Federal Reserve Bulletin, 1920-04

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

FEDERAL RESERVE BOARD. EX OPFICIO MEMBERS. W. P. G. HARDING, Governor, DAVID F. HOUSTON, , 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, J. E. CRANE, Chief, Division of Operations and Examination. Acting Director, Division of Foreign Exchange, II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS. Federal R o e f s — erve Bank Chairman. Governor. Deputy governor. Cashier. Boston Frederic H. Curtiss... Chas. A. Morss C. C. Bullen. W. Willett. New York. Pierre Jay Benj. Strong, jr.1. J. H. Case2. L. H. Hendricks.8 L. F. Sailer * E. R. Kenzel.3 J. D. Higgins.3 Channing Rudd.3 A. W. Gilbart.3 Philadelphia. R. L. Austin George W. Norris. Wm. H. Hutt, jr W. A. Dyer. Cleveland D.C.Wills E. R. Fancher... M. J. Fleming 4.. ... H. G. Davis. Frank J. Zurunden 4. Richmond Caldwell Hardy... George J. Seay. C. 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. McCloud « St. Louis Wm. McO. Martin. D. C. O. M. Attebery J. W. White. Minneapolis.. JohnH. Rich R. A. Young. S. S. Cook. Kansas City.. Asa E. Ramsay... J. Z. Miller, jr... C. A. Worthington... J. W. Helm. Dallas Wm. F. Ramsey.. R. L. VanZandt. Lynn P. Talley Sam R. Lawder. San Francisco John Perrin... J. XL Calkins Wm. A. Day W. N. Ambrose. Ira Clerk.6 C. H. Stewart.5 i On leave of absence. 2 Acting governor. a Controller. * Assistant to governor. * Assistant deputy governor. MANAGERS OF BRANCI|ES 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 L. H. JEarhart (acting). Richmond: Denver branch C. A. Burkhardt. ftflitinnnrp. br-flrirVi Morton M. Prentis. Dallas: Atlanta: El Paso branch W.C.Weiss. New Orleans branch Marcus Walker. Houston branch E. F. Gossett. Jacksonville branch Geo. R. De Saussure. Birmingham branch A. E. Walker. San Francisco: Nashville branch Bradley Curry. Los Angeles branch Ira Clerk (acting). Portland branch C. L. Lamping. Chicago: Salt Lake City branch. .. R. B. Motherwell. 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. It is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. In sending the BULLETIN to individuals other than those named or to nonmembers of the system 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. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. Page- Review of the month 339 Business, finance, and industry, February, 1920: Summary 349 Special reports by Federal Reserve agents 358 Declaration of the Supreme Council on the economic conditions of the world 363 Board's reply to Senate resolution concerning interest rates on collateral call loans 368 Official: Regulations of the Board governing the organization and operation of corporations under the Edge Act 379 State banks and trust companies admitted to the system 383 Charters issued to national banks 383 Foreign branches of American banks 382 Fiduciary powers granted to national banks 384 Banks granted authority to accept up to 100 per cent of capital and surplus 382 Rulings of the Federal Reserve Board 385 Law department: Domicile bills 386 Mississippi law relating to par collections 387 Miscellaneous: Report of the Bank of France for the calendar year 1919 372 Capital and surplus, deposits, and acceptances of leading banks in Europe 874 Retail trade index 377 Commercial failures reported 384 Statistical: Wholesale prices abroad 388 Wholesale prices in the United States ". 393 Discount and interest rates prevailing in various centers 396 Physical volume of trade 398 Debits to individual account, February and March 407 Discount and open-market operations of the Federal Reserve Banks 410 Operation of the Federal Reserve clearing system 417 Resources and liabilities of the Federal Reserve Banks 420 Federal Reserve note account 425 Condition of member banks in selected cities 427 Imports and exports of gold and silver 433 Estimated stock of money in the United States 435 Foreign exchange rates 437 Abstract of condition reports of State bank and trust company members on December 31, 1919 438 Abstract of condition reports of national banks on December 31, 1919 443 Discount rates approved dy the Federal Reserve Board 436 Diagram: Par point map 419 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 6 APRIL, 1920. No. 4 REVIEW OF THE MONTH. nine months of the fiscal year 1920 show a current deficit of $214,000,000. The peak of Developments during the month of March in the war debt was not reached, however, until „ connection with public finance m August 31, 1919, and a comparison of the Treasury finance. . ., , ,. , *\ , . , public debt on that date with the public debt and its relation to banking and on March 31 shows that important progress credit have been of considerable importance. has been made in the reduction of the public From the fiscal standpoint the month has seen debt—particularly the floating debt—from a continuation of the encouraging conditions taxes and salvage and by reducing the net which had begun to develop during January balance in the general fund. In that connecand February. Expenditures, exclusive of the tion, however, it should be borne in mind that public debt transactions for the month, the period of August 31 to March 31, though amounted to $537,540,559, while receipts on it covers only seven months' expenditures, the same basis were $1,099,040,623, there beincludes three quarterly income and profits-tax ing thus a surplus of receipts over expenditures installments. amounting to $561,500,064. The month was The financial operations of the month have notable for the receipt in March of the first also included an offering of certificates of ininstallment of the income and excess-profits debtedness made under the terms of an antaxes for the year 1920. Total payments on nouncement dated March 10, in which a series this score aggregated approximately $909,- <T. M.-1921), payable March 15, 1921, with 000,000. interest at the rate of 4f per cent, was offered This great volume of receipts more than to the public. These certificates, it was anequaled the certificates of indebtedness falling nounced, are to be accepted at par, with adjustdue March 15. The net total of bonds, interestment of accrued interest, in payment of income bearing notes, and certificates retired during and profits taxes payable at the maturity of the month was $705,000,000. It would, howthe certificates. ever, be a mistake to assume that any such As a result of this announcement, subscripreduction in the public debt as occurred in tions were received for certificates of the new March was other than temporary. Obviously issue amounting to $201,370,500. The disthe Government must be a heavy borrower in tribution of the certificates among the several April and May and the public debt will be districts was as follows: again increased in those months. The fact that so large a proportion of the Government's Boston $10,202,000 St. Louis $6,806,000 New York 59,982,000 Minneapolis 3,257,500 annual income is paid in four months of the Philadelphia 5,131,500 Kansas City 7,235,500 Cleveland 17,420,500 Dallas 4,719,500 year, March, June, September, and December, Richmond 5,981,500 San Francisco 16,063,000 Atlanta :.... 2,582,500 Treasury 40,063,000 will necessarily result in fluctuations of the Chicago 21,926,000 public debt, and it is a mistake to concentrate The immediate effect of these operations, attention upon the operations of those months coinciding as they did in some parts of the and to leave out of account the intervening country, notably in New York, with the paymonths in which current expenditures have ment of local income taxes, was to tie up to regularly exceeded current receipts to a greater some extent in banks funds which had been or less extent. The operations for the first 339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 FEDERAL RESERVE BULLETIN. accumulated by their owners for the purpose estimated, on the basis of an allowance of of settling tax payments. This produced some $50 per month for every month of service, shortages of loan funds, one marked result of would call for an aggregate issue of some which was high rates of interest on call money. $2,000,000,000 of bonds. The Secretary of Within a few days after the shifting of funds the Treasury, the Governor of the Federal resulting from tax payments on March 15, Reserve Board, and Assistant Secretary of the there was a distinct easing of the loan situa- Treasury Leffingwell, in hearings *before the tion. Call money again declined and there Ways and Means Committee on this subject, was a tendency toward a better supply of discussed the financial bearings of the bonus time funds as well. Commenting upon these proposals and took the position that whatdevelopments, the Federal Reserve Bank of ever distribution might be made should be New York in its monthly report of business made in cash and not out of the proceeds of conditions, remarks: the sale of bonds or by the direct distribution "The activity of the stock market together of the bonds themselves. Either of the latter with the prospective demand for funds for tax methods, it was maintained, would result in payments was reflected in a rise in call money greatly depreciating the value of existing rates Friday, March 12, to 15 per cent, but Liberty bonds, besides producing further infollowing the payment of certificates and pendflation. "I do not know how we could float ing the collection of checks drawn in payment of taxes, rates eased off gradually to 7 and 6 bonds for $2,000,000,000 at rates of interest per cent. Time loans, which had been prac- borne by the existing bonds/' was the statetically unobtainable at from 9 to 10 per cent ment of the Secretary of the Treasury, "and I on all industrial and 8 to 9 per cent on mixed do not know just what would happen if we collateral, with lenders in most cases demandundertake to float bonds for $2,000,000,000 at ing payment of maturing obligations, have lately been renewed more freely at 8 per cent a higher rate of interest. * * * I am conon mixed collateral and 8£ per cent on all fident that if such a volume of bonds were industrial, but little new money is forth- floated, it would depress the value of the oblicoming/7 gations of the Government now held by twenty The improvement of the financial position or thirty millions of our citizens; to what point, of the Government is, howof course, I can not say. I think it would Measures beever, closely dependent upon lead to a further credit expansion, which has fore Congress. the continued maintenance of been one of the factors in the upward movea policy of economy. This was pointed out ment of prices. It would, therefore, add to by the Secretary of the Treasury in his statethe cost of living of the 110,000,000 people of ment of February 7, in which, while calling the Nation.77 attention to the fact that the current deficit had been very greatly reduced and that the The position of the Federal Reserve System outlook for the future was promising, he was stated by Governor Harding as follows: limited his forecast with the proviso "if Con- "If an unusual governmental expenditure is gress adheres to a rigid policy of economy in contemplated, looking at it from the standgovernmental expenditure." Since this state- point of the Federal • Reserve Banks, it is ment was made proposals looking to consid- infinitely better that such expenditure be met erable changes in the fiscal policy of the squarely by taxation rather than by any form United States have been urged upon Congress. of credit. Throughout the world there is a Representatives of service men have appeared great expansion of credits, and while our before committees proposing varied plans for situation is good in comparison with other bonuses, among which is to be noted the pro- countries, there is no reason why we should, posal to issue bonds to men honorably mus- by further expansion of credit, get ourselves tered out of service. This proposal, it was into the position of some other countries.77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

341 APRIL, 1920. FEDERAL RESERVE BULLETIN. The close dependence of the credit and bank- largely to the simplification of the income and ing situation lends particular profits taxes, for the consideration of which Proposed fiscal .7 . • . -, . .. there still remains time and action upon which ch n/s interest m this connection to at this session of Congress may reasonably be the proposals of the Secretary asked by the tax-paying public. I shall be of the Treasury in further development of a glad, upon request, to submit drafts of amendprogram of fiscal and financial improvement. ments embodying the suggestions here pre- Secretary of the Treasury Houston, in a letter sented and to place at your disposal for the of March 16, addressed to Hon. J. W. Fordwork of tax revision all of the personnel and ney, chairman of the Ways and Means Comfacilities of the Treasury Department." mittee of the House of Representatives, rec- During the month of March the reserve posiommended a decisive change in the income tion of the Federal Reserve sysand excess-profits taxes, calculated not to re- Domestic credit tem shows little change. Flucduce the total income now received but rather problem. tuations in the reserve percentto readjust the rates of taxation and to disage have been narrow in scope, the ratio tendtribute the burden more equitably than is ing to settle at about 42.5 per cent. It is interpossible under existing law. In urging these esting also to note that the variations in the changes he contended that they represent an reserve ratio at the several banks from the irreducible minimum of measures " looking average or general ratio for the system as a largely to the simplification of the income and whole have likewise been narrower than during profits taxes for the consideration of which recent months. In the following table is indithere still remains time and action upon which cated the movement of reserve ratios at each at this session of Congress may reasonably be of the banks of the system for the four reportasked by the tax-paying public." This seing weeks of March: ries of proposals, both legislative and administrative, refers both to the policy under which Ratio of total reserves to net deposits and Federal Reserve our Treasury finance is handled and to our liabilities in 12 Federal Reserve Banks. present methods of taxation. Secretary Hous- Mar. 5. Mar. 12.Mar. 19.Mar. 26. ton's suggestions were briefly as follows: (1) Final determination and settlement of Boston 48.4 46.0 52.3 45.0 New York 38.1 39.1 38.8 39.1 tax claims and assessments. Philadelphia . 40.4 41.5 40.7 40.8 Cleveland 48.1 45.1 51.3 45.8 (2) Interpretative regulations or Treasury 41.2 40.5 40.6 42.0 Atlanta 47.8 47.2 47.6 48.3 decisions not to be retroactive. Chicago 42.9 41.8 43.9 41.3 St. Louis 40.5 43.7 39.9 39.3 (3) Five-year limitation on time for bringing 50.1 48.4 51.0 48.3 Kansas City ..., 45.7 45.1 44.2 45.3 suit for collection of taxes. Dallas 48.6 49.1 44.7 52.8 San Francisco 43.6 45.5 45.1 49.9 (4) Simplification of Liberty-bond exemp- System 42.6 42.5 43.5 42.7 tion. (5) Compensation for personal service and In studying the movements of the reserve gains from sales or dealings in property. ratios as thus set forth it must be borne in (6) Excess-profits tax: Provision for the simmind that these percentages are affected not plification and fundamental modification or only by the growth or decrease in the volume repeal of the excess-profits tax at the earliest of credit outstanding but also by the growth possible future date. or decrease of the total volume of gold and (7) Reduction of surtaxes on income saved reserve money on hand. During the month and .reinvested. of March the total amount of gold and other The Secretary adds: "The suggestions made reserve money actually in the vaults of the sysabove do not comprehend all the changes-in tem showed some decrease, amounting to about the present law, which, in my opinion, could be $26,000,000, due to continuing withdrawals for advantageously adopted at the present session exportation chiefly to South America, and in a of Congress. I have confined my suggestions lesser degree to the Orient. These withdrawals to an irreducible minimum of measures looking Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 FEDERAL RESERVE BULLETIN. APRIL, 1920. of gold naturally reduced the amount of legal re- tive credit is in process in some of the financial serve otherwise available and thus made the re- centers, but that it has not been paralleled— serve ratio of the system less favorable than certainly not closely—by any corresponding it would have been. In the following table movement in the interior. It would seem that, is given a condensed statement of the volume whatever may have been done to bring inflaof the total reserves carried by Federal Reserve tion under control, the needs of industry and Banks and of their aggregate outstanding de- the seasonal requirements of the spring agriposit liabilities during the month of March, as cultural and manufacturing undertakings now well as the movement of their bill holdings for in progress in certain sections have combined the month. largely to offset the effects of contraction by [In millions of dollars.] increasing the total volume of commercial Total re- Total bills Net de- business which the banks are required to serves. held. posits. handle. How far the demand for funds to 1920. meet speculative requirements enters into the Feb. 27 2,083 2,985 1,885 Mar.5 2,055 2,922 1,792 increase in loan and deposit account can not be Mar. 12 2,057 2,927 1,798 Mar. 19 2,060 2,670 1,686 precisely determined by the Board. Whether, Mar.26 2,057 2,901 1,773 therefore, this increase in any appreciable As modifying the situation thus presented, it degree is to be taken as indicating a lack of should, however, be noted that about $50,000,- ability to control credit expansion is far from 000 in silver was transferred at the opening of certain. At all events, the situation empha- March from the Treasury to the Federal Re- sizes the necessity for bringing the speculative serve Bank of New York, thus proportionately use of the credit facilities of the Federal Restrengthening the reserve carried. Just at the serve System under control at as early a close of the month a movement of gold from moment as possible in order that credit shall Great Britain to the United States set in. be available as needed for the requirements of This was, however, too late to be reflected in industry as the season advances. There is some the figures. The showing thus furnished for reason to think that an increasing share of the Federal Reserve Banks is not in itself con- banking funds, both at the reserve institutions clusive as to the banking position and needs to and at the member banks, is being offered to be studied in conjunction with statistics show- the direct service of commerce and industry, ing the actual situation in the member banks. but what has already been done in that direc- The chief factors for such a comparison are tion needs to be carried further and rendered provided in the following condensed |table, more effective. which continues the figures already furnished This situation has an important bearing on in recent issues of the BULLETIN on this same the problem of foreign financing. It indicates subject: that legitimate domestic needs for capital and [In millions of dollars.] credit have become so intense as to make it Date. r N o ep f u o m b r a t b i n n e k g r s . U c i c n s l ( L o n u e i v u n d i o c e t n c u i a e s n l t n r d t u s g i m s ) t d i S r e e i ( e a n t i n s a n d n g ) t t - . i d s e s s - p R a e a y R F d B n a e e i d b a s d s l n c e e e b o k r r i v u a s w l e l . l n s i t t s h d d e e p N m o e a s t n it d s. v e T a s n e h s r d e e y n f d h o t i i i r f a g f l h i t c h f u r o e a l r t t b y e t o s h t r e h o r o f a b w t a i n e t n h t r k e e i t r n o f e o g s r t t e a s t i k y g h e s n a t e t l b o m o a a r r n e r t s o o , n w o e m e v w e r e e o n c t r u a t b r t h r u e e t y m h n e e t r , . experiences, therefore, in obtaining funds in the 1920. Mar 5 808 16,935 2,084 11,551 United States for European use has been in no Mar 12 808 17,071 2,106 11,712 Mar 19 809 16,924 1,899 11,633 way lessened by reduction in speculative activ- Mar 26 811 17,022 2,114 11,493 ity and is not likely to be materially lessened Analyzing the figures by districts and study- in the near future. So far are the requirements ing them in their relation to one another, it of the United States from being satisfied that it would seem that while there has as yet been will undoubtedly be a considerable time before little change in totals, liquidation of unproduc- there will be a margin of funds for foreign use. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL, RESERVE BULLETIN. 343 During the month of March no further defi- Foreign exchange rates. nite progress has been made in Financial rela- connection with foreign financ- Weekended Feb.28. Mar. 6. Mai\13. tions with Europe. ing or with legislation for direct High. Low. High. Low. High. Low. relief of the distressed districts in Europe. The Grain Corporation has, however, been author- 3.41i 3.35i 3.681 3.40* 3.81 3.53 France .. 14.12 14.34 13.60 14.24 12.94 14.02 ized to sell on credit to European countries Italy 18.14 18.38 17.84 18 'V4 17.48 18.17 Spain . 17.40 17.30 18.00 1740 18.00 17.65 5,000,000 barrels of surplus wheat flour and has Argentina. 43.75 43.50 43.65 43 V) 43.65 43.25 China (Hongkong) 97 96 101 97 100 94 taken steps in that connection. The Federal China (Shanghai) 147 143 152 143 146 133 Japan 48 47.75 48 47.L25 48.75 47 Reserve Board issued on March 24 regulations governing the formation of corporations under Weekended Mar.20. Mar.27. the Edge Act, and representatives of the High. Low. High. Low. American Bankers' Association made public on March 29 tentative plans for the creation of an England 3.841 3.65| 3.96 3.75 France. 13.83 13.85 13.98 14.91 Edge Act concern to have $100,000,000 of capi- Italy 18.12 18.85 19.42 20.72 Spain 17.80 17.40 17.75 17.25 tal and to be formed through the cooperation Argentina 43.625 43.375 43.375 43.18 China (Hongkong) 95 92.50 99 95 of a number of responsible business bodies. China (Shanghai) .. 139 133 146 139 Japan.. ."...'. 47 47 47 47 This proposal, it is understood, is tentative and its success will be dependent upon the attitude Below is tabulated the latest information of the business and commercial community in the hands of the Federal Rewith respect to it. The most immediate indi- Business and serve Board relating to changes cation of a change in our financial relationship credit situation. in the physical volume of trade to Europe is the considerable shipments of gold in certain typical directions. The indexes to the United States which have taken place, there given show, with two exceptions, a about $20,000,000 of the metal being received diminution in the volume of trade and producup to the beginning of April by the Federal tion for 1919 as compared with the preceding Reserve Bank of New York. Shipments of year. While in many lines there has been an about $15,000,000 additional are said to have increase, or at least a satisfactory maintenance been made. of the volume of business as stated in terms of Partly as a result of the changed attitude of dollars, the case is different when attention the exchange market resulting from the ship- is centered upon the situation as indicated by ments of gold already referred to, and partly the actual number of physical units turned out. because of the exhaustion of the selling move- 1918 1919 ment which carried foreign exchanges down to Total for In- Total for their low point in February, there has been year. dex. year. Index. during March a decided improvement in many Receipts of all classes of animals, inforeign currencies. This improvement has, of cluding horses and mules (in thousands of head) 71,406 102.00 course, been most noticeable in connection with Receipts of grain at 17 interior centers (in thousands of bushels) 1,201,027 991,787 82.58 sterling, which during the latter part-of the Shipments of lumber reported by 5 associations (in millions of feet). 10,241 9,912 96.79 month reached the high figure of about $3.95. Anthracite and bituminous coal production (in thousands of short How far the recovery in exchange has been due tons) 671,729 532,945 79.34 Crude petroleum movement (in to falling off in our shipments abroad is neces- thousands of barrels) 355,925 377,719 106.12 Pig iron production (in thousands sarily uncertain, although this decline and the of long tons) 38,506 131,015 80.55 Steel ingot production (in thousands corresponding partial reduction of the demand of 1 ong t ons) 43,051 39,000 90.59 Copper (in thousands of pounds).. 1,908,534 1,278,000 66.96 for financial accommodation resulting from it Cotton consumption (in thousands of bales) 6,176 5,924 95.90 has had some influence. The following tabu- Wool consumption (in thousands of pounds) 605,159 543,086 90.00 lation furnishes figures in continuance of those Net ton mileage of American Government railways (in millions of supplied in the March BULLETIN for the prin- tons) 1437,019 100 1394,804 90.34 cipal foreign exchanges during the month. i Revised figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 FEDERAL RESERVE BULLETIN". APRIL, 1920. The indications given by the preceding tinues to occupy an important position in curtable are also substantiated and rent discussion. The outlook for the year must ,. e?tlIf .re UC" supported bv local indications be modified in its favorable aspects to accord tion of efficiency. rr. ~ furnished by federal Reserve with the circumstance already referred to that agents, who, although stating that many there is an unmistakable tendency to avoid makplants are working up to approximately their ing a maximum productive return per capita. full capacity, point out that the policy of limit- The development of prices during the month ing work or restricting production per capita of March has been far from or per unit of capital engaged is still under way. SitU" uniform or settled. The Bu- While neither the above indexes nor an un- reau of Labor Statistics in reweighted average based thereon can be taken porting upon retail prices reaches the concluas definitive evidence of the trend of national sion that the average family expenditure for production, they do indicate a falling off that food was six-tenths of 1 per cent less in Febmay be estimated at 10 per cent or more in the ruary than in January, but it should be reactual output or marketing of goods in ten membered that January had shown an increase significant lines. This estimate appears to be of 2.2 per cent above December, the latter confirmed by the statistics of railway move- month having registered the highest index ment, which might be expected to show number since 1913. Eeports for the month a smaller rate of decrease when it is of March indicate a further decline in the borne in mind that the comparison is not cost of living as measured by retail prices. altogether on an identical basis inasmuch as This reduction, however, is so small that it the war period necessarily gave rise to very may easily be canceled at any time through large freight movements which do not ordinarily unforeseen advances in the prices of a limoccur in similar volume or in the same or par- ited number of articles. Taking the Board's allel directions. Although since the opening own wholesale index number for the month of of the year 1920 there has been less disturbance February, an increase of 1 point was shown as among the labor forces and steadier production compared with January. Reports of Federal up to a higher percentage of capacity of plants, Reserve agents carrying the statement of conthe failure to produce up to the war level or to ditions up to about the last third of the month maintain full working capacity continues to be seem, however, to show a tendency toward pronounced. This is seen particularly in some price decline. This tendency is attributed by special lines of industry, such as the building many observers to the fact that the spending trades, where the conditions of labor still are movement in the community has actually lost such as to prevent the investment of capital at some of its headway in a number of branches anything like the rate which is needed in order of business. Authorities in the textile trade, to supply the requirements of the community. for example, make a positive report to the effect It is this tendency of production to decline, that reduction in the current demand for texrelatively speaking, particularly in some essen- tiles is resulting from more care in the extential lines, which constitutes the least satisfac- sion of credits. Abroad, on the other hand, tory element in the outlook for the year. As index numbers show a continuous moveshown by the reports of Federal Reserve agents, ment of prices toward higher levels. Sauerbusiness conditions now have every indication beck's figures published on March 13 show an of prosperity, activity is unusual in many lines advance of 18 points for the month ending Febof domestic production, agricultural conditions ruary 29, and other indexes run very closely are promising, and export trade, even on its parallel. Abnormally high prices in some reduced basis, is probably larger than it should continental markets continue to be reported. normally be. The process of bringing about a The following comparison of index numbers for more normal relationship between volume of January and February gives a fairly illustragoods and volume of money, however, still con- tive view of the situation: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 345 Wholesale price index numbers. comparatively low level have been corre- [1913=100.] spondingly lessened. In consequence, even the 1920. S o B t U f S a u n t t L i a r i s e t a t t e e a b i s d c u o s r . S U d K t n o a i i m t n t i g e s ; d - t. S G t B F a e u r d t " i a n l e s l < n e l t § a c i t q r e i a n u ; le e . J J B a a p p a o n a a f k n n ; . C D L m a e a n p o b e a f a n o d r t r a t . - ; c c o e o p l u t l i e n m n tr t i y s b t i u c w s h i i n n ic e d h s ic s a p t t o h io i r n o n t s u g t f o h r o o m a u t c t m o h n a e t n i c n y o u m p a a n in r c t g e s s o o e f f a s t e o h x n e with correspondingly full employment for all January 248 288 487 301 248 labor and capital, have been unable to produce February 249 306 520 313 254 any marked upward movement in the values There has been during the month of March of even the best securities. This condition has no marked change in the Board's been in decided contrast to that which has of dis" discount rate policy, save an existed in the stock market where speculative advance in the rediscount rate movements, partly influenced by extraneous on bankers' acceptances in district No. 7. conditions such as the decisions of the Supreme The advance in discount rates previously Court in sundry contested cases, have carried put into operation, however, is having an quotations in many instances to a very much effect which is particularly noticeable in a few higher point than had on the average been of the larger financial centers. At these reached for many weeks. An unexpected points bankers have actively taken up the incident in the discount rate policy has been work of credit restriction and limitation. In the shortening of accommodations which had some cases this restriction has extended to the previously been obtained by various concerns point of declining to take on new business, the through the aid of commercial paper brokers. banks confining themselves to providing for These have apparently continued to decline, the needs of their already recognized customers. and those who were obtaining assistance in this In other cases important institutions, although way have been led to increase their direct denot limiting the scope of their commercial mands upon banks and through them upon activities, give evidence of endeavoring to Federal Reserve Banks. There has, in concurtail the amount advanced by them for sequence, been some disposition on the part stock market or investment operations. In of borrowers to regard the discount rate policy sundry cases where the amount of such loans as responsible, not only for a curtailment of has appeared to increase, such growth has speculative and investment funds, but also for been due to the action of out-of-town corre- a shortening of commercial credit in the form spondents in increasing their loans on call. to which reference has been made. These, however, are only sporadic cases and The question of rates for call money has, constitute an exception to the general rule. during the past month, had Taken by ajid large, the advance of rates has Rates on call the attention of the Board in loans. exerted a restraining effect and has tempered connection with the resolution the policy of member banks. Such an effect of the Senate adopted on March 8, wherein the has been materially aided by the efforts of Board was requested to advise concerning the Federal Reserve Banks in different parts of " cause and justification for the usurious rates the country. They have endeavored, through of interest on collateral call loans in the statements issued to member banks, to have financial centers." necessary business borrowings kept within After careful consideration of this matter, reasonable limits. the Governor of the Board on March 27 trans- The influence of the discount rate policy mitted to the President of the Senate a letter of Federal Reserve Banks upon the invest- accompanied by a memorandum (printed in ment market has if anything been less obvious full elsewhere in this issue) relating to the than in the commercial banking field. As subject, in which it is stated that "as to the money rates have increased, the influences 'cause and justification' of the high rates of tending to maintain capital operations at a interest which it thus appears may legally be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 FEDERAL, RESERVE BULLETIN. APRIL, 1920. charged on collateral call loans in New York, Over one-half of the $12,198,000 of gold and as to the ' steps * * * required to abate imported during the monthly period ending this condition7; there is, as is well known, a March 10 was received from Canada; most of wide difference of opinion among persons who the remainder coming from the Dutch East have given thought and study to the question. Indies, England, and the Netherlands. Of Indeed, broad and fundamental questions of the gold exports, amounting to $54,501,000, general economic and social policy are in- over one-half, or $27,600,000, was consigned to volved—in the last analysis, the whole ques- Argentina, $5,400,000 to Uruguay, $5,115,000 tion of the utility of speculative dealings in to China, $4,092,000 to Hongkong, and $3,766,securities and commodities on organized ex- 000 to Mexico; the remainder going princichanges is involved; and more immediately pally to the Dutch East Indies, the Straits the question of the methods and practices of Settlements, British India, and Japan. Since the leading speculative centers of the country; the removal of the gold embargo on June 7, margining, stock manipulation and kindred 1919, total gold exports have amounted to matters. While members of the Board have approximately $472,066,000. Of this total, a general impression that some of the stock about $109,210,000 were shipped to Argentina, exchange methods are antiquated and that $100,820,000 to Japan, $55,446,000 to Hongthey should be reformed in order to prevent kong, $53,526,000 to China, $36,736,000 to manipulation and other ^abuses, the Board British India, and $29,778,000 to Spain; the could not reach a conclusion regarding these remainder being shipped principally to Urumatters upon which to base a report without guay, Mexico, Dutch East Indies, the Straits undertaking such comprehensive investiga- Settlements, and Venezuela. tions and hearings as would seriously inter- During the same monthly period the net fere with the conduct of its regular work and outward movement of silver was $2,463,000, which would require the services of experts as compared with a net outward movement of and assistants, for the employment of which $14,632,000 for the month ending February 10. the Board does not feel authorized to expend Net exports of silver since August 1,1914, were funds raised by it through statutory assess- $449,837,000, as may be seen from the followments on the Federal Reserve Banks for the ing exhibit: purpose of defraying the ordinary expenses [In thousands of dollars.] contemplated by the Federal Reserve Act." During the month ending March 10 the net Imports. Exports. o o f E v e x e x r c e p i s o m s r - ts outward movement of gold ports. Gold and silver was $42,303,000, as compared movement. with a net outward movement Aug. 1 to Dec. 31, 1914 12,129 22,182 10,053 Jan. 1 to Dec. 31,1915 34,484 53,599 19,115 of $38,117,000 for the month ending February Jan. 1 to Dec. 31,1916 32,263 70,595 38,332 Jan. 1 to Dec. 31,1917 53,340 84,131 30,791 10. Net imports of gold since August 1, 1914, J J a a n n . . 1 1 t t o o D De e c c . . 3 3 1 1 , ,1 1 9 9 1 1 9 8 8 7 9 1 , ,3 4 7 1 6 0 2 2 5 3 2 9 , , 8 0 4 2 6 1 1 1 8 4 1 9 , , 4 6 7 1 0 1 were $685,099,000, as may be seen from the Jan. 1 to Mar. 10,1920 25,109 45,574 20,465 following exhibit: Total 318,111 767,948 449,837 [In thousands of dollars.] Mexico furnished over one-half of the Excess $12,985,000 of silver imported during the Imports. Exports. of imports over ex- monthly period ending March 10, most of the ports. remainder coming from Salvador, the Dutch Aug. 1 to Dec. 31,1914 23,253 104,972 181,719 Jan. 1 to Dec. 31, 1915 451,955 31,426 420,529 East Indies, and Peru. Of the silver exports, Jan. 1 to Dec. 31,1916 685,745 155,793 529,952 Jan. 1 to Dec. 31,1917 553,713 372,171 181,542 amounting to $15,448,000, China received Jan. 1 to Dec. 31,1918 61,950 40,848 21,102 Jan. 1 to Dec. 31,1919 76,534 368,185 1291,651 $10,433,000, Hongkong $2,181,000, and the Jan. 1 to Mar. 10,1920 24,501 119,157 194,656 French East Indies $1,348,000, while Mexico Total 1,877,651 1,192,552 685,099 and Canada received most of the remainder. i Excess of exports over imports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

347 APRIL, 1920. FEDERAL RESERVE BULLETIN. For the five weeks between February 13 and On March 26 Federal Reserve Bank holdings March 20 reports from over 800 of paper secured by Government war obliga- The banking member banks in leading cities tions aggregated about 1,441 millions, or 84.2 situation. indicate net liquidation of 219.6 millions less than five weeks before, while their millions of Government war securities, of which holdings of other discounted paper were 1,008.2 133.7 millions represents the reduction in the millions, or 174. 9 millions larger than the corholdings of Treasury certificates for the week responding February 20 total. Of the total ending March 19, following the redemption by discounts held by the Federal Reserve Banks the Government of about 775 millions of tax on the latter date, war paper constituted 59 per certificates due on March 19. War-paper hold- cent, compared with about 65 per cent five ings of reporting banks, including amounts held weeks earlier. Holdings of paper secured by under rediscount with Federal Reserve Banks, Treasury certificates show a decline from 573.5 show but slight fluctuations during the five to 421.2 millions, or from 37.6 to 29.2 per cent weeks under review and at the end of the of the total amount of war paper held at the period were 16.1 millions below the February opening and close of the period, while the 13 total. Loans secured by stocks and bonds holdings of paper secured by Liberty bonds and at the end of the period aggregated 68.3 mil- Victory notes increased from 951.7 to 1,019.8 lions less than at the beginning. Other loans millions. Apparently as the result of the adopand investments (including amounts held un- tion of higher rates charged on acceptances purder rediscount with Federal Reserve Banks), chased in open market as compared with rates representing to a large extent ordinary com- charged on acceptances discounted, the amount mercial loans and discounts, show a continu- of acceptances purchased shows a steady deous and substantial expansion for the period, cline from 531.7 to 451.9 millions. the March 19 total indicating an increase of During the period under review rediscount 485.4 millions over the total shown five weeks operations between Federal Reserve Banks earlier. continued in undiminished volume, the amount Total gross loans and investments, i. e., in- of interbank accommodation on March 26 cluding amounts held under rediscount with being 94.4 millions, or slightly in excess of Federal Reserve Banks, show an increase of the February 20 total. On the other hand, from 16,742.8 to 16,924.2 millions. As against holdings by other Federal Reserve Banks of this increase the total paper held by Federal acceptances taken over from the New York Reserve Banks under discount for the reporting and Boston banks declined from 30.4 to 5.1 banks shows a decline from about 1,988.1 to millions. 1,899.1 millions, or from 11.9 to 11.2 per cent Net deposits, largely because of the reducof the reporting banks' total loans and invest- tion in Government deposits, show a decline ments, including under the latter head all the from 1,785.8 to 1,772.9 millions. Federal Re- Government war securities owned by the serve note circulation, on the other hand, shows banks. Data for the Federal Reserve Banks moderate, though steady, expansion from covering the five-week period between Febru- 2,977.1 to 3,048.0 millions, or at an average ary 20 and March 26 indicate practically con- weekly rate of 14.2 millions, as against 33.2 tinuous loan expansion through the discount millions for the previous four weeks. Gold reof ordinary commercial paper up to March 19, serves, because of further export withdrawals, when as the result of heavy redemptions of show a further reduction of 35.2 millions, while outstanding tax certificates the Federal Re- other cash reserves, because of large silver deserve Banks reduced their holdings of discount- posits by the Treasury, show a gain of 56.8 ed war paper for the week by 162.5 millions and millions. As the result of these developments those of ordinary commercial paper by 53.3 the reserve ratio of the banks fluctuated bemillions. tween 42.5 and 43.5 per cent, standing at 42.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 FEDERAL RESERVE BULLETIN. APRIL, 1920. per cent on March 26, the percentage shown after the entry of the United States into the five weeks before. European war. Hon. Albert Strauss, Vice Governor of the Mr. George W. Norris, of Philadelphia, has Changes in Fed- Federal Reserve Board, retired been elected by the board of directors of the eral Reserve from service as a member of Federal Reserve Bank of Philadelphia as gov- Board. the Board on March 15, his ernor of that bank in succession to Mr. E. P. resignation having been accepted by the Presi- Passmore, who has resigned to accept the president, effective on that date. Mr. Strauss has dency of the Bank of North America, Philabeen a member of the Federal Reserve Board delphia. Mr. Norris, at the time of his election, since September, 1918, and has been Vice was commissioner and executive officer of the Governor of the Board throughout the whole Federal Farm Loan Board. Before coming to of his period of office. He now returns to Washington in this capacity he was a class "C" business life as a member of the firm of J. & W. director and deputy chairman of the Federal Seligman & Co., from which he originally Reserve Bank of Philadelphia and for many entered the public service as adviser to Secre- years had been associated with the banking firm tary of the Treasury W. G. McAdoo shortly of Edward B. Smith & Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 349 BUSINESS, INDUSTRY, AND FINANCE, MARCH, 1920. Business and financial developments during reflected in a rise in call money rates Friday, the month of March have shown some con- March 12, to 15 per cent, but following the fusion and lack of uniformity, which indicates payment of taxes rates eased off gradually to that the country is now passing through 7 and 6 per cent. Time loans, which had been another transition stage. There has been a practically unobtainable at from 9 to 10 per hesitation if not an actual recession, of com- cent on all industrial and 8 to 9 per cent on modity prices, a slight but noticeable improve- mixed collateral, with lenders in most cases ment in the bank reserve ratio, some relief of demanding payment of maturing obligations, the barriers to transportation and distribution have lately been renewed more freely at 8 per which existed during the winter months, and cent on mixed collateral and 8J per cent on all at the same time there has appeared to be some industrial, but little new money is forthalteration in the point of view of the commun- coming." ity with respect to extravagance and reckless In district No. 3 (Philadelphia) " trade has purchasing. This alteration in point of view is been fairly brisk and somewhat ahead of last by no means universal, but Federal Reserve year in so far as the volume of business in agents report very considerable difference of dollars is concerned." Nevertheless, it is to attitude on the part of the public. The change, be doubted whether the " actual bulk of the whatever it may be in character and scope, is, sales is as large." Moreover, " objection is however, conservative and moderate and there raised to price increases," and there is further is no appreciable letting down in the vol- "a partial shifting in demand from luxury ume of legitimate business. The outlook for goods." Prices do not yet show signs of a the spring season, both industrially and agridecline, however, and little hope is held out culturally, is excellent, the chief modifying by retailers in that regard until the fall season factors in the situation being inadequacy of is past. The most noteworthy feature is the labor supply and shortage of various kinds of increasing indisposition of the public to pay the materials as well as of borrowing facilities of exorbitant prices for consumable goods. banks. In district No. 4 (Cleveland) it is found that The present character of the outlook is sum- "conditions are rapidly changing" and that marized by Federal Reserve agents as follows: there is "possibility of curtailed production" In district No. 1 (Boston) " industrial con- which calls for "proper remedial measures." ditions * * * have undergone no marked In district No. 5 (Richmond) domestic busichange since a month ago. Evidences of deness is good, but "exporters report marked flation which were so numerous and pronounced depression." Reckless buying by the public in February are not so conspicuous in the surcontinues and there is no general lowering of face indications of March/' but "nothing has prices, but "there is an undercurrent of unoccurred to indicate that the influences reeasiness and uncertainty in commercial circles." ferred to have ceased to operate." A factor Buying is almost entirely for immediate needs of great importance in this matter is the ' 'backand not for future delivery. ing up on this side of the Atlantic of American In district No. 6 (Atlanta) there has been no goods manufactured for export." It is prematerial change in the general economic situadicted that the "drop in prices which is adtion, but sales show a large increase in value, mittedly inevitable will set in before another although probably not in amount. While winter season and that it will become only there has been some disposition to place fall gradually perceptible." orders, this is being discouraged because of a In district No. 2 (New York) "the activity belief that prices will decline, and this fact of the stock market, together with the prostends to produce some conservatism. pective demand for funds for tax payments, was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 FEDERAL BESERVE BULLETIN. APRIL, 1920. In district No. 7 (Chicago) extravagance In district No. 12 (San Francisco) the induscontinues unabated and is tending to stimu- trial outlook is prosperous, but both retail and late inflation by swelling profits to the extent wholesale trades report decreases during Febthat manufacturers of luxuries are undis- ruary as compared with January, these being turbed by advances in discount rates, while attributed to seasonal slackening of business. the latter bear heavily upon those who are Many stocks of goods are depleted on the working on a narrow margin. There are Pacific coast and it is believed that great accordingly conflicting reports concerning the activity will be necessary in order to restore general outlook. them. In district No. 8 (St. Louis) there is an The opening of the spring season has given increasing " spirit of conservatism" and busi- an impetus to the agricultural side of activity ness men "are proceeding with greater cau- and is rendering the farmers' problem for the tion/' while the public at large is "making its coming season considerably more definite than purchases with a greater measure of discre- heretofore. In the Southern States cold tion." It is believed that the "peak of high weather has somewhat retarded the preparaprices has been passed." Nevertheless, there tion for the new crop season and in the Atlanta is an undertone of confidence in the firmness district has impaired the early fruit and vegeof the present industrial situation. table outlook. An increase in the value of In district No. 9 (Minneapolis), while there farm lands throughout the district during 1919 is great difficulty in getting goods, there is is estimated at 20 per cent to 25 per cent, expected to be heavy demand for farm bringing them up to about double the value machinery and there is already unprece- of five years ago. Prices of agricultural proddented demand in mechanical equipment for ucts, especially fruits and cotton, are very high, farms. The credit situation is satisfactory. a fact which partly makes up for shortened In district No. 10 (Kansas City) spring output due to unfavorable weather. Pasturage trading is vigorously under way and there is is in relatively bad condition, being only about an effort to increase output in the belief that 79 per cent as compared with 85 per cent last that is "after all the real solution of the year. In the northern part of the district the abnormally high prices." There is a quick- condition of small grain crops is unsatisfactory. ening of industrial energy and business is In district No. 11 (Dallas) the condition of strong and vigorous, but in the tenth district, winter wheat was 75 per cent as compared with as elsewhere, speculative buying has been the corresponding date last year, and a decrease largely eliminated, prices are slightly easier^ of 900,000 acres as compared with 191$ is reand there is an increasing tendency to buy ported. Preparations for the cotton crop are for immediate wants rather than for future well underway, an early start having been made delivery. to avoid insect damage. The cotton crop will In district No. 11 (Dallas) there has been a be 1'5 per cent larger than in 1919. The "slight recession from the high wave of movement of the old cotton crop out of the commercial and industrial activity," and this district is proceeding at a normal rate, with the has been accompanied by a "moderate reac- exception of the inferior grades, which are tion in the public and retail buying move- moving slowly. ment," while in the field of prices there is a In district No. 12 (San Francisco) there is a "more pronounced tendency toward an equi- material improvement predicted for agricullibrium." Luxury sales are tending to fall tural output in 1920, although rainfall is still off and both merchants and the public are 30 to 60 per cent below normal. Rice, bean, disinclined to increase their commitments and sugar beet acreage is being reduced and pending further developments. shortage of water is likely to cut down the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL. 1920. FEDERAL, RESERVE BULLETIN. 351 spring acreage in general. The fall wheat crop pects in this district are fair to good. Some will average about 70 per cent of normal. In wheat in Montana was winter killed, but the the irrigated sections of Idaho, Nevada, and amount is not greater than the normal loss. Utah the yield will be only about 80 per cent The winter wheat acreage, however, is someof normal. Range eonditions, however, are what less than a year ago. Some shrinkage favorable throughout the district. In the may be expected in other grain crops, but it is Middle West soil conditions are very promising too early to estimate what this will amount to. for the reason that the winter, although cold, There is every prospect, however, that the showed less fluctuation in temperature than acreage loss will be offset by better crops than usual, but the wheat crop has suffered deteri- have been harvested for the last two years, due oration. An important increase in product to improved soil conditions and better moisture. per acre is reported and is attributed in part In district No. 10 (Kansas City) mild weather to the high prices of land. An increase in the has afforded an excellent basis for plowing, and prospective acreage of corn is noted, but high preparation for spring planting and farm work wages for farm labor militate strongly against is well under way. Sporadic reports of a pessithe very great extension of operations. mistic and discouraging nature have appeared, In district No. 8 (St. Louis) the agricultural but the statements of the secretaries of agrioutlook is good with the exception of winter culture throughout the district are more enwheat, which has been injured or killed in some couraging. Wheat conditions are said to be sections by alternate freezing and thawing. generally optimistic, especially as to winter Farm work is behind. A good deal of acreage wheat. The planting in Colorado and the plowed for wheat last fall will be planted to adjacent district was about 91 per cent for corn. Preparation for the planting of the winter wheat and winter rye as compared with cotton crop has been delayed by unfavorable 1918. Winter wheat conditions in the same weather. The acreage of oats will be about the region are about 90 per cent of normal. In same as last year. Low prices for tobacco have Missouri wheat conditions are poor and are caused complaint but a larger acreage is never- exceptionally low in Oklahoma, the condition theless being planned. there being tentatively estimated at 55 per cent. District No. 9 (Minneapolis) reports that the Planting for the cotton crop is well underway spring agricultural outlook is favorable. The and the acreage in Oklahoma, Missouri, and condition of the soil and the water conditions New Mexico seems to show an increase. Corn of the district are regarded as particularly en- acreage also shows an increase throughout the couraging, looking to a good crop. The States district, especially in Oklahoma. In beet of Minnesota, North Dakota, South Dakota, growing a large increase in acreage is anticiand Montana, producing the bulk of northwest- pated. On the eastern seaboard the season is ern wheat, undoubtedly will show a decrease in still too early to permit definite forecasts. the wheat acreage this year due to the high In district No. 5 (Richmond) cold weather price of farm labor, which, as reported from 65 and a long wet season have made truck crops local points, has advanced 73.4 per cent since late and poor, and farming operations are two 1914, and due also to the scarcity of good seed or three weeks late. High prices for products wheat. The natural letting down after the and great shortage of labor are encouraging extraordinary crop-production efforts during intensive cultivation and active demand for the war is also a factor. A probable decrease fertilizing. Tobacco prices are lower, due to of at least 10 per cent will reduce the acreage shortened exports, but the great success of the this year to approximately 15,000,000 acres, tobacco crop of 1919 leads to the forecast of a which, on the basis of average production, in- greatly increased acreage in 1920. dicates a loss of from 20,000,000 to 22,000,000 Farm and range live-stock conditions are rebushels on the 1920 crop. Winter wheat pros- ported decidedly good. In district No. 