. The shares created county embraced territory lying within of any such corporation may continue to be for the same amount each as they were before the conversion, and the both the Sixth and the Eighth Federal Reserve directors may continue to be directors of the corporation Districts, the Federal Reserve Board on Decemuntil others are elected or appointed in accordance with ber 12 reviewed the territorial boundaries the provisions of this section. When the Federal Reserve of the two Federal Reserve districts and Board has given to such corporation a certificate that the • provisions of this section have been complied with, such ordered that all of the territory lying within corporation and all its stockholders, officers, and employ- Humphreys County be assigned to the Eighth ees, shall have the same powers and privileges, and shall Federal Reserve District. The Board further be subject to the same duties, liabilities, and regulations, defined the northern boundary of the Sixth in all respects, as shall have been prescribed by this section for corporations originally organized hereunder. Federal Reserve District in the State of Mis- " Every officer, director, clerk, employee, or agent of any sissippi as the northern boundary lines of the corporation organized under this section who embezzles, counties of Issaquena, Sharkey, Yazoo, Madiabstracts, or willfully misapplies any of the moneys, funds, son, Leake, Neshoba, and Kemper, after the credits, securities, evidences of indebtedness or assets of any character of such corporation; or who, without author- creation of the new county of Humphreys. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 FEDERAL RESERVE BULLETIN. JANUARY, 1920. Gold Certificates Legal Tender. Directors of Los Angeles Branch. Below is reprinted the act making gold certi- The following are the directors of the Los ficates legal tender: Angeles branch of the Federal Reserve Bank of [PUBLIC—No. 103—66TH CONGRESS.] San Francisco which was organized and opened [S. 3458.] for business January 2, 1920: Mr. I. B. New- An Act To make gold certificates of the United States payable to bearer on demand legal tender. ton, Mr. H. M. Robinson, Mr. J. F. Sartori, Be it enacted by the Senate and House of Representatives Mr. A. J. Waters, Mr. Ira Clerk. of the United States of America in Congress assembled, That The first two gentlemen have been appointed gold certificates of the United States payable to bearer on demand shall be and are hereby made legal tender in pay- by the Federal Reserve Board, while the last ment of all debts and dues, public and private. three are the appointees of the Federal Reserve SEC. 2. That all Acts or parts of Acts which are incon- Bank of San Francisco. sistent with this Act are hereby repealed. Mr. I. B. Newton, prominent merchant of Approved, December 24, 1919. southern California, was for many years connected with Harper & Reynolds Co., wholesale Election of Directors. and retail hardware dealers of Los Angeles. The following directors of Federal Reserve He recently retired from active business. Dur- Banks have been elected for the three-year ing the war he served on the Los Angeles subterm beginning January 1, 1920. committee of the Twelfth District Committee on Capital Issues. District No. 1.—Boston: Mr. Henry M. Robinson is a well-known Class A.—F. S. Chamberlain, New Britain, Conn. Class B.—E. R. Morse, Proctor, Vt. citizen of southern California. War activities Class C.—Jesse H. Metcalf, Providence, R. I. brought him to Washington, where he served on District No. 2.—New York: the Shipping Board, at the end of the war going Class A.—James S. Alexander, New York, N. Y. to Paris as one of the Economics Committee o? Class B.~Charles A. Stone, New York, N. Y. Class C—Pierre Jay, New York, N. Y. Five assisting the American Peace Delegation. District No. 3.—Philadelphia: He was appointed by the President as a member Class A.—M. J. Murphy, Clarks Green, Pa. of the Second Industrial Conference and, more Class B.—Alba B. Johnson, Philadelphia, Pa. recently, as a member, representing the public, Class C—H. B. Thompson, Wilmington, Del. of the commission to investigate wages and District No. 4.—Cleveland: Class A.—Chess Lamberton, Franklin, Pa. working conditions in the coal industry, pro- Class B.—R. P. Wright, Erie, Pa. vided for in the strike settlement agreement. Class C—L. B. Williams, Cleveland, Ohio. Mr. J. F. Sartori is president of the Security District No. 5.—Richmond: Class A.—J. F. Bruton, Wilson, N. C. Trust & Savings Bank and president of the Class B.—J. F. Oyster, Washington, D. C. Security National Bank, both of Los Angeles. Class 0.—James A. Moncure, Richmond, Va. Mr. A. J. Waters is president of the Citizens District No. 6.—Atlanta: National Bank of Los Angeles and president Class A.—Oscar Newton, Jackson, Miss. Class B.—W. H. Hartford, Nashville, Tenn. of the Los Angeles Clearing House Association. Class C—W. H. Kettig, Birmingham, Ala. Mr. Ira Clerk is assistant deputy governor District No. 7.—Chicago: of the Federal Reserve Bank of San Francisco, Class A.—Charles H. McNider, Mason City, Iowa. and has been appointed acting manager of Class B.—John W. Blodgett, Grand Rapids, Mich. Class C.—E. T. Meredith, Des Moines, Iowa. the Los Angeles branch. District No. &—St. Louis: Class A.—Sam A. Ziegler, Albion, 111. Class B.~W. B. Plunkett, Little Rock, Ark. Class C.—C. P. J. Mooney, Memphis, Tenn. District No. 9—Minneapolis: Acceptances to 100 Per Cent. Class A.—Theodore Wold, Minneapolis, Minn. Class B.—F. R. Bigelow, St. Paul, Minn. Class C.—C. H. Benedict, Lake Linden, Mich. Since the issuance of the December BULLETIN District No. 10.—Kansas City: the following banks have been authorized by Class A.—W. J. Bailey, Atchison, Kans. the Federal Reserve Board to accept drafts and Class B.—M. L. McClure, Kansas City, Mo. bills of exchange up to 100 per cent of their Class C.—F. W. Fleming, Kansas City, Mo. capital and surplus: District No. 11—Dallas: Class A.—B. A. McKinney, Durant, Okla. Class B.—Marion Sansom, Fort Worth, Tex. First National Bank, New Bedford, Mass. Class C—H. O. Wooten, Abilene, Tex. First National Bank, Hoboken, N. J. District No. 12.—San Francisco: Marine Bank, Norfolk, Va. Class A.—C. K. Mclntosh, San Francisco, Calif. Atlanta National Bank, Atlanta, Ga. Class B.—E. H. Cox, San Francisco, Calif. First National Sank, Clarksville, Tenn. Class C.—Edward Elliott, Berkelev, Calif. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL, RESERVE BULLETIN. 61 Directors of Branch Banks. LOS ANGELES BRANCH. (Federal Reserve Bank of San Francisco.) Directors of branches of Federal Reserve Manager.—Ira Clerk. Banks to serve for the year 1920 have been Directors.—Ira Clerk, A. J. Waters, I. B. Newton, named as follows: H. M. Robinson, J. F. Sartori. LOUISVILLE BRANCH. BALTIMORE BRANCH. (Federal Reserve Bank of St. Louis.) (Federal Reserve Bank of Richmond.) Manager.—W. P. Kincheloe. Manager.—M. M. Prentis. Directors.—Geo. W. Norton, WT. C. Montgomery, W. P. Directors.—M. M. Prentis, Charles 0. Homer, William Kincheloe, F. M. Sackett, E. L. Swearingen. Ingle, Waldo Newcomer, H. B. Wilcox. MEMPHIS BRANCH. BIRMINGHAM BRANCH. (Federal Reserve Bank of St. Louis.) (Federal Eeserve Bank of Atlanta.) Manager.—John J. Heflin. Manager.—A. E. Walker. Directors.—R. Brinkley Snowden, John D. McDowell, Directors.—W. H. Kettig, Oscar Wells, T. 0. Smith, John J. Heflin, T. K. Riddick, S. E. Ragland. W. W. Crawford, John H. Frye. NASHVILLE BRANCH. BUFFALO BRANCH. (Federal Reserve Bank of Atlanta.) (Federal Reserve Bank of New York.) Manager.—Bradley Curry. Manaoer.—Ray M. Gidney. Directors.—W. H. Hartford, P. M. Davis, J. E. Caldwell, Directors.—F. L. Bartlett, R. M. Gidney, Clifford E. A. Lindsey, T. A. Embry. Hubbell, E. C. McDougal, H. T. Ramsdell. NEW ORLEANS BRANCH. CINCINNATI BRANCH. (Federal Reserve Bank of Atlanta.) (Federal Reserve Bank of Cleveland.) Manager.—Marcus Walker. Manager.—L. W. Manning. Directors.—John E. Bouden, jr., P. H. Saunders, H. B. Directors.—Judson Harmon, Charles A. Hinsch, W. S. Lightcap, A. P. Bush, F. W. Foote, R. S. Hecht, Marcus Rowe, L. W. Manning. Walker. DENVER BRANCH. OMAHA BRANCH. (Federal Reserve Bank of Kansas City.) (Federal Reserve Bank of Kansas City.) Manager.—C. A. Burkhardt. Manager.—0. T. Eastman. Directors—C. Q. Parks, A. C. Foster, C. A. Burkhardt, Directors.—Luther Drake, Geo. E. Abbott, 0. T. East- John Evans, Alva Adams. man, P. L. Hall, R. 0. Marnell. DETROIT BRANCH. PITTSBURGH BRANCH. (Federal Reserve Bank of Chicago.) (Federal Reserve Bank of Cleveland.) Manager.—R. B. Locke. Manager.—Geo. De Camp. Directors.—John Ballantyne, Emory W. Clark, Julius H. Directors.—€has. W7. Brown, James D. Callery, Harrison Haas, Chas. H. Hodges, R. B. Locke. Nesbit, R. B. Mellon, George De Camp. EL PASO BRANCH. PORTLAND BRANCH. (Federal Reserve Bank of Dallas.) (Federal Reserve Bank of San Francisco.) Manager.—R. R. Gilbert. Manager.—C. L. Lamping. Directors.—U. S. Stewart, A. F. Kerr, R. R. Gilbert, Directors.—E. Cookingham, J. C. Ainsworth, C. L. Lam- W. W. Turney, A. P. Coles. ping, Nathan Strauss, Joseph N. Teal. HOUSTON BRANCH. SALT LAKE CITY BRANCH. (Federal Reserve Bank of Dallas.) (Federal Reserve Bank of San Francisco.) Manager.—Sam R. Lawder. Manager.—Chas. H. Stewart. Directors.—Frank Andrews, J. C. Chidsey, J. J. Davis, Directors.—L. H. Farnsworth, Chas. H. Stewart, Chapin Sam R. Lawder, G. M. Bryan. A. Day, G. G. Wright, Lafayette Hanchett. JACKSONVILLE BRANCH. SEATTLE BRANCH. (Federal Reserve Bank of Atlanta.) (Federal Reserve Bank of San Francisco.) Manager.—Geo. R. De Saussure. Manager.—C. J. Shepherd. Directors.—John C. Cooper, E. W. Lane, Bion H. Bar- Directors.—M. F. Backus, M. A. Arnold, C. J. Shepherd, nett, Giles L. Wilson, Fulton Saussy. C. H. Clarke, Chas. E. Peabody. LITTLE ROCK BRANCH. SPOKANE BRANCH. (Federal Reserve Bank of St. Louis.) (Federal Reserve Bank of San Francisco.) Manager.—A. F. Bailey. Manager.—Chas. A. McLean. Directors.—J. E. England, A. F. Bailey, Moorhead Directors.—D. W. Twohy, R. L. Rutter, Chas. A. Mc- Wright, G. W. Rogers, C. A. Pratt. Lean, Peter McGregor, G. I. Toevs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 FEDERAL RESERVE BULLETIN. JANUARY, 1920. State Banks and Trust Companies. Capital. Surplus. Total. The following list shows the State banks and trust companies which have been admitted District No. i#-Continued. to membership in the Federal Reserve system Bank of Sausalito, Sausalito, Calif $50,000 $7,000 $615,839 during the month of December. Butte County Bank, Arco, Idaho 25,000 28,750 The Myton State Bank, Myton, Utah. 25,000 10,000 275,665 One thousand one hundred and eighty-one Commercial Bank, Spanish Fork, Utah, 50,000 10,000 387,987 State institutions are now members of the B Th a e n k F a o r f m D e u r c s h B e a sn n e k , , D E u ll c e h n e s s b n u e r , g , U W ta a h s . h . . . 2 5 5 0 , , 0 0 0 0 0 0 5 2 0 , , 5 0 0 0 0 0 1, 2 6 2 8 5 4 , , 9 7 4 2 1 6 system, having a total capital of $421,653,766, State Bank of Enumclaw, Enumclaw, Wash 30,000 10,000 686,502 total surplus of $447,553,600, and total resources Citizens Bank of Renton, Renton, Wash. 25,000 5,000 684,907 of $9,608,710,574. The Washington Trust Co., Spokane, Wash 200,000 40,000 1,196,810 Capital. Surplus. Total. LIQUIDATIONS. First Guaranty State Bank & Trust Co., Ennis, Tex. (Consolidated District No. 2. with the Ennis National Bank, Ennis, Tex.) First State Bank, Dallas, Tex. (Consolidated with Security National Bank of Nutley, Nutley, N. J $100,000 $35,000 $1,538,980 Bank of Dallas, Tex.) Citizens Bank of Cape Vincent, Cape Rio Grande Valley Bank & Trust Co., El Paso, Tex. (Consolidated Vincent. N. Y 50,000 8,000 170,606 with the National Bank of El Paso, Tex.) State Bank of Endicott, Endicott, N. Y. 50,000 10,000 60,000 Farmers State Bank, Rice, Tex. (Consolidated with First State Bank Ridgefield Park Trust Co., Ridgefleld of Rice, Tex.) Park, N. J 100,000 25,000 1,579,494 CONVERSION. District No. 4. Denver Stock Yards Bank, Denver, Colo., into Stock Yards National Bank. Wheeling Bank & Trust Co., Wheeling, CHANGE OP NAME. W.Va! 160,000 520,000 5,487,985 Farmers Bank & Trust Co., George- The Citizens Bank & Trust Co., Tampa, Fla., has changed its name to town, Ky 105,000 60,000 1,006,468 'Citizens-American Bank & Trust Co." City Deposit Bank, Pittsburgh, Pa 200,000 800,000 11,130,344 Potter Title & Trust Co., Pittsburgh, Pa. 500,000 75,000 4,620,382 District No. 6. New National Bank Charters. Bank of Cave Springs, Cave Springs, Ga. 25,000 25,000 313,576 District No. ?. The Comptroller of the Currency reports Farmers State Bank, Bellevue, Mich... 25,000 5,000 154,196 the following increases and reductions in the The First State Bank, Carsonville, Mich. 25,000 5,000 481,228 number and capital of national banks during Lake Odessa State Savings Bank, Lake Odessa, Mich , 25,000 12,500 392,830 the period from November 29, 1919, to De- Lapham State Savings Bank, Northville,Mich 50,000 15,000 721,595 cember 26, 1919, inclusive: Farmers State Bank, Vicksburg, Mich.. 25,000 5,000 484,557 Banks. District No. 8. New charters issued to 30 The Bank of Versailles, Versailles, Mo.. 75,000 7,000 577,984 With capital of $1,955,000 Bank of Waynesville, Waynesville, Mo. 25,000 5,000 562,378 Increase of capital approved for 20 District No. 6. With new capital of 1, 715,000 Aggregate number of new charters and C So o u m th m e e r r n c i M al o B n a ta n n k a , M Ba e n no k, m E in n e n e i , s M , M ic o h n . t . . . 1 2 0 5 0 , , 0 0 0 0 0 0 2 2 0 0 , , 0 0 0 0 0 0 7 3 1 9 7 8 , , 4 8 9 5 4 4 banks increasing capital 50 American Bank & Trust Co., Missoula, With aggregate of new capital authorized 3, 670,000 Mont 100,000 11,500 1,887,218 Number of banks liquidating (other than Re M ed o n P t oint State Bank, Reed Point, 25,000 5,000 188,368 those consolidating with other national banks under the act of June 3, 1864) 7 District No. 10. Capital of same banks 275,000 Number of banks reducing capital 1 The State Savings & Mercantile Bank, Wichita. Kans 200,000 20,000 1,786,824 Redaction of capital 75,000 Kilgore State Bank, Kilgore, Nebr.... 25,000 5,100 299,747 Total number of banks going into liquida- Sto O c k k l g l rowers State Bank, Pawhuska, 60,000 6,000 301,305 tion or reducing capital (other than those First State Bank, Locust Grove, Okla.. 25,000 8,500 consolidating with other national banks under the act of June 3, 1864) 8 District No. 11. Aggregate capital reduction 350,000 Central Savings Bank & Trust Co., Consolidation of national banks under the Monroe, La 250,000 62,500 2,119,517 actof Nov. 7, 1918 1 Capital 50,000 District No. 12. The foregoing statement shows the aggre- Alameda Savings Bank, Alameda, Calif. 125,000 4,228,830 gate of increased capital for the period of Surprise Valley Bank, Cedarville, Calif. 25,000 25,000 346,183 the banks embraced in statement was 3,670,000 Standard Bank of Orange County, Fullerton, Calif 50,000 67,042 Against this there was a reduction of capital Guaranty Trust & Savings Bank, Los owing to liquidation (other than for con- Angeles, Calif 1,500,000 1,000,000 28,216,489 solidation with other national banks un- Los Angeles Trust & Savings Bank, Los Angeles, Calif 1,500,000 1,772255,, (XXf 36,001,546 der the act of June 3, 1864) and reduc- Securitjyy Trust & S~avings Bank, Los tions of capital of 350,000 Angeles, Calif. 1,800,000 1,100,000 62,634,439 California Bank of San Mateo County, San Bruno, Calif 25,000 27,500 Not increases 3, 320,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 63 Branch at Oklahoma City. is the same as the one which governs the operations of the branch banks at Cincinnati, The Federal Reserve Board on December 17 Pittsburg, Buffalo, and other cities. authorized and directed the Federal Reserve Bank of Kansas City to establish a branch office at Oklahoma City in order to expedite Foreign Branches. shipments of currency to and from member A list of branches of national banks and banks in the State of Oklahoma and to provide international and foreign banks, doing business better facilities for intrastate clearing of checks. under agreement with the Federal Reserve The Board has recommended to the Federal Board, which have opened for business during Reserve Bank of Kansas City that the by-laws December, is given below: assign as territory for the Oklahoma City branch that portion of the State of Oklahoma National City Bank of New York: which is not included in the eleventh Federal Brussels, Belgium. Mercantile Bank of the Americas, New York Oity: Reserve district. An outline of the powers and Affiliated Institution: Banco Mercantil Americane functions to be exercised by the branch as de Caracas, Venezuela— recommended by the Board is as follows: The Maracaibo, Venezuela. branch bank will receive deposits from member banks but will carry no deposit accounts. All amounts received on deposit will be transmitted Commercial Failures Reported* daily, by telegraph or otherwise, to the Federal Reserve Bank of Kansas City for credit to the While commercial failures in the United accounts of the depositing banks, and each States do not now disclose the marked member bank in the territory assigned to the numercial reduction from 1918 that featured branch, wherever located, may, at its option, the returns of earlier months this year, yet the make remittances of currency and cnecks 400 defaults reported to R. G. Dun & Co. direct to the Federal Reserve Bank of Kansas during three weeks of December compare City. The branch will carry no Government favorably with the 498 insolvencies of the deposits, but will redeem Treasury certificates, same period last year. The statement for pay Government checks, and will close out November, the latest month for which complete balances daily with the head office. The branch figures are available, shows 551 business rewill carry no earning assets; applications for verses, involving $9,177,321 of liabilities, the loans or discounts from member banks and number being the largest of any month back offers for sale of mail transfers, bankers7 accept- to last March, and the indebtedness heavier ances, and bills of exchange eligible for purchase than in October, September, August, and July by Federal Reserve Banks will be transmitted of the current year. Yet not in any previous to the Federal Reserve Bank of Kansas City for November since monthly statistics were first final action. Immediate credit, however, may compiled in 1894 have failures been so few in be given in cases where it becomes necessary number as in the present instance, the next for member banks to rediscount in order to best exhibit for the month being the 570 meet clearing-house debit balances, unexpected defaults of November, 1918, and last month's deficiencies in reserves, and any other case liabilities are the smallest for November in a where quick arrangements are necessary, all decade and a half. actual rediscounting operations, however, to be Failures during November. made at the head office, interest being charged from the date the notes were received by the Number. Liabilities. branch. In cases where notes are secured by Districts. United States obligations, the branch may, by 1919 1918 1919 1918 authority of the Federal Reserve Bank of Kansas City, hold the collateral and forward First 61 50 $535,609 $795,956 Second 99 101 1,548,918 1,674,791 the notes to the parent bank with trust receipts Third 29 36 589,611 987,779 showing the amount and nature of collateral Fourth 58 55 4,071,586 770,106 Fifth 26 25 132,640 364,083 held. Banks in the branch bank territory may Sixth 34 22 301,065 2,742,183 Seventh.... 74 101 434,048 4,837,148 deal directly with the parent bank. The prin- Eighth 28 40 235,393 494,104 cipal functions to be exercised by the branch Ninth 6 15 108,176 81,276 Tenth 22 17 204,082 198,531 will be the clearing and collection of checks and Eleventh... 28 32 253,516 293,019 Twelfth 86 76 762,677 576,190 the handling of shipments of currency to and from member banks in its territory. This plan Total. 551 570 9,177,321 13,815,166 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 FEDERAL RESERVE BULLETIN. JANUARY, 1920. Fiduciary Powers Granted to National Banks. DISTRICT No. 7. Trustee, executor, administrator, registrar of stocks and Applications for permission to act under bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: section 11-k of the Federal Reserve Act have First National Bank, Danville, 111. been approved by the Federal Reserve Board Merchants National Bank, Burlington, Iowa. in addition to those heretofore published, as First National Bank, Fairfield, Iowa. follows: Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, and receiver: DISTRICT NO. 1. Citizens National Bank, Brazil, Ind. Guardian of estates, assignee, receiver, and committee of Trustee, executor, administrator, registrar of stocks and estates of lunatics: bonds, guardian of estates, assignee, receiver, and com- Farmers National Bank, Sheridan, Ind. mittee of estates of lunatics: First National Bank, Winamac, Ind. Bath National Bank, Bath, Me. Trustee, executor, administrator, registrar of stocks and DISTRICT NO. 8. bonds, guardian of estates, and receiver: Trustee, executor, administrator, guardian of estates, National City Bank, Lynn, Mass. assignee, and receiver: Trustee, executor, administrator, and registrar of stocks Edwardsville National Bank, Edwardsville, 111. and bonds: Trustee, executor, administrator, registrar of stocks and Naugatuck National Bank, Naugatuck, Conn. bonds, guardian of estates, assignee, receiver, and com- Trustee, executor, administrator, and guardian of estates: mittee of estates of lunatics: National Bank of Commerce, New London, Conn. First National Bank, Newport, Ark. First National Bank, Nashville, 111. DISTRICT No. 2. New Albany National Bank, New Albany, Ind. Lawrenceburg, National Bank, Lawrenceburg, Ky. Trustee, executor, administrator, registrar of stocks and First National Bank, Ridgewav, Mo. bonds, guardian of estates, assignee, receiver, and com- Trustee, executor, administrator, registrar of stocks and mittee of estates of lunatics: bonds, guardian of estates, assignee, and committee of Cuba National Bank, Cuba, N. Y. estates of lunatics: Citizens National Bank, Hornell, N. Y. First National Bank, Farmersburg, Ind. First National Bank, Ithaca, N. Y. Registrar of stocks and bonds: Merchants National Bank, Middletown, N. Y. Louisville National Banking Co., Louisville, Ky. Chenango National Bank, Norwich, N. Y. Wilber National Bank, Oneonta, N. Y. DISTRICT NO. 9. Trustee, executor, administrator, registrar of stocks and DISTRICT NO. 3. bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: Trustee, executor, administrator, registrar of stocka and Midland National Bank, Minneapolis, Minn. bonds, guardian of estates, assignee, receiver, and com- First National Bank, Wells, Minn. mittee of estates of lunatics: First National Bank, Miles City, Mont. First National Bank, Emporium, Pa. First National Bank, Brookings, S. Dak. Moshannon National Bank, Philipsburg, Pa. Trustee, executor, administrator, registrar of stocks and Guardian of estates, assignee, receiver, and committee of bonds, guardian of estates, assignee, and receiver: eatates of lunatics: First National Bank, Lewistown, Mont. First National Bank, Trenton,N. J. Registrar of stocks and bonds: Northwestern National Bank, Minneapolis, Minn. DISTRICT No. 4. DISTRICT No. 10. Trustee, executor, administrator, registrar of stocks and Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and com- bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: mittee of estates of lunatics: Third National Bank, Pittsburgh, Pa. First National Bank, Walsenburg, Colo. Trustee, executor, administrator, registrar of stocks and Fidelity National Bank & Trust Co., Kansas City, Mo. bonds, guardian of estates, receiver, and committee of Midwest National Bank & Trust Co., Kansas City, Mo. estates of lunatics: Trustee and registrar of stocks and bonds: American National Bank, Newport, Ky. Exchange National Bank, Tulsa, Okla. Trustee, executor, administrator, guardian of estates, assignee, and receiver: DISTRICT No. 5. City National Bank, Lawton, Okla. Trustee, executor, administrator, registrar of stocks and DISTRICT NO. 11. bonds, guardian of estates, assignee, receiver, and com- Trustee, executor, administrator, registrar of stocks and mittee of estates of lunatics: bonds, guardian of estates, assignee, receiver, and com- Rockbridge National Bank, Lexington, Va. mittee of estates of lunatics: Guardian of estates, assignee, receiver, and committee of Lockwood National Bank, San Antonio, Tex. estates of lunatics: Merchants National Bank, Richmond, Va. DISTRICT NO. 12. Trustee, executor, administrator, registrar of stocks and DISTRICT No. 6. bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: Trustee, executor, administrator, registrar of stocks and National Bank & Trust Co., Pasadena, Calif. bonds, guardian of estates, assignee, receiver, and com- First National Bank, Payette, Idaho. mittee of estates of lunatics: | First National Bank, Weiser, Idaho. American National Bank, Nashville, Tenn. I First National Bank, Clarkston, Wash. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANCART, 1920. FEDERAL RESERVE BULLETIN. 65 RULINGS OF THE FEDERAL RESERVE BOARD. Below are published rulings made by the In the opinion of the Federal Reserve Board, Federal Keserve Board which are believed to therefore, a State bank which becomes a membe of interest to Federal Reserve Banks and ber of the Federal Reserve system voluntarily subjects itself to the restrictions and limitations member banks. of various Federal laws and to Federal super- Renewal of drafts drawn by the purchaser of goods and vision and may properly advertise that it is secured at the time of original acceptance by ware- subject to Government or Federal supervision, house receipts or bills of lading. but, in so far as the phrase u Government pro- As defined in an opinion published on page tection" implies more than supervision, the 380 of the May, 1917, BULLETIN, a draft drawn Board believes that that phrase is inapt and by the purchaser of goods is not eligible for not justified by the terms of the law. acceptance merely because it is secured at the time of acceptance by a bill of lading covering Acceptance of drafts secured by warehouse^receipts the goods bought. It must be established covering automobiles or automobile tires. that the proceeds of the draft are applied to The Federal Reserve Board has been asked the payment of those goods. No national whether a draft secured by a warehouse receipt bank may properly accept the renewal of a covering automobiles or automobile tires is draft drawn by the purchaser of goods and eligible for acceptance by a member bank secured at the time of original acceptance by under the terms of section 13 of the Federal a bill of lading or warehouse receipt unless the Reserve Act. That section provides in part renewal acceptance complies with the terms that any member bank may accept drafts of the law and the rulings and regulations drawn upon it which are secured at the time of the Board applicable to the original acceptance. of acceptance by warehouse receipts conveying or securing title covering readily marketable [See opinion of General Counsel on p. — of the Law Department.] staples. On page 652 of the July, 1919, FEDERAL RESERVE BULLETIN, the Federal Reserve Authority of State member bank to advertise that it is Board has defined a readily marketable staple under Government protection or supervision. as follows: The Federal Reserve Board has received numerous inquiries as to the right of a State A readily marketable staple may be defined as an article of commerce, agriculture, or indi stay of such us.es as to bank which is a member of the Federal Reserve make it the subject of constant dealings in ready markets system to advertise that it is under " Govern- with such frequent quotations of prices as to make (a) the ment protection" or under Government super- price easily and definitely ascertainable and (b) the staple vision. itself easy to realize upon by sale at any time. The terms of section 9 of the Federal Re- The Board has heretofore ruled that an autoserve Act expressly provide that "as a condi- mobile is not a readily marketable staple within tion of membership such banks shall likewise the meaning of this definition and that a draft be subject to examinations made by direction secured by a warehouse receipt covering an of the Federal Reserve Board or of the Federal automobile is on that account not eligible for Reserve Bank by examiners selected or ap- acceptance by a member bank. The Board is proved by the Federal Reserve Board;" that also of the opinion that automobile tires can such banks are " required to make reports of not properly be considered readily marketable condition and of the payment of dividends to staples and that a warehouse receipt covering the Federal Reserve Bank of which they be- automobile tires, like a warehouse receipt covercome a member" and that such banks shall ing an automobile, can not form the basis of an not only complv with the reserve and capital acceptance under the terms of section 13 of the requirements oi the Federal Reserve Act but Federal Reserve Act. shall also conform to those provisions of law This ruling, however, should not be conwhich are imposed on national banks relating strued to deny the right of a member bank to to making loans on or purchasing their own accept a draft to which is attached at the time stock, etc. State member banks and their of acceptance a bill of lading covering an autoofficers, agents, or employees are also subject mobile or automobile tires in the process of to the provisions of, and to the penalties pre- shipment, provided that the draft otherwise scribed by, section 5209 of the Revised Statutes complies with the terms of the law and the of the United States. regulations of the Federal Reserve Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 FEDEKAL. RESERVE BULLETIN. JANUARY, 192 LAW DEPARTMENT. The following opinion of General Counsel It appears from the facts presented that the has been authorized for publication by the drawer of the drafts is manufacturing tobacco for the purpose of export, but there is no indica- Board since the last edition of the BULLETIN: tion that that drawer has an existing contract providing for the export of the tobacco covered Renewal of drafts drawn by the purchaser of goods and secured at the time of original acceptance by ware- by the documents attached to the draft prehouse receipts or bills of lading. sented to the bank for acceptance. The mere As defined in an opinion published on page 380 of the fact that the drawer is manufacturing goods May, 1917, BULLETIN, a draft drawn by the purchaser of which he intends ultimately to export does not goods is not eligible for acceptance merely because it is alone bring it within the scope of a transaction secured at the time of acceptance by a bill of lading coverinvolving the exportation of goods. The Board ing the goods bought. It must be established that the proceeds of the draft are applied to the payment of those has frequently ruled that the person for whom goods. No national bank may properly accept the renewal the draft is accepted must have a definite of a draft drawn by the purchaser of goods and secured at bona fide contract for the shipment of the the time of original acceptance by a bill of lading or waregoods within a specified and reasonable time. house receipt unless the renewal acceptance complies with the terms of the law and the rulings and regulations It remains to be considered, therefore, solely of the Board applicable to the original acceptance. whether the drafts in question are eligible for An opinion has been asked on the question acceptance either because they grow out of whether a national bank may accept drafts transactions involving the domestic shipment drawn under the following circumstances: A of goods or because they are secured at the certain tobacco manufacturer is buying tobacco time of acceptance by a warehouse receipt or lor the purpose of manufacturing for export. other such document conveying or securing It is contended that the whole process from title covering readily marketable staples. time of purchase of the tobacco to the time of The facts presented indicate that either bills sale of tne finished product requires from 9 to of lading or warehouse receipts are in the 12 months and that in consequence a large hands of the bank at the time that the original volume of money is needed to carry the drawer draft is presented for acceptance. For the both on account of the volume of the business sake of convenience those drafts secured by and on account of the present high prices of bills of lading will be discussed separately from tobacco. Ninety-day drafts are drawn by the the ones secured by warehouse receipts. manufacturer upon nis bank with the under- Inasmuch as it appears that the purpose of standing that there shall be two renewals of the transaction is to finance the manufacturer 90 days each, making the whole credit cover a pending the manufacture and ultimate sale of period of 9 months. It is understood that bills tobacco as a finished product, there is great of lading or warehouse receipts for the tobacco doubt whether even the original draft drawn are placed with the accepting bank at the time by him, secured by a bill of lading covering the first acceptance is made, but that they are tobacco shipped to him would be eligible for surrendered by the bank to the manufacturer acceptance. Assuming that the bill of lading immediately thereafter upon the issue of trust covers goods shipped by a seller to the manureceipts. facturer the transaction falls within the scope Under the terms of section 13 of the Federal of an opinion published on page 380 of the Reserve Act any member bank may accept May, 1917, BULLETIN, wherein it was held drafts or bills of exchange drawn upon it that a draft drawn by the purchaser of goods having not more than six months sight to run is not eligible for acceptance merely because " which grow out of transactions involving the it is secured by a bill of lading covering the importation or exportation of goods; or which goods bought. ° The Board has heretofore held grow out of transactions involving the domestic that in any such case the draft would be eligible shipment of goods, provided shipping docu- for acceptance only if it could be established ments conveying or securing title are attached that the proceeds of the draft are to be applied at the time of acceptance; or which are secured by the clrawer—that is, the buyer—to the at the time of acceptance by a warehouse payment of the goods covered by the bill of receipt or other such document conveying or .ading. securing title covering readily marketable But even if any of the original drafts secured staples." by bills of lading come within these facts and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

67 JANUARY, 1920. FEDERAL RESERVE BTJULETIN. are eligible for acceptance under the ruling just panied by bills of lading at the time of acceptreferred to, nevertheless the Board does not ance, would be eligible ior acceptance. believe that the renewal drafts can be con- With reference to those drafts secured at the sidered eligible for two reasons: First, because time of acceptance by warehouse receipts, the the law requires that a bill of lading be attached same general principles are applicable. The at the time of acceptance—having been sur- Board has ruled on various occasions that no rendered after the acceptance of the original draft is eligible for acceptance merely and solely drafts the bill of lading would not be available because secured by a warehouse receipt at as the basis of a renewal draft; and, second, the time it is presented for acceptance. It because the spirit of the law does not contem- must be shown that the purpose of the draft plate that acceptances based upon the domestic is to carry the goods covered by the warehouse shipment of goods shall be used as a cloak receipt pending a reasonably immediate shipto finance the carrying of those goods through- ment, a reasonably immediate sale, or a out the process 01 manufacture into finished reasonably immediate distribution into the products. process of manufacture. In so far as the There is no objection to a national bank's original drafts which are secured by warehouse agreeing in advance to accept drafts aggregat- receipts comply with this principle they ing certain amounts for a period of more than should be considered eligible, but there would six months as defined on page 269 of the Sep- be no reason to consider the renewal of those tember, 1915, BULLETIN, but each individual drafts eligible for acceptance if only because draft drawn under a credit of that character of the fact that by hypothesis the warehouse must comply with the provisions of the law receipts are released immediately after the relating to the acceptance of the original draft. acceptance of the original drafts. They could If it could be shown that the second or so- not, therefore, be available as security for the called renewal drafts comply with those so-called renewal drafts. In fact the whole provisions they would be eligible, but not other- plan appears to be one which was devised for wise. Under the facts presented there is no the purpose of carrying the goods while in indication that the renewal drafts would com- the process of manufacture after they have ply with these restrictions and for the reasons been removed from warehouse, a purpose outlined above there is some doubt as to clearly not contemplated by the law as the whether the original drafts, even though accom- basis of a renewal draft. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 FEDERAL RESERVE BULLETIN. JANUARY, 1920. WHOLESALE PRICES. York quotation), cheese and eggs, wheat flour, corn meal (Chicago quotation), rice, potatoes, In continuation of figures shown in the De- onions, molasses, oleomargarine, coffee, fresn cember BULLETIN there are presented below beef (Chicago quotation), bacon and mess pork, monthly index numbers of wholesale prices for various textiles, such as cotton flannel, drillthe period January, 1919, to November, 1919, ings, print cloths, sheetings, shirtings, tickings, compared with like figures for November of cotton underwear and women's dress goods, previous years; also for July, 1914, the month several classes of shoes and tableware and glassimmediately preceding the outbreak of the ware. great war. The general index number is that The index number for the group of producers' of the United States Bureau of Labor Statistics. goods has increased 2.4 per cent, from 211 to In addition there are presented separate num- 216, which latter figure is a new high level. bers for certain particular classes of commodi- Decrease in price occurred only in the case of ties in accordance with plans announced in pre- several commodities, among which linseed oil vious issues of the BULLETIN. and copper wire may be mentioned, while in- Quotations for three commodities, namely crease in price occurred for an extended list of worsted yarns (2-32s, crossbred), sheetings commodities, in particular silver, steel billets (brown, 4-4 Pepperell), and women's dress and plates, bar iron and wire nails, brick, goods (cotton warp, cashmere) have been putty, turpentine and rosin, cotton and woromitted. On the other hand, quotations for sted yarns, cottonseed meal, bran, olive oil, and apples (Baldwin, fresh, Chicago), flour (buck- various chemicals. wheat, New York), and tickings (Amoskeag, The index number for the group of raw mate- 32-inch), which had been dropped temporarily, rials has likewise reached a new high level. have been secured for the months of October The figure for the month of November stands and November, and the commodities were at 226, an increase of 2.9 per cent over the Octoagain included in the calculation of the index ber figure of 220. Diversity, however, is exnumbers for the latter month. One substitu- hibited by the changes in the index numbers tion has been made, namely, of quartered-oak for the several subgroups included under the bedroom bureaus in place of plain oak. Index head of raw materials. There has been a connumbers for November are provisional, due to spicuous increase in the index number for the the fact that certain data were not received in farm-products subgroup, from 254 to the record time to render them available for use in the figure of 275, or 8.4 per cent. Timothy hay calculations. alone shows a decrease among the commodities A considerable increase in wholesale prices included in this subgroup, while increases in is noted for the month of November. The price are noted for wheat, corn, oats, and general index number of the Bureau of Labor barley, cotton, alfalfa, flax and tobacco. The Statistics stands at the record figure of 230, an index number for the forest-products subincrease of 7 points over the figure for the group likewise shows an increase, from 234 to month of October and of 4 points over the pre- 239, or 2.3 per cent, due to increase in the vious record of 226, the figure for the month of price of white and yellow pine. The index August. Increase is noted in the index num- number for the mineral-products sub-group ber for each of the three principal groups of shows a decrease of 0.5 per cent, from 184 to commodities and is relatively greatest for the 183. Increase in price occurred in the case group of consumers' goods, namely, 3.6 per of bituminous screenings, petroleum, pig iron cent, from 228 to 236. Among the commodi- and lead, while decreases were noted for various ties included in the group, decrease in price classes of bituminous coal and copper. The occurred in the case of various meats, in par- index number for the animal-products subticular lard, hams, lamb, and poultry, lemons, group remains unchanged at 212. Increases oranges and prunes, corn meal (PMladelphia in the prices of choice to prime steers, goatquotation), milk (Chicago quotation), and cot- skins, silk and wool were offset by decreases in tonseed oil. These decreases, however, by no the prices of good to choice steers, packer hides, means offset increases in the prices of various hogs, poultry, and lambs. foodstuffs, in particular butter, milk (New Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE 69 Index numbers of wholesale prices in the United States for 'principal classes of commodities. [Average price for 1913—100.J Raw materials. All commodities Year and month. Producers' Consumers' (Bureau of Farm Animal Forest Mineral Total raw goods. goods. Labor Staproducts. products. products. products. materials. tistics index number). July, 1914 102 106 97 91 99 93 103 100 November, 1914 98 103 96 89 97 92 103 98 November 1915 104 101 92 100 100 109 105 103 November, 1916 166 127 98 157 139 156 143 144 November, 1917 239 187 129 160 183 181 182 183 November, 1918 234 210 150 185 199 203 219 206 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 August . 251 235 193 180 218 212 241 226 September 240 215 227 184 216 212 226 221 October.... 254 212 234 184 220 211 228 223 November 275 212 239 183 226 216 236 230 In order to give a more concrete illustration figures for November 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 November, 1919, compared with like the United States Bureau of Labor Statistics. Average monthly wholesale prices of commodities. [Average price for 1913=100.] Corn, No. 3, Cotton, middling, n W ort h h e e a r t n , N sp o r . i 1 n , g, W re h d e a w t, in N t o e . r , 2, g C o a o t d t l t e o , s c t h e o e i r c s e , , H h id e e a s v , y p n a a ck ti e v r e s', Chicago. New Orleans. Minneapolis. Chicago. Chicago. steers, Chicago. Year and month. p A b r v u ic e s e h r a p e g l e . e r p R t r i e i v c l e a e - . p A p r v i o c e u e r n a p d g e . e r p R t r i e i v c l e a e - . p A b r v u ic e s e r h a p e g l e . e r p R t r i e i v c l e a e - . p A b r v u ic e s e r h a p e g l e . e r p R t r i e i v c l e a e - . p A p r o v ic 1 u e e 0 n r 0 a p d g e s e . r p R t r i e i v c l e a e - . p A p r v i o c e u e r n a p d g e . e r p R t r i e i v c l e a e - . July, 1914 SO. 7044 114 $0.1331 105 $0.8971 103 $0.8210 83 $9.2188 108 $0.1938 105 November, 1914 .6806 111 .0742 58 1.1594 133 1.1486 116 9.4063 111 .2175 118 November, 1915 .6495 106 .1155 91 1.0182 117 1.1250 114 8.8450 104 .2625 143 November, 1916 . . .9663 157 .1980 154 1.9300 221 1.8116 184 10.3500 122 .3150 171 November 1917 2.0238 329 .2804 221 2.1700 248 2.1700 220 14.3875 169 .3525 192 November, 1918 1.2675 206 .3007 237 2.2206 254 2.2375 227 18.1563 213 .2900 158 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 298 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 198 .4638 252 October 1919 1.3888 226 .3538 279 2.6250 301 2.2394 227 17.5938 207 .4820 262 November, 1919 . 1.4875 242 .3963 312 2.8250 323 2.2881 232 17.5000 206 .4688 255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

70 FEDERAL RESERVE BULLETIN. JANUARY, 1920. Average monthly wholesale prices of commodities—Continued. [Average price for 1913 =» 100.] Yellow pine, Coal, anthracite, Coal, bituminous, Hogs, light, Wool, Ohio, J-f Hemlock, flooring, stove, New York, run of mine, Chicago. grades, scoured. New York. New York. tidewater. Cincinnati. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive pounds. price. pound. price. M feet. price. Mfeet. price. long ton. price. short ton. price. July, 1914 $8.7563 104 $0.4444 94 $24.5000 101 $42.0000 94 $4.9726 $2.2000 100 November, 1914. 7.4813 83 .4722 100 24.2500 100 42.0000 94 5.1912 103 2.2000 100 November, 1915. 6.6450 79 .6143 130 21.2500 88 38.0000 85 5.1766 102 2.2000 100 November, 1916. 9.4063 111 .6857 146 23.7500 98 40.0000 90 5.6946 113 3.7500 170* November, 1917. 17.3500 205 1.3571 288 30.5000 126 57.0000 128 6.1469 121 3.7500 170 November, 1918. 17.7063 209 1.4365 305 63.0000 141 7.8071 154 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 July, 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 43.0000 177 95.0000 213 8.4020 166 4.5000 205 October, 1919... 14.7250 174 1.2634 268 44.0000 182 100.0000 224 8.4135 166 4.5000 205 November, 1919. 14.1438 167 1.2545 266 44.0000 182 100.0000 224 8.4273 167 4.1000 186 C t o a a s l , , N Po o e rf a o h l o k n . - Coke, v C ill o e n . nells- C e N o l p e e p c w t e r r o Y , l i o y n r t g i k c o . . t, d N L e e s e i w a lv d e Y , r p o iz i r g e k , d . . P P et e r n o a n l t e s w u y e m lv ll , a s c n . r i u a d , e, Pig iron, basic. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per i tive long ton. price. short ton. price. pound. price. pound. price. barrel. price. long ton.! price. July, 1914 $3.0000 100 $1.8750 77 $0.1340 85 $0.0390 $1.7500 71 $13.0000 88 November, 1914.. 3.0000 100 1.5500 64 .1125 72 .0350 80 1.4500 59 12.4800 85 November, 1915.. 2.8500 95 2.3750 97 .1788 114 .0490 111 1.8000 73 15.7500 107 November, 1916.. 6.0000 200 5.7500 236 .2863 182 .0700 159 2.6000 106 25.1000 171 November, 1917.. 4.4120 147 6.0000 246 .2350 149 .0613 139 3.5000 143 33.0000 224 November, 1918.. 4.6320 154 6.0000 246 .2600 165 .0805 183 4.0000 163 33.0000 224 January, 1919.... 4,6320 154 5.7813 237 .2038 130 .0558 127 4.0000 163 30.0000 204 February, 1919.. 4,6320 154 5.2188 214 .1731 110 .0508 115 4.0000 163 30.0000 204 March, 1919 4.9000 163 4.4688 183 .1509 96 .0524 119 4.0000 163 28.9375 197 April, 1919 4.9000 163 3.9000 160 .1530 97 .0507 115 4.0000 163 25.7500 175 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 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 October, 1919.... 5.1400 171 4.8250 198 .2172 138 .0643 146 4.2500 173 25.7500 175 November, 1919.. 4.6320 154 5.9375 243 .2038 130 .0676 154 4.4375 181 28.3125 193 I n C o o r t t t h o e 10 n r / n 1 y . a c r o n n s e , s, h L em ea l t o h c e k r , N so o l . e 1 , . S P B t i e t e e t s s l s b b e u i m l r l g e e r h t , s , , | S ta te n b e k u l , r p g P l h a it t . t e s s - , S h te e e a l b r r t u a h r i , g l s P h , . i o tt p s e - n W 2 o - r 3 s 2 b te ' r s d e c d y r . o a s r s n - s, 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 j 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 November, 1914. .1550 70 19.2500 75 .0110 74 30.0000 100 6300 81 November, 1915. .2050 93 .3200 113 26.5000 103 .0150 101 30.0000 100 8500 119 November, 1916. .3325 150 .4900 174 52.0000 202 .0375 253 35.0000 117 2000 154 November, 1917. .4700 212 .4800 170 47.5000 184 .0325 220 I 40.0000 133 9000 245 November, 1918. .5927 268 .4900 174 47.5000 184 .0325 220 !57.0000 190 1500 277 January, 1919... .5000 226 .4900 174 43.5000 169 .0300 203 ! 57.0000 190 7500 225 February, 1919.. .4164 188 .4900 174 43.5000 169 .0300 203 I 57.0000 190 7000 219 March, 1919 . 4132 187 .4900 174 42.2500 164 .0291 197 i54. 5000 182 5000 193 April, 1919 .4300 194 .4900 174 38.5000 149 . 0265 179 |47.0000 157 5000 193 May, 1919 .4826 218 . 4900 174 38.5000 149 .0265 179 :47.0000 157 5000 193 June, 1919 .5608 253 .5100 181 38.5000 149 I .0265 179 !47.0000 157 6000 206 July, 1919 .5912 267 .5300 188 38.5000 149 I .0265 179 I47.0000 157 6000 206 August, 1919.... .6130 277 .5700 202 38.5000 149 ! .0265 179 !47.0000 157 6242 209 September, 1919 .5903 267 .5700 202 38.5000 149 I . 0253 171 47. 0000 157 . 7500 225 October, 1919... .6111 276 .5700 202 38. 5000 149 i .0261 176 47. 0000 157 7500 225 November, 1919. 300 .5700 202 41.3750 160 I .0265 179 47.0000 157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 71 Average monthly wholesale prices of commodities—Continued. [Average price for 1913=100.] Flour, wheat, Beef, carcass, standard patents, Hams, smoked, Illuminating oil, Sugar, granuste g e o r o s d , C n h a i t c iv ag e o. Coffee, Rio No. 7. 1 s 9 t 1 a 4 n - d 1 a 9 r 1 d 7 ,1 w 9 a 1 r 9 , ; Chicago. 1 N 50 e ° w f i Y re o t r e k s . t, Ne l w a te Y d o , rk. 1918, Minneapolis. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. price. barrel. price. pound. price. gallon. price. pound. price. July, 1914 $0.1350 104 $0.0882 79 $4.5938 100 $0.1769 106 $0.1200 97 $0.0420 98 November, 1914 .1438 111 .0638 57 5.8813 128 .1663 100 .1200 97 .0493 115 November, 1915.. . . .1375 106 .0750 67 5.5000 120 .1625 98 .1200 97 .0568 133 November, 1916 .1375 106 .0950 85 9.8250 214 .2031 122 .1200 97 .0735 172 November 1917 . .1900 147 .0794 71 10.2250 223 .2900 174 .1300 105 .0818 192 November, 1918 .2450 189 .1069 96 10.2100 223 .3541 213 .1750 142 .0882 207 January 1919 .2450 189 .1547 139 10.2750 224 .3494 210 .1750 142 .0882 207 February, 1919 .2450 189 .1544 139 10.5500 230 . 3338 201 .1750 142 .0882 207 March, 1919 . . .2450 189 .1602 144 11.2125 245 .3381 203 .1810 147 .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 .3769 227 .1850 150 .0882 207 June, 1919 .2025 156 .2114 190 12.0125 262 .3Q06 229 .2000 162 .0882 207 July, 1919 .2075 160 .2303 207 12.1550 265 . 3835 230 .2050 166 .0882 207 August. 1919 .2350 181 .2150 193 12.0063 262 .3838 231 .2180 177 .0882 207 September, 1919 .2275 176 .1663 149 11.6200 254 .3480 209 .2200 178 .0882 207 October 1919 . .2290 177 . 1650 148 12.0313 262 .2900 174 .2200 178 .0882 207 November, 1919 .2350 181 .1697 152 12.9500 283 . 2859 172 .2200 178 .0882 207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. In the following tables are presented actual discount and interest rates A pronounced upward movement in interest rates is noted in the majority prevailing in the various cities in which the several Federal Reserve Banks of centers during the period under review, although in districts Nos. 6 and and their branches are located during the periods ending November 15 and 11 rates show little or no such change. The increase is most pronounced in December 15, 1919. Quotations are given for prime commercial paper, the case of commercial paper purchased in the open market, and is noted both customers' and purchased in the open market, interbank loans, bankers' to a lesser extent also in the case of bankers' acceptances. While remarked acceptances, and paper secured by prime stock exchange or other current in the changes in high, low, and customary rates for these classes of paper, collateral. Separate rates are quoted for paper of longer or shorter maturi- in the case of customers' commercial paper it is found largely only in the ties in the first-named and last-named classes. In addition, quotations are changes in customary rates, and in the case of interbank loans, collateral given for commodity paper secured by warehouse receipts and for cattle loans, commodity paper, and paper secured by Liberty bonds and certifiloans, as reported from centers in which such paper is current. cates of indebtedness largely in the change in the low rates. Comparison Quotations are also given of rates charged on ordinary loans to customers with rates prevailing for the period ending December 15, 1918, reveals a secured by Liberty bonds and certificates of indebtedness, as well as continuance of the decrease in rates remarked in the December BULLETIN quotations in New York for demand paper secured by prime bankers' for commercial paper purchased in the open market and for low rates for acceptances. Quotations for new types of paper will be added from time to customers' commercial paper, as well as increase in rates for bankers' accepttime as deemed of interest. ances and for paper secured by Liberty bonds and certificates of indebtedness. Discount and interest rates prevailing in various centers. DURING 30-DAY PERIOD ENDING NOV. 15, 1919. Secured by Bankers' acceptances, Collateral loans—stock exchange Secured by Liberty 60 to 90 days. or other current. Cattle warehouse bonds and District. City loans. receipts, certificates etc. of indebtedness. Demand. 3 months. H. L. C. L. a H. L. C. H. L. C. No.l. Boston 6 6 6 No. 2. New York i... 6 5 6 6 6 Buffalo 6 5 6 5 5J-6 No. 3. Philadelphia.. 6 5*6 5 6 No. 4. Cleveland 6 6 6 5i 6 6 6 6 Pittsburgh.... 6 5* 6 6 6 6 6 6 Cincinnati . 6 6 6 5§6 6 5£6 No. 5. Richmond 6 6 6 6 6 6 6 6 Baltimore.. 6 5 6 6 6 No. 6. Atlanta.... 8 5 6 5 6 7 5J 6 Birmingham.. 8 6 6 5 6 8 5 6 Jacksonville... 7 6 7 6 6 7 6 6 New Orleans.. 7 5 6^6* 6 7 8 Sh 6-7 No. 7. Chicago 6 5i 5 6-6i 6 5£ 6 Detroit 6 5 6 5 6 No. 8. St. Louis 6 5J 6 5* 6 4} 6 Louisville 6 5 6 5 6 6 5 6 4f 5* Memphis 6 5 6 5 6 6 5J 6 Little Rock... 7 6 7 6 6J No. 9.. Minneapolis... 7 6 6 6 6 No. 10. Kansas City... 8 5 6 5 6 8 6 6-7 Omaha 7 5i 6 5h 6 7 6 6 Denver 8 5 6 5 6 8 6 6 No. 11. Dallas 6 6 6 6 6 10 6 8 8 6 8 El Paso.... 8 6 8 6 8 8 8 8 Houston 8 6 7 6 7 *8**6*"7* No. 12. San Francisco. 5. 6 5 6 5 6 Portland 7 6 6 7 6 6 6 6 Seattle 8 5 6 8 5 6 5 6 Spokane 8 5J 7 8 6 7 6 7 Salt Lake City. 8 6 7 8 6 7 6 7 tCoD f Rates for demand paper secured by prime bankers' acceptances, high 6, low 4J. o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DURING 30-DAY PERIOD ENDING DEC. 15, 1919. 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. No. 1... Boston No. 2... New York*... Buffalo No. 3.... Philadelphia.. No. 4 Cleveland, i... Pittsburgh Cincinnati No. 5.... Richmond Baltimore No. 6.... Atlanta Birmingham.. Jacksonville... New Orleans.. Nashville No. 7.... Chicago Detroit No. 8 St. Louis Louisville Memphis Little Rock... No. 9.... Minneapolis... No. 10... Kansas City... Omaha Denver No. 11... Dallas El Paso Houston No. 12... San Francisco. Portland Seattle Spokane Salt Lake City. i Rates for demand paper secured by prime bankers' acceptances, high, 6, low 4|. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