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 FEDERAL RESERVE BULLETIN. APRIL, 1920. (Kansas City) it is found that farm and range 40 per cent less than in February, 1919. Relive stock fared well during January and Febru- ceipts of sheep were, however, heavy, being 3 ary. The mild weather of the late winter about the same as in January and 35 per cent helped pasturage conditions. A similar report larger than a year ago. In the seventh discomes from district No. 12 (San Francisco), trict (Chicago) for the four weeks ending H^ winter has prevented much March 13, receipts of cattle were 208,881, as stock, and has assured sufficient feed compared with 222,731 a year ago, while refor the summer season. In district No. 11 ceipts of hogs were 616,104, as compared with (Dallas) grass-fattened steers have begun ar- 785,409 a year ago. Calves and sheep, howriving at the central markets, but the move- ever, showed some increase. As against the ment is still slow. Range conditions have light receipts it was noted that the month of been unusually good and the market was better February showed a decline of prices for all supplied with animals during February than a grades of cattle, although there was improveyear ago, except in the case of hogs, which ment in the first week in March. Hog prices, showed a decline. Receipts of cattle at 15 which at the beginning of February were primary markets during February are reported $14.85 to $15.15 onbulksales, were forced down as 1,068,092 head, corresponding to an index about a dollar at the end of the month, but number of 114, as compared with 1,400,031 during the first week of March bulk sales were head during the preceding month and 1,096,118 back to very nearly the opening figure for Febhead during the corresponding month in 1919, ruary. Sheep and lambs were slightly higher the respective index numbers being 114, 139, than a year ago. and 116. Receipts of sheep during February In flour milling, district No. 10 (Kansas were 948,116 head, as compared with 774,881 City) reports a very satisfactory month for head a year earlier and 1,035,591 head during February. At Kansas City, Omaha, and 88 January, 1920, the respective index numbers interior mills in Nebraska, Missouri, Oklahoma, being 74, 61, and 76. Receipts of hogs show a and Kansas the total output for February was change from 3,912,449 head during January, 1,535,078 barrels, as against 955,333 barrels in 1920, to 2,440,154 head in February, corre- February, 1919 but the output was the smallest r sponding to index numbers of 178 and 119, for three months past. Orders appeared to respectively. Receipts in February, 1919, fall off during the month and February reports amounted to 3,451,894, the index number showed declines in the price of all grades of being 168. From district No. 11 (Dallas) it flour, amounting to about $1 a barrel. Western is reported that at the Fort Worth yards a flour millers are to some extent recovering falling off of about 16 per cent in receipts of their foreign trade. cattle occurred in February, 1920, as com- The iron and steel industry has shown a pared with January, with a somewhat corre- continuation of its great prosperity, being sponding reduction in the case of calves and booked up far ahead. The demand for pig hogs, while sheep increased about one-third. iron is very strong and prices have advanced, In district No. 10 (Kansas City) the move- but it is reported from district No. 3 (Philament of live stock to the six principal markets delphia) that there is great difficulty in securfor February totaled 25,643 cars, as compared ing adequate transportation. Producers find with 37,006 cars in January and 31,422 cars it hard to obtain deliveries of limestone, coke, in February, 1919. Receipts of cattle were and other materials, as well as to ship the 31 per cent less than in January and 13 per finished product. Producers are beginning to cent below February a year ago. Receipts of hesitate in taking new orders and are opposing calves showed a loss of 19 per cent from Janu- the new advances in prices. The demand for ary. Arrivals of hogs at the markets in Febru- steel castings is increasing and prices are rising. ary were 38 per cent less than in January and Plants engaged in the production of bars, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 353 shapes, structural steel, etc., are slightly j orders approximating 5,000,000 tons, and that below capacity, although operations are larger shipments and production during February were than a year ago. Prices are moving slightly j slightly in excess of 600,000 tons. The marupward. In district No. 6 (Atlanta) it is ketable pig-iron capacity of the country apexpected that the works will be operated at parently therefore is booked full at the present full capacity for a long time to come. Business rate of output to November 1. While there is pronounced excellent and the outlook for have been some irregularities in pig-iron continued activity very satisfactory. Labor prices as compared with some of the maximum conditions are good. Pig iron is selling around figures recently prevailing, these have been of $42 a ton. Labor costs in all districts have a local or special character and there has been increased enormously. This is reported as nothing in them to suggest a weakening of the being particularly true in hardware lines. In market. the north Michigan and north Wisconsin iron Among the nonferrous metals, zinc and lead mining region conditions are at the usual sea- have been heavily shipped from district No. 10 sonal standstill, awaiting the opening of lake (Kansas City), but the price of zinc was about transportation. In district No. 4 (Cleveland) $4.50 lower than in January, the average price conservatism on the buying side has grown, paid being $51.21. Calamine shipments have rather more pronounced in iron and steel. also increased, while lead ore has been in de- The market has assumed a more composed mand at higher prices than last month. The and stabilized appearance and some of the problem of moving the ore from the district, wide fluctuations in prices are tending to be however, is very difficult on account of the leveled off. Fundamentally, however, the car situation. In the Colorado metal mining situation is as strong as ever and there is an region labor conditions have been improving underlying shortage of tonnage. Car and fuel and new operations are being started, especially shortages have been a predominating factor. in the silver-mining sections. In the Pittsburgh district some companies Coal output is still seriously hampered have been accumulating finished products at in some districts by shortage of cars, but a rate of about 25 per cent of their output. production is gradually recovering. This is There is a large shortage of sheet and tin plate. especially true in district No. 3 (Philadelphia). In some places this accumulation really Many consumers have suffered from Governamounts to a congestion. The railroads have ment diversion of fuel. No decline in bitubeen buying heavily of equipment and it is minous prices is expected as there is at present estimated that at one time within the past a considerable shortage. The anthracite situafew weeks orders for 30,000 cars were under tion is complicated by discussion of a new negotiation. Automobile buyers of iron and wage agreement with the miners on April 1. steel have not shown the general caution of The prices are still tending upward. The other buyers but have bought wherever they production of anthracite is not capable of could and have paid any price that was asked. rapid expansion. Shipments over the principal The structural steel awards in February were the coal-carrying roads during February were largest since June, 1918, totaling 171,000 tons, or 4,913,664 tons, as compared with 5,713,319 95 per cent of capacity. The pig-iron market tons in January and 3,871,932 tons in February has entered a period of quieter buying. This a year ago. In district No. 6 (Atlanta) coal situation apparently is a natural development output is still below normal. The output for arising both from the sold-up condition of the February was 1,251,430 tons, as compared furnaces and the well-covered requirements for with 1,683,331 tons in January. Coal mining months ahead of many consumers. Statistics operations in Montana are practically on a compiled as of March 1 show that the merchant normal basis. In district No. 4 (Cleveland) furnaces of the country had on hand unfilled the coal situation is very chaotic on account of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 FEDERAL RESERVE BULLETIN. APRIL, 1920. the lack of transportation. In the Pittsburgh selling at $1.25 more than in December and an district mines have been able to produce only additional 25 cents a barrel was made early in about 57 per cent of capacity. Manufacturers March. The oil-leasing bill enacted by Conare making great efforts to increase their gress is expected to result in great developstocks of coal, which were depleted during the ment. Refineries are doing all they can to strike, but operators are refusing to make increase production. It is predicted that'some contracts beyond April 1 until they have been of the larger ones will be able to double their advised of the terms of the award of the coal daily output before the end of this year. commission. They say they can not make new Extremely interesting conditions in textile contracts until they know what total wage production are reported. In district No. 3 increases will be and what portion of that (Philadelphia) the demand for cotton has increase they will be permitted to pass on to fallen off and free buying from abroad has the consumer. Coke production is increasing been checked by low exchange. Manufacwith the better movement of cars. Connells- turers of cotton goods are running nearly to ville district output is greater than for some capacity. Orders on hand will maintain operatime past. tions for a few months but there has been a Taking the country as a whole, production falling off in activity. In district No. 1 (Bosduring February was 40,127,000 tons, corre- ton) nominal prices and a market only fairly sponding to an index number of 116, as com- active in cotton have prevailed. Mills have pared with 49,419,000 tons, corresponding to been well stocked up and recent demands have an index number of 133, during January, and been due to manufacturers whose supplies have 31,566,000 tons, corresponding to an index been running short. Manufacturers of goods number of 91, during February, 1919. Anthra- report a continued slackening in demand, cite coal shipments during February were partly due to freight conditions. In the finer 4,913,664 tons, as compared with 5,713,319 fabrics the slackening, if it exists at all, is much tons during January and 3,871,932 tons during less noticeable. Attempts to buy for early fall February, 1919, the respective index numbers delivery are proving somewhat embarrassing. being 94, 102, and 74. Coal prices are every- It is believed that the cost of materials and supplies has reached its high level, but that any where uncertain on account of the doubt as to decline from present prices will be gradual. the adjustment of labor controversies and the possible effects of the findings of the Presi- In the knit goods market high prices and dent's coal wage commission. In petroleum, the agitation for reductions have tended to district No. 10 (Kansas City) reports an output cut down output. Prices, however, have not for Kansas and Oklahoma of about 9,500,000 declined, but the demand for fall underwear barrels for February, as against about 8,500,000 is diminishing and hosiery buying has fallen barrels for February, 1919. There was also off. Prices for all hosiery, however, are about an increase over January. Developmental work 20 per cent to 25 per cent above a year ago. brought about a slight increase in completed In woolens, manufacturers are fairly well wells and some increase in daily new production, stocked with raw material in district No. 3 it being estimated that about 1,000 barrels of (Philadelphia) and high money rates have led new output resulted from February work. to a postponement of purchasing. Prices of There has been a great increase in oil prices due fabrics are firm at levels much higher than a to the growing demand for the product and the year ago. There is a difference of opinion as knowledge that production is still short of to the prospects, some predicting an increase, demand. Refiners are eagerly competing for others a decline. In the third district an supplies. Crude oil is now bringing in district advance is thought possible. Mills are operat- No. 10 (Kansas City) $2.50 to $3.50 a barrel. ing to capacity. Stocks of woolens and wor- Kansas crude oil at the end of February was steds are small and as a result no material Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL, RESERVE BULLETIN. change in business is expected for the next 1 (Boston) it is reported that the volume of few months. From district No. 1 (Boston) it wholesale dry goods disposed of in February is reported that wool dealers have very small was about the same in amount as a year ago, stocks of high or medium grades, but many with prices about 25 per cent higher than in have an oversupply of low grades for which 1919. Prices are about the same as last there is practically no call. Business in the month, however, and no material drop is exlower grades is dull and the future is a matter pected until autumn. There is a considerable of considerable anxiety. Mills report a slack- scarcity in men's furnishings. Collections are ening of demand. It is predicted, however, slightly less satisfactory, but no failures have that the goods coming on the market to be occurred. Wholesalers are holding off in placmade up into clothing for the fall and winter ing their fall orders in order to see whether of 1920 will be 25 per cent higher than the same present prices will be sustained. class of goods has been recently. Manufac- In leather and shoes it is reported from disturers, however, state that the peak of prices trict No. 1 (Boston) that there has been a has been reached, which means that relief for slackening of demand which has affected hides, the consumer will be deferred until the goods leather, and shoes themselves, although in the now being made have been absorbed. finished product there is some difference of In the clothing trade there is a marked opinion, a number of houses reporting about tendency on the part of the public to make stable conditions. Shoe retailers, however, are old supplies go further and to refuse to pay holding off on their fall orders because they exthe excessive prices that are being charged. pect a reduction in prices. Some manufac- Demand is accordingly declining. Many manu- turers report an oversupply of manufactured facturers are, however, running at full capacity goods. In hides " it now looks as if prices were but they have difficulty in securing supplies of on the bottom and an advance is looked for cloth and other raw materials. Merchants from time to time." In sole leather, producshow little disposition to cancel orders and tion is about the same as six months ago. insist on complete shipments. Medium and District No. 3 (Philadelphia) reports that tanlower grades are in relatively small request. neries are operating at capacity but that leather prices will not be affected for a good while to The wholesale dry goods trade is in large volcome. New business offered during the past ume, and in district No. 8 (St. Louis) some houses month has been small in volume. Shoe conreport as much as 50 per cent increase in the ditions in Philadelphia are conflicting. Devalue of sales over last year. The placing of mand has been good heretofore, but some manfall orders has, however, been discouraged by ufacturers find that consumers are avoiding wholesalers, as they believe prices may decline. higher priced goods. Eastern buying has be- In district No. 7 (Chicago) wholesale business come somewhat slower, but western and southis holding up very well but, as in other districts, ern demands are still strong. The supply of buyers are conservative in making commitlabor is not sufficient to enable full-time proments. In the South, increases in prices are duction in many plants. reported and deliveries are rather better, but here again there is a more conservative policy The employment situation has been on the in trade buying. The volume of wholesale whole satisfactory during the month of March, trade is larger owing to the existence of higher at least as compared with recent months. prices. The percentage of increases in Feb- Wages have been very high and tending to ruary as compared with January ranges from rise, but the total volume of employment has 4 per cent to 15 per cent, according to dilfer- been large and mills have been operating ent lines affected. In district No. 3 (Phila- nearer to capacity than heretofore. In the delphia) business is about stable. There is Middle West it is complained that labor is some falling off in frenzied buying, both in inefficient and that there is too strong a desire wholesale and retail lines. From district No. for short hours, accompanied by poor service, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 FEDERAL RESERVE BULLETIN. APRIL, 1920. with a corresponding reduction of output, i possible housing facilities, a situation which The amount of pay rolls as compared with a \ has been peculiarly aggravated in New York year ago is greater, although the number of j City and in industrial cities in the Middle men employed is less. In the Middle West j West. Building permits continue to increase there is a comparatively small amount of | in many parts of the country and there is a unemployment. In the southwestern agricul- j substantial volume of building, but capital tural regions the supply of labor is relatively ! hesitates to go into this form of enterprise as scanty and the same is true in the grain regions | freely as it otherwise would do on account of of the West and Northwest. In fact, the j the unfavorable conditions of taxation. The labor shortage in agricultural operations j existence of controversies in the building throughout the country appears to be critical j trades not only as between labor and capital and is only partially relieved by the application but as between different branches of labor, of machinery on a larger scale than heretofore appear to result in preventing progress and to farming. On the Pacific coast labor is fully full employment even where no actual strikes employed, except possibly around Seattle, and or labor disputes of the standard type are in there is the same shortage of farm labor as progress. Despite the effort to meet the urelsewhere. The number of strikes, with accom- gent necessities of the case the country as a panying unemployment, is small throughout whole has made comparatively little progress the country. Average earnings continued toward providing the catching up with depractically at the peak in the eastern manufac- mand in regard to house accommodation. turing districts. Commenting on the drift Much the same is true with respect to shortaway from the farm to the cities, the Federal age in industrial building. Reserve Bank of New York remarks that "the While there has been a considerable variacompetition of the industrial centers for labor tion in rates of money for call funds during is depleting the supply of farm workers, and the month of March, the tendency has been the younger generation is leaving the farms strongly in the direction of greater ease. for the supposedly wider opportunities offered The release of income tax installments has unby the city. An investigation made recently doubtedly tended to relieve the situation to by Prof. G. F. Morgan, of the New York State some extent, and while rates on commercial Agricultural College, and John B. Shepard, paper and for time funds have continued high, of the United States Bureau of Crop Estimates, call loan rates have materially fallen off. The shows that the number of persons on New demand for commercial accommodation at York farms decreased 3 per cent in the period most of the banks has been strong, but in some between February 1. 1919, and the same date cases it has tended relatively to sag off a little in 1920, while the number of hired men de- as due to slowness in the opening up of the creased 7 per cent. Basing their figures upon spring season. In some districts it is noted data obtained from more than 3,000 farms, that commercial firms are not quite as liquid and applying these figures to the entire State as they have been in the past, although this in the same proportion, the estimates show can hardly be said to be a general condition. that during 1919 approximately 35,000 men In the Middle West demand for money for and boys left agriculture for other industries, commercial purposes has been very heavy, while in the same period only 11,000 went borrowers being willing to pay almost any from other industries into farming/' rate for accommodation. Collections have The building situation the country over has been good and business failures low, while the continued about unchanged, although it has, movement of credit is extremely active. if anything, become slightly more critical than Clearings have been large, taking the country heretofore. In the eastern industrial centers as a whole. Applications for land contracts the movement of labor from the farm to the have in some parts of the country created city has created a very sharp demand on all temporary and local stringencies. In the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL, RESERVE BULLETIN. 357 Southwest, collections are not as good as they February. The average, however, is still have been, partly due to unfavorable weather roughly 2 points below the high point of the conditions, but the demand for money is very year established in January and approximately strong. Loans and investments are on the 6 points below the price level at this time last increase. In district No. 11 (Dallas) there year. Practically all classes of bonds suffered has been some fall in cash reserves, but the a temporary setback during the period of volume of war paper carried has declined. money stress in the latter part of February. Clearings have been very large in that part of Liberty issues showed the sharpest reactions at the country, while discount rates have tended that time, establishing new low records for the to increase. On the Pacific coast there has Si per cents, the first and second 4 per cents, been a slight decline in the volume of financial and both Victory issues. With the passing activity but there, as elsewhere, interest and of the acute stage of the money strain, these discount rates have tended to become firmer, issues have made substantial progress in the prevailing rates being 6 per cent to 6| per recovery. cent in the industrial centers, and around 8 New corporate financing has been very per cent in the agricultural regions. In New heavy. The foreign exchanges have shown a York an unusual amount of stock market much greater power of- self-support and are activity has been manifested. Daily sales more stable than during the month of Febafter the first week in March averaged"wefl ruary. Export trade has fallen off somewhat, over 1,000,000 shares, and on two occasions due to the fact that bankers have in some the total fell just short of 2,000,000 shares. measure withdrawn the credit which had pre- Prices of the active speculative stocks ad- viously been made available. Spring requirevanced 50 to 100 points or more, while a gen- ments are beginning to call into play the resources both of member and of Federal eral average of 25 industrial stocks rose 22 Reserve Banks in the agricultural regions, and points from a low level of 101 reached in the the pressure upon them for the meeting of second week in February to 124, or only 3 these demands may be expected to increase points below the highest price average of the from this time forward. year. Twenty-five railroad stocks on Marcn 20 averaged 10 points above the lowest prices Production conditions the country over give on record for .this group, which had been every reason for encouragement with reference reached during the February liquidation. to actual industrial and agricultural potentiali- The passing of the March 15 tax payment ties. The crop outlook, so far as can be judged period with a minimum of strain and the in- at this season, is hopeful. The difficulties in creased supply of credit made available by sight are due to conditions of relative undercertificate redemptions were important fac- production or decrease of production resulting tors in enabling the market to maintain its from lessened activity of capital and labor, rapid forward pace up to the close of the problems arising out of heavy taxation, and period. February stock sales aggregated measures resulting from the one-sided working 21,729,000 shares. This is the largest total of present tax laws, while, financially speaking, on record for the month since 1905, and caution and conservatism are called for and represents an increase of 2,075,000 shares the efforts to restrict the volume of credit over the January total, but is approximately which have thus far been made have been only partially successful. As a result, high interest 2,000,000 below the figures for December. rates and relative scarcity of funds will con- The general trend of bond prices has been tinue to prevail during the period in which the upward during the past 30 days, amounting to country is endeavoring to extend its productive an advance of approximately 2 points in the facilities and to overcome the relative loss of average of 40 listed issues from the record low progress resulting from war limitations upon levels reached during the second week in investment and production. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 FEDERAL RESERVE BULLETIN. APRIL, 1920. SPECIAL REPORTS. being substituted for human labor wherever possible. The number of tractors on farms SCARCITY OF FARM LABOR AND HIGH PRICES has tremendously increased, and reports from OF FARM LANDS. tractor makers indicate a still wider use of this Two factors that work against speedy de- man-power saver during the coming year. clines in the prices of farm products are given The increased use of mechanical appliances, prominence this month in the reports of those however, makes up only in part for the loss of Federal Reserve agents whose districts cover farm help which has occurred in recent years.7' the principal agricultural sections of the coun- From district No. 5 (Richmond) the news try. The reports emphasize the great scarcity comes that 'l available farm labor is so scarce of farm labor and consequent high wages and as to make extensive agricultural operations call attention to the excessive prices being paid impracticable, and many large farms are being for farm lands, reflecting the extravagant cut up and sold." An ameliorating influence rentals that are being demanded. The evi- is found in the fact that "high prices for farm dence given below points, therefore, to the products, together with acute labor shortage, existence of price heightening influences tend- are encouraging much more intensive cultivaing at any rate to restrict supply of farm tion, with a consequent active demand for ferproducts and certainly operating to increase tilizer which manufacturers find hard to meet." expenses of production. Fortunately there are In the Richmond district, the result of the suggestions that the difficult situation has been lively traffic in farm lands is thought to carry an incentive to farmers to resort to more with it certain benefits. It is said, for example, economical and careful methods of cultivation. that "there has been a wavie of real estate The report of district No. 2 (New York) buying and selling in all agricultural communidiscusses the drift away from the farms. "The ties, but these activities are reported as on the competition of the industrial centers for labor decrease. One possible benefit of the land is depleting the supply of farm workers, and sales is the break up of many large holdings the younger generation is leaving the farms and a corresponding increase in the number of for the supposedly wider opportunities offered small owners who will live on their land and by the city. An investigation made recently work iti themselves." by Prof. G. F. Morgan, of the New York State In district No. 6 (Atlanta) " conditions on Agricultural College, and John H. Shepard, the farms are serious as the time approaches of the United States Bureau of Crop Estimates, for spring work and planting, and unless is sketched in the general review of business some relief is had from the acute shortage of conditions just furnished. This is despite the farm labor, reduced acreages of all crops fact that wages compare well with rates pre- may result in a continuation of the present vailing in other districts. Farmers in one of high prices of farm products."" the counties near New York City are offering A marked increase in the value of farm $60 a month and board for helpers, while the lands throughout the district is indicated average rate over the State for experienced in the reports by field agents of the Departhelp will probably be somewhat above $50 ment of Agriculture. Georgia land values including board. Even at these wages there are reported to have increased from 20 per is a serious shortage of farm labor to begin the cent to 25 per cent during 1919, and are spring work, with few hands applying, and much more than double those of five years many farmers have announced that they see ago. The increase is remarkable in view no other solution of the problem than a curtail- oi the fact that the boll weevil has almost ment of production. completely infected the State. A rise in land Both in district No. 4 (Cleveland) and in values is noted in all classes of farm propdistrict No. 5 (Richmond) the shortage of erty, but is especially marked in that having labor has necessitated resort to changes in good improvements. methods of cultivation likely to be of per- "The estimated increase in the value of all manent benefit to the communities in question. plow lands in Alabama is placed at 25 per District No. 4 says: "The most serious cent over the values prevailing a year ago, problem which confronts the farmer is the and the value of farm lands in Florida is shortage and high price of help. City wages estimated to have increased about 20 per can not be paid on the farm and permit the cent during the year. The average value of average consumer to purchase the product. all plow lands in Mississippi is placed at 37 per The farmers have tried to meet this condition cent above that of last year. 1$ Tennessee the by buying modern machinery, and power is increase is reported to be about 11 per cent." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 359 District No. 7 (Chicago) reports that " there Further evidence to corroborate the preis considerable apprehension over the farm ceding statements is to be found in the facts labor supply in all parts of the district. Ad- presented in the report from district No. 10 vices are that it is impossible to hold an (Kansas City): "Although the season is just unmarried man as a farm hand except on starting, it is evident that the matter of terms equal to those offered by city manu- supplying labor for the farms is to be a big facturers, namely, short hours and high hourly task this year, and while farm wages last year rates. This is the chief explanation for the were the highest ever known, indications point decline in wheat acreage. The increased to even higher wages this year in many localities. prospective acreage of corn apparently repre- The department of labor for Nebraska, through sents an effort to stop the decrease in live- Supt. L. C. Crandall, reports on March 4: stock herds through the Middle West. Re- ' There has been quite a demand for farm hands plies to our questionnaire regarding the farm during the last week, both married and single status showed the average increase in farm men, and we have a shortage of 50 or 60 at wages from 1914 to be 70 per cent, the lowest the present time. This will increase as the reported being 20 per cent and the highest spring season comes on. Single men are getting 100 per cent. The deficiency of farm labor from $50 to $75 with board and room on an shown by the average is 30 per cent of the average, while married men get from $65 to $75 total required to man the tarms. In one with separate house, cow, garden patch, and the region there is a deficiency of 80 per cent com- privilege of raising chickens/ JReports of a pared with normal, but the prevailing average prospective shortage of farm labor also come ranges between 25 and 40 per cent." from other States of this district, indicating The shortage of farm labor is mentioned that the situation described in the foregoing only casually in the report from district No. 8 applies to other agricultural sections." (St. Louis) which merely states that "in some There is one optimistic feature connected rural sections a scarcity of farm labor is in with the general situation, however, for it is prospect. This is particularly true in parts said that "while the various lines of trade where road building has used up much of are taking on something more than their the visible supply." usual spring-time activity in consequence of From district No. 9 (Minneapolis) comes heavier seasonal demands, the farmers—serifurther evidence supporting the testimony ously handicapped by shortage of help—have of district No. 7 that the wheat acreage will taken a fresh grip on the situation. By using suffer diminution. "The States of Minne- the help available they have, with the early sota, North Dakota, South Dakota, and start afforded, prepared the soil for a larger Montana, producing the bulk of Northwestern acreage of spring planted crops than would wheat, undoubtedly will show a decrease in have been possible had the spring been late the wheat acreage this year due to the high in coining, thereby making up for the reduced price of farm labor, which as reported from acreage sown to wheat in the fall." 65 local points has advanced 73.4 per cent Activity in farm lands has also been felt in since 1914, and due also to the scarcity of the Kansas City district as " March 1 settlegood seed wheat. The natural letting down ments on land contracts created an abnormal after the extraordinary crop production efforts demand for funds in certain sections of this during the war is also a factor." district during the early part of March, and it The Minneapolis report likewise calls atten- is expected that seasonal requirements will tion to the fact that "there was a heavy volume cause continued heavy borrowing. The demand of March 1 land settlements throughout eastern has apparently not been materially affected by South Dakota and southern Minnesota, and in the increased rates, although it is thought that a lesser degree in the eastern portion of North banks in this district are endeavoring to confine Dakota. Comparatively few contracts were their loans to essentials." defaulted and a considerable number of farmers In the reports from district No. 11 (Dallas) will come in from Iowa, Illinois, and points east and district No. 12 (San Francisco) brief referand south as a result. Bank deposits improved ence is made to the farm labor problem whose as a result, 35 reporting banks showing an existence is taken for granted. The San Franincrease of $23,330,000 over deposits re- cisco report notes that the shortage of labor ported 30 days ago, while rediscounts with. in the agricultural districts comes at a time Federal Reserve Bank showed a decrease of when there is generally some degree of un- $10,871,000." employment throughout the district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN. APRIL, 1920. REPORT ON EMPLOYMENT FROM DISTRICT soliciting returns from concerns representa- NO. 7. tive of the chief industries of the districts in With intent to appraise more exactly than question. has heretofore been possible the state of em- In the case of 22 reporting companies giving ployment in district No. 7, the Federal Reserve actual numbers employed in January, 1919, Bank of Chicago has undertaken to secure cer- and in January, 1920, there was a combined tain data from large employers of labor show- increase of 10,158 persons, the total number of ing either percentual or actual changes in employees amounting to 67,118 in January, numbers employed on the last full day of the 1919, and 79,276 in January, 1920. It should month as compared with the preceding month be said, however, that one very large autoand with the corresponding dates of the year mobile company more than accounts for the before. Percentual or actual changes in the difference in numbers employed, which, on the monthly disbursements for wages are also whole, are somewhat less for the other 21 comasked for and percentual relationship of num- panies than they were a year ago. bers employed to total numbers on hand when The numbers employed by these same comestablishments are running at 100 per cent panies in December, 1919, were slightly below capacity. The inquiry, although restricted to January figures, amounting to 77,951, as coma limited list of companies, covers a consider- pared with 79,276 in January, 1920. Again able number of establishments, due to the the January increase in the number employed extent of the control exercised by individual by the automobile company exceeded the difreporting companies. At least 200,000 work- ference in the totals, which would have shown ers fall within the scope of the investigation, a small decrease for the miscellaneous group and it is probable that this estimate is unduly covered. low, as two large companies giving only per- Of the 23 companies reporting changes m centage returns have been brought into the numbers employed on the last full day of Janestimated total on a most conservative basis. uary, 1920, compared with the corresponding For certain leading industries of the district, date for the preceding year, 13 show percentage it is believed that the returns, although ob- decreases and 10 indicate advances. The detained from only one or two companies, are creases range from 2.3 per cent in the case of nevertheless sufficiently comprehensive to fur- a candy manufacturer to 70 per cent in the case nish an employment index of value, since the of a shipbuilding company, and 72 per cent for cooperating companies are of commanding im- a car company. But the returns are too limportance within their several lines and include ited in scope to be significant except in the few a large iiumber of separate establishments. instances cited below. This is particularly true of automobile manu- Two large packing companies report defacture and of meat packing. creases of 15.7 per cent and 21 per cent, re- It should be said that it has not as yet been spectively, and an automobile company reports possible to confine the statistics here presented an increase of 49.8 per cent. As was to be as severely as could be wished to district No. 7, expected, four companies manufacturing railbecause of the impossibility of segregating way equipment, cars, and structural material returns in the case of companies controlling show heavy declines of 25 per cent, 35.7 per several plants but furnishing combined state- cent, 38 per cent, and 72 per cent, respectively. ments of numbers employed. Upon investi- A mail-order house conducting extensive operagation, however, it becomes evident that a tions shows a 6 per cent increase in numbers large majority of the workers are located either employed. within district No. 7 or in adjacent territory. Of the 23 companies reporting changes in Eventually it is hoped that reports can be numbers employed on the last full day of the placed upon a strictly district basis. But even month as compared with the last full day of as it is, the statistics obtained have a design- the preceding month, decreases are shown in edly limited geographical significance as well 15 cases and increases occur in 8. The deas a narrowly restricted industrial application creases range from 0.5 per cent in the case of a which differentiate them from the much more candy manufacturer to 27.1 per cent in the case comprehensive employment survey of the of a railway equipment company. The in- United States Bureau of Labor Statistics. It creases rose from 1.4 per cent in the case of a is anticipated that similar inquiries will shortly piano manufacturer to 11 per cent in the case be instituted by other districts and that, of a structural company. One of the packing as in this case, effort will be concentrated upon companies previously referred to reported an Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL, RESERVE BULLETIN. 361 increase of 0.2 per cent and the other a de- percentages), and range from 38 per cent of crease of 4.5 per cent; an automobile manufac- normal in the case of a car company to 100 per turing concern had a 4.7 per cent increase, cent in the case of two automobile manufacwhile a mail-order house registered an 18 per turers (one of the latter confining his report to cent decrease. a statement of capacity). Only 14 establishments reported the amounts The two packers reported employment at of the monthly pay roll in actual figures that 95.4 per cent and 96.9 per cent of capacity, rewere comparable from month to month. The spectively. An agricultural machinery comtotal payments, so reported amounted to pany reported 77 per cent, a leather company $9,621,463 in January, 1920, against $9,307,207 89.4 per cent, while 11 of the 17 reporting conin December, 1919, and $6,982,529 in January, cerns stated that numbers employed were 90 1919. Reports given on a percentage basis per cent or more of normal employing capacity. have been obtained for 2 additional companies, making 16 returns in all. Increases for Janu- WHOLESALE TRADE ACTIVITY. ary, expressed in percentages of the total wage payments for January, 1919, are found in 9 of In several districts the Federal Reserve the 16 establishments, and range from 3 per agents have begun the systematic collection cent in the case of a mail-order house to 67 per of statistics showing changes in the volume of cent in the case of a furniture company, and net sales, together with other pertinent data 68.7 per cent in the case of a company manu- supposed to reflect activity within different facturing agricultural machinery. Decreases lines of wholesale trade. But in the nature of were indicated in 7 cases, ranging from 1.3 per the case, it will be some time before the returns cent to 45 per cent, the former being a manu- are numerous enough and sufficiently uniform facturer of heavy machinery, the latter of spe- to warrant compilation for presentation as an cial apparatus. A meat packing company re- index of wholesale trade activity along specific ports decreases in the pay roll as compared with lines. January, 1919, of 11.7 per cent, a lesser drop, Meantime it is interesting to note the comhowever, than that reported for numbers em- ment on the general trend of wholesale trade ployed, which amounted to 15.7 per cent. An activity, supplemented as it occasionally is automobile company reported an increase of by specific estimates of the fluctuations in 44.6 per cent in the pay roll, whereas the num- amount of business done. In every case in bers employed had risen 49.8 per cent over a which an attempt is made to indicate the imyear ago. mediate influences affecting wholesale trade, Percentage increases in amounts of pay rolls a paradoxical combination of factors is noted; as compared with the preceding month (De- increasing caution in placing orders with cember, 1919) are reported in 10 cases; de- wholesalers, yet undiminished and, indeed, for creases in 6 cases. The least advance, 0.9 per the season, extraordinary increases in volcent, was returned by a manufacturer of ume of sales over last year. The result is, heavy machinery; the greatest increase was of course, that the wholesaler is called upon 25.9 per cent, recorded by a manufacturer of to fill a very large number of orders of small chemicals. The decreases ran from 0.9 per volume. cent in the ca$e of a leather company to 30 It is probably significant that little is said per cent for a manufacturer of special ap- about low stocks and delayed deliveries—an paratus. indication that the demand is less insistent in A packing company reported a 16.3 per cent relation to supplies now on hand. increase in pay roll, while an automobile com- District No. 5 (Richmond), for example, pany reported a 3.8 per cent increase, the num- reports that " conservatism was the keynote bers employed, however, having increased 4.7 among wholesalers during February. While per cent. A mail-order house reported a 25 there is somewhat less hesitancy in buying at per cent decrease, a natural seasonal drop fol- the present time, there is not the feverish clamor lowing the Christmas rush. to get all the goods possible that was character- There are 20 companies reporting percentages istic of previous months. Wholesalers say of numbers employed at the end of the month their customers are not placing orders beyond to the total numbers employed when working their needs to the extent they did before. at maximum capacity. The returns coyer Trade is on a more concrete basis than it has about 200,000 employees, however (including been for the past several months. Business in an estimate for a reporting company giving only most lines is active, and February's sales were, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 FEDERAL RESERVE BULLETIN. APRIL, 1920. for the most part, greatly beyond those for the more conservative lines, and this is taken as corresponding month last year. an indication that the wave of extravagant " Wholesale shoe dealers report increases buying is about to give way to a period of averaging about 50 per cent over the value of more economical living on the part of the sales in February, 1919. Some dealers report public generally." decreases from January; others, increases. Similar testimony comes from district No. 7 Dealers, generally, are optimistic. (Chicago), to the effect that "wholesale busi- " Dealers in wholesale drugs report increases ness seems to be holding up well for the ranging up to 30 per cent in value of business present. In most lines sales for the first as compared to February last year. Slight quarter of the year were ahead of last year, increases over January are also reported. One but there seems to be some question in the concern states that it had * the largest month's minds of merchants how long this will conbusiness in 20 years and the shortest month in tinue, and hence they are conservative in which to do it.' making commitments." " Wholesale dry goods houses report increases District No. 10 (Kansas City) states that in value of business ranging from 60 per cent "wholesale dealers report the volume of busito 100 per cent over February, 1919. In some ness in most lines generally satisfactory for instances orders on hand for future delivery are this season and largely in excess of one year 50 per cent beyond normal. Complaint is ago. Country merchants evidently are lookmade that ' merchants cancel future orders on ing for a slump in prices and are buying in slight pretext or on rumors of decline in prices/ small lots, but the demand for immediate February business was slightly below the level needs is such that the large number of small for January. There has been some softening orders go to make up an immense volume of of prices. business for the wholesalers. ' Wholesale dealers in farm implements say "Some difficulty is still experienced by their business is steady. Orders on hand for wholesalers in obtaining sufficient merchandise future delivery are large and the demand is to supply their customers. This is particularly strong. The advance in hardwood products noticeable in certain lines of dry goods. In has somewhat increased production costs. some other lines complaint is made of a Labor conditions are rather unsettled. tendency on the part of manufacturers and " Increases in value of sales ranging from 10 jobbers to place their entire stocks of merper cent to 50 per cent over February, 1919, chandise in the hands of retailers, a condition are reported by wholesale grocers. February's which it is said will eventually work financial business showed slight gains over that for hardship on all retailers. January. Conditions are considerably mixed. "Wholesale houses reporting indicate an Some houses say their business is still con- increase of 81 per cent in volume of February siderably beyond normal; others that it is trade over that of the same month last year, considerably below normal. due to larger supplies of goods for distribution "Good business for several months is antici- and the higher prices at which sales were pated by wholesale hardware dealers. They made. Stocks on hand at the end of February report increases in value of business as high were only about 5 per cent larger than one as 100 per cent beyond February, 1919. month previous, but were about 40 per cent While prices are steadier than they have more than on the last day of February, 1919." been, there is no immediate prospect of material In district No. 11 (Dallas) the "volume of reductions. The demand is not as strong as it wholesale trade, measured in terms of dollars, was a month ago.;; showed an increase ranging, in various lines of District No. 6 (Atlanta) says: "In wholesale merchandise, from 25 per cent to 250 per cent dry goods the trade keeps up very well, some as compared with February sales of last year, houses reporting as much as 50 per cent in- although price increases for the same period crease in value of sales over last year. There indicate that the gain in the physical volume has been some disposition to place full orders, of the merchandise turnover was only a modbut this is not encouraged by the wholesalers, erate one. February sales were slightly larger as it is thought prices will decline. Conditions than those for January, with the exception of in the wholesale groceries trade are reported furniture and dry goods, in which there were satisfactory. During the month of February decreases of 5 per cent to 15 per cent, respecthere has been more of a tendency on the part tively. Increases in prices, as compared with of the consumer and retailer to buy along quotations a year ago, were reported by all Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL. RESERVE BULLETIN. 363 lines, except that of automobile supplies, which This disorganization is reflected in the rise of prices showed a decline of 15 per cent. Wholesale which is at present the source of universal discontent grocery houses reported a substantial accelera- among the peoples, belligerent and neutral alike. History tion in the movement of shipments from the shows that high prices are the invariable result of war, primary markets, both as compared with Feb- and in comparison with most wars the present situation ruary, 1919, and January, 1920, although in is far from abnormal. In the Napoleonic wars prices in some lines the scarcity of goods curtailed de- England rose 75 per cent and took eight years to become liveries. Reports from wholesalers indicate the normal again. In the American Civil War American appearance of a more conservative policy in prices rose 100 per cent and took 12 years or more to betrade buying, a number of houses reporting come normal. As a result of this war, the most gigantic that hand-to-mouth purchasing for immediate of all in the history of the world, general wholesale prices seasonal requirements is becoming the order of (as distinct from the cost of living) have advanced, since the day. This practice is particularly notice- 1913, approximately as follows: The United States, 120 able with respect to dry goods and grocery per cent; Great Britain, 170 per cent; France, 300 per cent; lines, in which transactions in 'futures7 or Italy, 300 per cent; Belgium, 300 per cent. speculative stocks seem to have entirely dis- Many causes contribute to this rise in prices, but they appeared. " may all be regarded as directly or indirectly the conse- In district No. 12 (San Francisco), "both quences of war. For nearly five years the energies of the the retail and wholesale trade report the cus- people have been diverted from the work of productomary decreases in business during February tion to the work of destruction; for nearly five years the as compared with January, sales of wholesale creation of new resources has been stopped, and the rehardware stores decreasing from 5 per cent sources of past generations consumed or destroyed. To to 10 per cent; of wholesale grocery stores, feed and equip the nations engaged in this struggle their from 25 per cent to 30 per cent. As compared Governments had to mortgage the prospective wealth of with February, 1919, however, wholesale hard- their countries in the form of credits or paper money. The ware stores report increases in sales of 62.5 excessive creation of these tokens of prospective wealth, per cent; wholesale dry goods stores, 69.1 per as compared with the volume of real wealth, is indicated cent; and wholesale grocery stores, 25.3 per by the rise in prices. cent. Wholesale firms report that present de- Nothing but the hard necessities of war could have jusmand is primarily for staples and essential goods tified or excused this procedure. Its dangers are obvious. rather than specialties and luxuries and that Public appreciation of the necessity of maintaining a retail dealers are purchasing supplies for current strict balance between normal revenue and expenditure use only. Wholesale grocery prices show a is weakened and the ordinary individual is misled by the tendency to decline slightly, but in other lines illusion of prosperity to believe that there is an increase wholesale prices continue to advance." in real wealth and an abundance of available supplies, and is encouraged in habits of extravagance. Government action may mitigate or disguise some of the effects of the rise in prices, but it can not remove the root SUPREME COUNCIL ON ECONOMIC cause, which is the destruction of wealth. This loss of CONDITIONS. wealth is, after all, but a small matter compared with the sacrifice of life which was freely given during the war to Following is the text of the declaration of overthrow militarism and reestablish national liberty in the Supreme Council on the economic condi- Europe. But its effects can only be healed by the passage tions of the world, as approved by the council of time, and the people of Europe, if they wish to expedite the process, must contribute to the works of peace the on March 8, 1920: same ardor and devotion as they gave to the prosecution The Supreme Council of the Peace Conference has taken of the war. In the subjoined review of the position the into consideration the causes which combine to produce conference indicates the lines on which it considers that the present high cost of living and now thinks it desirable a solution of the problem can best be found; but it is vain to publish the following declaration: to expect that the results of the war can be eliminated by a stroke of the pen. GENERAL STATEMENT OF THE POSITION. PEACE NOT YET REESTABLISHED. (1) The war which the democracies of western Europe were forced to undertake in defense of their liberties and (2) At present Europe is far from having returned to the which they have carried to a triumphant conclusion has conditions of complete peace. Russia is stated to have in necessarily entailed the disorganization of the whole eco- the field armies of 1,500,000 men or more, and the disnomic position of Europe. bandment of these armies is, of course, a primary condition Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 FEDEKAL RESERVE BULLETIN". APRIL, 1920. of European peace. But many also of the countries which ments intact but is paralyzed by lack of capital and have been created or enlarged as the outcome of the war credit and by the disorganization bred of defeat; while in have still the appearance of armed camps, and not fewer the case of Austria these conditions have led to the comthan 1,000,000 men are still under arms in Poland, Rou- plete breakdown of her economic life. Russia has passed mania, and the new States created out of Austria- through all the throes of civil strife and is still the victim Hungary. Moreover, although armed conflict has ceased, of confusion and anarchy. Each country suffers from a the mutual rivalries and antipathies which are the different difficulty, but each contributed its share to the natural legacy of war still dominate many of the nations common deficit. of Europe, and are leading to the erection of artificial In agriculture, Russia, which before the war was the economic barriers, which must seriously hamper, if they most important granary of Europe, and of whose products do not entirely prevent, the restoration of the common Europe is in such need, either has not been producing at prosperity. all or has not been able to exchange with her neighbors The first step to the reconstruction of Europe is to com- such products as she has. Roumania, which before the plete the process of demobilization in all countries, to war exported annually over 6,000,000 quarters of wheat, resume the full employment in peaceful pursuits of the has altered her system of land tenure and is now ceasing whole of the able-bodied population, and to encourage by to produce more than suffices for the immediate needs of every means the normal interchange of their products. her own population; indeed, on December 1 last it was Until peaceful conditions have thus been resumed in stated that only 530,000 hectares had been sown, as comevery branch of life, Europe, which has suffered so terribly pared with an annual average before the war of 1,900,000 during the past years of strife, will continue to suffer from hectares, though some improvement has since taken place. the restlessness and lack of confidence which i? the natural Other countries again, such as France and Germany, consequence of the upheaval through whicn she nas passed. which were largely self-supporting, are unable at the present moment, owing to the devastation of the land, the DECREASE OF PRODUCTION. destruction of buildings and machinery, or the lack of (3) Liberty has indeed been preserved to Europe, and capital and fertilizers, to produce more than a fraction of the threat of military domination is gone. This great what is required for their own needs, and have been inachievement has, however, left victors and vanquished creasingly driven to compete in the world market for the alike impoverished and enfeebled. Death or disablement limited supplies now available. has removed from the work of production millions of men in Again, in regard to coal, production in every country the prime of life; and millions more have had their efficiency has been decreased, the approximate figures of output in impaired by sufferings on the field of battle or through metric tons for 1913 and 1919, respectively, being as pestilence or privations at home. Instead of having the follows: assistance of these sons, each country has to provide, in the most generous measure possible, for the maintenance 1913 1919 of the maimed and for the families of the fallen, and this must for many years to come be the first charge on the United Kingdom 292,000,000 234,000,000 national income. Meanwhile those who remain have not F G r e a r n m c a e n ( y in i c l ( u e d x i c n lu g d L in o g r r S ai a n a e r ) and Lorraine). 