74 FEDERAL RESERVE BULLETIN. JANUARY, 1920. PHYSICAL VOLUME OF TRADE. [ January, 1919, issue contains a description of the methods employed in the compilation of In continuation of tables in the December the data and the construction of the accom- FEDERAL RESERVE BULLETIN there are pre- I panying index numbers. Additional material sented in the following tables certain data \ will be presented from time to time as reliable relative to the physical volume of trade. The i figures are obtained. Live-stock movements. [Bureau of Markets.] Receipts. Shipments. C c m a a l a 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 Horses and i n C c m a a a l 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 r a s 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. November.. - 2,627,695 4,615,328 2,539,315 135,345 9,917,683 1,235,065 1,227,180 1,450,723 135,791 4,048,759 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 7,059,411 528,326 1,288,134 418,827 76,512 2,811,799 March 1,501,597 3,632,874 1,216,988 68,938 6,420,397 563,893 1,272,654 481,907 64,332 2,382,786 April 1,751,943 3,668,210 1,388,732 50,770 6,859,655 698,599 1,107,411 575,136 49,634 2,430,780 May 1,822,410 3,862,785 1,425,018 33,977 7,144,190 788,086 1,181,745 614,275 34,658 2,618,764 June 1,580,256 3,812,466 1,685,236 40,067 7,118,025 709,637 1,373,824 828,046 36,889 2,948,396 July 2,007,266 2,998,836 2,177,942 48,691 7,232,735 706,843 963,662 997,338 43,738 2,711,581 August 2,019,139 2,103,609 3,211,331 81,917 7,415,996 894,816 690,821 2,014,267 74,268 3,674,172 September... 2,377,054 2,401,677 3,810,441 140,848 8,730,020 1,150,183 860,614 2,466,937 135,724 4,613,458 October 2,989,090 3,144,831 3,605,198 124,497 9,863,616 1,532,297 1,103,837 2,159,531 125,701 4,921,366 November... 2,680,042 3,775,589 2,751,421 140,192 9,347,244 1,374,462 1,308,095 1,597,007 134,679 4,414,233 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.J Cattle and calves. Hogs. Sheep. Horses and mules. Total, all kinds. Head. | Relative. Head. Relative. Head. Relative. Head. Relative. Head. Relative. 1918. November 2,053,359 3,431,782 156 1,677,537 123 64,482 140 7,227,160 156 1919. January. ,656,046 164 4,603,335 209 1,079,377 79 56,631 123 7,395,419 160 February. ,096,118 116 3,451,894 168 774,881 61 48,786 114 5,371,679 125 March./. j 1,094,614 109 2,842,663 129 847,842 62 41,805 91 4,826,924 105 A' pri"l . 1- 2255,379 125 2,823,484 128 970,070 71 31,509 68 5,080,442 110 May.. ,262,065 125 3,049,223 139 934,613 68 21,345 46 5,267,246 114 June.. ,:122,782 111 3,061,838 139 1,116,003 82 28,418 62 5,329,041 115 A Ju u l g y u . st | 11, , ,5 5 54 2 1 7 , , 1 8 3 8 3 1 1 1 5 5 3 2 2 1 , , 4 5 1 9 1 5 , , 5 7 3 5 9 9 1 7 1 3 0 2 1 , , 2 5 2 5 0 8 , ,7 2 6 2 7 9 1 1 6 1 2 4 3 5 7 7 , , 8 2 6 0 6 6 1 8 2 2 4 5 5 , , 5 4 3 1 6 4 , , 0 3 5 2 3 7 1 1 2 1 0 7 S~ ept•e m'b er. ! :1,,8871,042 186 1,704,944 78 2,890,831 212 88,283 192 6,555,100 142 October I 2t,,3317,487 230 2,160,079 98 2,405,511 176 79,240 172 6,962,317 151 November i 2[,,0046,664 2,715,955 124 1,743,189 128 84,018 183 6,689,826 143 SHIPMENTS. 1918. I November 1 921,831 227 669,432 136 903,283 179 63,589 155 2,648,135 177 1919. I 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 1,674,447 118 March 423,819 104 925,802 191 289,742 58 41,837 102 1,681,200 117 April 506,835 125 748,437 164 319,625 63 29,974 73 1,604,871 112 May ! 530,153 130 787,009 162 290,803 58 18,866 46 1,626,830 113 June [ 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 I 872,043 214 501,856 104 1,849,958 367 83,264 203 3,307,121 230 October i 1,154,995 284 654,755 135 1,382,419 275 80,828 197 3,272,997 228 November | 993,148 244 788,107 163 945,992 188 78,889 192 2,806,136 195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. Exports of certain meat products. [Department of Commerce.] [Monthly average, 1911-1913= 100.] Beef, canned. Beef, fresh. an B d e o ef th , e p r i c c k u l r e e d d. Bacon. Ha d m e s r s a , n c d u r s e h d o . ul- Lard. Pickled pork. Pounds. R ti e v l e a . - Pounds. R ti e v l e a . - Pounds. t R iv el e a . - Pounds. R ti e v l e a . - Pounds. R ti e v l e a . - Pounds. R ti e v l e a . - Pounds. t R iv el e a . - 1918. November.. 13,313,420 2,009 62,835,161 5,065 4,291,030 161 72,861,969 435 20,127,671 135 27,285,088 62 2; 783,873 63 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 May 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 8,075,366 651 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 October 1,793,784 271 31,178,216 2,513 3,402,422 127 56,462,312 337 13,090,972 88 41,016,518 93 3,804,290 86 November.. 1,393,238 210 15,694,002 1,265 2,997,652 112 65,288,694 390 16,844,285 113 42,106,339 96 4,934,696 101 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.] Wrheat. Corn. Oats. Rye. Barley. Total gram. Flour. Total f lo g u ra r. i i n and Bushels. R ti e v l e a . - Bushels. | ! R ti e v l e a . - Bushels. Rela-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. R ti e v l e a . - 1918. November 40,199,988 14915,869,505 7128,768,648 142 6,340,380 573 9,193,786 128100,372,307 129 2,485,352 127111,556,391 129 1919. i January.. 24,652,641 9128,731,387 12822,945,659 114 51,,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 5,961,423 85 21;,406,029 233 6,556,594 52,007,953 721!.,032,368 56 56,653,609 70 March 13,768,496 6113,431,797 7,076,822 85 41,,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 4310,301,200 .9,206,465 95 41,,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 54,576,968 122 25,,791,618 25212,878,517 18Q 69,470,283 891::, 894,599 97 77,995,979 90 July.. 49,612,115 18412,549,219 55,233,109 125 3i,, 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 !9,774,582 1473};, 824,263 345 6,638,871 93129,455,557 166 2'-;,283,145 117131,738,702 152 Sept'ber 69,953,295 26016,267,145 !6,721,030 132 55!,446,371 492 5,294,256 74 123,682,097 159 31:,275,034 167138,419,750 160 October.. 51,006,164 18912,490,107 !4,323,974 120 41:,472,397 404 4,369,326 96,661,968 124 31,468,787 177112,271,510 129 Nov'ber.. "", 729,832 13314,606,137 812*', 579,579 233 3,582,873 74,198,346 953;1,541,957 181 90,137,153 104 1 Flour reduced to its equivalent in wheat on basis of 4-| bushels to barrel. Shipments of grain and flour at 14 interior centers. Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.] Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Total f lo g u r r a . i i n 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. »2f Barrels. R ti e v l e a . - Bushels. K ti e v t e a . - 1918. November 42,083,808 27310,583,718 75 26,564,983 175 4,770,708 674 4,165,066 107 88,168,283 1784,597,360 136108,856,403 168 1919. January. 9,934,531 6413;1,488,569 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 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 7,544,393 5316,183,222 107 31,720,930 526 6,049,703 155 48,356,120 983,039,020 90 62,031,710 96 April. 30,764,328 19915,708,842 11116,019,086 1058,143,580 1,150 6,632,763 170 77,268,599 1563,532,772 10493,166,073 144 May.. 31,901,327 207 7,784,931 5517,069,617 1127,525,794 1,063 6,677,508 171 70,959,177 144 4,320,146 12890,399,834 140 June.. 8,151,872 53 8,629,052 6115,638,317 103 22,;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 9,133,000 234 46,833,304 95 2,589,176 76 58,484,596 90 August 36,986,491 240 5,135,459 3"631177:,919,623 1181,436,377 203 5,028,674 129 66,506,624 135 3,805,273 11283,630,353 129 Sept'ber. 37,730,048 245 6,622,779 T16,651,580 110 2,317,740 327 2,943,167 75 66,265,314 134 4,787,300 141 87,808,164 136 October. 25,813,130 167 7,116,502 50)1 166;,705,015 1101,426,528 202 3,087,951 79 54,149,126 110 5,975,261 176 81,037,801 125 Nov'ber. 20,877,718 135 6,609,629 4715,582,081 103 3,110,541 439 2,827,956 73 49,007,925 995,604,616 165 74,328,697 115 1 Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

76 FEDERAL. RESERVE BULLETIN. JANUARY, 1920. Receipts of grain and flour at nine seaboard centers. [Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco. Portland (Oreg.), Seattle, Tacoma; receipts of flour not available for Seattle and Tacoma.] [Compiled from reports of trade organizations at these cities.] [Monthly average, 1911-1913=100.] Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Total f lo g u ra r. i i n 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. 5 ti 1 v a e " . 1918. I November 9,854,356 78 786,141 225,253,154 1111,332,239 938 653,880 39 17,879,770 791,656,205 159 25,332,693 92 1919. January.. 9,768,801 78 1,411,; 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 21,,299,664 1,734 995,454 64 16, 781,302,061 134 22,457,261 88 March 13,789,851 109 636,127 3,254,914 693;,880,424 2,731 2,285,954 138 23,847,270 1051,644,676 157 31,248,312 114 April. 12,581,074 100 1,089,425 4,604,521 97 51,,069,5293,568 1,853,372 112 25,197,921 1112,549,370 244 36,670,086 134 May.. 14,157,852 112 1,588,571 5,642,176 119 7',,061,048 4,970 3,561,412 215 32011,059 1412,535,547 243 43,421,021 158 June.. 10,260,075 81 1,051,177 3010:0,,249,644 216 3!, 670,055 2,583 6,564,620 396 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 1,042 9,723,852 586 24871,058 1101,514,135 145 31,684,666 116 August. 26,902,757 214 815,132 23 5,676,984 119 64,510 45 4,993,395 301 38452,778 1691,385,762 133 44,688,707 163 Sept'ber 28,010,858 222 512,072 14 5,345,464 113 535,701 377 2,171,521 131 36,575,616 1612,306,213 221 46,953,575 171 October.. 14,755,827 117 507,065 14 4,335,038 911,718,701 1,210 796,839 48 22113,470 972,521,329 241 33,459,451 122 Nov'ber.. 9,152,534 73 438,147 12 3,998,525 841,391,024 98 851,651 51 15,831,881 701,552,796 149 22,819,463 83 i Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel. Stocks of grain at eight seaboard centers at close of month. [Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco.] [Compiled from reports of trade organizations at these cities.] [Bushels.] Wheat. Corn. Oats. Rye. Barley. Total grain. 1918. November 13,904,426 252,225 3,548,473 2,385,828 2,845,916 22,936,868 1919. January 15,365,491 645,317 5,495,937 1,972,696 3,047, 26,526,787 February 12,635,613 417,520 6,110,159 1,735,876 3,930, 24,829,633 March. . . ... 12,732,472 346,543 5,650,120 1,920,348 4,403, 25,053,148 April 7,448,992 464,503 5,335,971 3,434,873 5,420, 22,104,352 May 7,913,162 448,020 4,047,059 1,690,860 4,263, 18,362,611 June 4,180,160 214,079 5,475,856 514,252 6,783, 17,168,145 July 5,557,644 265,196 3,760,063 867,491 15,978,570 17,396,269 155,491 2,216,989 578,250 5,414, 25,761,182 21,171,440 172,254 1,901,510 516,142 4,061, 27,823,176 October. 25,322,242 82,240 1,898,271 483,270 3,079, 30,865,383 November 18,728,730 155,490 2,504,833 1,264,494 2,351, 25,004,559 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 m . ove- Amer t ic a a k n in 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 s a n a d t close of month. Bales. R ti e v l e a . - R ti e v l e a . - Bales. R ti e v l e a . - Bales. R ti e v l e a . - R t e i l v a e - . 1918-19. August 401,860 32 226,242 50,482 48 372,394 1,306,868 Ill September 988,156 79 536,190 42,028 40 352,025 77 1,644,690 140 October 1,632,921 130 779,371 158,768 151 697,623 154 2,189,007 186 November 1,710,666 136 641,283 217,450 207 1,007,892 222 2,745,815 233 December 1,709,734 136 690,782 157,038 149 929,491 205 2,697,141 229 January 1,392,468 111 705,493 157,270 149 705,353 155 2,637,908 224 February 768,444 61 477,696 106,368 101 383,157 84 2,689,379 228 March 601,858 48 460,066 75,489 72 202,556 45 2,604,549 221 April 494,106 39 462,363 79,700 76 149,566 33 2,484,852 211 May 536,139 43 502,082 99,041 94 193,016 42 2,417,631 205 Season, total 11,724,104 78 6,735,898 61 1,528,262 5,850,715 107 1,928,959 164 1919-20. • == -•• August 313,301 25 238,271 26 49,630 302,238 67 1,412,048 120 September 584,776 47 260,698 28 26,138 300,001 66 1,501,805 127 October 1,779,927 142 1,029,331 112 110,202 621,784 137 2,340,881 199 November 2,329,079 186 1,178,443 128 205,139 1,115,226 245 2,616,383 222 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL, RESERVE BULLETIN. 77 California shipments of citrus and deciduous fruits. Total Oranges. Lemons. Total citrus fruits. deciduous fruits. Carloads. Relative. Carloads. Relative. Carloads.- Relative. Carloads. 1918. November 1,125 46 676 167 1,801 63 1,044 m i9i9. 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 October 2,706 111 572 141 3,278 115 5,529 November 3,257 133 442 109 3,699 130 2,141 Sugar. [Data of International Sugar Committee for ports of Boston, New York, Philadelphia, Savannah, New Orleans, Galveston, San Francisco.] [Tons of 2,240 pounds.] Raw stocks Raw stocks Receipts. Meltings. at close of Receipts. Meltings. at close of month. month. 1918. 1919. November 138,141 172,528 50,989 May 471,205 446,685 201,301 June 429,617 493,293 151,692 P 1919. July 394,557 435,247 115,341 January 243,806 197,145 66,189 August 333,686 356,048 85,650 February 389,815 337,420 122,757 September 352,345 295,278 55,644 March 355,710 361,010 106,889 October 279,962 202,525 39,193 April 450,938 387,548 185,315 November 183,084 203,267 48,376 [Data for ports of New York, Boston, Philadelphia.] [Weekly Statistical Sugar Trade Journal.] [Tons of 2,240 pounds. Monthly average 1911-1913=100.] Receipts. Meltings. c R lo a s w e o s f t o m ck o s n a th t . Receipts. Meltings. c R lo a s w e o s f 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. November 139,343 76 139,000 76 43,112 25 Mav 325,736 177 307,000 167 126,318 73 June 271,875 148 313,000 171 85,193 49 H 1919. July 264,782 144 292,000 159 57,975 34 January 172,054 93 147,000 80 36,544 21 August 246,419 134 229,000 125 75,394 44 February 283,172 165 229,000 134 90,716 53 September 262,137 142 292,000 159 45,531 26 March 232,471 126 261,000 142 62,187 36 October 233,650 127 216,000 118 63,181 37 April 318,492 173 277,000 151 107,582 62 November 154,674 84 177,000 96 40,855 24 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

78 FEDERAL RESERVE BULLETIN. JANUARY, 1920. Naval stores. (Data for Savannah, Jacksonville, and Pensacola.) [In barrels.] [Compiled from reports of trade organizations at these cities.] Spirits of tur- Rosin. Spirits of tur- Rosin. pentine. pentine. 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. November 13,003 124,471 55,508 255,037 May 26,358 47,115 50,435 229,404 June 31,904 33,733 63,456 221,612 1919. July 27,747 30,656 77,062 235,707 January 7,645 125,541 34,835 285,808 21.013 24,756 74,402 203,812 February 5,583 121,676 22,154 259,974 September 21,574 27,021 72,616 190,580 March 4,226 97,450 14,338 243,813 October 19,367 27,389 186,231 April 8,379 75,546 19,493 225,657 November 18,757 28,741 77,125 204,281 Lumber. [From reports of manufacturers' associations.] [M feet.] Southern pine. Western pine. Douglas fir. Eastern white pine. North Carolina pine. b N m e 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 - . b N m e u i r l m l o s - f . Pr t o io d n u . c- m S e h n ip ts - . b N m e u i r l m l o s - f . Pr t o io d n u . c- m S e h n ip ts - . b N m e 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. November 194 312,126 353,810 38,46 90,078 74,103 121 261,189 240,986 16 23,529 23,828 42 32,596 36,012 1919. January 200 330,137 325,241 21,49 40,354 68,910 122 225,688 227,129 7,565 15,172 28,629 23,896 February ... 195 309,494 24,48 46,037 71,103 122 228,031 238,035 6,802 17,081 25,806 18,034 March 198 378,752 361,125 27,48 71,426 81,328 120 254,650 255,544 7,118 17,525 32,110 22,672 April 203 397,005 397,677 43,49 124,341 97,679 114 264,623 11,431 14,020 21,877 May 205 414,899 460,238 45,48 140,037 127,730 111 345,984 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 34,191 204 417,036 423,002 48 152,748 140,236 118 416,422 397,290 20,247 26,839 27,177 30,159 202 416,640 372,727 51 154,102 138,537 126 332,905 261,797 16,913 22,574 33,146 35,468 201 421,025 356,124 52 156,828 143,252 124 419,108 339,321 12,888 18,139 24,055 22,079 November.." — 202 391,347 344,717 51 110,525 117,472 126 324,511 241,301 2,786 21,596 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 . - Mfeet. R ti e v l e a . - Mfeet. R ti e v l e a . - 1918. 1919. November 142,230 67 72,723 May 162,365 66,001 June 184,862 80,762 105 1919. July 200,148 90,134 118 January 134,604 47,922 August 170,385 87,953 115 February 97,511 45,585 September 205,909 93,120 121 March 124,040 46,902 October 208,638 95,674 125 April 144,253 59,055 November 176,972 70,175 92 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

79 JANUARY, 1920. FEDERAL. BESERVE BULLETIN. Coal and coke. [Bituminous coal and coke, U. S. Geological Survey; Anthracite coal, Anthracite Bureau of Information.] [Monthly average, 1911-1913=100.] Coke, estimated monthly production. Bi t p t i u r m o m d a i u n t c e o t d u io s n m . co o a n l, t h e ly s- 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 sh d i s p . - Beehive. By-product. Total. Short tons. Relative. Long tons. Relative. Short tons. Relative. Short tons. Relative. Short tons. Relative. 1918. November. 43,895,000 118 5,276,659 94 2,339,197 89 2,523,746 287 4,862,943 139 1919. January 41,485,000 112 5,934,241 105 2,401,567 92 February. 31,566,000 91 3,871,932 74 1,822,894 75 | 6,779,482 257 12,772,392 122 March 33,719,000 91 3,938,908 70 1,768,449 68 April 32,164,000 87 5,224,715 93 1,316,960 50 Mav 37,547,000 101 5,711,915 101 1,135,840 43 June.... 37,055,000 100 5,619,591 100 1,170,752 45 July 42,754,000 115 6,052,334 108 1,512,178 58 August 42,880,000 116 6,144,144 109 1,733,971 66 September 47,403,000 128 5,687,401 101 1,790,466 68 October 54,579,000 147 6,560,150 117 1,551,980 59 November 20,303,000 55 5,971,671 106 1,680,775 64 Movement of crude petroleum in United States. [U. S. Geological Survey.) [Barrels of 42 gallons each.] Marketed. Stocks at end Marketed. Stocks at end of month of month Barrels. Relative (barrels). Barrels. Relative. (barrels). 1918. 1919. November. 29,914,000 156 131,295,000 May 29,985,000 156 130,321,000 June 31,644,000 165 133,995,000 1919. July 33,894,000 177 140,093,000 January 30,196,000 158 127,777,000 August 33,862,000 177 136,467,000 February 26,910,000 150 126,982,000 September 33,667,000 176 137,131,000 March 30,234,000 158 129,213,000 October 33,319,000 174 135,461,000 April 29,386,000 153 130,729,000 November 32,114,000 168 131,601,000 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. October 29,237,767 314,251,318 164,928,640 661,780,441 72,244,633 1919. January 26,967,332 303, UO, 556 158,501,260 589,630,056 68,304, 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 September 32,601,044 339,582,564 199,244,293 683,409,674 70.236,692 October 33,682,968 363,456,747 227,104,346 680,158,446 78,658,410 STOCKS AT CLOSE OF MONTH. 1918. Oct. 31 15,438,576 250,328,329 419,409,944 596,116,351 135,196,542 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 15,131,549 434,531,446 296,065,646 830,329,785 170,572,81ft Sept. 30 13,925,441 371,125,419 311,843,057 862,135,385 158,967,070 Oct. 31 14,091,945 354,160,071 329,160,795 828,574,452 152,536,736 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 FEDEBAL KESERVE BULLETIN. JANUARY, 1920. Iron and steel. [Great Lakes iron ore movements, Marine Review; pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute.] [Monthly average, 1911-1913-100; iron ore, monthly average, May-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 t r s Pig iron production. Steel ing ti o o t n p . roduc- Un a S f t t i e l c l e l e o l d s e o C o rd o f e r m p rs o o r U n at t . i h o . S n . Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. 1918. November.. 72 3,354,074 145 3,060,760 128 8,124,663 154 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 August 4,423,133 73 2,743,388 118 2,746,081 114 6,109,103 116 September.. 8,178,483 135 2,487,965 107 6,284,638 119 October 6,201,883 102 1,863,558 80 6,472,668 123 November.. 3,152,319 52 2,392,350 103 7,128,330 135 Imports of pig tin. [Department of Commerce.] [Monthly average, 1911-1913-100.] Pounds. Relative. Pound?.. Relative. 1918. 1919. 10,734,179 118 May 449,270 5 June 112,000 1 1919. July 113,120 1 Januarv 8,461,444 93 August 9,872,459 109 February 6 271 977 74 September 11 087 403 122 March 8 284 970 91 October 16,210,512 178 April 504,903 6 November. 15,233,671 168 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 2,273,368 386,244 15,121,868 1,246,075 2,044,524 8 039,531 June 30 4,696,332 2,285,015 558,033 16,991,195 2,521,016 1,697,754 8,118,702 July 31 4,966,081 2,389,368 554,516 15,589,944 1,964,828 2,767,694 6,815,160 Aug. 31 5,498,844 2,145,320 585,269 18,263,446 880,276 2,348,769 7,126,885 Sept. 30 6,15S,289 2,055,084 947,546 13,930,167 823,740 2,655,774 8,661,215 Oct. 31 6,436,765 2,007,208 1,097,039 15,302,942 2,239,604 2,574,499 10,122,930 Nov.30 6,719,202 1,806,367 1,086,211 14,248,129 331,389 2,677,336 9,336,964 NOTE.—Figures for Nov. 30 are provisional. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

81 JANUARY, 1920. FEDERAL RESERVE BULLETIN. 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 consump- Imports of raw silk. tion. Cotton spindles Wool con- Looms. Spinning spindles. active sumption during (pounds). month. Wider Under Sets of Combs. Bales. Relative. i t n h c a h n r 5 e 0 ed - 50 re -i e n d ch cards. Woolen. Worsted. Pounds. Relative. space. space. 1918. November 455,611 101 33,115,369 38,282,723 21.1 26.8 11.1 23.8 11.9 30.1 2,336,345 114 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 March 433,720 96 32,642,376 29,320,063 58.1 42.4 39.1 47.8 41.8 52.7 1,784,412 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 May 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 555,344 123 34,307,367 60,018,415 16.0 20.7 8.2 5.9 7.7 7.2 3,955,845 193 November 490,698 109 34,483,775 52,428,854 14.8 18.2 7.6 5.3 6.7 6.7 4,841,407 23? December 13.9 19.1 10.5 5.3 8.4 6.2 Production of wood pulp and paper. [Federal Trade Commission.] [Net tons.J 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. November. 270,849 101,403 65,374 148,671 59,572 30,322 May 294,067 105,819 76,821 151,651 56,579 25,010 June 277,142 114,896 71,938 152,957 60,656 27,122 1919. July 260,685 113,929 75,613 169,593 63,769 30,036 January... 283,270 116,154 70,443 140,859 50,490 27,675 August 260,987 113,413 82,737 189,782 64,861 33,122 February.. 238,228 103,248 62,616 125,208 45,480 24,600 September 266,915 111,434 81,024 184,897 63,353 31,923 March 278,675 114,746 63,699 136,175 18,069 23,514 October-.. 308,710 125,216 89,440 202,524 67,110 34,808 April , 284,984 116,278 67,628 138,802 48,158 22,470 November 147,672 116,603 84,085 182,940 63,394 32,468 Sale of revenue stamps for manufacturers of tobacco in the United States (excluding Porto Rico and Philippine Islands). [Commissioner of Internal Revenue.] Cigars. Cigarettes. Chewing Cigars. Cigarettes. Chewing and ! smoking smoking Large. Small. Small. tobacco. Large. Small. Small. tobacco. 1918. Number. Number. Number. Pounds. 1919. Number. Number. Number. Pounds. August 624,491,239 60,880,910 3,442,446,234 40,764,853 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 January 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

82 FEDERAL RESERVE BULLETIN. JANUARY, 1920. Output of locomotives and cars. [Locomotives, United States Railroad Administration; cars, Railway,Car Manufacturers' Association.) Locomotives. Output of cars. Locomotives. Output of cars. Foreign Foreign D sh o i m pp es e t d ic . p c le o t m ed - . Domestic. Foreign. Total. D sh o i m pp es e t d ic . p c le o t m ed - . Domestic. Foreign. Total. 1918. Number. Number. Number. Number. Number. 1919. Number. Number. Number. Number. Number. November.. 224 252 6,743 2,330 9,093 May 207 31 4,573 8,533 13,106 June 160 44 1,785 5,307 7,092 1919. July 121 73 2,777 6,936 9,713 January 84 8,172 11,807 August 160 173 18,509 5,015 23,524 February... 135 164 6,623 4,657 11,280 September. 111 51 19,980 4,302 24,282 March 258 128 5,978 5,795 11,773 October.... 10,445 3,715 14,160 April 197 7,777 7,373 15,150 November. 8,967 2,622 11,589 Vessels built in United States, including those for foreign nations, and officially numbered by the Bureau of Navigation. [Monthly average, 1911-1913=100.] Number. ^to G n r n o a s g s e. Relative. Number. to G nn ro a s g s e. Relative. 1918. 1919. November 171 357,660 1,480 May 250 395,408 1,636 June 272 422,889 1,750 1919. July 245 397,628 1,645 January 132 264,346 1,094 August 238 455,338 1,884 February 135 271.430 1,203 September 202 378,858 1,568 March 186 298,005 1,233 October 210 357,519 1,479 April 201 375,605 1,554 November 143 347,051 1,436 Tonnage of vessels cleared in the foreign trade. [Department of Commerce.] [Monthly average, 1911-1913 = 100.] Net tonnage. Per Net tonnage. Per cent- cent- American. Foreign. Total. R ti e v l e a . - A ca m a n o g e f e t r o i- R ti e v la e - . American. Foreign. Total. R ti e v la e. - A ca m a n o g e f e t r o i- R ti e v la e - . total. total. 1918. 1919. November.,. 1,770,935 1,991,725 3,762,660 97 47.1 186 May 2,424,837 2,469,194 4,894,031 126 49.5 196 June 2,339,320 2,511,501 4,850,821 125 48.2 191 1919. July 2,362,571 2,920,247 5,282,818 136 44.7 177 January 1,166,391 1,896,123 3,062,514 38.1 151 August 2,957,249 2,797,818 5,755,067 148 51.4 203 February 1,262,487 1,671,070 2,933,557 43.0 170 September 2,627,480 2,481,676 5,109,156 131 51.4 203 March 1,161,416 1,737,171 2,898,587 40.1 158 October 2,645,778 2,073,560 4,719,338 121 56.1 222 April 1,744,753 2,058,220 3,802,973 45.9 181 November 2,251,871 1,910,489 4,162,360 107 54.1 214 Net ton-miles, revenue and nonrevenue. [United States Railroad Administration.] 11991188.. 1919 November 35,564,236,0D0 May 32,440,708,080 June 31,953,366,000 1919. July 34,914,294,000 January 30,383,169,000 August 36,361,653,000 February 25,681,943,000 September 38,860,311,000 March 28,952,925,000 October 40,343,750,000 April 28,629,739,000 November 32,539,248,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 83 Commerce of canals at Sault Ste. Marie. [Monthly average, May-November, 1911-1913-100.1 EASTBOUND. Grain, other than Wheat. Flour. Iron ore. Total. wheat. 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. November 7,189,456 81 52,702,409 274 1,054,630 91 4,417,282 74 6,355,760 91 1919. April 4,176,041 16,729,000 1,139,326 1,756,266 May 9,370,374 iO5" 29,096,116 i5i" 9i6*524" 78* 6,622,227 ii2* 7,895,542 113 June... 6,694,901 75 6,402,051 33 1,031,630 89 8,004,897 135 8.554,979 122 July 7,100,008 80 2,391,840 12 915,420 79 8,912,609 150 9,343,396 133 August 5,284,741 59 1,487,218 8 935,700 81 4,727,994 80 5,080,651 72 September 2,918,591 33 10,180,991 53 917,420 79 7,978,562 134 8,525,794 122 October 4,351,059 49 22,252,196 116 1,544,510 133 6 059,450 102 7,063,120 101 November 8,654,903 97 17,388,391 90 1,402,260 121 3,299,532 56 4,201,881 60 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 t e iv la e - . 1918. November 487,569 157 1,517,020 79 2,157,751 87 8,513,511 90 1919. April 142,864 415,824 616,897 2,373,163 May 248,263 80 2,239,738 117 2,870,784 107 10,566,326 111 June 227,200 73 2,266,984 118 2,664,437 107 11,219,416 118 July 344,462 111 2,037,265 106 2,572,756 103 11,916,152 125 August 185,387 60 1,189,558 62 1,529,310 61 6,609,961 70 September 231,030 75 1,156,841 60 1,677,123 67 10,202,917 107 October 498,505 161 1,848,511 96 2,650,799 107 9,713,919 102 November 466,135 150 307,241 16 932,615 37 5,134,496 54 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 FEDERAL RESERVE BULLETIN. JANUARY, 1920. BANK TRANSACTIONS DURING NOVEMBER-DECEMBER. In the table below are shown debits to stallments of income and excess profits taxes individual account for five weeks ending fell due, saw an increase of about 1,500 millions December 24, 1919, as reported by 154 of the in debits to individual account, which for that country's most important clearing houses. In week again exceeded 11 billions. For the addition, debits to individual account for each week ending December 24 the total, notwithof the five weeks are compared with figures standing the Christmas expansion of retail for the corresponding weeks of 1918, com- trade, was about 550 millions below the figure parable data being available for 145 centers. for the preceding week. Aggregate debits to individual account for Debits to individual account reported for the first three weeks under review showed a the five-week period, November 21 to Decemcontinued recession from the very large totals ber 24, 1918, snow a movement substantially of the preceding four weeks. For the third parallel to that shown for the corresponding week of the period the total was 9,491 millions, weeks of 1919, the low total for the last wee£ as compared with 11,134 millions for the week of the earlier period being due to the fact that ending November 19. The following week, it consisted of only five business days. however, during which the December 15 in- Debits to individual account at clearing-house banks during each of the Jive weeks ending Dec. 24, 1919 and 1918. [In thousands of dollars.] 1919 1918 Week ending- Week ending— Federal Reserve District. Dec. 24. Dec. 17. Dec. 10. Dec. 3. Nov. 26, Dec. 24. Dec. 18. Dec. 11. Dec. 4. Nov. 27, No. 1—Boston: Bangor 3,072 3,359 3,299 2,926 3,128 1,739 2,717 2,622 2,836 2,903 Boston 363,354 407,148 321,572 348,011 347,560 214,173 231,125 236,821 223,957 247,621 Fall River 11,987 12,493 9,916 10,166 14,230 6,594 7,859 6,729 4,675 8,032 Hartford 21,053 27,527 21,503 24,058 16,790 16,815 20,301 18,555 21,896 18,073 Holyoke 3,917 4,097 3,745 2,945 4,629 2,890 3,374 2,596 2,736 3,070 Lowell 8,705 7,826 5,498 5,969 9,679 5,220 5,474 5,034 5,508 6,452 New Bedford 9,041 12,359 9,445 9,787 9,130 5,297 5,878 5,425 5,137 7,292 New Haven 18,444 19,489 17,558 16,503 16,347 13,970 16,739 15,053 14,036 17,822 Portland 8,857 7,736 8,889 6,828 6,620 7,810 8,576 8,587 9,285 Providence 46,916 51,310 38,201 36,918 35,259 27,461 31,172 27,687 27,841 30,837 Springfield 19,149 18,029 17,006 17,213 17,768 9,233 10,625 9,462 8,744 11,647 Waterbury 8,159 9,143 8,949 6,740 7,722 6,653 7,933 8,841 4,090 7,436 Worcester 21,286 22,204 16,270 16,153 19,254 14,653 14,987 13,852 11,959 22,478 No. 2—New York: Albany 23,555 26,105 19,267 19,324 17,207 19,893 18,282 19,416 18,561 20,981 Binghamton 4,007 4,385 3,882 3,698 3,615 2,593 3,139 2,539 2,368 2,415 Buffalo 67,011 73,321 60,403 66,619 67,359 48,658 55,780 57,179 60,370 71,673 New York 5,590,623 5,784,012 5,068,752 5,046,831 5,364,902 3,501,307 1,815,554 1,699,541 3,607,712 4,159,526 Passaic 6,622 6,729 5,435 5,169 5,075 3,936 3,693 3,978 3 570 3,721 Rochester 31,124 33,796 30,742 31,657 22,970 21,318 25,065 22,661 25,065 22,589 Syracuse 17,547 16,634 14,885 15,032 15,452 11,472 15,138 12,306 12,632 12,803 No. 3—Philadelphia: Altoona 3,106 3,319 3,151 3,155 3,740 2,195 2,137 2,877 1,883 2,975 Chester 5,137 5,213 4,878 4,989 4,848 4,219 5,388 5,145 4,175 4,981 Harrisburg 3,347 4,871 3,935 3,900 3,610 5,328 6,375 5,950 5,270 6,420 Johnstown 3,189 2,999 3,015 3,089 2,786 2,530 3,190 2,514 2,731 2,950 Lancaster 5,301 5,479 5,046 4,872 5,316 3,552 4,208 4,148 4,105 4,238 Philadelphia 360,100 420,652 332,631 323,616 335,399 263,385 294,752 294,545 266,434 332,868 Reading 4,355 5,697 4,410 4,223 4,044 3,193 4,404 3,533 3,476 3,868 Scranton 15,356 12,130 14,225 13,295 17,568 11,719 9,565 11,626 9,169 14,099 Trenton 12,572 13,446 12,118 11,191 11,101 8,315 9,642 9,715 9,547 9,547 Wilkes-Barre 7,124 8,993 7,671 7,510 8,277 5,431 6,401 6,449 6,265 5,902 Williamsport 4,065 4,068 3,484 3,366 3,462 3,570 3,210 3,001 2,836 3,081 Wilmington 11,809 14,728 9,867 10,730 8,614 11,455 9,317 10,596 9,403 10,054 York 4,330 5,003 3,617 3,750 2,813 3,345 2,896 3,161 3,254 No. 4—Cleveland: Akron 28,074 27,320 21,817 24,323 27,517 13,326 14,273 14,956 14,132 14,869 Cincinnati 61,295 83,193 56,127 56,151 63,094 40,775 58,564 53,326 50,720 63,815 Cleveland 175,453 203,261 154,746 177,779 161,696 124,846 133,144 141,275 109,670 147,953 Columbus 27,562 32,736 28,659 29,292 26,185 21,966 25,231 22,987 20,486 24,344 Dayton 10,948 12,756 11,631 12,842 11,415 11,677 10,937 10,426 12,388 11,183 Erie 8,015 8,187 6,534 6,571 6,706 6,058 6,945 6,496 6,327 6,709 Greensburg, Pa... 4,672 5,893 4,250 5,878 3,387 2,250 2,713 3,098 3,975 2,594 Lexington, Ky... 10,967 11,876 8,238 4,806 5,447 4,482 4,317 3,467 3,408 3,207 Oil City 3,992 2,837 1,722 2,817 2,018 4,866 2,869 1,558 2,937 Pittsburgh 211,964 189,718 173,742 169,551 194,441 164,042 181,756 156,824 155,000 249,496 Springfield, Ohio. 3,574 3,947 3,663 2,914 3,025 2,550 3,067 2,595 2,552 2,438 Toledo 29,893 34,795 28,191 30,534 27,730 24,405 24,785 22,896 20,051 31,496 Wheeling 6,275 8,848 8,748 10,445 5,862 4,960 7,697 6,512 7,100 8,501 Youngstown 12,948 13,671 11,526 11,022 12,477 15,906 9,970 12,562 9,816 15,842 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 85 Debits to individual account at clearing-house banks during each of the five weeks ending Dec. 24,1919 and 1918—Contd. [In thousands of dollars.] 1919 1918 "Week ending- Week ending- Federal Reserve District. Dec. 24. Dec. 17. Dec. 10. Dec. 3. Nov. 26, Dec. 24. Dec. 18. Dec. 11. Dec. 4. Nov. 27, No. 5.—Richmond: Baltimore 106,626 120,953 99,921 100,162 104,006 78,150 84,732 82,820 74,201 69,376 Charleston 10,489 11,137 12,486 10,889 4,881 6,505 5,193 5,850 Charlotte 9,423 8,237 9,088 8,625 8,500 4,900 6,400 5,700 5,600 5,600 Columbia 8,385 8,162 9,958 9,140 8,853 6,303 8,886 8,025 7,186 8,727 Norfolk 22,745 23,421 22,582 22,103 23,404 15,593 19,136 17,595 18,670 19,205 Raleigh 4,800 5,800 5,800 6,100 5,300 3,841 4,337 4,540 4,970 4,410 Richmond 33,877 38,113 37,703 32,333 34,017 25,038 24,617 25,056 25,901 26,455 No. 6.—Atlanta: Atlanta 36,090 39,949 34,882 34,980 36,977 23,288 24,764 22,258 22,482 24,189 Augusta 11,616 12,184 12,149 11,883 14,398 7,700 7,433 7,077 7,528 7,004 Birmingham 18,328 16,186 14,918 15,297 16,462 14,332 13,246 12,638 12,817 13,998 Chattanooga 13,176 13,373 12,864 12,436 11,646 8,245 10,081 10,840 9,579 8,494 Jacksonville 12,618 12,373 13,615 12,867 12,889 10,474 10,676 9,708 10,409 10,430 Knoxville 6,627 7,371 5,877 7,141 5,865 5,019 5,600 5,400 5,716 5,645 Macon 9,742 8,790 9,849 7,977 8,731 6,731 6,661 6,482 5,777 5,502 Mobile 7,819 8,570 8,644 9,134 7,833 6,297 6,774 7,443 7,057 7,435 Montgomery 5,665 5,672 5,800 6,018 6,252 3,539 4,386 5,046 4,020 4,328 Nashville 27,034 26,718 25,622 23,116 24,621 18,382 24,470 23,799 23,845 24,940 New Orleans 90,463 106,115 96,327 96,611 82,955 61,417 66,790 69,446 72,795 57,762 Pensacola 2,003 2,494 2,448 2,166 2,343 1,952 2,387 2,171 2,070 2,017 Savannah 27,452 26,117 22,233 23,874 26,598 12,686 13,842 14,180 13,210 10,945 Tampa 6,552 5,900 6,375 6,442 5,605 3,577 4,365 4,945 5,061 3,839 Vicksburg 1,913 2,058 1,934 2,407 1,933 2,000 1,940 2,169 1,976 1,630 No. 7—Chicago: Bay City 4,052 4,550 3,427 3,315 3,690 2,726 2,673 2,753 2,980 3,134 Bloomington 2,385 2,695 2,858 2,922 2,268 2,004 2,373 2,279 2,332 1,777 Cedar Rapids 9,177 7,857 9,467 7,789 7,537 Chicago 843,992 797,632 666,999 828,342 541,631 615,669 593,580 577,504 657,715 Davenport 6,726 7,560 7,770 6,217 6,689 5,839 5,834 8,982 4,264 Decatur 3,089 4,196 3,608 4,231 3,136 2,449 2,752 2,954 3,587 2,241 Des Moines 21,768 19,552 19,336 18,115 19,778 15,539 15.961 17,392 13,687 16,860 Detroit 117,194 197,770 125,214 138,855 115,932 93,647 107,322 88,768 89,731 109,110 Dubuque 3,069 2,575 2,620 2,715 2,660 1,825 2,022 2,000 2,067 2,300 Flint 9,997 6,851 8,859 10,789 10,086 5,141 3,131 4,803 4,136 4,776 Fort Wayne 7,977 8,480 7,259 6,984 6,363 4,425 5,198 4,768 4,633 4,476 Grand Rapids 18,347 18,874 18,599 18,934 16,438 12,117 12,849 16,532 17,850 15,309 Indianapolis 35,008 37,806 33,234 30,999 34,870 26,249 31,193 32,450 24,633 28,992 Jackson 4,439 4,414 4,052 4,295 5,208 Kalamazoo 4,592 4,820 4,241 4,151 4,462 2,745 3,183 2,949 3,181 3,103 Lansing 6,353 6,385 6,357 5,296 6,334 2,500 2,957 2,796 3,096 Milwaukee 58,560 55,£02 55,502 56,869 53,880 53,050 58,054 51,614 48,031 53,437 Peoria 9,140 11,634 10,062 10,842 8,816 8,380 11,072 8,212 13,033 13,074 Rockford 5,985 5,608 4,951 5,165 5,860 4,323 4,659 4,964 5,058 5,654 Sioux City 10,383 12,141 13,193 12,255 10,203 South Bend 3,829 3,228 3,818 3,194 3,139 3,167 3,380 2,870 2,890 2,722 Springfield 4,322 4,687 4,868 3,501 5,043 3,965 3,014 3,690 2,787 4,124 Waterloo 3,519 3,648 3,235 3,893 3,189 3,280 2,852 2,746 2,601 No. 8—St. Louis: E vansville 6,231 5,104 5,311 4,415 4,409 3,485 4,361 3,006 2,270 4,497 Little Rock 9,802 11,663 10,961 11,381 10,406 7,718 9,205 8,858 8,850 8,780 Louisville 30,971 41,348 33,191 40,477 28,432 36,258 49,936 41,042 36,965 46,708 Memphis 47,694 43,699 43,275 40,709 44,478 30,036 33,971 32,926 32,315 31,926 St. Louis 158,837 172,315 140,015 145,924 152,713 124,520 149,453 140,753 123,168 151,114 No. 9—Minneapolis: Aberdeen 1,537 1,925 1,904 1,809 1,420 1,220 1,663 1,154 1,639 1,121 Billings 2,361 2,210 2,160 2,931 2,787 1,854 1,899 2,483 2,796 2,343 Duluth 19,035 19,632 18,727 15,229 16,271 44,105 47,662 47,699 49,365 52,051 Grand Forks 1,889 1,913 2,371 2,152 1,931 1,250 1,693 1,646 1,817 1,350 Great Falls 2,392 2,983 2,887 3,290 3 542 2,985 3,512 3,786 3,869 Helena 2,749 2,701 2,839 2,572 2,378 2,418 2,462 2,866 2,784 2,190 Minneapolis 102,334 100,939 97,358 96,357 101,181 85,767 91,037 101,506 83,186 84,943 St. Paul. 43,000 44,044 41,927 41,943 44,137 32,141 44,094 34,293 34,350 45,178 Superior 2,040 2,079 1,844 1,918 1,844 1,610 2,685 1,294 2,048 2,931 Winona 1,327 1,430 1,316 1,128 1,248 No. 10—Kansas City: Atchison 640 459 390 Bartlesville 4,213 2,948 2,884 3,899 2,478 1,512 1,963 1,954 1,815 1,8 Cheyenne 1,928 2,682 2,083 1,477 2,399 Colorado Springs... 2,977 3,174 3,186 2,818 3,061 2,297 2,009 2,183 ""1,957 2,216 Denver 42,945 52,063 43,034 50,274 52,285 25,257 29,804 27,182 30,482 32,215 Joplin 3,395 4,050 3,364 3,512 3,258 2,347 3,624 3,090 2,979 3,082 Kansas City, Kans. 3,938 3,234 3,558 3,483 3,301 3,522 3,790 3,433 2,497 2,859 Kansas City, Mo... 109,616 110,395 100,012 92,434 108,313 88,927 82,573 78,614 89,236 Muskogee 7,143 5,458 5,840 5,823 7,561 2,928 3,428 2,813 2,094 2,921 Oklahoma City 17,758 18,008 17,585 17,221 19,917 11,637 14,441 15,410 12,285 14,409 Omaha 65,217 62,534 57,107 62,173 59,739 79,214 63,535 62,289 64,833 62,649 Pueblo 6,396 7,016 5,217 5,738 8,738 4,136 5,265 3,601 2,723 6,222 St. Joseph 22,019 20,386 21,954 15,925 21,300 22,591 22,889 24,207 18,709 25,841 Topeka 5,084 4,593 5,551 5,888 5,779 3,816 4,688 4,948 4,823 3,564 Tulsa 23,560 28,025 20,837 21,639 28,715 17,568 19,391 18,486 18,114 22,084 Wichita 13,215 11,560 12,230 12,583 11,080 7,332 8,546 8,112 5,133 8,503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

86 FEDERAL RESERVE BULLETIN. JANUARY, 1920. Debits to individual account at clearing-house banks during each of the five weeks ending Dec. 24, 1919 and 1918—Contd. [In thousands of dollars.] 1919 1918 "Week ending- Week ending- Federal Reserve District. Dec. 24. Dec. 17. Dec. 10. Dec. 3. Nov. Dec. 24. Dec. 18. Dec. 11. Dec. 4. Nov. 27. No. 11—Dallas: Albuquerque , 1,656 1,936 1,959 1,741 1,952 1,229 1,590 1,501 1,578 1>459 Austin 4,637 3,280 4,581 4,253 5,158 2,400 3,980 3,555 2,814 3,625 Beaumont 5,350 4,894 5,024 12,359 4,738 4,187 3,581 4,307 3,370 3,935 Dallas 51,024 52,192 49,191 46,655 54,297 29,796 30,274 29,569 26,367 33,567 El Paso 9,731 9,804 9,250 9,303 9,428 4,539 5,782 5,570 4,829 4,936 Fort Worth 26,355 31,018 26,443 26,922 31,467 14,814 15,847 12,167 14,169 12,377 Galveston 10,595 9,836 11,457 4,030 12,269 7,726 10,040 8,913 7,785 7,667 Houston 43,536 43,749 39,944 41,492 41,944 23,100 27,331 26,882 25,534 San Antonio 8,826 9,121 9,042 8,427 9,275 Shreveport 7,952 7,275 8,540 8,040 9,979 5,335 5,594 5,830 5,157 4,506 Texarkana 2,399 1,608 1,517 1,561 1,746 2,049 1.527 1,263 976 1,419 Tucson 1,346 1,560 1,751 1,615 1,569 1,258 1,530 1,711 1,863 1,503 Waco 4,376 4,395 4,506 5,787 4,312 2,800 4,010 3,399 3,277 No. 12—San Francisco: Berkeley 2,538 3,001 2,983 2,946 2,247 Boise 3,471 3,713 3,783 3,474 3,452 1,837 2,901 2,546 2,754 2,574 Fresno 9,977 11,440 9,431 13,175 11,545 5,829 7,164 6,966 6,269 6,523 Long Beach 4,734 5,016 5,043 4,541 4,311 1,996 2,718 2,082 2,305 2,421 Los Angeles 95,241 103,592 88,750 91,606 95,478 52,831 56,715 54,191 52,347 61,624 Oakland 19,455 22,654 21,347 19,792 16,954 13,827 12,368 14,385 10,980 12,063 Ogden 5,657 6,759 4,692 4,609 6,206 5,436 5,720 4,547 4,451 2,673 Pasadena 4,669 4,900 4,950 5,385 4,574 1,866 2,135 2,025 2,093 2,226 Portland 48,241 51,409 39,139 39,343 49,042 37,726 42,542 40,653 44,173 60,466 Reno 2,765 3,014 2,554 3,032 3,120 1,943 1,682 1,846 1,787 1,663 Sacramento 13,717 20,199 20,592 23,497 17,208 10,764 14,276 15,255 11,775 12,066 Salt Lake City.... 22,031 27,849 22,208 20,031 22,036 18,389 22,193 15,832 19,141 19,704 San Diego 7,062 7,346 7,475 6,340 4,571 4,061 5,063 4,709 4,787 4,970 San Francisco 219,373 242,184 202,088 193,668 215,540 150,138 161,586 152,794 140,373 173,151 San Jose 6,624 7,110 5,743 6,126 6,633 Seattle 49,828 60,117 48,109 53,117 56,911 44,584 49,988 48,234 47,671 55,686 Spokane 13,273 13,610 13,107 15,681 11,818 8,812 8,951 9,259 8,874 9,396 Stockton 5,546 7,150 7,609 7,013 5,092 2,968 5,183 4,307 4,275 4,930 Tacoma 10,030 11,865 10,454 9,361 10,123 9,474 11,341 10,667 11,421 11,420 Yakima 3,811 3,237 3,888 3,085 4,062 2,041 2,034 2,033 2,363 2,404 Recapitulation showing figures for clearing-house centers reporting each of the five weeks ending Dec. 24, 1919. [In thousands of dollars.] 1919 Number Week ending— Federal Reserve district. of centers included. Dec. 24. Dec. 17. Dec. 10. Dec. 3. Nov. 26. No. 1—Boston 535,083 594,984 472,962 497,389 501,496 No. 2—New York 5,740,489 5,944,982 5,203,366 5,188,330 5,498,580 No. 3—Philadelphia.., 439,791 506,598 408,048 397,686 412,569 No. 4—Cleveland 594,538 640,193 520,709 543,830 551,799 No. 5—Richmond 185,856 204.686 185,052 178,463 184,080 No. 6—Atlanta 277,098 293,870 273,537 272,349 265,108 No. 7—Chicago , 1,193,903 1,228,465 1,019,529 1,045,420 1,164,155 No. 8-St. Louis 253,535 274,129 232,753 242,906 240,438 No. 9—Minneapolis 178,664 179,856 173,333 169,329 176,739 No. 10—Kansas City.. 330,090 336,766 304,901 305,277 338,504 No. 11—Dallas 177,783 180,668 173,205 172,185 188,134 No. 12—San Francisco. 548,043 616,166 523,945 525,822 550,923 Grand total 154 10,454,873 11,001,362 9,491,340 10,072,525 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 87 Recapitulation showing figures for clearing-house centers reporting each of the five weehs ending Dec, 24, 1919, and 1918. [In thousands of dollars.] 1919 1918 Number Week ending- Week ending- Federal Reserve district. of centers included. Dec. 24. Dec. 17. Dec. 10. Dec. 3. Nov. 26. Dec. 24. Dec. 18. Dec. 11. Dec. 4. Nov. 27, No. 1—Boston 535,083 594,984 472,962 497,389 501,496 324,698 358,184 352,677 333,415 No. 2—New York 5,740,489 5,944,982 5,203,366 5,188,330 5,496,580 3,609,177 3,936,651 3,817,620 3,730,278 4,293,708 No. 3—Philadelphia.. 439,791 506,598 408,048 397,686 412,569 327,705 361,934 362,995 328,455 404,237 No. 4—Cleveland 594,538 640,193 520,709 543,830 551,799 439,261 488,265 460,289 417,183 585,384 No. 5—Richmond 185,856 204,686 185,052 178,463 184,080 133,825 148,108 143,736 136,528 133,773 No. 6—Atlanta 277,098 293,870 273,537 272,349 265,108 185,639 203,415 203,602 204,342 188,158 No. 7—Chicago 1,169,904 1,204,053 992,817 1,021,081 1,141,207 795,761 896,581 854,060 832,944 935,669 No. 8—St. Louis 253,535 274,129 232,753 242,906 240,438 202,017 246,926 226,585 203,568 243,025 No. 9—Minneapolis... 177,337 178,426 172,017 168,201 175,491 173,350 196,707 196,727 181,854 192,107 No. 10—Kansas City.. 327,476 333,444 303,410 335,525 270.623 272,300 260,281 247,058 277,620 No. 11—Dallas 168,957 171,547 164,163 163,758 178,859 99,233 111,012 105,278 97,841 106,870 No. 12—San Francisco. 538,881 606,054 515,219 516,750 542,043 374,522 414,560 392,331 377,839 445,960 Grand total 145 10,408,94510,952,966 9,443,002 9,494,153 10,025,1956,935,811 7,634,643 7,376,181 7,091,305 8,190,174 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

88 FEDERAL RESERVE BULLETIN. JANUARY, 1920. DISCOUNT AND OPEN MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS. Discount operations during the month of month works out at 11.36 days, as against 9.54 November totaled $7,414,498,375, as compared days for October for all the banks combined, with the record figure of $8,060,317,969 shown while for the Philadelphia bank it works out for October. The totals are exclusive of bills at 14.32 days for November, as against 6.93 discounted for other Federal Reserve Banks, days for October. About 78 per cent of which aggregated 58 millions in November, the paper discounted in November took the as against 126.5 millions the month before. 4J per cent rate, about 9 per cent the 4 per Discount operations were smaller for November cent rate, and about 8 per cent the 4f per cent than for October at all the Federal Reserve rate. During October about 86 per cent of Banks, except the Boston and Chicago banks. the paper was discounted at the 4 per cent The decline was nominal in New York, while rate. The average rate of discount charged the decrease at the Philadelphia bank, because during November works out at 4.53 per cent, of the relatively large amount of 60 and 90 as against 4.19 per cent in October. day paper discounted, constituted nearly three- On the last Friday in November the Federal fourths of the total for the system. Reserve Banks held a total of $2,214,139,000 War paper constituted, the same as in of discounted bills, compared with $2,128,- October, about 91 per cent of the total paper 547,000 on the last Friday in October, 1919, discounted during the month. The amount of and $1,815,195,000 on the last Friday in customers' paper, secured by Government obli- November of the year before. Of the total gations, discounted by the Federal Reserve discounts on hand at the end of November Banks, however, was about twice as large in No- about 78 per cent was the share of war paper, vember as in October (328 millions, as against compared with about 84 per cent at the end of 164 millions), while member banks7 collateral September and about 79 per cent at the end of notes so secured amounted to $6,433,967,114, October, 1918. as compared with $7,184,708,069 the month Discounted trade acceptances on hand at the before. This shift from collateral notes to end of November totaled $27,694,000, a larger rediscounts is due in large part to changes in figure than the corresponding amount for the discount rates which in most of the banks no end of October ($16,261,000) or for the end longer favor 15-day paper. Discounts of col- of November of last year ($23,126,000). lateral notes secured oy eligible commercial or Holdings of agricultural paper totaled agricultural paper also show a decline, the total $27,023,000, as against $28,447,000 at the end for November being but $15,694,638, as of October, and $27,492,000 on the correspondagainst $45,663,016 for October. Discounts of ing date of the previous year, while holdings trade acceptances for the month of November of live-stock paper were $25,527,000, compared aggregated $21,923,920, as against $16,110,069 with $27,028,000 the month before, and in October, and included $2,704,863 (as against $34,052,000 about the end of November of $2,377,501) of acceptances in the foreign last year. Of the total agricultural paper on trade, all of which were reported by the New hand about 73 per cent was held in the Chicago York bank. Bankers' acceptances discounted and Kansas City banks, while about 90 per during the month totaled $2,052,898, as com- cent of the live-stock paper on hand represented pared with $1,271,426 for October, and all the holdings of the Kansas City, Minneapolis, other discounts, i. e., commercial and agricul- and Dallas banks. tural paper rediscounted by member banks, During the month the membership in the aggregated $613,002,521, the corresponding Federal Reserve System shows a net increase figures being $648,265,547 for October and of 32, the number of members at the close of $447,060,323 for September. November being 9,009, as compared with About 95 per cent of the total discounts for 8,977 at the end of October. Member banks the month was 15-day paper, i. e., bills matur- accommodated by discount of paper in Noveming within 15 days from date of discount or ber numbered 3,649, as against 3,839 in October. rediscount with the Federal Reserve Bank. In the following exhibit is shown the number Six-month bills, consisting of agricultural and of member banks in each Federal Reserve live-stock paper, totaled $11,838,214, com- district at the end of November and of October, pared with $9,645,742 for October, and together with the number in each district $5,443,693 for September. The average ma- accommodated during each of the two months. turity of all the paper discounted during the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. ]FEDERAL RESERVE BULLETIN. 89 being based on foreign trade transactions. Number of member Nu b m an b k e s r o a f c c m o e m m m b o e - r The average maturity of all bills purchased banks in district. dated. during the month was 55.55 days, compared Federal Keserve Bank. with 48.36 days for October, while the average Nov. 30. Oct. 31. No b v e e r m . - October. rate of discount charged works out at 4.47 per cent, as against 4.26 per cent for the preceding Boston 430 430 265 244 month. New York 748 744 405 396 Philadelphia 676 675 375 389 On November 30 the Federal Reserve Banks Cleveland 841 841 282 245 reported a total of $501,910,000 of purchased Richmond 583 575 252 297 Atlanta 427 429 185 247 bills on hand, compared with $394,355,000 on Chicago 1,366 1,366 613 614 St. Louis 533 532 211 223 October 31, 1919, and $379,524,000 on Novem- Minneapolis 915 911 280 224 ber 30, 1918. The half-billion mark in accept- Kansas City 1,032 1,026 354 391 Dallas 758 753 235 359 ance holdings was passed for the first time in San Francisco 700 695 192 210 November of this year. Of the most recent Total 9,009 8,977 3,649 3,839 total, all but $6,580,000 were bankers' acceptances, of which $347,852,000 were bills ac- Bills purchased in the open market during cepted by member banks, $55,876,000 by November, largely by the New York bank private banks, $55,244,000 by nonmember both for its own account and for account of State banks and trust companies, and $36,other Federal Reserve Banks, totaled $340,- 358,000 by foreign banks and their agencies. 