1 4 7 4 3 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 1 2 0 2 9 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 yet recovered the former habit of industry and have not United States 517,000,000 495,000,000 yet readjusted their standard of output to compensate for i Exclusive of lignite. the reduction of hours which public opinion in all countries has demanded and is securing. At the same time, of the Although detailed statistics are not available, such informachinery which might have made good these deficiencies mation as we have goes to show that the output of factories much has been destroyed and more has been worn out, no and manufacturing industries throughout the world is adequate renewals being possible during the war. In par- below the standard which prevailed before the war, and ticular, all means of transport have been disorganized, and far below the demands now made upon them. The net the efficiency of the railway systems has been universally result of underproduction arising from these various causes impaired. is an acute shortage of the essential supplies on which the To these general losses must be added the special dis- economic life of Europe depends. turbances of production in each country. For example, This situation requires to be met with the same courage a large portion of the most fertile territory, more especially as was displayed on both sides during the war. The in France and in the north of Italy, has been devastated; energy which was then thrown into the production of while in France also industrial centers and mining areas, foodstuffs must be revived and redoubled in order to of vital importance to her industries, have been com- restore the situation. It must be made a point of honor pletely destroyed, and will not be able to resume produc- with the tillers of the soil in every country to show that tion for years to come. In Belgium, similarly, the national peace can extract from nature more than war. Europe industries suffered greatly during the period of occupation. must take measures to provide herself more largely with Germany, on the other hand, has its industrial establish- the food she requires in order that she may resume her full Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDEKAL, EESERVE BULLETIN. 365 activities, and much can be effected if the necessary prepa- thus placed in the hands of the public at a time when the rations are made without delay. volume of purchasable goods was being reduced. For In regard to industry generally, each Government must example, the note circulation has grown approximately take steps to impress on its people that the limitation of as follows: production directly assists the upward movement of prices, In the United Kingdom from £30,000,000 in 1913 to and that it is by increasing production that they can best nearly £450,000,000 at the end of 1919. (About £120,000,help to solve the problem. Every proposal which may 000 of the latter figure takes the place of gold coins in assist in this direction deserves the closest attention. circulation in 1913.) Governments must cooperate in the reconstruction of In France 1 from £230,000,000 in 1913 to £1,500,000,000 the common economic life in Europe, which is vitally in 1919. interrelated, by facilitating the regular interchange of their In Italy 1 from £110,000,000 in 1913 to £700,000,000 in products and by avoiding arbitrary obstruction of the nat- 1919. ural flow of European trade. In Belgium 1 from £40,000,000 in 1913 to £200,000,000 in The powers represented at the conference reaffirm their 1920. determination to collaborate with a view to the execution While the war debts (which are closely connected with of these aims. inflation) amount, in the case of the United Kingdom, to over £7,000,000,000. INCREASE OF CONSUMPTION. In France J to £6,750,000,000. (4) Meanwhile, instead of restricting the standard of In Italy 1 to £2,750,000,000. consumption, in view of this shortage of supplies, there is In Germany * (apart from liabilities for reparation) to a general tendency to make heavier and heavier demands £9,500,000,000. for the limited quantities of goods that are available. The In the United States 1 to £5,000,000,000. increase of consumption takes the form of an intensified The total war debt of the world is approximately demand for commodities of every description. The de- £40,000,000,000. mand not only for foodstuffs but for clothing, boots, and Throughout Europe prices at present are with few other manufactured articles is in most countries far in exceptions paper prices. But gold prices have also risen, excess of the supply, while luxuries of every kind command that is to say, gold has a lower purchasing power than it a readier sale than at almost any previous period. had before the war. This is the inevitable result of the * The general extravagance now observable throughout many economies which have been effected in the use of the world is a phenomenon which has almost invariably gold for monetary purposes and, on the other hand, of the followed in the footsteps of every great human catastrophe. dispersal of stocks of gold previously held in Europe and It is well known to those who have lived in a district their excessive accumulation in other countries. Thus, in which has suffered from earthquake, and the history of the United States, although the gold standard remains the great plagues of Europe amply illustrates it; and the effective, prices have advanced 120 per cent over the results have always been economically disastrous for the pre-war level. As the purchasing power of gold is ultipopulations affected. It must be one of the first aims of mately the measure of price, it must be obvious that this each Government to take such measures as appear appro- change is itself responsible for much of the increase in the priate to the circumstances of its own people to bring price of commodities, when expressed in terms of the home to every citizen the fact that for the time being, currencies of all countries. until supplies are increased, it is by diminished con- A considerable part of the rise in the prices in Europe sumption and unselfish denial that they are best able to is due to this depreciation of gold, but there is an addihelp themselves and the world, and that extravagance tional depreciation due to excessive issues of paper curincreases the national difficulties and perils. rency. The continued expansion of paper issues, with its necessary consequence of continuously depreciating CREDIT AND CURRENCY INFLATION. exchange, prevents the grant of the commercial credits (5) The immense increase in the spending power of required by the situation and thus fatally hampers the Europe which is reflected in this extravagance has been resumption of international commerce. brought about by credit and currency inflation during the It is essential to the recovery of Europe that the manuwar. Broadly speaking, the general level of prices may facture of additional paper money and Government credits be said to be the expression of the ratio between spending should be brought to an end, and this must be effected power on the one hand and the volume of purchasable as soon as the war expenditure has been terminated. goods and services on the other. In order to prosecute the PROFITEERING. war, particularly in European countries, every Govern- (6) Excessive profit making, commonly known as profiment found it necessary to increase the amount of curteering, has resulted from the scarcity of goods. Deflation rency in circulation. Unable to raise sufficient funds by and a check upon the continuous rise of prices will do taxation and by loans from real savings, they were compelled to resort to borrowing from the banks and the use 1 The national currencies have in each case been converted into sterof the printing press. Additional spending power was ling at approximately par of exchange. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN. APRIL, 1920. much in itself to end the conditions that make profiteering The state of the exchanges does not reflect the tine finanpossible. But it is essential, in order to obtain the co- cial situation of the countries concerned, provided their inoperation of all classes in the increase of production, that dustrial life can be resumed. It is in part the result of the each Government should take such steps as are appro- depreciation in the purchasing power of the several currenpriate to the circumstances of its own people to assure cies, but in part it results from the failure of exports. and guarantee to the workers that the burdens that they Many countries are temporarily dependent on the imare called upon by their efforts to remedy are not aggra- portation of food, raw material, and other necessaries and vated by those who would exploit the economic difficulties are not in a position to export nearly sufficient to furnish of Europe for their own personal ends. the requisite means of payment. The result has been severe competition for the very limited supply of bills of RESTRICTION OF GOVERNMENT EXPENDITURE. exchange, which has forced down the rate of exchange (7) Demobilization has been effected by the powers beyond the point which probably represents the purchasrepresented at the conference at a far speedier rate than ing power of currencies in the buying and selling countries. could have been anticipated, but heavy abnormal ex- In the degree in which rates of exchange are so forced penditure resulting from the war still requires to be met down, the prices of imports are forced up, and the prices of (particularly in connection with the restoration of the de- foods and raw material increase. The ultimate cure is to vastated areas). Such charges must be regarded as part of raise exports to the requisite amount, and this should be the war burden, but in order to stop the process of inflation impressed upon the trade communities affected, but it is and to start the process of deflation the necessary measures not immediately possible to increase exports sufficiently, and unless steps are taken to furnish a substitute the situamust be initiated by every country to balance recurrent tion will rapidly become worse. It is therefore urgent to Government expenditure with national income and to obtain a temporary balance of trade by means of commerbegin at the earliest possible moment the reduction of the cial credits accompanied by the reduction of all nonessenfloating debts. The best remedy of all is that debts tial imports to an absolute minimum. should be reduced out of revenue, but in so far as this is mot possible, floating debts should be consolidated by DIFFICULTIES OF CREDIT. means of long-term loans raised out of the savings of the people, and it is out of the savings of the people that (10) Attempts to manipulate the exchanges by Governany fresh capital expenditure must be provided. The ment action will only retard ultimate recovery. Meangovernments here represented have undertaken the con- while means must be found to prevent the breakdown of sideration of the measures required for this purpose. trading operations. At the present moment the Governments of Europe are not in a position to furnish more Gov- RESTRICTION OF PRIVATE EXPENDITURE. ernment loans except to a very limited extent for the pur- (8) But private economy is not less urgent than economy pose of relieving extreme distress, and the State aid in this in Government expenditure. It is only by means of matter would be at the best entirely inadequate. It is from frugal living on the part of all classes of the Nation that the the resumption of commercial credits that the necessary capital can be saved which is urgently required for the means must be found for securing the interchange of the repair of war damage, and for restoring efficiency to the resources of the world, and the conference is assured that equipment of industry upon which future production desuch credits will be forthcoming as soon as Governments pends. It is of the utmost importance that it should be have taken steps to strengthen confidence in their combrought home to every citizen in each country that just mercial and financial policy. as in the war their private savings made available for the The powers represented at the conference recognize, Government goods and services urgently needed for the however, the necesssity of continued collaboration in this prosecution of hostilities, so in the period of reconstruction matter, and they will continue to consult together regardeconomy by individuals will reduce the cost of essential ing the provision and distribution of the necessary raw articles both for themselves and for their fellows, and will materials and foodstuffs, with a view to an early resumpset free capital for the reconstruction of their country and tion of normal conditions. the restoration of the machinery of industry throughout They recognize further the special position of the devasthe world. tated countries, and particularly of France, having regard COLLAPSE OF EXCHANGES. to the widespread devastation which her territory has (9) Commercial intercourse, on the resumption of which suffered, the consequent diminution of her immediate the recovery of the world depends, is governed by the resources, and the heavy capital expenditure which she foreign exchanges, and most of the foreign exchanges have must incur in restoring the damaged areas. The restoration been to a greater or less extent disorganized during the of the devastated areas is of primary importance to the past year. The discount of European currencies on New reconstruction of Europe. York approximately stands as follows: Pound sterling, 30 They have also had under consideration the special posiper cent; franc (Paris), 64 per cent; franc (Brussels), 62 tion of Germany, where enterprise is at present paralyzed per cent; lira, 72 per cent; mark, 96 per cent. and the possibility of obtaining commercial credit closed, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 367 by reason of the facts that her obligations for reparation (6) That armies should everywhere be reduced to a are still totally unknown. It is most desirable, therefore, peace footing; that armaments should be limited to the in the interest of the allied countries, no less than in that lowest possible figure compatible with national security; of Germany, that at the earliest possible moment the total and that the League of Nations should be invited to conof the reparation payments to be made by Germany under sider as soon as possible proposals to this end. the Treaty of Versailles should be fixed and that in accord- (c) That the States which have been created or enlarged ance with the terms of the treaty and the reply of the as the result of the war should at once reestablish full and allied and the associated powers to the German delegates, friendly cooperation, and arrange for the unrestricted dated June 16,1919, she should be enabled to obtain essen- interchange of commodities, in order that the essential tial foodstuffs and raw materials, and, if necessary, in the unity of European economic life may not be impaired opinion of the reparation commission, should be allowed to by the erection of artificial economic barriers. raise abroad a loan to meet her immediate needs, of such (2) Not only the Government of each country, but all amount and with such priority as the reparation commis- those engaged in the task of production in every land, sion may deem essential. In the case of Austria the pow- should give immediate attention to the execution of all ers here represented recognize that even more active measures which will contribute to the full resumption of assistance may be required to be given. peaceful industry, to the encouragement of better output on the part of the workers in every country, to the improve- NEED FOR COOPERATION OF ALL CLASSES. ment of machinery and means of transportation, and the removal of such disturbing factors as profiteering. (11) The review which the conference has made of the (3) Each Government should at once consider means for situation indicates that the process of recovery of Europe urging upon its nationals in every rank of life the vital must necessarily be a slow one, which can not be expedited necessity of suppressing extravagance and reducing by short cuts of any description. It can, however, be expenditure so as to bridge the gap which must for some most seriously hampered by the dislocation of production years exist between the demand for and the supply of by strikes, lock outs and interruptions of work of all kinds. essential commodities. The civilization of Europe has indeed been shaken and (4) It is essential that early steps be taken to secure the set back, but it is far from being irretrievably ruined by deflation of credit and currency— the tremendous struggle through which she has passed. (a) By the reduction of recurrent Government expen- The restoration of her vitality now depends upon the diture within the limits of revenue; whole-hearted cooperation of all her children who have it (6) By the imposition of such additional taxation as is in their own power to delay or to accelerate the process necessary to secure this result; of reconstruction. It is the hope of every government (c) By the funding of short-term obligations by means that improved conditions of livelihood and of employment of loans subscribed out of the savings of the people; and may be assured to the workers. To secure this result, (d) By the immediate limitation and gradual curtaileach individual must contribute his best efforts to the ment of the note circulation. restoration of his country. Taking the allied countries as (5) The provision of raw materials being essential to the a whole, the recovery of industry has been remarkable. restoration of industry, means should be found by which Nearly eighteen months have passed since the hostilities the countries which are in present conditions of interterminated, and the reaction which necessarily followed national exchange unable to purchase in the world markets, the tense strain of the war is gradually passing. The and so are unable to restart their economic life, can obtain citizens of every country are once again resuming the commercial credits. It will be possible to achieve this normal occupations of home life, and in their renewed when the countries have made the reform indicated in the labors the conference sees a clear sign of renewed prosforegoing paragraph. perity. (6) The powers represented at the conference recognize SUMMARY OF CONCLUSIONS. the necessity for continued cooperation between the Allies (12) In view of the above considerations, the Supreme and for removing obstacles to the easy interchange of Council, after a careful survey of this vitally urgent essential commodities. They will continue to consult problem in all its aspects, agree upon the following recom- together regarding the provision and distribution of necesmendations with a view to the amelioration of the present sary raw materials and foodstuffs with a view to the early economic difficulties of Europe. restoration of normal conditions. (1) It is of paramount importance that peace conditions (7) The powers represented at the conference have given should be fully and completely restored at the earliest careful attention to the special case of the devastated possible moment throughout the world. In order to regions and more particularly of northern France. The achieve this object, it is desirable— restoration of these areas is of primary importance for the (a) That peace and normal economic relations should reestablishment of economic equilibrium of Europe and be reestablished as soon as possible throughout eastern the resumption of normal trade conditions. It is evident Europe. that the large sums required for this purpose can not be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 FEDERAL RESERVE BULLETIN. APRIL, 1920. provided out of current revenue, nor can the work of "The only financial center in this country in restoration be postponed until the reparation due from which there is maintained a call money market Germany under the treaty of peace has been received. of national importance is New York City, and Under these circumstances the powers represented at the while the rates charged there on call loans are conference recognize that the capital sums required for frequently in excess of the legal rates allowed this restoration may properly be raised by market loans for commercial paper, they are not " usurious" in anticipation of the reparation payments provided by under the laws of the State of New York, which the treaty and that the restrictions which they desire to see specifically exempt collateral call loans from placed on new borrowings do not apply to loans and the 6 per cent limitation which lenders must credits raised for the purpose of meeting this abnormal observe on other loans on pain of incurring the capital expenditure. penalty prescribed for usury. Section 115 of (8) The powers represented at the conference have taken the banking law (L. 1914, ch. 369; Consol. L., under consideration article 235 and cognate articles of the ch. 2) provides that upon advances of money Treaty of Versailles and the passages in the letter addressed repayable on demand to an amount not less on the 16th June, 1919, by the Supreme Council to the than $5,000 made upon warehouse receipts, German peace delegates, which contemplate that Ger- bills of lading, certificates of stock, etc., or many shall make proposals for fixing the total of the pay- other negotiable instruments as collateral, any ments to be made by her by way of reparation and that bank may receive and collect as compensation facilities may be given her to obtain necessary foodstuffs any sum which may be agreed upon by the and raw materials in advance of payments being made parties to such transaction. The section reads: by way of reparation. The powers are agreed that it is desirable in the interest, alike of Germany and her "Sec. 115. Interest on collateral demand loans of not less than five thousand dollars.—Upon advances of money creditors, that the total to be paid by her for reparation repayable on demand to an amount not less than five should be fixed at an earjy date. They observe that under thousand dollars made upon warehouse receipts, bills of the protocol to the treaty a period of four months from the lading, certificates of stock, certificates of deposit, bills of exchange, bonds, or other negotiable instruments, pledged signature of the treaty was provided during which Geras collateral security for such repayment, any bank may many should have the right to make proposals of the kind receive or contract to receive and collect as compensation referred to, and they are agreed that in the circumstances for making such advances any sum which may be agreed as they exist to-day such period should be extended. upon by the parties to such transaction. "Section 201 of the banking law, identical in language with section 115 above quoted, Call Money Rates. makes the same provision in the case of collateral loans by trust companies. In the On March 8, 1920, the Senate adopted the general business law (L. 1909, ch. 25; Consol. following resolution: L., ch. 20) there is the following general pro- Resolved, That the Federal Reserve Board be, and is vision of a like character: hereby, directed to advise the Senate what is the cause "Sec. 379. Interest permitted on advances on collateral and justification for the usurious rates of interest on colsecurity.—In any case hereafter in which advances of lateral call loans in the financial centers, under what law money, repayable on demand, to any amount not less authorized, and what steps, if any, are required to abate than five thousand dollars, are made upon warehouse this condition. receipts, bills of lading, certificates of stock, certificates of In its letter of reply, under date of March 27, deposit, bills of exchange, bonds or other negotiable instruments pledged as collateral security for such repay- 1920, the Board invited attention to tables ment, it shall be lawful to receive or to contract to receive published in the Federal Reserve Bulletin and collect, as compensation for making such advances, (March 1920, pp. 286-287) showing discount any sum to be agreed upon in writing, by the parties to such transaction. and interest rates prevailing in various centers in all Federal Reserve districts during the two "National-bank act.—The national-bank act most recent 30-day periods ended, respec- provides that national banks may receive and tively, January 15 and February 15, 1920. charge on any loan or discount interest at the "It will be seen from these tables/7 the letter rate allowed by the law of the State, Terricontinues, "that the maximum and minimum tory, or District where the bank is located. rates on demand loans secured by collateral are The applicable provision reads: approximately the same as those for commer- "Limitation upon rate of interest which may be taken.— cial paper in all cities except Boston and New 422. Sec. 3197. Any association may take, receive, re- York. While the legal rate of interest in Mas- serve, and charge on any loan or discount made, or upon sachusetts is 6 per cent, higher contract rates any note, bill of exchange, or other evidences of debt, are authorized, and consequently the 6 per cent interest at the rate allowed by the laws of the State, Territory, or District where the bank is located, and no more, limitation is occasionallv exceeded. except that where, by the laws of any State a different rate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 369 is limited for banks of issue organized under State laws, "There is submitted as an appendix hereto the rate so limited shall be allowed for associations or- a memorandum prepared for the information ganized or existing in any such State under this title. of the Board by the Federal Reserve Agent in When no rate is fixed by the laws of the State or Territory or District, the bank may take, receive, reserve, or charge New York, explaining in general the nature a rate not exceeding seven per centum, and such interest and operation of the New York call money may be taken in advance, reckoning the days for which market and causes of high and fluctuating the note, bill, or other evidence of debt has to run. And rates for call money in that center/' the purchase, discount, or sale of a bona fide bill of exchange, payable at another place than the place of such Respectfully, purchase, discount, or sale, at not more than the current W. P. G. HARDING, rate of exchange for sight drafts in addition to the in- Governor. terest, shall not be considered as taking or receiving a greater rate of interest. The PRESIDENT OF THE SENATE. "It will be observed that the effect of the [Appendix.] foregoing provisions is to authorize in the State THE NEW YORK CALL-MONEY MARKET. of New York on collateral call loans of not less Definition of call loans.—Collateral call loans, in the than $5,000 rates of interest which may be in general acceptance of the term, are made chiefly in New excess of those permitted for loans ot other York City, which is practically the only important callcharacter, and that such higher rates are not money market in the United States. They are loans which are payable on demand of the lender without previous prohibited as usurious. notice, secured by the pledge of investment securities, "As to the lcause and justification7 of the i. e., stocks and bonds, generally those which are dealt in high rates of interest which it thus appears on the New York Stock Exchange. The interest rates on may legally be charged on collateral call loans these loans, as on other classes of loans, are on the basis of a rate per annum. in New York, and as to the 'steps * * * The borrowers.—The loans are made ior the most part to required to abate this condition/ there is, houses which are members of the stock exchange and the as is well known, a wide difference of opinion money so borrowed constitutes a portion of the funds emamong persons who have given thought and ployed ordinarily in purchasing and carrying securities for their customers and sometimes for themselves. study to the question. Indeed, broad and The lenders.—The principal supplies of money for colfundamental questions of general economic lateral call loans are loanable funds of banks and bankers and social policy are involved—in the last located both in and outside of New York City, including analysis, the whole question of the utility of foreign banks and agencies of foreign banks; and similarly the loanable funds of firms, individuals, and corporations speculative dealings in securities and commodiseeking temporary investment. The proportion of the ties or organized exchanges is ^involved; and whole fund loaned by these several interests varies seasonmore immediately, the question of the methods ally and in accordance with the attractiveness of other and practices of the leading speculative mar- opportunities for investment, either locally or in other markets. The bulk of call money is lent on the floor of the kets of the country, margining, stock manipu- New York Stock Exchange at "the money post," where lation, and kindred matters also susceptible of through various brokers loanable funds ar offered and bids abuse. As to these the Board has never had for funds are received. Most of the business is done betoccasion officially to form an opinion; the Fed- tween the hours of 12 noon and 2.45 p. m. The important relation to the money market of the present system of daily eral Reserve Act specifically precludes the settlement of balances resulting from the purchases and purchase or discount by Federal Reserve sales of securities on the stock exchange will be discussed Banks of 'notes, drafts, or bills covering more fully hereafter. merely investments or issued or drawn for Commercial requirements have the prior claim.—In the the purpose of carrying or trading in stocks, matter of the supply or attraction of funds to the callmoney market, there is generally a definite and well-underbonds, or other investment securities, except stood obligation on the part of banks to accommodate first bonds and notes of the Government of the their own commercial clients, so that it is only the excess United States.' The Board could not under- of loanable funds which they may have from time to time that is available for the collateral call-money market or for take to form a judgment upon the matters the purchase of commercial paper in the open market. above referred to without study and investi- This excess of loanable funds available for employment in gation of such a comprehensive nature as the securities market varies, therefore, according to the would seriously interfere with the conduct of commercial requirements of the country. It has long been recognized that for assurance of a sufficient amount of its regular work and which, had the Board money to finance the volume of business in securities, rethe requisite authority, would require the serv- liance can not be placed on a rate of interest limited to the ices of experts and assistants for the employ- rates which obtain or are permitted in commercial transment of which the Board does not feel author- actions whose prior claim on banking accommodations is universally conceded. ized to expend funds accruing from statutory assessments on the Federal Reserve Banks for CAUSES AFFECTING PRESENT CALL-MONEY RATES. the purpose of defraying the ordinary expenses The reference in the resolution to the present high rates contemplated by the Federal Reserve Act. for call money in the financial centers and the inquiry as to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN. APEIL, 1920. their causes require, it is felt, a survey of the operations of when bank credit was already expanded by the necessity the money markets and the reflection therein of the under- of carrying large amounts of Government securities which lying economic conditions which govern, in varying de- the investment market was not prepared to absorb. Thus grees, all money rates, including those for call money. arose a further cause for the increased cost at times of Present changed conditions of supply.—In former times, accommodation on collateral call loans. and specifically prior to the institution of the Federal Since the armistice these causes have been augmented Reserve system, bankers, especially in reserve centers, by the increased volume and velocity of transactions in were accustomed to look upon call loans as their principal securities generally. Before examining the figures, it secondary reserve on the theory that inasmuch as those should be explained that the amount of call money emloans were payable upon demand, funds so invested ployed by the securities market fluctuates according to could always be promptly obtained on short notice to the amount of other funds available for this purpose, i. e., meet withdrawals of deposits or for other use. In these customers' money invested and time money borrowed, circumstances there was ordinarily available for collateral and also as the volume of business varies. call loans a supply of funds sufficient for ordinary market Volume.—The volume of money outstanding on call if requirements and at low rates, although at times the rates more or less constant, fluctuating only over relatively rose to high levels as the supply of funds diminished, or long periods, and the amount which is loaned from day to the demands increased. day is but a small proportion of this constant volume. This attitude of the banks toward call loans as their The constant volume of outstanding call loan bears a rate of chief secondary reserve has been greatly modified by two interest which is determined daily and is known as the causes. The first was the closing of the stock exchange at renewal rate. The daily borrowings, either in replacethe outbreak of the European war in the summer of 1914, ment of loans called for payment or representing new when it became practically impossible to realize on call money borrowed, are made at rates which may or may not loans secured by investment securities, which became, be the same as the renewal rate and which frequently therefore, "frozen loans." This resulted in a more or less vary during the same day. permanent prejudice against dependence upon call loans Turning to the figures, it appears that over a period of as secondary reserves. The second and more important years during the prewar period the volume of all money, factor was the creation of the Federal Reserve system. both time and call, employed in the securities market was r Under the terms of the Federal Reserve act provision estimated at about $1,000,000,000, of which the average on is made for the rediscount of commercial paper, but the call was about 60 per cent and the average on time about rediscount of loans for the purpose of carrying investment 40 per cent, or a normal volume of call money, say, of securities, other than United States Government obliga- $600,000,000. The daily turnover in call money, i. e., tions, is excluded. Consequently, in order to maintain old loans called for payment, loans made in replacement maximum liquidity, with suitable provision for secondary thereof, and new money borrowed, ranged from $15,000,000 reserves that can be immediately availed of, banks, includ- to $30,000,000, and averaged about $20,000,000. The ing foreign agency banks, now invest a greater proportion daily turnover during the year 1919, however, ordinarily of their resources in assets that can be realized upon at the ranged from $25,000,000 to $40,000,000, and averaged Federal Reserve Bank. Another changed factor in the about $30,000,000. Moreover, it is important to notice present situation grows out of the fact that the war and there has been a disproportionate increase in the amount postwar conditions have rendered unavailable supplies of call loans, as distinguished from time money, with the of money which formerly came from foreign banks. Since consequence that the former, it is now estimated, conthe summer of 1914, while total banking resources have stitute about 75 per cent of the total money employed in largely increased, the volume of bank money available to the securities market. At a time of such heavy credit the securities market at low or normal rates has not in- requirements as the present the greater volume of borcreased proportionately, but on the contrary has probably rowings, not only in the aggregate but in the day to day decreased. All of these circumstances explain in some demands, naturally often results in high rates for the measure the increased rates which have often been re- money loaned. Indeed, so reluctant have the bankers quired during the past year for money loaned in the been during the past few months to supply the large desecurities market. mand for credit based on securities that the occasional Present changed conditions of demand.—Changed condi-loaning of relatively small amounts of money at very tions are also present in the factors governing the demand high rates often represents a desire not to secure the high for money. Prior to the armistice agencies of Government rate quoted but to prevent the rate from going very much were employed to restrict the issue of new securities for higher with the consequent demoralization which might purposes other than those which were deemed essential result. lor carrying on the war. At the same time, as the Treasury Intermittent factors. —There are certain other factors, the undertook to sell large amounts of certificates of indebt- influence of which is principally manifested in intermitedness and Liberty bonds bearing low rates of interest, tent wide fluctuations in the daily rates or in the rates the question arose as to whether the competition of the which apply for brief periods. The increased volume of general investment markets might not prejudice the suc- demand loans called daily for payment noted above, cess of the Government issues. In these circumstances, coupled with the decreased amount of time money loaned with full understanding on the part of the Treasury De- on securities, produces more or less apprehension on the partment, the officers and members of the New York part of borrowers as to their ability to reborrow money Stock Exchange undertook to limit transactions which called for payment. This apprehension, quickened by would involve the increased use of money for other purthe number of insistent borrowers bidding at times when poses, in consideration of which the principal banks of momentarily loanable funds are exhausted or are offered New York City endeavored to provide a stable amount in small quantity, frequently results in competitive bidof money for the requirements of the security market. ding for funds which advances the rates for a day or part After the armistice these restrictions were removed and of a day beyond the actual necessities of the situation. ordinary market forces reasserted themselves. The issu- Another active and important influence which has reance of new securities was resumed in unprecedented cently affected the supply of funds available for collateral volume and consumed a vast amount of capital and credit loans and precipitated at times a rise in the rates, has Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

371 APRIL, 1920. FEDERAL, RESERVE BULLETIN. been the periodic transfers of Government deposits from POSSIBILITIES OP CHANGE IN THE CONDITIONS AND METHODS depositary banks to the Federal Reserve Banks in con- OF THE CALL-MONEY MARKET. nection with the fiscal operations of the Treasury. Such withdrawals result in the depositary banks calling money So long as collateral call loans are made under prevailing from the securities market, which causes sharp advances conditions it is difficult to see how the present situation in the rate bid for call money in replacement of the loans can be altered, because of the impracticability of controlcalled for payment. ling the underlying cause of high rates, which, in the last analysis, is the excess demand over supply. ^ An attempt to control the rates for call loans by the estab- RATES ARE DETERMINED BY THE OPERATION OP THE lishment of an arbitrary limit at a low level, without the LAW OF SUPPLY AND DEMAND. ability to modify the causes above enumerated, which oper- The underlying cause of fluctuations and especially of ate to increase rates, would be distinctly hazardous, for increases in call money rates is the operation of the law the reason that up to the point where the arbitrary rate of supply and demand. In other words, as the supply of would limit the supply of new money, speculation and exloanable funds diminishes in proportion to the volume of pansion might proceed unchecked and the natural elethe demand, the rate for collateral demand loans advances. ments of correction or regulation would not obtain. In However, in the case of the daily borrowings of call other words, high rates act as a deterrent to over-speculamoney—to which the abnormal high and low rates apply tion and undue expansion of credit. On the other hand, and which represent but a comparatively small proportion should the supply of money available at a fixed maximum of the total outstanding loans—other factors, incidental rate become exhausted, liquidation might suddenly be to the temporary circumstances and conditions of the forced, because the demands for additional accommodation market, tend in times of stress to greater fluctuations in for the consummation of commitments already made could rates than result from the more normal operation of the not be met. The effect of such liquidation would be to law which is reflected in the renewal rate for the greater embarrass not only investors and dealers in securities, but volume of the outstanding call loans. The renewal rate frequently might affect dealers and merchants in commodiis regarded as the real barometer of market conditions and ties as well. As an example of the latter, the case might its fluctuations throughout the longer periods more nearly be cited of a commitment to purchase a round amount of reflect the relation between the amount of the loanable cotton on a certain day. Many of the houses on the cotton funds and the amount of the demand. In other words, exchange are also members of the stock exchange and frehigh renewal rates are mainly due to other demands for quently borrow very largely on the stock exchange against credit, resulting in part from the increased requirements investment securities to provide funds for settling their of the commercial community and in part from other tem- transactions in cotton. If, therefore, when an important porary factors, such as depletion of bank reserves resulting cotton settlement *s imminent, borrowings on securities, either or both from credit expansion or loss of reserves could not be availed of, the cotton transaction could not through gold export, speculation in commodities and real be consummated and a drastic liquidation through sale estate, and congestion of commercial transactions incieither of securities or of the cotton might be required to dental to slow or interrupted transportation. avoid default. Similar consequences might obtain in the Commercial rates are similarly and independently deter- cases of transactions by members of other commodity exmined.—The operation of the law of supply and demand is changes who are also members of the stock exchange and equally effective in determining the rate for commercial have recourse to the call-money market. loans and all other borrowings. In fact, rates for commercial loans and rates for collateral call loans have a common THE IMPORTANCE OF A " CALL-MONEY " MARKET. root in the law of supply and demand, and the conditions which affect one, in the main affect the other, although not Call money in some form is indispensable to every imin like degree, as is demonstrated by the far wider fluctua- portant financial center. There must be not only an outtion of call rates and the higher points to which they go. let for the employment of funds temporarily idle, but a The rates for call money do not determine and have not large volume of call and short-time money is essential to the exerted an important influence on the rates for commercial successful and economical conduct of business. It is parborrowings. It is the universal custom of the banks to ticularly essential to the international and domestic comsatisfy first the commercial needs of their customers. mercial business, but the diversion of the use of the major They feel an obligation to customers but none to those who portion of such money to the securities markets is not in borrow in the open market on securities. Besides, as the accordance with sound banking principles. It is to be resources of the banks mainly come from the commercial noted that in no great world market, other than New York, customers, their own self-interest compels a preference in is the call-money market so dependent upon investment favor of their commercial borrowers, since failure to grant securities and so susceptible to speculative influences. them reasonable accommodation would induce them to In other markets the reverse is true, as their call money, withdraw their deposits and so reduce the ability of the is based principally on commercial paper upon which realibanks to do business. Although the money of the banks zation can be had at the central bank, at a price, in case of and trust companies comprises by far the greater propor- need. We have seen that in this country call loans on setion of the money loaned on the securities market, an curities lack this essential quality of liquidity required examination of the prevailing rates on commercial paper for quick and certain realization, and that this fact has now at times when the call-money market is particularly been more generally taken into consideration by our lendstrained indicates that there is little causal relation be- ers. But the safe and successful divorce in this country tween the rates for call-money and those on commercial of the use of call money from its dependence upon investloans. Exhibits 1 Nos. 1 and 2, showing respectively the ment securities as a basis requires careful study in order rates for call money on the New York Stock Exchange dur- that safe and adequate methods may be substituted for the ing the years 1906-1919 and the rates for commercial paper present methods of the securities market. in New York for the period from 1915 to 1920 are attached. Term settlements.—The achievement of this end probalby depends upon the successful development of a plan for term settlements of the balances resulting from operations } Lack of space precludes publication in the FEDERAL RESERVE BULLETIN of the several exhibits referred to in this article. on the stock exchange, in lieu of the present method of daily Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 FEDERAL RESERVE BULLETIN". APKIL, 1920. settlements. The principal effect of such a change of the Exchange, describing the term settlement operations in method of settlements would be to relieve the call-money London and on the European continent, which presently market from the necessities of the securities market and will be published by the American Acceptance Council. release funds now used in collateral call loans based on in-' Through its courtesy an advance copy of the report has vestment securities for employment in call loans based on been received. There are also attached, as Exhibits the collateral of more liquid securities, of a commercial Nos. 6 and 7, respectively, two other publications of the nature, generally recognized abroad as the preferred bases American Acceptance Council, " Acceptance Corporafor demand loans. From this change a broader discount tions," by F. Abbott Goodhue, vice president of the market would naturally develop. Under term settlements First National Bank of Boston, Mass., and "The Acceptthe borrowing required by the securities market would be ance as the Basis of the American Discount Market," by on the basis of short-time accommodation, i. e., for the John E. Rovensky, vice president of the National Bank term between settlements, whether they were weekly, of Commerce, New York, in which, on pages 14 and 22, fortnightly, or at other intervals. respectively, the necessity for term settlements as a Agitation for the improvement of the present method of means of relieving the call-money market from the necessettlement of stock exchange contracts has extended over sities of the securities market and as a precedent to a some years and as the result of extensive studies and delib- broad and stable discount market is discussed. erations of officers and members of the New York Stock The members of the committee have unanimously Exchange, as well as bankers, an important step has been expressed the opinion that the adoption of a term settletaken to provide enlarged clearing facilities through the ment by the stock exchange would offer advantages in organization of a new corporation known as the Stock Clear- that it would eliminate duplication of the handling of ing Corporation, which is expected to begin operations in securities and in payments. The committee holds, April, 1920. A general description of the purposes and however, that, inasmuch as the adoption of a term settlecontemplated operations of the corporation is contained in ment by the exchange would involve changes of great the pamphlet attached hereto as Exhibit No. 3. The importance, both the banks and to members of the exfunctions of this corporation include providing facilities for change, it will require the most careful study of the subclearing contracts between members; for the receipt and ject by the committee, and in any case the term settledelivery of securities between members and banks, trust ment can not be put into operation until the new system companies, and others; and for the clearing of collateral call of daily stock exchange settlements through the Stock loans. It is not asserted or expected that the institution Clearing Corporation, above referred to, has been perfected of these operations will materially affect either the amount and has been in practical operation for a reasonable time. of money loaned from one day to another on the call-money market or the rates of such loans, but it is expected that it will operate materially to decrease the amount of bank certifications on day loans, which the present practice Report of the Bank of France for the Calendar requires in the interval between paying one call loan and Year 1919. replacing it with another on the same day. It should be noted that the mechanism afforded by the corporation is an Recent financial and monetary conditions in indispensable prerequisite to the establishment of a system of term settlements. France and relations between the Bank of France and the French Government are dis- The more recent and definite development toward the substitution of term settlements for the present system of cussed in the 1919 report of the bank. A condaily settlements may be said to have had its inception densed translation of the more important in the action of the American Acceptance Council at its portions of the report follows: annual meeting on December 4, 1919. At that time the following resolution was adopted: The year 1919 has been a year of transition. It has "Whereas the present method of daily stock-exchange inaugurated an era of reorganization and of peace-time settlements, with its dominating and often unsettling labor, but has been deeply influenced by the temporary effect on the call-money market, influences advetsely and the permanent results of the long period of hostilities. the development of a wide and healthy discount market After 52 months of devoting most of its energies to war, in the United States: the country now faces the problems of a readjustment to "Resolved, That the chairman of the executive commit- normal life. tee be authorized to appoint a committee consisting of This readjustment has encountered many difficulties members of the executive committee and other individuals that grew out of the war and by no means ended with its to study the advisability, ways, and means of modifying close; the scarcity of labor, which demobilization could the present system of settlements on the New York Stock only gradually restore to industry; the dearth of raw ma- Exchange and substituting therefor some system of terials, fuel and fertilizers; depletion of stocks; the wornperiodical settlement, with power to take such steps as out condition of tools; difficulties of transportation and may seem advisable in the case." uncertainty in regard to prices. A copy of the annual report of the American Acceptance In spite of these obstacles, there is renewed activity, of Council is appended hereto as Exhibit No. 4, in which the which much is being applied to restoring the devastated resolution appears on page 5 and the report of the chairman districts. This began with the retreat of the invader; it of the executive committee appears on pages 16 to 27, has been steadily carried on by the population, whose inclusive. courage nothing could break. The committee thus provided for was appointed and Investigations made from time to time by the Minister held two extended conferences in which the problem of Industrial Reconstruction show that by the end of the was fully discussed, both from the point of view of the first six months of 1919, about half the factories in the banks and of the stock exchange. For illustration of the devastated Departments were being restored or worked subject matter of the discussion there is attached hereto again. Since then this proportion has become much as Exhibit No. 5, a detailed report compiled by one of the larger. members o* the committee, Mr. Samuel F. Streit, chair- In the other parts of France, not actually invaded, there man of the Committee on Clearing House of the Stock has also been an intense effort to reorganize and develop Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 373 production, in order to make the most of our own resources, Treasury could no longer furnish sterling or dollars to place and to assure to the country the indispensable raw ma- on the market through this bank; and it had to cancel terials and motive power. arrangements made with importers, for the settlement of This gradual return to economic activity is shown by certain classes of transactions in England and in the United the increase of commerce, and by the more extensive use States, against the payment of francs at our bank. of credit. For the entire year our bills of exchange have barely Our portfolio of commercial bills, presented for discount exceeded 2,200 millions, as against 5 billions in 1918. The and collection during the past year, shows a considerable total of our sales of exchange for the first quarter alone increase over the year preceding. represent one billion and a half; for the other nine months We also wish to mention that during 1919 our portfolio we have been able to put at the service of commerce little of extended bills decreased by 400 millions. At the close more than 700 millions of francs provided by the sales of of the year it stood at 626J millions as against its maximum foreign securities and by drawing on our account with the of 4,476 millions in October, 1914. Treasury of the United States. Imports, as might be expected, have greatly increased. Thus the exchange market by the end of March was With due regard to the higher import values our purchases practically left to take care of itself, at the very time when abroad during the past year are likely to exceed 30 billion demands were heaviest, on account of our enormous purfrancs. chases abroad which industrial reconstruction made neces- Our insufficient harvests have forced us to buy in sary. foreign markets a very large part of our foodstuffs. Our Our foreign balances could be adjusted only by extendnational industries, too, in spite of their progress, have ing private credits, by exporting securities, and by subbeen unable to furnish us the huge quantities of raw stituting for commercial obligations other obligations materials, tools, and other things needed for restoring the resulting from the accumulation in our banks of deposits devastated areas. Then, too, the general high price level for foreign account. has greatly increased the cost of raw materials which had Private credits extended during this period have been to be imported for our factories. insignificant; the sales of securities have proved a more Exports show an upward tendency. Our balance of mportant factor. trade, however, is still unsatisfactory. The excess of International arbitrage showed great development, imports over exports, according to revised customhouse especially during the second half of the year, partly befigures, has been estimated at 25 billions. The payment cause of the high exchange rates and because of the reof this unfavorable balance has been most difficult, and opening of the London market on August 18 to free has aggravated our unsatisfactory exchange position. specuation. Large amounts of French securities, espec- During the war, and especially during the last two years ially of Government bonds, have been bought by the of hostilities, the advances made by the British and the nationals of the creditor countries. United States Treasuries, in addition to the expenditures These resources, however, are still insufficient to offset of the allied armies in France, reduced in part the shortage our unfavorable balance of trade, so that the third resource, of funds wherewith to make our foreign payments. These indicated above, has had to be used to a great extent; that extraordinary resources provided the means of paying for is, balances on foreign account in our banks have shown direct Government orders placed in England and in the large increases. United States, and for importers' purchases abroad. The variable volume of this floating debt, however, Our bills of exchange for the years 1917 and 1918 ex- with the uncertainty of the terms of withdrawal has often ceeded 11 billions; a little more than 6 billions in 1917 and depressed our exchanges; it is to the sudden withdrawal or 5 billions in 1918. The greater part of these bills were in to the interruption of these deposits that most of the violent sterling and in dollars, which were supplied us by the fluctuations in the relative value of the franc and foreign Treasury. currencies are due. It was thus possible to stabilize the exchanges on London If the extreme need of food and of raw materials, if the and on New York at a fairly low level. At the end of 1917 necessity of restoring factory and farm machinery in the the premium on the pound sterling did not exceed 3 per devasted regions have not left us free to reduce our imports cent and that on the dollar was kept a little above 5 per to the extent that the condition of our exchange requires, cent. Arbitrage had also reduced the premiums on neu- we ought, nevertheless, to realize that in some cases a more tral exchange, and, lastly, the commercial credits obtained vigorous policy of restricting imports and of production in Spain had reduced the premium on the peseta, which would have relieved and would still relieve our unfavorhad gone above 64 per cent in June, 1918, to about 9 per able trade balance. cent. In his address before the Chamber of Deputies on Decem- On the whole, then, the situation at the beginning of ber 29, the Minister of Finance admitted that the country 1919 was as favorable as was to be expected under the has imported too many unnecessary things, consumed too circumstances. Besides, it was hoped that the negotia- much, and produced too little. He added: "Inflation tions begun by the French Government with the British of fiduciary money overstimulates consumption and exand the United States Governments would under some cessive consumption calls for more imports. We should, form and for some time to come secure the financial co- therefore, reduce our circulation to more reasonable operation of our allies. limits, and change our former financial policy, which has During the past year these conditions have been entirely not sufficiently restricted the increase of importation." changed. The British and the United States Treasuries This same advice has been given by your board of direchave discontinued their advances, so that the French tors on every possible occasion during the past year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 FEDERAL. RESERVE BULLETIN. APRIL, 1920. NEW ADVANCES TO THE TREASURY. Capital and Surplus, Deposits, and Acceptances of Leading Banks in Europe. During the war, the Bank of France cooperated to the fullest extent with the treasury. Although always urg- In the tables below are shown comparative ing on the treasury other ways and means than the issue figures of capital and surplus, deposits, and of notes, the grave peril of which they never ignored, your board never hesitated to grant any requests made of them. acceptances of the leading commercial banks The necessity of victory transcended every other consid- in Great Britain, France, and Germany, reeration. ported at the close of 1913, 1918, and 1919. After the armistice the Government had to meet addi- Figures of deposits and acceptances, also the tional demands, while the general situation remained aggregates of deposits and acceptances, have most uncertain. The funds obtained from the loan of November, 1918, were exhausted, so that in spite of a been related to figures of capital and surplus marked increase in subscriptions to short-term securities and expressed in percentages for each of the (bons de Defense nationale) the Government had to apply banks treated. again to the Bank of France. During the period 1913-1919 the aggregate After careful examination of the needs of the treasury, your board was forced to conclude that general conditions of capital and surplus of 21 leading British did not yet warrant making an appeal by the Government banks shows an increase from 60.6 to 116.5 to normal sources of income or to frequent bond issues. million pounds sterling, partly as the result of They agreed, therefore, to accept an increase of the maxiamalgamation with and absorptions of other mum advance to the Government from 21 to 24 billions. This increase was to permit the retirement of local bank banks, indicated in the table. For the same notes of small denominations issued in the north during period there is shown a much larger increase German occupation, and the change of the monetary sys- in current and deposit accounts, the total at tem of Alsace and Lorraine. the close of 1919 being in excess of 2,075 mil- Your board, nevertheless, urged again on the Minister lion pounds sterling, as against 616 millions of Finance the grave obstacles which an overabundance of money placed in the way of a return to normal condi- at the close of 1913, the year preceding the tions. They strongly urged the adoption of a treasury pol- great war. This relatively larger growth of icy which would make a larger use of tax levies and of the deposits as compared with capitalization is country's savings, while a systematic plan was being shown in a decrease of the average percentage worked out for reducing the currency and paying off the of capital and surplus to deposits from 9.83 to war advances. Two months later came the request to raise the advances to 27 billions. 