695,505, compared with $335,261,712 purchased Of the $6,580,000 of purchased trade acceptin October, and $205,048,335 in September. ances held at the end of the month, $1,646,000 Of the total bills purchased, $335,044,925 were were domestic trade acceptances, and $4,bankers' acceptances, about three-fourths of 934,000 were foreign trade acceptances. Of which were based upon foreign trade trans- the latter figure, $2,633,000 were reported by actions. Purchases of trade acceptances the New York bank and $850,000 by the San amounting to $3,686,930 were reported by the Francisco bank, these amounts representing Boston, New York, Cleveland, and San Fran- largely acceptances drawn by exporters in the cisco banks, nearly four-fifths of this amount Far East. Total investment operations of each Federal Reserve Bank during the months of November,1919 and 1918. Total investment opera- Federal Reserve Bank. co B m u b i e n l a l m n t s e k d b d s i e s . f r o - r Bi m i ll n s a o r b k p o e e u n t g . ht M w u a n rr i a c n ip t a s. l U b S o n ta n i t t d e e s s d . V U n S i o n t c a t i t e t t o e e s r s d . y i c n e d rt U e i S f b n i t t c a e i a t t d e e te n s d s e s o s f . se U S c T u n t o a r i t t i t e a t e i s l d es. tions. Nov., 1919. Nov., 1918. Boston $426,922,264 $63,977,798 $1,516,000 $1,516,000 $492,416,062 $373,350,564 New York 4,466,207,075 152,609,063 35,948,000 35,948,000 4,654,764,138 3,248,858,733 Philadelphia 683,636,792 2,832,489 3,343,000 3,343,000 689,812,281 368,823,184 Cleveland 292,186,678 19,053,191 3,163,000 3,163,000 314,402,869 226,108,688 Richmond 264,080,662 3,805,212 $300 200,000 200,300 268,086,174 287,101,541 Atlanta 174,033,036 4,365,746 1,101,000 1,101,000 179,499,782 167,886,039 Chicago 448,183,255 33,701,105 2,845,000 2,845,000 484,729,360 383,127,310 St. Louis 180,110,764 5,325,336 1,275,000 1,275,000 186,711,100 158,469,909 Minneapolis 88,805,613 10,649,919 176,000 176,000 99,631,532 40,879,414 Kansas City 145,934,891 2,000,000 2,000,000 147,934,891 110,124,747 Dallas 70,671,433 1,912,400 4,510,000 4,510,000 77,093,833 77,998,599 San Francisco 173,725,912 42,463,246 i$50 810,000 810,050 216,999,208 126,980,039 Total, November, 1919 7,414,498,375 340,695,505 50 300 56,887,000 56,887,350 7,812,081,230 Total, November, 1918 5,154,597,322 195,697,512 $11,383 93,550 219,309,000 219,402,550 5,569,708,767 Total 11 months ending Nov. 30,1919. 71,883,099,002 2,424,719,574 1,000 1,328,125 374,250 3,973,827,500 3,975,529,875 78,283,349,451 Total 11 months ending Nov. 30,1918...33,537,850,316 1,653,805,357 1,709,602 73,959,463 4,028,472,160 4,102,431,623 39,295,796,898 14J per cent Liberty bond. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 FEDERAL RESERVE BULLETIN. JANUARY, 1920. Average amount of earning assets held by each Federal Reserve Bank during November, 1919, earnings from each class of earning assets, and annual rate of earnings on basis of November, 1919, returns. Average daily holdings of the several classes of earning assets. Federal Reserve Bank. Dis b c i o l u ls n . ted Pur b c i h ll a s s . ed se U S cu n ta r i i t t t e e i s d es. M wa u r n r i a c n ip ts a . l Total. Boston $147,255,981 $49,517,395 $22,538,950 $219,312,326 New York 829,776,757 74,248,602 76,713,767 980,739,126 Philadelphia 205,069,357 1,394,054 31,663,083 238,126,494 Cleveland 150,177,449 68,051,442 26,135,750 244,364,641 Richmond 98,848,446 13,034,260 119,774,275 Atlanta 106,329,831 12,333,698 15,782,216 134,445,745 Chicago 242,933,736 96,318,470 44,583,330 383,835,536 St. Louis 70,058,523 25,266,197 18,424,167 113,746,887 Minneapolis 55,021,800 21,088,700 8,521,033 84,631,533 Kansas City 100,757,092 1,774,437 22,693,433 125,224,962 Dallas 49,661,464 5,505,363 13,576,217 68,743,044 San Francisco 89,742,205 91,666,903 13,448,930 194,858,038 Total, November, 1919 2,145,630,641 455,056,830 307,115,136 2,907,802,607 Total, November, 1918 1,768,745,862 378,035,734 126,788,514 $28,642 2,273,598,752 Earnings from— Calculated annual rate of earnings from— Federal Reserve Bank. Dis- Pur- United Munic- Dis- Pur- United i Municcounted chased States ipal Total. counted chased States I ipal Total. bills. bills. securities.warrants. bills. bills. securities.! warrants. Per cent. Per cent. Per cent, j Per cent. Per cent. Boston $531,076 $174,235 $38,650 $743,961 4.39 4.28 2.09 ! 4.13 New York 2,978,404 257,023 158,606 3,394, 4.37 4.15 2.51 i 4.21 Philadelphia 727,253 4,989 55,854 788, 4.31 4.35 2.14 ! 4.02 Cleveland 542,710 242,913 47,793 833, 4.33 4.34 2.22 i 4.15 Richmond 357,353 29,196 21,542 408, 4.40 4.50 2.01 | 4.15 Atlanta 369,165 44,709 25,253 439, 4.37 4.56 2.01 I 4.11 Chicago 884,718 349,910 76,973 1,311, 4.43 4.42 2.10 ! 4.16 St. Louis 254,808 94,798 31,662 381, 4.43 4.56 2.09 i 4.08 Minneapolis 203,273 74,587 14,170 292 4.49 4.30 2.02 i 4.20 Kansas City 385,997 6,433 41,694 434, 4.66 4.41 2.24 ! 4.22 Dallas .. 187,430 21.181 26,300 234, 4.59 4.68 2.35 ! 4.20 San Francisco 333,755 321,191 22,718 677, 4.53 4.26 2.06 | 4.23 Total, November, 1919. 7,755,942 1,621,165 561,215 9,938,322 4.40 4.33 2.22 I 4.1ft Total, November, 1918. 6,206,988 1,355,558 259,049 $113 7,821,708 4.27 4.36 2.49 i 4.79 4.19 Bills discounted during the month of November, 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 c p G u a e r o p n e v e t d e r w r s b n e a y - - r G S o e v cu er re n d m b en y t Otherwise c T e r p a t d an e c a e c s - . B a a c n c k ep e t r - s' d A is l c l o o u th n e ts r . Total. m A in a v t d e u r a r a y i g t s y e . A (3 b v 6 r a a e 5 s r t - i a e d s g a ). e y obligations. war obliga- secured. tions. Per cent. Boston $37,427,227 $340,468,760 $1,256,084 $2,237,225 $52,879 $45,480,089 $426,922,264 15.61 4.56 New York.... 156,816,670 4,077,121,327 19,758,892 721,163 221,789,023 4,466,207,075 7.12 4.49 Philadelphia. 91,297,964 550,862,817 3,666" 959,873 40,513,138 683,636,792 14.32 4.34 Cleveland 8,626,048 240,665,940 2,031,238 40,863,452 292,186,678 17.77 4.55 Richmond 7,656,906 245,927,700 400,000 536,361 9,559,695 264,080,662 10.90 4.46 Atlanta 3,043,184 135,408,300 1,410,000 1,017,726 33,153,826 174,033,036 21.79 4.51 Chicago 8,645,278 330,954,550 1,303,180 2,268,244 105,012,003 448,183,255 24.53 4.61 St. Louis 4,963,899 149,007,353 17,000 1,168,770 840,262 24,113,480 180,110,764 13.50 4.52 Minneapolis... 889,773 62,095,885 295,530 78,422 25,446,003 88,805,613 26.73 4.74 Kansas City... 3,418,352 99,819,663 10,426,194 69,350 £53,676" 32,047,662 145.934,a»l 27.33 4.91 Dallas 130,339 65,087,719 368,650 435,844 4,648,881 70,671,433 19.14 4.55 San Francisco. 4,941,644 136,547,100 215,000 1,361,975 284,924 30,375,269 173,725,912 17.04 4.58 Total... 327,857,284 6,433,967,114 j 15,694,638 21,923,920 2,052,898 613,002,521 7,414,498,375 11.36 { 4.53 1 Includes $2,704,863 of trade acceptances in the foreign trade. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL. RESERVE BULLETIN. 91 Bankers'' and trade acceptances in the foreign and domestic trade and dollar exchange bills purchased during the month of November, 1919; also average rates and maturities of total bills purchased by each Federal Reserve Bank. Bankers' acceptances. Trade acceptances. Average Dollar Total bills Average rate Federal Reserve Bank. do In m t e h s e tic f I o n r e t i h g e n Total. do In m t e h s e tic f I o n r e t i h g e n Total. Exchange. purchased. m in a t d u a r y it s y . (3 b 6 a 5 s - i d s) a . y trade. trade. trade. trade. Percent. Boston $21,276,457 $40,939,649 $62,216,106 $457,704 $778,988 $1,236,692 $525,000 $63,977,798 55.53 4.45 New York 25,381,106 124,065,725 149,446,831 242,682 1,592,050 1,834,732 1,327,500 152,609,063 46.83 4.45 Philadelphia 700,920 2,131,569 2,832,489 2,832,489 79.08 4.34 Cleveland 5,069,622 13,907,233 18,976,855 66,336 66,336 10,000 19,053,191 65.07 4.46 Richmond 2,139,700 1,665,512 3,805,212 3,805,212 71.64 4.57 Atlanta 3,813,946 551,800 4,365,746 4,365,746 63.55 4.56 Chicago 7,661,321 26,039,784 33,701,105 33,701,105 67.73 4.50 St. Louis 3,944,138 1,381,198 5,325,336 5,325,336 46.68 4.49 Minneapolis 3,012,018 7,557,409 10,569,427 80,492 10,649,919 70.67 4.47 Kansas City Dallas 7i2,400 1,200,000 1,912,400 1,912,400 49.40 4.77 San Francisco 8,891,707 33,001,711 41,893,418 22,872 526,298 549,170 20,658 42,463,246 66.78 4.53 Total 82,603,335 252,441,590 335,044,925 789,594 2,897,336 3,686,930 1,963,650 340,695,505 55.55 4.47 Bills discounted by each Federal Reserve Bank during the three months ending Nov. SO, 1919, distributed by rates of discount; also average rates and maturities of all bills discounted by each bank during the three months. 4 per cent. 4£ per cent. 4£ per cent. 4f per cent. 5 per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Boston $634,677,848 $380,973 $86,358,409 $590,028 $343,083,715 $483,235 $62,623,438 $400,321 $47,086 $809 New York 8,207,486,378 5,204,709 68,310,570 648,193 3,953,730,414 3,159,606 204,803,422 528,394 2,429 386 Philadelphia 2,288,919,744 1,654,105 71,116,712 595,467 444,551,546 461,895 34,542,025 69,160 11,777 48 Cleveland 524,358,519 708,952 149,227,200 297,961 89,600,020 173,637 139,013,079 447,326 Richmond 88,780,700 115,266 598,277,174 606,491 212,497,400 257,948 28,411,529 162,278 56,906 |855 Atlanta 377,739,571 590,649 59,457,148 135,879 97,531,374 208,389 57,678,220 413,102 249,097 4,202 Chicago 451,382,500 710,922 289,224,265 547,095 294,264,757 583,101 194,624,925 1,356,392 St. Louis 420,949,091 419,506 8,035,655 46,789 138,792,892 191,735 40,788,539 319,649 20,000 44 Minneapolis 138,369,520 216,551 3,042,420 17,895 57,556,080 100,310 37,941,758 211,107 16,489,017 165,071 Kansas City 110,223,400 168,002 118,033,507 221,705 115,361,568 217,613 37,601,651 84,448 65,012,803 445,603 Dallas...... 160,900,617 244,017 92,318,355 158,743 45,660,253 87,710 11,994,993 65,425 11,450,363 110,759 San Francisco 376,884,236 595,881 79,913,142 107,425 4,423,339 42,367 29,783,206 222,720 Total 13,403,787,888 10,413,652 1,920,285,651 4,462,127 5,872,543,161 6,032,604 854,446,918 4,099,969 123,122,684 950,497 Federal Reserve Bank. Amo 5 u £ n p t e . r D ce i n sc t. ount. Amo 5 u £ n p t e . r c D e i n s t c . ount. Amo 5 u f n p t e . r D ce is n c t o . unt. Amount T . otal. Discount. m A in a v d t e u a r r a y i g s ty e . r A a b t v a d e e s a r ( i 3 y a s 6 g ) - 5 . e - Per cent. Boston $1,126,790,496 $1,855,366 13.80 4.38 New York 12,434,333,213 9,541,288 6.66 4.21 Philadelphia $3,000 $8 2,839,144,804 2,780,683 8.62 4.15 Cleveland $213,854 $3,669 10,000 24 902,422,672 1,631,569 15.40 4.28 Richmond $14,900 $41 928,038,609 1,142,879 10.35 4.34 Atlanta 16,374 365 592,671,784 1,352,586 19.33 4.31 Chicago 112,000 2*i6 7,815,804 164,362 1,237,424,251 3,362,082 22.17 4.47 St. Louis 27,213 611 148,094 3,347 608,761,484 981,681 13.58 4.33 Minneapolis 2,870,984 65,283 256,269,779 776,217 24.21 4.57 Kansas*Citv 10,842,563 242,516 457,075,492 1,379,887 23.44 4.70 Dallas 2,890,351 59,492 325,214,932 726,146 18.53 4.40 San Francisco 1 820162 40,608 492,824,085 1,009,001 16.66 4.49 Total 3,243,418 63,982 23,528,881 516,522 13,000 32 22,200,971,601 26,539,385 10.12 4.31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 FEDERAL BESEBVE BULLETIN. JANUARY, 1920. Acceptances purchased by each Federal Reserve Bank during the three months ending Nov. 30, 1919, distributed by rates of i ^discount; also average rates and maturities of acceptances purchased by each bank during the three months. 4 per cent. 4t"j Per cent. 4$ per cent. 4-^ per cent. 4i per cent. 4* Per cent. Federal Reserve Bank. Amount. co D u is n - t. Amount. co D u is n - t. Amount. co D u is n - t. Amount. co D u is- nt. Amount. co D u is- nt. Amount. co D u is- nt. Boston $12,956,247 $32,014 $23,265,947 $92,410 $7,268,850 $29,628 $9,938,218 $64,590 $261,,291,815 $163,361 $6.,865,171 $40, 19 New York 60,258,735 156,167 1,215,438- 2,804 33,382,595 196,328 49,865,216 404,9391481;,446,772 524,991 5,086,979 41,849 Philadelphia... 542,959 846 365,657 2,701 2,330,241 23,786 Cleveland 9,425,224 25,939 17,031,190 99,276 18,273,826 149,131 8,579,712 66,842 2,647,993 6,232 Richmond Atlanta Chicago 11,528,356 26,034 2,600 8 24,181,875 143,107 15,331,663 127,007 9,125,088 80,419 6,275,793 65,377 St. Louis 242,420 616 1,148,301 5,613 3,316,771 24,982 2,115,881 12,418 4,544,091 8,199 Minneapolis... 944,741 809,219 4,430 15,449,786 87,871 5,633,579 46,304 4,703,939 44,900 160,670 533 Kansas City... 600,000 5,327 Dallas 200,000 283 San Francisco. 17,039,772 48,923 203,368 33,525,060 194,841 32,159,350 257,055 18,438,928 156,277 1,407,157 10,814 Total. 112,938,454 293,242 25,496,572 100,048131,987,657 756,664 134,884, ?801,076,709 220,832,3761,078,604 26,987,854 173,197 4| per cent. 4 A P^r cent. 4% per cent. 4A per cent. 4f per cent. 4H per cent. Federal Reserve Bank. Amount. co D u is n - t. Amount. co D u is n - t. Amount. co D u is n - t. Amount. co D u is n - t. Amount. co D u is n - t. Amount. co D u is n - t. Boston $7,026,292 $40,787$101.,270,618$81,593 $10,.741,631 $82,537 $3,923,738 $27,580 $4,951,861 $44,554 $1,160,610 $10,126 New York 15,218,800 93,958 1,810,938 11,861 34,170,224 292,800 2,543,934 23,465 4,263,037 43,959 '113,991 1,233 Philadelphia.. 401,552 4,283 Cleveland 3,140,843 18,344 297,854 1,607 7,513,817 76,260 230,941 2,301 308,886 1,520 38,085 74 Richmond 13,823,215 92,947 Atlanta 18,003,156 146,542 Chicago 5,736,975 32,619 417,309 2,131 14,186,518 140,341 328,182 3,162 1,939,075 21,537 150,000 1,777 St. Louis 2,271,280 14,267 260,000 1,196 1,059,704 10,577 135,467 743 745,000 1,461 300,000 586 Minneapolis... 1,243,873 7,542 215,000 1,227 4,553,426 45,505 279,343 2,951 174,939 1,820 Kansas City... Dallas 1,540,292 8,062 San Francisco. 7,505,140 47,658 1,015,503 6,156 20,498,762 195,789 1,482,211 14,664 1,828,204 15,527 144,145 1,055 Total. 42,544,755 259,458 14,287,222 105,771126,090,7451,091,360 8,923,816 74,866 14,211,002 130,378 1,906,831 14,851 4J per cent. 4H per cent. 4| per cent. 5 per cent. 5} per cent. Total. Average Aver- Feder B a a l n R k e . serve Amount. co D u is n - t. Amount. co D u is n - t. Amount. co D u is n - t. Amount. co D u is nt. Amount. co D u is n - t. Amount. co D u is n - t. m i d t a a y y t u i s n . r- ( r d a 3 a 6 g a 5 t y e e basis.) P.ct. Boston $3,751,641 $3,460 $128,412,639 $712,833 46.46 4.36 New York 5,102,344 55,570 $50,000 $548 $171,937 $2,065 $322,055 $2,307 $106,620 $1,415 362,129,615 1,856,259 43.18 4.33 Philadelphia 100,000 1,171 3,740,409 32,787 73.90 4.33 Cleveland 2,433,387 12,850 69,921,758 460,376 55.81 4.31 Richmond 165,000 1,466 13,988,215 94,413 53.95 4.57 Atlanta 18,003,156 146,542 65.12 4.56 Chicago 521,504 5,421 226,000 2,651 50,000 400,000 4,924 166,960 2,053 90,567,898 659,177 61.08 4.35 St. Louis 10,000 82 16,148,915 80,740 41.92 4.35 Minneapolis 497,703 4,979 9,543 112 34,675,761 250,877 61.29 4.31 Kansas City 600,000 5,327 76.25 4.25 Dallas 2,280,000 18,721 4,020,292 27,066 51.93 4.73 San Francisco 3,300,650 35,406 126,594 1,380 122,052 1,319 138,796,896 987,260 59.87 4.34 Total. 18,162,229139,126 412,137 4,6 343,989 3,993 722,055 7,231 273,580 3,468 881,005,5545,313,657 50.63 4.35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 93 Discounted bills, including member banks' collateral notes, held by each Federal Reserve Bank on the last Friday in November 1919, distributed by classes. [In thousands of dollars; i. e., 000 omitted.] Member banks col- Customers lateral notes. paper Federal Reserve Bank. c p u A a lt g p u r e r i r - a . l Liv p e a p s e to r. ck s m e G c e o u n v r t e e d w rn b a - y r S G ec o u v re e d rn b - y Otherwise a a T c n r c c a e e d p s e t . - B a a a c n n c c k e e p e s t r . - s' dis o c A t o h l u e l n r ts. Total. obligations. ment war i secured. obligations. Boston 48 73,202 52,990 150 2,159 72 36,807 165,428 NewYork 199 144,345 609,489 11,237 874 94,758 860,902 Philadelphia 72 81,461 104,122 1,103 11,506 198,267 Cleveland 152 117 12,622 117,650 2,264 30,363 163,168 Richmond . 558 13,583 69,977 385 808 12,589 97,900 Atlanta 1,257 181 4,149 61,594 390 1,949 32,651 102,171 Chicago 13,144 9,744 166,759 159 2,637 73,016 265,459 St. Louis.. 271 291 6,900 42,251 349 1,770 20,473 73,301 Minneapolis 813 5,054 2,211 29,787 128 86 22,375 60,454 Kansas City 6,516 13,982 5,353 42,397 3,715 296 22,989 95,281 Dallas 1,736 4,058 308 29,373 323 9,390 45,188 San Francisco 2,257 1,844 3,641 53,237 115 3,385 22,067 Total 27,023 25,527 357,549 1,379,626 5,717 27,694 2,049 388,984 2,214,139 Percent 1.2 1.1 16.1 62.3 0.3 1.3 0.1 17.6 Total Nov. 30,1918. 27,492 34,052 369,506 1,031,720 24,843 23,126 304,456 1,815,195 Percent 1.5 1.9 20.4 56.8 1.4 1.3 i6.7 100.0 Acceptances purchased by each Federal Reserve Bank and held on Nov. 30,1919, distributed by classes of accepting institution* [In thousands of dollars; i. e., 000 omitted.] Bank acceptances. Trade acceptances. Federal Reserve Bank. M ba em nk b s e . r c m o t N e m r m u o p n s b a t - e n r - m b S N e a t m n o a k n t b e s - e . r P b r a i n v k a s te . b F r b o a a n a r n e n c d i k h g e n s Total. Domestic. Foreign. Total. G to r t a a n l d . ies. agencies. Boston 26,371 614 1,670 5,612 150 34,417 851 1,451 2,302 36,719 NewYork 56,250 1,035 14,361 11,526 10,481 93,653 670 2,633 3,303 96,956 Philadelphia 2,402 429 228 76 3,135 3 135 Cleveland 33,852 1,439 11,231 12,484 5,536 64,542 102 102 64,644 Richmond. . 11,032 100 196 342 50 11,720 11,720 Atlanta 11,229 500 11,729 11 729 Chicago 89,240 1,150 3,400 6,024 1,887 101,701 101,701 St Louis 25,098 595 3,274 2,658 2,013 33,638 33,638 Minneapolis . 20,101 200 127 164 228 20,820 20,820 Kansas City ,.. ... 6,888 250 1,578 697 892 10,305 10,305 Dallas 10 954 250 1,167 432 12,803 12,803 San Francisco. . 54,435 563 12,282 14,974 14,613 96,867 23 850 873 97,740 Total: Nov.30,1919... . 347,852 6,446 48,798 55,876 36,358 495,330 1,646 4,934 8,580 501,910 Oct. 31, 1919 271,701 8,021 36,707 42,677 28,511 387,617 1,740 4,998 6,738 394,355 Sept. 30, 1919 208,784 8,255 24,821 33,420 21,873 297,153 591 2,385 2,976 300,129 Nov. 30,1918 310,069 2,028 10,703 27,871 19,818 370,489 4,016 5,019 9,035 379,524 Nov. 30,1917. . 171,723 5,338 753 18,201 3,163 199,178 6,275 205,453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

94 FEDERAL RESERVE BULLETIN. JANUARY, 1920. OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM, NOV. 16, TO DEC. 15, 1919. Ite i c n m it y s F d ( e d r d a a e w i r l a y n l a o R v n e e b r s a a e g n r e v k ) e s . ' Ite i F ( n m d e a d s i e l d d y r i r a s a a l t w r v R i e c n e r t s a o e g n r e o v ) u b e . t a s c n i i d k ty e s To b e ( t d r a a a a n l l i k l i R y s te e a m i s n v e s e r r v o d a e w r g a e d n w ) i . F s n t e r o i d c n - t Ite b t a r g m a i e c n ) s . t k s s i ( d n d r a a o i w t l h y n e r a d v o i e s n r - - Number. Amount. ! Number. \ Amount. Number. Amount. Number. Amount. Boston 24,981 $28,274,243 103,893 $16,818,755 128,874 $45,092,988 16,040 $}3,830,322 New York 30,577 91,498,599 161,111 ! 86,415,522 191,688 177,914,121 41,303 23,989,119 Philadelphia 48,710 32,903,101 59,650 I 8,496,791 108,360 41,399,892 29,131 9,815,139 Cleveland 7,765 9,307,823 103,265 i 29,984,645 111,030 39,292,468 4,340 3,692,107 Richmond.. 3,506 9,331,767 73,075 I 20,822,862 76,581 30,154,629 9,319 6,883,995 Atlanta 3,772 4,525,414 40,201 i 12,203,663 43,973 16,729,077 4,593 3,030,998 Chicago 27,929 29,765,000 111,301 ! 19,231,000 139,230 48,996; 000 8,236 1,643,000 St. Louis 8,533 10,882,216 69,272 12,912,190 77,805 23,794,406 1,159 603,852 Minneapolis 8,652 11,423,858 32,192 3,104,821 40,844 14,528,679 4,768 3,105,567 Kansas City 8,885 13,230,112 I 107,913 i 17,751,238 116,798 30,981,350 10,915 4,528,498 Dallas 4,907 5,390,592 I 61,501 ; 15,591,603 66,408 20,982,195 8,456 3,750,558 San Francisco..; 4,130 4,998,504 I 51,721 ! 11,261,656 55,851 16,260,160 1,655 2,126,292 Total: Nov. 16 to D ec. 15,1919.... 182,347 251,531,229 !975,095 ; 254,594,746 1,157,442 506,125,965 139,915 76,999,447 October 16 to Nov. 15,1919 177,569 236,521,957 !915,794 246,055,511 1,093,363 482,577,468 129,399 78,178,485 Sept. 16 to Oct. 15,1919.... 164,761 235,072,612 !824,862 223,417,562 919,623 458,490,174 119,387 74,965,478 Nov. 16 to Dec. 15,1918.... 85,174 219,162,199 !590,685 167,471,893 675,859 386,634,092 88,326 66,301,701 Items handled by both i Items drawn on the parent bank and I Treasurer of the Number Incorporated branches (daily aver- United States (daily of mem- Number of banks other age). average). ber banks nonmember than mutual in dis- banks on trict. par list. banks not on par list. Number. Amount, j Number. Amount. Boston 6,226 2,505,850 431 245 New York 2,105 1,110,469 | 37,109 18,217,562 756 319 Philadelphia 5,018 i 2,055,997 677 414 Cleveland 3,030 1,128,837 ! 5,184 1,509,745 842 1,079 8 Richmond 491 703,012 I 1,681 377,403 584 466 1,014 Atlanta 5,901 2,948,961 3,412 938,748 426 348 1,227 Chicago 510 616,000 9,431 2,872,000 1,374 3,700 489 St. Louis 283,576 ! 4,628 998,248 535 2,222 443 Minneapolis 1,030 437,650 921 1,874 1,030 Kansas City 1,811,097 i 4,669 694,599 1,037 3,138 186 Dallas 1,404,816 j 5,031 384,545 759 1,105 98 San Francisco 2,011,869 4,652 5,513,917 713 941 114 Total: Nov. 16 to Dec. 15,1919. 12,018, 634 88,071 36,506,264 9,055 15,851 4,609 Oct. 16 to Nov. 15,1919.. 12,6S3,739 107,551 37,355,291 9,008 14,860 5,515 Sept. 16 to Oct. 15,1919. 11,417,988 i 93,437 45,272,641 8,955 13,852 6,457 Nov. 16 to Dec. 15,1918. 10,704,900 135,173 ! 60,766,938 8,612 10,409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL. RESERVE BULLETIN. 95 OPERATION OF THE FEDERAL RESERVE BANKS. During the five weeks between November 21 Friday preceding the revision of the discount and December 26 discount operations of the rates and the discontinuance of the differentia Federal Reserve Banks fluctuated within mod- between the rates on 15 and 90 day war paper, erate limits. Fiscal operations of the Treasury the percentage share of 15-day discounts in the during the period were extremely heavy, in- total discounts held has declined from about 83 cluding the issue on December 1 of 162.2 to 68 per cent. millions of 4J per cent loan certificates and Acceptances on hand continued their upward 260.3 millions of 4| per cent tax certificates, course, the December 26 total, 585.2 millions, and, two weeks later, the issue of 728.1 mil- marking a new high record and an increase oi lions of 4J per cent tax certificates; also the re- 105.2 millions since November 21, nearly all in demption on December 15 of the balance of two the holdings of the New York bank. A decrease series of tax certificates issued during the sum- of 11.8 millions in Treasury certificate holdings mer of 1919, besides the redemption before ma- represents largely the amount liquidated during turity of a considerable amount of certificates the most recent week by the New York bank. falling due in January and February, 1920, and War paper holdings of the several Federal the payment on December 15 of semiannual Reserve Banks include amounts held under interest on the first Liberty and Victory loans. rediscount for other Federal Reserve Banks. These operations apparently are reflected in the During the five weeks under review the amount gradual reduction of the amount of war paper of sucn paper increased from 20.4 millions, the held by the Federal Reserve Banks during the total held by Chicago and St. Louis for the Philgreater part of December, the low level of adelphia bank, to 40.6 millions, the aggregate 1,414.9 millions on December 19 marking a de- held for the Philadelphia and Kansas City crease of 259 millions since November 21. Since banks. Acceptance holdings of eight Federal then, following the issue of the tax certificates, Reserve Banks purchased from the Boston and there has been a substantial increase in these New York banks, with and without the inholdings, the December 26 total of 1,510.3 mil- dorsement of the selling banks, show an inlions contributing 68.8 per cent of the total dis- crease from 111.6 to 128.1 millions. counted bills held on that date, as against 78.8 Both members' reserve deposits and Governper cent five weeks before. This decrease in ment deposits show substantial declines for the the absolute and relative amounts of war paper period, resulting in a decrease of net deposits holdings has, however, been fully offset by the from 1,846.8 to 1,704.5 millions. Federal practically continuous increase in the holdings Reserve note circulation, on the other hand, of ordinary commercial paper, the December 26 shows a steady expansion from 2,817.2 to total of 684.5 millions exceeding the Novem- 3,057.6 millions, or at an average weekly rate ber 21 total by 233.8 millions, with the result of over 48 millions, the increase being especially that the total discounts held by the banks on marked during the last two weeks of the year. the later date, 2,194.9 millions, show a net in- Export withdrawals of both gold and silver crease of 70.3 millions over the corresponding apparently account for the reduction of 40.9 November 21 total. This increase is made up millions in gold reserves and of 51.4 millions in largely of paper maturing within 16 to 60 days total cash reserves. The combined result of from date of report, while holdings of 15-day the changes in deposit and note liabilities and paper were 33.4 millions less than five weeks the reduction of reserves is seen in the decline before, a development the beginning of which of the reserve ratio of the Federal Reserve was pointed out in the December issue of the Banks from 46.9 to 44.8 per cent. BULLETIN (p. 1186). Since October 31, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 FEDERAL RESERVE BULLETIN. JANUARY, 1920. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Nov. 28 to Dec. 26> 1919. [In thousands of dollars; i. e., 000 omitted.] RESOURCES. Boston. Y N o e r w k. t P e h lp i h la i - a. l S a i n e d ve . - m R o ic n h d - . la A n t t - a. Chi- Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . Total. Gold and gold certificates: Nov.28 8,644 137,374 1,241 21,797 2,303 8,136 24,150 3,312 130 6,615 13,366 235,348 Dec.5 8,722 151,201 1.234 8,077 2,314 8,206 24,129 3,148 1,257 158 6,565 12,611 234,622 Dec. 12 8,552 155,208 1,222 12,991 2,339 8,159 24,075 2,970 1,283 182 6,512 12,655 243,148 Dec. 19 8,203 156,249 1,192 10,387 2,403 8,288 24,070 2,853 5,285 166 6,679 12,550 241,325 Dec. 26 7,844 147,197 1,182 10,220 2,402 8,350 24,080 2,738 $,261 168 6,617 10,406 229,445 Gold settlement fund, Federal Reserve Board: Nov.28 42,327 115,902 25.939 23,996 31,355 22,662 58,766 15,740 11,956 44,348 19,555 27,740 440,286 Dec.5 54,243 74,561 28,792 43,191 31,662 23,249 57,009 18,456 9,368 37,297 24,295 26,689 428,812 Dec. 12 29,464 55,486 28,912 35,017 29,248 24,902 88,120 16,340 9,897 19,762 20,065 46,853 404,066 Dec. 19 38,567 87,692 30,396 29,939 31,987 23,002 68,118 13,909 6,183 20,430 15,397 34,315 399,935 Dec. 26 36,211 41,560 28,344 33,966 25,152 25,734 68,856 13,374 1,338 27,192 14,772 36,286 352,785 Gold with foreign agencies: Nov.28 49,800 10,856 11,127 4,885 16,148 6,378 3,664 6,513 3,528 6,242 135,696 Dec.5 9,704 48,787 10,635 10,901 6,514 4,786 15,819 6,248 3,589 6,381 3,456 6,115 132,935 Dec. 12 10,286 51,713 11,273 11,554 6.905 5,073 16,768 6,623 3,805 6,764 3,664 6,482 140,910 Dec. 19 10,053 50,542 11,017 11,293 6,749 4,958 16,388 6,473 3,718 6,610 3,581 6,335 137,717 Dec. 26 9,805 49,296 10,746 11,014 6,582 4,835 15,984 6,313 3,627 6,447 3,492 6,179 134,320 Gold with Federal Reserve agents. Nov.28 62,090 282,877 78,522 .05,502 46,923 53,553 247,491 69,100 34,354 38,917 24,996 .04,399 1,148,724 Dec.5 71,692 291,356 77,485 .18,420 45,381 55,097 243,826 61,207 35,733 40,126 26,651 05,217 1,172,191 Dec. 12 70,621 290,070 78,872 .17,050 43,595 56,022 249,082 74,195 34,997 39,139 26,015 108,685 1,188,343 Dec. 19 71,930 288,751 79,458 L16,925 42,031 60,585 251,202 65,258 34,275 39,977 26,451 124,811 1,201,654 Dec. 26 73,782 307,385 82,491 125,048 41,036 64,734 245,883 65,920 35,570 39,858 27,878 130,447 1,240,032 Gold redemption fund: N D o ec v . . 5 28 2 1 6 9 , , 8 2 5 4 4 8 2 2 5 5 , , 0 0 0 0 0 0 1 1 1 2 , , 6 8 6 6 4 4 1,5 9 3 83 1 172 » , Z 4 5 4 ° 0 6 6, , 0 8 7 9 1 6 2 2 0 3 , , 9 6 2 7 7 8 6 6 , , 4 1 1 4 8 7 2, 9 3 4 7 1 9 5 3 , , 2 9 8 8 4 3 3 2 , , 4 7 6 7 1 6 1 9 0 , , 2 7 6 33 3 1 1 3 1 3 8 , , 5 7 8 0 7 4 Dec. 12 21,922 24,930 13,907 1,712 5,700 17,210 5,971 1,326 4,928 3,366 9,853 119,821 Dec. 19 23,317 24,873 15,030 574 10,065 6,559 13,473 4,616 1,671 3,961 2,881 8,162 115,182 Dec. 26 .-. 25,223 25,000 15,578 1,005 6,371 7,053 17,572 5,922 2,377 4,023 3,422 8,304 121,850 Total gold reserves: Nov.28 .49,821 610,953 .28,222 .63,953 99,670 96,132 367,482 LOO, 948 60,633 95,192 58,155 L62,480 2,093,641 Dec.5 ^63,609 590,905 .31,010 181,572 93,621 97,409 364,461 95,206 57,888 87,945 63,743 159,895 2,087,264 Dec. 12 .40,845 577,407 134,186 178,324 91,083 99,856 395,255 L06,099 58,308 70,775 59,622 184,528 2,096,288 Dec. 19 .52,070 608,107 137,093 169,118 93,235 103,392 373,251 93,109 54,132 71,144 54,989 186,173 2,095,813 Dec. 26 .52,865 570,438 138,341 181,253 81,543 110,706 372,355 94,267 51,173 77,688 56,181 191,622 2,078,432 Legal-tender notes,silver, etc.: Nov.28 4,550 49,586 477 837 211 1,217 2,389 4,800 73 311 1,375 199 66,025 Dec. 5 4,535 50,107 477 913 209 1,220 2,715 4,744 61 277 1,314 259 66,831 Dec. 12 3,915 49,503 548 706 179 1,162 2,885 3,367 59 288 1,270 235 64,117 Dec. 19 3,725 46,269 544 668 186 1,038 2,140 2,559 52 348 1,242 327 59,098 Dec. 26 3,238 45,602 539 533 188 970 1,829 2,240 72 343 1,166 384 57,104 Total cash reserves: Nov.28 154,371 660,539 128,699 164,790 99,881 97,349 369,871 105,748 60,706 95,503 59,530 162,679 2,159,666 Dec. 5 168,144 641,012 131,487 182,485 93,830 98,629 367,176 99,950 57,949 88,222 65,057 160,154 2,154,095 Dec. 12 144,760 626,910 134,734 179,030 91,262 101,018 398,140 109,466 58,367 71,063 60,892 184,763 2,160,405 Dec. 19 155,795 654,376 137,637 169,786 93,421 104,430 375,391 95,668 54,184 71,492 56,231 186,500 2,154,911 Dec. 26 156,103 616,040 181,786 81,731 111,676 374,184 96,507 51,245 78,031 57,347 192,006 2,135,536 Bills discounted: Secured by Government war obligations *— Nov. 28 126,192 753,834 185,583 130,272 83,560 65,743 176,503 49,151 30,999 47,750 29,681 56,878 1,736,146 Dec. 5 105,868 667,512 184,407 116,672 84,478 65,497 173,759 43,519 26,167 43,330 27,630 64,474 1,603,313 Dec. 12 128,055 654,401 193,337 118,469 91,548 63,879 143,316 36,126 22,600 43,204 38,483 54,999 1,588,417 Dec. 19 134,324 515,035 177,655 112,254 89,406 61,843 135,715 43,501 23,204 39,321 41,107 41,585 1,414,950 Dec. 26 138,206 584,588 178,648 120,536 87,901 61,379 146,840 44,142 22,465 36,897 42,634 46,128 1,510,364 All other— Nov.28 39,236 107,068 12,684 32,966 14,340 36,428 88,956 24,150 29,455 47,531 15,507 29,742 478,063 Dec.5 39,870 119,342 15,028 35,463 15,324 35,208 87,854 31,328 33,544 46,669 13,920 31,245 504,795 Dec. 12 38,889 144,924 14,673 41,245 16,280 32,390 105,052 31,270 45,623 12,653 29,248 550,999 Dec. 19 49,559 143,537 27,154 43,951 19,179 31,173 107,984 27,621 44,465 45,998 11,308 28,233 580,162 Dec. 26 56,630 203,606 29,492 47,041 20,760 28,843 128,429 34,093 47,592 50,536 11,427 26,065 684,514 Bills bought in open markets Nov.28 33,348 97,021 3,135 64,694 11,810 11,912 99,923 33,638 20,183 10,305 12,803 96,823 495,595 Dec.5 36,266 131,865 3,649 57,900 12,004 11,849 95,063 31,149 19,040 10,205 12,663 92,566 514,219 Dec. 12 42,707 147,030 4,705 58,118 13,241 12,187 97,736 31,971 17,363 19,993 9,279 87,221 541,551 Dec. 19 14,412 179,382 4,704 56,867 14,394 17,128 105,9r 37,112 15,384 20,297 8,277 92,392 566,266 Dec. 26 16,506 191,312 4"" 56,923 16,031 16,231 108,352 36,936 14,401 19,981 7,734 96,107 585,212 U. S. Government bonds: Nov.28 539 1,257 1,385 844 1,235 375 4,477 1,153 116 3,966 2,633 26,848 Dec.5. 539 1,257 1,385 844 1,235 376 4,477 1,153 116 3,966 2,632 26,848 Dec. 12 539 1,257 1,385 844 1,235 375 4,477 1,153 116 3,966 2,632 26,847 Dec. 19 539 1,257 1,385 844 1,235 375 4,477 1,153 116 8,867 3,966 2,632 26,846 Dec. 26 539 1,257 1—' 833 1,235 375 4,476 1,153 116 8,867 3,966 2,632 26,834 U.S. Victory notes: Nov.28 50 57 Dec.5 50 54 Dec. 12 50 54 Dec. 19 50 54 Dec. 26 50 10 64 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 97 Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Nov. 28 to Dec. 26,1919—Continued. [In thousands of dollars; i. e., 000 omitted.] RESOURCES—Continned. 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. a M p i o n l n is e . - K C a i n ty s . as Dallas. c F S i r s a a c n n o - . Total. U. S. certificates of indebtedness: Nov.28 22,562 77,684 31,471 25,883 11,860 15,665 40,236 17,366 8,380 14,820 11,225 10,880 288,032 Dec. 5 22,081 75,407 31,760 25,146 12,260 15,665 39,903 17,300 8,380 15,811 8,645 11,495 283,853 Dec. 12 21,752 68,154 30,918 25,136 12,2bO 15,665 39,841 17,138 13.916 9,220 10,839 273,219 Dec. 19 21,598 97,493 31,134 25,131 12,260 15,666 39,885 17,309 8,575 13,899 9,145 11,463 303,558 Dec. 26 21,661 67,347 30,529 24,817 12,260 15,666 39,754 17,216 8,480 15,249 9,090 11,438 273,507 Total earning assets: m Nov.28 221,877 1,036,914 234,258 254,659 122,805 130,127 410,095 125,458 89,136 129,274 73,182 196,956 3,024,741 Dec. 5 1204,624 995,433 236,229 236,025 125,301 128,599 401,056 124,449 87,247 124,883 66,824 202,412 2,933,082 Dec. 12 1231,942 1,015,816 245,018 243,812 134,564 124,500 390,422 117,658 87,211 131,604 73,601 184,939 2,981,087 Dec. 19 (220,432 936,754 242,032 239,047 136,474 126,189 393,978 126,696 91,744 128,382 73,803 176,305 2,891,836 ~D ec. 2~6~. 233,542 1,048,160 244,752 250,160 138,187 122,498 427,851 133,540 93,054 131,530 74,851 182,370 3,080,495 Bank premises: Nov.28 1,078 3,994 500 491 2,936 691 600 402 394 400 12,878 Dec. 5 1,091 3,994 500 491 503 600 402 399 400 12,896 Dec. 12 1,091 3,994 500 890 507 515 2^936 600 462 399 400 12,985 Dec. 19 1,091 3,994 500 890 508 515 2,936 691 600 462 399 400 12,986 Dec. 26 1,091 3,994 500 895 519 515 2,936 691 600 462 400 13,002 Uncollected items and other deductions from gross deposits: Nov.28 78,835 249,903 88,495 78,112 85,648 41,665 111,150 70,776 77,448 60,341 48,085 1,013,426 Dec. 5 66,250 225,597 75,934 65,025 78,423 106,157 65,712 24,024 76,894 49,952 49,495 920,299 Dec. 12 83,747 234,567 81,244 74,347 76,519 42,846 119,738 68,236 25,609 81,232 51,365 44,077 983,527 Dec. 19 95,697 254,786 90,192 96,071 91,538 51,911 151,294 78,915 28,821 89,306 55,856 55,837 1,140,224 Dec. 26 81,682 235,089 86,294 91,234 90,283 50,072 139,834 70,669 29,285 90,664 62,236 47,758 1,075,100 5 per cent redemption fund against Federal Reserve Bank notes: Nov.28 ; 1,072 1,450 1,112 1,856 390 206 957 559 655 12,671 Dec.5 i 1,072 2,884 1,450 1,262 575 804 1,876 497 134 957 530 655 12,696 Dec.12 ! 1,072 2,886 1,475 1,162 679 832 1,847 576 322 957 498 655 12,961 Dec. 19 1 1,072 2,922 1,475 1,204 587 939 1,964 476 518 957 554 665 13,333 Dec.26 J 1,072 2,929 1,475 1,146 443 798 2,116 647 428 958 560 665 13,237 All other resources: Nov.28 ! 317 1,340 281 697 751 180 1,087 227 147 505 6,659 Dec.5 i 284 1,363 350 753 2,181 200 1,092 245 173 514 783 8,328 Dec.12 i 286 1,353 933 443 628 119 2,524 290 128 515 246 811 8,276 Dec.19 ; 296 1,287 5,802 628 595 148 793 382 126 540 303 414 11,314 Dec.26 280 1,306 1,061 344 1,506 141 1,785 316 157 481 261 424 8,062 Total resources: Nov.28 457,550 1,955,586 500,259 310,272 270,646 896,995 303,290 173,763 304,089 194,275 409,633 6,230,041 Dec.5 441,465 1,870,283 445,950 486,439 300,801 265,571 880,293 291,544 170,127 291,872 183,152 413,899 6,041,396 Dec.12 1,885,526 463,904 499,684 304,159 269,830 915,607 296,917 172,237 285,833 187,001 415,645 6,159,241 Dec.19 474,383 1,854,119 477,638 507,626 323,123 284,132 926,356 302,828 175,993 291,139 187,146 420,121 6,224,604 Dec.26 473,770 1,907,518 472,962 525,565 312,669 285,700 948,706 302,370 174,769 302,126 195,654 423,623 6,325,432 i Includes bills discounted for otgher Federal Reserve Banks: ov.28 19,500 4,000 23,500 ec. 5 20,850 3,500 24,350 Dec.12 5,000 10,900 15,900 Dec. 19 8,100 20,000 28,100 Dec.26 14,670 25,945 40,615 8 Includes bankers' acceptances bought from other Federal Reserve Banks: With their indorsement— Nov.28 5,080 15,210 15,118 5,066 40,474 Dec. 5 5,080 15,210 15,118 5,065 40,473 Dec.12 5,080 15,210 14,927 5,065 40,282 Dec.19 5,080 5,065 25,307 19,938 5,065 10,081 70,536 Dec.26. 5,080 5,065 25,307 19,301 5,065 10,081 Without their indorsement— Nov.28 23,269 33,161 13,446 10,005 5,012 11,547 96,440 Dec.5 20,367 27,732 10,551 10,005 5,012 10,185 83,852 Dec.12 16,757 25,553 10,408 10,005 1,667 8,722 73,112 Dec.19 14,900 23,008 9,883 10,005 1,301 6,566 65,663 Dec.26 12,265 20,113 9,721 9,805 1,113 5,184 58,201 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 FEDERAL RESERVE BULLETIN. JANUARY, 1920. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Nov. 28 to Bee. 26,1919—Continued. LIABILITIES. [In thousands of dollars; i. e., 000 omitted.] San Boston. Y N o e r w k. l P e h lp il h a 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 an it s y a . s - D n a l * Ia1ns- n c F i r s a c n o - . Total. Capital paid in: Nov. 28 7,103 22,448 7,873 4,386 3,406 12,308 4,057 3,060 3,996 3,437 5,458 87,001 Dec. 5 7,105 22,373 7,873 4,388 3,413 12,309 4,060 3,073 3,998 3,439 5,473 85,973 Dec. 12 7,104 22,382 7,874 9,461 4,392 3,415 12,315 4,060 3,073 4,008 3,440 5,478 87,002 Dec. 19 7,104 22,386 7,875 9,482 4,392 3,418 12,347 4,060 3,074 4,007 3,417 5,487 87,049 Dec. 26 7,108 22,388 7,884 9,482 3,424 12,347 4,063 3,074 4,012 3,417 5,748 87,339 Surplus fund: Nov.28 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 Dec. 5 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 Dec. 12 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 Dec. 19.. 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 Dec, 26 5,206 32,922 5,311 5,860 3,800 2,805 9,710 2,320 3,957 2,029 4,578 81,087 Government deposits: Nov.28 12,692 37,272 7,015 2,470 5,318 4,025 6,971 3,238 3,043 2,564 4,050 98,157 Dec. 5 2,305 11,455 3,157 2,928 2,102 2,269 1,676 2,658 3,662 1,119 6,467 39,798 Dec. 12 8,846 30,467 9,621 3,282 4,527 3,602 5,676 2,306 7,817 4,407 8,952 89,503 Dec. 19 20,162 630 5,904 3,400 5,991 8,705 2,735 2,932 2,088 7,983 2,449 1,480 64,459 Dec. 26 8,338 12,641 2,966 6,746 8,319 5,105 1,646 3,872 2,721 6,959 5,377 7,667 72,357 Due to members—reserve account: Nov.28 108,254 787,739 81,472 .32,861 66,273 52,853 246,855 62,016 50,508 84,455 111,662 1,844,434 Dec. 5 115,786 746,535 .00,122 .28,145 62,091 50,278 243,715 50,874 86,640 60,700 117,783 1,830,037 Dec. 12 119,614 735,659 94,666 .31,805 62,855 55,685 248,069 67,280 50,530 82,691 59,984 108,568 1,817,406 Dec. 19 111,030 681,610 94,930 .22,907 59,954 56,978 240,563 65,909 50,690 77,202 58,961 112,279 1,733,013 Dec. 26 110,335 706,254 95,505 .27,627 61,081 61,081 253,864 67,092 51,532 77,723 58,423 116,357 1,786,874 Deferred availability items: Nov.28 72,753 188,922 90,160 67,506 71,595 39,575 91,131 62,591 19,199 82,163 43,298 32,543 861,436 Dec. 5 58,407 162,920 67,778 58,161 68,655 36,590 76,730 51,027 17,106 66,257 31,335 22,886 717,852 Dec. 12 63,141 166,058 77,593 61,947 67,215 34,073 97,642 53,137 16,974 60,060 32,026 29,688 759,554 Dec. 19 63,312 188,824 90,771 73,173 83,610 38,057 104,328 58,368 19,085 69,390 34,089 26,600 848,607 Dec. 26 63,293 188,383 70,420 68,364 36,129 103,130 55,155 15,459 78,441 37,607 25,467 Other deposits, including foreign Government credits: Nov.28 5,942 44,065 6,976 6,019 2,706 9,659 3,747 2,156 3,637 2,985 7,312 Dec.o 5,748 43,117 6,624 6,073 3,571 2,715 9,542 4,002 2,124 3,575 2,050 4,992 94,133 Dec. 12 7,713 43,263 7,038 6,049 3,628 2,039 15,580 3,855 2,156 3,611 2,490 5,466 103,488 Dec. 19 5,908 43,935 6,493 6,386 3,622 11,322 3,984 2,700 3,792 2,093 11,943 Dec. 26. 42,685 6,832 6,147 3,610 2,681 10,036 3,588 2,216 3,645 2,066 5,865 97.659 Total gross deposits: Nov.28 199,641 1,057,998 185,623 208,856 146,780 99,159 354,616 137,853 75,101 173,298 155,567 2,902,825 Dec.5 182,246 964,027 177,681 195,307 136,419 91,852 331,663 125,055 70,104 160,134 95,204 152,128 2,681,320 Dec. 12 199,314 975,447 188,918 203,083 138,225 95,999 361,291 129,948 71,966 154,179 98,907 152,674 2,769,951 Dec. 19 199,412 914,999 198,098 205,866 153,177 106,631 358,948 131,193 74,563 158,367 97,592 152,302 2,751,148 Dec. 26 190,254 949,963 186,135 210,940 141,374 104,996 368,676 129,707 71,928 166,768 103,473 155,356 2,779,570 Federal Reserve notes in actual circulation: Nov.28 220,828 767,398 223,051 251,011 141,556 148,567 475,062 141,009 83,784 101,749 69,176 229,086 2,852,277 Dec.5 223,073 774,971 222,612 250,384 142,296 150,749 480,334 142,049 85,014 102,342 71,006 236,529 I 2,881,359 Dec. 12 226,737 778,170 229,077 255,337 143,774 150,831 485,203 142,710 85,169 101,884 71,036 237,507 ] 2,907,435 Dec. 19 238,211 806,615 233,241 260,188 147,427 153,920 498,174 147,704 86,164 102,807 72,402 242,041 2,988,894 Dec. 26 246,455 824,944 240,273 272,884 148,693 156,599 510,018 148,452 87,475 105,100 74,886 241,867 3,057,646 Federal Keserve bank notes in circulation—net liability: Nov.28 21,169 56,150 27,938 21,490 11,702 14,703 39,594 15,996 8,006 18,688 9,992 11,365 256,793 Dec.5 20,044 56,163 28,454 21,720 11,748 14,654 40,264 15,916 8,014 18,954 10,094 11,455 257,480 Dec. 12 20,554 55,347 22,021 11,751 14,631 40,777 15,692 8,037 19,173 10,186 11,587 258,444 Dec. 19 j 20,644 55,425 28,911 22,220 12,068 15,206 40,718 15,380 8,093 19,315 10,292 11,703 259,975 Dec. 26 20,744 54,624 29,028 22,197 12,051 15,663 41,109 15,610 8,157 19,546 10,415 11,895 261,039 All other liabilities: Nov.28 , 3,603 18,670 3,887 3,573 2,048 2,006 5,705 1,786 1,492 2,401 1,308 3,579 50,058 Dec.5 3,791 19,827 4,019 3,699 2,150 2,098 6,013 1,875 1,602 2,487 1,380 3,736 52,677 Dec. 12 3,983 21,258 4,036 3,922 2,217 2,149 6,311 1,918 1,672 2,632 1,403 3,821 55,322 Dec. 19 3,806 21,772 4,202 4,010 2,259 2,152 6,459 1,902 1,779 2,686 1,414 4,010 56,451 Dec. 26 4,003 22,677 4,331 4,202 2,359 2,213 6,846 ir- 1,815 2,743 1,434 4,179 58,751 Total liabilities: Nov.28 457,550 1,956,586 453,683 500,259 310,272 270,646 896,995 303,290 173,763 304,089 194,275 409,633 6,230,041 Dec. 5 441,465 1,870,283 445,950 486,439 300,801 265,571 880,293 291,544 170,127 291,872 183,152 413,899 6,041,398 Dec. 12 462,898 1,885,526 463,904 499,684 304,159 269,830 915,607 296,917 172,237 285,833 187,001 415,645 6,159,241 Dec. 19 474,383 1,854,119 477,638 507,626 323,123 284,132 926,356 302,828 175,993 291,139 187,146 420,121 6,224,604 Dec. 26 473,770jl, 907,518 472,962 525,565 312,669 285,700 948,706 302,370 174,769 302,126 195,654 423,623 6,325,432 MEMORANDA. Contingent liability as indorser on: Discounted paper rediscounted with other Federal Reserve Banks- No v. 28 23,500 23,500 Dec.5 24,350 24,350 Dec. 12 15,900 15,900 Dec. 19 21,100 7,000 28,100 Dec. 26 27,615 13,000 40,615 Bankers' acceptances sold to other Federal Reserve Banks— Nov.28 40,474 40,474 Dec.5 40,473 40,473 Dec. 12 40,282 j 40,282 Dec. 19 70,536 ! 70,536 Dec. 26 69,899 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDEKAL KESEEVE BULLETIN. 99 Maturities of bills discounted and bought, also of United States certificates of indebtedness. [In thousands of dollars; i. e., 000 omitted.] ! i W d it a h y in s. 15 16 d a t y o s 3 . 0 31 d a t y o s. 60 6#o 90 O d v a e y r s 9 . 0 Total. days. Bills discounted: Nov. 28 1,582,690 135,642 293,789 183,448 18,640 2,214,209 Dec. 5 1,476,085 125,065 298,600 189,634 18,724 2,108,108 Dec. 12 1:, 490,897 116,113 322,128 191,451 18,827 2,139,416 Dec. 19 1,328,059 134;643 362,091 151,465 18,854 1,995,112 Dec. 26 ! 1,484,790 244,890 292,715 152,125 20,358 2,194,878 Bills bought: Nov. 28 89,003 85,690 201,297 117,339 2,266 495,595 Dec. 5 82,562 116,662 185,802 129,193 514,219 Dec. 12 78,472 128,987 187,068 147,024 541,551 Dec. 19. 123,248 106,219 188..830 147,969 566,266 Doc. 26 123,727 100,060 209,278 152,147 585,212 United States certificates of indebtedness: Nov. 28 30,235 13,012 14,158 17,324 213,303 Dec. 5 29,075 13,242 8,454 6,289 226,793 Dec. 12 22,158 9,221 6,551 8,630 226,659 273,219 Dec. 19 48,578 2,072 6,221 9,029 237,658 303,558 Dec. 26 15,745 4,865 3,940 10,715 238,242 273,507 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 FEDERAL RESERVE BULLETIN. JANUARY, 1920. FEDERAL RESERVE NOTES. Federal Reserve note account of each Federal Reserve Bank at close of business on Fridays, Nov. 28 to Dec. 26, 1919. [In thousands of dollars; i. e., 000 omitted.] New Philadel- York. phia. Federal reserve notes: Received from agent— Nov.28 228,196 845,849 233,830 [264,509 146,779 153,207 499,786 161,494 85,550 107,443 72,436 260; 573 3,059,652 Bee. 5 232,779 868,304 234,433 1265,747 147,937 154,417 507,521 161,921 86,329 108,502 73,776 266,711 3,108,377 Dec. 12 236,708 885,698 237,620 270,217 148,351 155,452 513,377 [163,549 86,393 108,916 74,480 267,979 3,148,740 Dec. 19. 245,517 909,863 243,606 272,493 153,427 159,650 523,257 168,952 87,621 109,944 75,625 270,605 3,220,560 Dec. 26 253,669 929,663 249,438 284,335 155,232 162,809 533,738 167,515 88,916 111,005 77,977 277,801 3,292,098 Held by bank— Nov.28 7,368 78,451 10,779 13,498 5,223 4,640 24,724 20,485 1,766 5,694 3,260 31,487 207,375 Dec. 5 9,706 93,333 11,821 15,363 5,641 3,668 27,187 19,872 1,315 6,160 2,770 30,182 227,018 Dec. 12. 9,971 107,528 8,543 14,880 4,577 4,621 28,174 20,839. 1,224 7,032 3,444 30,472 241,305 Dec. 19. 7,306 103,248 10,365 12,305 6,000 5,730 25,083 21,248 1,457 7,137 3,223 28,564 231,666 Dec. 26 7,214 104,719 9,165 11,451 6,539 6,210 23,720 19,063 1,441 5,905 3,091 234,452 In actual circulation— Nov.28 220,8% 767,398 223,051 251,011 141,556 148,567 475,062 141,009 83,784 101,749 69,176 229,086 2,852,277 Dec. 5 223,073 774,971 222,612 250,384 142,296 150,749 480,334 142,049 85,014 102,342 71,006 236,529 2,881,359 Dec. 12 226,737 778,170 229,077 255,337 143,774 150,831 485,203 142,710 85,169 101,884 71,036 237,507 2,907,435 Dec. 19 238,211 806,615 233.241 260,188 147,427 153,920 498,174 147,704 86,164 102,807 72,402 242,041 2,988,894 Dec. 26 246,455 824,944 240,273 272,884 148,693 156,599 510,018 148,452 87,475 105,100 74,886 241,867 3,057,646 Gold deposited with or to credit of Federal Reserve agent: Nov.28 62,090 282,877 78,522 105,502 46,923 53,553 247,491 69,100 34,354 38,917 24 996 104,399 1,148,724 Dec. 5 71,692 291,356 77,485 118,420 45,381 55,097 243,826 61,207 35,733 40,126 26,651 105,217 1,172,191 Dec. 12 70,621 290,070 78,872 117,050 43,595 56,022 249,082 74,195 34,997 39,139 26,015 108,685 1,188,343 Dec. 19 71,930 288,751 79,458 116.925 42,031 60,585 251,202 65,258 34,275 39,977 26,451 124,811 1,201,654 Dec. 26 73,782 307,385 82,491 125,048 41,036 64,734 245,883 65,920 35,570 39,858 27,878 130,447 1,240,032 Paper delivered to Federal Reserve agent: Nov. 28 198,776 956,361 159,400 227,862 100,780 102,356 364,958 106,739 66,115 105,586 57,991 171,606 2,618,530 Dec. 5 1182,004 917,238 161,014 208,542 106,593 104,330 356,193 105,973 68,495 100,204 54,213 171,269 2,536,068 Dec. 12 209,651 944,892 179,503 214,640 115,852 108,170 345,929 99,292 68,573 108,820 60,415 159,909 2,615,646 Dec. 19 198,295 836,153 178,544 210,807 116,906 109,634 349,436 108,234 70,606 105,561 60,693 149,165 2,494,034 Dec. 26 211,342 977,365 176,867 222,792 120,967 106,172 383,370 115,098 69,456 107,359 61,795 159,315 2,711,898 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 101 Federal Reserve note account of each Federal Reserve agent at close of business on Fridays, Nov. 28 to Dec. 26, 1919. [In thousands of dollars, i. e., 000 omitted.] ! Boston. d P el h p i h la ia - . C la le n v d e . - m R o ic n h d - . lanta. 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. FEDEEAL RESERVE NOTES. Received from comptroller: Nov. 28 458,800 ,884,860 492,780 ,51,760 292,640 289,000 r97,S00 286,280 .46,480 L9G, 160 .31,740 382,120 5,810,500 D D D e e e c c c . . . 5 1 1 2 9 4 4 4 6 6 7 1 1 5 , , , 8 8 9 0 0 8 0 0 0 , , , 9 9 9 0 2 4 4 7 9 , , , 6 1 4 6 2 2 0 0 0 4 5 5 9 0 1 8 4 0 , , , 7 7 7 8 8 8 0 0 0 : t 1 6 6 6 3 1 8 , , , 7 5 4 4 0 4 0 0 0 2 2 3 9 9 0 3 9 0 , , , 4 4 4 4 0 0 0 0 0 2 2 2 9 9 9 0 3 4 , , , 5 0 0 0 0 0 0 0 0 8 S 8 0 2 1 4 3 6 , , , 7 0 9 6 6 8 0 0 0 1 2 2 2 8 9 8 6 3 9 , , , 7 0 6 6 0 0 0 0 0 . . . 4 4 4 6 6 9 , , , 4 4 4 8 8 8 0 0 0 2 1 L 0 9 9 1 9 7, , , 1 1 1 6 6 6 0 0 0 . . 3 3 3 6 5 8 , , , 5 5 7 0 0 8 0 0 0 3 3 3 8 9 9 8 1 5 , , , 4 2 7 4 4 4 0 0 0 5 5 6 , , , 8 9 0 6 2 0 9 9 0 , , , 7 7 2 8 8 6 0 0 0 Dec. 26 475,980 ,975,560 510,780 174,740 302,900 295,000 826,400 299,600 52,080 202,160 38,780 406,300 6,060,280 Returned to comptroller: Nov. 28 182,324 918,011 230,970 .63,431 .22,843 86,928 209,734 105,906 52,820 82,407 46,314 117,397 2,379,085 Dec. 5 184,721 923,356 233,007 .66,913 .24,386 88,383 273,399 106,799 53,441 83,198 46,659 120,579 2,404,841 Dec. 12 187,792 928,422 235,620 .69,483 .26,171 89,458 278,143 108,811 54,177 84,184 47,295 122,111 2,431,667 Dec. 19 189,483 933,557 238,034 .71,407 27,735 90,895 282,023 109,748 54,899 85,346 47,860 123,985 2,454,072 Dec. 26 191,631 939,897 240,002 .73,785 .28,730 91,746 287,342 112,085 55,604 86,465 48,433 127,349 2,483,069 Chargeable to Federal Reserve agent: Nov. 28 276,476 966,849 261,810 288,329 169,797 202,072 528,146 180,374 93,660 13,753 85,426 264,723 3,431,415 Dec. 5 277,079 981,304 265,773 294,587 169,054 202,117 531,361 179,961 93,039 113,962 88,841 267,861 3,464,939 Dec. 12 274,008 998,698 269,160 294,257 173,229 203,542 538,817 180,789 92,303 114,976 89,205 269,129 3,498,113 Dec. 19 286,497 ,015,863 272,746 297,033 172,665 203,105 541,057 183,252 94,581 115,814 90,920 271,755 3,515,288 Dec. 26 |284,349 ,035,663 270,778 300,955 174,170 203,254 539,058 :87,515 96,476 115,695 90,347 278,951 3,577,211 Inf hands of Federal Reserve agent: Nov. 28 - 48,280 121,000 27,980 23,820 23,018 48,865 28,360 18,880 8,110 6,310 12,990 4,150 371,763 Dec.5 44,300 113,000 31,340 28,840 21,117 47,700 23,840 18,010 6,710 5,460 15,065 1,150 356,562 Dec. 12 37,300 113,000 31,540 24,040 24,878 48,090 25,440 17,240 5,910 6,060 14,725 1,150 349,373 Dec. 19 40,980 106,000 29,140 24,540 19,238 43,455 17,800 14,300 6,960 5,870 15,295 1,150 324,728 Dec. 26 30,680 106,000 21,340 16,620 18,938 40,445 5,320 20,000 7,560 4,690 12,370 1,150 285,113 Issued to Federal Reserve Bank less amount returned to Federal Reserve agent for redemption: Nov. 28 228,196 845,849 233,830 264,509 146,779 153,207 499,786 161,494 85,550 107,443 72,436 260,573 3,059,652 Dec.5 232,779 868,304 234,433 265,747 147,937 154,417 507,521 161,921 86,329 108,502 73,776 266,711 3,108,377 Dec. 12 236,708 885,698 237,620 270,217 148,351 155,452 513,377 .163,549 86,393 108,916 74,480 267,979 3,148,740 Dec. 19 245,517 909,863 243,606 272,493 153,427 159,650 523,257 168,952 87,621 109,944 75,625 270,605 3,220,560 Dec. 26 253,669 929,663 249,438 284,335 155,232 162,809 533,738 167,515 88,916 111,005 77,977 277,801 3,292,098 Collateral held as security for outstanding notes: Gold coin and certificates— Nov.28 183,740 24,125 2,500 4,000 13,052 8,831 236,248 Dec.5 183,740 37,525 2,500 4,000 13,052 8,831 249,648 Dec. 12 183,740 32,725 2,500 4,000 13,052 8,831 244,848 Dec. 19 183,740 32,525 2,500 4,000 13,052 8,831 244,648 Dec. 26 183,740 32,025 2,500 4,000 13,052 8,831 244,148 Gold redemption fund— Nov.28 13,090 14,137 15,133 16,377 923 4,053 9,347 3,169 1,502 2,557 4,681 14,492 99,461 Dec.5 13,692 12,616 13,096 15,895 1,381 4,097 8,682 4,277 2,881 3,766 4,336 13,439 98,158 Dec. 12 13,621 11,330 10,483 14,325 1,595 3,522 7,938 4,264 2,145 2,779 5,700 12,787 90,489 Dec. 19 16,930 15,011 13,069 14,400 2,031 3,085 9,058 5,327 1,423 3,617 5,136 20,913 110,000 Dec. 26 14,782 13,645 16,101 13,023 1,036 4,234 8,738 2,990 2,718 2,498 4,563 19,247 103,575 Gold settlement fund, Federal Reserve Board— Nov.28 49,000 85,000 63,389 65,000 46,000 47,000 238,144 61,931 19,800 36,360 11,484 89,907 813,015 Dec.5 58,000 95,000 64,389 65,000 44,000 48,500 235,144 52,930 19,800 36,360 13,484 91,778 824,385 Dec. 12 57,000 95,000 68,389 70,000 42,000 50,000 241,144 65,931 19,800 36,360 11,484 95,898 853,006 Dec. 19 55,000 90,000 66,389 70,000 40,000 55,000 242.144 55,931 19,800 36,360 12,484 103,898 847,006 Dec.26 59,000 110,000 66,390 80,000 40,000 58,000 237.145 58,930 19,800 37,360 14,484 111,200 892,309 Eligible paper, minimum required *— Nov.28 166,106 562,972 155,308 159,007 99,856 99,654 252,295 92,394 51,196 68,526 47,440 156,174 1,910,928 Dec.5 161,087 576,948 156,948 147,327 102,556 99,320 263,695 100,714 50,596 68,376 47,125 161,494 1,936,186 Dec. 12. 166,087 595,628 158,748 153,167 104,756 99,430 264,295 89,354 51,396 69,777 48,465 159,294 1,960,397 Dec. 19. 173,587 621,112 164,148 155,568 111,396 99,065 272,055 103,694 53,346 69,967 49,174 145,794 2,018,906 Dec. 26 1179,887 622,278 166,947 159,287 114,196 98,075 287,855 101,595 53,346 71,147 50,099 147,354 2,052,066 1 For actual amounts see "Paper delivered to Federal Reserve agent" on p. 100. ' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 FEDERAL RESERVE BULLETIN. JANUARY, 1920. CONDITION OF MEMBER BANKS IN SELECTED CITIES. Liquidation of 38.8 millions of United States to changes in discount rates which with most securities, of 43.4 millions of war paper (exclusive Federal Reserve Banks no longer favor 15-day of rediscounts), and of 16.9 millions of loans paper. Of the bills payable on December 19 secured by stocks and bonds, accompanied by all but 4.7 millions are collateraled by United an increase of 131.5 millions in all other loans States war obligations. and investments (also exclusive of rediscounts), Loans secured by stocks and bonds, after are the principal developments in the condition showing a considerable amount of liquidation of about 790 member banks in leading cities for the three weeks November 14-December 5, for the five-week period November 14-Decem- resumed their upward course during the most ber 19, 1919. During the period, the Treasury recent two weeks of the period under review, issued, on December 1 and December 15, a with the net result that the aggregate of these total of 1,150.6 millions of tax and loan certifi- loans, which was 3,287.4 millions on November cates and redeemed the outstanding balances 14, was still 3,270.5 millions on December 19, of two series of tax certificates issued during and constituted on that date 20.9 per cent of the June and July, 1919, as well as a portion of the banks' total loans and investment, as comloan certificates due early in 1920. The banks' pared with 21.1 per cent five weeks earlier. A holdings of Treasury certificates, which stood larger decrease from 2,817.5 to 2,735.1 milat 835.5 millions on November 14, declined to lions is shown for the aggregate amount of war 816.5 millions on November 28, as the result of securities and war paper held by the reporting redemptions before maturity and sales to cus- banks, these holdings constituting 17.5 per tomers, but increased to about 862 millions on cent of the banks' total loans and investments December 5 after two new issues were placed. at the end of the period, compared with 18.1 Between December 5 and December 19 one new per cent at the beginning. issue was allotted and large amounts of certifi- Fluctuations in volume of Government decates were redeemed on and before maturity, posits during the period under review reflected the net result for the entire five-week period the Treasmy's transactions in placing and rebeing a slight increase of 8.8 millions in certifi- deeming certificates of indebtedness and also cate holdings. Liberty bonds held declined 8.6 the payment by the public of the December millions, and Victory notes 39.2 millions, pre- installment of income and excess profits taxes. sumably as the result of absorption of these The high points in Government deposits are amounts by the public. consequently shown for December 5, 415.1 mil- A new classification of rediscounts with the lions, and for December 19, 647.9 millions. Federal Reseserve Banks, showing separately Other demand deposits (net) in general followed the amounts of rediscounted paper secured by a course opposite to that shown for Govern- Government obligations and otherwise secured ment deposits, and reached the lowest levels or unsecured, was presented for the first time in on December 5, the Friday following the the condition statement for December 12. flotation of two series of tax certificates, This information makes it possible to deter- and December 19, following a further issue of mine the total amount of war paper held by the certificates and the December 15 tax payment banks or rediscounted by them with the Fed- resulting in heavy withdrawals of both indieral Reserve Banks. This gross figure was vidual and bank deposits from reporting banks. 1,342.8 millions on December 12, and 1,328.9 On the most recent date net demand deposits millions on December 19, indicating a net liqui- were 240.5 millions below the figure for Nodation of 13.9 millions for that week. The vember 14. Time deposits, after some flucaggregate amount of paper rediscounted by the tuations, stand at practically the same amount reporting banks with the Federal Reserve at the end as at the beginning of the five-week Banks increased from 675.1 millions on Novem- period. ber 14 to 792.3 millions on December 19. Of Reserve balances with the Federal Reserve the latter amount, 306.3 millions was secured Banks declined almost without interruption by Government war obligations, while 486 during the period under review, and on Decemmillions represents paper otherwise secured ber 19 stood 111.3 millions below the Novemor unsecured. The banks7 own bills payable ber 14 figure. This decline reflects to some with Federal Reserve Banks declined from extent the net reduction in the accommoda- 1,070.3 millions on November 14 to 846.1 tion obtained by the member banks from the millions five weeks later. The shift from Federal Reserve Banks, as measured by the collateral notes to rediscounts is due in part combined total of the banks7 own bills payable Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 103 and their rediseoimted customers' paper, a total lions in cash on hand, probably Federal Rewhich shows a reduction of about 107 millions serve notes, may be noted for the period. for the five weeks. An increase of 19.5 mil- 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 Nov. 21 to Dec. 19, 1919. 1. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [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 an it s y a . s Dallas. F c S i r s a a c n n o - . Total. Number of reporting banks: Nov.21 46 112 107 794 Nov.28 46 112 107 795 Dec.5 46 112 107 796 Dec.12 46 112 107 796 Dec.19 46 112 107 796 United States bonds to secure circulation: Nov. 21 13,536 48,737 11,097 41,841 26,071 14,015 20,857 17,154 7,120 14,467 19,573 34,605 269,073 Nov.28 13,536 48,759 11,097 41,841 26,071 14,015 20,859 17,154 7,120 14,467 19,573 34,605 269,097 Dec.5 13,536 48,759 11,197 41,841 26,071 14,015 20,873 17,154 7,120 14,467 19,573 34,819 269,425 Dec.12 13,536 48,887 11,097 41,841 26,271 14,015 20,873 17,153 7,120 14,467 19,573 35,017 269,850 Dec.19 13,536 48,887 11,097 41,841 26,271 14,015 20,873 17,153 7,120 14,217 19,573 34,605 269,188 Dther United States bonds, including Liberty bonds: Nov.21 14,835 283,770 28,936 62,501 36,938 27,936 51,799 13,840 10,148 25,165 19,859 58,641 634,368 Nov.28 14,498 275,007 29,411 62,198 37,194 28,680 54,244 14,375 9,785 24,970 20,127 57,732 628,221 Dec.5 15,041 276,139 29,516 62,632 37,403 28,796 53,109 14,068 10,502 25,309 20,368 58,491 631,374 Dec.12 14,336 275,440 29,556 63,282 36,341 28,697 53,099 14,794 10,322 25,107 20,688 57,066 628,728 Dec.19 14,410 271,078 29,670 62,737 36,919 28,140 54,561 14,650 10,604 24,570 20,717 58,241 626,297 United States Victory notes: Nov. 21 8,158 117,907 13,783 27,262 13,573 9,778 49,550 6,008 4,065 8,487 4,722 12,229 275,522 Nov.28 7,858 110,860 14,060 27,023 13,215 9,537 48,414 5,743 3,738 8,177 4,593 12,763 265,981 Dec.5 7,870 105,922 13,112 26,223 13,128 9,338 47,118 5,550 3,777 7,990 4,153 12,284 256,465 Dec.12 7,744 103,132 12,930 26,987 12,904 9,045 45,930 5,348 3,376 7,546 4,100 12,582 251,624 Dec.19 7,767 95,472 12,325 25,926 12,608 8,286 45,133 5,515 2,996 7,221 4,050 14,611 241,910 United States certificates of indebtedness: Nov.21 30,347 388,873 39,607 67,116 20,831 30,714 115,710 13,054 23,255 21,229 14,857 55,423 821,016 Nov.28 36,680 381,015 39,450 64,935 20,863 29,137 117,729 11,140 22,321 20,989 16,330 55,951 816,540 Dec.5 46,582 362,972 50,411 68,518 28,809 37,549 126,229 13,779 21,647 20,684 21,810 63,027 862,017 Dec.12 45,941 324,934 43,531 60,273 28,719 38,185 117,332 13,034 17,946 20,468 21,331 61,028 792,722 Dec.19 48,036 332,503 58,059 66,880 29,602 41,935 112,307 23,089 17,773 24,565 36,585 52,975 844,309 Total United States securities owned: Nov.21 66,876 839,287 93,423 198,720 97,413 82,443 237,916 50,056 44,588 i 69,348 59,011 160,898 1,999,979 Nov.28 72,572 815,641 94,018 195,997 97,343 81,369 241,246 48,412 42,964 j 68,603 60,623 161,051 1,979,839 Dec.5 83,029 793,792 104,236 199,214 105,411 247,329 50,551 43,046 68,450 65,904 168,621 2,019,281 Dec.12 81,557 752,393 97,114 192,383 104,235 89,942 237,234 50,329 38,764 I 67,588 65,692 165,693 1,942,924 Dec.19 83,749 747,940 111,151 197,384 105,400 92,376 232,874 60,407 38,493 70,573 80,925 160,432 1,981,704 Loans secured by United States bonds, Victory notes, and certificates: Nov.21 40,764 553,628 116,361 91,885 37,665 24,832 96,898 29,870 14,712 19,807 6,228 27,566 1,060,216 Nov.28 40,745 543,1881116,397 93,589 37,687 24,749 96,193 30,208 15,779 19,758 6,513 28,857 1,053,663 Dec.5 42,419 528,072 106,462 90,024 37,783 24,810 96,186 30,644 14,927 20,022 7,045 29,713 1,028,107 Dec.12 39,454 528,199 105,168 89, 111 37,554 24,515 93,340 30,417 15,052 20,223 7,469 30,072 1,020,574 Dec.19 43,790 522,164 104,527 91,107 37,904 24,566 93,478 31,292 14,782 20,368 7,423 31,232 1,022,633 Loans secured by stocks and bonds, other than United States securities: Nov.21 210,960 ,427,816 213,119 339,392 114,029 49,246 457,598 149,219 32,066 71,893 30,644 124,955 3,220,937 Nov.28 202,583 ,430,583 209,433 343,951 113,594 50,196 458,838 151,098 30,737 73,638 30,374 127,597 3,222,622 Dec.5 202,489 ,398,127 210,038 348,995 113,809 51,676 464,092 151,800 31,176 73,359 30,555 128,729 3,204,845 Dec.12 200,950 ,430,330 215,032 350,165 115,668 52,321 468,890 154,142 30,823 72,563 29,897 128,281 3,249,062 Dec.19 197,266 ,462,037 201,504 351,281 114,151 54,474 467,834 158,949 31,454 73,806 31,107 126,648 3,270,511 All other loans and investments: N N D D D o o e e e c c v c v . . . . . 1 1 5 2 2 9 2 8 1 6 6 6 6 6 4 4 7 6 6 8 5 1 6 0 , , , , , 2 3 6 7 4 6 0 3 9 4 6 9 5 7 3 3 3 3 3 3 , , , , , 3 2 2 2 2 4 6 8 8 7 2 7 2 8 6 , , , , , 7 1 9 5 7 0 8 9 2 2 8 0 2 4 5 4 4 4 4 4 8 8 8 8 9 2 1 6 6 0 , , , , , 5 8 2 5 1 8 3 0 2 9 9 3 0 0 7 7 7 7 7 7 9 9 8 8 8 4 4 7 2 3 , , , , , 3 0 8 5 4 0 0 5 2 7 1 3 9 5 5 3 3 3 3 33 4 4 4 4 9 0 4 1 2 , , , , , 8 2 1 3 2 5 7 4 3 0 9 4 9 2 2 3 3 3 3 3 5 3 3 5 4 3 9 2 1 2 , , , , , 5 9 7 2 3 9 5 9 4 3 1 8 4 2 5 1 1 1 1 1 , , , , , 3 3 3 3 3 6 4 6 4 4 3 8 1 3 4 , , , , , 3 7 0 2 3 0 9 8 8 6 7 7 9 5 1 2 3 3 2 3 0 0 9 0 9 3 5 9 9 5 , , , , , 6 4 7 8 3 1 1 2 6 7 3 6 6 6 7 2 2 2 2 2 5 5 5 4 5 6 3 6 9 5 , , , , , 3 6 0 9 7 2 0 3 8 6 1 1 9 4 4 4 4 4 4 4 6 6 7 6 6 8 9 4 3 4 , , , , , 6 6 1 2 2 0 2 3 3 6 1 8 6 2 2 2 2 2 2 2 1 1 0 1 0 0 9 0 1 5 , , , , , 9 3 6 5 3 1 0 9 4 6 9 1 5 4 4 7 7 7 7 7 4 2 3 2 3 2 9 0 9 6 , , , , , 0 5 8 4 9 6 0 3 9 5 1 1 6 S 5 9 9 9 9 9 , , , , , 2 3 1 1 1 4 3 8 9 8 6 9 6 5 2 , , , , , 6 6 9 1 4 9 8 5 3 1 7 7 8 8 6 Total loans and investments: Nov.21 979,043 6,097,456 904,703 1,412,472 593,256 498,856 2,136,773 524,511 347,130 625,184 301,247 1,042,91715,463.548 Nov. 28. 961,166 6,077,936 910,081 1,417,340 588,898 489,272 2,139,584 529,595 345,519 630,600 306,811 1,054,46015,451', 262 Dec.5 976,272 5,987,183 903,325 1,425,758 599,205 505,426 2,150,892 536,608 345,470 636,459 314,423 1,057,89915,438,920 Dec.12 988,758 5,993,902 903,834 1,425,960 598,789 518,572 2,160,553 544,304 334,240 623,636 313,602 1,053,10715,459,257 Dec. 19 6,074,849 903,379 1,433,831 597,314 525,007 2,162,983 556,374 338,713 633,979 331,150 1,060,81315,614,806 Reserve balances with Federal Reserve Bank: Nov.21 79,590 687,255 66,070 93,553 39,414 33,824 185,565 43,411 26,738 54,162 26,094 73,437 1,409,113 Nov.28 73,601 720,101 60,354 90,391 40,440 32,911 181,235 43,373 25,789 50,072 24,582 72,007 1,414,856 Dec. 5 79,903 694,393 66,769 90,214 37,882 30,836 182,522 44,420 22,045 52,129 27,453 77,627 1,406,193 Dec.12 84,696 677,355 62,087 91,741 40,908 35,365 192,857 43,382 23,600 49,202 28,216 73,020 1,402,429 Dec. 19 77,189 629,951 64,043 88,901 37,378 35,777 183,027 40,503 21,091 43,723 25,524 71,830 1,316,937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

104 FEDERAL RESERVE BULLETIN. JANUARY, 1920. 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 Nov. 21 to Dec. 19,1919—Contd. 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 is e . -K C an it s y a . s Dallas. F c S i r s a a c n n o - . Total. Cash in vault: Nov. 21 24,748 129,976 18,209 35,848 18,634 13,704 71,261 11,527 9,138 14,962 10,897 27,142 386,046 Nov.28 24,578 129,830 18,333 32,329 18,589 14,707 70,576 12,380 9,174 15,506 12,096 26,445 384,543 Dec. 5 26,304 134,733 19,232 36,134 18,271 13,835 71,528 12,502 10,369 15,534 11,357 26,188 395,987 Dec. 12 26,520 132,605 19,576 35,632 17,361 14,032 72,093 12,388 9,101 16,103 11,769 26,378 393,558 Dec. 19 28,431 136,195 20,549 37,760 18,456 14,646 71,978 13,054 9,137 15,110 10,798 27,440 403,554 Net demand deposits on which reserve is computed: Nov.21 784,693 5,109,451 825,594 374,781 1,405,803 342,442 259,087 462,994 234,892 588,386 11,343,085 Nov.28 779,391 5,121,787 666,231 821,437 374,830 289,997 1,380,974 338,631 255,242 467,785 236,932 604,377 11,337,614 Dec. 5 788,991 5,013,899 675,676 824,759 364,802 284,149 1,370,900 337,534 247,390 464,156 234,319 597,419 11,203,994 Dec. 12 806,688 5,099,590 674,581 837,166 371,828 297,969 1,415,244 352,307 244,222 474,487 234,160 596,047 11,404,289 Dec. 19 767,447 5,066,722 638,432 816,544 360,777 302,283 1,364,973 354,045 241,705 456,149 235,769 590,239 11,195,085 Time deposits: Nov.21 124,312 427,627 22,393 323,879 96,782 119,052 543,975 107,590 59,083 83,099 33,290 347,104 2,288,186 Nov.28 126,501 419,076 22,440 323,239 96,794 118,743 548,195 109,459 53,214 83,531 33,338 347,603 2,288,133 Dec. 5 127,901 389,174 22,215 326,055 96,859 120,448 552,175 111,664 59,642 83,254 30,427 350,864 2,270,678 Dec. 12 128,964 393,898 22,234 326,453 96,687 120,172 553,391 110,757 59,597 83,692 35,187 352,641 2,283,673 Dec. 19 128,032 397,768 22,172 330,219 96,900 119,729 555,033 110,727 59,884 85,612 35,551 351,757 2,293,384 Government deposits: Nov.21. 15,613 118,196 15,338 17,887 7,497 3,144 24,009 4,473 5,740 6,143 4,726 8,935 231,701 Nov.28 13,212 87,281 11,366 14,516 6,850 2,587 22,056 3,516 5,245 6,215 4,178 6,031 183,053 Dec. 5 31,027 171,328 24,528 30,845 15,177 15,773 52,859 13,037 11,605 12,543 15,132 21,209 415,063 Dec. 12 22,840 114,606 17,100 22,211 10,851 14,304 38,427 10,497 8,169 8,863 12,335 15,759 295,962 Dec. 19 42,433 283,506 41,199 53,701 15,829 24,663 67,912 27,102 9,992 15,229 34,890 31,442 647,898 Bills payable with Federal Reserve Bank: Nov.21 35,808 507,873 78,472 98,784 48,940 48,290 106,781 21,376 20,084 37,038 10,029 41,057 1,054,532 Nov.28 33,573 553,923 78,324 103,407 42,489 45,756 108,853 28,426 21,310 35,612 13,434 42,828 1,107,935 Secured by United States war obligations- Dec. 5 17,259 465,735 80,647 89,481 46,414 45,719 104,682 21,497 16,400 28,301 13,950 50,101 980,186 Dec. 12 34,880 458,054 80,929 90,959 52,637 45,240 94,903 18,506 13,358 28,043 13,175 41,030 971,714 Dec. 19 43,761 339,853 73,757 89,923 50,189 45,078 89,767 25,627 13,343 31,549 9,770 28,751 841,368 All other- Dec. 5 175 575 750 190 2,937 215 100 4,942 Dec. 12 505 750 100 3,670 215 100 5,340 Dec. 19 175 460 100 77 335 4,735 Bills rediscounted with Federal Reserve Bank: Nov.21 84,435 217,733 37,073 17,844 35,184 69,970 22,122 23,348 39,507 6,686 31,741 679,546 Nov.28 91,094 235,424 87,853 40,526 19,999 33,448 78,195 21,654 25,103 38,081 6,505 27,092 704,974 Secured by United States war obligations— Dec. 5 50,334 146,272 75,302 9,287 10,201 2,977 9,672 5,065 2,458 5,248 83 3,271 320,170 Dec. 12 56,767 144,443 76,730 9,677 10,252 3,150 7,865 4,290 2,128 4,187 73 2,642 322,204 Dec. 19 54,188 127,784 78,696 9,271 10,746 3,105 6,678 6,977 2,423 3,800 124 2,482 306,274 All other- Dec. 5 34,843 111,539 13,088 32,861 11,014 30,931 67,911 24,407 29,082 32,385 5,726 25,641 419,428 Dec. 12 33,185 135,906 12,177 39,290 11,551 28,192 86,624 24,158 34,287 31,612 4,852 19,765 461,599 Dec. 19 42,961 131,529 24,283 38,083 14,388 26,870 89,917 18,458 39,554 32,304 4,580 23,110 486,037 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. Number of reporting banks: Nov. 21 22 71 41 9 8 50 13 9 19 6 15 275 Nov. 28 22 71 41 9 8 50 13 9 20 6 15 276 Dec. 5 22 71 41 9 8 50 13 9 20 6 15 276 Dec. 12.... 22 71 41 9 8 50 13 9 20 6 15 276 Dec. 19 22 71 41 9 8 50 13 9 20 6 15 276 United States bonds to secure circulation: Nov.21 3,606 39,040 7,087 3,631 2,832 3,100 1,438 10,549 2,791 4,753 4,560 18,500 101,887 Nov. 28 3,606 39,062 7,087 3,631 2,832 3,100 1,438 10,549 2,791 4,753 4,560 18,500 101,910 Dec. 5.. 3,606 39,062 7,187 3,631 2,832 3,100 1,438 10,549 2,791 4,753 4,560 18,500 102,009 Dec. 12 3,606 39,190 7,087 3,631 2,832 3,100 1,438 10,548 2,791 4,753 4,560 18,500 102,036 Dec. 19 3/606 39,190 7,087 3,631 2,832 3,100 1,439 10,548 2,791 4,753 4,560 18,500 102,037 Other United States bonds, including Liberty bonds: Nov.21 6,918 253,264 22,367 9,707 5,722 1,357 17,415 5,651 1,307 8,793 4,839 37,764 375,104 Nov.28 6,454 245,014 22,918 9,687 5,729 1,363 18,966 6,016 1,389 8,701 4,860 36,602 367,699 Dec. 5 7,130 245,917 22,826 9,759 5,713 1,393 18,239 5,897 1,466 8,404 5,070 37,471 369,274 Dec. 12 6,288 245,387 22,219 9,555 5,160 1,414 18,256 5,916 1,598 8,346 5,280 36,296 365,715 Dec. 19 6,522 241,147 22,272 9,685 5,452 1,500 21,159 5,824 1,630 8,218 5,341 36,657 365,407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 105 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 Nov. 21 to Dec. 19,1919—Contd. 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [In thousands of dollars; i. e., 000 omitted.] B to os n - . Y N o e r w k. P p d h h e i l i l - a a . - l C a l n e d v . 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 an it s y a . s Dallas. F c S i r s a a c n n o - . Total. United States Victory notes: Nov.21 1,038 104,751 10,134 6,712 782 24,326 2,503 1,001 4,657 1,384 5,952 164,068 Nov. 28 985 97,782 10,454 6,639 753 793 23,103 2,305 772 4,511 1,283 6,396 155,776 Dec. 5 1,012 93,183 9,793 6,268 756 747 22,244 2,132 921 4,364 1,001 6,191 148,612 Dec. 12 953 90,903 9,485 6,053 687 724 21,213 2,000 630 4,017 6,180 143,814 Dec. 19 953 84,287 8,928 5,465 607 723 20,490 2,144 3,779 7,882 136,382 United States certificates of indebtedness: N N o o v v . . 2 2 1 8 2 1 4 7 , ,2 1 7 3 1 5 3 3 6 5 4 6 , , 5 4 3 2 0 7 3 3 3 3 , , 7 6 8 8 3 0 1 1 2 2 , ,3 1 6 1 8 2 9 9 3 3 5 5 1 1 3 1 , , 5 7 1 4 7 2 5 5 9 9 , , 3 3 2 4 0 7 9 8 , , 8 25 3 8 2 8 7 , ,1 3 9 0 0 2 4 4 , , 3 9 2 5 4 2 3 2 , ;8 6 4 1 5 1 2 2 3 2 , , 1 8 7 6 7 8 5 5 5 4 0 4 , , 5 9 2 3 3 8 Dec. 5 30,322 338,423 44,464 17,411 1,107 18,139 61,575 11,464 7,038 5,179 7,153 25,372 567,647 Dec. 12 30,455 305,172 39,349 16,610 1,157 17,889 52,539 10,553 6,013 4,982 6,236 25,441 516,396 Dec. 19 31,706 311,191 54,123 16,355 1,690 17,775 51,572 20,304 6,176 5,667 23,004 23,383 562,946 TotalUnited States securities owned: Nov.21 28,833 761,585 73,371 32,418 10,271 18,802 102,499 28,535 13,401 23,155 13,628 85,084 1,191,582 Nov.28 35,180 738,285 74,139 32,069 10,249 102,855 27,128 12,142 22,289 14,314 84,675 1,170,323 Dec. 5 42,070 716,585 84,270 37,069 10,408 23,379 103,496 30,042 12,205 22,700 17,784 87,534 1,187,542 Dec. 12 41,302 680,652 78,140 35,849 9,836 23,127 93,446 29,017 11,032 17,045 86,417 1,127,961 Dec. 19 42,787 675,815 92,410 35,136 10,581 23,098 94,660 38,820 10,856 22,417 33,770 86,422 1,166,772 Loans secured by United States bonds, Victory notes, and certificates: Nov.21 27,170 523,662 111,361 26,239 13,918 6,084 70,251 21,496 8,072 6,002 1,120 15,966 831,341 Nov.28 27,227 513,729 111,380 27,762 14,080 6,132 69,333 21,479 8,102 5,907 1,150 16,813 823,094 Dec. 5 29,061 498,373 101,346 25,493 14,050 6,263 68,988 21,701 8,480 6,086 1,710 17,298 798,849 Dec. 12 26,053 498,321 99,837 25,460 13,974 6,221 66,672 21,302 8,254 6,024 2,033 17,284 791,435 Dec. 19 29,508 493,081 99,283 25,400 14,056 6,365 66,258 22,211 8,282 6,077 2,057 18,545 791,123 Loans secured by stocks and bonds, other than United States securities: Nov.21 63,982 1,286,057 195,089 124,869 20,256 6,166 373,091 .19,824 14,270 32,133 9,591 65,039 2,410,367 Nov.28 155,854 1,289,057 191,371 126,110 19,171 6,757 373 497 .22,334 14,342 32,589 9,657 63,410 2,404,149 Dec. 5 153,931 1,256,169 192,188 128,854 19,076 6,779 369,595 .21,550 14,390 33,005 9,592 62,760 2,367,889 Dec. 12 156,483 1,292,134 196,729 127,772 19,356 6,597 373,488 .23,136 14,490 32,673 9,552 62,347 2,414,757 Dec. 19 152,420 1,322,228 183,027 132,372 19,360 7,306 371,480 .27,176 14,608 32,591 9,785 62,303 2,434,656 All other loans and investments: Nov.21 460,875 2,915,897 418,315 221,379 67,228 54,762 763,081 179,850 118,542 164,570 51,127 383,952 5,799,578 Nov.28 445,884 2,926,637 425,318 221,067 66,578 52,831 764,808 180,641 118,789 167,467 52,155 396,192 5,818,367 Dec. 5 448,543 2,903,600 416,603 224,885 68,351 53,538 770,445 182,287 117,988 169,755 51,087 393,845 5,800,927 Dec. 12 459,590 2,922,888 421,791 228,050 67,975 56,057 782,600 186,011 114,069 160,730 51,495 391,590 5,842,846 Dec. 19 463,596 2,982,667 421,083 222,295 67,369 54,974 788,779 181,494 111,777 168,722 51,884 402,366 5,917,006 Total loans and investments: Nov.21 680,860 5,487,201 798,136 404,905 111,673 85,814 1,308,922 349,705 154,285 225,860 75,466 550,041 10,232,868 Nov.28 664,145 5,467,708 802,208 407,008 110,078 82,718 1,310,493 351,582 153,375 228,252 77,276 561,090 10,215,933 Dec. 5 673,605 5,374,727 794,407 416,301 111,885 89,959 1,312,524 355,580 153,063 231,546 80,173 561,437 10,155,207 Dec. 12 683,428 5,393,995 796,497 417,131 111,141 92,002 1,316,206359,466 147,845 221,525 80,125 557,638 10,176,999 Dec. 19 688,311 5,473,791 795,803 415,203 111,366 91,743 1,321,177 369,701 145,523 229,807 97,496 10,309,557 Reserve balances with Fedderal Reserve Bank: Nov.21 63,759 652,031 59,321 25,553 7,312 7,132 130,271 32,142 13,899 19,456 7,104 36,080 1,054,060 N D D D e e o e c c c v . . . 5 1 2 1 2 9 8 6 6 6 5 5 9 2 7 , , , , 8 1 5 6 9 4 2 9 4 7 7 2 6 5 6 6 9 8 5 3 2 2 5 7 , , , , 4 7 9 7 7 6 9 2 3 6 8 7 6 5 5 5 0 4 7 4 , , , , 8 5 2 6 6 9 4 1 1 7 1 8 2 2 2 2 6 4 5 4 , , , , 7 4 5 9 8 7 6 6 7 5 0 2 6 8 6 8 , , , , 2 9 9 6 6 3 0 9 2 3 9 3 6 6 5 7 , , , , 9 1 1 8 6 8 9 0 4 2 8 0 1 1 1 1 2 2 3 2 6 9 2 9 , , , , 8 8 1 2 2 3 7 1 1 6 7 8 3 3 3 2 3 2 9 3 , , , , 1 8 5 1 8 2 5 5 1 9 0 8 1 1 9 9 2 1 , , , , 7 3 9 7 1 3 2 3 1 8 2 2 2 1 1 0 7 4 , , , 3 8 9 0 1 0 7 7 8 8 6 7 7 , , , , 8 6 1 3 9 0 1 0 4 4 1 6 3 3 3 3 2 4 3 7 , , , , 6 5 5 2 5 0 2 5 4 6 0 2 1 1 1 , , , 9 0 0 0 6 6 3 5 8 9 6 6 , , , , 1 4 0 6 7 1 6 6 0 8 9 0 Cash N D N D D i e e e o o n c c c v v . . . v . . 5 2 2 1 1 a 9 2 1 8 u lt: , 1 1 1 1 1 5 8 6 6 5 , , , , , 1 4 2 4 3 7 2 1 5 5 1 4 7 0 8 1 1 1 1 1 2 1 1 1 1 2 6 8 9 5 , , , , , 0 6 7 8 9 8 7 4 8 0 0 2 6 3 7 1 1 1 1 1 6 4 5 4 4 , , , , , 3 3 6 7 3 7 0 5 8 5 1 4 7 8 0 8 9 8 8 8 , , , , , 1 0 9 1 6 2 5 6 2 5 7 4 2 1 3 2 2 1 1 1 , , , , , 7 6 6 0 0 4 6 6 0 4 9 7 5 5 2 2 2 2 2 2 , , , , , 3 3 4 5 3 9 1 3 8 6 9 4 0 5 8 4 4 4 4 4 2 2 3 2 1 , , , , , 3 9 4 0 7 1 1 1 3 8 2 1 7 7 0 6 6 6 6 7 , , , , , 4 3 0 8 5 2 2 0 4 0 1 1 9 6 2 2 2 2 2 2 , , , , , 8 8 9 9 9 8 8 8 2 8 3 0 1 6 1 4 4 4 4 4 , , , , , 2 1 0 0 2 8 3 4 2 6 9 4 3 1 1 2 2 2 2 2 , , , , , 3 0 1 1 0 2 5 2 0 2 7 0 7 8 5 1 1 1 1 9 0 0 0 0 , , , , , 2 6 1 2 1 6 4 9 4 6 4 6 0 7 0 2 2 2 2 2 2 3 4 3 2 6 3 0 2 4 , , , , , 2 3 5 1 2 6 5 8 6 6 1 1 3 3 0 Net demand deposits on which reserve is compu N N D D D te e e e o o d c c c v v . . . : . . 5 1 2 2 1 2 1 8 9 6 6 6 6 5 1 0 0 2 9 1 7 1 3 1 , , , , , 7 1 2 1 6 7 8 8 7 0 3 3 5 5 3 4 4 4 4 4 , , , , , 5 6 6 6 6 7 5 7 8 2 8 3 9 5 4 , , , , , 0 0 0 3 7 8 0 3 4 9 3 6 5 5 1 5 5 5 5 » 8 8 8 5 8 9 8 0 2 2 , , , , ; 9 1 3 1 2 6 6 0 6 0 6 9 8 5 5 2 2 2 2 2 1 1 1 1 0 3 7 5 3 6 , , , , , 8 7 6 8 0 5 1 6 8 8 6 8 2 6 8 7 7 7 7 6 0 6 2 4 7 , , , , , 0 9 9 3 3 1 7 6 4 7 6 7 9 3 4 5 5 5 4 4 1 1 1 8 9 , , , , , 7 0 3 7 6 8 7 8 8 7 1 9 9 8 7 9 9 9 9 9 4 5 5 4 3 4 8 4 5 5 , , , , , 6 7 6 9 4 9 2 9 7 2 1 3 5 5 8 2 2 2 2 2 3 3 4 4 4 7 5 6 1 4 , , , , , 1 1 1 0 0 3 3 5 2 0 3 1 7 3 0 1 1 1 1 1 0 1 1 0 0 8 1 0 7 5 , , , , , 9 6 7 6 4 9 5 1 7 1 1 6 6 8 8 1 1 1 1 1 7 7 6 6 7 5 4 3 9 0 , , , , , 3 2 2 1 2 4 6 0 7 6 5 5 3 8 7 6 6 6 6 6 2 5 5 5 4 , , , , , 9 8 3 9 0 4 1 1 3 4 1 0 5 8 7 2 2 2 2 2 8 7 7 7 7 6 8 1 0 0 , , , , , 4 2 6 5 0 0 2 0 9 5 1 3 6 2 8 7 8 7 8 8 , , , , , 9 0 8 0 0 1 3 7 2 2 8 2 2 6 0 , , , , , 7 0 0 6 8 6 2 0 1 9 4 2 7 2 4 Time deposits: Nov.21 36,957 344,855 13,762 157,542 19,525 18,537 246,819 66,819 21,540 11,715 3.652 201,955 1,143,678 Nov.28 39,000 336,312 13,716 157,297 19,623 18,633 249,201 68,463 21,557 11,958 3,565 202,840 1,142,165 Dec.5 39,798 305,433 13,480 159,371 19,338 19,968 250,855 68,535 21,699 10,061 3,607 204,311 1,116,456 Dec. 12 40,652 310,148 13,517 160,301 19,656 19,024 251,940 68,333 21,226 10,091 3,563 207,170 1,125,621 Dec.19 40,276 313,749 13,455 166,298 19,604 18,070 253,695 68,372 21,517 12,123 3,546 205,704 1,136,409 Government deposits: Nov.21.. 11,597 115,807 13,689 7,672 1,761 849 18,243 3,916 1,725 3,094 3,040 5,251 186,644 Nov.28 9,632 85,157 9,864 6,698 1,657 695 16,961 3,043 1,418 2,992 2,619 3,063 143,799 Dec.5 21,609 163,046 22,812 14,742 2,453 7,501 31,925 11,555 3,820 6,547 10,579 13,328 309,917 Dec. 12 15,492 107,797 16,257 10,373 1,293 7,120 21,155 9,324 2,873 5,024 8,987 10,141 215,836 Dec.19 30,343 271,499 139,60 18,297 2,300 7,222 45,798 24,183 3,196 6,768 28,520 23,912 501,198 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 FEDERAL RESERVE BULLETIN. JANUARY, 1920. 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 Nov. 21 to Dec. 19,1919—Gontd. 