5.61 per cent, percentages for the individual The terms of this increase of 3 billions, granted April banks following a like course. 24, 1919, differ from those of former advances in one par- For acceptances an increase from 60.4 to ticular. The Government undertook to set aside from the proceeds of the next loan a sum sufficient to cancel 154.5 million pounds is shown, the rate of the advances provided by the above agreement, either growth being smaller than for deposits, the in form of perpetual "rentes " or of other obligations. By latter reflecting the large increase of loans this repayment the maximum authorized will again be resecured by Government war securities. As duced to 24 billions, as agreed to on February 13, 1919. compared with the growth in capitalization This latter transaction has, therefore, essentially the character of a short-term loan; it expressed the desire the growth of acceptance liabilities has been both of the Government and of the board to limit as far as about twice as large, the ratio between total possible, or to end as soon as possible, appeals of the treas- capitalization and aggregate acceptance liaury to the Bank of France. Your board further proposed bilities showing a decline from 158.5 to 75.4 to turn all the interest received from the Government on the installments on the new advance into the amortization per cent for the period, though it should be account authorized by the agreement of September 21, noted that this is largely the result of develop- 1914. ment during the most recent year. This amortization account was set up by the amended Similar statements of the three leading charter and at the end of the year amounted to 703 millions. Of this account a specified percentage is to be applied to French institutions show a more moderate cover certain losses incurred during the war; the remain- increase in both capitalization and deposits der is to be used for the reduction of the Government and a very decided decrease in acceptances. debt to the bank. The urgency of this is recognized by As distinct from British development, deposit the authorities and has been stated again in the report of the text of the law authorizing the coming loan. accounts of the French institutions show a "The total of the advances made to the Government by much larger growth in 1919 than in the prethe Bank of France has reached 25£ billions. This total ceding war years. is certainly reaching a point beyond which it can not be Figures for the leading German banks show increased without still further raising the abnormal price an enormous increase of deposit and current level. It is, therefore, our most imperative duty to aid this repayment." accounts (so-called Kreditoren), this increase The country must realize that economic and financial being due to direct financing of the Governreconstruction will be far more difficult so long as the ment and to bank loans on Government bonds monetary situation remains unsettled; and the first con- and other war securities. The relative shrinkdition of this settlement is that the treasury meet its age in acceptances is about as large as in France. requirements without further note issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 375 Capital and surplus, deposits, and acceptances of leading banks in Europe, also ratios of capital and surplus to deposits, acceptances, and the aggregate of deposits and acceptances. (Figures as of Dec. 31, unless otherwise stated.) [In thousands of £, i. e., 000 omitted.] I. UNITED KINGDOM. Paid in capital and Deposit and current surplus. accounts. Per cent of 1 to 2. Acceptances. 1913 1918 1919 1913 1918 1919 1913 1918 1919 1913 1918 1919 1. Lloyd's Bank 7,209 17,954 19,096 91,512 266,808 324,712 6.73 7,462 14,765 32,080 2. London County, Westminster, and Paris 7,750 14,261 17,254 85,395 262,858 304,548 5.43 5.66 7,656 9,276 23,704 3. London Joint City and Midland 8,049 14,345 16,835 93,834 335,350 371,742 8,58 4.28 4.53 6,163 13,146 29,015 4. Barclay's 5,200 14,161 15,820 60,806 239,382 295,551 8.55 5.92 5.35 437 4,212 13,589 5. National Provincial and Union Bank of England 5,000 10,327 15,046 67,882 200,865 251,751 7.37 5.14 5.98 824 3,891 5,968 6. Bank of Liverpool and Martins 2,263 2,634 3,549 18,785 63,243 67,531 12.05 4.16 5.26 581 2,336 15,624 7. Manchester and Liverpool District 3,496 3,446 3,446 25,917 44,531 59,109 13.49 7.74 5.83 2,690 1,567 5,259 8. Royal Bank of Scotland (Oct. 11)... 2,961 3,030 3,082 16,654 29,739 36,916 17.78 10.19 8.35 319 194 348 9. Williams Deacon's Bank 1,900 2,100 2,775 17,188 31,837 37,048 11.05 6.60 7.49 550 941 2,150 10. National Bank (Ltd.) (Irish) 1,900 2,345 2,460 14,446 28,270 34,825 13.15 8.30 7.06 198 278 523 11. Clydesdale Bank 2,050 2,170 2,200 14,992 30,254 35,531 13.67 7.17 6.19 208 251 721 12. Commercia IBank of Scotland (Oct. 31). 1,900 1,850 2,000 18,056 31,511 36,949 10.52 5.87 5.41 216 1,024 2,151 13. National Bank of Scotland (Nov. 1)... 1,900 1,900 2,000 17,427 30,748 34,398 10.90 6.18 5.81 1.020 1.127 1,444 14. Manchester and County Bank 1,942 1,942 1,942 10,876 17,680 24,071 17.86 10.98 8.07 718 506 3,012 15. Lancashire and Yorkshire Bank... 1,513 1,442 1,858 11,794 21,691 25,656 12.83 6.65 7.24 136 491 461 16. Glyn, Mills, Currie & Co 1,500 1,500 1,500 17,194 26,484 30,702 8.72 5.66 4.89 1,352 983 1,526 17. Coutts&Co 1,000 1,500 1,500 8; 792 18,427 19,153 11.37 8.14 7.83 105 385 690 18. Union Bank of Manchester 900 1,275 1,325 6,429 15,212 25,378 14.00 8.38 5.22 674 1,150 3,896 19. Baring Bros 1,125 1,125 1,125 8,042 19,245 26,305 13.99 5.85 4.28 6,637 3,064 11,258 20. Cox & Co. (Sept. 30) 450 1,075 1,075 4,037 19,265 22,552 11.15 5.58 4.77 82 488 544 21. Beckett's Banks 600 600 600 6,379 10,195 10,747 9.41 5.89 5.58 213 310 525 Total. 100,982 116,488 616,437 1,743,5952,075,475 9.83 5.79 5.61 38,241 60,385 154,488 22. Union of London and Smith's (amalgamated with National Provincial No. 5) 41,260 23. Martins Bank (Ltd.) (amalgamated with Bank of Liverpool No. 6) 2,912 292 24. Capital and Counties (amalgamated with Lloyd's No. 1) 2,550 39,224 1,807 25. Paris Bank (Ltd.) (amalgamated with London County, Westminster, and Paris No. 2) 4,205 43,199 5,946 26. Nottingham and Nottinghamshire Banking Co. (Ltd.) (amalgamated with No. 2) 552 4,316 27. London Joint Stock (amalgamated with London City and Midland No.3). 4,095 37,583 3,153 28. Bradford's District (amalgamated with National Provincial and Union No. 5. 624 5,239 351 29. London and Provincial (absorbed by Barclay's No. 4) 3,000 20,246 30. London and Southwestern Bank(Ltd.) (amalgamated with London and Provincial No. 29) 2,525 21,063 1,254 Deposit and current accounts Per cent of 1 to 4. plus acceptances. Per cent of 1 to 6. 1913 1918 1919 1913 1918 1919 1913 1918 1919 1. Lloyd's Bank 96.61 121.58 59.53 98,974 281,573 356,792 7.28 5.35 2. London County, Westminster, and Paris. 101.22 153. 74 72.79 93,051 272,134 328,552 8.33 5.24 5.25 3. London Joint City and Midland 130.60 109.12 58.02 99,997 348,496 400,757 8.05 4.12 4.20 4. Barclay's 1,189.93 336. 21 116.42 61,243 243,594 309,140 8.49 5.81 5.12 5. National Provincial and Union Bank of E ngland 606.75 265. 40 252.09 68,706 204,756 257,719 7.28 5.04 5.84 6. Bank of Liverpool and Martins 389.48 112. 76 22.71 19,366 65,579 83,155 11.69 4.02 4.27 7. Manchester and Liverpool District 129.96 219.90 65.53 28,607 46,098 64,368 12.22 7.48 5.35 8. Royal Bank of Scotland (Oct. 11) 928.18 1.561.84 885.63 16,973 29,933 37,264 17.45 10.12 8.27 9. Williams Deacon's Bank 345. 44 223.15 129.06 17,738 32,778 39,198 10. 71 6.41 7.08 10. National Bank (Ltd.) (Irish) 959.60 843.53 470.35 14,644 28,548 35,348 12.97 8.21 6.96 11. Clydesdale Bank * 985.56 864. 54 305.24 15,200 30,505 36,252 13.48 7.11 6.07 12. Commercial Bank of Scotland (Oct. 31).. 879.62 180.66 92.96 18,272 32,535 39,100 10.40 5.69 5.12 13. National Bank of Scotland (Nov. 1) 186.27 168.59 138. 46 18,447 31,875 35,842 10.30 5.96 5.58 14. Manchester and County Bank. 270. 46 383. 79 64.48 11,594 18,186 27,083 16.75 10.68 7.17 15. Lancashire and Yorkshire Bank 1,112. 50 293.69 403.04 11,930 22,182 26,117 12.68 6.50 7.11 16. Glyn, Mills, Currie &Co - 110.95 152. 59 98.30 18,546 27,467 32,228 8.09 5.46 4.65 17. Coutts & Co 952.38 389.61 217.39 8,897 18,812 19,843 11.24 7.97 7.56 18. Union Bank of Manchester 133. 53 110.87 34.01 7,103 16,362 29,274 12.67 7.79 4.53 19. Baring Bros 16.95 367.17 9.99 14,679 22,309 37,563 7.66 5.04 2.99 20. Cox & Co. (Sept. 30) 548. 78 220. 29 197.66 4,119 19,753 23,096 10.92 5.44 4.65 21. Beckett's Banks 281.96 193.55 114.29 6,592 10,505 11,272 9.10 5.71 5.32 Total 158.49 167.23 75.40 654,678 1,8 2,229,963 5.60 5.22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 FEDERAL, RESERVE BULLETIN. APRIL, 1920. Capital and surplus, deposits, and acceptances of leading banks in Europe, also ratios of capital and surplus to acceptances, and the aggregate of deposits and acceptances—Continued. II. FRANCE. [In thousands of francs; i. e., 000 omitted.] 1 2 3 4 Capital and surplus paid in. Deposit and current accounts. Per cent of 1 to 2. Acceptances. 1913 1918 1919 1913 1918 1919 1913 1918 1919 1913 1918 1919 Socie"te" Ge'ne'rale 374,516 300,705 1,741,648 2,126,626 21.50 14.14 175 735 18 746 Comptoir National d'Escompte.. 239,345 241,590 244,357 1,414,357 2,004,692 3,271,296 16.92 12.05 7.47 174,849 24,123 83,580 Credit Lyonnais 315,000 425,000 450,000 2,228,702 2,792,381 4,394,421 14.13 15.22 10.24 142,448 9,929 21,457 Total 928,861 967,295 5,384,707 6,923,699 17.25 13.97 493,032 52,798 5 Per cent of 1 to 4. Deposit and a c c c u e r p r t e a n n t c e a s c . counts plus Per cent of 1 to 6. 1913 1918 1919 1913 1918 1919 1913 1918 1919 Socie"te Ge'ne'rale 213 11 1 504.10 L 917 383 2 145 372 19 53 14 02 Comptoir National d'Escompte.. 13688 l,i301.49 292.35 L, 589,206 2,028 815 3,354,876 15.06 11.91 7.28 Credit Lyonnais 22113 280.39 209.72 2,371,150 2,802,310 4,415,878 13.28 15.17 10.19 Total 188.40 1,S32.07 5,877,739 6,976,497 15.80 13.87 III. GERMANY. [In thousands of marks; i. e., 000 omitted.] 4 Capital and surplus paid in. Deposit and current accounts. Per cent of 1 to 2. Acceptances. 1913 1918 1919 1913 1918 1919 1913 1918 i 1919 I 1913 1918 1919 Disconto-Gesellschaft 281,300 444,885 674,024 3,649,304 41.73 12.19 246,331 54,386 Deutsche Bank 312,500 505,000 ,580,046 6,740,197 19.78 7.49 284,079 38,912 Dresdner Bank 261,000 340,685 .958,396 4 150 817 27.23 8.21 50,587 Bank fur Handel u. Industrie. 192,000 193,285 607,681 1 999,995 31.59 9.66 164,017 44,815 Berliner Handelsgesellschaft... 144,500 144,500 144,500 296,822 569,648 961,604 48.67 25.37 15.03 96,836 42,761 59,199 National Bank fur Deutschland 96,000 100,200 240,720 606,124 39.87 16.53 68,318 17,326 Commerz- u. Disconto-Bank .. 99,000 103,529 315,967 1,317,864 31.33 7.86 82,082 44,816 Mitteldeutsche Credit-Bank... 68,000 69,250 130,770 662,143 51.99 10.46 53,781 8,813 Total 1,454,300 1,901,334 4,804,426 19,696,092 30.27 9.65 |l,276,142 302,416 Per cent of 1 to 4. Deposit and a c c c u e r p r t e a n n t c e a s c . counts plus Per cent of 1 to 6. 1913 1918 1919 1913 1918 1919 1913 1918 1919 Disconto-Gesellschaft 114.12 817.95 1,920,355 3,703,690 14.65 12.01 Deutsche Bank 110.00 129.78 1,864,125 6,779,109 16.76 7.22 Dresdner Bank 92.98 673.41 1,239,094 4,201,404 21.06 8.11 Bank fur Handel u. Industrie.. 117.00 431.22 771,698 2,044,810 24.88 9.45 Berliner Handelsgesellschaft 149.22 337.85 244.10 393,658 612,409 1,020,803 36.70 23.59 14.15 National Bank fur Deutschland 140.51 578.30 309,038 623,450 31.06 16.07 Commerz- u. Disconto-Bank 120.59 231.00 398,049 1,362,680 24.87 75.95 Mitteldeutsche Credit-Bank 126.41 785.76 184,551 690,956 36.84 10.32 Total 113.88 628.54 6,080,568 19,998,508 23.91 9.51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 377 percentages, the averages for the cities and Retail Trade. districts computed from such percentages being In the following tables is given a summary weighted according to volume of business done of the results obtained during the past few during the calendar year 1919. For the months in districts Nos. 1, 2, 3, 4, 5, 7, and 12, month of February, 15 stores reported in dison the regular retail trade index form from trict No. 1, 5 in district No. 2, 14 in district representative department stores. In dis- No. 3, 13 in district No. 4, 7 in district No. 5, tricts Nos. 1, 5, and 12 the data were received 8 in district No. 7, and 27 in district No. 12. in (and averages computed from) actual For the earlier months the number of stores amounts (dollars). In districts Nos. 2, 3, 4, varied somewhat, due to the inclusion of new and 7 the material was received in the form of stores from time to time in the reporting list. Condition of retail trade in Federal reserve districts Nos. 1, 2, 3, 4, 5, 7, and 12. {Percentage of increase.] Comparison of net sales with those of corresponding period previous year. July 1,1919, to close of— Janu- District and city. ary 1, A 1 u 9 g 1 u 9 s . t, te 1 S m 9 e 1 b p 9 e - . r, O 1 b 9 c e 1 t r o 9 , - . ve 1 N m 91 o b 9 - e . r, D 1 b e 9 e c 1 e r 9 , m . - J 1 a a 9 r n 2 y u 0 , - . F 1 a e 9 r b 2 y r 0 , u . - A 1 u 9 g 1 u 9 s . t, te 1 S m 9 e 1 b p 9 e - . r, O 1 b 9 c e 1 t r o 9 , - . ve 1 N m 91 o b 9 - e . r, D 1 b e 9 c e 1 e r 9 , m . -c 1 F l 1 9 a o e 9 2 r s b 2 0 y e r 0 , , u t o . o - f District No. 1: Boston 22.4 30.9 52.0 42.3 33.2 15.4 19.4 30.8 33.0 36.3 24.9 Outside 41.9 43.5 36.1 38.5 41.6 Total 42.1 34.8 18.3 37.2 32.5 District No. 2: New York City and Brooklyn.. 49.0 43.4 49.2 54.6 29.9 44.0 43.6 49.7 39.8 District No. 3 22.2 17.6 20.3 District No 4 28.6 36.0 District No 5 9.4 8.6 District No. 7 51.7 50.7 District No. 12: Los Angeles 48.8 68.3 110.6 88.7 77.3 83.8 51.6 58.3 52.9 69.9 77.2 77.3 68.3 San Francisco 31.3 40.9 92.3 45.2 54.6 53.5 26.9 30.0 33.1 46.5 46.3 47.1 58.9 Oakland % 20.7 25.1 68.5 30.3 29.8 41.4 27.4 20.1 22.4 32.3 31.9 31.9 34.8 Sacramento 16.7 32.5 69.2 36.6 50.7 54.2 22.6 15.4 22.4 35.7 35.7 39.5 36.6 Seattle 23.7 27.6 50.6 21.0 28.6 23.9 22.4 24.4 28.3 31.6 29.5 29.3 23.0 Spokane • 176 0 46 4 77 1 36 2 23 6 99 9 70 4 72 0 30 1 Salt Lake City 23.2 33.4 44.8 42.7 32.3 23.8 11.5 23.9 25.8 24.8 32.0 29.2 18.1 Total 30.3 40.6 82.0 46.1 50.7 51.7 31.1 31.0 34.4 46.9 47.5 47.0 46.5 Stocks at end of month compared with— Same month previous year. Previous month. District and city. A 1 u 9 g 1 u 9 s . t, te 1 S m 9 e 1 b p 9 e - . r, O 1 b 9 c e 1 t r o 9 , - . ve 1 N m 91 o b 9 - e . r, D 1 b e 9 c e 1 e r 9 , m . - J 1 a a 9 r n 2 y u 0 , - . F 1 a e 9 r b 2 y r 0 , u . - A 1 u 9 g 1 u 9 s . t, te 1 S m 9 e 1 b p 9 e - . r, O 1 b 9 c e 1 t r o 9 , - . ve 1 N m 91 o b 9 - e . r, D 1 b e 9 c e 1 e r 9 , m . - J 1 a a 9 r n 2 y u 0 , - . F 1 a e 9 r b 2 y r 0 , u . - District No. 1: Boston 6.4 11.4 4.9 25.4 29.7 38.1 16.3 5.3 7.5 10.9 15.2 7.4 Outside 24.9 28.4 37.5 U3.8 13.7 9.7 Total 25.2 29.6 37.9 16.1 15.1 7.8 District No. 2:$| ... New York City and j| Brooklyn 7.1 12.9 36.4 44.0 49.6 .1 15.2 U0.4 11.9 8.4 District No 3 9.9 16.4 13.4 7.0 District No 4 48.6 45.1 District No. 5 j 40.9 8.4 District No. 7 51. 8 42.7 55.8 District No. 12: 6.3 1.6 13.9 19.5 31.0 44.0 42.1 5.5 4.2 5.6 1 0.7 110.9 9.7 12.1 San Francisco. 10.6 15.5 26.5 32.7 45.9 59.4 15.6 13.2 9.7 2.2 ill.l 4.7 12.7 Oakland 17! 5 1.5 1.4 4.9 9.2 10.6 27.7 6.3 12.6 5.4 .2 19.7 18.4 18.6 Sacramento 120.3 U0.7 14.6 .3 37.1 18.7 4.8 3.7 16.1 Seattle 7.2 17.8 15.2 15.3 31.4 44.5 53.7 22.7 13.2 6.5 12.9 118.9 12.0 11.8 Spokane 13.8 13.2 25.4 35.0 3.4 U5.6 9.4 10.9 Total .9 7.0 11.9 17.5 28.5 38.0 48.4 12.6 10.3 6.5 1.3 U3.3 2.6 14.0 1 Decrease. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 FEDERAL RESERVE BULLETIN. APRIL, 1920. Condition of retail trade in Federal reserve districts Nos. 1, 2, 3, 4, 5, 7, and 12—Continued. [Percentage of increase.] Percentage of average stocks at end of each month to Percentage of outstanding orders at end of month to total average monthly sales for same period. purchases during previous calendar year. District and city. July 1,1919, to end of— Jan. 1,1920, to end pf— Aug., Sept., Oct., Nov., Dec., Jan., Feb., 1919. 1919. 1919. 1919. 1919. 1920. 1920. . Aug., Sept., Oct., Nov., Dec., Jan., Feb., 1919. 1919. 1919. 1919. 1919. 1920. 1920. District No. 1: Boston 277.0 461.9 367.4 360.7 320.8 382.2 21.5 18.1 19.4 24.8 26.5 19.6 Outside 413.9 229.8 402.5 13.7 16.7 19.7 Total 382.1 306.0 385.4 23.1 24.0 19.6 District No. 2: New York City and Brooklyn 573.4 504.6 343.4 336.9 405.6 32.8 26.4 36.3 22.8 22.9 District No 3 21.0 27.9 District No 4 386.3 18.6 District No 5 379.6 District No. 7... 18.1 29.7 District No. 12: .Los Angeles 481.7 459.5 495.6 485.6 424.3 422.7 418.3 27.9 32.7 45.1 53.5 48.1 33.3 37.1 San Francisco 418.6 460.5 442.8 453.0 403.1 405.2 477.5 34.1 28.1 25.8 29.5 28.1 18.2 31.9 Oakland 547 1 564 7 558 3 559.1 600.2 490.6 581 6 Sacramento 468.2 400.7 355.9 339.3 Seattle 411.6 459.0 422.3 432.0 378.0 427.1 665.0 29.2 28.3 25.1 22.1 32.2 18.4 22.6 Srjokane 462.4 411.5 508.8 755 9 20.0 34.5 37.2 40 6 Salt Lake City 46.5 16.8 11.4 8.2 Total 422.4 470.7 459.3 463.1 422.6 429.0 534.7 34.3 29.1 29.6 29.2 32.3 28.0 31.7 In district No. 6 reports from representative average of 4.1 per cent increase of business stores throughout the district give the following over the previous month and an average of averages. These averages are made from per- 43.1 per cent increase over the same month centages and are unweighted. last year. Stocks of goods at the end of February were 8.7 per cent more than at Percentage of increase in net sales for February, the close of the previous month and 26.7 1920, over those for February, 1919 9.5 per cent larger than one year ago." Percentage of increase in net sales from January 1, 1920, to date over those for a corresponding period In district No. 11 inquiries made of several in 1919 19.5 stores in a number of lines brought the follow- Percentage of increase in stocks on hand at the end ing average results: of February, 1920, over those on hand at the end of February, 1919 26.6 Percentage of increase in stocks on hand at the end February, 1920, retail trade compared with January, 1920, of February, 1920, over those on hand at the end and February, 1919. of January, 1920 4.8 Percentage of outstanding orders at the end of February to total purchases during calendar year Stocks Un- 1919 18.3 Co w m ith pa — red Sales. S p e r l i l c in e g . at o e f nd s f t i o ll c e k d month. orders. In district No. 10 "the department stores reporting indicated a decrease of sales amount- Per ct. Perct. Perct. Perct. ing to 13.9 per cent from the January record, Clothing January, 1920... - 10 but an increase of 31.6 per cent as compared Groceries J F a e n b u ru ar a y ry , , 1 1 9 9 2 1 0 9 .. . . . + - 2 5 0 +40 +io + 10 with the sales in February, 1919. Stocks on February, 1919.. + 15 Hardware January, 1920... + 13 + 2 + 9 + 22 hand at the close of February in these stores February, 1919.. + 52 +16 + 5 + 30 were 13.3 per cent larger than at the close Farm implements J F a e n b u ru ar a y ry , , 1 1 9 9 2 1 0 9 .. . . . + + 1 1 50 0 + +1 5 0 - - 3 2 0 0 + + 1 2 00 5 of January and 30.7 per cent larger than at Dry goods January 1920... - 7 + 5 +15 - 20 February,1919.. + 84 +30 - 40 the close of February a year ago. The reports Shoes. January, 1920... + 2 -15 - 50 February, 1919.. + 15 +10 +40 + 33 of 28 other retail establishments, including furniture and hardware stores, showed an + increase. — decrease. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 379 Regulations Under the Edge Act. REGULATION K, SERIES OF 1920. The Federal Reserve Board issues herewith its rules and BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN regulations governing the organization and operation of BANKING BUSINESS UNDER THE TERMS OP SECTION 25 corporations under the provisions of section 25 (a) of the (a) OP THE FEDERAL RESERVE ACT. Federal reserve act. I. Organization. Section 25 of the Federal reserve act, as amended by the act of September 7, 1916, authorized national banks Any number of natural persons, not less in any case than having a capital and surplus of $1,000,000 or more to invest, five, may form a Corporation * under the provisions of secunder certain circumstances, in the stock of banks or cor- tion 25 (a) for the purpose of engaging in international or porations chartered or incorporated under the laws of the foreign banking or other international or foreign financial United States or of any State thereof, and principally operations or in banking or other financial operations in a engaged in international or foreign banking. At that dependency or insular possession of the United States time, however, Congress had not provided any means for either directly or through the agency, ownership, or conthe Federal incorporation of foreign banking corporations trol of local institutions in foreign countries or in such dein whose stock it expressly authorized national banks to pendencies or insular possessions. invest. In the enactment of section 25 (a) of the Federal reserve act, approved December 24, 1919, Congress has II. Articles of association. now provided a means for the incorporation of institutions for the purpose of engaging in international or foreign Any persons desiring to organize a corporation for any of banking or other international or foreign financial operations the purposes defined in section 25 (a) shall enter into in whose stock national banks, as well as individuals, firms, articles of association (see Federal Reserve Board Form 151, and other corporations, may invest. which is suggested as a satisfactory form of articles of asso- While the public discussions of the purpose of this law ciation) which shall specify in general terms the objects for have emphasized the fact that it is to permit American which the Corporation is formed, and may contain any investors by means of Federal corporations to assist in the other provisions not inconsistent with law which the Corporeconstruction of Europe at a time when such assistance ration may see fit to adopt for the regulation of its business is most vitally needed, nevertheless the real purpose is a and the conduct of its affairs. The articles of association broader one; that is, to provide for the establishment of a shall be signed by each person intending to participate in Federal system of international banking or financial cor- the organization of the Corporation and when signed shall porations operating under Federal supervision with be forwarded to the Federal Reserve Board, in whose office powers sufficiently broad to enable them effectively to they shall be filed. compete with similar foreign institutions and to afford to the American exporter and importer at all times a possible III. Organization certificate. means of financing his foreign business. Although it is true that the immediate effect of the operation of corpora- All of the persons signing the articles of association shall tions under the terms of this section may be greatly to aid under their hands make an organization certificate (Fedin the extension of much needed long-term credits to eral Reserve Board Form 152) which shall state specifically: Europe, that effect is in reality only one incident to the First. The name assumed by the Corporation. permanent development of the American export market. Second. The place or places where its operations are to Congress being mindful of the unusual powers conferred be carried on. by this section, has placed upon the Federal Reserve Third. The place in the United States where its home Board the responsibility of making such regulations and office is to be located. restrictions as may be necessary to insure the conservative Fourth. The amount of its capital stock and the number and prudent management of corporations chartered under of shares into which it shall be divided. its provisions and to safeguard as far as possible the inter- Fifth. The names and places of business or residences of ests of the public with whom they may do business. The persons executing the organization certificate and the num- Federal Reserve Board, therefore, while realizing the im- ber of shares to which each has subscribed. portance of making its regulations sufficiently liberal to Sixth. The fact that the certificate is made to enable the enable corporations operating under them effectively to persons subscribing the same and all other persons, firms, compete with foreign institutions or State institutions companies, and corporations who or which may thereafter doing a foreign business, has been impelled by the ordi- subscribe to or purchase shares of the capital stock of such nary principles of banking prudence to impose restric- Corporation to avail themselves of the advantages of this tions which it believes will ultimately do much to com- section. mand the prestige and public confidence upon which The persons signing the organization certificate shall must depend the success of every corporation of this acknowledge the execution thereof before a judge of some " character. court of record or notary public, who shall certify thereto It is realized by the Federal Reserve Board that the under the seal of such court or notary. Thereafter the organization and operation of these corporations involve certificate shall be forwarded to the Federal Reserve Board new principles and new fields of effort, and that experience to be filed in its office. may demonstrate that the regulations promulgated here- IV. Title. with are in some respects too restrictive and in other re- Inasmuch as the name of the Corporation is subject to spects too liberal. The Federal Reserve Board,therefore, # the approval of the Federal Reserve Board, a preliminary in order to permit of the development of operations under application for that approval should be filed with the the terms of this section in the manner contemplated by Federal Reserve Board on Federal Reserve Board Form Congress, reserves the right from time to time to amend 150. This application should state merely that the orits regulations in such manner as experience and changing ganization of a Corporation under the proposed name is conconditions may dictate. templated and may request the approval of that name and W. P. G. HARDING, Governor. i Whenever these regulations refer to a Corporation spelled with a W. T. CHAPMAN, capital C, they relate to a corporation organized under section 25 (a) of Secretary. the Federal reserve act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 FEDERAL RESERVE BULLETIN. APRIL, 1920. its reservation for a period of 30 days. No Corporation In the case of an individual.-—(a) Whether he is or is not which issues its own bonds, debentures, or other such obli- a citizen of the United States and if a citizen of the United gations will be permitted to have the word "bank" as a States, whether he is a natural-born citizen or a citizen by part of its title. No Corporation which has the word naturalization, and if naturalized, whether he remains for "Federal" in its title will be permitted also to have the any purpose in the allegiance of any foreign sovereign or word "bank" as a part of its title. So far as possible the state; (b) Whether there is or is not any arrangement under title of the Corporation should indicate the nature or reason which he is to hold the shares or any of the shares which he of the business contemplated and should in no case resem- desires to have issued or transferred to him in trust for or ble the name of any other corporation to the extent that it in any way under the control of any foreign state or any might result in misleading or deceiving the public as to its foreigner, foreign corporation, or any corporation under identity, purpose, connections, or affiliations. foreign control, and if so, the nature thereof. In the case of a corporation.-—(a) Whether such corpora- V. Authority to commence business. tion is or is not chartered under the laws of the United States or of a State of the United States. If it is not, no further After the articles of association and organization certifi- declaration is necessary, but if it is, it must also be stated cate have been made and filed with the Federal Reserve (6) whether the controlling interest in such corporation is or Board, and after they have been approved by the Federal is not owned by citizens of the United States, and (c) whether Reserve Board and a* preliminary permit to begin business there is or is not any arrangement under which such corhas been issued by the Federal Reserve Board, the associa- poration will hold the shares, or any of the shares if issued tion shall become and be a body corporate, but none of its or transferred to such corporation, in trust for or in any powers except such as are incidental and preliminary to way under the control of any foreign state or any foreigner its organization shall be exercised until it has been formally or foreign corporation or any corporation under foreign authorized by the Federal Reserve Board by a final per- control, and if so, the nature thereof. mit generally to commence business. In the case of a firm or company.—(a) Whether the con- Before the Federal Reserve Board will issue its final per- trolling interest in such firm or company is or is not owned mit to commence business, the president o* cashier, to- by citizens of the United States and, if so, (6) whether there gether with at least three of the directors, must certify (a) is or is not any arrangement under which such firm or that each director elected is a citizen of the United States; company will hold the shares or any of the shares if issued (b) that a majority of the shares of stock is owned by citi- or transferred to such firm or company in trust for or in any zens of the United States, by corporations, the controlling way under the control of any foreign state or any foreigner interest in which is owned by citizens of the United States, or foreign corporation or any corporation under foreign chartered under the laws of the United States, or by firms control and if so, the nature thereof. or companies, the controlling interest in which is owned by The board of directors of the Corporation, whether acting citizens of the United States; and (c) that of the authorized directly or through an agent, may, before making any issue capital stock specified in the articles of association at least or transfer of stock, require such further evidence as in 25 per cent has been paid in in cash and that each share- their discretion they may think necessary in order to holder has individually paid in in cash at least 25 per cent determine whether or not the issue or transfer of the stock of his stock subscription. Thereafter the cashier shall would result in a violation of the law. No issue or transfer certify to the payment of the remaining installments as of stock which would cause 50 per cent or more of the total and when each is paid in, in accordance with law. amount of stock issued or outstanding to be held contrary to the provisions of the law or these regulations shall be made upon the books of the Corporation. The decision VI. Capital stock. of the board of directors in each case shall be final and conclusive and not subject to any question by any person, No Corporation may be organized under the terms of firm, or corporation on any ground whatsoever. section 25 (a) with a capital stock of less than $2,000,000. If at any time by reason of the fact that the holder of any The par value of each share of stock shall be specified in shares of the Corporation ceases to be a citizen of the the articles of association and no Corporation will be per- United States, or, in the opinion of the board of directors, mitted to issue stock of no par value. If there is more than becomes subject to the control of any foreign state or one class of stock the name and amount of each class and foreigner or foreign corporation or corporation under the obligations, rights, and privileges attaching thereto foreign control, 50 per cent or more of the total amount of shall be set forth fully in the articles of association. Each class of stock shall be so named as to indicate to the investor capital stock issued or outstanding is held contrary to the as nearly as possible what is its character and to put him provisions of the law or these regulations, the board of on notice of any unusual attributes. directors may, when apprised of that fact, forthwith serve on the holder of the shares in question a notice in writing requiring such holder within two months to transfer such VII. Transfers of stock. shares to a citizen of the United States, or to a firm, company, or corporation approved by the board of directors Section 25 (a) provides in part that— as an eligible stockholder. When such notice has been A majority of the shares of the capital stock of any such corporation given by the board of directors the shares of stock so held shall at all times be held and owned by the citizens of the United States, shall cease to confer any vote until they have been transby corporations, the controlling interest in which is owned by citizens of the United States, chartered under the laws of the United States or of a ferred as required above, and if on the expiration of two State of the United States, or by firms or companies, the controlling inter-j months after such notice the shares shall not have been so est in which is owned by citizens of the United States. I transferred, the shares shall be forfeited to the Corporation. In order to insure compliance at all times with the re- | The board of directors shall prescribe in the by-laws of quirements of this provision after the organization of the the Corporation appropriate regulations for the registration Corporation, shares of stock shall be issuable and transfer- of the shares of stock in accordance with the terms of the able only on the books of the Corporation. Every appli- law and these regulations. The by-laws must also provide cation for the issue or transfer of stock shall be accompanied that the certificates of stock issued by the Corporation shall by an affidavit of the party to whom it is desired to issue contain provisions sufficient to put the holder on notice of the or transfer stock or by his or its duly authorized agent, terms of the law and the regulations of the Federal Reserve stating— Board defining the limitations upon the rights of transfer. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL, RESERVE BULLETIN. 381 VIII. Operations in the United States. it is proposed to secure such issue, stating their maturities, indorsements, guaranties, or collateral, if any, and in No Corporation shall carry on any part of its business in general terms the nature of the transaction or transactions the United States except such as shall be incidental to its upon which they were based; and (3) such other data as international or foreign business. Agencies may be the Federal Reserve Board may from time to time require. established in the United States with the approval of the Advertisements.—No circular, letter, or other document Federal Reserve Board for specific purposes, but not gen- advertising the issue of the obligations of a Corporation erally to carry on the business of the Corporation. shall state or contain any reference to the fact that the Federal Reserve Board has granted its approval of the IX. Investments in the stock of other corporations. issue to which the advertisement relates. This requirement will be enforced strictly in order that there may be It is contemplated by the law that a Corporation shall no possibility of the public's misconstruing such a reference conduct its business abroad either directly or indirectly to be an approval by the Federal Reserve Board of the through the ownership or control of corporations, and it is merits or desirability of the obligations as an investment. accordingly provided that a Corporation may invest in the stock, or other certificates of ownership, of any other XII. Sale of foreign securities. corporation organized— (a) Under the provisions of section 25 (a) of the Federal Approval of the Federal Reserve Board.—No Corporation Reserve Act; shall offer for sale any foreign securities with its indorse- (b) Under the laws of any foreign country or a colony or ment or guaranty, except with the approval of the Federal dependency thereof; Reserve Board, but such approval will be based solely (c) Under the laws of any State, dependency, or insular upon the right of the Corporation to make such a sale under possession of the United States; the terms of this regulation and shall not be understood provided, first, that such other corporation is not engaged in any way to imply that the Federal Reserve Board has in the general business of buying or selling goods, wares, approved or passed upon the merits of such securities as merchandise, or commodities in the United States; and an investment. second, that it is not transacting any business in the Application.—Every application for the approval of United States except such as is incidental to its inter- such sale shall be accompanied by a statement of the national or foreign business. character and amount of the securities proposed to be Except with the approval of the Federal Reserve Board, sold, their indorsements, guaranties, or collateral, if any, no Corporation shall invest an amount in excess of 15 per and such other data as the Federal Reserve Board may cent of its capital and surplus in the stock of any corpora- from time to time require. tion engaged in the business of banking, or an amount in Advertisements.—No circular, letter, or other document excess of 10 per cent of its capital and surplus in the stock advertising the sale of foreign securities by a Corporation of any other kind of corporation. with its indorsement or guaranty shall state or contain No Corporation shall purchase any stock in any other any reference to the fact that the Federal Reserve Board corporation organized under the terms of section 25 (a) has granted its approval of the sale of the securities to or under the laws of any State which is in substantial which the advertisement relates. competition therewith, or which holds stock or certificates of ownership in corporations which are in substantial com- XIII. Acceptances. petition with the purchasing Corporation. This restriction, however, does not apply to corporations organized under Kinds.—Any Corporation may accept drafts and bills of foreign laws. exchange drawn upon it which grow out of transactions involving the importation or exportation of goods, pro- X. Branches. vided, however, that except with the approval of the No Corporation shall establish any branches except with Federal Reserve Board, and subject to such limitations as the approval of the Federal Reserve Board, and in no case it may prescribe, no Corporation shall exercise its power shall any branch be established in the United States. to accept drafts or bills of exchange if at the time such drafts or bills are presented for acceptance it has outstanding any debentures, bonds, notes, or other such obligations XI. Issue of debentures, bonds, and promissory notes. issued by it. Approval of the Federal Reserve Board.—No Corporation Maturity.—No Corporation shall accept any draft or bill shall make any public or private issue of its debentures, of exchange with a maturity in excess of six months except bonds, notes, or other such obligations without the approval with the approval of the Federal Reserve Board. of the Federal Reserve Board, but this restriction shall Limitations.—(1) Individual drawers: No acceptances not apply to notes issued by the Corporation in borrowing shall be made for the account of any one drawer in an from banks or bankers for temporary purposes not to ex- amount aggregating at any time in excess of 10 per cent ceed one year. The approval of the Federal Reserve of the subscribed capital and surplus of the Corporation, Board will be based solely upon the right of the Corporation unless the transaction be fully secured or represents an to make the issue under the terms of this regulation and exportation or importation of commodities and is guarshall not be understood in any way to imply that the Fed- anteed by a bank or banker of undoubted solvency. eral Reserve Board has approved or passed upon the merits (2) Aggregates: Whenever the aggregate of acceptances of such obligations as an investment. The Federal Reserve outstanding at any time (a) exceeds the amount of the sub- Board will consider the general character and scope of the scribed capital and surplus, 50 per cent of all the acceptbusiness of the Corporation in determing the amount of ances in excess of the amount shall be fully secured; or debentures, bonds, notes or other such obligations of the (b) exceeds twice the amount of the subscribed capital Corporation which may be issued by it. and surplus, all the acceptances outstanding in excess of Application.—Every application for the approval of any such amount shall be fully secured. (The Corporation such issue by a Corporation shall be accompanied by (1) shall elect whichever requirement (a) or (b) calls for the a statement of the condition of the Corporation in such smaller amount of secured acceptances.) form and as of such date as the Federal Reserve Board Reserves.—Against all acceptances outstanding which may require; (2) a detailed list of the securities by which mature in 30 days or less a reserve of at least 15 per cent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 FEDERAL RESERVE BULLETIN. APRIL, 1920. shall be maintained, and against all acceptances outstand- nection with the transaction of the business of banking or ing which mature in more than 30 days a reserve of at least other financial operations in the countries in which it shall 3 per cent shall be maintained. Reserves against accept- transact business. In the exercise of any of these powers ances must be in liquid assets of any or all of the following abroad a Corporation must be guided by the laws of the kinds: (1) cash; (2) balances with other banks; (3) bankers' country in which it is operating and by sound business acceptances; and (4) such securities as the Board may from judgment and banking principles. time to time permit. XVI. Management. XIV. Deposits. The directors, officers, or employees of a Corporation In the United States.—No Corporation shall receive in shall exercise their rights and perform their duties as dithe United States any deposits except such as are inci- rectors, officers, or employees, with due regard to both the dental to or for the purpose of carrying out transactions in letter and the spirit of the law and these regulations. For foreign countries or dependencies of the United States the purpose of these regulations the Corporation shall, of where the Corporation has established agencies, branches, course, be responsible for all acts of omission or commission or where it operates through the ownership or control of of any of its directors, officers, employees, or representasubsidiary corporations. Deposits of this character may tives in the conduct of their official duties. The character be made by individuals, firms, banks, or other corporations of the management of a Corporation and its general attitude whether foreign or domestic, and may be time deposits or toward the purpose and spirit of the law and these reguon demand. lations will be considered by the Federal Reserve Board Outside the United States.—Outside the United States a in acting upon any application made under the terms of Corporation may receive deposits of any kind from indi- these regulations. viduals, firms, banks, or other corporations, provided, however, that if such Corporation has any of its bonds, deben- XVII. Reports and examinations. tures, or other such obligations outstanding it may receive Reports.—Each Corporation shall make at least two reabroad only such deposits as are incidental to the conduct ports annually to the Federal Reserve Board at such times of its exchange, discount, or loan operations. and in such form as it may require. Reserves.—Against all deposits received in the United Examinations.—Each Corporation shall be examined at States a reserve of not less than 13 per cent must be mainleast once a year by examiners appointed by the Federal tained. This reserve may consist of cash in vault, a bal- Reserve Board. The cost of examinations shall be paid ance with the Federal Reserve Bank of the district in by the Corporation examined. which the head office of the Corporation is located, or a balance with any member bank. Against all deposits XVIII. Amendments to regulations. received abroad the Corporation shall maintain such reserves as may be required by local laws and by the dictates These regulations are subject to amendment by the of sound business judgment and banking principles. Federal Reserve Board from time to time: Provided, however, That no such amendment shall prejudice obligations XV. General limitations and restrictions. undertaken in good faith under regulations in effect at the time they were assumed. Liabilities of one borrower.—The total liabilities to a Corporation of any person, company, firm, or corporation MARCH 23, 1920. for money borrowed, including in the liabilities of a company or firm the liabilities of the several members thereof, Foreign Branches. shall at no time exceed 10 per cent of the amount of its subscribed capital and surplus, except with the approval The Board has been advised that the followof the Federal Reserve Board: Provided, however, That the ing branches of national banks and of interdiscount of bills of exchange drawn in good faith against actually existing values and the discount of commercial national and foreign banks, doing business or business paper actually owned by the person negotiating under agreement with the Federal Reserve the same shall not be considered as money borrowed within Board, have been opened for business recently: the meaning of this paragraph. The liability of a customer on account of an acceptance made by the Corpora- The National City Bank, New York City: tion for his account is not a liability for money borrowed Ciudad Bolivar, Venezuela. within the meaning of this paragraph unless and until he Nuevitas, Cuba. fails to place the Corporation in funds to cover the pay- Mercantile Bank of the Americas (Inc.), New York ment of the acceptance at maturity or unless the Corpora- City: tion itself holds the acceptance. Banco Mercantil Americano de Cuba, Ciego de Aggregate liabilities of the Corporation.—The aggregate of Avila, Cuba. the Corporation's liabilities outstanding on account of acceptances, average deposits, domestic and foreign, debentures, bonds, notes, guaranties, indorsements, and other Acceptances to 100 Per Cent. such obligations shall not exceed at any one time ten times the amount of the Corporation's subscribed capital and Since the issuance of the March BULLETIN surplus except with the approval of the Federal Reserve the following banks have been authorized by Board. In determining the amount of the liabilities within the meaning of this paragraph, indorsements of bills of the Federal Reserve Board to accept drafts exchange having not more than six months to run, drawn and bills of exchange up to 100 per cent of and accepted by others than the Corporation, shall not be their capital and surplus: included. Operations abroad.—Except as otherwise provided in the Merchants Bank of the City of New York. law and these regulations, a Corporation may exercise Lawrence National Bank, Lawrence.. Kans. abroad not only the powers specifically set forth in the Continental National Bank, Kansas City, Mo. law but also such incidental powers as may be usual in Mercantile National Bank, San Francisco, Calif. the determination of the Federal Reserve Board in con- Union National Bank, Seattle, Wash. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 383 State Banks and Trust Companies. Capital. Surplus. Total The following list shows the State banks and trust companies which have been admitted to membership in the Federal Reserve District No. 12. System during the month of March. The Holtville Bank, Holtville, Calif $25,000 $21,500 $567,729 One thousand two hundred and eighty-three B O a ra n n k g o e f C L o e u m n o t o y r e T , r L u e st m & oo S re a , v C in a g li s f Bank, 100,000 40,000 1,366,524 State institutions are now members of the Santa Ana. Calif 300,000 75,000 2,675,600 Peoples Savings & Commercial Bank, system, having a total capital of $454,691,625, Chico, Calif 100,000 4,500 849,074 total surplus of $467,575,013, and total re- Bank of Helix, Helix, Oreg 50,000 10,000 363,367 The First Bank of Pilot Rock, Pilot sources of $10,085,673,880. Rock, Oreg 30,000 30,000 519,700 Bingham State Bank, Bingham Canyon, Utah 50,000 299,174 Bank of Fountain Green, Fountain Capital. Surplus. Total Green, Utah 25,000 10,000 301,265 Gunnison Valley Bank, Gunnison, Utah 25,000 6,950 402,271 Peoples State Bank, Walla Walla, Wash. 100,000 20,000 Columbia Trust Co., Salt Lake City, 2,292,391 District No. 2. Utah 250,000 25,000 1,229,699 City Trust Co. of Newark, Newark, N. J. $200,000 $100,000 $2,799,188 State Bank of Belmont, Belmont, N. Y.. 50,000 50,000 500,372 CONVERSION. The Merchants Bank of the City of New York 3,000,000 2,000,000 50,362,999 Irving Trust Co., New York City, into New York National Irving The American Bank, Lackawanna, N.Y. 100,000 25,000 125,000 Bank. North Side Bank, Brooklyn, N.Y 200,000 150,000 8,401,945 Tradesmens State Bank, Oklahoma City, Okla., into Tradesmens The Peoples Bank, Hamburg, N. Y 30,000 30,000 1,168,714 National Bank. The Merchants Bank of the City of New York has merged with the District No. 4. Bank of the Manhattan Co. The Antwerp Exchange Bank Co., WITHDRAWAI. Antwerp, Ohio 25,000 3,000 409,569 The Dollar Savings Bank & Trust Co., ' The South Norwalk Trust Co., South Norwalk, Conn., has withdrawn Bellaire, Ohio 125,000 50,000 1,340,596 prom membership. Napoleon State Bank, Napoleon, Ohio.. 50,000 25,000 1,082,676 District No. 5. New National Bank Charters. The Bank of Morehead City, Morehead City,N.C 45,625 654,006 The Peoples Bank of Rural Retreat, The Comptroller of the Currency reports Rural Retreat, Va 35,000 131,650 Berwind Bank, Berwind, W. Va 50,000 50,000 1,145,416 the following increases and reductions in the number and capital of national banks during District No. 6. the period from February 28 to March 26, Commercial Bank of Athens, Athens,Ga. 100,000 20,000 671,596 Farmers Bank, Canon, Ga 25,000 112,347 1920, inclusive: District No. 7. Banks. New charters issued to 31 Huston Banking Co., Blandinsville, 111.. 60,000 40,000 1,538,107 With capital of $5,165,000 Iowa State Bank, Osceola, Iowa 50,000 5,000 430,181 Increase of capital approved for 72 District No. 8. With new capital of 7,855,000 Aggregate number of new charters and Bank of Crockett, Bells, Tenn 25,000 346,513 banks increasing capital 103 Mount Olive State Bank, Mount Olive, 111 50,000 5,000 297,829 With aggregate of new capital authorized 13,020,000 Mound City Trust Co., St. Louis, Mo 200,000 25,000 245,237 Number of banks liquidating (other than Peoples Savings Bank & Trust Co., those consolidating with other national Halls, Tenn 25,000 10,000 219,408 Arkansas Valley Bank, Fort Smith, Ark. 100,000 20,000 1,594,077 banks under the act of June 3, 1864)... 7 West St. Louis TrustCo., St. Louis, Mo.. 200,000 20,000 1,631,325 Capital of same banks 3, 555, 000 Number of banks reducing capital 1 District No. 9. Reduction of capital 125,000 Belgrade State Bank, Belgrade, Mont.. 50,000 50,000 610,363 Total number oi banks going into liquida- Miners Savings Bank and Trust Co., tion or reducing capital (other than those Butte, Mont 200,000 50,000 1,835,127 The Banking Corporation of Montana, consolidating with other national banks Helena, Mont 500,000 10,000 2,263,513 under the act of June 3, 1864) 8 State Bank of Plentywood, Plentywood, Aggregate capital reduction 3,680,000 Mont 25,000 10,000 381,783 Security Savings Bank, Jamestown, Consolidation of national banks under the St N at . e D B a a k nk of Belt, Belt, Mont 5 4 0 0 , , 0 0 0 0 0 0 *i6,"666 51 5 0 1 , , 6 0 9 0 9 0 Ca a p ct i ta o l f Nov. 7, 1918 0 0 The foregoing statement shows the aggre- District No. 10. gate of increased capital for the period of Oklahoma State Bank, Cordell, Okla... 30,000 3,000 402,650 the banks embraced in statement was 13,020,000 The Citizens State Bank, Kingfisher, Okla. 50,000 1,900 667,129 Against this there was a reduction of capi- Bixby State Bank, Bixby, Okla.... 25,000 5,700 329,462 tal owing to liquidation (other than for Clinton State Bank, Clinton, Okla. 50,000 5,000 171,629 consolidation with other national banks under the act of June 3, 1864), and District No. 11. reductions of capital of 3,680,000 First State Bank, Wortham, Tex 50,000 426,590 F L a ib rm er e ty rs S S t t a a te te B B a a n n k k , , L H ib a e ll r s t v y i , l T le e , x Tex.. 3 2 5 5 , , 0 0 0 0 0 0 3,500 3 1 1 1 7 8 , , 0 1 4 2 5 7 Net increases 9,340,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 FEDERAL, RESERVE BULLETIN. APRIL, 1920. Commercial Failures Reported. DISTRICT No. 4. Although the margin of decrease is narrow- Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, and receiver: ing commercial failures in the United States Kent National Bank, Kent, Ohio. continue to disclose reduction from the relatively light mortality of 1919, the 368 defaults DISTRICT No. 5. reported to R. G. Dun & Co. during three Trustee, executor, administrator, registrar of stocks and weeks of March contrasting with 435 in the bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: same period of last year. The returns for Febru- Citizens National Bank, Pocomoke City, Md. ary, the latest month for which complete sta- Boston National Bank, South Boston, Va. tistics are available, show 492 insolvencies Union National Bank, Charlotte, N. C. for $9,763,142 of liabilities, against 602 for The Old National Bank of Martinsburg, W. Va. $11,489,183 in February, 1919. The statement DISTRICT NO. 6. for February, this year, is the best, in point of Trustee, executor, administrator, registrar of stocks and number, of any February of which there is bonds, guardian of estates, assignee, receiver, and comrecord, and it is necessary to go back to 1899 mittee of estates of lunatics: to find a smaller indebtedness for the period. First National Bank, West Palm Beach, Fla. Separated according to Federal reserve dis- DISTRICT NO. 7. tricts, the February report reveals fewer failures Trustee, executor, administrator, registrar of stocks and than in that month of 1919 in 8 of the 12 bonds, guardian of estates, assignee and receiver: districts, the exceptions being the fourth, fifth, Hackley National Bank, Muskegon, Mich. ninth, and tenth districts, and increases in Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and comliabilities in the fifth, ninth, tenth, and eleventh mittee of estates of lunatics: districts are more than offset by declines in the Rockwell City National Bank, Rockwell City, Iowa. remaining eight districts. Second National Bank, Danville, 111. First National Bank, Aurora, 111. Failures during February. First National Bank, Swayzee, Ind. Grand Rapids National City Bank, GrandJRapids, Number. Liabilities. Mich. Districts. Guardian of estates, assignee, receiver, and committee of 1920 1919 1920 1919 estates of lunatics: First 42 64 $557,283 $933,961 Riddell National Bank, Brazil, Ind. Second 75 102 1,062,322 2,686,546 Third 23 37 361,236 447,770 DISTRICT No. 8. Fourth 48 40 697,775 845,343 Fifth 40 27 1,335,730 381,910 Guardian of estates, assignee, receiver, and committee of Sixth 41 46 381,891 623,881 estates of lunatics: S E e ig v h en th th 6 2 6 8 3 8 6 7 1,8 3 7 4 6 0 , , 4 11 9 0 9 2,8 4 0 2 2 4 , , 8 7 8 4 4 0 First National Bank, Pittsfield, III. Ninth 15 10 195,198 118,400 Tenth 29 28 484,025 265,103 DISTRICT No. 9. Eleventh 31 41 1,830,522 930,894 Twelfth 54 84 640,551 1,027,751 Trustee, executor, and administrator: First National Bank, Lanesboro, Minn. Total 492 602 9,763,142 11,489,183 DISTRICT NO. 10. Fiduciary Powers Granted to National Banks. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and com- The applications of the following banks for mittee of estates of lunatics: permission to act under section 11-k of the Montrose National Bank, Montrose, Colo. Logan County National Bank, Sterling, Colo. Federal Reserve Act have been approved by First National Bank, Telluride, Colo. the Federal Reserve Board during the month Citizens National Bank, Emporia, Kans. of March, 1920: First National Bank, Oklahoma City, Okla. First National Bank, Las Vegas, N. Mex. DISTRICT NO. 2. 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- Highland National Bank, Newburgh, N. Y. mittee of estates of lunatics: New York National Irving Bank, New York City. National Bank of Commerce, San Antonio, Tex. Merchants & Planters National Bank, Sherman, Tex. DISTRICT NO. 3. Trustee, executor, administrator, registrar of stocks and DISTRICT NO. 12. bonds, guardian of estates, assignee, receiver, and Trustee, executor, administrator, registrar of stocks and committee of estates of lunatics: bonds, guardian of estates, assignee, receiver and com- Citizens National Bank, Towanda, Pa. mittee of estates of lunatics: Lancaster County National Bank, Lancaster, Pa. Citizens National Bank, Port Angeles, Wash. First National Bank, York, Pa. Fidelity National Bank, Spokane, Wash. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 385 RULINGS OF THE FEDERAL RESERVE BOARD. Below are published rulings made by the ment of a national bank pending investment Federal Reserve Board which are believed to or distribution may be deposited in the combe of interest to Federal Reserve Banks and mercial department of the bank to the credit member banks: of the trust department, provided that the bank first delivers to the trust department as Right of national bank to]dojan abstract business. collateral security United States bonds "or The Federal Reserve Board has been re- other readily marketable securities" owned quested to rule on the right of a national bank by the bank. to purchase "a set of abstract books and do a While the Board is authorized under the regular abstract business." It is of the opinion terms of section 11 (k) to define what readily that there is no authority under the provisions marketable securities shall be eligible for the of section 11 (k) of the Federal Reserve Act purposes defined above, it is believed that to do this kind of business whether or not it "bills receivable, loans, or such paper as the includes the guaranteeing of titles. It may Federal Reserve Bank may discount" are not be proper, however, for a national bank as an readily marketable securities within the meanincident to its power to make loans upon real ing of the Board's regulation and that under estate to keep a set of abstract books for its the terms of that regulation as it now reads own use, but that right must be exercised as they should not be considered eligible as an incident to the express power of the bank collateral for deposits made by the trust to make loans. It does not include the right department in the commercial department generally to furnish abstracts of title for third of the bank. parties not involved in transactions with the MARCH 30, 1920. bank itself. MARCH 30, 1920. Domicile bills. Although a draft drawn by an American Readily marketable securities under the terms of Regu- exporter upon a foreign buyer and accepted by lation F, series of 1919. that buyer payable in the United States in An opinion has been asked on the question dollars may be technically eligible for discount whether "bills receivable, loans, or such paper under the terms of section 13 of the Federal as the Federal Reserve Bank may discount" Reserve Act, nevertheless, a Federal Reserve are readily marketable securities within the Bank may, in its discretion, decline to discount meaning of paragraph V of Regulation F, such an acceptance on the ground that inasseries of 1919. much as it is a domicile bill, it is not a desirable Under the terms of that regulation it is investment. provided that funds hold in the trust depart- (See opinion of General Counsel in Law Department.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN. APRIL, 1920. LAW DEPARTMENT. The following opinion of General Counsel would become trade acceptances within the has been authorized for publication by the meaning of the Board's regulations when Board since the last edition of the BULLETIN: accepted by the foreign buyers. As such, however, they would not become eligible for MARCH 17, 1920. discount by a Federal Reserve Bank until their Domicile bills. respective maturities come within the 90-day Although a draft drawn by an American exporter upon limit prescribed by section 13 of the Federal a foreign buyer and accepted by that buyer payable in the United States in dollars may be technically eligible for Reserve Act. discount under the terms of section 13 of the Federal There are certain questions of policy which Reserve Act, nevertheless, a Federal Reserve Bank may, may make the proposed acceptances undesirain its discretion, decline to discount such an acceptance ble for rediscount by a Federal Reserve Bank, on the ground that inasmuch as it is a domicile bill, it is not a desirable investment. even though they may be technically eligible There has been submitted to the Federal under the terms of the law and the Board's Reserve Board for its consideration a plan by regulations. The Federal Reserve Banks have which it is proposed to finance the sale and evidenced their unwillingness to discount acshipment of cotton from the United States to ceptances made by foreign banks payable in foreign countries. Under the terms of the this country in dollars unless the accepting bank proposed plan the American exporter is to has an office and assets in this country. It is draw six months' drafts on foreign spinners also understood that most of the central banks with documents attached, and the spinners, of Europe have generally declined to afford a after accepting, are to have their banks abroad market for bills of this character. With the indorse the acceptances upon the security of a foreign exchange market in its present unsetchattel mortgage on the cotton purchased. tled condition the principles which make The sole question for determination is whether domicile bills undesirable even in normal times such acceptances would be eligible for redis- are now all the more pertinent. count by a Federal Reserve Bank. It is true that in the case now before the Under the terms of the present regulations Federal Reserve Board the drafts are accepted of the Federal Reserve Board a bill of exchange not by banks but by foreign spinners and are to be eligible for rediscount must be an uncon- offered' for discount with the indorsement of ditional order in writing addressed by one foreign banks. This, however, is a differperson to another, requiring the person to ence in form only, since it is obvious that the whom it is addressed to pay in the United reasons which have discouraged a market States at a fixed or determinable future time for acceptances of foreign banks made paya sum certain in dollars to the order of a speci- able in this country in dollars apply with fied person. A trade acceptance is defined as equal force to the case of a draft accepted by a a bill of exchange drawn by the seller on the corporation other than a bank and to drafts purchaser of goods sold and accepted by the accepted by a firm or individual. It seems purchaser. certain, therefore, that although it may be said A consideration of the plan presented to the that an acceptance of a foreign concern payable Board indicates that the drafts which are in the United States in dollars is technically payable in the United States in dollars and eligible for discount under the terms of the law, which are drawn against the sale and shipment nevertheless the difficulties which may arise in of cotton exported from the United States realizing upon such an acceptance in the event Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

387 APRIL, 1920. FEDERAL RESERVE BULLETIN. of its default at maturity are matters which presented and paid at any one time, and not less than each Federal Reserve Bank would in all likeli- 10 cents on any one such transaction: Provided, however, no such charge shall be made on checks or drafts given hood consider unfavorably in passing upon its or drawn in settlement of obligations due the State of desirability as an investment. Mississippi or any subdivision thereof, or of the United States. And that no such charge can be made by banks for the collection of checks deposited with said banks, Mississippi law relating to par collections. where the check is drawn on any other bank in the same The Legislature of Mississippi recently en- municipality, city, town, or village, this being the longacted the following law (house bill No. 651, established custom of such banks: And provided, That nothing in this act shall be deemed to be mandatory upon approved by the governor Mar. 6, 1920) for the banks to charge exchange on checks or drafts payable the expressed purpose of preventing the to a person in this State, and drawn on a bank, trust " Federal Reserve System from forcing the company, or person within or without the State, but it banks of this State into what is known as the shall be optional with such banks whether they shall parring of checks, drafts, bills, etc." charge exchange on checks or drafts payable to a person within this State, and drawn on a bank, trust company, AN ACT To prevent the Federal Reserve System from forcing the or person within or without this State. banks of this State into what is known as the parring of checks, drafts, bills, etc. (commonly known as "cash items"); and for that purpose SEC. 2. That no officer in this State shall protest for making it mandatory on the banks of this State to charge exchange nonpayment any such "cash item" when such nonpayon such "cash items"; and fixing the rates of such exchange. ment is solely on account of the failure or refusal of any SECTION 1. Be it enacted by the Legislature of the State of said agencies to pay such exchange; and there shall be of Mississippi, That for the purpose of providing for the no right of action, either at law or in equity, against any solvency, protection, and safety of the banking institu- bank in this State for a refusal to pay such cash item, tion of Mississippi, the established custom on the part of when such refusal is based alone on the ground of the the banks of this State to charge a service fee (commonly nonpayment of such exchange. called "exchange") for collecting and remitting, by SEC. 3. That if for any reason the courts should hold exchange or otherwise, the proceeds of checks, drafts, that the national banks in this State are not required to bills, etc. (commonly known among banks as "cash charge and collect such exchange, still this act shall remain items") is hereby declared to be the law of this State; and in full force and effect as to all other banks in this State; the banks of this State, both State and national, shall and in the event of such holding by the courts, or the continue to make such charge as fixed by custom when refusal of any national bank in this State to comply with such "cash items" are presented to the payer bank for this act, then it shall be optional with State banks located payment through or by any bank, banker, trust company, in the same municipality with a national bank or State Federal reserve bank, post office, express company, or banks which are members of the Federal Reserve System any collection agency, or by any other agency whatsoever; as to whether such charge shall be made. and the amount of such charge is hereby fixed at one-tenth SEC. 4. That this act shall take effect and be in force of 1 per cent of the total amount of such "cash items" so from and after its passage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 FEDERAL RESERVE BULLETIN. APRIL, 1920. WHOLESALE PRICES ABROAD. The facts of outstanding interest in the above table are (1) the almost negligible in- Tables are presented below showing the crease in the index number for the United monthly index numbers of wholesale prices of States during February, (2) the large insome of the leading countries of the world crease in the index number for England, and computed on the basis of prices in 1913 = 100. (3) the very high level of French wh°lesale In all cases except that of the United States prices. The leading factors affecting the the original basis upon which the index num- United States price level are discussed elseber has been computed has been shifted to the where in the BULLETIN. Conditions in the 1913 base. The monthly and yearly index other two countries are discussed below. numbers are, therefore, only approximate. The most recent index number for Sweden These index numbers are constructed by the applies to January and shows a continued upvarious foreign statistical offices according to ward movement in prices there, although the methods described in the January BULLETIN. rate of increase is not so great as in the pre- The latest figures are subject to correction. ceding month. Swedish prices after having The Italian numbers have been corrected for declined during the first 10 months ofl919 practically every month in 1919 since the pub- began to advance again in November. The lication of the March BULLETIN. Index num- cause of the decline appears to have been bers have been computed for similar groups of actual inactivity of trade similar to but more commodities for France by the Statistique Gen- prolonged than that prevailing in most counerale de France and are published in this BUL- tries for the first few months after the armis- LETIN for the first time. tice. Contrary to what might be expected, the 1919 trade balance was unfavorable to Sweden, imports amounting to 2,022.3 million Index numbers of wholesale prices {all commodities). crowns and exports to 1,308.4 million crowns. [1913=100.] Prices in Japan continued to advance during February, the rate of advance being not appreciably less than during the preceding o t B U S i S f c u t L t n s a a r i a t ( t e t e 3 b i e a s s 2 o d u - ; 8 r K d U S t o ( i e i t n 4 s n a m d i t 5 g t - - ; - B F S G a t r d u l i t a e e q U a e n n t u l ( e i c e a 4 e s t r e 5 i - - ; n m B I c P t o ( a a o r 4 o m c l d 0 y h f i - . ; - i S d c o w i e f a f n e i l - - , . B o p p T J f f a a o a a J o n n n a r - - ; k - l a i A B w C n a t m i d ; u u e e s n r o s C t a e i t s S n l o c r a u t - t a m s h u a s - - - o p m C a ( D f b 2 a d a o e 7 e L r a n 2 - n r t a ; - - t - s A m tw li u o g e s n h e t t n r t h l a y . l J i u a l l n e I y s n , s p C 1 r r 9 i a a c 1 p n e 4 i a s d , d a a a r , n p a d p l t i e r k J o e a x t w n h im u a is n a e a r , t y e d p , l u y 1 r r i 9 c in 2 e d g s 0 o u . r J b o a l s e n e d u a a b t r e y a - . t q i u o o n t s a ) - . m c ti o o e m s d ) i - . - m t c i o e o m s d ) i - . - ties). m c ti o o e m s d ) i - . - (9 m t 2 ie o c s d o ) i m . - - ti q o t u a n o - s - ). ENGLAND. The very rapid increase in prices in Eng- 1913 100 100 100 100 100 100 100 land during February can not be attributed 1914 100 101 102 95 116 95 UOO 101 1915- 101 126 140 133 145 97 141 110 to any single cause. The financial condition 1916 124 159 187 202 185 117 132 135 of the country was not strikingly different 1917 174 206 262 299 244 149 177 1918 197 226 339 413 339 197 206 from that of recent months. Note circula- 1919. tion and deposit liabilities of the Bank of J F a e n b ua ru rv ary 2 1 0 9 3 7 2 2 2 2 4 0 3 34 4 0 8 3 3 2 2 4 0 3 3 6 5 9 8 2 2 1 1 4 3 2 2 1 0 2 7 England both increased, as well as the Coin and March 201 217 337 324 354 206 205 bullion holdings of the bank. At the same April 203 217 332 329 339 207 ........ 206 May 207 229 325 336 330 215 210 time the value of the pound sterling in the June 207 235 329 356 324 228 210 New York market reached its lowest point. July 219 243 349 359 320 247 218 August 226 250 347 368 321 251 223 No exact comparison can be made between September 221 253 360 370 319 257 223 October 223 264 382 384 307 271 222 the ratio of the British and American price November 230 272 405 435 308 280 227 level and the value of the pound in American December 238 276 417 455 317 288 240 money, but it is apparent that where a dis- 1920. January... 248 288 487 319 301 203 248 crepancy exists the prices of commodities February. 249 306 520 313 254 entering into the trade of the two countries may be affected by this factor. i July, 1914=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL, RESERVE BULLETIN. 389 Group index numbers— United Kingdom [1913=100.] Date. 1913 1914 1915 1916 1917 - - - 1918 1919. Januarv February March. April May June July August September October November . . December 1920. January . . February .sdoof elbategeV 100 110 155 193 252 248 249 250 240 243 244 246 244 254 258 260 266 269 274 297 .sdoof laminA 100 100 125 152 192 210 226 226 205 206 208 ?m 208 208 208 226 226 228 230 237 ,eeffoc ,raguS .aet 100 107 130 161 212 238 221 221 238 228 236 243 275 318 327 322 331 335 356 415 .sffutsdooF 100 105 137 169 218 229 234 235 224 224 226 229 231 242 244 253 258 260 265 286 .slareniM Statist. 100 90 109 140 153 167 159 156 154 154 177 202 206 206 222 226 234 256 267 .selitxeT 100 97 111 15? 228 265 246 242 235 239 253 258 256 272 286 305 325 334 343 362 .seirdnuS 100 105 131 ias 213 243 246 235 246 243 ?58 271 ?M 283 279 ?M 292 296 312 329 .slairetaM FRANCE. The shortage of coal and the unfavorable rates of exchange continue to be the most serious aspects of the economic situation in France. The coal shortage.—Not only have coal imports from England and Belgium fallen off, but imports from Germany have been far below 100 98 the amount expected and French production 119 153 has declined. The lowered production in 198 French mines seems to be due partly to the es- 225 tablishment of the eight-hour working day 218 (voted for all industry in France by the Cham- 212 ber of Deputies, April 23, 1919), partly to the 213 213 relaxations of effort after the strain of the war, 230 239 and partly to the lack of means of transporta- 250 tion. 254 257 According to the terms of the treaty, 270 280 Germany is to furnish France with 7,000,000 286 tons of coal a year for 10 years, and in addition for 10 years to supply the difference between 302 318 the present and the prewar production of the coal mines in the north of France, up to Advances liave occurred in practically all 20,000,000 tons a year for the first five years commodity lines except those in which Gov- and 8,000,000 tons a year for the second five ernment control of price is still effective. In years. However, in August, 1919, it was found the cereal groups where considerable control that the present production of German mines still exists, wheat, rye, and corn continue un- was not sufficient to enable her to fulfill all her changed in price, but oats and barley have obligations, and a protocol was drawn up been slightly advanced. In the meat and whereby she was to send France 1,660,000 tons dairy products groups, imported lard and a month until April, 1920, when it was hoped beef and mutton appear not to have changed production in Germany would increase. The in price but butter and pork have advanced. amount of coal delivered has, however, been The most striking advances, however, in the far below this amount. The effect of this food class have occurred in the prices of tea shortage on industries and transportation is and coffee. Sugar prices were not changed obvious. There is a movement on foot at during February. present to increase the working day of coal In the minerals group, the price of coal for miners, transport and dock workers from 8 domestic use remains unchanged but the to 10 hours for the period of a month in order price for export has been considerably in- to facilitate the production and distribution of creased. Prices in the iron and steel industry coal, and the Chamber of Deputies recently and in all of the nonferrous metals industries passed an emergency law empowering the have likewise advanced. In the textile group, Government, in case of industrial disturbance, silk, cotton and jute have all increased but to requisition the docks at any time up to wool appears to be at a standstill. June, 1920. Government control.—Government control of An examination of foreign trade figures for prices continues to be effective in the industries France gives a partial explanation for the unenumerated in the discussion of this subject favorable exchange rates. The following figures in the last with the important excep- have been given out by the Director oi the BULLETIN tion that native cattle hides were freed from Customs: control on March 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 FEDERAL RESERVE BULLETIN. APRIL, 1920. Imports and exports of France, exclusive of gold and silver. (2) Foundry coke, quoted at 75 francs a ton last May, had increased to 160 francs a ton [Expressed in millions of dollars gold parity.] in January, 1920. (3) The cost of labor, because of increased Imports. Exports. wages and the application of the 8-hour day, had increased 40 per cent during the same 1919. January 1293 »67 period. February *357 *5€ M Ap a r r i c l h M »4 4 2 9 6 268 Group index numbers—France. 2 355 283 June 3 439 3 92 [Bulletin de la Statisque Generate.] July . . . .. 2 451 2 119 August [1913-100.] September.. 1 443 1134 October 1451 1139 November 1430 1134 December Total for 1919 15,745 U.682 Date. 1920. January 1386 1139 February i Based on 1918 values. 1913 100 8 Based on 1917 values. 1914 101 s A change in the value units employed in calculating the figures for 1915 145 August and December makes them incomparable with the other months 1916 206 of the year. 1917 291 1918 387 It will be noted that the excess of imports 1919. over exports for the year 1919 is $4,065,000,000, January 376 and that for January, 1920, is $247,000,000. February 360 March.... 337 The excess of imports over exports for the year April 330 May 330 1919 is $673,000,000 greater than the excess for June 344 the year 1918. The actual commercial deficit July 358 August 367 which these figures represent is larger still be- September 381 cause of the fact that they are calculated accord- N O o ct v o e b m er ber 4 4 0 3 5 5 ing to 1918 values. December 458 The general price index number for France 1920. gained 33 points in February, a relatively small January 419 525 increase when compared with the advance of February 558 60 points in the month previous. The most pronounced increases were in the textile and Government control.—There has been no vegetable food groups. The advance in tex- change in policy with regard to Government tiles is due to the higher price for cotton which control of trade or price since the publication of was influenced by the increased price in the the article on this subject in the March BULLE- United States, and for silk, which had become TIN. The importation is prohibited of the folso scarce and expensive by the middle of the lowing articles only: Food cereals (the Governmonth that business in Lyon had practically ment is still making foreign purchases of these), come to a standstill. The rise in the prices of nonfermented wines, alcoholic liquors, certain vegetable foods was probably occasioned in types of chemicals, and arms and ammunition. part by the shortage caused by the railroad The exportation of practically all essential food strike of the last of February. In the "mate- and industrial commodities is still prohibited, rials" group, rubber, copper, tin, zinc, lead and including the following groups: Live stock, iron, and steel advanced in February. In meats, animal fats, margarine and similar subannouncing an increase in their prices for steel stitutes, dairy products, cereals, and their castings, the molders of the Paris district made products, dried vegetables, sugar, vegetable a statement to the effect that— oils, feeds and fertilizers, coal and coke, gold, (1) French hematite cast iron, quoted at silver and platinum, iron ore, copper, chemicals, 320 francs a ton in May, 1919, had increased to such as phosphate of ammonia and nitrate of 520 francs a ton by January, 1920. soda, and other less important commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 391 As an indication of the effect of price control hemp prices appear to have remained about on production, the following figures showing the same. crop conditions on January 1 are of interest: In the group of minerals and metals, the price of English coal * remained unchanged during Crop conditions in France, Jan. 1, 1919 and 1920. December. Copper showed a slight decline, due to large consignments contracted for in Ar h ea e s c t s a o r w es n . in State of crops.* the United States, while zinc and lead somewhat increased in price. 1920 1919 1920 1919 Government control.—The present minister of the treasury has presented the following bill to Wheat 4,601,000 4,486,000 Parliament with a view to improving the posi- Meslin 92,780 82,550 tion of Italy as regards her trade balance. As Rye... 792,760 734,090 Barley 140,170 102,590 will be apparent from a reading of the bill, it Oats.. 741,760 668,440 provides the Government with very great powers of control in respect of trade and con- 1100-= very good. 80=good. 60=medium. sumption.2 These figures do not include Alsace Lorraine, ARTICLE 1. Until such time as is intended, under article but they cover the situation in the Department 6, His Majesty's Government, with the sole object of imdu Nord, before the war one of the largest proving the cause of the foreign exchanges, is authorized to: wheat growing areas in France. The increase (1) Conclude international agreements intended to reguin the areas sown to barley and oats, in which late the exchanges and to conclude credit operations abroad. trading is free, is relatively greater than that (2) Control and if necessary suspend the importation of sown to wheat, meslin and rye, the price of certain goods, taking into account in such cases their which is still controlled. country of origin and the manner of purchase. (3) Suspend or curtail the sale in the Kingdom of products and objects considered as luxuries. ITALY. (4) Suspend the export from Italy and the occupied territories of goods which are not being paid for in exchange Group Index Number—Italy. which can not be utilized for purchase in any market whatsoever. Prof.Bachi. [1913=100.] (5) Curtail and if necessary suspend the home consumption of exportable national products. Cereals Other Minerals Other (6) Control by future enactments dealings in foreign and food- Textiles. and goods. exchange and prohibit the export of capital in whatsoever meats. stuffs. metals. form. (7) Requisition organizations which may be considered 1913 100 100 100 100 100 necessary to ensure the life of the country. 1914 102 84 96 100 96 ART. 2. His Majesty's Government may establish regu- 1915 132 93 113 207 133 1916 156 135 184 380 197 lations destined to control and curtail within the Kingdom 1917 215 171 326 596 266 the consumption of goods of general and extensive use 1918 312 229 475 752 391 which are of limited importance or of which, vice-versa, 1919. there is a shortage. January 304 300 330 295 422 Powers are conferred upon the Government whereby the M Fe a b rc r h uary... 3 2 0 9 5 2 3 3 1 0 2 7 3 3 2 3 8 1 3 2 4 9 6 5 3 3 8 6 4 2 middlemen's profits may be controlled. April 294 330 333 354 349 ART. 3. In applying the provisions contemplated under May 293 336 375 360 340 the present decree the Government may avail itself of June 320 343 381 419 336 non-Governmental bodies and institutions. Citizens can July 334 331 401 423 342 August 332 351 423 424 341 not refuse their cooperation in the application of the pres- September.. 319 354 430 442 342 ent law when requested by the Government. October 326 364 500 459 341 ART. 4. The measures contemplated by the present November.. 328 371 634 568 351 December.. 338 373 658 584 405 law are issued by Royal Decree under the sanction of the council of ministers. Fluctuations in the prices of groups of com- Infraction of these measures will be punished, in addition to confiscation, by imprisonment and fines on scales modities in Italy are shown in the table above. to be determined by special decrees. The first and second groups show very little ART. 5. A commission, consisting of three senators and change for the month of December, because of six deputies elected by their respective chambers, will the continued restrictions on the prices of act as an advisory committee as regards the measures contemplated in the present law. foodstuffs. The only commodities that in- ART. 6. The measures of the present law will be abrogacreased in price were in the meat group. ted by royal decree when, within the period of two months Prices for oil, coffee, and sugar remained un- the exchange at the principal centers shall be deemed norchanged, while a decline occured in the price mal in relation to the economic situation of the country. of wine in the Genoa market. Prices for the 1 While maximum prices for coal were abolished by decree of Mar. 17, textile group rose, because of the great de- 1917, semi official prices are established by the "consorzio carboni," and it seems that the Government has lately tried to restore maximum prices. mand of foreign countries for silk. Wool and 2 Reported in the Board of Trade Journal, Mar. 4,1920, by H. M. Ambassador at Rome. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 FEDEKAL RESERVE BULLETIN. APRIL, 1920. The recent formation of the national cooperative consortium and of the committee for Government purchases abroad both seem to point toward a stronger policy of trade control by the Government. The former has been formed under the auspices of the Government, is capitalized at 10,000,000 lire, and is to take over the importation and distribution of porks, fats, salmon, certain varieties of dairy produce, and similar articles. The functions of the latter are, as the name implies, those of buying commodities abroad on account of the Government. Group index numbers—Sweden, [1913=100.] Date. 1913-14 19141 1915 1916 1917 1918 1919. Februarv March April May July Aiicrust September November December .doof elbategeV 100 136 151 152 181 221 276 276 276 276 276 276 260 260 255 230 230 241 .doof laminA 100 101 140 182 205 419 483 448 438 423 417 424 412 396 386 360 486 362 slairetam waR .erutlucirga rof 100 114 161 180 198 304 356 356 356 367 364 328 334 334 323 323 317 319 .laoC official. 100 123 177 266 551 856 810 784 814 769 733 746 732 795 893 893 840 840 .slateM 100 109 166 272 405 398 373 341 317 287 246 212 213 214 213 213 225 237 -etam gnidliuB .lair 100 104 118 165 215 275 293 293 288 288 285 984 284 280 282 281 280 294 .plup repaP 100 116 233 267 300 323 323 323 323 299 286 285 292 289 292 316 343 -htael dna sediH .re Group index numbers—Canadian Department of Labor.1 Date. 1913 100 100 100 1914 114 107 102 1915 114 1916 148 1917 201 1918 273 1919. January 293 February 281 March 282 April 284 May 277 June 274 July 278 August 277 September 282 October November December 1920. January 316 February 275 290 321 100 118 158 229 206 195 Date. 208 208 174 5 172 172 162 1913. 100 100 100 243 1914. 101 100 106 247 1915. 106 97 - 160 235 1916. 128 100 222 223 1917. 174 118 236 228 1918. 213 147 250 258 1919. January— 229 154 240 i Average for six months ending Dec. 31, 1014. February... 229 155 233 March 229 156 212 Group index numbers— United States Bureau of Labor April 223 153 210 Statistics. May 223 153 208 [1913=100.] J J u u n ly e 2 2 2 2 6 6 1 1 5 6 8 8 1 19 9 5 7 August 228 170 196 September. 231 183 197 October 225 188 198 November. 232 194 181 December.. 232 190 Date. 1920. January... 235 191 February. 231 189 i Unimportant groups omitted. Group index numbers—Australian Commonwealth—Bureau 1913 100 of Census and Statistics. 1914 1915 [July, 1914=100.] 1916 117 1917 153 1918 192 Sfe' 1919. January 234 212 February 223 208 Date. March 216 217 April 217 216 May 227 213 June 258 212 July 282 221 August 303 225 N D S O e e o c p c v to t e e e b m m m e b r b b e e e r r r 3 3 3 3 2 3 0 1 5 5 6 3 2 2 2 2 1 2 2 2 7 0 0 0 J 1 1 1 u 9 9 9 1 1 1 ly 5 6 7 , 1914 1 1 1 0 4 7 0 9 2 1920. 1918 January 350 227 1919 February 356 226 January, 1920. 273 227 143 156 147 268 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL. 1920. FEDERAL RESERVE BULLETIN. 393 WHOLESALE PRICES IN THE UNITED were, however, more than offset by decreases STATES. in the prices of other commodities included in the group, in particular eggs, milk, and In continuation of figures shown in the cheese, coffee, cottonseed oil, various classes March BULLETIN there are presented below of flour (except in Portland), corn meal, lard, monthly index numbers of wholesale prices fresh beef, mess pork, and granulated sugar. for the period July, 1919, to February, 1920, The index number for the group of procompared with like figures for February of ducers' goods shows an increase of 1.5 per previous years; also for July, 1914, the month cent, from 245 to 249. Decreases in price immediately preceding the outbreak of the among the commodities included in the group great war. The general index number is were very few in number, being confined to that of the United States Bureau of Labor sugar (96°, centrifugal), bar silver, rubber, Statistics. In addition there are presented tallow, rosin, oleo oil, and worsted yarns separate numbers for certain particular classes (2-40s). Among the commodities which inof commodities in accordance with plans an- creased in price may be mentioned grain and nounced in previous issues of the BULLETIN. wood alcohol, steel rails, billets and plates and Quotations for white pine (No. 2 barn structural steel, bar iron, cast iron pipe, brick, and No. 2 uppers), yellow poplar, bananas cement, lime, glass, and turpentine, gasoline, and onions have been omitted. On the other lubricating oil, nitrate of soda, soda ash, hand, quotations for sheetings (bleached, bran, and cotton yarns and thread. Pepperell, 10-4) and bedroom chairs (rocker, The increase in the index number for the oak), the former of which had been dropped group of raw materials of 0.6 per cent, from temporarily, have been secured for the months 239 to 240, is due to the increase in the index of January and February, and the commodi- numbers for the subgroups of forests products ties were again included in the calculation of and mineral products. The index number the index numbers for the latter month. for the former subgroup has increased from Index numbers for February are provisional, 273 to 315, or 15.5 per cent, due to increases due to the fact that certain data were not in the price of hemlock, quartered oak and received in time to render them available for yellow pine flooring. The number for the use in the calculations. subgroup of mineral products shows an in- In contrast to recent months, only a very crease of 2 per cent, from 190 to 194. While slight increase in wholesale prices is noted for copper, tin, zinc, and bituminous coal (prethe month of February. The general index pared sizes, Pittsburgh) show a decrease in number of the Bureau of Labor Statistics for price, these decreases were more than offset the latter month stands at 249, as compared by increases in the prices of iron ore, pig iron, with 248 for the month of January. While and crude petroleum. increase is noted in the index numbers for A conspicuous decrease is shown in the the groups of raw materials and producers' numbers for the subgroups of farm products goods, there was a decrease in the case of and animal products, from 291 to 278 and from consumers' goods of 1 per cent, from 259 213 to 206, or 4.3 and 3.7 per cent, respecto 256. Increases in price were however, tively. Among the commodities included unnoted for a considerable number of commodi- der the head of farm products, the increases ties included in the group, among which may in the prices of timothy and flax were more be mentioned various classes of shoes, various than offset by decreases in the prices of cotton, cotton textiles, such as cotton flannel, hosiery, wheat, corn, rye and barley, alfalfa, hops, print cloths, sheetings and shirtings, A number and tobacco. In the other subgroup, the of foodstuffs, in particular butter, apples, decreases in the prices of cattle, hogs, and lemons and oranges, potatoes, vinegar, flour silk more than offset increases in the prices (Portland quotation), hams, lamb and mutton, of sheep and poultry, goatskins and packer poultry, and illuminating oil. These increases hides, and wool. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL, RESERVE BULLETIN. APRIL, 1920. Index numbers of wholesale prices in the United States for principal classes of commodities. [Average price for 1913=100.] Raw materials. All commodities Producers3 Consumers: (Bureau of Year and month. pr F od ar u m cts. p A ro n d i u m c a t l s. pr F o o d r u e c s t t s. p M ro i d n u e c ra ts l . m To a t t a e l r i r a a l w s. goods. goods. t L i n s a t u i b m c o s b r i e n S r d t ) a e . - x July, 1914 102 106 97 91 99 93 103 100 February, 1915... 116 95 94 92 100 96 104 101 February, 1916... 115 106 96 114 109 125 111 112 February, 1917... 159 145 100 191 153 168 154 156 February, 1918... 243 177 131 172 185 184 194 187 February, 1919... 224 210 148 175 194 192 205 197 July, 1919 261 233 166 177 214 202 230 219 August, 1919 251 235 193 180 218 212 241 226 September, 1919.. 240 215 227 184 216 212 226 221 October, 1919 254 212 234 184 220 211 228 222 November, 1919.. 276 212 239 183 226 216 236 230 December, 1919... 288 209 259 186 233 228 245 238 January, 1920 291 213 273 190 239 245 259 248 February, 1920... 278 206 315 194 240 249 256 249 In order to give a more concrete illustration figures for February 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 July, table have been abstracted from the records of 1919, to February, 1920, compared with like the United States Bureau of Labor Statistics. Average monthly wholesale prices of commodities. [Average price for 1913=100.] Co C r h n i , c N ag o o . . 3, Co N tt e o w n , O m r i l d e d an li s n . g, no W M rt h i h n e e a n r t e n , a N s p p o o r l . i i s 1 n . , g, W re h C d e h a w i t c , i a n N g t o o e . . r , 2, g C o a o C t d t h l t e i o c , a s c g t h e o o e . i r c s e , , H st h i e d e e a e r s v s , , y p C n a h a c i t c k i a e v g r e o s' . , Year and month. p A b r v i u c e s e r h a p e g e l. 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 i u c e s e r h a p e g e l. e r p R t r i e i v c l e a e - . p A b r v i u c e s e h r a p e g e l. e r p R t r i e i v c l e a e - . p A p r o v ic u 1 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 $0.7044 114 $0.1331 105 $0. 8971 103 $0.8210 83 $9.2188 108 $0.1938 105 February, 1915. .7460 121 .0804 63 1.5135 173 1.6091 163 8.1750 96 .2350 128 February, 1916. .7385 120 .1142 90 1.2825 147 1.2585 128 8.4688 100 .2375 129 February, 1917. 1.0053 163 .1708 134 1.8080 207 1.7969 182 11.1313 131 .3175 173 February, 1918. 1.6375 266 .3097 244 2.1700 248 2.1700 220 13.0750 154 .2925 159 February, 1919. 1.2763 207 .2694 212 2.2350 256 2.3450 238 18.4688 217 .2800 152 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 December, 1919. 1.4485 235 .3990 314 3.0300 347 2.4490 248 17.0750 201 .4100 223 January, 1920... 1.4750 240 .4035 318 2.9313 836 2.6338 267 15.9375 187 .4000 218 February, 1920. 1.4125 229 .3944 311 2.6875 2.4900 252 14.9688 176 .4025 219 Ho C g h s i , c a l g i o g . ht, W g o ra o d l e , s , O h s i co o u , r i e - d | . Hem Y lo o c r k k , . New Y N e f e l l l w o o o w r Y i n p o g i r , n k e . , s C to o v a t e i l d , , a e N n w e t w a h t r e Y a r c . o i r te k , , Co r a C u l n i , n b o c i f i t n u m n m a i i n t n i e . o , us, Year and month. p A p r o v i u c e n e ra p d g e s e . r p R t r i e i v c l e a e - . p A p ri o v 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 M ri v c e e f r e a p e g e t. e r p R t r i e i v c l e a e - . p A M r v ic e e f r e a p e g e t. e r p R t r i e i v c l e a e - . l p A o r n v ic g e e r t a p o g e n e r . p R t r i e i v c l e a e - . p A r s i v t c h o e e o r n a r p . t g e e r p R t r i e i v c l e a e - . July, 1914 $8.7563 104 $0.4444 94 $24.5000 101 $42.0000 94 $4.9726 $2.2000 100 February, 1915.. 6.7281 80 .5429 115 24.2500 100 41.0000 92 5.1866 102 2.2000 100 February, 1916.. 8.1375 96 .6571 140 22.2500 92 40.0000 90 5.2588 104 2.2000 100 February, 1917.. 12.2063 144 .8286 176 25.5000 105 41.5000 93 5.6826 112 5.0000 227 February, 1918.. 16.6938 197 1.4545 309 30.5000 126 57.0000 128 6.5000 128 3.6000 164 February, 1919.. 17.4688 207 1.0909 232 36.0000 149 64.0000 144 7.9500 157 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 December, 1919. 13.6800 162 1.2545 266 48.0000 198 112.0000 251 8.4098 166 4.1000 186 January, 1920... 15.1250 179 1.2364 263 53.0000 219 112.0000 251 8.4291 167 4.1000 186 February, 1920.. 14.9813 177 1.2364 263 57.0000 235 139.0000 312 8.4118 166 4.1000 186 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

395 APRIL, 1920. FEDERAL RESERVE BULLETIN. Average monthly wholesale prices of commodities—Continued. [Average price for 1913-=100.! C t o a a s l , , N Po o c rf a o h l o k n . - Coke, vi C ll o e. nnells- C e N o l p e e p c w t e r r o Y , l i o y n t r g i k c o . , t, d N e L s e 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 t l e s w u y m e lv l , l a s c n . r i u a d , e, Pig iron, basic. Year and month. l p A o r n v ic g e e r t a p o g e n e r . p R t r i e i v c l e a e - . p A r s v i t h c o e e o r n a r p . t g 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 p ri v 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 ri v a c e r e r r e a p l g e . e r p R t r i e i v c l e a e - . l p A o r n v ic g e e r t a p o g e n e r . p R t r i e i v c l e a e - . July, 1914 $3.0000 100 $1.8750 77 $0.1340 85 $0.0390 $1.7500 71 $13.0000 88 February, 1915... 2.8500 95 1.5750 65 .1475 94 .0380 1.5000 61 12.5000 85 February, 1916... 3.0000 100 2.6250 108 .2538 161 .0610 139 2.3500 96 17.6900 120 February, 1917... 6.5000 217 7.5000 307 .3300 210 .0850 193 3.0500 124 30.0000 204 February, 1918... 4.4120 147 6.0000 246 .2350 149 .0706 160 3.9375 161 33.0000 224 February, 1919... 4.6320 154 5.2188 214 .1731 110 .0508 115 4.0000 163 30.0000 204 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 December, 1919.. 4.6320 154 6.0500 248 .1873 119 .0718 163 4.6000 188 34.6000 235 January, 1920 4.6320 154 6.0000 246 .1931 123 .0872 198 5.0625 207 37.7500 257 February, 1920... 4.6320 154 6.0000 246 .1906 121 .0881 200 5.5125 225 42.2500 287 n C or o t t h to e 1 n r 0 n /1 y . c a o r n n e s, s, h L em ea l t o h c e k r , N so o l . e 1 , . S P t B e i e t e t s l s s b b e i u m ll r e e g t r h 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 , l g s P h , . i o t p ts e - n W 2 o -3 rs 2 b t ' r s e e d c d r . o y s a s r - ns, Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. price. long ton. price. pound. price. long ton. price. pound. price. July, 1914 $0.2150 97 $0.3050 108 $19.0000 74 $0.0113 76 $30.0000 100 $0.6500 February, 1915.. .1650 75 19.5000 76 .0110 74 30.0000 100 .6200 80 February, 1916... .2250 102 .3250 115 33.5000 130 .0225 152 30.0000 100 .8800 115 February,1917.. .3200 149 .5800 206 65.0000 252 . 0438 296 40.0000 133 1.2500 161 February, 1918... .5536 250 .4900 174 47.5000 184 .0325 220 57.0000 190 2.0071 258 February,1919.. .4164 188 .4900 174 43.5000 169 .0300 203 57.0000 190 1.7000 219 July, 1919 .5912 267 .5300 188 38.5000 149 .0265 179 47.0000 157 1.6000 206 August, 1919 .6130 277 .5700 202 38.5000 149 .0265 179 47.0000 157 1.6242 209 September, 1919. .5903 267 .5700 202 38.5000 149 .0253 171 47.0000 157 1.7500 225 October, 1919 .6111 276 .5700 202 38.5000 149 .0261 176 47.0000 157 1.7500 225 November, 1919.. .6648 300 .5700 202 41.3750 160 .0265 179 47.0000 157 2.2000 283 December, 1919.. .6986 316 .5700 202 46.4000 180 .0265 179 47.0000 157 2.2000 283 January, 1920 .7271 329 .5600 199 48.0000 186 .0274 185 50.7500 169 2.2500 290 February, 1920... .7465 337 .5658 201 55.2500 214 .0350 236 54.5000 2.2500 290 Flour, wheat, st B e g e e o e r o f s d , , C n ca h a r i t c c iv a as g e s o , . Coffee, Rio No. 7. st 1 s a 9 t n 1 a d 4 n a - d 1 r a d 9 r 1 d p 7 a , w 1 t 9 e a 1 n r 9 ts ; , Ham C s h , i c s a m g o o k . ed, Ill 1 u N 5 m 0 e ° w i n f i a Y r t e i o n t r e g k s . o t, il, S N ug e a l w a r , t Y e g d o r , a r n k u . - 1918, Minneapolis. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. price. barrel. price. pound. price. gallon. price. pound. price. July, 1914 $0.1350 104 $0.0882 79 $4.5938 100 $0.1769 106 $0.1200 97 $0.0420 February, 1915... .1213 94 .0825 74 7.7063 168 .1525 92 .1200 97 .0554 130 February, 1916.. .1375 106 .0825 74 6.4400 140 .1675 101 .1300 105 .0597 140 February, 1917.. .1413 109 .1000 90 9.0688 198 .2113 127 .1200 97 .0686 161 February, 1918... .1750 135 .0833 75 10.3000 225 .2984 180 .1600 130 .0730 171 February, 1919... .2450 189 .1544 139 10.5500 230 .3338 201 .1750 142 207 July,1919 .2075 160 .2303 207 12.1550 265 .3835 230 .2050 166 207 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 178 207 October, 1919 .2290 177 . 1650 148 12.0313 262 .2900 174 .2200 178 207 November, 1919.. .2350 181 .1697 152 12.9500 283 .2859 172 .2200 178 207 December, 1919.. .2350 181 .1518 136 14.0250 306 .2888 174 .2200 178 .1085 254 January, 1920 .2320 179 .1628 146 14.4438 315 .2944 177 .2240 182 .1537 360 February, 1920... .2125 164 .1478 133 13.5375 295 .3056 184 .2400 195 .1495 350 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. 00 CD In the following tables are presented actual discount and interest rates commercial paper purchased in the open market and of bankers* acceptances; prevailing during the periods ending February 15 and March 15, 1920, in in both of which it occurs almost equally in the high, low, and customary the various cities in which the several Federal Reserve Banks and their rates. Decreases in rates are rare, and occur more largely in the high and branches are located. A complete description of the several types of paper low rates. Comparison with rates prevailing during the 30-day period for which quotations are given will be found in the September, 1918, and ending March 15,1919, shows that present rates continue higher in the great October, 1918, FEDERAL RESERVE BULLETINS. Quotations for new types majority of centers and for practically all types of paper. In general the of paper will be added from time to time as deemed of interest. increase again occurs almost equally in high, low, and customary rates, During the period under review a further continuance of the upward although in the case of customers' commercial paper and *,! collateral movement in interest rates noted for some months past is remarked in a loans it is somewhat more frequent in the high and low rates. Instances considerable number of centers. The increase, although it is noted also to a of decrease in rates are very rare and are not found in the customary lesser extent for the other types of paper, is most pronounced in the case of rates. Discount and interest rates prevailing in various centers. DURING 30-DAY PERIOD ENDING FEB. 15, 1920. Prime commercial paper Ordinary Bankers' acceptances. Collaiteral loans—stock exchange loans to District. City. Customers Open market. Int l e o r a b n a s n . k 60 to 90 days. or other current. C lo a a t n t s le . S w r e e a c c r u e e e r t h i e c p o . d t u s b s , e y s b c e o u L c n s u i t b d r o e s e n c i l I a t e b y n r y d s certificates 3 d 0 a t y o s 9 . 0 m 4 o t n o t h 6 s. 30 d a to y s 9 . 0 m 4 o n to t h 6 s. Indorsed. ind U or n s - ed. Demand. 3 months. m 3 o t n o t h 6 s. of e d in n d e () 3S b . t- N N o o . . 2 1 . . . . . . . . B N o ew st o Y n ork i... 6 7 H. L 6 54 . ? C. 6 7 H. L 6 . 6 6 C 1 . H. 6 6 L C ? . 6 6 H 1 i . 6 L. ? C. 6 6 H 5 L. 5 5 C 4- 1 . 6 H L.r C. 6 II *4- L J . 5- C J-6 . 10 H. 5 L 8 4 . 6 8 C. 8 7 H 6 L. t C h . f H t 6 5 L 4 . f C 7 t . H. L. C. H. L. C. ? H. ? L. 6 f C t . Buffalo 6 54 6 6 54 6 ft ft 6 54 6 6 a6 6 7 5" 6 6 5 6 6 5" ft ft 5 ft No.3.... Philadelphia.. 6 6 6 54 6 64 6 6 6 6 5| 54 55 6 5f 5| 6 6 6 5 6 6 5 ft 6 ft No. 4 Cleveland 7 6 6 7 g 6 6 6 fij 7 g 6 7 ft 6 7 6 ft 7 6 ft Pittsburgh... 6 5 6 6 6 6 61 6 6 5*6 6 6 6" 6 5| 51 51 515i 6 5 6 6 6 6 6 6 6 6 6 6 6 fi 6 No. 5.... Richmond 6 6 6 6 0 6 -01 6 64 6 61 6 54 6 f 5 y 454 5i 5rf} 5rf J-P53| 6 54 6 6 54 6 6 6 6 f 7 t 6 ft f 7 t 6 6 4 6 f 6 ft Baltimore. 6 6 6 6 ft 6 6 6" 6 6 6* 6 51 5| 6 ft 6 6 6 6 6 6 ft ft 6 ft No 6 Atlanta 8 51 6 8 6 6 54 6 61 61 61 8 ft ft 8 ft ft 8 ft ft 8 ft g 8 tl g Birmingham. 8 51 ft 8 6 6 8 6 6 8 6 6 8 6 ft 8 6 6 8 ft ft 8 ft ft 8 ft 6-7 8 g Jacksonville.. 8 6 7 8 6 7 6 6 6 7 6 6 7 6 7 6 7 7 6 7 8 6 6 8 ft ft 8 6 ft 8 7 7 7 ft New Orleans. 8 6-7.8 61-7 7 6 6-f>l 7 6 6-61 7 6-61 7 51 51-617 6 6-61 8 6 6-7 8 6 6-7 8 6 61-7 8 6 6-7 7 5-61 Nashville g ft ft ft 5 ft ft* g g g A g No. 7.... Chicago 6 6 f f 6 6 6 6 6 5f 51 6i 51 51-5-1 61 6 61 6 61 6 61 6 61 6 6 61 6 6 Detroit 6 ft 6 6 6 ft 6 6 6 6 ft* 6 61 ft* 6 64 ft* 6 ft* ft 6 ft g No. 8 ... L M St o . e u m L is o p v u h il i i l s s e .. . 6 6 6 1 5 6 ft 4 6 6 ft 6 6 ft 4 56 ft 4" 6 6 ft 6 6 6 6i 6 6 6 6 6 5 5 6 4 6 6 6 5 5 1 1 5 5 54 51 5i 6 r f 6 f t t 6 6 * 4 6 f 1 t f 6 6 t 6 f 6 t * 4 6 7 f 6 t 6 6 5 6 g 6 g 6 f 6 t 4 5 g $ f g g t Little Rock 7 ft ft-fi4 8 ft 6-7 64 ft 64 64 6 64 6 ft 6 8 6 7 8 ft 7 8 ft 7 8 6 61 7 No. 9.... Minneapolis.. 61 6 7 f P 6i 61 61 6 5f 54 5| 6ft5| 6 8 7 8 7 8 7 7 61 6 6 6 N N o o . . 1 1 0 1 . . . .. . O K D D El m a e a l n n P l a v a s a h a s e s a s r o City.. 8 8 7 8 5 f 6 6 6 t f 6 6 8 t 8 7 8 8 7 f6 6 6 t 6 6 6 8 * 4 1 f 5 5 t 1 4 6 6 51 1 6 5 6 6 6 6 7 7 8 5 f 6 6 6 t 6 6 6 8 * 1 8 8 6 7 8 P ft . 6 6 6 6 8 1 -7 8 6 8 7 8 5 6 ft 1 6 6 6 6 8 1 -7 8 6 7 8 8 5 5 5 6 ft 1 6 6 6 6 8 - 4 7 1 8 8 8 8 0 6 6 6 6 8 6 6 8 7 8 -7 8 6 6 4 6 8 -7 8 8 8 8 8 6 g 5 6 ft 6 6 6 7 8 -7 Houston ... 8 54 6 7 6 6 64 61 6-i 6i 6i 6 54 6161 61 61 a66 64 8 ft 8 6 64 8 ft 64 8 51 8 No. 12... San Francisco 6 54 6 6 6 a 54. 6 6 54 6 6 54 6* ft*51 51 6 51 51 6 ft*-ft 6 6 6 6* 6 6 ft Portland 8 54 6 7 54 ft 51 6 54 6 7 6 51 7 ft 8 6 6 8 6 ft 8 6 ft Seattle 8 7 8 5- 7 51 ft 64 6 6 g 6 7 5ft 6 7 5ft 6 8 6 7 8 6 7 8 6 7 8 5 7 Spokane 8 6 7 8 6 7 64 ft 6 6i 6 6 6 6 6 8 6 7 8 6 7 8 ft 8 8 ft 7 Salt Lake City 8 7 8 8 7 8 6* 6 6 6 6 6 8 7 8 8 7 8 8 7 8 8 7 8 71 7 71 5 1 Rates for demand paper secured by prime bankers' acceptances, highJ6, low 5J. © Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DURING Prime commercial paper District. City. Customers. Open market. 30 to 90 4 to 6 30 to 90 4 to 6 days. months. days. months. H. L. C. H L. C. #. L. a H N N o o . . 2 1 . . . . . . . . N B Bu o ew f s f t a o l Y n o orki... 6 f 7 t 6 6 *>1 6 6 6 1 6 f 7 t 5 6 | 6 6 7 6 7 R 6 61 7 7 ft P No. 3.... Philadelphia.. 6 1? 6 6 8* 6 7 6 61 7 6 No. 4.. . Cleveland 7 6 7 6 Pittsburgh.... 6 5 6 6 6 6 7 6 61 7 6 Cincinnati 7 6 6 7 6 6-64 7 6 b 7 6 N No o . 6 5.... A R B B a i t i c l r l a m t h i n m m i t n a o o g n r h e d am.. 6 f 7 8 t 6 a f*tt\* 6 6 Q7 6 f 8 8 t f 6 t 6 6 6 6 7 8 6 5 f f t t 7 8 f 6 > Jacksonville s ft 7 8 ft 7 7 6 ft 7 ft New Orleans.. ? 7 6 6J-6| 7 61 Nashville No. 7.... Chicago 7 6 7 6 6-6* 7 6 6-61 7 Detroit "51 6 61 t)1 ft 7 62 63 7 No. 8.... St. Louis f P f Louisville 6* 6 6 6 6 No. 9.... M M Li i e t n t m l n e p e h a R i p s o o c li k s . . . . . . 6 f 8 6 6 6 6 6 6 1 1 6 8 7 6 6 6 6j 6 61 7 7 No. 10... Kansas City... ? 6 8 6 64 7* 7 Omaha 6 7 61 Denver 87 6 7 8 6 7 6 6f 7 No 11 Dallas s ft 6a 8 5 7 El Paso s ft ^ 8 ft 8 6* o 6* ft Houston 7 6 7 7 7 7 No. 12... San Francisco. 7 6 6 6 6 6 7 6 6 7 Portland 7 « 6 7 7 61 6^ 7 Seattle 8 ft 7 $ 7 7 5| 7 Spokane 8 6 7 8 6 7 Salt Lake City 8 7 8 8 7 8 COCC 30-DAY PERIOD Interbank loans. C. H. 7 6 6-7 6 6 ft 7 6 6 61 6 V 6 g 7 6 8 ft 6| 61 6-64 61 6? 8* 6 6 6 6 61 6 ? 6 6f f 6 6f 77 ft 8 6 6 61 K| 6a 7 rSOSOq• a i. 5 9 6 51 6ft 51 6 6* 6 6 6 6 6 ft ft ft ft ft ft ft ft 51 6 516-61 ? 6 6 6 6 ? 6 81 6 6 6 ft 8 6 6 ft 7 ft 6 6 8 7 SOSOS3 ENDING UAH>. 15, 1920. Bankers' acceptances, Collateral loans—stock exchange 60 to 90 days. or other current. Indorsed. ind U or n s - ed. Demand. 3 months. m 3 o n to th 6 s. H. i. C. H. L. C. H. L. a H. L. a H. L. 6* 6 5f 5| 10 6 8 6 61 7 61 6i 6 6 6i515|-6f 1 7 5 6 6 6 6 7 ? 6 6 6 6 6 6 6 6 6 6J 6 6* 6 6 6 ? 6 6 7 6 ft 61 6& 7 6 7 6 7 6 5f ? 6| 6 6 6 5 6 6 6 6 6 6 6 6 5151-5f ? 6 6 6 6 6 6 7 f 6 t fftt 7 6 6 7 ft f f t t f 7 t 6 6 6 6 6 8 8 ft* ft 8 6 6-7 8 7 ft 7 7 7 7 8 ft 7 8 6 7 8 7 6 7 6 6 71 6 6i-7 71 6 (51-7 71 6J 6 61 6 7 6 6-6^ 7 6 6-61 7 64 5} 61 51 51 51 ? 7 6 7 6 ? 7 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 8 6 7 8 6 7 8 6£ 5! 615f 6 8 ? 7 8 f 7 8 61 6 61 61 6 61 7 6 8 6 8 7 61 7 7 8 8 6 f 6 t J 6 7 1 * 8 8 6 661 7 7 8 8 8 ft 8* 8 6 8 8 7 17 7 6 7 8 6 7 7 6 6 6 51 6 f 6 6 7 6 6 7 •ft 5* 6 6 8 ft 6 8 7 ft 6 8 ft 7 8 ft 7 8 6 8 6 8 8 8 8 V 8 8 V 8 8 SO SO 6 6 ft ft 6 6 6 6 5* 6" 6 6 6 6f 5 61 6 6 ft so SO sO a 7 6 6 6 6 V SO SO Secured by Cattle warehouse loans. receipts, L. C. H. 7 6 6 6 6 6 6 7 6 8 7 8 61 ? V*61 61 61 6i 6 7 7 6 8 6 6 fU 8 8 6 6 6* 1 6 7 7 8 8 8 8 8 8 7 6 6 7 8 8 SO SO etc. L. a 6 6 6 6 6 6 6 6 6 6-7 7 7 6 61-61 6 6 61 7 8 8 8 SO SO 61 6* 6 6 SO SO Ordinaiy loans to customers 1 secured by Liberty bonds and certificates of indebt- edness. H. L. C. 61 51 6 6 5 6 6 6 6 6 51 6 6 5J 6 6 54 6 Aft ft 6 51 6 6 6 6 8 5 6 8 6 6 8 6 7 7 4f 6-61 6 6 6 61 54 6-64 6 51 6 6 51 6 6 51 6 6 6 6 8 6 7 ? 6 6 6 7 6 6 7 6 6 8 6 6 7 8 6 84 7 8 6 6 6 6 6 8 6 61 8 6 7 8 6 7 71 7 71 i Rates for demand paper secured by prime bankers' acceptances, high 6, low 5£, customary 5£-6. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 FEDERAL, RESERVE BULLETIN. APRIL, 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 March the data and the construction of the accom- FEDERAL RESERVE BULLETIN there are pre- 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 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 s n . 0 d m Ho ar g k s e , t 6 s 0 . S m h a e r e k p e , t 6 s. 0 H m m o u r a s l r e e k s s e , t a 4 s n . 4 d T k o i t n al d , s a . ll C c m a a l a t v t r l e k e s e , a t 5 s n . 4 d m Ho ar g k s e , t 5 s 4 . S m h a e r e k p e , t 5 s. 4 H m m o u r a s l r e e k s s e , t a 4 s n . 4 d T k o i t n al d , s a . ll 1919. Head. Head. Head. Head. Head. Head. Head. Head. Head. Head. February 1,443,920 4,414,199 1,138,365 82,531 7,079,015 529,135 1,293,766 425,257 82,655 2,330,813 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 1,374,452 1,308,095 1,597,007 134,679 4,414,233 December... 2,169,631 5,024,650 2,393,632 86,666 9,674,579 967,160 1,608,292 1,183,602 86,534 3,845,588 1920. January 1,868,723 5,275,412 1,560,051 138,541 8,842,727 752,605 1,665,274 669,458 138,145 3,225,482 February 1,468,370 3,423,992 1,387,111 108,056 6,387,529 591,691 1,287,169 572,634 110,827 2,562,321 Receipts and shipments of live stock at 15 western markets. [Chicago, Kansas City, Oklahoma City, Omaha, St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Cleveland, Denver, Fort Worth, Indianapolis, Louisville, Wichita.] RECEIPTS. [Monthly average, 1911-1913=100.] Cattle and calves. Hogs. Sheep. Horses and mules. Total, all kinds. Head. Relative. Head. Relative. Head. Relative. Head. Relative. Head. Relative. 1919. February . . . 1,096,118 116 3,451,894 168 774,881 61 48,786 114 5,371,679 125 July 1,527,881 152 2,411,539 110 1,558,767 114 37,866 82 5,536,053 120 August 1,541,133 153 1,595,759 73 2,220,229 162 57,206 124 5,414,327 117 S ept e mber 1,871,042 186 1,704,944 78 2,890,831 212 88,283 192 6,555,100 142 October 2,317,487 230 2,160,079 98 2,405,511 176 79,240 172 6,962,317 151 November 2,046,664 203 2,715,955 124 1,743,189 128 84,018 183 6,589,826 143 December 1,650,315 164 3,785,870 172 1,589,237 116 53,453 116 7,078,875 153 1920. January 1,400,031 139 3,912,449 178 1,035,591 76 90,662 197 6,438,733 139 February 1,068,092 114 2,440,154 119 948,116 74 76,048 168 4,532,410 105 SHIPMENTS. 1919. February 404,296 107 881,507 195 240,815 51 47,829 125 1,574,447 118 July 515,071 127 691,283 143 694,942 138 32,836 80 1,934,132 135 August 650,252 160 455,705 94 1,352,252 269 49,996 122 2,508,205 175 September... 872,043 214 501,856 104 1,849,958 367 83,264 203 3,307,121 230 October 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 December... 686,325 169 1,003,682 207 682,439 136 55,831 136 2,428,277 169 1920. January 548,841 135 1,026,763 212 403,382 90,630 221 2,069,616 144 February... 427,608 113 814,253 180 334,012 79,100 207 1,654,973 124 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 399 Exports of certain meat products. [Department of Commerce.] [Monthly average, 1911-1913=100.] Beef, canned. Beef, fresh. an B d e e o f t , h p er i ck cu le r d e , 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. R ti e v l 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. R ti e v l e a . - 1919. 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 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 4,934,696 111 December 1,886,835 285 6,061,769 489 3,135,069 117 58,982,754 352 15,688,297 105 63,645,722 145 4,125,550 93 1920. January.. 1,081,643 163 22,872,223 1,844 1,670,500 63 77,501,002 463 13,905,923 93 38,823,902 88 4,251,187 96 February. 735,132 119 13,010,793 1,124 1,631,457 65 75,891,195 486 24,217,706 174 36,644,906 89 3,710,308 90 Receipts of grain and flour at 17 interior centers. [Chicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane, Toledo, and Wichita.] [Compiled from reports of trade organizations at these cities.] [Monthly average, 1911-1913=100.] Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Total f l g o r u a r i .i n and Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. R tiv el e a . - Bushels. t R iv el e a . - Barrels. t R iv el e a . - Bushels. t R i e v l e a . - 1919. February. 14,049,055 5613,034,852 62 15,961,423 85 2,406,029 233 6,556,594 52,007,953 72 1,032,368 56,653,609 70 J A u u ly gust... 4 8 9 0 , , 6 7 1 1 2 4 , ,5 1 5 1 9 5 2 1 9 8 9 4 1 8 2 , , 5 5 0 4 3 9 , , 2 2 8 1 2 9 3 5 8 6 2 1 1 2 99 55 ,, ,' '7 2 7 3 4 3 , , 5 1 8 0 2 9 1 14 2 7 5 3 31 , ; , o8 1 *2 0 r4r 5 ,, , 2 4 6 8 3 6 3 28 4 1 5 8 6, , 6 6 3 2 8 7 , , 8 0 7 9 1 1 1 9 2 3 0 12 9 9 9 , , 4 1 5 2 5 7 , , 5 0 5 2 7 0 1 1 2 6 7 6 1 , 2 : 1 , ;, 2 5 8 7 3 2 , , 1 4 4 20 5 1 8 1 0 7 1 1 0 3 6 1 , , 2 7 0 3 2 8 , , 9 7 1 0 0 2 1 1 2 5 2 2 Sept'ber.. 69,953,295 26016,267,145 72 2166,,'721,030 132 5,444466,]371 492 5,294,256 74 123,682,097 159 35;,073,034 157137,510,750 159 October.. 51,006,164 18912,490,107 56 2144,,;323,974 120 4=.; 472.397 404 4,369,326 96,661,968 124 3J,, 468,787 177112,271,510 129 N De o c v ' ' b b e e r r . . . . . 3 30 5 , , 5 7 8 2 2 9 , , 7 8 7 3 9 2 1 11 3 3 3 1 2 4 3 , , 6 9 0 8 6 3 , , 1 6 3 5 7 7 1 6 0 5 7 1 1 7 5 7, , ,( 5 6 9 9 2 9 , , 2 9 8 2 2 5 8 7 8 7 2 2 ! 1; ,, , 8 7 5 6 7 , 9 6 , 3 5 6 79 2 2 3 6 3 0 3 3 , , 5 76 8 9 2 , , 8 8 5 7 9 3 7 7 4 6 , , 1 8 9 0 8 5 , , 3 2 4 1 6 3 9 9 5 9 3 2 5 1 ; ,, , 3 5 7 4 1 1 , , 2 9 6 5 2 7 1 1 8 2 1 1 9 87 0 , , 4 1 7 3 5 7 , , 8 1 9 5 2 3 1 1 0 0 1 4 1920. January.. 25,074,624 93 24,139,094 108 20,925,941 104 4,378,610 3,298,544 77,816,813 100 2,298,692 117 88,160,927 102 February. 18,115,324 72 26,051,855 124 20,575,654 109 3,263,686 316 2,470,622 70,477,141 97 2,059,421 113 79,744,536 99 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 l g o r u a r. i i n and Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. t R iv el e a . - Barrels. t R iv el e a . - Bushels. t R iv el e a . - 1919. February 8,876,844 62 8,719,793 6613,603,691 96 404,365 616,006,178 165 37,610,871 821,932,258 6146,306,032 77 July 12,423,422 81 8,102,275 5715,,628,503 10311,546,100 218 9),, 133,000 234 46,833,304 95 2:,, 589,176 76 58,484,596 90 August 36,986,491 240 5,135,459 3617,,919,623 11811,436,377 203 5>,, 028,674 129 66,506,624 135 3,,805,273 112 83,630,353 129 September... 37,730,048 2451 6,622,779 4716!,651,580 110 2,317,740 327 25:,943,167 75 666,,2165,314 134 4,787,300 14187,808,164 136 October 25,813,130 167 7,116,502 50 16!,705,015 11011,426,528 202 31;,087,951 79 544,,1:49,126 5;,975,261 176 81,037,801 125 November... 20,877,718 135 6,609,629 4715;,582,081 103 33,110,541 439 25,,827,956 73 499,,<007,925 99 "5•,.,604,616 165 74,228,697 115 December... 17,383,075 113 11,509,719 8112,433,716 82 22,:255,139 319 2:624:376 67 466,,206,025 94 4:, 470,122 132 66,321,574 103 1920. January 17,514,087 11412,326,051 8715,822,099 104 3,685,914 5212,007,718 5151,355,869 104 4,140,314 122 69,987,282 108 February 14,114,215 9811,977,640 9113,073,089 92 2,113,505 3201,306,340 36 42,584,789 92 3,156,962 10056,791,118 94 1 Flour reduced to its equivalent in wheat on basis of 4| bushels to barrel. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN. APRIL, 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 l g o r u a r. i i n and Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. t R iv el e a . - Barrels. t R iv el e a . - Bushels. t R iv el e a . - 1919. February 7,805,811 66 783,263 24 4,713,794 106 2,299,664 1,734 995,454 6416,597,986 781,302,061 134 22,457,261 July 5,806,227 46 901,842 25 61,959,186 1461,479,951 1,042 91,723,852 586 24,871,058 1101.,514,135 145 31,684,666 116 August 26,902,757 214 815,132 23 5>, 676,984 119 64,510 454:L, 993,395 30138,452,778 1691.,385,762 133 44,688,707 163 September.... 28,010,858 222 512,072 14 5•!,345,464 113 535,701 377 21!,171,521 13136,575,616 16125,306,213 22146,953,575 171 October 14,755,827 117 507,065 14 4t,! 335,038 911,718,701 1,210 796,839 2,113,470 97 25,521,329 24133,459,451 122 November 9,152,534 73 438,147 12 31:,998,525 841,391,024 979 851,651 5,831,881 70i;.,552,796 149 22,819,463 83 December 5,782,777 46 816,630 23 2!!, 991,717 631,664,755 1,172 25,309,085 13913,564,964 60 25,149,458 206 23,237,525 85 1920. January 5,711,009 451,491,759 42 2,663,274 56 2,647,811 1,8641,297,839 7813,811,692 501,561,693 150 20,839,311 76 February 4,898,690 421,244,393 38 2,331,246 53 3,214,068 2,4241,315,291 8513,003,688 611,102,606 11317,965,415 70 1 Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel. Stocks of grain at eight seaboard centers at close of month. [Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco.] [Compiled from reports of trade organizations at these cities.] [Bushels.] Wheat. Corn: Oats. Rye. Barley. Total grain. 1919. February 12,635,613 4,17,520 6,110,159 1,735,876 3,930,465 24,829,633 July 5,557,644 265,196 3,760,063 867,491 5,528,176 15,978,570 August f. 17,396,269 155,491 2,216,989 578,250 5,414,183 25,761,182 September 21,171,440 172,254 1,901,510 516,142 4,061,830 27,823,176 October 25,322,242 82,240 1,898,271 483,270 3,079,360 30,865,383 November 18,728,730 155,490 2,504,833 1,264,494 2,351,012 25,004,559 December 13,053,280 279,451 2,435,455 709,276 3,007,379 19,484,841 1920. January 8,485,491 711,501 2,398,639 2,397,156 2,587,543 16,580,330 February 6,634,682 948,239 1,571,209 2,671,743 2,340,787 14,166,660 NOTE.—Figures for San Francisco include also stocks at Port Costa and Stockton. Cotton. iNew Orleans Cotton Exchange.] [Crop years 1911-1913-100.] Sight receipts. 1 Port receipts. Overl m an e d n t. move- Ameri t c a a k n i ng sp s. inners' St i o n c t k e s r io at 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 . - 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 . - 1919-20. August 313,301 25 238,271 26 49,630 47 302,238 67 1,412,048 September 584,776 47 260,698 28 26,138 25 300,001 66 1,501,805 127 October 1,779,927 142 1,029,331 112 110,202 105 621,784 137 2,340,881 199 November 2,369,177 189 1,178,443 128 245,237 233 1,155,324 254 2,616,383 222 December 2,147,365 171 1,069,693 116 242,940 231 1,214,337 267 2,765,040 235 January 1,526,622 122 982,030 107 205,233 195 793,453 175 2,470,496 210 February 961,739 725,515 85 96,597 332,606 78 2,510,482 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920, FEDERAL RESERVE BULLETIN. 401 California shipments of citrus and deciduous fruits. [1911-1913=100.] Total. Oranges. Lemons. Total citrus fruits. deciduous fruits. Carloads. Relative, Carloads. Relative. Carloads. Relative. Carloads. 1919. February 3,180 139 658 174 3,838 144 198 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 December 3,592 147 271 67 3,863 136 197 1920. January 2,457 100 630 156 3,087 108 123 February 2,683 118 852 225 3,535 133 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. 1919. 1919. February. 389,815 337,420 122,757 November. 183,084 180,425 55,073 December.. 73,504 118,917 14,587 July 394,557 435,247 115,341 August 333,686 356,048 85,650 1920. September 352,345 385,618 55,644 January 243,201 221,984 36,055 October 279,962 279,348 55,333 February 338,915 294,839 81,665 [Data for ports of New York, Boston, Philadelphia.] [Weekly Statistical Sugar Trade Journal.] [Tons of 2,240 pounds. Monthly average 1911-1913=100.] Raw stocks Receipts. Meltings. at m c o lo n s t e h . of Receipts. Meltings. c R lo a s w e o s f to m ck o s n a th t . Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. 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 . - 1919. 1919. February 283,172 165 229,000 134 90,716 53 November 154,674 84 177,000 96 40,855 24 December 96,342 52 126,765 69 10,432 6 July 264,782 144 292,000 159 57,975 34 August 246,419 134 229,000 125 75,394 44 1920. September 262,137 142 292,000 159 45,531 26 January 208,554 113 181,000 99 37,986 22 October 233,650 127 216,000 118 63,181 37 February 316,667 184 269,000 157 85,653 50 Naval stores. [Data for Savannah, Jacksonville, and Pensacola.] [In barrels.] [Compiled from reports of trade organizations at these cities.] Spirits of tur- Spirits of turpentine. Rosin. pentine. Rosin. Stocks at Stocks at Stocks at Stocks at Receipts. close of Receipts. close of Receipts. close of Receipts. close of month. month. month. month. 1919. 1919. February 5,583 121,676 22,154 259,974 November 18,757 28,741 77,125 204,281 December 17,109 30,924 76,792 200,333 July 23,598 30,656 76,561 235,707 August 21,013 24,756 73,402 203,812 1920. September 21,574 27,021 72,616 190,580 January 8,300 24,910 47,874 165,927 October 19,367 27,389 67,080 186,231 February 3,762 17,900 140,559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 FEDERAL, RESERVE BULLETIN. APRIL, 1920. 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 r il m o ls f - . Pr t o io d n u . c- m S e h n ip ts - . b N m e u r il m o ls f - . Pr t o io d n u . c- m S e h n ip ts - . b N m e u r il m o ls f - . Pr t o io d n u . c- Ship- b N m e u i r l m o ls f - . Pr t o io d n u . c- m S e h n ip ts - . b N m e u r il m o ls f - . Pr t o io d n u . c- Ship- 1919. February.. 195 328,069 309,494 46,037 71,103 122 228,031 238,035 15 6,802 17,081 25,806 18,034 July 206 401,939 466,786 148,533 140,680 114 268,634 301,050 27,382 22,470 22,326 34,191 August 204 417,036 423,002 152,748 140,236 118 416,422 397,290 20,247 26,839 27,177 30,159 September. 202 416,640 372,727 154,102 138,537 126 332,905 261,797 16,913 22,574 33,146 35,468 October 201 421,025 356,124 156,828 143,252 124 419,108 339,321 12,888 18,139 24,055 22,079 November. 202 391,347 344,717 110,525 117,472 126 324,511 241,301 2,786 21,596 24,925 26,926 December.. 198 353,923 363,176 65,989 93,377 129 227,331 176,935 4,776 17,840 19,048 26,241 1920. January 202 386,481 404,706 69,895 144,180 128 327,568 344,568 38,007 63,614 25 24,678 26,283 February.. 383,239 369,047 85,583 147,180 124 332,511 295,934 32,551 59,687 RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO. [Chicago Board of Trade.] [Monthly average, 1911-1913=100.] Receipts. Shipments. Receipts. Shipments. Rela- Rela- Rela- Rela- M feet. tive. M feet. tive. M feet. tive. M feet. tive. 1919, 1919. February 97,511 45,585 64 November 176,972 83 70,175 92 December 226,617 107 79,553 104 July 200,148 90,134 118 August 170,385 87,953 115 1920. September 205,909 93,120 121 January 208,145 71,233 93 October 95,674 125 February 235,423 119 81,561 114 Coal and coke. [Bituminous coal and coke, U. S. Geological Survey; Anthracite coal, Anthracite Bureau of Information.] [Monthly average, 1911-1913=100.] Bituminous coal, esti- Beehive coke, estimated monthly pro- Anthracite coal, ship- mated monthly proproduction. ments over 9 roads. duction. Short tons. Relative Long tons. Relative Short tons. Relative. 1919. February 31,566,000 3,871,932 74 1,822,894 75 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 September 47,403,000 128 5,687,401 101 1,790,466 October 54,579,000 147 6,560,150 117 1,551,979 59 November 20,303,000 55 5,971,671 106 1,680,775 64 December 36,612,000 6,138,460 109 1,721,000 66 1920. January 49,419,000 133 5,713,319 102 1,982,000 76 February 40,127,000 116 4,913,664 94 1,731,000 71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 403 Crude petroleum [U. S. Geological Survey.] [Barrels of 42 gallons each.] Produced. Produced. Stocks at end Stocks at end of month of month Barrels. Relative (barrels). Barrels. Relative (barrels). 1919, 1919. February 26,910,000 150 126,982,000 November 32,114,000 168 131,601,000 December 32,508,000 170 127,867,000 July 33,894,000 177 140,093,000 August 33,862,000 177 136,467,000 1920. September 33,667,000 176 137,131,000 January 33,980,000 177 127,164,000 October 33,319,000 174 135,461,000 February 32,792,000 183 125,542,000 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). 1919. January.. 26,967,332 303,710,556 158,501,260 589,630,056 68,304,613 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 November., 32,213,754 338,667,570 214,829,925 663,309,514 75,962,212 December.. 32,427,617 335,659,587 229,476,468 685,084,086 72,040,862 1920. January.. 30,815,160 336,719,157 195,956,392 617,555,156 75,878,635 STOCKS AT CLOSE OF MONTH. 1919. Jan. 31... 15,380,185 383,212,692 332,393,181 646,411,414 158,370,431 July 31... 15,304,915 514,919,358 279,855,061 817,809,519 173,884,303 Aug. 31.. 15,131,549 434,531,446 296,065,646 830,329,785 170,572,819 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 Nov. 30.. 13,983,716 378,133,185 347,070,560 791,052,991 149,193,143 Dec. 31.. 13,143,285 446,793,431 339,319,690 714,124,455 137,318,934 1920. Jan.31. 13,200,727 515,934,364 327,548,646 652,080,901 141,690,177 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.] Iron-ore shipments Steel-ingot produc- Unfilled orders U. S. from the upper Pig-iron production. tion. Steel Corporation Lakes. at close of month. Gross tons. Relative. Gross tons. Relative. 'Gross tons. Relative. Gross tons. Relative. 1919. February. 2,940,168 136 2,704,683 120 6,010,787 114 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 December.. 2,633,268 114 157 1920. January... 3,015,181 130 2,966,662 123 9,285,441 176 February.. 2,978,879 138 2,865,124 127 9,502,081 180 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BULLETIN. APRIL, 1920. Imports of pig tin. [Department of Commerce.] [Monthly average, 1911-1913=100.] Pounds. Relative. Pounds. Relative. 1919, 1919. February 6,271,977 74 November 15,233,671 168 December. . . . . . .. 12,940,125 142 July 113,120 1 August 9,872,459 109 1920. September 11,087,403 122 January 8,772,953 97 October 16,210,512 178 February 13,925,843 164 Raw stocks of hides and skins. [Bureau of Markets.] [In pieces.] Cattle Sheep and hides. Calfskins. jCipskins. Goat. Kid. Cabretta. lamb. 1919. Feb. 28... 5,791,095 1,266,021 429,704 5,683,585 227,513 843,344 9,033,943 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 6,158,289 2,055,084 947,546 16,749,664 823,740 2,736,802 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 6,918,534 1,844,737 1,088,173 14,248,671 331,389 2,684,084 9,398,712 Dec. 31 7,349,146 2,117,442 1,122,156 15,984,179 752,055 2,092,425 9,296,812 1920. Jan. 31 6,773,360 1,920,184 1,036,372 13,474,529 927,436 1,893,614 8,902,067 Feb. 29 6,526,$»77 1,825,445 1,136,879 16,467,301 661,981 2,167,547 9,340,074 NOTE.—Figures for Feb. 29 are provisional. 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). Bales. Relative. month. i t n h W c a h n i d r 5 e e r 0 ed - 5 U 0 r n e -i e d n d e c r h S ca et r s d s o . f Combs. Woolen. Worsted. Pounds. Relative. space. space. 1919. February 433,295 103 33,282,015 23,186,818 52.3 41.5 38.7 39.8 41.1 48.6 1,742,812 91 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 4,841,407 237 December 511,585 114 34,594,214 55,566,253 13.9 19.1 10.5 5.3 8.4 6.2 3,576,585 175 1920. January 591,725 132 34,739,071 72.700,000 14.5 18.5 8.8 7.2 9.1 10.2 4,855,989 237 February 516,594 123 34,668,643 63", 700,000 12.2 17.6 7.6 6.9 7.1 7.9 3,696,121 194 March 14.9 19.8 9.8 7.0 10.3 11.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL, RESERVE BULLETIN. 405 Production of wood pulp and paper [Federal Trade Commission.] [Net tons.l W pu o l o p d . N pr e i w nt 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 . N pr e i w n s t. - Book. b P o a a p r e d r . W pi r n a g p . - Fine. 1919. 1819. February.. 238,228 103,248 62,616 125,208 45,480 24,600 November 147,672 116,603 84,085 182,940 63,394 32,468 December. 306,617 122,781 88,779 174,649 62,288 31,014 July 260,685 113,929 75,613 63,769 30,036 August 260,987 113,413 82,737 189,782 64,861 33,122 1920. September. 266,915 111,434 81,024 184,897 63,353 31,923 January... 302,541 129,663 96,419 211,934 70,109 32,886 October.... 308,710 125,216 89,440 202,524 67,110 34,808 February. 266,191 114,235 176,855 61,574 29,202 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 and smoking smoking Large. Small. Small. tobacco. Large. Small. Small. tobacco. 1919. Number. Number. Number. Pounds. 1919. Number. Number. Number. Pounds. January 518,706,482 72,458,974 3,079,212,253 29,308,616 November 655,421,893 56,080,813 4,768,598,203 32,965,088 December 662,046,997 45,491,540 4,578,641,450 29,409,443 July 569,908,339 47,500,287 3,585,030,983 33,838,667 August 533,227,393 54,953,647 3,918,403,687 35,568,246 1920. September 575,777,829 53,735,960 4,283,247,387 36,623,005 January 663,634,243 58,837,900 4,528,760,833 33,608,313 October 677,622,154 64,170,793 5,028,875,337 39,335,546 Output of locomotives and cars. [Locomotives, United States Railroad Administration; cars, Railway Car Manufacturers7 Association.] Locomotives. Output of cars. Locomotives. Output of cars. D sh o i m pp e e s d ti . c F p c o le o r t e m e ig d - n . Domestic. Foreign. Total. D sh o i m pp e e s d ti . c F p c o le o re t m e ig d - n . Domestic. Foreign. Total. 1919. Number. Number. Number. Number. Number. 1919. Number. Number. Number. Number. Number. February 135 164 6,623 4,657 11,280 November 39 23 8,967 2,622 11,589 December 103 42 4,506 2,428 6,934 July 121 73 2,777 6,936 9,713 August 160 173 18,509 5,015 23,524 1920. September 111 51 19,980 4,302 24,282 January 48 22 4,650 1,914 6,564 October 89 55 10,445 3,715 14,160 February 3,960 1,066 5,026 built in United States, including those for foreign nations, and officially numbered by the Bureau of Navigation. [Monthly average, 1911-1913=100.] Gross Gross Number. tonnage. Relative. Number. tonnage. Relative. 1919. 1919. February 135 271,430 1,203 November 143 347,051 1,436 December 149 294,064 1,217 July 245 397,628 1,645 August 238 455,338 1,884 1920. September 202 378,858 1,568 January 115 253,680 1,050 October 210 357,519 1,479 February 140 267,231 1,185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 FEDERAL RESERVE BULLETIN. APRIL, 1920. Tonnage of vessels cleared in the foreign trade. [Department of Commerce.] [Monthly average, 1911-1913=100.] Net tonnage. Per- Net tonnage. Percent- cent- American. Foreign. Total. R tiv el e a . - A ca m a n o g e f e t r o i- R ti e v l e a . - American. Foreign. Total. R tiv el e a . - A ca m a n o g e f e t r o i- R ti e v l e a . total. total. 1919. 1919. February 1,262,487 1,671,070 2,933,557 81 43.0 170 November 2,251,871 1,910,489 4,162,360 107 54.1 214 December 2,043,675 1,733,923 3,777,598 97 54.1 214 July 2,362,571 2,920,247 5,282,818 136 44.7 177 August 2,957,249 2,797,818 5,755,067 148 51.4 203 1920. September 2,627,480 2,481,676 5,109,156 131 51.4 203 January 1,933,385 1,949,798 3,883,183 100 49.8 197 October 2,645,778 2,073,560 4,719,338 121 56.1 222 February 1,702,407 1,628,212 3,330,619 92 51.1 202 Net ton-miles, revenue and nonrevenue. [United States Railroad Administration.] 1919. 1919. February 25,681,943,000 November 32,539,248,000 December 33,462,298,000 July 34,914,294,000 August 36,361,653,000 1920. September 38,860,311,000 January 34,769,722,000 October 40,343,750,000 February 32,699,143,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL, RESERVE BULLETIN. 407 BANK TRANSACTIONS DURING FEBRUARY-MARCH. In the tables below are shown debits to the figures for the weeks ending March 17 and individual account for the five weeks ending 19; also to the fact that the weeks ending Feb- March 24 of the present year and figures for the ruary 25 and 26 contained Washington's birthcorresponding weeks in 1919, as reported to the day, observed as a legal holiday throughout the Board by the country's more important clear- United States. ing houses. A recapitulation, by Federal Re- As compared with corresponding totals for serve districts, compares figures for 151 centers 1919, aggregate debits for the five weeks of the for which uniform reports are available for each present year shown below show an increase of of the 10 weeks under consideration. about 29 per pent, the increase being largest for Fluctuations in these debits both during the the week ending March 24.. For the New York present and past year were due to end-of-month clearing-house banks the average increase since interest, dividend and like payments, affecting last year was about 25 per cent, as against 33 figures for the weeks ending March 3, 1920. and per cent for the clearing-house banks in the March 5, 1919, respectively; to income and ex- other centers covered by the compilation. cess profits tax payments, reflected largely in Debits to individual account at clearing-house banks. [In thousands of dollars.] 1920 1919 Week ending— Week ending— Federal Reserve district. Feb. 25. Mar. 3. Mar. 10. Mar. 17. Mar. 24. Feb. 26. Mar. 5. Mar. 12. Mar. 19. Mar. 26. No. 1—Boston: Bangor 2,144 2,873 2,462 2,971 2,967 2,364 2,675 2,512 3,016 2,217 Boston 254,187 318,885 278,910 328,296 319,596 208,786 253,984 225,792 271,524 230,188 Fall River 8,435 8,923 9,014 10,123 10,228 4,926 5,601 4,895 6,514 7,612 Hartford 19,157 27,099 26,923 23,740 22,030 14,353 20,784 17,190 22,354 16,187 Holyoke 4,397 3,639 3,081 3,683 3,729 2,089 2,894 2,437 2,608 2,924 Lowell 4,630 5,258 4,129 5,676 5,764 3,578 4,217 4,301 4,397 4,043 Manchester 4,921 4,243 4,642 4,075 New Bedford 6,609 8,413 7,608 10,001 9,295 4,895 5,177 5,214 6,336 5,685 New Haven 15,287 20,791 16,624 18,606 21,638 13,884 14,770 14,531 15,841 13,628 Portland 5,573 7,687 6,292 8,658 7,302 Providence 31,817 38,998 36,943 40,873 40,371 20,988 25,850 24,610 30,763 26,961 Springfield 15,552 20,623 16,374 17,548 17,448 7,209 8,451 8,520 9,368 10,187 Waterbury 6,434 6,560 5,806 5,551 4,206 6,400 6,110 5,063 6,715 5,921 Worcester 14,530 18,588 16,448 20,538 18,098 10,512 13,487 11,590 14,049 15,386 No. 2—New York: Albany 27,424 25,140 15,778 18,955 24,249 20,082 20,586 17,907 16,016 15,756 Binghamton 3,250 3,953 3,960 4,773 4,281 2,298 3,344 2,644 2,940 2,458 Buffalo 57,478 71,309 57,694 63,369 43,320 54,718 44,165 56,413 47,644 New York 3,750,232 5,190,718 4,473,374 5,258,759 4,897,299 3,513,436 3,979,552 3,587,911 4,325,624 3,409,070 Passaic 4,162 5,788 5,411 5,221 5,471 2,566 2,944 2,652 3,152 2,542 Rochester 25,608 35,098 26,521 39,682 29,496 20,267 24,930 22,042 27,611 20,839 Syracuse 14,053 16,935 14,495 14,480 16,237 13,619 10,348 15,365 9,720 No. 3—Philadelphia: Altoona 2,607 3,342 3,125 3,457 3,034 2,071 2,416 2,315 2,446 2,822 Chester 4,928 5,453 4,736 5,271 4,881 4,104 4,694 3,901 4,035 4,580 Harrisburg... 2,996 4,550 1,722 4,240 3,680 4,577 5,290 5,240 3,750 3,114 Johnstown 3,799 4,391 3,309 3,423 2,999 2,737 3,136 2,735 3,117 2,633 Lancaster 4,752 5,885 4,907 5,926 6,026 3,338 4,321 4,316 4,603 4,422 Philadelphia 292,908 376,931 314,912 385,555 357,147 246,140 279,281 281,940 304,806 289,971 Reading 4,184 5,182 4,180 6,059 5,362 3,229 3,605 3,618 4,155 3,726 Scranton 14,105 13,860 14,300 12,442 13,528 11,954 9,911 11,194 9,005 11,779 Trenton 12,101 11,741 11,578 11,713 12,000 7,603 8,891 8,319 8,566 8,015 Wilkes-Barre 6,984 8,936 7,545 8,358 7,591 5,100 6,703 5,187 5,998 5,743 Williamsport 3,536 4,160 2,765 4,501 4,230 2,547 3,039 2,732 3,312 3,258 Wilmington 8,819 8,699 8,516 10,326 9,071 10,084 8,800 7,968 9,985 7,704 York 3,602 4,011 3,939 4,333 4,379 2,380 2,928 3,063 3,380 3,489 No. 4—Cleveland: Akron 18,837 29,345 26,351 22,036 22,219 12,976 18,420 16,550 16,320 16,600 Cincinnati 53,290 74,867 58,898 72,797 59,633 47,460 50,809 46,376 65,100 45,588 Cleveland 154,260 185,425 144,981 187,730 158,861 99,871 121,148 103,730 152,003 128,679 Columbus 23,483 28,356 27,368 27,720 28,561 19,888 22,545 23,546 26,628 23,079 Dayton 11,814 14,657 12,462 12,436 12,148 9,972 11,594 10,384 9,897 10,127 Erie 6,112 7,690 6,806 8,008 7,634 5,700 5,783 5,510 6,576 6,054 Greensburg 3,661 5,121 4,145 4,466 4,060 2,068 2,587 2,165 1,985 1,976 Lexington 10,526 15,022 12,684 9,100 7,822 8,516 9,607 8,303 6,900 6,450 Oil City 2,288 2,831 2,673 3,421 3,418 2,212 2,312 2,345 2,382 2,468 Pittsburgh 183,967 195,414 196,018 210,694 209,898 151,457 192,185 128,181 176,862 187,673 Springfield 2,454 5,905 3,702 4,296 3,569 2,814 3,981 2,931 3,116 2,419 Toledo 27,249 33,777 30,697 33,896 33,180 20,906 18,451 21,363 25,274 23,535 Wheeling 6,253 9,431 8,064 8,889 8,179 6,058 7,864 7,392 8,271 6,670 Youngstown 12,880 15,944 14,892 14,471 15,306 11,880 12,862 13,176 10,765 14,018 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 FEDERAL RESERVE BULLETIN. APRIL, 1920. Debits to individual account at clearing-house banks—Continued. [In thousands of dollars.] 1920 1919 Week ending- Week ending— Federal Reserve district. Feb. 25. Mar. 3. Mar. 10. Mar. 17. Mar. 24. Feb. 26. Mar. 5. Mar. 12. Mar. 19. Mar. No. 5—Richmond: Baltimore. 81,990 120,559 96,260 111,687 95,329 63,366 78,332 62,744 80,319 66,357 Charleston 8,788 10,874 9,690 9,914 10,133 6,521 8,370 6,802 7,102 6,745 Charlotte 10,242 11,726 9,825 10,089 9,467 5,061 5,500 3,600 6,200 3,800 Columbia 7,255 9,184 8,246 10,667 8,123 4,635 6,148 6,359 6,427 6,490 Norfolk 21,986 23,115 20,777 21,527 20,789 16,455 16,613 15,125 16,661 16,248 Raleigh 4,499 5,500 4,600 5,036 4,300 5,200 4,500 2,500 5,250 3,400 Richmond 25,189 31,888 25,692 28,297 28,512 21,318 23,160 20,520 23,471 18,544 No. 6—Atlanta: Atlanta 29,085 37,637 31,437 36,271 31,426 19,538 23,753 22.321 26,131 20,454 Augusta 9,225 11,551 12,103 13,284 11,271 6,247 6,569 5; 331 6,212 6,257 Birmingham 16,567 19,327 15,912 17,767 16,211 13,439 13,563 12,105 13,461 12,175 Chattanooga 12,535 14,399 13,048 13,503 12,607 6,943 8,448 8,625 12,218 8,339 Jacksonville 12,967 15,254 13,604 14,896 13,083 9,911 11,519 8,983 10,713 9,443 Knoxville 5,385 6,438 7,638 7,145 4,059 5,213 5,068 6,088 4,650 Macon 6,721 7,501 7,856 8,036 7,515 5,626 5,080 4,613 5,358 5,084 Mobile 9,798 10,886 9,722 9,261 10,316 6,012 6,930 5,912 5,995 6,073 Montgomery 5,157 6,128 5,414 5,236 5,700 2,951 3,865 4,324 4,160 3,973 Nashville 25,348 30,919 24,043 27,946 27,442 19,972 20,293 19,359 21,104 20,326 New Orleans 73,282 92,392 85,272 78,680 80,158 58,812 54,300 60,361 65,970 49,099 Pensacbla 1,997 2,460 2,281 2,175 2,190 1,868 2,045 2,453 2,089 1,772 Savannah 16,659 21,660 19,101 21,432 19,428 10,096 10,869 11,104 12,570 12,150 Tampa 5,746 7,497 6,709 7,249 6,769 4,439 4,600 4,622 5,061 4,830 Vicksburg 1,833 1,675 1,777 1,761 1,590 1,565 1,985 1,741 1,671 1,713 No. 7—Chicago: Bay City 3,000 3,158 3,414 4,331 3,651 2,243 2,542 2,289 3,310 2,233 Bloomington 3,304 8,644 5,080 4,078 3,563 2,088 5,015 2,848 2,659 2,582 Cedar Rapids 8,029 15,902 12,753 8,917 9,439 4,124 5,915 5,553 4,423 4,523 Chicago 616,322 817,140 663,009 821,322 714,504 511,115 611,728 500,124 576,649 573,793 Davenport 7,923 15,641 10,252 8,671 8,443 7,872 9,036 6,160 7,344 5,446 Decatur 4,421 6,642 4,907 4,805 4,950 2,416 4,318 3,045 3,389 3,010 DesMoines 20,438 35,516 58,014 36,040 27,346 14,182 25,551 25,266 19,699 18,171 Detroit 130,647 155,011 138,918 197,457 157,691 89,557 97,504 84,809 121,607 93,294 Dubuque 3,291 4,466 5,227 3,982 4,292 1,707 2,200 2,360 2,000 1,773 Flint 9,000 10,700 9,000 10,600 10,800 6,072 5,553 5,725 6,300 8,563 Fort Wayne 7,701 9,688 8,281 8,206 7,736 4,533 5,143 4,625 4,120 4,375 Grand Rapids 19,460 22,860 19,111 23,324 23,072 16,559 14,224 17,279 15,955 12,318 Indianapolis 35,842 45,747 38,112 40,193 38,008 24,501 30,941 25,278 28,136 25,563 Jackson 4,600 5,196 4,568 3,086 5,197 Kalamazoo 3,846 4,982 4,454 5,535 4,637 2,406 3,070 2,645 3,258 2,848 Lansing 5,480 5,995 6,444 6,575 6,115 3,227 3,906 3,625 4,277 3,379 Milwaukee 55,319 69,917 67,800 79.166 77,007 41,523 47,817 47,352 65,137 45,713 Peoria 9,600 13,438 11,095 12.167 11,010 10,942 10,047 8,756 11,407 10,035 Rockford 5,235 7,750 6,842 7,262 6,810 3,928 5,904 5,129 4,484 4,942 Sioux City 15,810 19,745 18,944 18,874 18,151 15,948 14,233 16,684 14,823 15,151 South Bend 5,322 5,349 5,173 1,523 2,006 2,465 2,832 4,800 2,698 2,646 Springfield 4,197 6,833 5,836 5,843 4,685 2,589 7,321 4,685 4,606 4,567 Waterloo 3,623 7,551 7,069 5,536 5,169 2,422 4,101 3,443 3,045 2,851 No. 8—St. Louis: E vansville 6,277 6,126 5,906 5,574 5,759 3,501 4,513 4,771 4,069 3,691 Little Rock 9,739 10,278 9,973 10,529 10,654 6,678 7,627 6,408 7,791 6,793 Louisville 39,268 42,197 35,415 41,266 36,031 36,376 53,765 43,646 38,097 32,806 Memphis *... 35,250 40,158 36,424 37,054 38,391 34,674 27,026 27,967 26,100 23,489 St. Louis 131,777 169,371 142,692 175,890 162,482 109,286 128,590 114,632 152,869 110,801 No. 9—Minneapolis: Aberdeen 1,128 1,872 1,774 1,966 1,863 888 1,224 1,233 1,159 1,185 Billings 1,918 2,629 2,437 2,683 2,025 1,616 2,765 2,030 1*947 1,913 Duluth 14,427 19,611 14,429 17,066 15,191 9,575 12,893 11,393 13,205 11,956 Fargo 2,390 3,052 3,366 2,940 3,237 1,765 2,214 2,057 3,728 2,579 Grand Forks 1,240 2,058 2,220 1,685 1,690 946 1,621 1,268 1,050 1,170 Great Falls 2,465 2,217 2,406 1,987 2,044 2,412 2,178 1,926 2,142 1,971 Helena 1,812 2,634 3,352 2,384 2,501 2,249 2,299 2,653 1,899 1,922 Minneapolis 73,848 94,692 75,879 86,597 79,104 54,292 62,299 62,783 71,174 77,285 St. Paul 32,789 44,552 38,088 45,319 42,974 32,507 36,824 32,162 34,943 29,864 Sioux Falls 5,566 10,134 9,450 9,726 8,049 Superior 1,990 2,162 1,856 2,072 2,107 1,578 2,020 1,730 1,208 1,324 Winona 976 1,299 1,181 1,607 1,037 826 931 922 812 820 No. 10—Kansas City: Atchison 668 826 547 . 681 493 Bartlesville 2,732 4,430 3,044 3,535 3,049 1,436 2,504 1,901 2,116 1,941 Cheyenne 2,030 2,508 1,888 2,213 1,886 Colorado Springs... 2,953 3,936 3,445 3,949 3,440 1,718 2,745 2,071 2,556 2,151 Denver 39,830 52,718 43,597 46,053 46,079 21,426 32,000 26,497 26,682 27,059 Joplin 3,315 4,103 3,374 4,131 3,639 2,869 2,986 2,951 2,918 3,168 Kansas City, Kans. 4,068 4,123 4,546 4,169 3,859 2,680 2,713 3,183 3,136 2,933 Kansas City, Mo... 83,308 100,852 88,669 95,620 91,670 83,918 118,209 84,079 90,691 77,390 Muskogee 5,599 6,818 5,876 6,870 7,175 2,833 2,582 3,587 3,424 3,237 Oklahoma City 18,473 19,891 21,398 20,751 20,633 10,838 11,641 12,073 11,436 10,928 Omaha 48,793 103,754 66,206 56,002 52,515 56,947 64,322 61,068 65,236 64,776 Pueblo 4 754 4,009 4,256 3,606 3,444 3,250 2,895 3,650 3,206 3,471 St. Joseph 16,937 24,590 20,838 25,335 22,696 22,743 25,059 13,476 17,674 17,525 Topeka 5,092 8,512 6,815 5,608 3,656 3,842 5,390 4,328 5,806 4,427 Tulsa 24,438 33,350 27,343 32,014 27,015 16,062 18,839 18,001 18,336 19,053 Wichita 10,835 17,036 14,233 13,399 12,856 8,225 8,876 10,290 10,695 6,590 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 409 Debits to individual account at clearing-house banks—Continued. [In thousands of dollars.] 1920 1919 Week ending— Week ending— Federal Reserve district. Feb. 25. Mar. 3. Mar. 10. Mar. 17. Mar. 24 Feb. 26. Mar. 5. Mar. 12. Mar. 19. Mar. 26. No. 11—Dallas: Albuquerque 1,740 2,035 2,310 1,996 1,674 1,296 1,052 1,361 1,438 1,250 Austin 3,994 3,463 3,607 3,371 3,419 2,523 2,550 3,572 5,791 2,980 Beaumont 4,577 4,472 4,627 4,609 5,386 3,678 3,555 3,804 3,447 4,517 Dallas 39,800 43,280 45,813 44,538 45,899 24,942 28,754 29,879 30,679 26,437 El Paso 9,376 9,984 9,575 9,709 9,431 6,074 6,853 7,574 6,121 5,852 Fort Worth 20,666 23,162 23,486 25,025 22,377 15,935 14,795 16,426 16,920 14,937 Galveston 9,716 9,810 8,901 11,527 8,903 5,040 4,712 5,432 4,927 4,860 Houston 31,050 33,116 31,197 35,575 33,874 19,305 19,871 25,924 22,818 20,441 San Antonio 7,782 7,627 9,361 8,601 8,330 Shreveport 9,917 9,186 9,530 9,250 8,820 3,908 3,977 4,959 4,319 5,938 Texarkana 2,488 2,825 2,569 3,370 3,130 968 1,076 1,384 1,683 1,293 Tucson 1,259 1,381 1,520 1,383 1,313 1,551 1,808 1,818 1,821 1,639 Waco 4,726 4,477 4,642 4,405 4,351 3,291 3,553 3,345 2,549 2,674 No. 12—San Francisco: Berkeley 2,051 3,148 3,199 2,745 2,508 Boise 4,352 3,269 3,187 3,275 2,896 1,580 2,184 2,096 1,795 1,942 Fresno 13,162 10,933 9,590 9,992 8,654 4,698 5,691 5,512 6,447 6,058 Long Beach 3,934 6,281 5,514 6,368 5,269 2,542 3,355 2,994 2,966 2,506 Los Angeles 83,346 121,208 108,092 115,568 95,360 61,068 73,802 58,196 63,039 59,936 Oakland 17,475 22,510 18,690 20,840 19,380 10,199 13,206 12,582 12,005 13,269 Ogden 4,662 4,972 4,527 4,486 3,943 3,076 3,766 3,630 3,569 4,486 Pasadena 4,730 7,943 5,549 7,491 6,882 2,678 3,421 2,892 2,923 2,744 Portland 36,382 51,427 47,714 55,721 43,622 29,215 37,407 34,501 40,864 31,502 Reno 2,281 2,971 2,742 3,182 3,154 1,531 1,887 2,009 1,901 1,743 Sacramento 9,354 15,898 14,934 14,867 12,289 9,063 13,316 10,470 11,086 9,777 Salt Lake City 15,098 20,458 17,849 20,576 16,846 12,007 15,292 14,038 13,478 12,555 San Diego 7,195 8,433 8,575 9,412 7,523 3,986 5,292 4,842 5,035 4,262 San Francisco 166,642 265,522 175,763 242,648 200,203 139,634 185,091 135,969 172,927 135,834 San Jose 4,306 6,286 4,918 4,934 4,444 3,317 3,506 3,440 3,544 3,291 Seattle 55,653 50,555 44,569 67,663 46,381 34,293 40,795 36,604 49,003 49,403 Spokane 11,390 13,679 12,858 15,361 14,309 6,963 8,077 8,537 10,135 8,366 Stockton 4,475 6,024 6,001 5,779 5,611 3,357 4,376 3,702 4,675 3,847 Tacoma 9,421 13,725 11,441 15,860 16,213 7,132 9,342 13,726 11,832 11,627 Yakima 2,799 3,691 3,663 4,000 3,495 1,785 1,994 2,299 2,354 2,046 Recapitulation, by Federal Reserve districts. [In thousands of dollars.] 1920 1919 Number Week ending— Week ending- Federal Reserve district. of centers included. Feb. 25. Mar. 3. Mar. 10. Mar. 17. Mar. 24. Feb. 26. Mar. 5. Mar. 12. Mar. 19, Mar. 26. Boston 383,179 480,650 424,322 487,606 475,370 299,984 364,000 326,655 393,485 340,939 New York 3,882,207 5,348,941 4,597,233 5,410,731 5,040,402 3,611,355 4,099,693 3,687,669 4,447,121 3,508,029 Philadelphia.. 365,321 457,141 385,534 465,604 433,928 305,864 343,015 342,528 367,158 351,256 Cleveland 517,074 623,785 549,741 619,960 574,488 401,778 480,148 391,952 512,079 475,336 Richmond 159,949 212,846 175,090 197,217 176,653 122,556 142,623 117,650 145,430 121,584 Atlanta 232,305 286,575 254,717 265,135 252,851 171,478 179,032 176,922 198,801 166,338 Chicago 977,810 1,292,675 1,109,735 1,314,407 1,119,085 772,419 918,901 782,480 909,306 847,776 St. Louis 222,311 268,130 230,410 270,313 253,317 190,515 221,521 197,424 228,926 177,580 Minneapolis... 134,983 176,778 146,988 166,306 153,773 108,654 127,268 120,157 133,267 131,989 Kansas City.. 271,127 388,122 313,640 321,042 301,726 238,787 300,761 247,055 263,912 244,649 Dallas 139,309 147,191 147,777 154,758 148,577 88,511 92,556 105,478 102,513 92,818 San Francisco. 456,657 635,785 506,176 628,023 516,474 338,124 431,800 358,039 419,578 365,194 Total... 151 7,742,232 10,318,619 8,841,363 10,301,102 9,476,644 6,650,025 7,701,318 6,854,009 8,121,576 6,823,488 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 FEDERAL RESERVE BULLETIN. APRIL, 1920. DISCOUNT AND OPEN MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS DURING FEBRUARY, 1920. Discount operations of the Federal Reserve $926,337,065 during the following month, a Banks during February of the present year total which is comparable with the $204,351,044 totaled $6,517,439,082, showing a consider- reported for the same month of the year before. able increase over the January figure of About 91 per cent of the month's discounts, $6,241,271,489 and a 30 per cent advance as against 90 per cent the month before, conover the total for February, 1919, which was sisted of 15-day paper, i. e., paper maturing $4,980,935,514. These totals are exclusive of within 15 days from date of discount or redisamounts of bills discounted for other Federal count with the Federal Reserve Banks. In Reserve Banks, which were 115.6 millions dur- February, 1919, this proportion was much ing the month under review and 270 millions higher—97 per cent. Six-month bills, comduring the preceding month, and about 145.4 posed of agricultural and live-stock paper, millions during February of the past year. totaled $10,332,121, compared with $11,333,378 The volume of discount operations was the month before and $6,612,895 in February, larger in Febi*uary than in the preceding 1919. The average maturity of the paper dismonth at the Boston, New York, Chicago, Cleve- counted in February works out at 12.26 days, land, and Minneapolis banks while the south- somewhat below the average of 13.21 days for ern and western banks, the Philadelphia and the month before, but considerably above the St. Louis banks, show reduced amounts dur- 10.71 days for the corresponding month of the ing the month under review, the reduction in preceding year. Three banks, those at Chicago, the Philadelphia bank alone amounting to Minneapolis, and Kansas City, report average about 90 millions. maturities of over 30 days, while the average War paper constituted 85 per cent of the in the eastern banks was much lower, and in total discounts for the month of February as the New York bank only 7.32 days, as comcompared with 87 per cent for the preceding pared with 9.63 days the month before. month, and 95 per cent for February, 1919. A statement follows, showing the propor- All but about 7 millions of the member banks' tions of the paper discounted by Federal Recollateral notes discounted during the month serve Banks during January and February, under review was secured by Government war 1920, and February, 1919, that took each obligations, but the proportion of war paper specified rate: in the total of customers7 paper rediscounted decreased from 36 in February, 1919, and 22 Percentage of total discounts made per cent in January of this year, to 16 per at each rate. Rate. cent for the month under review. The de- February, January, February, 1920. 1920. 1919. crease in the relative volume of war paper discounted to the total of paper discounted by 4 per cent... 88.0 the Federal Reserve Banks is due in part to 4i per cent.. 10.6 4| per cent.. 4.0 .4 the diminution in the volume of outstanding 4£ per cent.. 39.9 80.9 .6 Government securities, in part to the progress 5 per cent... 4.7 2.1 .4 51 per cent.. made by the public in absorbing such securities 5§ per cent.. 41.0 11.2 5f percent.. as long-time investments, and also to the 6 per cent... "i.*8* 7 per cent... abolition of the preferential rate previously granted by the Federal Reserve Banks to Average rate.. 5.52 4.90 4.14 bills secured by Government war obligations. Discounts oi trade acceptances, largely at During the month under review 41 per cent the New York Federal Reserve Bank, totaled of the discounts were at the 5^ per cent rate $10,991,506, compared with $16,611,090 for and 40 per cent at the 4£ per cent rate, while January, 1920, and $8,879,930 for February, most of the remainder had a 6 per cent rate. 1919. Of the most recent total, $515,865 During the preceding month, 81 per cent of all represented transactions in the foreign trade the discounts were at the 4| per cent rate, and while $10,475,641 represented transactions in 11 per cent at the 5J per cent rate. During the domestic trade. Discounts of bankers7 ac- February, 1919, 88 per cent of all the discounts ceptances increased from $17,223,362 in Jan- were at 4 per cent, and 11 per cent at 4J per uary to $28,608,329 in February, while dis- cent. As the result of this shift toward the counts of ordinary commercial paper in- higher rates, the average rate of discount works creased from $736,600,589 during January to out at 5.52 per cent for the most recent month, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

411 APRIL, 1920. FEDERAL RESERVE BULLETIN. 4.9 per cent for the month before, and 4.15 per Bills purchased in open market during cent for February of last year. February totaled $300,307,768, compared with Holdings of discounted paper on the last $302,452,384 purchased in January and $147,- Friday in February totaled $2,453,511,000, 410,093 in February, 1919. Of the total bills compared with $2,174,357,000 on the last purchased during the month under review Friday in January and $1,879,820,000 at the $294,008,887 were bankers' acceptances, and end of February, 1919. About 65 per cent of of these about 77 per cent were based upon papjer held about the end of the month under foreign trade transactions, less than one-half review was made up of war paper, compared of which represent import transactions. Purwith about 67 per cent at the end of January chases of trade acceptances during the month and 89 per cent at the end of February of last by the New York, Cleveland, and San Franyear. Discounted trade acceptances held on cisco banks totaled $3,348,881, this total being the last Friday in February totaled $18,508,000, comparable with $2,706,602 shown for January compared with $24,886,000 held at the end of and $2,755,364 for February, 1919. All but January and $13,400,000 on the last Friday of $29,312 of the most recent total was drawn in February, 1919. Holdings of agricultural paper the foreign trade. totaled $30,125,000, compared with $23,- The average maturity of all the paper 212,000 about the end of January and $32,- purchased by the Federal Reserve Banks during 572,000 on the corresponding date the year the month under review was 50.5 days compared before, while holdings of live-stock paper with 47.05 days for January and 45.67 days totaled $37,070,000, compared with $33,693,000 for February, 1919. The avearge maturities a month earlier and $31,345,000 last year. Of were considerably shorter for the Boston and the total agricultural paper held, about 83 per New York banks, being 25.93 for the former cent constituted the combined share of the and 45.11 for the latter. The rates of discount Chicago, Kansas City, and San Francisco charged on the purchased paper varied between banks, while live-stock paper holdings are 5 and 6^ per cent, the largest amounts taking concentrated largely in the Kansas City and the 5i, 5|, and 5J per cent rates. The Minneapolis banks. average rate taken by these bills is 5.53 per During the month under review the member- cent, compared with 5.10 per cent the ship of the system increased from 9,112 to month before and 4.24 per cent for February, 9,161 institutions, while the number of mem- 1919. ber banks accommodated through discount of On the last of February the Federal Reserve paper decreased from 3,499 in January to Banks held a total of $536,205,000 of purchased 3,338 in February. In the following exhibit bills, compared with $562,010,000 held at the is presented the number of member banks in close of January and $276,920,000 at the close each Federal Reserve district at the end of of February of last year. Of the most recent January and February of the present year, total $530,825,000 were bankers' acceptances, also the number of members accommodated of which $364,940,000, or 69 per cent, were during each of these two months. accepted by member banks, $72,227,000, or 14 per cent, were bills accepted by nonmember Number of member Number of member State banks and trust companies, $60,218,000, Federal Reserve banks in district. banks accommodated. or 11 per cent, were bills accepted by private Bank. Feb. 29. Jan. 31. Feb. 29. Jan. 31. banks, and $33,440,000 were bills accepted by Boston 431 431 227 foreign banks or their agencies. Of the New York.... 762 757 343 375 $5,380,000 of purchased trade acceptances Philadelphia.. 682 682 374 393 Cleveland 851 845 226 238 held at the close of the month $4,800,000 were Richmond 592 586 243 264 Atlanta 431 429 153 159 bills drawn in the foreign trade and $580,000 Chicago 1,380 1,377 588 568 bills drawn in the domestic trade. The bills St. Louis 542 542 209 204 Minneapolis.. 925 928 221 228 in the foreign trade are largely drawn by Kansas City.. 1,051 1,042 276 297 Dallas 761 762 217 210 exporters in the Far East on American import San Francisco 753 731 261 256 houses and are held entirely by the New York Total.. 9,161 9,112 3,338 and San Francisco banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 FEDERAL RESERVE BULLETIN. APRIL, 1920. Total discount and open-market operations of each Federal Reserve Bank during the months of February, 1920 and 1919. Total. Federal Reserve Bank. co B m u i e n ll m t s e d b d i e s f r o - r bou o B p g i e l h l n s t in U b S o n ta n i t t d e e s s d . V U S i n t c a i t t t o e e r s d y i U c n e d n r i e ti t b f e i t d c e a d S te n t s e a s t o e s f s . U S T n t o a i t t t a e e l s d February, February, banks. market. notes. securities. 1920. 1919. Boston $436,605,477 279,443 $4,900 $34,345,000 $34,349,900 $489,234,820 $379,081,553 New York 3,798,318,695 215,203 98,005,000 98,005,000 4,072,538,898 3,041,498,231 Philadelphia 558,269,227 250,264 11,397,500 11,397,500 571,916,991 643,150,003 Cleveland 276,972,511 992,887 22,025,000 22,025,000 329,990,398 212,424,705 Richmond 264,321,926 084,675 9,000,000 9,000,000 277,406,601 279,254,369 Atlanta 136,708,463 736,639 5,000,000 5,000,000 148,445,102 111,680,376 Chicago 472,689,546 733,259 53,642,500 53,642,500 562,065,305 276,621,470 St. Louis 166,776,803 749,013 4,657,000 4,657,000 177,182, 816 127,923,659 Minneapolis 62,836,131 395,036 2,063,000 2,063,000 68,294,167 18,047,882 Kansas City 105,406,440 450,000 29,791,000 29,791,000 135,647,440 90,856, 720 Dallas 74,720,062 630,000 9,000,000 9,000,000 85,350,062 93,354,695 San Francisco 163,813,801 791,349 25,370,000 25,370,000 203,975,150 180,925,144 Total, February, 1920 6, 517,439,082300,307, 768 4,900 304,296,000 304,300,900 7,122,047,750 Total, February, 1919 4,980,935,514 147,410,093 $146,200 326,327,000 326,473,200 5,454, 818,807 Total, 2 months ending Feb. 29,1920 12,758,710,571 602,760,152 200,100 4,900 946,671,500 946,876,500 14,308,347,223 Total, 2 months ending Feb. 28,1919 10,975,317,779 348,901,799 1,160,375 1,154,774,000 1,155,934,375 112,480,154,953 1 Includes $1,000 municipal warrants. Average amount of earning assets held by each Federal Reserve Bank during February, 1920, earnings from each class of earning assets, and annual rates of earnings on basis of February, 1920, returns. Average daily e h a o rn ld in in g g a s s o se f t t s h . e several classes of Earnings from— Calcu e l a a r t n e i d n g a s n n fr u om al — rate of Dis b co il u ls n . ted Pur b c i h ll a s s . ed U s S e t n t i c a e i u t t s e e r . i s d - Total. co b D u il n is l t s - e . d c b h P i a u l s l r e s - . d s U S e t t n i c a e i u t t s e r e . i s d - Total. co b D u il n i l s t s - e . d c b h P i a u l s l r e s - . d U s S e t n t i c a e i u t t s e e r . i s d - Total. P.ct. P.ct. P.ct. P.ct. Boston $176,056,650 $28,548,510 $23,419,202 $228,024,362 $718,437 $109,887 $40,030 $868,354 5.15 4.86 2.16 4.81 New York 796,203,720 208,503,683 69,926,231 1,074,633,634 3,259,688 844,109 125,297 4,229,094 5.15 5.02 2.25 4.95 Philadelphia 203,426,600 7,329,650 32,856,521 243,612,771 841,897 28,296 55,360 925,553 5.03 4.85 2.12 4.78 Cleveland 155,771,272 73,588,839 25,196,995 254,557,106 647,020 298,880 41,735 987,635 5.23 5.11 2.08 4.88 Richmond 101,482,174 10,213,508 13,804,945 125,500,627 425,549 40,783 22,004 488,336 5.28 5.03 2.01 4.91 Atlanta 98,801,409 15,801, 727 15,979,203 130,582,339 401,964 61,353 24,615 487,932 5.32 5.08 2.01 4.88 Chicago 344,154,746 72,781,873 46,776,100 463,712,719 1,427,146 290,524 80,363 1,798,033 5.23 5.04 2.17 4.89 St. Louis 100,776,674 10,060,142 18,588,279 129,425,095 418,434 40,238 30,951 489,623 5.23 5.03 2.10 4.76 Minneapolis 69,220,827 4,245,621 8,666,966 82,133,414 285,743 16,611 13,870 316,224 5.21 4.94 2.02 4.86 Kansas City 89,795,805 9,333,335 26,399,781 125,528,921 390,511 37,382 53,356 481,249 5.49 5.05 2.55 4.84 Dallas . 65,040,412 1,542,391 12,610,897 79,193,700 255,834 7,191 21,062 284,087 4.95 5.80 2.12 4.51 San Francisco 101,653,269 105,063,926 14,945,174 221,662,369 415,069 417, 849 25,555 858,473 5.15 5.02 2.16 4.89 Total, February, 1920....2,302,383,558 547,013,205 309,170,294 3,158,567,057 9,487,292 2,193,103 534,198 12,214,593 5.20 5.06 2.18 4.88 Total, February, 1919....1,763,226,458 276,087,481 186,371,845 2,225,685,784 5,652,919 899,688 330,891 6,883,498 4.18 4.25 2.31 4.03 Bills discounted during the month of February, 1920, distributed by classes; also average rates and maturities of bills discounted by each Federal Reserve Bank. Member banks' collateral Federal Reserve Bank. o C s m e b G u c l e p s i u o g t n a r o v a p e t m e t d e w i r o r n e b a n r - r s y s ' . G S w o e a c v r u e o r r e n b d m li g b e n a n y o - t tes. O se th c e u r r w ed is . e a a T c n r c c a e e d p s e t . - B a a a c n n c c e k e p e s t r . - s' d A i l s l c o o u t n h t e s r . Total. m i A d t a a y a v g t y e u e i s r n r . - - b A ( r a d 3 a a v s 6 g a t e i 5 y e e s r - ) - . tions. Boston $18, 311,147 $356,063,400 $256,540 $9,873,734 $52,100,656 $436,605,477 14.36 5.54 New York 113,699,863 3,255,371,528 M,456,339 3,582,778 421,208,187 3,798,318,695 7.32 5.42 Philadelphia 24,691,564 436,329,478 $73,000 837,038 1,829,824 94,508,323 558,269,227 12.56 5.46 Cleveland 536,260 233,191,348 80,000 1,033,485 31,900 33,099,518 276,972,511 17.71 5.46 Richmond 712,949 240,649,100 1,230,000 505,337 15,224,540 264,321,926 11.26 5.50 Atlanta 501,165 112,655,710 355,000 311,134 278,892 20,606,562 136,708,463 21.91 5.55 Chicago 725,734 310,331,750 75,000 895,601 11,815,524 138,845,937 472,689,546 30.90 5.63 St. Louis 537,821 95,961,679 1,020,716 80,000 63,176,587 166,776,803 19.32 5.62 Minneapolis 323,812 41,120,000 365,065 72,716 19,954,538 62,836,131 31.58 5.70 Kansas City 063,206 66,643,120 4,300,419 317,575 31,082,120 105,406,440 32.33 5.79 Dallas 97,214 68,995,318 190,000 7,430 5,430,100 74,720,082 18.74 5.32 San Francisco 099,007 127,666,625 480,000 21,277,595 1,115,577 31,174,997 163,813,801 20.28 5.55 Total, February, 1920 199,299,742 5,344,979,056 7,148,484 10,991,506 28,608,329 926,412,065 6,517,439,082 12.26 5.52 Total, February, 1919 114,508,075 4,641,121,290 11,337,755 8,879,930 737,420 204,351,044 4,980,935,514 10.74 4.14 1 Includes $262,300 in the foreign trade. 1 Includes $253,565 in the foreign trade. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL, RESERVE BULLETIN. 413 Bankers' and trade acceptances in the foreign and domestic trade and dollar exchange bills purchased during the month of February, 1920; also average rates and maturities of total bills purchased by each Federal Reserve Bank. Bankers' acceptances. Trade acceptances. Aver- Aver- age Federal Reserve Bank. In the In the In the In the ex D ch o a ll n a g r e. p T u o r t c a h l a b s i e l d ls . m a a g tu e r- ( r 3 a 6 t 5 e domestic foreign Total. domestic foreign Total. ity in day trade. trade. trade. trade. days. basis). P. cent. Boston $5,684,159 $12,595,284 $18,279,443 $18,279,443 25.93 5.48 New York 31,841,680 140,059,287 171,900,967 $1,449,236 $1,449,236 $2,865,000 176,215,403 45.11 5.53 Philadelphia 409,579 1,840,685 2,250,264 2,250,264 58.47 5.55 Cleveland 7,291,247 23,635,640 30,926,887 $16,000 16,000 50,000 30,992,887 62.38 5.55 Richmond 999,500 3,085,175 4,084,675 4,084,675 62.84 5.59 Atlanta 3,649,872 3,086,767 6,736,639 6,736,639 70.34 5.29 Chicago 9,108,263 26,624,996 35,733,259 35,733,259 67.15 5.60 St. Louis 2,656,047 3,092,966 5,749,013 5,749,013 50.16 5.33 MinncaDolis 2,269,642 1,125,394 3,395,036 3,395,036 71.12 5.13 Kansas City 450,000 450,000 450,000 76.00 5.57 Dallas 680,000 950,000 1,630,000 1,630,000 50.86 5.61 San Francisco 1,327,643 11,545,061 12,872,704 13,312 1,870,333 1,883,645 35,000 14,791,349 61.07 5.53 Total, February, 1920 65,917,632 228,091,255 294,008,887 29,312 3,319,569 3,348,881 2,950,000 300,307,768 50.50 5.53 Total, February, 1919.... 61,804,082 81,381,667 143,185,749 499,382 2,255,982 2,755,364 1,468,980 147,410,093 45.67 4.24 Bills discounted by each Federal Reserve Bank during the three months ending Feb. 29, 1920, distributed by rates of discount; also average rates and maturities of all bills discounted by each Federal Reserve Bank. 4J per cent. 41 per cent. 4f per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Boston $47,379,500 $29,815 $253,907,489 $329,434 $671686,002 $1,160,977 New York 274,236,000 89,490 2,206,402,633 1,470,222 6,245;924,810 6,550,106 Philadelphia.. 5,436,750 9,503 480,889,064 503,689 1,024,580,930 1,768,244 Cleveland 17,754,000 26,797 128,796,282 207,406 434, 175,717 938,845 Richmond 489,500 709 199,167,819 217,976 473,016,051 639,786 Atlanta 4,437,500 7,642 104,431,629 200,877 208, 408,488 547,775 Chicago 21,952,000 36,830 290,494,608 543,547 735,711,338 2,629,613 St. Louis 4,966,000 4,416 160,144,080 222,599 223, 764,060 642,724 Minneapolis.. 2,724,000 2,713 40,228,668 68,765 102,351,850 282,703 Kansas City.. 1,251,000 1,434 42,165,308 69,872 63,281,354 121,174 Dallas 2,215,000 3,813 88,639,321 149,282 35,896,000 68,640 San Francisco 90,174,083 122,957 108,519,577 123,781 260, 007,432 542,211 Total... 473,015,333 336,119 4,103,786,478 4,107,450 10,478,804,032 15,892,798 5 per cent. &l per cent. 5§ per cent. 5| per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Boston $14,554,904 $100,908 $278,037,772 $354,743 New York 249,363,253 174,446 1,703,838,036 2,935,225 Philadelphia. . 14,740,825 41,447 414,951,193 650,754 Cleveland 72,263,725 226,566 S52,359 $1,147 154,417,245 359,963 Richmond 4,871,143 4,752 243,986,285 354,775 Atlanta 5,823,159 15,477 88,557,214 216,750 Chicago 17,871,289 129,881 166,137,073 493,104 $20,000 $49 St. Louis 24,221 137 75,943,537 184,113 Minneapolis.. 24,801,475 272,669 26,757,277 123,503 20,000 48 Kansas City.. 89,310,204 348,491 127,194,371 525,489 Dallas 57,127,110 175,580 18,417 26,603,305 57,473 San Francisco 11,509,766 94,018 71,117,465 237,183 20,000 25 Total... 562,261,074 1,584,372 1,890, 967 39,564 3,377,540,773 6,493,075 60,000 122 6 per cent. 7 per cent. Total. Average Average Federal Reserve Bank. maturity, in rate (365- Amount. Discount. Amount. Discount. Amount. Discount. day basis). Per cent. Boston $61,223,252 $476,655 $1,326,788,919 $2,452,532 13.45 5.02 New York 454,101,496 987,986 11,133,866,228 12,207,475 8.06 4.96 Philadelphia 109,353,222 311,380 2,049,951,984 3,285,017 11.84 4.94 Cleveland 39,846,827 275,218 847,306,155 2,035,942 17.53 5.00 Richmond 22,631,347 156,689 944,162,145 1,374,687 10.63 5.00 Atlanta 26,615,343 245,814 $5,000 $84 438,278,333 1,234,419 20.42 5.03 Chicago 154,631,907 1,543,915 1,386,818,215 5,376,939 27.80 5.09 St. Louis 76,704,444 331,797 541,546,342 1,385,786 18.51 5.05 Minneapolis 22,879,074 245,925 219,762,344 996,326 32.12 5.15 Kansas City 48,139,636 536,554 371,341,873 1,603,014 29.10 5.41 Dallas 5,531,719 63,485 217,851,063 556,690 18.76 4.97 San Francisco 30,561,238 254,858 571,909,561 1,375,033 17.55 5.00 Total 1,052,219,505 5,430,276 5,000 84 20,049,583,162 33,883,860 12.28 5.02 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 FEDERAL RESERVE BULLETIN. APRIL, 1920. Acceptances purchased by each Federal Reserve Bank (hiring the three months ending Feb. 29, 1920, distributed by rates of discount; also average rates and maturities of acceptances purchased by each Federal Reserve Bank. 4i per cent. 4A per cent. 4| per cent. 4 A Per cent. 4£ per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Boston... . $592,770 $1,806 New York. $134,115 $329 $4,017,368 $ii,523 $i49,832 $474 90,865,932 214,904 Philadelphia.. 104,650 315 150,000 273 100,000 185 130,838 1,040 Cleveland 710,969 1,847 184,557 559 122,432 191 1,219,711 3,825 Richmond.. Atlanta 5,598,564 44,583 Chicago.. 544,912 1,915 4,359,012 29,627 St Louis $50,000 $431 50,000 358 1,025,000 4,095 Minneapolis 14,214 50 469,372 3,094 Kansas City 1,329,052 4,960 Dallas . .. San Francisco 115,000 1,104 173,814 685 34,530 54 2,397,348 11,499 Total 949,734 2,491 165,000 1,535 5,134,865 15,363 406,794 904 107,987,599 319,433 4& per cent. 4f per cent. 4H per cent. 4f per cent. 4H per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Boston $1,238,680 $3,491 $3,133,141 $17,143 $2,634,140 $14,953 $8,704,003 $60,138 $8,314,538 $65,893 New York. 1,223,327 6,937 10,640,217 65,444 352,581 2,662 133,388,277 829,930 3,119,777 33,818 Philadelphia 1,670,150 14,983 1,935,637 16,031 Cleveland 259,473 577 3,621,369' 23,270 348,386 1,469 17,089,944 150,524 523,609 4,447 Richmond ' 9,924,120 87,843 Atlanta . 4,247,584 37, 377 Chicago 50,000 177 3,679,061 24,179 37,000 217 24,846,100 234,101 440,628 4,703 St Louis 723,900 4,133 3,020,387 30,072 50,000 87 Minneapolis 63,963 407 1,227,221 12,449 9,791 119 Kansas City 2,111,005 13,331 40,022 302 6,054,393 60,922 387,908 4,429 Dallas 267,400 1,038 San Francisco 4,068,749 28,320 430,576 3,784 28,074,256 225,410 651,807 5,235 Total 2,771,480 11,182 29,711,555 191,210 3,842,705 23,387 238,779.322 1,745,835 13,498.058 118,731 4g per cent. 4H Per cent. 5 per cent. 5^ per cent. 5£ per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Boston $6,707,332 $50,773 $3,558,091 $39,376 $5,547,310 $45,537 $25,000 $292 $4,073,502 $27,262 New York . . .. 24,632,834 210,308 242,284 1,962 33,319,626 361,785 1,308,005 15,332 5,325,787 62,188 Philadelphia 1,817,009 20,268 224,042 2,352 Cleveland 8,639,057 79,192 164,381 1,363 12,457,727 139,503 253,076 2,933 2,650,227 25,396 Richmond-. Atlanta 1,313,892 12,646 Chicago 10,284,097 95,853 39,902 345 11,453,021 127,887 102,603 1,241 3,401,820 36,521 St. Louis 329,471 2,175 475,000 4,626 3,926,579 36,820 403,974 1,426 845,575 5,478 Minneapolis 213,424 1,963 3,020,036 29,575 Kansas City 7,697 88 407,120 4,577 100,000 1,055 Dallas 1,028,060 6,247 San Francisco 23,351,804 220,595 1,210,724 7,910 29,363,529 327,349 1,089,249 12,050 6,255,462 63,468 Total 75,982,725 681,215 6,097,502 60,159 101,753,822 1,090,756 3,181,907 33,274 22,552,373 220,313 5& per cent. 5£ per cent. 5& per cent. 5f per cent. 5^ per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Boston $15,480,968 $46,514 $4,728,287 $21,600 $5,144,402 $27,365 $1,999,177 $17,160 New York. $100,000 $1,196 128,593,736 381,039 1,188,627 4,816 34,367,153 296,066 1,796,353 18,611 Philadelphia 520,092 2,073 734,772 6,764 329,410 3,667 Cleveland 186,819 1,126 5,938,624 37,526 175,000 1,284 12,868,697 97,774 260,248 1,731 Richmond Atlanta... 7,831,963 73,200 Chicago 9,221,460 79,438 126,837 795 12,485,948 114,737 135,000 1,141 St. Louis 200,000 1,931 3,544,380 27,741 Minneapolis Kansas City Dallas 62,085 214 San Francisco 120,113 1,447 5,781,951 44,652 786,420 6,983 6,890,644 55,156 308,293 2,787 Total 606,932 5,700 176,975,259 692,397 7,005,171 35,478 72,491,616 597,862 4,828,481 45,097 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 415 Acceptances purchased by each Federal Reserve Bank during the three months ending Feb. 29, 1920, distributed by rates of discount; also average rates and maturities of acceptances purchased by each Federal Reserve Bank—Continued. 5J per cent. 5ft P©r cent. 5f per cent. 5H per cent. 5f per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. $1,700,802 $17,138 $1,089,253 $2,635 $658,695 $1,399 New York 44,685,380 512,844 $2,591,078 $33,994 9,319,054 114,121 $220,253 $2,888 5,487,126 62,117 Philadelphia 568,864 5,746 200,569 2,615 165,546 2,034 Cleveland 13,964,069 161,900 145,315 1)543 3,434,267 35,076 1,277,536 9,754 Richmond 5,105,175 48,144 Atlanta 400,000 4,644 Chicago 12,509,095 148,422 2,616,397 30,945 2 353 581 29,239 St. Louis . 550,000 3,590 ::::::::: 300 000 719 Minneapolis 375,000 4,354 Kansas Citv 450,000 5,225 i Dallas 1,435,000 10,963 110,000 1,524 San Francisco 5,989,914 65,296 155,121 1,963 1,408,498 15,952 299 143 3,630 Total 87,733,299 988,266 3,092,083 40,115 18,033,015 200,763 220,253 2,888 10,486,081 108,382 5£ per cent. 6 per cent. 64 per cent. Total. Average Average Federal Reserve Bank. maturity rate Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. in days. (3 b 6 a 5 s - is d ) a . y Per cent. Boston $904,050 $2,601 $170,278 $38 $76,404,419 $463,114 43 70 * Oft New York 1,658,743 21,643 826,931 7,994 539,554,396 3,274,925 43.22 ! 5.13 Philadelphia 8,651,579 78,346 65.98 5.01 Cleveland 118,800 1,008 927,312 3,847 87,541,605 787,665 63.36 1 5.18 Richmond 155,000 1,403 15,184,295 137,390 65 15 * ft7 Atlanta 19,392,003 172,450 65.15 4.98 Chicago 1,900,000 27,466 1,450,000 14,158 $200,000 $3,056 102,236,474 1,006,163 69.44 5.17 St. Louis 300,000 734 156,500 391 15,950,766 124,807 56.55 5.05 Minneapolis 5,393,021 52,011 70.37 5.00 10,887,197 94,889 65.81 4.83 Dallas :::::::::::: 85,666 269 2,987,545 20,255 45.93 5.39 San Francisco 328,000 4,333 119,284,945 1,109,662 67.26 5.05 Total 5,209,593 57,785 3,771,021 28,100 200,000 3,056 1,003,468,2457,321,677 52.11 5.11 Discounted bills, including member banks1 collateral notes, held by each Federal Reserve Bank on the last Friday in February, 1920, distributed by classes. [In thousands of dollars.] Member banks' collateral notes. Customers' Federal Reserve Bank. c p u A a lt p g u r e r i r - a . l Li p v a e p -s e t r o . ck o s m e b G c l p e i u o g n a r v a t p e e t d e w i r r o n a b n - r y s. S m e G o c e o b u n v l r t i e e g d w r a n - a b - r y O s t e h c e u r r w ed is . e a a T c n r c c a e e d p s e t . - B a a a c n n c c k e e p e s t r . - s' d A is ll c o o u th n e ts r . Total. tions. Boston 29 57,642 46,828 1,010 10,886 64,029 180,424 New York 274 152,671 477,610 5,643 9,536 207,232 852,966 Philadelphia 151 80,702 84,324 510 1,790 43,987 211,468 Cleveland 94 13,371 112,459 40 1,510 32 48,410 175,984 Richmond 529 4 11,547 68,236 415 1,456 22,265 104,452 Atlanta 548 119 3,638 59,200 95 447 279 38,307 102,633 Chicago 12,010 13,077 164,122 1,710 12,623 169,290 372,832 St. Louis 131 258' 8,290 42,863 592 2,370 1,593 49,898 105,995 Minneapolis 1,868 10,459 5,006 23,246 377 70 27,730 68,756 Kansas City 5,606 20,485 4,590 ^33,172 1,850 574 4 32,288 98,569 Dallas 1,349 3,484 174 53,730 65 13,046 71,848 San Francisco 7,536 2,189 2,796 53,686 310 3,208 2,335 35,524 107,584 Total, February, 1920 30,125 37,070 353,504 1,219,476 3,744 18,508 39,078 752,006 2,453,511 Total, February, 1919 32,572 31,345 241,953 7,302 13,400 1,178 126,057 1,879,820 Per cent, February, 1920 1.2 1.5 14.4 .2 .8 1.6 30.6 100.0 Per cent, February, 1919 1.7 1.7 12.9 .4 .7 .1 6.7 100.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 FEDERAL RESERVE BULLETIN. APRIL, 1920. Acceptances purchased by each Federal Reserve Bank, and held on Feb. 28,1920, distributed by classes of accepting institutions. [In thousands of dollars.] Bank acceptances. Trade acceptances. Federal Reserve Bank. M ba e n m k b s e . r c m o N t e m r m u o p s n b a t - e n r - m S N e t m o a n t b e - er P b r a i n v k a s te . b F r b o a a a r n n e n c d i h k g e n s Total. Domestic. Foreign. Total. G to r t a a n l d . ies. banks. agencies. Boston 14,268 45 266 1,523 386 16,488 16,488 New York 136,149 628 39,007 31,747 20,194 227,725 534 2,998 3,532 231,257 Philadelphia . 5,912 75 396 155 214 6,752 6,752 Cleveland 46,724 351 10,626 9,781 4,257 71,739 16 16 71,755 Richmond 10,052 325 10,377 10,377 Atlanta 14,109 440 1,411 678 103 16,741 16,741 Chicago 66,048 96 2,088 2,559 151 70,942 70,942 St. Louis 10,175 350 10,525 10,525 MirmAapnJis 3,168 677 265 4,110 4,110 Kansas City 5,302 25 1,150 234 126 6,837 6,837 Dallas 1,250 500 1,750 1,750 San Francisco 51,783 440 13,331 13,541 7,744 86,839 30 i,802 1,832 88,671 Total: Feb. 28 1920 364,940 2,100 70,127 60,218 33,440 530,825 580 4,800 5,380 536,205 Jan. 31,1920 . 383,375 6,134 68,592 61,218 36,103 555,522 1,893 4,595 1 6,488 562,010 Dec. 31 1919 405,339 5,121 60,213 55,537 40,159 566,369 2,540 5,194 7,734 574,103 Feb. 28,1919.. 219,423 2,418 15,110 22,062 13,586 271,488 730 3,691 4,421 276,920 Feb. 28 1918 252,747 1,648 3,856 28,419 7,097 293,767 5,456 299,223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 417 OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM, FEB. 16 TO MAR. 15,1920. [Amounts in thousands of dollars.] Items drawn on banks in own district. Total. Items drawn on Federal Reserve Bank or branch. Lo a R n c e d a s te e b d r r v a in n e c F h B e c d a i e t n r ie a k s l . Lo F B c e a a d n te e k d r a a l n o d R u b e t r s s a e i n r d v c e h e T U r n e it a ed su S r t e a r te s. of Number. Amount. cities. Number. Amount. Number. Amount. Number. Amount. 1919 1920 1910 Boston 688,799 2,393,574 370,685 89,957 22,782 3,172,330 2,438,206 983,366 734,061 New York 816,240 1,994,152 3,245,994 ,742,382 632,226 203,709 4,694,460 4,446,441 3,940,243 3,179,826 Buffalo 157,080 97,745 290,201 47,827 6,443 1,120 453,724 146,692 Philadelphia ,270,765 789,918 1,566,999 209,294 124,833 48,812 2,962,597 1,734,141 1,048,024 836,687 Cleveland 274,386 245,405 941,751 181,619 33,003 6,919 1,249,140 712,575 433,943 291,839 Cincinnati 148,864 161,732 641,271 101,732 33,358 3,328 823,493 503,658 266,792 167,483 Pittsburgh 309,379 298,529 692,196 92,747 20,997 6,024 1,022,572 554,993 397,300 268,565 Richmond 1 90,881 1178,933 1,168,975 245,964 31,098 5,564 1,290,954 849,095 430,461 309,120 Baltimore 186,826 154,144 572,293 64,134 44,264 8,558 803,383 379,046 226,836 138,270 Atlanta 91,203 84,340 348,276 73,553 17,963 4,989 457,442 485,642 162,882 169 871 Birmingham 41,382 22,317 136,848 14,169 13,942 3,128 192,172 105,869 39,614 23,191 Jacksonville 44,814 23,995 143,683 18,529 7,436 1,564 195,933 109,345 44,088 26,197 Nashville 61,291 37,707 191,027 24,609 8,454 2,307 260,772 64,623 New Orleans 60,116 61,862 126,377 20,569 14,929 2,820 201,422 140,909 85,251 56,551 Chicago 760,390 941,990 3,007,475 582,061 123,310 28,016 3,891,175 2,042,666 1,552,067 841,189 Detroit 181,046 165,453 288,003 36,173 25,899 7,154 494,948 113,914 208,7S0 66,973 St. Louis 261,754 291,449 1,162,542 136,294 57,226 8,655 1,481,522 812,011 436,398 270,458 Little Rock 46,688 31,127 220,587 22,421 4,633 1,376 271,908 91,848 54,924 18,570 Louisville 75,513 76,302 314,364 28,248 )3,920 7,145 403,797 165,311 111,695 73,060 Memphis 68,043 47,565 186,549 17,854 6,957 1,628 261,549 95,859 67,047 27,337 Minneapolis 232,346 149,235 1,078,958 108,798 13,825 10,300 1,325,129 657,929 268,333 138,041 Kansas City 341,346 408,246 2,331,297 307,417 43,757 6,005 2,716,410 1,241,012 721,668 399,166 Denver 74,195 53,816 307,193 25,590 11,172 3,091 392,560 223,570 82,498 43,237 O maha 91,611 97,066 502,304 75,233 11,378 1,301 605,293 258,681 173,600 82,801 Dallas 132,121 166,612 1,361,830 402,361 21,288 6,039 1,515,239 650,474 575,012 209,300 El Paso 34,250 12,973 124,048 14,108 15,448 2,693 173,746 112,684 29,774 18,0ia Houston 59,144 46,194 301,631 38,525 32,544 1,786 393,319 86,505 San Francisco 117,133 97,594 235,516 26,575 39,448 76,831 392,097 258,586 201,000 231,5 Los Angeles 79,730 52,968 338,397 32,086 16,154 7,214 434,281 92,268 Portland 49,921 34,963 117,151 9,301 14,433 5,416 181,505 118,805 49,680 44,209 Salt Lake City 40,115 31,554 383,873 36,295 8,248 2,341 432,236 295,966 70,189 40,372 Seattle 57,553 45,653 154,810 15,601 21,856 12,264 234,219 154,972 73,518 48,182 Spokane 26,827 18,318 148,816 12,509 5,586 687 181,229 115,601 31,514 16,015 Total: Feb. 16-Mar. 15,1920.... 6,971,752 7,509,756 25,024,809 5,135,263 1,565,995 511,566 33,562,506 19,869,809 13,156,585 8,770,103 Jan. 16-Feb. 14,1920 6,161,522 7,210,635 23,003,659 4,748,036 1,697,090 561,056 30,862,271 12,519,727 Dec. 16,1919-Jan. 15,1920..6,667,049 8,083,973 24,545,481 5,214 411 1,990,362 745,086 33,202,892 14,043,470 Feb. 16-Mar. 15,1919... 3,416,795 4,574,360 13,781,498 3,098,519 2,671,516 1,097,224 19,869,809 8,770,103 i Includes 1,813 items, amounting to $4,912,000, forwarded directly to banks in Baltimore. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN. APRIL, 1920. Operation of the Federal Reserve clearing system, Feb. 16 to Mar. 15, 1920—Continued. [Amounts in thousands of dollars.] Items forwarded to other Items forwarded to parent Number of business Federal Reserve Banks bank or to branch in days in month. and their branches. same district. Federal Reserve Bank or branch. 1920 1919 Number. Amount. Number. Amount. Boston 24 23 74,104 83,356 New York . 24 23 939,184 559,259 26,745 9,868 Buffalo 24 132,657 31,363 33,449 23,314 Philadehohia 25 23 686,162 213,249 Cleveland 24 23 36,780 31,015 44,297 16,846 Cincinnati 24 23 12,258 8,614 9,517 5,468 Pittsburgh 24 23 59,068 41,053 23,836 7,303 Richmond.. 24 23 97,742 53,808 2,441 1,547 Baltimore - 24 23 156,303 112,986 8,545 9,664 Atlanta 24 24 30,101 24,977 60,065 13,172 Birmingham T.T 23 23 16,638 10,548 25,849 40,093 Jacksonville - 24 23 46,991 11,953 9,265 2,159 Nashville. . 24 29,253 10,103 21,434 3,147 New Orleans 23 22 44,835 16,654 7,372 1,270 Chicago 24 23 260,572 40,326 7,254 3,881 Detroit. . 24 22 7,025 13,690 8,768 4,532 St. Louis 24 23 20,907 14,743 15,712 2,725 Little Rock... 24 23 7,637 2,008 24,039 4,309 Louisville 24 23 16,672 4,384 1,281 719 Memphis 24 23 1,916 806 2,809 1,407 23 152,387 92,843 Kansas City 24 23 257,517 96,366 99,907 18,436 Denver . . . .. 24 23 53,409 17,316 40,645 23,478 Omaha 24 38,591 11,702 19,141 13 455 Dallas 9a 22 160,868 12,905 63,263 10,358 El Paso 23 22 33,491 10,472 16,618 4,594 Houston 23 28,912 23,616 18,628 6,162 San Francisco.. .- . .. 24 23 20,712 10,494 61,949 10,757 Los Angeles 94 22,825 13,957 16,620 6 351 Portland 94 23 2,464 1,399 19,316 3,955 Salt Lake City 24 23 5,850 24,269 9,625 12,816 Seattle 24 23 9,362 6,350 33,191 6,318 Spokane '... 24 23 4,585 4,817 16,448 7,233 Total: Feb. 16-Mar. 15,1920 13 467 778 11.611 401 748 029 275 337 Jan. 16-Feb. 14,1920 2 3 100 252 * 1 508 041 715 958 277 877 Dec. 16, 1919-Jan. 15,1920 3 459 680 1,726,154 763,149 322 700 Feb. 16-Mar. 15,1919 3 2,310,516 3 1,268,454 385,187 210,423 Number of incorporated Number of member banks Number of nonmember banks other than mutual in district. banks on par list. savings banks not on par Federal Reserve Bank. list. 1920 1919 1920 1919 1920 1919 Boston 432 424 248 244 New York 767 722 322 320 Philadelphia - ... 682 666 419 338 67 Cleveland 855 821 1,077 786 258 Richmond 594 568 563 329 939 1,189 Atlanta - - 433 422 453 295 1,122 1,281 Chicago 1,381 1,340 4,194 2,599 1,576 St Louis 547 512 2,574 1,248 110 1,353 Minneapolis 930 873 2,925 1,233 1,609 Kansas City .. 1,050 995 3,363 2,167 1,032 Dallas 761 736 1,243 244 1,194 San Francisco 764 656 927 915 103 149 Total 9,196 8,735 18,308 10,718 2,274 9,708 1 Includes 5,695 items, amounting to $1,826,000, forwarded direct to member banks in other Federal Reserve districts. 2 Includes 5,215 items, amounting to $2,015,000, forwarded direct to member banks in other Federal Reserve districts. 3 Includes 138 items, amounting to $1,490,000, forwarded direct to member banks in other Federal Reserve districts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE PAR POINT MAP, APRIL 1,1920. w JUJBantein following f&.Qistricts are on, fitr-Sisc.- Jill bajiKs instates skomi in white are on- par list, and figures indicate JVZ3-Jhitadelphia, total number ofbanfcs instate. Jft4-Cleveland, States in which alt non-member banKs . Chicago, are not on par list, shown-thus. |^^j JTs9- Minneapolis, Upper figures indicate total number following States became JfU-fkr, JTsfO-TfonsasOty, of banics on par list, and lower figures indicate 2 number ofnon - member banJCs notonparlistr. CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 FEDERAL, RESERVE BULLETIN. APRIL, 1920. OPERATIONS OF THE FEDERAL RESERVE BANKS. During the five weeks between February 20 Holdings of acceptances, purchased in open and March 26 discount operations of the Fed- market, show a steady decline from 531.7 to eral Reserve Banks show considerable fluctua- 451.9 millions, apparently as the result of the tions. The smallest holdings of discounted higher rates charged by the Federal Reserve paper, 2,207.7 millions, were shown on March Banks on acceptances purchased in open mar- 19, following the redemption by the Govern- ket as compared with rates charged on acceptment of about 775 millions of tax certificates ances discounted. Differences between the due on March 15, while maximum holdings of amounts of Treasury certificates held on March 2,453.5 millions are reported on February 27. 19 and on previous and subsequent weeks The total on March 26 was 90.7 millions in represent largely the amounts of temporary excess of the corresponding total five weeks special certificates held by the several Federal before. On the whole these operations during Reserve Banks to cover advances to the Treas- March showed an upward trend, the liquida- ury pending collection of funds from depositary tion noted on March 19 representing, as it institutions and their concentration at the were, a mere temporary interruption of an more important financial centers. otherwise steady course of loan expansion Discounted paper held by the several Fedthrough increasing discounts of ordinary com- eral Reserve Banks includes amounts held mercial paper. War paper on hand reached under discount for other Federal Reserve a maximum for the period of about 1,573 mil- Banks. The amount of bills thus held was lions on February 27, and a low level of 1,353.5 largest on March 12, when 115.8 millions of millions on March 19, while the holdings on such paper was carried by seven Federal Rethe last Friday under review, about 1,441 mil- serve Banks for the New York and Philadellions, were 84.2 millions less than the total phia banks. The total declined to 56.4 milreported five weeks earlier. Other discounted lions on the following Friday, but increased to paper on hand shows a continuous gain during 94.4 millions on March 26, carried for the New the first three weeks, a substantial decline on York, Philadelphia, Richmond, and St. Louis March 19 and a large increase on the Friday banks. During the same period holdings of following, the March 26 holdings of this class acceptances purchased from the New York of paper, 1,008.2 millions, being about 175 and Boston banks show a further decline from millions larger than the February 20 total. 30.4 to 5.1 millions, reported by the Cleveland, Of the total discounted bills held by the Atlanta, Kansas City, and San Francisco banks. Federal Reserve Banks the proportion of war Members' reserve deposits varied during the paper was about 65 per cent on February 20, period between 1,886.9 millions on March 12 about 61 on March 19, and less than 59 per and 1,828.9 millions on February 20, while cent on the Friday following. Bills secured Government deposits fluctuated between 133.9 by Treasury certificates, as the result of re- millions on February 27 and 27.7 millions on demptions of certificates before maturity, show the last Friday under discussion. Net deposits a gradual reduction from 573.5 millions on reached a high level of 1,884.6 millions on February 20 to 521.3 millions three weeks later; February 27, but declined to 1,685.6 millions on March 19 the amount had dropped to 366 on March 19. On the following Friday the millions, while on the following Friday the corresponding total was 1,772.9 millions, a total stood at 421.2 millions, constituting 29.2 decrease of 12.9 millions since February 20. per cent of the total war paper held on that Federal Reserve note circulation expanded date, as against 37.6 per cent five weeks before. steadily during the period from 2,977.1 to On the other hand, holdings of paper secured 3,048.0 millions, or at an average weekly rate by Liberty bonds and Victory notes show some of 14.2 millions, as against 33.2 millions for fluctuation and on March 26 aggregated about the previous four weeks, while the banks' 1,020 millions, or about 68 millions in excess combined liabilities on Federal Reserve bankof the February 20 total. note circulation declined from 240.9 to 201.4 During the period under review the average millions. maturity of the paper held by the Federal As against a reduction of 35.2 millions in Reserve Banks shows some increase, mainly gold reserves the banks show a gain of 56.8 through the decline in the share of 15-day paper millions in other cash reserves. The loss in from 64 to 58 per cent, and through commen- gold was caused by further export withdrawals, surate increases, both absolute and relative, largely for shipments to Argentina, Uruguay, in the amounts of paper with longer maturities. and the Far East, while the gain in other cash Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 421 reserves represents the aggregate of transfers the reserve ratio of the banks shows but slight to the New York Federal Keserve Bank of variations between February 20 and March 12; silver accumulated by the Treasury with a on the following Friday, as a consequence of view to meeting the demand for the white the considerable gain in reserves, the ratio metal in China and other Far Eastern coun- went up from 42.5 to 43.5 per cent. On March tries. These silver deposits are therefore sub- 26, mainly because of the large increase of ject to withdrawal for export under the direc- discounts and net deposits, the ratio declined tion of the Treasury and the Federal Reserve to 42.7, the percentage shown five weeks Board. As the result of these developments before. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Feb. 27 to Mar. , 1920. RESOURCES. [In thousands of dollars.] Boston. Y N o e r w k. P p d h h e i i l l a - a . - C la le n v d e . - m R o ic n h d - . la A n t t - a. c C a h g i o - . Lo S u t. i s. I a M po in li n s e . -K C an it s y a . s c F S i r s a a c n n o - . Total. Gold and gold certificates: Feb.27 9,892 118,312 918 13,064 2,331 8,544 24,268 3,773 7,218 354 7,018 11,185 206,877 Mar.5 10,173 97,809 889 5,102 2,346 8,667 24,208 3,616 7,233 390 7,004 12,725 180,162 Mar. 12 10,338 83,577 928 10,175 2,362 8,717 24,165 3,371 7,251 413 7,135 11,546 169,978 Mar. 19 10,904 72,586 970 10,226 2,370 8,816 24,358 3,119 7,203 509 7,458 11,141 159,660 Mar.26 11,232 65,833 995 10,014 2,409 8,907 24,502 4,409 7,225 549 7,109 11,053 154,237 Gold settlement fund, Federal Reserve Board: Feb.27 60,019 23,501 30,490 38,767 32,826 14,616 67,808 14,255 18,751 40,796 14,019 29,746 385,594 Mar.5 51,402 25,625 30,070 48,422 31,438 23,729 59,369 9,167 23,715 38,716 18,303 29,376 389,332 Mar. 12 39,512 48,093 36,410 35,112 31,268 19,569 58,825 16,534 20,018 34,445 15,592 36,271 391,649 Mar. 19 65,303 28,457 31,836 59,917 28,137 17,036 60,942 10,395 23,943 31,779 7,980 22,546 388,271 Mar.26 28,545 57,898 31,430 41,610 22,740 20,757 56,948 7,790 17,403 34,539 11,824 31,648 363,132 Gold with foreign agencies: Feb.27 8,236 41,406 9,026 9,251 5,528 4,062 13,426 5,303 3,046 .5,415 2,933 5,190 112,822 Mar.5 8,236 41,406 9,026 9,251 5,528 4,062 13,426 5,303 3,046 5,415 2,933 5,190 112,822 Mar. 12 8,233 41,390 9,023 9,248 5,526 4,060 13,421 5,301 3,045 5,413 2,933 5,188 112,781 Mar. 19 8,233 41,390 9,023 9,248 5,526 4,060 13,421 5,301 3,045 5,413 2,933 5,188 112,781 Mar.26 8,233 41,390 9,023 9,248 5,526 4,060 13,421 5,301 3,045 5,413 2,933 5,188 112,781 Gold with Federal Reserve agents: Feb.27 89,259 308,402 86,210 124,045 32,135 54,541 204,693 52,617 33,581 38,017 32,182 89,797 1,145,479 Mar.5 88,136 308,798 84,598 132,208 30,360 53,896 198,695 50,608 33,751 38,577 31,419 87,644 1,138,690 Mar.12 92,710 308.338 86,371 132,109 28,646 56,086 192,407 51,920 33,566 37,508 30,790 92,125 1,142,576 Mar. 19 92,259 307,936 86,619 132,969 30,318 56,770 201,066 48,786 33,290 38,364 31,533 101,785 1,161,695 Mar.26 100,107 312,568 87,592 132,459 39,067 54,839 197,160 47,594 33,939 37,106 35,991 108,407 1,186,829 Gold redemption fund: Feb.27 15,460 25,000 12,869 1,905 10,747 5,928 19,690 6,379 210 4,708 2,470 10,698 116,064 Mar.5 17,330 27,000 13,369 422 5,718 7,446 22,784 5,677 4 4,019 3,079 9,223 116,071 Mar.12 13,462 26,988 12,855 442 7,143 6,307 27,790 6,695 58 4,934 3,591 9,115 119,380 Mar. 19 15,675 27,000 12,265 1,307 8,297 5,750 18,819 7,171 335 3,921 2,719 8,915 112,174 Mar.26 17,635 27,000 11,499 684 6,248 6,253 22,479 6,813 5,063 3,156 10,284 117,776 Total gold reserves: Feb.27 : 182,866 516,621 139,513 187,032 83,567 87,691 329,885 82,327 62,806 89,290 58,622 146,616 1,966,836 Mar.5 175,277 500,638 137,952 195,405 75,390 97,800318,482 74,371 67,749 87,117 62,738 L44,158 1,937,077 Mar.12 164,255 508,386 145,587 187,086 74,945 94,739316,608 83,821 63,938 82,713 60,041 154,245 1,936,364 Mar.19 192,374 477,369 140,713213,667 74,648 92,432318,606 74,772 67,816 79,986 52,623 L49,575 1,934,581 Mar.26 165,752 504,689 140,539 194,015 75,990 94,816 314,510 71,907 62,274 82,670 61,013 L66,580 1,934,755 Legal-tender notes, silver, etc.: Feb. 27 5,851 99,718 398 821 337 1,758 2,246 3,503 62 632 831 222 116,379 Mar.5 6,409 100,225 179 814 435 1,689 2,371 3,702 59 699 710 261 117,553 Mar.12 6,698 101,746 361 667 320 1,999 2,395 3,940 75 815 946 404 120,366 Mar.19 5,864 107,023 421 1,127 288 1,839 2,219 4,925 69 652 450 125,745 Mar.26 2,292 106,773 756 1,040 452 1,825 2,325 4,975 70 656 374 122,400 Total reserves: Feb.27 188,717 616.339 139,911 187,853 83,904 89,449 332,131 85,830 62,868 89,922 59,453 [46,838 2,083,215 Mar.5 181,686 600,863 138,131 196,219 75,825 99,489320,853 78,073 67,808 87,816 63,448 L44,419 2,054,630 Mar.12 170,953 610,132 145,948 187,753 75,265 96,738319,003 87,761 64,013 83,528 60,987 L54,649 2,056,730 Mar.19 198,238 584,392 141,134214,794 74,936 94,271320,825 79,697 67,885 80,854 53,275 L50,025 2,060,326 Mar.26 168,044 611,462 141,295 195,055 76,442 96,641 316,835 76,882 62,344 83,532 61,669 L66,954 2,057,155 Bills discounted: Secured by Government war obligations i— Feb.27 104,470 630,281 165,026 125,830 79,783 62,838 177,199 51,153 28,252 37,762 53,904 56,482 1,572,980 Mar.5 117,509 581,680 166,009 106,727 79,565 57,501 184,607 57,863 30,876 40,211 46,596 51,350 1,520,494 Mar.12 128,917 553,059 162,449 123,450 80,752 57,925 183,282 55,493 34,295 39,779 43,607 52,951 1,515,959 Mar.19 103,334 529,631 158,657 84,942 76,535 55,371 150,274 56,368 26,527 36,747 34,544 40,579 1,353,509 Mar.26 114,145 552,771 163,193 132,300 64,378 55,808 159,729 44,751 31,880 34,019 38,946 49,095 1,441,015 All other— Feb.27 75,954 222,685 46,442 50,154 24,669 39,795 195,633 54,842 40,504 60,807 17,944 51,102 880,531 Mar.5 70,830 228,292 40,885 52,387 26,653 43,645 193,908 47,042 37,293 62,236 21,807 63,216 888,194 Mar.12 63,898 234,639 45,123 51,740 27,235 44,767 213,332 48,173 32,935 61,209 21,184 63,252 907,487 Mar.19 69,908 194,546 48,627 50,672 30,162 43,275 191,423 53,755 28,497 65,852 19,433 58,022 854,172 Mar.26 81,720 262,863 43,507 48,919 37,435 42,368244,421 63,106 33,502 70,523 17,068 62,783 1,008,215 Bills bought in open market:2 Feb.27 16,079 231,257 6,752 70,119 10,427 16,741 69,518 10,524 4,110 6,837 1,750 87,253 531,367 Mar.5 15,463 228,610 6,396 66,625 9,740 13,513 66,724 10,589 4,813 5,550 1,790 85,041 513,854 Mar.12 17,062 225,988 5,693 66,737 9,428 10,873 65,392 10,509 5,884 4,376 1,350 80,880 504,172 Mar.19 15,928 200,221 5,491 64,248 10,095 9,942 64,013 9,988 5,884 3,317 1,085 73,020 463,232 Mar.26 17,789 196,484 5,565 61,989 10,627 9,141 62,761 11,130 5,615 2,651 1,120 67,007 451,879 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

422 FEDERAL RESERVE BULLETIN. APRIL, 1920. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Feb. 27 to Mar. 26, 1920—Continued. RESOURCES—Continued. [In thousands of dollars.] Boston. Y N o e r w k. P p d h h e i i l l a a - . - C la le n v d e . - m R o ic n h d - . la A n t t - a. c C a h go i- . 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 Government bonds: Feb.27 539 1,457 1,385 1,235 114 4,477 1,153 116 3,966 2,632 26,775 Mar.5 539 1,457 1,385 833 1,235 114 4,477 1,153 116 3,966 2,632 26,775 Mar. 12 539 1,457 1,385 833 1,235 114 4,477 1,153 116 3,966 2,632 26,775 Mar. 19 561 1,457 1,385 833 1,235 114 4,477 1,153 116 3,966 2,632 26,797 Mar. 26 561 1,457 1,385 834 1,235 114 4,477 1,153 116 3,966 2,632 26,797 United States Victory notes: Feb.27 ". 50 10 Mar.5 50 10 Mar. 12 50 10 Mar. 19 50 10 Mar.26 50 10 United States certificates of indebtedness: Feb.27 21,595 62,326 31,020 23,436 12,260 15,665 39,770 17,491 8,480 15,987 8,300 11,181 267,511 Mar.5 21,821 61,929 30,965 23,426 12,260 15,665 39,697 17,203 8,480 15,940 8,300 10,881 266,567 Mar.12 21,818 62,317 30,965 23,926 12,260 15,665 39,692 17,261 8,480 15,996 8,300 10,881 267,461 Mar. 19 21,575 123,137 30,603 40,392 12,260 15,665 59,635 17,200 17,480 14,991 21,300 32,881 407,119 Mar.26 21,575 62,152 30,582 23,392 12,260 15,665 39,630 17,255 8,480 12,884 8,300 10,881 263,056 Total earning assets: Feb.27 218,642 1,148,056 250,625 270,382 .28,374 .35,156 486,597 135,163 81,462 130,261 85,864 208,650 3,279,232 Mar.5 226,167 1,102,018 245,640 250,008 .29,453 L30,441489,413 133,850 81,578 132,805 82,459 212,120 3,215,952 Mar.12 232,239 1,077,510 245,615 266,696 130,910 L29,347 506,175 132,589 81,710 130,128 78,407 210,596 3,221,922 Mar. 19 211,311 1,049,042 244,763 241,097 130,287 24,370 469,822 138,464 78,504 129,775 80,328 207,134 3,104,897 Mar.26 235,795 1,075,777 244,232 267,444 125,935 .23,099 511,018 137,395 79,593 128,945 69,400 192,398 3,191,031 Bank premises: Feb.27 1,135 3,094 500 641 563 506 2,116 866 515 462 597 231 11,226 Mar.5 1,141 3,094 500 1,156 563 529 2,116 866 515 462 598 231 11,771 Mar.12 1,141 3,094 500 1,156 580 532 2,116 515 462 598 231 11,791 Mar. 19 •1,141 3,094 500 1,156 580 532 2,116 515 462 600 231 11,793 Mar.26 1,141 3,221 500 1,156 580 532 2,116 515 464 231 11,990 Uncollected items and other deductions from gross deposits: Feb.27 79,560 225,266 87,085 91,688 69,262 41,995 141,084 75,274 24,138 84,694 57,522 49,158 1,026,726 Mar.5 50,616 141,035 58,627 72,765 49,212 25,564 175,049 61,032 28,290 95,304 61,298 40,912 859,704 Mar.12 30,118 155,196 63,342 66,626 51,026 33,409 130,844 55,185 30,552 84,001 65,407 52,220 817,926 Mar. 19 44,041 194,235 68,957 83,545 65,254 41,707 148,618 56,597 28,930 83,529 63,961 60,921 940,295 Mar.26 52,352 151,877 56,984 63,824 50,313 31,958 107,688 48,653 23,790 73,615 63,301 44,433 768,788 Five per cent redemption fund against Federal Reserve bank notes: Feb.27 1,072 2,607 1,300 1,101 591 815 1,807 467 318 971 562 665 12,276 Mar.5 1,072 3,607 1,300 1,029 779 727 2,199 2,168 322 996 562 1,465 16,226 Mar.12 1,072 3,642 1,300 949 451 722 1,323 880 490 562 1,465 13,851 Mar. 19 1,072 3,561 1,300 897 487 617 1,924 972 534 996 562 >,465 14,387 Mar.26 1,072 1,300 841 291 678 1,919 530 562 1,465 13,900 All other resources: Feb. 27 294 847 212 261 343 176 615 287 72 247 114 213 3,681 Mar.5 347 732 269 332 283 145 1,059 291 77 265 120 254 4,174 Mar.12 358 942 879 375 785 133 884 91 295 129 311 5,485 Mar. 19 327 795 828 311 293 142 996 316 113 239 232 a 1,053 5,645 Mar.26 350 893 287 374 583 384 935 107 246 139 300 4,907 Total resources: Feb. 27... 489,420 1,996,209 479,633 551,926 283,037 268,097 964,350 297,887 169,373 306,557 204,112 405,755 3,416,356 Mar.5 461,029 1,851,349 444,467 521,509 256,115256,895 990,689 276,280 178,590 317,648 208,485 399,401 3,162,457 Mar.12 435,881 1,850,516 457,584 523,555 259,017 260,881 960,345 277,584 177,371 299,409 206,090 419,472 3,127,705 Mar. 19 456,130 1,835,119 457,482 541,800 271,837 261,639 944,301 276,912 176,481 295,855 198,958 420,829 3,137,343 Mar.26 458,754 1,846,568 444,598 528,694 254,144 253,292 940,511 265,013 166,879 287,798 195,739 405,781 3,047,771 1 Includes bills discounted for other Federal Reserve Banks: Feb.27 9,865 11,100 33,410 4,000 5,000 23,500 86,875 Mar.5 20,000 9,715 9,500 28,535 8,734 4,470 15,665 96,619 Mar.12 30,000 26,415 9,500 20,135 11,415 4,300 14,000 115,765 Mar. 19 14,995 9,250 5,625 7,605 4,900 3,685 10,300 56,360 Mar.26 23,399 37,891 2,650 7,605 10,029 7,825 5,000 94,399 2 Includes bankers'acceptances bought from other Federal Reserve Banks: With their indorsement— Feb.27 : 5,087 5,050 15,173 Mar.5 3,868 3,283 5,050 12,201 Mar.12 2,794 1,787 3,726 8,307 Mar. 19 543 2,617 4,542 Mar.26 413 701 1,871 2,985 Without their indorsement— Feb.27 , 3,250 700 3,408 7,358 Mar.5 , 20^ 3,408 5,424 Mar.12 3,408 4,276 Mar.19 3,408 3,408 Mar.26 , 2,081 2,081 a Includes Government overdraft of $524,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 423 Resources and liabilities of each Federal Reserve Bant at close of business on Fridays, Feb. 27 to Mar. 26, 1920—Continued. LIABILITIES. [In thousands of dollars.] Boston. Y N o e r w k. P p d h h e i i l l a - a . - C la le n v d e . - m R o ic n h d - . la A n t t - a. c C a h g i o - . Lo S u t. is. M ap i o n l n is e . - K C an it s y a . s Dallas. F ci r s a c n o - . Total. Capital paid in: Feb. 27 7,210 23,845 8,194 9,919 4,546 3,526 12,638 4,123 3,137 4,097 3,483 5,984 90,702 Mar.5 7,203 24,002 8,195 9,940 4,547 3,533 12,645 4,124 3,139 4,160 3,484 5,994 90,966 Mar.12 7,205 23,856 8,196 9,943 4,544 3,536 12,676 4,129 3,144 4,163 3,483 5,996 90,871 Mar.19 7,205 23,880 8,198 9,946 4,545 3,536 12,684 4,130 3,170 4,162 3,485 6,017 90,958 Mar. 26 7,207 23,880 8,198 9,946 4,555 3,546 12,684 4,144 3,181 4,211 3,486 6,021 91,059 Surplus fund: Feb. 27 8,359 45,082 8,805 9,089 5,820 4,695 14,292 3,724 3,569 6,116 3,030 7,539 120,120 Mar.5 8,359 45,082 8,805 9,089 5,820 4,695 14,292 3,724 3,569 6,116 3,030 7,539 120,120 Mar. 12 8,359 45,082 8,805 9,089 5,820 4,695 14,292 3,724 3,569 6,116 3,030 7,539 120,120 Mar.19 8,359 45,082 8,805 9,089 5,820 4,695 14,292 3,724 3,569 6,116 3,030 7,539 120,120 Mar. 26 45,082 8,805 5,820 4,695 14,292 3,724 3,569 6,116 3,030 7,539 120,120 Government deposits: Feb.27 4,892 91,635 4,812 3,221 2,081 3,090 4,040 4,148 1,522 3,802 3,661 7,009 133,913 Mar.5 4,788 45,296 3,831 2,544 1,616 3,837 4,060 1,994 2,224 4,846 3,971 4,872 83,879 Mar.12 5,285 5,979 4,866 3,283 1,926 3,672 6,665 4,772 2,294 5,261 3,561 7,760 55,324 Mar. 19 19,295 846 16,872 875 5,257 2,138 1,830 4,847 769 4,138 1,160 58,027 Mar.26 2,387 644 2,068 3,250 1,780 3,009 3,815 2,202 538 3,557 1,580 2,881 27,711 Due to members—reserve account: Feb.27 121,248 735,151 99,450 140,318 63,217 56,785266,124 67,133 51,543 94,877 64,232 111,883 1,871,961 Mar.5 116,884 701,471 92,732 134,492 60,708 56,768285,820 68,816 58,693 97,261 68,226 116,313 1,858,184 Mar.12 114,778 729,681 104,103131,927 61,917 54,896278,385 71,530 59,755 90,665 69,058 120,234 1,886,929 Mar.19 114,259 698,626 93,117 141,375 60,452 57,687277,560 72,491 58-102 91,840 67,289 117,308 1,850,106 Mar.26 114,218 735,239 100,806 128,975 59,724 55,708274,087 70,179 56)064 88,736 63,709 119,680 1,867,125 Deferred availability items: Feb.27 61,828 167,525 81,032 77,131 61,512 35,881 106,086 60,832 17,112 71,653 39,890 29,920 810,402 Mar.5 , 38,505 98,429 54,473 57,924 38,818 23 743109,229 40,551 18,344 78,664 39,234 20,595 618,509 Mar.12 15,372 107,959 54,651 53,793 42,159 27,974 85,198 38,733 16,299 67,098 35,993 30,268 575,497 Mar.19 18,794 123,070 56,320 69,960 52,991 29,423 71,148 37,194 18,179 63,535 33,400 42,735 616,749 Mar.26 42,186 102,030 49,010 55,018 40,945 24,784 66,814 32,193 12,157 60,543 35,371 25,645 546,696 Other deposits, including foreign government credits: Feb.27 , 5,562 41,915 6,968 5,998 3,674 2,750 9,760 3,901 2,194 3,657 2,167 6,480 95,026 Mar.5 , 5,498 39,314 6,850 5,964 3,581 2,667 9,679 4,093 2,275 3,594 2,043 5,967 91,525 Mar.12 5,595 43,048 6,930 6,055 3,590 2,654 9,671 3,694 2,232 3,563 1,984 9,270 98,286 Mar.19 , 5,805 41,876 6,897 6,572 3,782 2,851 10,559 3,894 2,884 4,044 2,611 9,194 100,969 Mar.26 5,505 45,334 7,156 6,070 3,573 2,702 9,869 3,916 2,118 3,713 2,046 8,158 100,160 Total gross deposits: Feb.27 193,5301,036,226 192,262226,668 130,484 98,506386,010 136,014 72,371 173,989 109,950155,292 2,911,302 Mar.5 165,675 884,510 157,886200,924104,723 87,015408,788 115,454 81,536 184,365 113,474147,747 2,652,097 Mar.12 , 141,030 886,667 170,550195,058 109,592 89,196379,919 118,729 80,580 166,587 110,596 167,532 2,616,036 Mar.19 , 158,153 864,418 173,206218,782 122,482 92,099361,097 118,426 79,934163,557104,460169,237 2,625,851 Mar.26 , 164,296 883,247 159,040193,313 106,022 86,203354,585108,490 70,877156,549 102,706 156,364 2,541,692 Federal Reserve notes in actual circulation: Feb.27 , 259,702 826,287 242,540283,835 129,535145,778508,925 138,778 81,787 102,214 77,089223,514 3,019,984 Mar.5 260,275 831,694 242,607279,676 128,528146,717514,122138,307 82,141 103,190 78,298224,455 3,030,010 Mar.12 ,260,873 830,531 244,544288,006 127,100149,145513,656 137,061 82,119 102,784 79,126224,805 3,039,750 Mar.19 ,265,045 837,727 242,648283,217 127,136 147,772517,777 137,695 82,161 102,731 78,641224,583 3,047,133 Mar.26 261,697 834,188 244,579296,044 126,342145,779520,065 136,004 81,906 101,613 77,367222,455 3,048,039 Federal Reserve bank notes in circulation—net liability: Feb.27 , 18,273 49,426 25,194 19,925 11,461 14,386 37,531 13,939 7,558 18,718 11,051 237.131 Mar. 5 16,970 49,744 24,134 19,163 11,223 13,626 35,364 13,220 7,163 18,265 11,032 229,167 Mar.12 , 15,720 49,605 22,557 18,541 10,590 12,892 33,763 12,382 6,861 18,128 10,810 220,738 Mar.19 14,502 48,759 21,535 17,687 10,359 12,040 32,007 11,259 6,542 17,541 8,373 10,528 211.132 Mar.26 , 14,018 44,050 20,766 16,957 9,756 11,431 31,650 10,812 6,137 17,435 8,107 10,273 201,392 All other liabilities: Feb.27 , 2,346 15," 343 2,638 2,490 1,191 1,206 4,954 1,309 951 1,423 2,375 37,117 Mar.5 2,547 16,317 2,840 2,717 1,274 1,309 5,478 1,451 1,042 1,552 936 2,634 40,097 Mar.12 2,694 14,775 2,932 2,918 1,371 1,417 6,039 1,559 1,098 1,631 966 2,790 40,190 Mar.19 2,866 15,253 3,090 3,079 1,495 1,497 6,444 1,678 1,105 1,748 969 2,925 42,149 Mar.26 3,177 16,121 3,210 3,345 1,649 1,638 7,235 1,839 1,209 1,874 1,043 3,129 45,469 Total liabilities: Feb.27 489,420 1,996,209 479,633 551,926 283,037268,097964,350297,887 169,373 306,557 1204,112 405,755 6,416,356 Mar.5 461,0291,851,349 444,467521,509 256,115256,895990,689276,280 178,590 317,648 1208,485 399,401 6,162,457 Mar.12 435,881 1,850,516 457,584523,555 259,017260,881 960,345277,584 1177,371 299,409 206,090 419,472 6,127,705 Mar.19 456,1301,835,119 457,482541,800271,837 261,639 944,301 276,912 1176,481 295,855 1198,958 4™20,,,8a2«9, 6,137,343 Mar.26 458,7541,846,668 444,598528,694254,144253,292940,511265,013 166,879 287,798 195,739 405,781 6,047,771 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 FEDERAL RESERVE BULLETIN. APRIL, 1920. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Feb. 27 to Mar. 26, 1920—Continued. LIABILITIES—Continued. [In thousands of dollars.] Boston. Y N o e r w k. P p d h h e i i l l a - a . - C la le n v d e . - m R o ic n h d - . la A n t t - a. c C ag h o i- . Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . Total. MEMORANDA. Contingent liability as indorser on: Discounted paper rediscounted with other Federal Reserve Banks— Feb 27 47,950 38,925 86,875 Mar 5 67,950 28,669 96,619 Mar 12 84,550 31,215 115,765 Mar 19 19,795 36,565 1 56,360 Mar 26 32,015 35,555 15,666 11,829 94,399 Bankers' acceptances sold to other Federal Reserve Banks— ! Feb 27. ... 15,173 15,173 Mar 5 12,201 i 12,201 Mar 12 . .. 8,307 i 8,307 Mar 19 4,542 4,542 Mar 26 2,985 2,985 i MATURITIES OF BILLS DISCOUNTED AND BOUGHT, ALSO OF TREASURY CERTIFICATES OF INDEBTEDNESS. [In thousands of dollars.] Within 15 16 to 30 31 to 60 61 to 90 Over 90 days. days. days. days. days. Total. Bills discounted: Feb 27. 1,570,405 205,442 433,705 228,496 15,463 2,453,511 Mar 5 1,523,738 194,746 433,193 241,654 15,357 2,408,688 Mar 12. . 1,499,923 207,039 453,624 246,527 16,333 2,423,446 Mar 19 1,273,870 237,731 471,517 207,765 16,798 2,207,681 Mar 26 1,425,695 294,355 464,333 245,221 19,626 2,449,230 Bills bought: Feb 27 135,779 113,915 197,400 84,273 531,367 Mar 5. . . . .. .. 126,422 121,985 170,589 94,858 513,854 Mar 12 133,499 102,348 180,533 87,792 504,172 Mar 19. . . .. . .. . .. . . .. 137,600 80,871 178,535 66,226 463,232 Mar 26 127,119 88,629 171,711 64,420 451,879 United States certificates of indebtedness: Feb 27 8,881 7,568 6,500 4,000 240,562 267,511 Mar 5. 13,143 2,600 6,500 4,040 240,284 266,567 Mar. 12 10,131 2,000 7,000 3,540 244,790 267,461 Mar 19. 149,461 3,500 3,500 4,743 245,915 407,119 Mar 26. . . . . .. 4,876 4,300 4,700 4,097 245,083 263,056 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL EESERVE BULLETIN. 425 FEDERAL RESERVE NOTES. Federal Reserve note account of each Federal Reserve Bank at close of business on Fridays, Feb. 27 to Mar. 26, 1920. [In thousands of dollars.] i New Phila- Cleve- Rich- At- Chi- St. Minne- Kansas San Boston. York. delphia. land. mond. lanta. Louis. apolis. City. Dallas. F ci r s a c n o - . Total. Federal Reserve notes: Received from agents— Feb. 27 265,445 920,264 256,018 295,692 134,335 151,476 543,157 155,071 83,387 108,094 80,377 261,490 3,254,806 Mar. 5 268,623 930,758 255,006 295,655 133,660 151,451 543,710 156,863 83,256 109,204 80,998 261,537 3,270,721 Mar. 12 270,796 933,735 252,779 299,956 132,946 153,370 544,182 155,774 83,462 108,594 82,630 263,119 3,281,343 Mar. 19 274,146 937,970 256,027 303,196 131,728 153,034 545,281 155,950 83,446 108,850 82,212 260,979 3,292,819 Mar.26 275,494 934,878 255,000 306,967 131,677 150,133 547,135 154,188 83,245 107,693 81,261 261,641 3,289,312 Held by banks Feb. 27 5,743 93,977 13,478 11,857 4,800 5,698 34,232 16,293 1,600 5,880 3,288 37,976 234,822 Mar. 5 8,348 99,064 12,399 15,979 5,132 4,734 29,588 18,556 1,115 6,014 2,700 37,082 240,711 Mar. 12 9,923 103,204 8,235 11,950 5,846 4,225 30,526 18, 713 1,343 5,810 3,504 38,314 241,593 Mar.19 9,101 100,243 13,379 19,979 4,592 5,262 27,504 18,255 1,285 6,119 3,571 36,396 245,686 Mar.26.. 13,797 100,690 10,421 10,923 5,335 4,354 27,070 18,184 1,339 6,080 3,894 39,186 241,273 In actual circulation— Feb. 27 259,702 826,287 242,540 129.535 145.778 508,925 138,778 81,787 102,214 77,089 223,514 3,019,984 Mar. 5 260,275 831,694 242,607 279,676 128,528 146,717 514,122 138,307 82,141 103,190 78,298 224,455 3,030,010 Mar.12 260,873 830,531 244,544 288,006 127,100 149,145 513,656 137,061 82,119 102, 784 79,126 224,805 3,039, 750 Mar. 19 265,045 837,727 242,648 283,217 127,136 147,772 517,777 137,695 82,161 102,731 78,641 224,583 3,047,133 Mar.26 261,697 834,188 244,579 296,044 126,342 145.779 520,065 136,004 81,906 101,613 77,367 222,455 3,048,039 Gold deposited with or to credit of Federal Reserve agent: Feb.27 89,259 308,402 86,210 124,045 32,135 54,541 204,693 52,617 33,581 38,017 32,182 89,797 1,145,479 Mar. 5 88,136 308,798 84,598 132,208 30,360 53,896 198,695 50,608 33,751 38,577 31,419 87,644 1,138,690 Mar.12 92,710 308,338 86,371 132,109 28,646 56,086 192,407 51,920 33,566 37,508 30,790 92,125 1,142,576 Mar.19 92,259 307,936 86,619 132,969 30,318 56,770 201,066 48,786 33,290 38,364 31,533 101,785 1,161,695 Mar. 26 100,107 312,568 87,592 132,459 39,067 54,839 197,160 47,594 33,939 37,106 35,991 108,407 1,186,829 Paper delivered to Federal Reserve agent: Feb. 27 196,503 1,082,151 193,620 242,582 111,999 119,230 442,176 116,519 60,356 105,375 73,598 186,463 2,930,572 Mar. 5 203.802 1,036,687 186,800 224,057 112,746 113,341 445,197 115,494 58,910 107,970 70,193 185,257 2,860,454 Mar. 12 209; 877 1,011,448 189,271 240,067 113,890 113,565 461,837 114,175 60,982 105,232 66,141 186,909 2,873,394 Mar. 19 189,170 922,292 185,630 198,534 110,292 108,588 405,381 120,111 48,631 105,907 55,062 161,845 2,611,443 Mar.26 213,654 1,010,206 188,671 240,252 106,883 107,317 466,833 118,832 58,873 107,193 57,134 162,029 2,837,877 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 FEDERAL RESERVE BULLETIN. APRIL, 1920. Federal Reserve note account of each Federal Reserve agent at close of business on Fridays, Feb. 27 to Mar. 26, 1920. [In thousands of dollars.] Boston. Y N o e r w k. P p d h h e i i l l a - a . - C la le n v d e . - m R o ic n h d - . la A n t t - a . C c h a i go - . Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . Total. Federal Reserve notes: Received from comptroller— Feb. 27 514,360 2,052,940 538,380 523,020 309,820 312,000 906,520 304,100 155,080 211,320 149,780 422,000 6,399,320 Mar.5 520,560 2,084,740 549,760 530,140 311,620 314,040 920,200 310,700 155,080 214,520 149,780 423,800 6,484,940 Mar. 12 531,520 2,091,400 549,760 538,740 311,620 321,040 929,400 311,200 156,080 215,920 151,780 426,900 6,535,360 Mar 19 534,800 2,098,000 551,760 541,560 313,120 321,440 932,840 312,160 156,080 216,920 151,780 427,300 6,557,760 Mar. 26 537,640 2,098,000 561,640 548,060 313,120 323,000 [935,720 312,160 157,280 216,920 151,780 429,340 6,584,660 Returned to comptroller— Feb. 27 214,155 1,026,876 267,782 200,788 147,631 108,939 J343,533 134,389 98,806 55,628 152,000 2,814,520 Mar. 5 216,277 1,029,582 270,394 203,625 149,406 111,584 j349,530 135,897 64,824 100,246 56,392 154,153 2,841,910 Mar.12 217,704 1,033,265 272,621 206,724 151,120 113,395 1355,818 138,086 65,508 101,316 57,020 155,671 2,868,248 Mar.19 220,054 1,035,630 274,373 208,864 152,448 114,711 1360,159 140,220 66,284 102,460 57,778 158,511 2,891,492 Mar. 26 222,306 1,038,722 275,400 210,873 153,699 116,642 1364,065 141,982 67,035 103,717 58,319 159,889 2,912,649 Chargeable to Federal Reserve agent— Feb. 27 300,205 1,026,064 270,598 322,232 162,189 203,061 j 562,987169,711 91,087 112,514 94,152 270,000 3,584,800 Mar. 5 304,283 1,055,158 279,386 326,515 162,214 202,456 570,670 174,803 90,256 114,274 93,388 269,647 3,643,030 Mar. 12 313,816 1,058,135 277,139 332,016 160,500 207,645 573,582 173,114 90,572 114,604 94,760 271,229 3,667,112 Mar.19 314,746 1,062,370 277,387 332,696 160,672 206,729 572,681 171*940 89,796 114,460 94,002 268,789 3,666,268 Mar. 26 315,334 '.059,278 286,240 337,187 159,421 206,358 1571,655 170,178 90,245 113,203 93,461 269,451 3,672,011 In hands of Federal Reserve agent— Feb. 27 34,760 105,800 14,580 26,540 27,854 51,585 19,830 14,640 7,700 4,420 13,775 8,510 329,994 Mar.5 35,660 124,400 24,360 30,860 28,554 51,005 26,960 17,940 7,000 5,070 12,390 8,110 372,309 Mar. 12 43,020 124,400 24,360 32,060 27,554 54,275 29,400 17,340 7,110 6,010 12,130 8,110 385,769 Mar.19 40,600 124,400 21,360 29,500 28,944 53,695 27,400 15,990 6,350 5,610 11,790 7,810 373,449 Mar. 26 39,840 124,400 31,240 30,220 27,744 56,225 24,520 15,990 7,000 5,510 12,200 7,810 382,699 Issued to Federal Reserve Banks less amount returned to Federal Reserve agent for redemption— Feb. 27 265,445 920,264 256,018 295,692 134,335 151,476 543,157 155,071 83,387 108,094 80,377 261,490 3,254,806 Mar.5 268,623 930,758 255,006 295,655 133,660 151,451 543,710 156,863 83,256 109,204 80,998 261,537 3,270,721 Mar.12 270,796 933,735 252,779 299,956 132,946 153,370 544,182 155,774 83,462 108,594 82,630 263,119 3,281,343 Mar.19 274,146 937,970 256,027 303,196 131,728 153,034 545,281 155,950 83,446 108,850 82,212 260,979 3,292,819 Mar. 26 275,494 934,878 255,000 306,967 131,677 150,133 1547,135 154,188 83,245 107,693 81,261 261,641 3,289,312 Collateral held as security for outstanding notes: Gold and gold certificates— Feb. 27 188,740 29,025 2,500 4,000 13,052 8,831 246,148 Mar.5 189,743 37,025 2,500 4,000 13,052 8,831 255,151 Mar.12 189,,77433 32,025 2,500 4,000 13,052 8,831 250,151 Mar.19 900 189,743 32,025 2,500 4,000 13,052 8,831 251,051 Mar. 26 900 194,743 32,025 2,500 2,570 13,052 8,831 254,621 Gold redemption fund— Feb. 27 15,259 14,662 13,321 15,020 2,135 4,041 9,548 2,686 1,229 2,157 6,367 11,379 97,804 Mar.5 15,136 14,055 10,709 15,183 360 3,396 8,551 3,178 1,399 2,717 5,604 17,500 97,788 Mar.12 15,710 13,595 13,482 15,084 1,646 4,586 8,262 1,989 714 3,648 4,975 15,981 99,672 Mar. 19 16,359 13,193 11,730 15,944 3,318 4,270 8,921 1,855 1,438 2,504 4,218 14,912 98,662 Mar.26 17,207 12,825 15,703 15,434 2,067 4,339 9,015 4,094 1,087 3,246 5,676 13,534 104,227 Gold settlement fund, Federal Reserve Board— Feb. 27 74,000 105,000 72,889 80,000 30,000 48,000 195,145 45,931 19,300 35,860 16,984 78,418 801,527 Mar.5 73,000 105,000 73,889 80,000 30,000 48,000 190,144 43,430 19,300 35,860 16,984 70,144 785,751 Mar. 12 77,000 105,000 72,889 85,000 27,000 49,000 184,145 45,931 19,800 33,860 16,984 76,144 792,753 Mar.19 75,000 105,000 74,889 85,000 27,000 50,000 192,145 42,931 18,800 35,860 18,484 86,873 811,982 Mar.26 82,000 105,000 71,889 85,000 37,000 4S,000 188,145 40,930 19,800 33,860 21,484 94,873 Eligible paper, minimum required *— Feb. 27 176,186 611,862 169,808 171,647 102,200 96,935 338,464 102,454 49,806 70,077 48,195 171,693 2,109,327 Mar.5 180,487 621,960 170,408 163,447 103,300 97,555 345,015 106,255 49,505 70,627 49,579 173,893 2,132,031 Mar.12 178,086 625,397 166,408 167,847 104,300 97,284 351,775 103,854 49,896 71,086 51,840 170,994 2,138,767 Mar.19 181,887 630,034 169,408 170,227 101,410 96,264 344,215 107,164 50,156 70,486 50,679 159,194 2,131,124 Mar. 26 175,387 622,310 167,408 174,50S 92,610 95,294 349,975 106,594 49,306 70,587 45,270 153,234 2,102,483 1 For actual amounts, see "Paper delivered to Federal Reserve agent," on p. 425. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL, RESERVE BULLETIN. 427 CONDITION OF MEMBER BANKS IN SELECTED CITIES. For the five-week period ending March 19, weeks earlier. On the other hand, all other reports from over 800 member banks in leading loans and investments, inclusive of rediscounts cities indicate continuous liquidation of United with Federal Reserve Banks, show a continu- States securities, the amount held at the end ous and substantial expansion for the period, of the period being 219.6 millions below the the aggregate on March 19 being 10,998.8 milamount held on February 13. United States lions, or 485.4 millions more than the total bonds, including Liberty bonds, but exclusive reported for February 13. As a consequence of of circulation bonds, show a decline of 3.4 these changes in the different classes of earning millions for the period, Victory notes a decline assets, total loans and investments of the reof about 12 millions, while Treasury certificates porting member banks (inclusive of redisshow a steady but moderate decline for each of counts) show an increase of 181.4 millions for the first four weeks, and liquidation of 133.7 the period under review. millions for the week ending March 19, during War paper held under discount by Federal which the Treasury redeemed the bulk of 775 Reserve Banks for reporting member banks millions of three series of tax certificates due on shows a decrease from 1,243.0 to 1,132.3 milor about March 15. In consequence of these lions for the five weeks, while Federal Reserve changes, Treasury certificate holdings of the Bank holdings of other paper discounted for reporting banks show a decline from 700.5 member banks increased from 744.9 to 766.8 millions on February 13 to 497.3 millions on millions. The aggregate of accommodation to March 19. reporting member banks reported by Federal With a view of facilitating comparisons be- Reserve Banks on March 19 is 88.8 millions less tween loans and investments of reporting than the corresponding total five weeks earlier. banks and the amount of accommodation Government deposits, as the result of withextended to them by the Federal Reserve drawals for current fiscal needs and of redemp- Banks, the amounts of loans, secured by Gov- tion of tax certificates, declined from 156.9 ernment war obligations (war paper), and "all millions on February 13 to 39.2 millions on other loans and investments" are shown this March 12, but show an increase to 104.5 month for the first time inclusive of amounts millions on March 19 following receipts of the rediscounted with Federal Reserve Banks, the March 15 income and excess profits taxes. previous practice having been to show these Other demand deposits (net) show considerable two items exclusive of such rediscounts. War fluctuations and were 28.8 millions larger at the paper holdings of the reporting banks (inclu- end than at the beginning of the five-week sive of rediscounts with Federal Reserve period, while time deposits show an increase of Banks) show but slight fluctuations during the 69.1 millions. five weeks under review, the amount held on Reserve balances of the member banks with March 19 being 16.1 millions below the Febru- the Federal Reserve Banks show comparatively ary 13 figure. small changes for the first three weeks of the Loans secured by stocks and bonds show a period, but a decided increase for the fourth, decline of 65.5 millions for the first week of the followed by an even greater decline for the last period under review, followed by moderate week. At the end of the five weeks these fluctuations during the four subsequent weeks. balances stood 14.2 millions below the Febru- At the end of the period these loans aggregated ary 13 amount. Cash in vault declined from 3,175.2 millions, or 68.3 millions less than five 384.2 to 368.9 millions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 FEDERAL, RESERVE BULLETIN. APRIL, 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 Feb. 20 to Mar. 19, 1920. 1. ALL REPORTING MEMBER BANKS. [In thousands of dollars.] 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. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . sDallas. F S r a a n n- Total. cisco. Number of reporting banks: Feb. 20 113 107 35 83 66 Feb. 27 114 107 35 807 Mar.5 115 107 35 808 Mar.12 116 107 35 Mar. 19 116 82 107 35 United States bonds to secure circulation: Feb. 20 13,011 48,287 11,097 41,842 26,551 14,015 20,927 17,177 7,170 14,627 19,573 34,605 268,882 Feb. 27 13,011 48,372 11,097 41,842 26,551 14,015 20,929 17,177 7,170 14,627 19,573 34,605 268,969 Mar. 5 13,011 48,202 11,097 41,842 26,551 14,015 20,928 17,177 7 170 14,627 19,573 34,605 268,798 Mar.12 13,061 47,248 11,097 41,842 26,501 14,015 20,927 17', 177 7,170 14,778 19,573 34,605 267,994 Mar. 19 13,061 47,248 11,097 41,842 26,501 14,015 21,029 17,176 7 170 14,803 19,573 34;728 268,243 Other United States bonds, including Liberty bonds: Feb. 20 14,532 243,325 26,781 62,013 34,967 28,784 61,553 14,037 10,533 21,652 18,204 62,097 598,478 Feb. 27 14,386 239,827 26,857 61,805 34,547 28,691 63,021 14,077 10,641 22,867 18,223 61,969 596,911 Mar. 5 14,635 237,240 26,955 61,803 34,474 28,832 63,925 14,126 10,506 22,197 18,232 63,134 596,059 Mar.12 14,327 238,976 26,946 57,822 34,541 29,129 63,991 14,304 10,732 21,928 17,974 61,824 592,494 Mar. 19 14,467 235,723 26,757 58,968 34,863 28,855 65,960 14,471 10,448 22,721 18,145 62,260 593,638 United States Victory notes: Feb. 20 7,717 83,809 11,458 23,426 9,792 39,142 V 2,387 5,257 4,014 12,781 210,701 M M M Fe a a a b r r r . . . . 1 5 2 1 2 7 9 7 7 7 7 , , , , 7 4 4 5 0 6 9 0 4 7 2 9 8 8 8 8 0 2 1 1 , , , , 6 4 5 6 2 4 5 0 4 0 2 6 1 1 1 1 0 0 0 1 , , , , 9 7 5 9 1 5 0 9 7 3 0 2 2 2 2 2 0 3 1 3 , , , , 8 7 6 1 1 4 3 9 1 7 4 6 9 9 8 8 , , , , 0 3 9 8 8 7 0 3 4 0 8 1 6 6 6 6 , , , , 6 6 7 7 5 9 3 3 4 5 5 5 3 3 3 3 8 8 8 8 , , , , 6 8 8 7 1 4 0 5 9 4 7 6 3 3 3 3 , , , , 7 8 6 6 6 6 4 5 9 9 6 5 2 1 1 1 , , , , 8 8 9 1 5 0 8 8 4 7 0 5 5 5 5 5 , , , , 0 1 1 0 6 4 7 1 4 6 1 1 3 3 3 4 , , , , 7 9 9 1 9 3 5 6 0 7 8 7 1 1 1 1 2 3 3 3 , , , , 8 3 0 1 1 0 0 5 1 4 8 5 2 2 2 2 0 0 0 0 4 5 1 8 , , , , 0 5 2 4 6 4 1 5 4 3 2 0 United States certificates of indebtedness: Feb. 20 30,055 291,225 47,611 52,693 21,109 27,506 104,734 18,800 12,209 12,050 25,951 42,074 686,017 Feb.27 30,544 283,350 47,938 53,395 20,237 27,254 107,253 18,467 11,542 11,685 23,832 37,334 672,831 Mar. 5 27,539 257,244 45,698 50,705 20,427 25,079 113,283 18,372 11,469 11,273 23 163 36 958 641,210 Mar.12 27,833 251,681 45,895 49,252 20,996 21,866 116,771 15,325 11,319 11,751 23 145 35 176 631,010 Mar. 19 .-• 21,645 220 179 44,904 29,534 18,042 16,432 69,263 12,921 10,069 7,738 17,524 29,087 Total United States securities owned: Feb. 20 65,315 666,646 96,947 179,974 92,419 77,154 226,356 54,083 32,299 53,586 67,74L 151,557 1,764,078 Feb. 27 65,645 653,989 97,392 180,789 90,705 76,614 230,047 53,590 31,538 54,350 65,586 146,916 1,747,161 Mar.5 62,677 624,238 94,667 177,546 90,536 74,621 236,943 53,330 31,052 53,243 64,905 147,852 1,711,610 Mar.12 62,730 619,511 94,930 170,550 90,946 71 745 240,308 50,452 31,101 53,521 64,859 144,909 1,695,562 Mar. 19 56,640 583,774 93,511 151,155 88,237 66,037 195,008 48,337 29,541 50,273 59,032 138,886 1,560,431 Loans secured by United States bonds, Victory notes, and certificates: * Feb. 20 85,231 562,893 157,952 93,495 41,378 25,212 109,040 36,671 17,398 22,846 6,968 31,768 1,190,852 Feb. 27 80,626 570,263 157 240 89,164 42,117 25,908 112,037 36,178 18,600 23,636 6,943 32,852 1,195,564 Mar.5 78,719 584,177 155,858 90,891 41,986 26,632 115,525 38,809 19,899 24,124 6,865 33,216 1,216,701 Mar.12 75,867 569,608 154,073 91,560 41,449 26,131 114,034 39,645 20,472 23,757 6,803 30,527 1,193,926 Mar. 19 -• 71,536 565,856 152,251 96,477 41,784 27,890 110,791 42,346 19,748 23,801 7,102 30,193 1,189,775 Loans secured by stocks and bonds, other than United States securities: Feb. 20 191, 7191,353,502 201,181 341,843 105,380 59,908 477,542 161,760 29,010 77,136 35,053 144,006 3,178,040 Feb.27 206,1591,356,130 199,680 334,615 106,800 60,531 476,534 159,863 29,144 78,074 35,043 142,708 3,185,281 Mar. 5 196, ,340,539 204,817 335,875 108,210 60,340 481,534 159,868 29,187 80,222 34,484 142,148 3,174,210 Mar.12 193,7321,349,261 203,751 335,916 108,565 62,204 482,061 159,942 29,808 79,725 34,878 145,144 3,184,987 Mar. 19 196,794 1,336,970 202,263 339,190 109,386 62,954 481,139 157,452 29,530 77,282 35,331 146,940 3,175,231 All other loans and investments: i Feb. 20 744,178 35,726,469 574,795 885,956 369,759 392,7831,571,679 378,513 289,512 526,558 237,592 880,64510,578,439 F M e a b r . .5 27 7 74 4 9 1 3 1 5 7 3 5 3 35 t!, , 8 7 0 6 3 0 , , 9 5 4 6 3 5 5 5 7 8 8 4 , , 7 4 7 3 3 0 8 8 9 9 1 1 , , 6 2 9 6 6 2 3 37 7 2 0 , , 9 9 3 8 4 5 3 39 9 4 6 , , 6 2 5 9 5 2 1 1 , , 6 6 4 0 4 4 , , 8 4 4 2 3 1 3 3 7 85 9 , 4 3 1 4 4 4 2 2 9 9 8 9 , , 6 6 4 8 4 1 5 5 2 3 8 6, , 0 1 8 3 9 3 2 24 3 4 9 , , 5 8 3 9 7 8 8 87 9 9 4 , , 8 9 6 5 9 4 1 "O 1 '\ 01 , ;, 66 7 77 9 66 5 ,; , 1 7 2 6 5 5 Mar.12 760,866 35.,869,946 596,788 902,290 379,299 402,9411,690,640 395,143 299,060 539,885 247,376 904,01410,988,248 Mar. 19 754,044 35",852,983 601,102 907,056 375,019 398,13711,699,854 388,858 302,744 548,559 248,548 921,86710,998,771 Total loans and investments:1 • Feb.20 1,086,443 6,309,510 11,,003300,,875 1,501,268 608,936 555,057 2!, 384,617 631,027 368,219 680,126 347,3551,207,97616,711,409 Feb. 27 1,093 605 6,340,947 1L,0,03388,,742 1,495,830 610,607 5591 ,3"4•5- "2"!,: 423,039 629,045 378,963 684,193 347,470 1,202,345 16,804,131 Mar.5 1,087,735 6,352,8971L ,"0 34,115"1,496,008 613,666 556i,248 21;,478,845 637,351 378,782 693,678 350,7911,218,17016,898 286 Mar. 12 1,093,195 6,408,3261L,049 ,500,316 620,259 5635,0212!,, 527,043 645,182 380,441 696,888 353,9161,224,59417,062,723 Mar. 19 1,079,014 6,339,583 11,049,127 1.,493,878 614,426 555, 1,486,792 636,993 381,563 699,915 350,0131,237,886 16,924,208 Reserve balances with Fe eral Reserve Bank: Feb.20 79,459 652,225 65,348 98,475 37,488 36,672 201,118 44,703 24,258 53,399 27,993 78,196 1,399,334 Feb. 27 84,490 675,754 63,165 96,402 39,186 35,504 192,408 42,308 21,556 54,946 25,542 77,531 1,408,792 Mar.5 81,024 650,521 65,360 92,228 37,418 35,071 211,077 43,282 28,541 55,887 28 197 75,432 1,404,038 Mar.12..: 79,183 679,376 69,642 97,486 39,301 34,008 205,919 47,266 27,030 50,932 26 117 80,341 1,436,601 Mar. 19 78,428 644,563 64,003 97,187 38,377 36,265 202,255 48,019 25,247 50,291 28,133 77,445 1,390,213 Cash in vault: Feb.20 24,303 124,151 18,216 32,080 17,936 14,096 66,824 10,583 8,173 14,861 10,890 27,846 369,959 Feb. 27 24,926 125,655 17,387 30,333 17,441 13,349 67,805 10,082 8,414 14,793 11 085 29,161 370,431 Mar.5 24,976 126,659 17,759 32,689 18,061 13,101 68,520 10,408 7,885 15,655 10,471 27,715 373,899 Mar.12 24,360 125,366 17,244 31,173 17,972 13,446 65,528 9,981 8,372 15,862 11,161 28,284 368,749 Mar. 19 24,935 122,531 17,165 35,381 17,958 13,789 63,790 10,541 9,059 15,428 10,904 27,430 368,911 1 Includes bills rediscounted with Federal Reserve Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 429 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 Feb. 20 to Mar. 19, 1920—Continued. 1. ALL REPORTING MEMBER BANKS-Continued. [In thousands of dollars.] Boston. Y N o ew rk. d P e h lp 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. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . Total. Net demand deposits on which reserveis computed: Feb. 20 788,629 5>,, 064,470 652,267 860,988 360,030 309,289 1^,439,271 364,458 231,082 474,504 256,595 615,52811,417,111 Feb. 27 809,809 5i!, 076,104 651,309 850,503 362,219 303, 715 .I,459,000 360,597 239,293 485,817 255,252 603,84711,457,465 Mar. 5 7921,, 310 '51,!103,985 664,440 859,096 364,418 294,5061,511,835 365,371 258,577 481,019 253,069 602,03711,550,663 Mar. 12 807',,870 51;,175,125 674,734 865,942 371,053 299,715 1,524,188 378,376 259,604 479,384 260,506 616,95211,713,449 Mar. 19 791,,656 51;,168,870 655,410 860,034 362,624 299,528 IL, 513,942369,808 261,889 472,672 257,100 619,37611,632,909 Time deposits: Feb. 20 134,122 389,546 26,364 354,984 99,682 131,627 587,755 119,292 62,339 90,104 43,421 475,489 2,514,725 Feb. 27 135 393 390,194 25,951 360,129 100,068 132,822 588,217 118,801 62,241 91,300 43,609 475,668 2,524,393 Mar. 5 136,700 395,813 25,731 356,029 100,314 141,328 601,834 119,951 62,479 95,158 44,010 477,833 2,557,180 Mar. 12 138,255 400,364 25,769 358,569 99,826 140,632 603,204 119,587 63,457 94,995 44,243 476,175 2,565,076 Mar. 19 137,510 407,420 26,377 358,816 100,145 141,270 602,297 120,035 64,816 95,091 43,787 476,576 2,574,140 Government deposits: Feb. 20 3,151 29,007 2,357 4,996 1,796 7,721 1,553 228 1,215 1,852 4,523 59,387 Feb. 27 2,101 19,423 1,568 3,274 649 1,122 7,715 1,036 152 1,234 3,015 42,097 Mar. 5 2,101 19,337 1,568 3,285 496 936 5,146 1,036 152 1,234 2,979 39,078 Mar.12 2,077 19,337 1,568 3,279 637 871 5,146 911 152 1,210 3,179 39,175 Mar. 19 6,613 47,073 2,789 10,062 3,790 3,478 14,230 4,307 258 2,624 2,137 7,090 104,451 Bills payable with Federal Reserve Bank: SecuredbyUnitedStates war obligations— Feb. 20 30,743 469,789 82,983 92,018 45,445 44,350 129,787 32,499 15,036 24,548 23,034 39,200 1,029,432 Feb. 27 33,677 443,252 85,459 97,482 46,066 46,043 134.586 34,244 13,645 20,811 24,451 42,804 1,022,520 Mar. 5 30,006 409,913 77,789 78,109 44,347 40,984 144,019 34,584 12,674 23,074 24,866 36,407 956,772 Mar.12 32,412 397,895 78,568 79,011 46,689 41,527 141,226 32,229 12,354 22,075 22,798 37,767 944,551 Mar.19 27,810 336,233 81,931 52,852 40,741 38,451 112,230 31,524 11,421 20,784 19,792 28,281 802,050 All other— Feb. 20 500 125 150 1,800 85 2,660 Feb. 27 290 150 1,700 85 2,225 Mar. 5 290 127 2,070 85 2,940 Mar.12 423 2,331 174 2,928 Mar.19 60 560 3,478 174 4,272 Bills rediscounted with Federal Reserve Bank: Secured by United States war obligations— Feb. 20 45,467 104,652 77,255 7,902 8,368 3,172 10,558 7,816 1,842 3,338 59 1,468 271,897 Feb. 27. 45,829 146,672 77,080 8,611 8,910 3,146 12,319 7,440 2,985 3,952 58 1,928 318,930 Mar. 5 43,776 152,353 77,134 9,317 8,829 3,828 13,078 9,891 3,341 3,678 120 2,024 327,369 Mar. 12 42,001 161,201 75,668 8,194 8,691 3,906 13,461 9,827 4,166 4,095 139 2,096 333,445 Mar.19 37,877 160,153 73,798 13,185 8,876 3,696 10,855 11,471 4,120 4,215 152 1,846 330,244 All other— Feb. 20 72,529 241,139 42,168 41,143 20,360 26,128 136,004 48,215 36,520 43,122 6,805 39,274 753,407 Feb. 27 71,543 261,726 43,301 41,240 19,132 27*919 151,654 50,656 34,483 49,352 7,265 40,911 799,182 Mar. 5 67,190 267,239 36,827 43,648 21,375 30,338 149,322 45,143 31,366 51,195 11,052 52,353 807,048 Mar. 12 60,521 266,338 40,934 41,782 20,971 30,742 174,223 49,228 27,540 49,636 10,497 52,918 825,330 Mar. 19 65,353 205,967 45,814 42,928 23,658 32,417 164,776 47,338 22,956 53,517 10,066 47,737 762,527 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. Number of reporting banks: Feb. 20 22 71 41 12 9 8 50 13 9 20 6 15 276 Feb. 27 22 72 41 12 9 8 50 13 9 20 6 15 277 Mar. 5 22 73 41 12 9 8 50 13 9 20 6 15 278 Mar.12 22 73 41 12 9 8 50 13 9 20 6 15 278 Mar.19 22 73 41 12 9 8 50 13 9 20 6 15 278 United States bonds to secure circulation: Feb. 20 3,031 38,590 7,087 3,631 2,832 3,100 1.439 10,547 2,791 4,813 4,560 18,500 100,921 Feb. 27 3,031 38,675 7,087 3,631 2,832 3,100 1,439 10,547 2,791 4,813 4,560 18,500 101,006 Mar. 5 3,031 38,505 7,087 3,631 2,832 3,100 1,439 10,547 2,791 4,813 4,560 18,500 100,836 Mar.12 3,031 37,551 7,087 3,631 2,782 3,100 1,438 10,547 2,791 4,813 4,560 18,500 99,831 Mar.19 3,031 37,551 7,087 3,631 2,782 3,100 1,439 10,546 2,791 4,913 4,560 18,500 99,931 Other United States bonds, including Liberty bonds: Feb. 20 6,187 210,101 19,550 8,035 4,960 1,540 27,341 5,175 1,770 6,437 3,170 37,154 331,420 Feb. 27 6,050 206,311 19,607 8,022 4,933 1,533 28,388 5,163 1,864 7,611 3,210 37,213 329,905 Mar. 5 5,999 203,923 19,718 6,950 4,933 1,546 28,748 5,139 1,802 7,035 3,281 37,789 326,863 Mar.12 5,998 205,444 19,709 6,805 4,929 1,531 27,718 5,170 1,903 6,780 3,185 36,947 326,119 Mar. 19 6,119 204,640 19,492 6,778 4,926 1,556 30,071 5,315 2,025 7,518 3,067 37,148 328,655 United States Victory notes: Feb. 20 824 72,243 8,256 4.732 303 507 14,824 1,251 209 2,764 1,076 4,340 111,329 Feb. 27 800 70,823 8,273 4,678 304 447 14,466 1 167 208 2,518 1,024 4,438 109,146 Mar. 5 605 70,156 7,823 4,400 293 442 14,535 1,021 198 2,392 941 4,491 107,297 Mar.12 606 70,727 7,899 2,910 291 432 14,386 1,008 188 2,259 972 4,489 106,167 Mar.19 609 69,535 7,675 2,829 269 411 14,196 1,009 187 2,337 1,014 4,108 104,179 United States certificates of indebtedness: Feb. 20 19,203 273,183 44,272 11,812 1,774 5,323 38,092 16,323 6,250 4,398 14,747 19,832 455,209 Feb. 27 19,956 265,140 44,689 12,486 1,769 5,123 40,134 15,970 5,554 3,354 12,708 16,651 443,534 Mar.5 17,652 239,856 42,955 8,847 1,688 4,130 45,499 15,946 5,580 2,942 12,009 16,075 413,179 Mar.12 17,886 234,937 43,356 8,469 1,028 3,015 46,998 13,694 5,447 3,460 12,140 15,966 406,396 Mar. 19 13,153 206,110 42,460 6,012 965 2,335 31,105 11,284 5,005 2,060 10,684 14,524 345,697 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 FEDERAL, RESERVE BULLETIN. APRIL, 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 Feb. 20 to Mar. 19, 1920—Continued. 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [In thousands of dollars.] New Phila- Cleve- Rich- At- St. Minne- Kansas San Boston. York. delphia. land. mond. lanta. Chicago. Louis. apolis. City. Dallas Fran- Total. cisco. Total United States securities owned: Feb. 20 29,245 594, II1 79,165 28,210 9,869 10,470 81,696 33,296 11,020 18,415 23,553 79,828 998,879 Feb. 27 29,837 580,949 79,656 28,817 9,838 10,203 84,427 32,847 10,417 18,296 21,502 76,802 983,591 Mar.5 552,440 77,583 23,828 9,746 9,218 90,221 32,653 10,371 17,182 20,79] 76,855 948,175 Mar. 12 27! 521 548,659 78,051 21,815 9,030 8,078 90,540 30,419 10,329 17,312 20,85< 75,902 938,513 Mar.19 22,9r 517,836 76,714 19,250 8,942 7,402 76,811 28,154 10,008 16,828 19,32 74,280 878,462 Loans secured by United States bonds, Victory notes, and certificates: i Feb. 20 70,173 529,548 153,075 28,026 12,898 5,235 73,972 24,591 9,619 7,915 1,859 15,836 933,247 Feb. 27 65,614 537,392 152,589 26,460 12,939 5,378 75,509 25,259 10,947 7,995 1,844 16,190 938,116 Mar.5 64,281 551,133 150,730 27,954 12,913 5,56-1 77,389 28,305 11,710 8,000 1 784 16,259 956,022 Mar. 12 61,609 536,300 149,358 27,168 12,654 5,184 77,349 28,939 11,799 8,481 1,646 13,530 934,017 Mar. 19 57,799 531,815 147,606 26,817 12,638 6,250 77,170 31,816 11,162 8,442 13,356 926,702 Loans secured by stocks and bonds, other than United States securities: Feb. 20 145,3561,189,874 182,213 122,532 15,327 7,157 361,987 125,792 13,351 33,672 11,754 65,032 2,274,047 Feb. 27 159,829 I!,192,689 180,448 120,559 15,112 7,274 360,413 124,206 13,654 33,720 11,652 65,183 2,284,739 Mar.5 149,787 I!,179,503 185,570 119,448 15,321 7,358 364,390 123,937 13,675 35,237 11,317 65,290 2,270,833 Mar.12 145,6621,189,773 184,396 117,364 15,477 8,774 364,838 123,277 13,962 34,277 11,525 68,530 2,277,855 Mar.19 148,7831,177,412 183,144 116,419 15,601 8,827 363,945 120,146 13,782 32,531 11,687 69,297 2,261,574 All other loans and investments: i Feb. 20... 5331,,343 31,295,743 505,441 263,309 70,920 60,894 931,106 240,253 139,001 184,652 60,078 417,387 6,702,127 Feb. 27 531.803 31!,323,783 515,266 267,581 71,060 61,403 958,685 241,768 143,359 184,776 60,487 417,752 6,777,723 Mar.5 539,1,479 31!,362,628 511,271 269,167 72,117 59,024 985,292 246,502 144,247 189,624 61,179 420,212 6,860,742 Mar.12 550,953 31,424,096 529,266 276,177 71,998 60,1161,017,519 255,500 142,132 190,749 63,484 424,265 7,006,255 Mar.19 544,• 4073:1',404,652 532,071 279,178 72,047 59,9941,023,587 248,547 143,710 194,256 61,398 441,095 7,004,942 Total loans and investments:* Feb. 20 778,117 5,609,282 920,394 442,077 109,014 83,7561,448,761 423,932 172,991 244,651 97,244 578,08110,908,300 Feb.27 7""8"7,,008833 5,634,813 927,959 443,417 108,949 84,25811,479,034 424,080 178,377 244,787 95,485 5—75 ,92710,984,169 Mar. 5 780,,883344 5,645,704 925,154 440,397 110,097 81,1641,517,292 431,397 180,003 250,043 95,071 578,61611,035,772 Mar.12 .*. 785,745 941,071 442,524 109,159 82,1521,550,246 438,135 178,222 250,819 97 512 582, ,156,640 Mar.19 , 773,9015,631,715 939,535 441,664 109,228 82,4731,541,513 428,663 178,662 252,057 94,241 598i 02811,071,680 Reserve balances with Federal Reserve Bank: Feb. 20 , 63,131 607,629 58,916 27,490 6,248 5,365 141,245 32,799 11,891 18,858 7,881 34,457 1,015,910 Feb.27 55,925 27,522 7,022 5,472 133,852 30,664 9,330 17,962 5,621 33,467 1,023,588 Mar.5 65,106 605,834 58,462 25,851 6,255 6,135 149,065 30,961 15,317 18,182 7,012 32,664 1,020,844 Mar.12 63,335 634,661 62,545 26,256 6,377 5,736 139,671 35,201 14,537 16,883 6,132 35,137 1,046,471 Mar.19 62,202 602,054 57,440 27,175 6,203 5,792 141,653 36,097 12,030 14,498 6,850 32,277 1,004,271 Cash in vault: Feb. 20 15,030 110,569 14,212 7,939 1,854 2,270 37,429 5,538 2,593 4,113 2,131 9,778 213,453 Feb.27 , 15,233 112,250 13,957 7,966 1,729 1,659 38,473 5,424 2,705 3,645 2,357 9,723 215,121 Mar.5 15,152 112,449 13,979 8,255 1,678 1,974 38,130 5,510 2,476 3,997 2,321 9,795 215,716 Mar.12 14,521 111,583 13,753 8,602 1,674 2,212 36,688 5,332 2,748 4,431 2,291 9,579 213,414 Mar.19 , 15,021 108,654 13,610 8,652 1,831 2,132 35,757 5,641 2,882 3,901 2,354 9,603 210,038 Net demand deposits on which reserve is computed: Feb. 20 605,28241,553,649 564,146 216,778 61,745 51,241 970,238 250,805 100,700 166,354 72,879 272,637 7,886,454 Feb.27 626,469 4L]567,219 563,101 214,687 61,336 49,766 994,088 247,483 104,726 168,477 72,735 264,422 7,934,509 Mar.5 608;803 4t,, 605,984 575,858 212,945 58,699 50,170i 1,036,310 251,185 112,827 162,301 71,823 265,091 8,011,996 M Ma a r r . . 1 1 9 2 6 6 1 0 9 8 , , 4 7 7 1 5 7 4 4 ; , 6 6 7 7 0 0 ™ , "' 5 56 8 6 7 , , 8 1 3 0 9 4 2 2 2 1 0 2 , , 2 8 8 8 5 7 5 5 8 9 , , 0 8 2 4 9 2 5 4 0 8 , , 5 4 4 0 2 8 1 1 , , 0 0 2 2 3 3 , , 3 8 5 9 2 8 2 2 6 6 0 2, , 6 2 0 6 9 0 1 1 1 1 7 3 , , 9 6 3 1 6 3 1 1 6 5 1 7, , 6 3 5 8 9 5 7 73 6 , , 2 3 0 8 2 0 2 2 7 6 3 8 , , 4 5 0 4 6 1 8 8 , , 1 0 1 7 1 2 , , 8 8 9 5 9 2 Time deposits: Feb. 20 42,695 295,877! 16,896 167,909 20,563 20,403 268,489 71,997 22,818 10,671 3,971 210,780 1,153,069 Feb.27 43,494 294,819 16,588 168,177 20,554 20,399 268,119 72,035 22,788 10,664 4,087 211,711 1,153,433 Mar.5 44 425 293,951 16,310 167,051 20,759 20,619 269,516 72,431 23,033 12,894 4,119 212,496 1,157,604 Mar.12 45,751 295,956 16,354 167,045 20,528 20,458 269,882 72,075 23,164 12,866 4,190 211,200 1,159,469 Mar.19 44,770 301,850 16,979 167,012 20,652 20,640 270,693 72,245 23,495 12,839 4,213 211,356 1,166,744 Government deposits: Feb. 20 2,574 28,341 1,8 879 312 233 3,822 1,283 105 787 841 3,682 44,739 Feb.27 1,716 18,894 12 586 200 153 3,816 856 70 526 560 2,455 31,082 Mar.5 1,716 18,894 1,2 586 59 153 2,548 806 70 526 560 2,455 29,673 Mar.12 1,716 18,894 1,2 586 200 153 2,548 731 70 526 536 2,655 29,865 Mar.19 5,566 45,563 2,501 2,327 804 520 7,384 2,979 140 2,028 1,294 6,224 77,330 Bills payable with Federal Reserve Bank: Secured by United States war obligations— Feb. 20 25,136 428,522 76,846 20,845 7,019 1,187 57,501 24,553 6,507 13,379 15,867 22,556 699,918 Feb.27 28,253 397,257 78,295 21,740 6,886 2,577 56,701 26,136 5,409 10,012 13,867 24,195 671,328 Mar.5 25,887 362,026 73, Of 17,194 7,383 1,340 63,227 26,579 5,219 11,531 12,617 18,936 625,034 Mar.12 28,363 355,258 72,75 16,176 7,943 1,320 63,447 24,227 4,959 11,837 10,029 21,323 617,604 Mar.19 24,408 295,7081 76,651 10,489 6,278 1,844 60,160 22,592 4,735 10,290 8,908 15,979 538,042 All other— Feb. 20 500 500 Feb.27 500 500 Mar.5 1,695 1,695 Mar.12 1,681 1,681 Mar. 19 1,345 1,345 i Includes bills rediscounted with Federal Reserve Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 431 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 Feb. 20 to Mar. 19, 1920—Continued. 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [In thousands of dollars.] 1 I 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. Chicago. Lo S u t. is. M ap i o n l n is e . - K C an it s y a . s Dallas. I ! F C S r i a a s n n co - . Total. Bills rediscounted with Federal Reserve Bank: Secured by United States war obligations— Feb. 20 40,412 101,212 77,110 4,981 2,077 183 6,191 3,937 1,470 1,083 46^ 421 239,123 Feb. 27 40,906 143,126 76,514 4,795 2,089 176 6,883 4,612 2,577 1,170 46! 456 283,350 Mar. 5 39,053 148,707 76,570 5,627 2,089 176 6,816 7,188 2,939 1,014 27! 474 290,680 Mar. 12 37,413 157,645 75,337 4,273 1,917 233 7,232 7,424 2,976 1,544 64! 501 296,559 Mar. 19 34,055 156,417 73,503 4,852 1,965 126 6,954 8,966 2,696 1,594 64; 415 291,607 All other— Feb. 20 71,239 226,586 40,933 28,753 3,342 2,365 112,077 36,707 26,656 19,603 2,464 25,599 596,324 Feb. 27 69,972 244,020 42,302 30,574 3,436 2,254 122,348 37,810 26,740 23,152 3,218 26,485 632,311 Mar.5 66,301 250,139 36,641 29,722 5,289 2,488 122,432 32,452 25,426 26,180 4,907J 34,067 636,044 Mar.12 59,798 248,027 40,699 28,120 4,832 2,281 143,241 37,379 22,434 25,122 4,406' 34,319 650,658 Mar. 19 63,777 187,489 44,487 27,560 5,119 2,232 139,468 32,589 18,747 27,685 4,227! 28,352 581,732 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES. di Y N st o e ri r w c k t.1 C d l i e s v tr e i l c a t n .2 d di m R st i o r c n i h c d - t.3 A di t s l t a r n ic t t a .< C di h s i t c r a ic g t o .* S di t. s L tr o ic u t i / s d K is C a t n r it i s c y a t s .7 d D is a tr l i l c a t s .8 F d r i a s S t n r a c i n c is t c .9 o Total. Number of reporting banks: Feb. 20 10 40 19 24 12 18 18 11 43 195 Feb. 27 10 40 19 24 12 18 18 11 43 195 Mar.5 10 40 19 24 12 18 18 11 43 195 Mar.12 10 40 19 24 12 18 18 11 43 195 Mar. 19 10 40 19 24 12 18 18 11 43 195 United States bonds to secure circulation: Feb. 20 1,599 24,897 5,608 6,915 1,905 5,280 4,187 7,108 13,305 70,804 Feb. 27 1,599 24,897 5,608 6,915 1,905 5,280 4,187 7,108 13,305 70,804 Mar.5 1,599 24,897 5,608 6,915 1,905 5,280 4,187 7,108 13,305 70,804 Mar.12 1,599 24,897 5,608 6,915 1,905 5,280 4,187 7,108 13,305 70,804 Mar. 19 1,599 24,897 5,608 6,915 1,905 5,280 4,187 7,108 13,428 70,927 Other United States bonds, including Liberty bonds: Feb. 20 10,248 42,526 9,000 23,400 15,822 7,960 6,525 7,640 21,727 144,848 Feb. 27 10,539 42,165 9,002 23,385 16,106 7,983 6,805 7,629 21,679 145,293 Mar.5 10,269 42,927 9,018 23,587 16,434 8,077 6,453 7,636 22,147 146,548 Mar. 12 10,767 40,124 9,014 23,818 16,834 8,235 6,529 7,577 21,696 144,594 Mar.19 10,072 41,082 9,276 23,325 16,770 8,315 6,506 7,693 21,867 144,906 United States Victory notes: Feb. 20 3,742 15,012 3,280 5,050 14,484 2,701 489 1,428 7,785 53,971 Feb. 27 3,685 15,399 3,265 4,922 14,467 2,589 628 1,424 7,844 54,223 Mar.5 3,684 15,172 3,286 4,973 14,452 2 524 750 1,425 7,927 54,193 Mar. 12 3,176 15,209 3,125 4,970 14,422 2,526 707 1,499 8,068 53,702 Mar.19 3,239 14,511 3,177 5,079 14,748 2,646 708 1,358 7,955 53,421 United States certificates of indebtedness: Feb. 20 10,596 32,747 6,991 17,447 52,361 2,307 3,365 5,895 19,836 151,545 Feb. 27 10,785 32,798 6,991 17,495 53,045 2,346 3,382 5,845 18,226 150,913 Mar. 5 10,886 33,785 7,129 16,344 54,706 2,275 3,399 5,875 18,423 152,822 Mar. 12 10,786 33,236 7,652 15,501 56,602 1,480 3,591 5,895 16,694 151,437 Mar.19 8,921 18,734 6,829 11,156 28,590 1,471 3,452 3,150 13,346 95,649 Total United States securities owned: Feb. 20 26,185 115,182 24,879 52,812 84,572 18,248 14,566 22,071 62,653 421,168 Feb. 27 26,608 115,259 24,866 52,717 85,523 18,198 15,002 22,006 61,054 421,233 Mar. 5 26,438 116,781 25,041 51,819 87,497 18,156 14,789 22,044 61,802 424,367 Mar.12 26,328 113,466 25,399 51,204 89,763 17,521 15,014 22,079 59,763 420,537 Mar. 19 23,831 99,224 24,890 46,475 62,013 17,712 14,853 19,309 56,596 364,903 Loans secured by United States bonds, Victory notes, and certificates: 0. Feb. 20 10,948 53,122 12,804 14,133 15,427 10,920 10,098 1,679 14,931 144,062 Feb. 27 10,721 50,082 12,880 14,859 16,279 9,098 10,533 1,666 15,743 141,861 Mar.5 10,749 50,082 12,769 15,165 17,409 8,725 10,793 1,718 16,046 143,456 Mar. 12 10,906 51,349 12,772 15,010 16,147 9,017 10,619 1,838 16,172 143,830 - Mar.19 11,474 57,061 12,832 15,635 12,471 8,914 10,641 1,877 15,716 146,621 Loans secured by stocks and bonds, other than United States securities: Feb. 20 56,123 157,517 32,584 39,139 57,351 33,190 22,168 14,837 72,851 485,760 Feb. 27 55,522 152,320 32,694 39,728 58,873 32,885 22,505 14,831 71,414 480,772 Mar.5 55,616 154,854 32,653 39,638 59,444 33,144 22,894 14,685 70,931 483,859 Mar. 12 56,516 153,600 34,114 40,208 60,076 33,855 23,697 14,869 70,686 487,621 Mar. 19 55,043 158,749 34,372 40,879 59,385 34,514 23,059 15,134 71,728 j 492,863 a Includes bills rediscounted with Federal Reserve Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 FEDERAL RESERVE BULLETIN. APRIL, 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 Feb. 20 to Mar. 19,1920—Continued. 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES-Continued. [In thousands of dollars.] di Y N st o e ri r w c k t.1 d J i le s v tr e i l c a t n . d ' di m R st i o r c i n c h d t - .* d A is t t l r a i n ct t a .<d C is h t i r c i a c g t. o * d S i t s . t L ri o c u t. i " s d K is a C tr n i i s c t a y t. s * d D ist a r l i l c a t s .* F d r i a s n t S r c i a i c s n t c . o 9 Total. All other loans and investments: o Feb. 20 171,124 459,893 113,638 246,815 313,980 120,699 174,175 76,471 429,735 2,106,530 Feb. 27 174,003 460,363 113,302 250,523 313,354 120,242 174,592 76,619 430,281 2,113,279 Mar.5 174,967 458,396 113,841 250.696 313,796 121,631 173,972 79,626 440,398 2,127,323 Mar. 12 175,700 464 876 117,184 257,223 314,683 122,811 173,539 80,007 445,368 2,151,390 Mar. 19 175,956 466,724 114,207 252,345 316,987 123,667 172,778 81,548 446,717 2,150,929 Total loans and investments:« Feb. 20 264,380 785,714 183,905 352,899 471,330 183,057 221,007 115,058 580,170 3,157,520 Feb. 27 266,854 778,024 183,742 357,827 474,029 180,423 222,632 115,122 578,492 3,157,145 Mar.5 267,770 780,113 184,304 357,318 478,146 181,656 222,448 118,073 589,177 3,179,005 Mar. 12 269,450 783,291 189,469 363,645 480,669 183,204 222,869 118,793 591,989 3,203,378 Mar. 19 266,304 781,758 186,301 355,334 450,856 184,807 221,331 117,868 590,757 3,155,316 Reserve balances with Federal Reserve Bank: Feb. 20 17,813 52,546 12,301 23,069 28,705 11,232 15,678 9,077 40,541 210,962 Feb. 27 19,598 50,835 13,008 22,227 27,683 10,845 17,796 8,703 40,674 211,369 Mar.5 19,046 47,538 12,897 21,952 27,743 11,759 18,802 9,438 39,377 208,552 Mar. 12 16,969 53,109 13,686 21,609 32,010 11,406 14,725 8,483 41,903 213,900 Mar. 19 17,622 50,993 12,955 22,994 29,456 11,208 16,869 8,900 42,07$ 213,075 Cash in vault: Feb. 20. 3,296 15,070 5,442 8,025 14,785 4,196 5,329 2,784 16,391 75,318 Feb. 27 3,327 13,448 5,193 8,078 14,460 3,895 5,487 2,836 17,735 74,459 Mar.5 3,478 15,020 5,254 7,483 14,840 4,079 5,825 3,068 16,119 75,166 Mar. 12........ 3,551 13,562 5,529 7,425 13,782 3,915 5,557 3,009 16,899 73,229 Mar. 19..-- 3,539 16,835 5,533 7,869 13,444 4,028 5,521 2,846 16,070 75,685 Net demand deposits on which reserve is computed: Feb.20 181,864 466,114 106,880 200,153 210,526 102,799 139,833 76,625 311,106 1,795,900 Feb. 27 181,958 458,939 108,763 197,326 207,054 102,721 143,181 75,438 307,095 1,782,475 Mar.5 175,876 467,000 110,991 189,221 206,066 104,237 141,643 73,525 304,155 1,772,714 Mar. 12...- 176,254 464,191 115,906 193,316 229,489 106,062 141,910 74,998 316,504 1,818,630 Mar. 19 170,974 468,740 108,734 193,864 214,527 100,144 142,370 74,582 312,955 1,786,890 Time deposits: Feb.20 38,274 113,604 17,851 73,814 207,684 38,618 46,440 20,953 252,395 809,633 Feb.27 39,462 117,945 17,915 74,758 38,230 46,349 21,077 251,687 815,716 Mar. 5 45,486 117,144 18,105 82,450 218,450 38,889 47,400 21,118 253,157 842,199 Mar. 12 46,650 117,605 17,995 82,277 220,538 38,759 47,532 21,067 252,778 845,201 Mar. 19 47,631 117,504 18,159 82,604 218,424 38,717 47,596 20,744 252,987 844,366 Government deposits: Feb.20 232 3,707 43 1,544 2,289 270 76 749 481 9,391 Feb. 27 232 2,452 28 957 2,289 180 48 499 320 7,005 Mar.5 154 2,470 16 771 1,526 180 48 499 284 5,948 Mar. 12 154 2,436 16 706 1,526 180 48 499 284 5,849 Mar. 19 261 6,317 134 2,916 2,626 1,328 78 649 856 15,165 Bills payable with Federal Reserve Bank: Secured by United States war obligations— Feb.20 21,937 66,617 18,811 35,107 53,143 7,252 7,403 5,482 15,040 230,792 Feb. 27 23,057 71,336 19,576 35,597 55,968 7,546 6,698 7,207 16,943 243,928 Mar.5 25,512 57,048 18,000 32,660 60,188 7,443 7,403 7,902 15,646 231,802 Mar.12 21,511 59,155 18,170 33,490 57,125 7,370 5,178 8,002 14,642 224,643 Mar.19 23,298 39,867 16,461 29,764 34,491 6,901 10,648 176,667 All other— Feb.20 1,300 85 1,385 Feb.27 100 1,200 85 1,385 Mar.5 100 368 375 85 928 Mar.12 423 650 174 1,247 Mar.19 60 560 2,133 174 2,927 Bills rediscounted with Federal Reserve Bank: Secured by United States war obligations— Feb.20 1,178 2,137 4,335 1,463 3,707 1,540 1,040 17,751 Feb.27 1,258 2,891 4,495 2,657 2,451 2,030 1,951 1,414 19,159 Mar.5 1,158 2,507 4,362 2,739 3,151 1,967 1,884 1,468 19,321 Mar.12 1,071 2,498 4,363 2,723 3,145 1,730 1,791 1,511 18,907 Mar.19 1,308 7,306 4,456 2,767 295 1,898 1,895 1,321 21,326 All other— Feb.20 6,858 8,059 10,946 20,027 7,615 10,291 17,571 3,432 11,651 96,450 Feb. 27 7,947 6,851 10,189 22,091 9,505 11,566 19,799 3,095 12,123 103,166 Mar.5 8,598 9,324 10,129 23,582 3,679 11,296 18,458 5,087 16,099 106,252 Mar.12 8,563 9,924 9,742 24,044 4,866 10,458 17,721 4,716 15,680 105,714 Mar.19 10,484 11,618 12,060 26,308 3,406 13,401 17,738 4,546 15,787 115,348 i Buffalo. « Louisville, Memphis, and Little Rock. 3 Pittsburgh and Cincinnati. i Omaha and Denver. 3 Baltimore. s El Paso and Houston. < New Orleans, Birmingham, Jacksonville, and Nashville. » Spokane, Portland, Seattle, Salt Lake City, and Los Angeles. * Detroit. a Includes bills rediscounted with Federal Reserve Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL. 1920. FEDERAL RESERVE BULLETIN. 433 IMPORTS AND EXPORTS OF GOLD AND SILVER. Gold imports into and exports from the United States distributed by countries. Imports. Exports. F D 1 e e 0 b n 1 u . 9 d d r 2 i i a 0 n n 2 y . g g 0 s . ' F e D 9 e 1 n b . u 9 d d r 2 i a i 0 n 2 y n . g 9 s g , M D 1 e 0 1 n a u 9 d r r d 2 . i i a 0 n n 1 y . g g 0 s , J M a F 1 n a 9 r . r 2 o . 0 1 m 1 . t 0 o , J M a F 1 n a r 9 . r o 1 . 9 1 m 1 . t 0 o , F D 1 e e 0 n b 1 u . d 9 d r 2 i i a n n 0 2 y g . g 0 s , F D e 9 e n b 1 u . d 9 d r 2 a i i n 0 y n 2 g . s g 9, M 1 D e 0 n 1 u a 9 d r d r . 2 i i a n n 0 1 y g g . 0 s , J M a F 1 n a r 9 . r o 2 . 1 0 m 1 . t 0 o , J M a F 1 n a 9 r . r o 1 . 1 9 m 1 . t 0 o , France $228 $19,804 Italv .. •140 000 40,000 $32,718 $169,316 Netherlands U, 160,000 1,161,238 United Kingdom—England i* 586," 479' 1,587,421 $8,168 $2,002 11,157 Total Europe 1,160,000 40,000 1,586,707 2,808,463 8,168 32,718 2,002 180,473 Canada 306,723 362,189 6,179,916 18,147,097 1,288,435 342,727 221,764 $121,211 1,340,848 $11,550 Costa Rica 71,104 4,500 79,182 114,374 Honduras r 31 166 4,125 39,802 61,813 6,000 5,000 12,000 Nicaragua 106,857 32,342 1,050 228,151 386,702 Panama 160 30,160 1,771 Salvador 6,614 59,881 184,622 Mexico 176,416 42,687 118,943 753,106 1,013,474 1,532,660 1,292,184 941,250 8,398,096 2,097,372 Newfoundland 61 British West Indies 170 170 1,608 Cuba 148 1,925 1,323 Virgin Islands of the United States. 10,000 10,000 Dominican Republic . . 16,000 Total North America 699,028 437,218 6,308,864 19,339,474 3,054,183 1,891,387 1,518,948 1,082,461 9,776,944 2,108,922 Argentina- 12,823 12,823 9,250,000 2,500,000 15,850,000 52,650,000 Bolivia 4,093 5 508 Brazil 30 000 1 130,000 Chile ... 59,144 5,142 79,293 42,021 200,000 400,000 Colombia 2,177 3,665 320 11,710 395,055 200,000 700,000 2,397,335 Ecuador 152,544 30 000 30,000 British Guiana 1,704 1,911 22,060 49,607 Dutch Guiana 7,419 Peru 27,420 2,469 23,007 181,383 194,350 135,339 Uruguay 5,400,000 6,500,000 Venezuela . 61,518 284,000 334,000 2,304,605 Total South America 90,445 10,227 43,203 312,777 902,504 9,734,000 2,560,000 21,450,000 60,744,000 4,837,279 China 103,878 1,558,634 3,452,079 14,416,700 British India 58,020 1,172,413 2,435,453 Straits Settlements 1,380,000 4,995,000 Dutch East Indies 1,666,974 1,666,974 1,540,000 1,892,149 4,542,149 267,000 Hongkong 5,"666,"666" 459,640 2,952,200 680,000 15,360,182 Japan 500,000 500,000 6,706,301 Total Asia 1,666,974 1,666,974 5,000,000 3,541,538 6,902,983 5,804,492 48,455,785 267,000 New Zealand 150 614 Philippine Islands 83,267 71 *»sn 185,236 165,505 British South Africa ! ' 8 150 Portuguese Africa 37,727 34 Total, all countries 3,699,714 487,445 |8,010,354 124,501,265 9,138,554 15,199,643 10,983,933 .8,316,953 2119,157,202 7,213,201 i Includes: Ore and base bullion. $4,709,000; bullion refined, $2,486,000; United State coin, $1,206,000; foreign coin. $16,100,000. * Includes: Domestic exports—Ore and base bullion, $4,000; United States mint or assay office bars, $11,895,000; bullion refined, $778,000; coin, $106/434,000. Foreign exports—coin, $46,000. Excess of gold exports over imports since Jan. 1,1920, $94,656,000. Excess of gold imports over exports since Aug. 1,1914, $685,099,000. Excess of gold exports over imports since June 10, 1919, $415,920,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FEDERAL RESERVE BULLETIN. APRIL, 1920. Silver imports into and exports from the United Slates, distributed by countries. Imports. Exports. F D 1 e 0 e 1 n u b 9 d d r . 2 i i a n 0 n 2 y . g g 0 s , F D e 9 1 e n 9 u d b 2 d r a . 0 i i n y . n 2 g s g 9, M D 1 e 0 1 n u a 9 d r d r 2 . i i a 0 n n 1 y . g g 0 s , J M a F 1 a n r 9 r . o 2 . 1 m 0 1 t . 0 o , J M a F 1 n a 9 r r 1 o . . 1 9 m 1 . t 0 o , F D 1 e e 1 . n 0 u b 9 d r 2 . d i i 0 2 n n a . 0 g g ys F D e 9 e n u 1 b d d r 9 . i i a 2 n n 2 y 0 g g 9 s . , M 1 D e 0 1 u n a 9 r d d r 2 . i a i n 0 n 1 y g . 0 g s . J M a 1 F n 9 a r . 2 r o . 0 1 m . 1 0 to , J M a F 1 n a 9 r r . o 1 . 1 9 m 1 t . 0 o , Denmark.. $146,125 France.. $4,478 $12,142 $3,823 ! 2,411,633 Netherlands 234 Norway ! 332, i38 Sweden 48,675 United Kingdom—England . i ' 3,655 | 16,903 $130,000 $182,841 4,298,824 Total Europe 4,478 16,031 i 20,726 130,000 182,841 7,237,395 British Honduras $9,465 7,125 24,360 90.123 ! Canada $68,858 99.145 I 244.655 1,123,293 1,540,823 $479,686 $77,551 140,298 3,060,29i | 498,837 Costa Rica 8.954 ! 9,599 6,420 Guatemala I... .. .. 2,500 19,980 500 500 Honduras 138,745 62,253 545 590 612 107 10,000 34,000 21 100 154 900 25,000 Nicaragua... 77,647 ! 26,954 189,821 177,331 Panama 5,512 21,852 64,262 i,666 4oi.666 Salvador 1,572,051 16,500 679,655 3,185,903 88,251 Mexico 2,627,358 1.993.910 2,444,521 14,892,403 10,130,858 213,208 149,488 124,240 1,146,849 162,650 Newfoundland 11 British West Indies... 142 66 208 635 2,435 3,700 Cuba 6,889 26,502 23,974 19,000 33,000 Virgin Islands of United States ""io,'666" 10,000 Dominican Republic I 70,000 113,000 Haiti . . i I 4,000 4,000 | Total North America 4,500,644 2,119,020 3,473,241 20,039,511 12,734,160 703,529 350,539 300,638 4,925,975 690,187 Argentina 6,907 6,907 891 891 Bolivia 461,756 582,446 Chile.... 540,266 19,377 50,926 820,499 283,322 [ Colombia 10,402 1,057 3,747 35,687 46,691 I Ecuador 3,908 Dutch Guiana 250 Peru 487,397 20,957 233,480 2,537,070 2,010,816 Venezuela 245 Total South America 1,038,065 503,147 295,060 3,982,609 2,344,982 891 891 250 China 11,974 3,000,000 2,989,185 4,443,923 31,854,810 470,476 British India 52,984,233 Dutch East Indies 1,047,482 i,047,482 | French East Indies 1,347,794 1,347,794 Hongkong i,650 1,455,825 519,493 206,081 7,258,901 2,212,424 Total Asia 1,047,482 1,061,106 i5,803,619 3,508,678 4,650,004 40,461,505 55,667,133 New Zealand 283 Philippine Islands. 2 323 1,400 4,522 4,053 British South Africa 76 822 British West Africa.... 3,080 Portuguese Africa 4,785 436 Total, all countries 6,588,514 2,622,167 3,774,179 i 25,108,847 15,181,179 !6,507,148 3,859,217 5,081,533 2 45,574,292 63,594,965 1 Includes: Ore and base bullion $19,828,000, U. S. mint or assay office bars $3,000, bullion refined $1,306,000, U. S. coin $123,000. foreign coin $3,849,000. 2 Includes: Domestic exports—U. S. mint or assay office bars $1,714,000, bullion refined $26,464,000, coin $11,856,000. Foreign exports—bullion refined $4,920,000, coin 1620,000. Excess of silver exports over imports since Jan. 1, 1920, $20,465,000. Excess of silver exports over imports since Aug. 1, 1914, $449,837,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL, RESERVE BULLETIN. 435 Estimated general stock of money, money held by the Treasury and by the Federal Reserve System, and all other money in the United States, Mar. 1, 1920. o U f G n m e i n t o e e n d r e a y l S s t i a t n o t e c t s h k . e U G a T H n o s r s e v i e t e l e e a d t r s d s n u i o n m S r f y t e t a t h n a h t e t e s e . s 1 F H ed e B e l a d r n a b l k y s R o a e r n s e d f r o v r e F U e T H d r n e e e S i l r a t d y a e s l s d u o t r e R u y S m t e t s a s a . i e t d n e r e d s ve c s U T A e a F r n r p e m e v i i d a t e t o e a e s d u u r S a o n r y l S y u t s t t R t p a s a e i e t e n m d e - r d e s . Gold coin (including bullion in Treasury)2. $2,720,767,606 $369,324,662 $1,290,957,081 $440,533,609 Gold certificates 346,763,130 273,189,124 Standard silver dollars 270,217,520 8,"866,"7ii" 3 54,288,278 76,870,713 Silver certificates 5,653,590 122,917,933 Subsidiary silver "252," 956* 833" 6,700,805 246,256,028 Treasury notes of 1890 1,686,292 United States notes 346,681,016 18,107,739 ^57,190,727 271,382,550 Federal Reserve notes 3,255,213,250 39,633,048 215,889,995 2,999,690,207 Federal Reserve Bank notes 237,834,400 39,080,686 7,715,873 191,037,841 National-bank notes 722,641,255 65,313,090 3,031,384 654,296,781 Total: Mar. 1, 1920. 7,806,311,880 546,960,744 1,981,490,058 5,277,861,078 $49.41 Feb. 1,1920. 7,744,769,263 625,142,749 2,009,651,988 5,109,974,526 47.88 Jan. 1, 1920.. 7,961,320,139 604,888,833 2,044,422,303 5,312,009,003 49.81 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 July 1, 1918.. 6,742,225,784 356,124,750 2,018,361,825 4,367,739,209 41.31 Jan. 1,1918.. 6,256,198,271 277,043,358 1,723,570,291 4,255,584,622 40.53 Julyl, 1917.. 5,480,009,884 253,671,614 1,280,880,714 3,945,457,556 37.88 bank notes, Federal Reserve notes, and Federal Reserve Bank notes. i Includes balances in gold settlement fund standing to the credit of the Federal Reserve Banks and agents. 3 Includes subsidiary silver. * Includes Treasury notes of 1890. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 FEDERAL, RESERVE BULLETIN. APRIL, 1920. FEDERAL RESERVE BANK DISCOUNT RATES. Rates on paper discounted for member banks approved by the Federal Reserve Board up to Mar. 31, 1920. Discounted bills ma- Discounted bills seturing wdthin 90 cured otherwise than days (including by Government war member banks' 15- obligations, also unday collateral notes) secured, maturing secured by- Bankers' Trade within— accept- accept- Federal Reserve Bank. ances ances maturing maturing 90 days c T er r t e if a i s c u a r te y s bo L n ib d e s r a ty nd 3 w m i o th n i t n hs. 9 w 0 i t d h a i y n s. (i m nc e l m ud b i e n r g d 9 a c y 1 u s lt t u o (a r g 1 a 8 r l i 0 of indebt- Victory banks' and liveedness. notes. 15-day stock collateral paper). notes). Boston 5 51 5 6 6 n New York 5 51 5 6 6 6 Philadelphia... 5 51 5 6 6 6 Cleveland 5 51 5 6 6 6 Richmond 5 5i 5 6 6 6 Atlanta 5 5i 5 6 6 6 Chicago 5 51 51 6 6 6 St. Louis 5 51 .5 6 6 6 Minneapolis 4| 51 5 51 6 6 Kansas City 5 51 5 6 6 6 Dallas 5 5^ 5 6 6 6 San Francisco. 5 51 5 6 6 6 NOTE.—Rate on paper secured by War Finance Corporation bonds 1 per cent higher than rate on commercial paper shown in column 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1920. FEDERAL RESERVE BULLETIN. 437 FOREIGN EXCHANGE RATES. Monthly ranges of exchange rates on leading foreign centers, quoted in New York during the three months ending March, 1920. January. February. March. Exchange at par. Low. High. Low. High. Low. High. London: Demand bills dollars for £.. 4.8665 3.5025 3.7875 3.2225 3.4525 3.4275 3.9525 Cable transfers do 4.8665 3.51 3.795 3.23 3.46 3.4350 3.9600 Paris: Demand bills francs for 100 dollars.. 518.1347 1,340.00 1,078.00 1,477.00 1,337.00 i 1,489.00 1,320.00 Cable transfers do 518.1347 1,338.00 1,076.00 1,475.00 1,335.00 1,487.00 1,318.00 Berlin dollars for 100 marks.. 23.82 1.09 2.05 1.01 1.14 1.02 1.57 Milan: Demand bills lire for 100 dollars.. 518.1347 1,564.00 1,325.00 1,975.00 1,612.00 2,065.00 1,742.00 Cable transfers do 518.1347 1,562.00 1,323.00 1,973.00 1,610.00 2,060.00 1,740.00 Prague dollars for 100 kronen i.. 20.26 1.10 1.75 .90 1.05 1.05 1.50 Vienna do 20.26 .30 .65 .30 .40 .38 .55 Jugo-Slavia do 20.26 .90 1.00 .75 1.00 .70 1.00 Warsaw dollars for 100 marks1.. 23.82 .50 .90 .65 .70 .63 .70 Brussels francs for 100 dollars.. 518.1347 1,402.00 1,067.00 1,487.00 1,307.00 1,382.00 1,272.00 Madrid dollars for 100 pesetas.. 19.30 18.05 19.20 16.80 18.00 17.25 17.90 Helsingfors dollars for 100 markka *.. 19.30 3.00 4.25 4.00 4.50 4.35 6.25 Athens dollars for 100 drachma.. 19.30 13.65 15.00 10.65 13.50 10.65 11.60 Sofia dollars for 100 lev1.. 19.30 2.00 2.25 1.60 1.90 1.65 2.85 Bucharest dollars for 100 lei 1.. 19.30 1.60 2.85 1.30 1.60 1.30 2.85 Belgrade dollars for 100 dinar l.. 19.30 4.00 4.45 3.00 3.80 2.83 3.75 Amsterdam dollars for 100 florins.. 40.20 37.25 39.125 36.625 37.875 35.625 37.125 Stockholm dollars for 100 kronor.. 26.80 19.30 21.55 17.50 19.15 18.50 21.70 Copenhagen dollars for 100 kroner.. 26.80 15.75 19.10 14.40 15.65 15.00 18.65 Christiania do 26.80 17.50 20.35 16.50 17.55 17.10 19.375 Zurich francs for 100 dollars.. 518.1347 572.00 547.00 625.00 577.00 617.00 582.00 Canada *• dollars for 100 Canadian dollars2.. 100. 89.75 92.75 85.50 S9.875 87.00 92.50 Mexico City dollars for 100 pesos1.. 49.85 50.375 51.00 51.50 52.25 50.375 52.25 Bogota dollars for 100 Colombian dollars*.. 97.33 98.75 99.00 98.50 99.50 103.00 105.00 Montevideo centavos to dollar1.. 96.69 95.25 95.00 98.00 96.00 99.50 97.25 Buenos Aires dollars for 100 gold pesos.. 96.48 97.75 98.295 97.75 99.15 98.125 98.75 Rio de Janeiro dollars for 100 paper milreis.. 8 54.62 26.375 27.875 25.625 26.50 25.375 26.75 Valparaiso dollars for 100 paper pesos.. * 36.50 19.125 22.75 20.50 21.625 20.50 22.00 Yokohama dollars for 100 yen.. 49.85 49.00 50.375 47.75 48-75 47.00 48.00 Hongkong dollars for 100 Hongkong dollars 95.00 100.00 96.00 103.00 93.50 100.00 Shanghai dollars for 100 Shanghai taels. _ 155.00 165.00 155.00 165.00 140.00 155.00 Singapore dollars for 100 Singapore dollars.. 56.78 48.50 50.125 42.50 49.00 43.00 45.00 Calcutta dollars for 100 rupe< 32.44 42.00 46.25 42.00 49.00 44.50 50.00 London average price of silver at nominal rate of £ ($4,866 (dollars per fine ounce) 1.75032 1.8 1.62643 New York average price of silver (dollars per fine ounce) 1.32875 1.31273 1.25551 * Cable rates. »Check (demand). 1 Rate for a gold milreis. • Rate for gold peso. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 FEDERAL RESERVE BULLETIN. APRIL, 1920. CONDITION OF MEMBER BANKS. Abstract of condition reports of State bank and trust company members in each Federal Reserve district on Dec. 31, 1919. [In thousands of dollars.] I b N a t D r ( n o i 3 i . s k c 6 - s t 1 ). D b N a i ( o s n 1 . t k 2 r 2 s i 2 c ). t b N a t D r ( o n 3 i i . s k 8 c - s t 3 ).b N a t D r ( o n 9 i i . s k 7 c - s t 4 ). N t D r ( o 4 i i . s c 6 - t 5 b N a t D r ( n o 6 i i k . c s 4 s - t 6 ), D b N a i ( s n 3 o t 2 k . r 6 s i 7 c ). t b N a t D r n ( o 6 i i k . c s 8 s - t 8 ).b N a t D r n ( o 8 i i k . c s 6 - s t 9 ).b N a t D o r ( n 4 i . i k c s 7 1 - s t 0 ). N t D ( o r 1 i . i 1 c s 4 1 - t 1 b N a t D ( o r n 1 i . i 3 k c s 1 7 - s t ) 2 . b U S T ( a 1 n t n o a , i 1 k t t t a 8 e e s l d s 1 ). RESOURCES. Loans and discounts 412,4372,158,392 161,696 420,615 104,480 211,669 969,778 228,522 71,799 65,907 55,380 389,158 5,249,833 Overdrafts 239 464 181 313 164 1,314 539 535 139 148 581 745 5,362 Customers' liability under letters of credit. 923 31 62 1,016 Customers' liability account of acceptances.22,454 146,508 530 "*6,78i "i,"79i " *8,"813 32,156 9,871 2,115 231,019 Liberty bonds (exclusive of Liberty bonds borrowed) 13,543 155,908 14,715 25,187 5,435 13,953 51,290 12,536 3,121 6,008 4,035 30,021 335,752 Other United States bonds (exclusive of United States bonds borrowed) 151 456 15 129 20 4,758 25 51 15 41 4,092 9,851 United States Victory notes 7,407 44,736 5,056 12,663 2,503 3,771 39,926 4,261 463 1,330 644 8,297 131,057 United States certificates of indebtedness.25,259 106,606 17,609 24,097 1,777 10,728 69,345 13,962 2,352 2,644 4,422 28,225 307,026 War savings and thrift stamps actually owned 68 139 68 73 21 65 421 8? 31 141 90 128 1,327 Stock of Federal Reserve Bank 1,877 9,124 2,046 2,994 553 1,059 4,623 1,326 291 248 300 1,409 25,850 Other bonds, stocks, etc. (exclusive of securities borrowed) 98,763 500,380103,112170,489 13,516 27,427 229,009 44,977 7,270 10,341 793 94,8751L, 300,952 Banking house 9,574 51,527 7,324 16,572 2,771 7,547 17,555 6,324 1,074 642 1,168 10,356 132,434 Furniture and fixtures 779 1,015 476 1,266 197 697 2,616 563 372 276 480 2,427 11,164 Other real estate owned 234 6,986 2,547 5,489 585 2,911 1,646 977 280 84 382 3,627 25,748 Lawful reserve with Federal Reserve Bank.40,706 308,867 20,100 33,664 6,794 18,423 94,218 21,892 4,1 6,763 5,822 29,784 591,702 Items with Federal Reserve Bank in process of collection 12,128 54,961 5,476 5,984 1,271 9,572 15,474 11,621 367 2,618 599 2,569 122,640 Due from banks and bankers 33,776 278,218 14,975 44,261 17,736 46,257 109,948 34,025 10,942 17,468 17,048 52,050 676,704 Gold coin and certificates 1,624 8,687 374 260 87 655 3,293 302 175 139 144 1,952 17,692 All other cash in vault 17,887 53,036 5,813 14,905 3,994 7,263 37,464 5,141 1,711 1,802 2,278 14,462 165,756 Exchanges for clearing house, also check? on banks in same place 16,548 334,744 6,059 10,888 1,537 13,075 42,123 7,572 1,155 2,647 9,079 446,317 Outside checks and other cash items 2,121 23,766 366 3,140 330 3,331 20,024 2,777 652 573 703 6,870 64,653 Approximate interest earned but not collected 830 15,797 770 812 100 598 2,367 753 181 115 1,901 24,257 Other assets 1,513 22,396 1,154 2,857 345 628 2,573 1,042 44 44 1,270 1,729 35,595 Total 19,918 4,283,636 370,46?803,439 166,007 389,854 1,751,177 409,086 107,139 119,953 97,103 695,933 9,913,707 LIABILITIES. Capital stock paid in 30,475 149,905 23,225 36,478 11,594 22,184 83,708 24,400 8,066 5,710 7,533 32,966 436,244 Surplus fund . 33,910 170,218 47.. 230 65,393 7,691 13,369 73,311 19,954 2,389 2,643 2,858 15,964 454,930 Undivided profits, less expenses and taxes paid 10,395 46,122 8,939 11,705 3,169 18,048 4,721 1,387 783 6,593 115,321 Approximate interest and discount collected but not earned 2,215 7,348 106 722 419 820 1," 1,050 49 255 76 766 15,809 Amount reserved for taxes accrued 1,407 7,026 733 1,205 76 249 4,002 235 81 115! 88 464 15,681 Amount reserved for interest accrued 1,625 5,511 411 409! 216 571 1 016 391 881 95; 27 232| 10,592 D D u u e e t t o o b F a e n d k e s r a a l n R d e b s a er n v k e e r B s ank 20,9 2 2 5 1 4 410,7 1 9 1 3 4 8,166 17.1 2 6 5 3 7 18,01 1 4 8 68,22 1 6 0 88,4 6 1 2 0 7 53,455 13,568 19,60 2 9 9 1 7,9811 1 28 5 ,9 | 97 75 1 5 , , 3 3 2 03 4 Certified and cashiers' or treasurers' checks outstanding 9,300 2..3.9.,,7.4_.0 1,541 1_0,,.1._2_6 2,170| 4,218 18,616 3,236 1,502 2,561 1,729 8,325 303,064 Demand deposits 446,655 2,510,997 204,601 272,012 68,437! 168,560 656,30916511,396 33,139 56,603; 65,546190,575|4,834,830 Time deposits 104,137 332,204 37,218320,487 41,710 74,477 695,921 91,403 43,775 24,446; 6,462 393,546;2,165,786 United States deposits 15,425 96,009 13,609 16,758 1,280 7,591 30,130 12,072 487 1,020 1,353 5,976 201,710 Bills payable with Federal Reserve Bank 19,853 126,580 21,492 39,409 8,744 14,740 18,850 1,619 5,821 1,930 6,850 309,197 Bills payable other than with Federal Reserve Bank 340 714 1,141 1,366 1,116 2,115 1,937 2,845 927 183 680 947 14,311 Cash letters of credit and travelers' checks outstanding 7,840 5 44 42! 134 8,087 Acceptances 22,564 148,895 530 6,781 1,791 8,852 32,051 9,804 2,111 233,379 Other liabilities 442 23,620 1,520 3,163 78 687 1,755 5,274 61 14 1,487 38,139 Total.. 719,918 4,283,636 370,462 803,439166,007 389,8541,751,177 409,086107,139 119,953 97,103 695,933 9,913,707 Liability for rediscounts with Federal Reserve Bank 47,056 167,394 18,602 11,053 4,294: 13.964 32,881 14,931 815 3,237 707 3,327 318,261 Liability for rediscounts with other banks. 368 241 45 223 206 > 3,238 1,124 1,040 540 —i u 390 8,028 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

439 APRIL, 1920. FEDERAL RESERVE BULLETIN. Abstract of condition reports of State bank and trust company members of the Federal Reserve System on Dec. 31, 1919, arranged by classes. [In thousands of dollars.] Central reserve city banks. re O s t e h r e v r e Country U T n o i t t a e l d U T n o i t t a e l d Y b o a N n r e k k w s (3 ). 3 C ba h ( n i 1 c k 2 a s g ) o . b L a S o n (9 u t k . i s s ). b T a ( n o 5 k t 4 a s l ). b b a c ( a n 1 i n 7 t k y k 0 s s ). b b a ( a n 9 n 6 k k 7 s s ). D b S ( e a 1 1 c t 9 n . , a 1 1 k t 9 8 e . s 3 1 s ) 1 , , N b S ( a o 1 1 t 9 n v , a 1 1 k . t 9 3 e . s 1 5 s ) 7 , , RESOURCES. Loans and discounts 1,786,632 406,700 115,135 2,308,467 1,759,867 1,181,499 5,249,833 5,046,940 Overdrafts 359 38 39 436 2,574 2,352 5,362 5,827 Customers' liability under letters of credit 923 13 936 62 18 1,016 1,193 Customers' liability account of acceptances 143,836 31,016 8,161 183,013 43,203 4,803 231,019 196.090 Liberty bonds (exclusive of Liberty bonds borrowed) 121,333 10,356 4,331 136,020 106,982 92,750 335,752 329,800 Other United States bonds (exclusive of United States bonds borrowed) 252 4,213 4,465 4,539 847 9,851 5,954 United States Victory notes 29,816 10,252 1,321 41,389 52,735 36,933 131,057 150,909 United States certificates of indebtedness 85,504 12,294 11,620 109,418 137,276 60,332 307,026 293,217 War savings and thrift stamps actually owned 55 17 3 75 525 727 1,327 1,254 Stock of Federal Reserve Bank 7,479 2,247 769 10,495 9,638 5,717 25,850 25,384 Other bonds, stocks, etc. (exclusive of securities borrowed) 346,740 75,432 26,745 448,917 539,312 312,723 1,300,952 1,268,888 Banking house 39,593 2,725 2,073 44,391 54,457 33,586 132,434 129,154 Furniture and fixtures 87 102 212 401 4,845 5,918 11,164 10,624 Other real estate owned 4,952 30 240 5,222 15,099 5,427 25,748 25,119 Lawful reserve with Federal Reserve Bank 272,993 49,101 12,462 334,556 171,924 85,222 591,702 562,813 Items with Federal Reserve Bank in process of collection 43,535 9,458 6,130 59,123 48,391 15.126 122,640 121,010 Due from banks and bankers 247,948 44,999 8,004 300,951 224,728 151; 025 676,704 610,039 Gold coin and certificates 8,215 1,659 72 9,946 3,921 3,825 17,692 18,002 All other cash in vault 38,091 11,184 1,804 51,079 63,568 51,109 165,756 135,679 Exchanges for clearinghouse, also checks on banks in same place.. 323,912 24,197 4,055 352,164 76,366 17,787 446,317 374,116 Outside checks and other cash items 21,606 11,017 1,370 33,993 22,499 8,161 64,653 56,561 Approximate interest earned but not collected 13,780 1,349 435 15,564 5,638 3,055 24,257 20,635 Other assets 21,080 1,229 573 22,882 7,336 5,377 35,595 35,105 Total. 3,558,721 709,628 205,554 4,473,903 3,355,485 2,084,319 9,913,707 9,424,313 LIABILITIES. Capital stock paid in 114,800 34,500 11,600 160,900 151,679 123,665 436,244 412,869 Surplus fund 147,557 40,900 14,161 202,618 178,731 73,581 454,930 441,264 Undivided profits, less expenses and taxes paid 35,055 7,323 2,585 44,963 39,124 31,234 115,321 135,458 Approximate interest and discount collected but not earned 6,298 1,417 718 8,433 5,161 2,215 15,809 13,660 Amount reserved for taxes accrued 6,565 3,115 88 9,768 4,169 1,744 15,681 18,694 Amount reserved for interest accrued 4,884 450 200 5,534 2,550 2,508 10,592 20,865 Due to Federal Reserve Bank 608 608 82 634 1,324 2,167 Due to banks and bankers 385,154 50,376 12,510 448,040 227,223 80,040 755,303 722,618 Certified and cashiers' or treasurers' checks outstanding 233,371 9,946 1,472 244 789 42,283 15,992 303,064 276,343 Demand deposits ,118,562 314,055 84,094 2,516,711 1,375,144 942,975 4,834,830 4,592,270 Time deposits 157,900 192,122 46,678 396,700 1,057,404 711,682 2,165,786 1,996,405 United States deposits 87,859 11,059 10,693 109,611 74,973 17,126 201,710 117,977 Bills payable with Federal Reserve Bank 83,771 12,123 12,594 108,488 134,628 66,081 309,197 395,417 Bills payable other than with Federal Reserve Bank 43 43 7,899 14,311 15,504 Cash letters of credit and travelers' checks outstanding 7,840 23 7,863 '207 17 8,087 7,121 Acceptances 146,226 30,926 185,296 43,283 4,800 233,379 206,567 Other liabilities 22,836 685 23,538 12,475 2,126 38,139 49,114 Total. 3,558,721 |709,628 205,554 4,473,903 3,355,485 2,084,319 9,913,707 9,424,313 Liability for rediscounts with Federal Reserve Bank , 153,868 23, 4,004 181,568 101,875 34,818 318,261 261,190 Liability for rediscounts with other banks , 4,549 3,479 8,028 9,144 Ratio of reserve with Federal Reserve Bank to net deposit liability (percent) 12.3 13.5 13.1 12.5 10.0 6.7 10.4 10.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Abstract of condition reports of all member banks in each Federal Reserve district on Dec. 31, 1919 (including^ ,885 national banks and 1,181 State banks and trust companies). [In thousands of dollars.] D b N a i ( s n 4 o t 3 k r . 2 i s c 1 ) t . D b N a i ( n s 7 o t 5 k . r i s 3 2 c ) t . D b N a i ( s n 6 o t 7 k . r i 8 s 3 c ) t . D b N a i ( n s 8 o t k 4 . r 3 i s 4 c ). t b D N a i ( n s 5 o t k 8 . r 5 s i 5 c ). t b D N a i ( n s 4 o t k 2 . r 6 s i 6 c ). t D b ( N a i 1 n s o ,3 t k . r 7 s i 7 4 c ). t D b N a i ( n s 5 o t k 3 . r 8 s i 8 c ). t D b N a i ( n s 9 o t k 2 . r 0 s i 9 c ). t D b N ( a i 1 o n s , . t 0 k r 3 1 s i 8 c 0 ). t D b N a i ( n s o 7 t 5 k . r 6 i s 1 c ) 1 t . D b N a i ( n o s 7 t k 2 . r i s 3 1 c ) 2 t . b U S T ( a 9 n t n o , a i 0 k t t t 6 a e e s 6 l s d ). RESOURCES. Loans and discounts 1,200,100 5,218,586 961,525 1,406,874 810,757 649,169 2,519,839 725,376 693,778 935,357 618,279 1,293,107 17,032,747 Overdrafts 542 1,711 363 1,222 1,314 2,664 2,782 1,675 1,361 2,826 3,372 2,571 22,403 Customers' liability under letters of credit 4 6,929 4 24 581 461 4 68 177 454 8,706 Customers' liability account of acceptances 91,506 321,929 20,928 27,143 19,081 15,587 67,076 19,800 7,009 577 8,211 25,724 624,571 United States Government securities owned* 191,380 955,083 285,851 338,488 200,162 170,480 491,060 141,134 114,776 168,019 166,847 283,146 3,506,426 Stock of Federal Reserve Bank 7,095 22,391 7,885 9,563 4,390 3,425 12,366 4,062 3,079 4,008 3,419 5,751 87,434 Other bonds, stocks, and securities 248,945 1,047,432 397,460 451,535 99,722 63,433 424,364 107,177 67,357 84,418 21,669 210,495 3,224,007 Banking house 32,809 96,893 32,304 57,357 27,166 20,465 54,401 18,095 17,433 20,086 19,342 36,429 432,780 Furniture and fixtures 2,457 4,377 3,607 4,617 3,025 2,995 7,387 2,408 3,384 4,028 3,968 8,152 50,405 Other real estate owned 1,680 10,950 5,879 11,084 2,795 5,333 6,164 5,451 3,849 3,087 3,991 8,914 69,177 Lawful reserve with Federal Reserve Bank 113,837 752,355 108,091 134,591 66,988 60,342 260,495 71,915 54,947 95,327 63,611 121,315 1,903,814 Items with Federal Reserve Bank in process of collection 46,451 152,933 55,476 55,087 35,597 24,986 64,289 43,507 5,246 43,585 32,751 19,327 579,235 Due from banks and bankers 126,340 458,293 108,689 182,284 125,410 149,204 399,639 119,530 127,844 260,446 179,015 282,015 2,518,709 Cash in vault 57,518 173,079 49,925 70,427 39,534 29,483 113,306 24,010 23,022 32,834 26,040 51,995 691,173 Exchanges for clearing house, also checks on banks in same place 52,671 1,026,140 63,893 43,853 34,020 28,616 116,124 23,699 17,370 36,767 13,897 51,956 1,509,006 Outside checks and other cash items 7,924 42,020 4,284 7,125 5,616 8,494 29,825 4,951 6,090 7,230 9,516 14,201 147,276 Redemption fund and due from United States Treasurer 2,586 7,349 3,705 5,531 3,091 2,018 5,195 2,061 1,799 2,413 2,439 3,302 41,489 Approximate interest earned but not collected 3,454 28,169 3,570 5,248 1,527 1,577 8,150 2,412 4,357 3,163 1,757 5,970 69,354 Other assets 7,624 73,007 1,641 3,047 420 1,487 4,994 1,433 207 346 1,384 1,954 97,544 Total. 2,194,923 10,399,626 2,115,080 2,815,100 1,480,615 1,240,339 4,587,917 1,318,700 1,152,908 1,704,585 1,179,685 2,426,778 32,616,256 LIABILITIES. Capital stock paid in 123,921 354,603 104,552 159,697 88,459 70,097 243,384 86,781 68,659 88,503 74,348 130,749 1,593,753 Surplus fund 115,571 411,702 162,663 163,909 61,153 45,256 173,870 49,616 36,052 47,945 42,501 65,542 1,375,780 Undivided profits, less expenses and taxes paid 44,795 164,120 39,150 53,672 18,722 12,813 57,635 17,590 18,241 18,788 14,087 32,280 491,893 Approximate interest and discount collected but not earned 8,089 24,188 4,697 4,886 4,932 3,033 9,820 4,264 2,724 4,073 3,041 2,835 76,582 Amount reserved for taxes accrued 3,796 24,692 3,162 4,049 1,010 849 9,456 1,044 2,379 1,588 1 742 2,041 55,808 Amount reserved for interest accrued 2,371 8,811 1,505 1,870 1,791 1,249 2,591 772 1,206 1,304 378 995 24,843 Due to Federal Reserve Bank 717 4,225 179 1,158 4,556 346 2,245 5 310 83 241 124 14,189 Due to banks and bankers 148,300 1,461,973 179,723 238,443 178,121 173,763 586,701 216,973 146,213 328,938 176,247 256,005 4,091,400 Certified and cashiers' or treasurers' checks outstanding 24,169 640,250 13,954 29,658 13,464 10,276 45,167 8,552 15,667 40,309 28,424 36,625 906,515 Demand deposits ,197,395 5,211,484 997,337 1,172,739 611,803 561,001 1,892,876 573,468 433,695 806,042 642,804 1,055,525 15,156,169 Time deposits 276,175 804,785 337,223 677,381 302,567 211,327 1,179,582 211,177 349,144 221,979 73,278 660,175 5,304,793 United States deposits 42,756 256,828 39,934 48,379 22,344 28,571 78,119 27,770 10,338 18,761 39,328 35,427 648,555 Bills payable with Federal Reserve Bank 54,319 465,234 133,264 102,618 79,494 57,446 125,362 37,634 20,348 56,225 16,687 41,700 1,190,331 Bills payable other than with Federal Reserve Bank.. 3,188 4,399 3 885 5,827 7,076 4,403 7,606 6,522 5,700 11,176 3,339 8,367 71,488 Cash letters of credit and travelers' checks outstanding. 316 13,254 83 240 25 598 1,320 21 49 214 229 824 17,173 Acceptances 93,570 332,918 22,565 27,246 19,179 15,926 67,717 19,732 7,009 727 8,260 26,169 641,018 National bank notes outstanding 48,951 85,807 54,287 90,352 54,847 38,649 80,381 41,800 31,018 48,248 46,978 63,939 685,237 United States Government securities borrowed 2 5,072 86,925 12,608 27,375 9,132 2,693 11,882 8,144 3,079 6,638 5,990 3,127 182,665 Other bonds and securities borrowed 2 207 1,780 27 790 538 161 484 147 30 863 219 332 5,578 Other liabilities 1,265 41 648 4,^282 4,811 1,402 1,882 11,719 6,688 1,047 2,181 1,564 3,997 82,486 Total. 2,194,923 10,399,626 2,115,080 2,815,100 1,480,615 1,240,339 4,587,917 1,318,700 1,152,908 1,704,585 1,179,685 2,426,778 32,616,256 Liability for rediscounts, including those with Federal Reserve Bank 198,117 457,624 126,685 43,360 38,162 153,849 42,510 56,046 61,223 13,998 41,58< 1,299,788 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Abstract of condition reports of all member banks of the Federal Reserve System on Dec. 31, 1919, arranged by classes {including 7,885 national banks and 1,181 State banks and trust companies). [In thousands of dollars.] Central reserve city banks. Total Total ( N 6 e 4 w b a Y n o k r s k ). (2 C 1 h b i a c n ag k o s). St. ( L 1 o 4 uis (99 T b o a t n a k l s). r (5 e 4 s 0 e b O r a b v t n h a e k e n