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [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 i l l a - a . - C la lo 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 r s a c n o - . Total. Bills payable with Federal Reserve Bank: Nov. 21 28,833 451,119 71,892 19,923 7,290 8,357 50,691 12,662 7,714 14,074 22,492 695,047 Nov. 28 26,673 497,404 71,799 19,470 5,399 5,730 54,119 19,307 7,591 13,169 3,600 23,057 747,318 Secured by United States war obligations— Dec.5 12,224 416,234 73,774 19,240 7,222 7,775 49,959 12,860 4,884 10,663 3,925 28,720 647,480 Dec. 12 27,188 415,069 74,958 20,900 8,082 8,835 43,041 11,368 3,954 10,905 2,615 21,526 648,441 Dec. 19 36,180 298,806 69,684 23,595 9,704 9,110 45,962 18,129 4,097 12,251 1,500 15,673 544,691 All other— Dec.5 750 750 Dec. 12 750 750 Dec. 19 T3ills rediscounted with Federal Reserve Bank: Nov. 21 75,024 203,256 92,499 23,346 3,077 1,607 54,671 6,385 19,068 17,897 2,552 23,975 523,357 Nov.28 81,626 218,202 86,513 26,032 3,128 1,498 62,957 5,505 20,178 19,299 2,802 19,119 546,859 Secured by United States war obligations- Dec. 5 42,270 140,348 75,302 4,674 2,842 429 5,030 1,628 2,228 1,827 75 1,488 278,141 Dec. 12 48,986 138,605 76,730 4,518 2,895 615 3,447 1,629 2,020 1,624 65 1,328 282,462 Dec. 19 45,321 122,446 78,696 3,959 2,813 615 2,467 3,526 2,289 1,344 33 1,596 265,105 All other- Dec. 5 33,122 100,378 11,460 20,521 143 1,620 57,147 10,082 22,536 14,937 2,332 19,634 293,912 Dec. 12 31,589 124,155 10,872 24,971 103 1,450 75,131 10,835 26,281 13,778 1,811 14,162 335,138 Dec. 19 40,657 122,882 23,866 27,701 1,180 2,591 75,874 8,290 31,063 13,967 1,588 16,318 365,977 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES. D Y i N st o e r r w i k ct.1 D C i l s a l t e n r v i d c e t - .* D m R is i o t c r n i h c d - t.3 D A is tl t a ri n c t t a .* D C i h s i t c r a ic g t o .6 D St i . s t L ri o c u t. i * s D K i C s a t n i r t i s y c a t s .* D D is a t l r l i a c s t.' S D a i n c s i t s F r c i r o c a t n .9 - Total. Number of reporting banks: Nov. 21... 38 j 19 24 12 18 17 11 30 178 Nov.28 38 19 24 12 18 17 11 30 178 Dec.5 38 19 24 12 18 17 11 30 178 Dec.12 38 19 24 12 18 17 11 30 178 Dec 19 38 19 24 12 18 17 11 30 178 United States bonds to securecirculation: Nov. 21 1,599 24,897 5,583 6,915 1,870 5,255 4,487 7,108 8,485 66,199 Nov. 28 1,599 24,897 5,583 6,915 1,870 5,255 4,487 7,108 8,485 66,199 Dec.5 1,599 24,897 5,583 6,915 1,870 5,255 4,487 7,108 8,699 66,413 Dec. 12 1,599 24,897 5,583 6,915 1,870 5,255 4,487 7,108 8,897 66,611 Dee. 19 1,599 24,897 5,583 6,915 1,870 5,255 4,237 7,108 8,485 65,949 Other United States bonds, including Liberty bonds: Nov. 21 7,308 40,114 ! 9,055 22,494 16,298 7,401 6,518 7,706 14,135 131,029 Nov.28 7,161 40,285 9,125 23,312 16,292 7,585 6,542 7 833 14,406 132,541 Dec.5 7,233 40,311 9,062 23,211 16,254 7,327 7,122 7,848 14,189 132,557 Dec. 12 7,181 41.383 9,170 23,203 16,527 8,033 7,411 7,950 13,880 134,738 Dec. 19 7,382 41,211 9,326 22,630 14,533 7,964 7,704 7,905 14,699 133,354 United States Victory notes: Nov. 21 4,364 16,120 3,906 6,767 14,749 3,303 1,444 1,484 4,114 56,251 Nov.28 4,390 16,081 3,911 6,659 14,652 3,239 1,203 1,477 4,287 55,899 Dec.5 4,283 15,946 3,941 6,579 14,547 3,276 1.199 1,469 4,004 55,244 Dec.12 4,202 16,826 3,899 6,438 14,527 3,213 1,185 1,487 4,316 56,093 Dec. 19 3,714 16,500 3,882 5,848 14,478 3,236 1,058 1,558 4,555 54,829 United States certificates of indebtedness: Nov.21 11,729 46,173 10,789 14,373 37,727 3,122 7,753 7,724 22,280 161,670 Nov.28 11,727 44,655 10,754 14,571 37,526 2,788 8,153 8,0-4 22,418 160,676 Dec.5 11,099 40,103 15,946 16,586 , 48,740 2,233 6,352 9,184 24,663 174,906 Dec.12 , 7,861 33,419 16,020 15,097 49,129 2,359 6,484 9,434 24,221 164,024 Dec. 19 8,567 40,631 16,518 19,125 48,025 2,719 9,191 7,002 21,128 172,906 Total United States securities owned: No/21 25,000 127,304 29,333 50,549 70,644 19,081 20,202 24,022 49,014 415,149 Nov.28 24,877 125,918 29,373 51,457 70,340 18,867 20,385 24,502 49,596 415,315 Dec.5 24,214 121,257 34,532 53,291 81,411 18,091 19,160 25,609 51,555 429,120 Dec. 12 20,843 116,525 34,672 51,653 82,053 18,860 19,567 25,979 51,314 421,466 Dec. 19 21,262 123,239 35,309 54,518 78,906 19,174 22,190 23,573 48,867 427,038 Loans secured by United States bonds, Victory notes, and certificates: Nov.21 7,203 54,671 9,698 13,329 11,481 7,335 9,643 2,059 6,682 122,101 Nov.28 6,291 54,376 9,563 13,255 10,989 7,682 9,542 1,969 7,103 120,770 Dec. 5 §,471 53,206 9,449 13,101 10,996 7,898 9,606 1,966 7,254 119,947 Dec. 12 6,379 52,185 9,171 12,909 10,724 8,073 9,648 1,960 7,396 118,445 Dec. 19 6,268 54,068 9,449 12,734 10,660 8,024 9,790 1,951 7,323 120,267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 107 Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bankcities and in Federal Reserve branch cities, as at close of business on Fridays from Nov. 21 to Dec. 19,1919—Contd. 3. MEMBER BANKS IN FEDERAL RESERVE BKANCH CITIES—Continued. [In thousands ol dollars; i. eM 000 omitted.] D Y i N s o t e r r w i k ct.1 D C i l s a l t e n r v i d c e t - .2 . D m i R st i o r c n i h c d - t.3 D A is tl t a ri n c t t a .* D C i h s i t c r a ic g t o .5 D St. i s L tr o ic u t i .« s D K i C s a t n i r t s i y a c s t; D D is a tr ll i a c s t.8 S D an i C st i F s r c i r c o a t n .9! I Total. Loans secured by stocks and bonds, other than United States securities: Nov. 21 40,734 i 159,381 33,509 32,038 48,087 26,655 20,749 13,553 33,907 408,613 Nov.28 40,411 161,878 34,946 31,790 48,330 ! 26,013 21,294 13,239 36,732 414,633 Dec. 5 40,231 160,864 35,089 33,012 49,077 | 27,486 20,844 13,406 37,219 417,228 Dec. 12 39,843 162,825 34,695 33,687 49,539 j 28,214 20,951 12,994 38,090 420,838 Dec. 19 , 39,560 159,342 34,527 34,176 50,192 j 28,965 21,450 13,293 36,315 417,820 All other loans and investments: I Nov. 21 j 119,959 409,720 101,935 207,940 277,201 j 100,081 155,312 63,843 231,455 1,667,446 Nov.28 j 122,405 410,447 98,473 200,876 278,933 ! 103,495 155,120 65,575 231,422 1,666,746 Dec.5 i 124,430 i412.485 96,780 207,358 282,265 i 105,473 154,724 68,165 228,639 1,680,319 Dec. 12 | 120,878 !415j 328 99,628 214,242 284,798 | 107,507 153,286 66,154 228,310 1,690,131 Dec. 19 | 120,699 !418, 439 99,393 218,968 288,943 j 108,391 148,959 65,098 230,042 1,698,932 Total loans and investments: \ Nov.21 1 192,896 751,076 174,475 303,856 407,413 ! 153,152 205,906 103,477 321,058 2,613,309 Nov.28 193,984 752,619 172,355 297,378 408,592 I 156,057 206,341 105,285 324,853 2,617,464 Dec.5 195,346 I747,812 175,850 306,762 423,749 158,948 204,334 109,146 324,667 2,646,614 Dec. 12 187,943 !746,863 178,166 312,491 427,1J4 I 162,654 203> 452 107,087 325,110 2,650,880 Dec. 19 187,789 !755,088 178,678 320,396 428,701 i 164,554 202,389 103,915 322,547 2,664,057 Reserve balances with Federal Reserve Bank: Nov.21 12,330 ! 50,976 12,391 18,920 28,348 10,278 17,231 7,913 23,778 182,165 Nov.28 11,256 ! 47,192 11,899 18,896 28,372 9,698 12,124 7,634 24,167 171,238 Dec.5 13,880 I 48,236 12,260 18,610 26,468 10,450 14,072 7,647 26,602 178,225 Dec. 12 12,260 | 48,861 12,669 21,338 32,436 9,346 15,893 8,451 25,198 186,452 Dec. 19 12,628 1 45,008 12,314 22,100 26,685 10,058 ! 17,505 7,641 24,924 178,863 Cash'in vault: Nov.21 2,700 i 17,175 5,809 7,280 14,839 4,715 j 5,139 2,881 7,755 68,293 Nov.28 2,862 ! 14,689 5,204 8,073 15,033 5,272 | 5,240 3,123 7,783 67,279 Dec.5 3,001 ! 17,332 5,450 7,476 14,280 5,226 5,114 2,943 7,406 68,228 Dec. 12 3,169 , 15,967 5,187 7,414 14,150 4,859 j 5,238 3,095 7,222 66,301 Dec. 19 3,423 i 17,554 5,561 8,106 13,971 4,881 ! 5,065 3,005 7,842 69,408 Net demand deposits on which reserve is computed: Nov. 21 128,723 446,461 110,314 178,884 211,675 91,258 139,610 68,749 196,711 1,572,385 Nov.28 128,221 439,971 107,893 182,496 215,031 91,450 139,656 70,946 197,139 1,572,803 Dec.5 127,430 443,806 105,490 180,883 206,416 92,182 133,530 71,210 198,876 1,559,823 Dec. 12 120,925 447,133 108,041 187,488 235,085 95,966 136,450 67,000 202,525 1,606,613 Dec. 19 126,029 440,108 106,964 194,091 207,616 99,399 134,171 68,213 198,854 1,575,445 Time deposits: Nov.21 31,087 95,246 19,591 65,398 190,844 33,392 41,433 17,207 105,841 600,039 Nov.28 31,261 95,316 19,591 64,989 192,334 33,610 41,692 17,298 105,807 601,898 Dec.5 31,283 96,109 19,621 65,177 193,850 35,539 42,369 13,528 106,803 604,279 Dec. 12 31,581 95,716 19,176 65,859 193,936 35,042 42,905 17,526 105, 771 607,512 Dec. 19 31,631 93,473 18,960 66,108 194,066 34,991 43,484 17,445 105,941 606,099 Government deposits: Nov.21...-. 473 8,140 3,481 2,056 1,807 545 1,660 635 2,301 21,098 Nov.28 331 5,904 3,033 1,739 1,493 465 1,585 561 1,810 16,921 Dec.5 2,786 10,212 7,936 7,851 12,951 1,477 2,929 2,225 3,929 52,293 Dec. 12 2,572 7,342 6,026 6,860 12,087 1,173 2,004 1,662 2,614 42,340 Dec. 19 3,654 7,448 13,808 12,087 2,919 4,562 3,282 4,374 81,094 Bills payable with Federal Reserve Bank: Nov.21 24,643 | 73,542 20,478 33,891 29,067 7,932 I 14,781 7,964 13,420 225,718 Nov.28 23,218 j 78,766 15,601 34,029 27,399 8,399 14,605 8,299 14,901 225,217 Secured by United States war obligations— Dec.5 21,474 66,056 19,695 32,400 31,458 8,021 10,592 16,606 215,192 Dec. 12 16,799 66,472 21,945 31,335 30,124 6,517 10,498 9,675 14,764 208,129 Dec. 19 19,292 62,239 19,216 30,515 24,716 7,068 12,407 7,480 10,503 193,436 All other- Dec. 5 200 2,737 215 100 3,252 Dec. 12 200 3,570 215 100 4,085 Dec. 19... 15 3,588 77 335 4,015 Bills rediscounted with Federal Reserve Bank: Nov.21 3,605 9,516 11,514 26,533 2,513 14,448 14,206 3,066 4,764 90,165 Nov.28 - 4,079 10,115 13,277 26,121 3,054 14,777 11,021 2,760 5,126 90,330 Secured by United States war obli- j gations— Dec.5 2,228 3,245 5,545 1,492 2,024 2,891 i 2,582 8 1,376 21,391 Dec. 12 2,147 3,867 5,451 1,478 1,718 2,344 1 1,915 8 1,105 20,033 Dec. 19 2,360 4,204 5,650 1,588 1,700 2,970 1,778 91 771 21,112 All other— I Dec.5 2,293 I 8,451 25,055 300 13,471 10,863 2,564 4,320 76,856 Dec. 12 2,793 9,912 22,520 1,040 12,356 11,264 2,237 4,074 75,184 Dec. 19 816 6,642 10,239 20,626 1,685 9,168 11,250 2,339 5,550 68,315 i Buffalo. e Louisville, Memphis, and Little Rock. * Cincinnati and Pittsburgh, * Omaha and Denver. s Baltimore. 8 Ei Paso and Houston. * New Orleans, Jacksonville, Nashville, and Birmingham. s Spokane, Portland, Seattle, and Salt Lake City. * Detroit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 FEDERAL. RESERVE BULLETIN. JANUARY, 1920. IMPORTS AND EXPORTS OF GOLD AND SILVER. Gold imports into and exports from the United States. [In thousands of dollars, i. e., 000 omitted.] During 10 During 10 During 10 From Jan. 1 From Jan. 1 days ending days ending days ending to Dec. 10, to Dee.flO, Nov. 20,1919. Nov. 30,1919. Dec. 10,1919. 1919. 1918. Ore and base bullion 461 195 549 15,714 14,846 United States mint or assay office bars. 6 Bullion, refined "251 535 32,391 39.246 United States coin 3 21 10,766 6,785 Foreign coin 2,500 7,858 183 Total. 712 733 3,109 66,729 61,066 EXPORTS. Domestic: Ore and base bullion 20 204 United States mint or assay office bars. 10,019 2,282 3,300 105,869 4,485 Bullion, refined 5 3 4 12,625 3,399 Coin 8,397 12,865 20,743 226,949 31,187 Total... 18,421 15,150 24,047 345,463 39,275 Foreign coin. 15 78 87 599 426 Total exports. 18,436 15,228 24,134 346,062 39,701 Excess of gold exports over imports since Jan. 1,1919, $279,333,000. Excess of gold imports over exports since Aug. 1,1914, $792,073,000. Silver imports into and exports from the United States. [In thousands of dollars; i. e., 000 omitted.] During 10 During 10 During 10 From Jan. 1 From Jan. 1 days ending days ending days ending to Dec. 10, to Dec. 10, Nov. 20,1919. Nov. 30,1919. Dec. 10,1919. 1919. 1918. Ore and base bullion 2,147 2,280 68,365 42,335 United States mint or assay office bars. 51 Bullion, refined 244 212 '""160 7,776 20,436 United States coin 19 21 1,007 1,239 Foreign coin 32 563 5,122 4,337 Total. 2,160 2,943 2,545 82,270 EXPORTS. Domestic: Ore and base bullion 5 19 United States mint or assay office bars. 456 296 83 72,255 50,870 Bullion, refined 8,165 6,289 109,740 154,173 Coin 26 10,759 17,252 3,107 Total. 8,647 5,296 17,131 199,252 208,169 Foreign: Ore and base bullion. 1 Bullion, refined 2,361 251 1,394 22,323 5,574 Coin 191 1,384 162 5,537 6,403 Total 2,552 1,635 1,556 27,861 11,977 Total exports. 11,199 6,931 18,687 227,113 220,14ft Excess of silver exports over imports since Jan. 1,1919, $144,843,000. Excess of silver exports over imports since Aug. 1,1914, $426,604,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1920. FEDERAL RESERVE BULLETIN. 109 Estimated general stock of money, money held by the Treasury and by the Federal Reserve system, and all other money in the United Staies, Dee. 1, 1919. G m en o e n r e a y l s i t n o c t k h e of S H a t s e a l a t d e s s s i e n T t s r U e o n a f s i t t u h e r d e y F H ed B e e l a d r n a b l k y s R a o e n r s d e fo rv r e U H T n r e e i l t a d e s d u o r u S y t t s a a i t d n e e d s c U T A a r n p e m i i a t t o e s a d u u o r n y S u t t t p a s a i n e t d e r d e s United States Government.* agents. Fede s r y a s l te R m es . erve Federal Reserve system. Gold coin 2 $2,833,221,135 $1,362,566,644 $435,330,240 Gold certificates 368,667,330 280, 273,031 Standard silver dollars 308,145,759 66,384,518 82,416,283 Silver certificates 6,311,444 151,331,248 Subsidiary silver "246,*546*74i" 3 3,675,137 238, 276,283 Treasury notes of 1890 1,702,266 United States notes 346,681,016 19,192,220 456,188,371 271,300,425 Federal Reserve notes !, 063,390,865 39,346,741 183,739,175 2,840,304,949 Federal Reserve Bank notes. 263,022,800 57,552,256 8,507,204 196, 963,340 National bank notes 722,142,160 44,327,374 3,489,894 674, 324,892 Total: Dec. 1,1919.. 7,783,144,476 617,776,320 1,993,145,199 5,172,222,957 $48.54 Nov. 1,1919. 7,721,561,106 604,552,807 2,083,098,639 5,033,909,660 47.28 Oct. 1,1919.. 7,662,898,238 616!213,318 2,087,709,369 4,958,975,551 46.61 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 2581198,442 952,964,705 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. 2 Includes balances in gold settlement fund standing to the credit of the Federal Reserve Banks and agents. 3 Includes standard silver dollars. 4 Includes Treasury notes of 1890. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 FEDERAL RESERVE BULLETIN. JANUARY, 1920. DISCOUNT RATES. Discount rates approved by the Federal Reserve Board up to Dec. 31, 1919. Discounted bills (including mem- Discounted bills, seber banks' 15-day collateral notes) cured otherwise than maturing within 90 days, secured f) by Government war by- obligations, also un- Trade f secured, maturing accept- l within— Treasury certificates of ances Federal Reserve Bank. indebtedness bear- maturing ing interest at— Liberty within 90 90 days 91 to 180 bonds and days.1 (including days (agri- Victory member cultural notes. banks' col- and live- 4J per cent. 4h per cent. lateral stock notes).2 paper). Boston | i New York 4| 4| Philadelphia.. 4} 41 Cleveland 41 41 Richmond 4| 41 Atlanta 4} 41 Chicago 4} 41 St. Louis 4f Minneapolis.. Mf •3 Kansas City.. 5 Dallas 5 5 San Francisco 4} 5 41 1 Rate also applies to bankers' acceptances discounted by the New York and Cleveland banks. 2 Rate on paper secured by War Finance Corporation bonds, 1 per cent higher. 3 Rate of 4§ per cent on customers' paper. * Rate of 5 per cent for maturities 61 to 90 days. NOTE.—Acceptances purchased in open market, minimum rate 4 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JAHUARY, 1920. FEDERAL RESERVE BULLETIN. Ill FOREIGN EXCHANGE RATES. Monthly ranges of exchange rates on leading foreign money centers, quoted in New York during the three months ending December, 19.19. October. November. December. Exchange at par. Low. High. Low. High. Low. High. London: 60-day bankers' bills dollars for £.. 4.8665 4.13 4.215 3.97 4.1425 3.6325 3. 9550 Demand bills do 4.8665 4.15 4.2325 4.00 4.1625 3.6575 3.9875 Cable transfers do 4.8665 4.1575 4.24 4.01 4.17 3.6650 3.9950 Paris: Demand bills francs for 100 dollars.. 518.1347 887.00 838.00 983.00 884.50 1,183.00 992.00 Cable transfers do 518.1347 885.00 836.00 981.00 883.00 1,181.00 990.00 Berlin dollars for 100 marks 1.. 23.82 3.25 4.375 2.10 3.25 1.90 2.60 Milan: Demand bills lire for 100 dollars.. 518.1347 1,080.00 975.00 1,272.00 1,006.00 1,367.00 1,234.00 Cable transfers do 518.1347 1,078.00 973.00 1,270.00 1,075.00 1,365.00 1,232.00 Prague dollars for 100 kronen1.. 20.26 2.35 3.85 1.50 2.40 1.70 2.10 Vienna do 20.26 .85 1.65 .68 1.00 .50 .73 Jugo-Slavia do 20.26 1.45 2.15 1.00 1.50 .79 1.00 Warsaw dollars for 100 marks i.. 23.82 2.30 3.85 1.40 2.35 .92 1.65 Brussels francs for 100 dollars 1.. 518.1347 868.50 835.00 941.00 832.00 1,120.00 940.00 Madrid dollars for 100 pesetas.. 19.30 19.08 19.28 19.28 20.10 18.90 19.90 Helsingfors dollarsfor lOOmarkkai.. 19.30 3.50 5.25 3.00 4.475 3.00 3.45 Athens dollars for 100 drachmal.. 19.30 17.25 18.90 16.50 18.00 14.80 16.50 Sofia dollars for 100 lev.i.. 19.30 3.00 4, 50 2.50 3.00 2.25 2.70 Bucharest dollars for 100 lei i.. 19.30 4.25 5.75 3.25 4.40 2.80 3.65 Belgrade dollars for 100 dinar i.. 19.30 5.00 7.50 4.85 5.44 4.20 4.80 Amsterdam dollars for 100 florins.. 40.20 37.4375 38.0625 37.25 38.00 37.25 38.25 Stockholm dollars for 100 kronor.. 26.80 23.90 24.00 22.30 23.85 20.65 22.30 Copenhagen dollars for 100 kroner.. 26.80 21.20 21.75 20.00 21.20 17.45 19.90 Christiania do 26.80 22.60 23.20 21.50 22.65 19.45 21.50 Zurich francs for 100 dollars.. 518.1347 566.00 556.00 560.00 550.00 560.00 498.00 Canada dollars for 100 Canadian dollars2.. 100.00 96.00 96.75 94.75 96.25 90.3125 95.25 Mexico City dollars for 100 pesosl.. 49.85 49.00 49.125 49.125 50.50 50.32 50.50 Bogota dollars for 100 Colombian dollars1.. 97.33 98.00 100.50 100.00 100.50 98.50 100.00 Montevideo centavos to dollar1.. 96.69 99.50 96.80 96.80 94.00 95.40 94.80 Buenos Aires dollars for 100 gold pesos 96.48 103.60 104.00 101.80 103.85 101.70 102.25 Rio de Janeiro dollars for 100 paper milreis i... 3 54.62 25.00 25.70 25.00 25.25 27.75 33.00 Valparaiso dollars for 100 paper pesos l... « 36.50 20,00 21.25 20.50 20.50 19.34 20.50 Yokohama dollars for 100 yen.. 49.85 50.50 50.75 50.25 50.75 50.00 50.50 Hongkong dollars for 100 Hongkong dollars 87.00 96.00 94.00 106.00 95.00 106.50 Shanghai dollars for 100 Shanghai taels 135.50 142.00 140.50 175.00 155.00 170.00 Singapore dollars for 100 Singapore dollars i.. 56.78 53.00 56.00 54.00 54.00 54.00 54.00 Calcutta dollars for 100 rupee.. 32.44 42.00 44.00 42.00 44.75 43.75 46.25 London average price of silver at nominal rate of £ ($4.8665) dollars per fine ounce) 1.4 1.53508 1.67549 New York average price of silver (dollars per fin< 1.19154 1.27609 1.31976 i Cable rates. 2 Checks (demand). a Rate for a gold milreis. * Rate for gold peso. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Page. Page. Act amending Federal Reserve Act, providing for Debits to individual account 84 incorporation of institutions to engage in foreign Denmark: banking (Edge Act) 56 Banking conditions in, 1914-1918 38 Act making gold certificates legal tender 60 Condition statement of National Bank of Acceptances: Copenhagen, 1914-1919 46 Automobiles or automobile tires, acceptance of Directors: drafts secured by warehouse receipts covering. 65 Branch banks— Banks granted authority to accept up to 100 Election of 61 per cent of capital and surplus 60 Los Angeles branch 60 Holdings by Federal Reserve Banks during Resignation of W. C. Procter of Cincinnati November 93 branch 10 Purchased by Federal Reserve Banks during Federal Reserve Banks— November 91 Election of Class A, B, and C for three- Purchased by Federal Reserve Banks during year term 60 three months ending Nov. 30, 1919, dis- Resignation of W. B. Thompson of Federal tributed by rates of discount 92 Reserve Bank of New York 10 Renewal of drafts drawn by the purchaser of Resolution of Board regarding political goods and secured at the time of acceptance affiliations 10 by warehouse receipts or bills of lading 65, 66 Discount and interest rates prevailing in various Advertising of State member bank that it is under centers 72 Government protection or supervision 65 Discount operations of Federal Reserve Banks: Agricultural paper held by Federal Reserve Banks During November 88 during November 93 Three months ending Nov. 30, distributed by Amendment to Federal Reserve Act providing for rates of discount 91 incorporation of institutions to engage in foreign Discount rates: banking, text of, as approved (Edge Act) 56 Advance in 2 Automobiles and automobile tires, acceptance of In effect, Dec. 31, 1919 110 drafts secured by warehouse receipts covering 65 Prevailing in various centers 72 Bank transactions, debits to individual account 84 Earning assets held by Federal Reserve Banks Banking situation, discussion of 10 during November 90 Boundaries of sixth and eighth Federal Reserve dis- Edge Act: tricts, change in, by establishment of Humphreys Operations of foreign trade under 5 County, Miss 59 Text of, as approved 56 Branches, foreign, of American banks 63 Election of directors: Branches of Federal Reserve Banks: Branch banks 61 Directors elected 61 Los Angeles branch 60 Los Angeles branch, opening of 60 Federal Reserve Banks 60 Oklahoma branch authorized 63 Expenditures of the Government during December 1 Business and financial conditions during December. 13 Failures, commercial, reported 63 Special reports by Federal Reserve agents 19 Federal Reserve Act, amendment to, providing for Certificates of indebtedness, receipts from, during incorporation of institutions to engage in foreign December 1 banking (Edge Act) 56 Charters issued to national banks during December. 62 Federal Reserve banking in 1919, review of 11 Charts: Federal Reserve Banks: Exchange rates at New York— Branches of— On principal allied and neutral countries.. 51 Election of directors 61 On principal silver standard countries 52 Los Angeles branch opened 60 Foreign exchange rates at Copenhagen 41 Oklahoma branch authorized 63 Foreign exchange rates at Stockholm 40 Directors elected for three-year term 60 Par point map 94 Discount operations of 88 Check clearing and collection: Questionnaire for use in readjustment of Map showing States in which banks remit at par. 94 salaries of employees 54 Number of nonmember banks on par list 94 Resources and liabilities of 95 Operation of system, Nov. 16-Dec. 15 94 Federal Reserve districts, change in boundaries of Clearing-house bank debits 84 sixth and eighth, by establishment of Humphreys Collateral notes held by Federal Reserve Banks County, Miss 59 during November 93 Federal Reserve note account of Federal Reserve Commercial failures reported 63 Banks and agents 100 Conference of representatives of clearing houses Fiduciary powers granted to national banks during with Board to discuss interest rates on bank bal- December 64 ances 3 Financial aid for Europe, discussion of 6 Currency: Foreign branches of American banks 63 Depreciation abroad, discussion of 6 Foreign countries, financial aid to, discussion of... 6 Stock of, in the United States 109 Foreign credits, discussion of 4 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX. Page. Page. Foreign exchange: Money, stock of, in the United States 109 Discussion of 4 National banks: Rates in New York during three months ending Charters issued to, during December 62 December Ill Fiduciary powers granted to, during December 64 Rates in New York on principal centers in Norway: allied, neutral, and silver-standard countries. 49 Banking conditions in, 1914-1918 37 Denmark, rates of exchange in Copenhagen, Condition statement of Bank of Norway, 1914-1919 44 1914-1918 45 Norway, rates of exchange in Christiana, 1914- Oklahoma City, branch bank authorized at 63 1919 37,43 Open-market operations of the Federal Reserve Sweden, rates of exchange in Stockholm, 1914- Banks 88 1919 36,42 Physical volume of trade 74 Foreign trade: Prices: Discussion of 4 Changes in the price level 8 French National Bank of Commerce organized International price index, establishment of, by to promote 46 Board 26 Denmark, 1914-1918 38,39 Retail trade index, establishment of, by Board 53 Norway, 1914-1918 37, 39 Wholesale, in United States, index numbers of 68 Sweden, 1914^-1918 36, 39 Questionnaire for use in readjusting salaries in Fed- Operations under the Edge Act 5 eral Reserve Banks 54 French National Bank of Foreign Commerc*e, es- Reserve percentages of Federal Reserve Banks tablishment of 46 during December 1 Gold certificates legal tender, act making 60 Reserves, new method of figuring deposits upon Gold imports and exports.. 9,108 which reserve is to be computed 3 Government financing during December, discussion Resources and liabilities: of ... 1 Federal Reserve Banks 95 Imports and exports: Member banks in selected cities 102 Gold and silver 9,108 Retail trade index, establishment of, by Board 53 Denmark 39 Rulings: Norway 39 Acceptance of drafts secured by warehouse Sweden 39 receipts covering automobiles or automobile November, 1918 and 1919 4 tires 65 Index of retail trade, establishment of, by Board... 53 Authority of State member bank to advertise Index of wholesale prices: that it is under Government protection or In United States 68 supervision 65 International. 26 Renewal of drafts drawn by the purchaser of Interest rates: goods and secured at the time of original Call rates 3 acceptance by warehouse receipts or bills of Conference of representatives of clearing houses lading 65 with Board to discuss rates on bank balances.. 3 Salaries of Federal Reserve Bank employees, read- Prevailing in various Centers 72 justment of, questionnaire for use in 54 Investment operations of Federal Reserve Bank^ Scandinavian countries, banking conditions in, during November 89 1914-1919 35-46 Law department: Silver: Renewal of drafts drawn by purchaser of goods Advance in price in London and New York and secured at time of acceptance by ware- markets 7 house receipts or bills of lading 66 Imports and exports 9,108 Live-stock paper held by Federal Reserve banks State banks: during November 93 Admitted to system during December 62 Los Angeles, Calif., branch bank opened at 60 Authority of State bank member to advertise Maturities: that it is under Government protection or Acceptances purchased during November 91 supervision 65 Acceptances purchased during three months Sweden: ending Nov. 30 92 Banking conditions in, 1914-1919 35 Bills discounted during November 90 Condition statement of Bank of Sweden, Bills discounted during three months ending 1914-1918 45 Nov. 30 91 Trade, physical volume of . 74 Bills discounted and bought 99 Treasury financing during December, discussion of. 1 Member banks: Wholesale prices: Number discounting during November 89 Index numbers— Number in each district 89 International 26 Resources and liabilities of 102 United States 68 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

#.\^> 9 __\ ; ALA \ GA 6 ( FEDERAL RESERVE DISTRICTS 1919 • FEDERAL RESERVE BANK CITIES O FEDERAL RESERVE BRANCH CITIES The branches atMelena, Mont., and Oklahoma City, Okla., have been authorized by the Federal Reserve Board but are not yet open for business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis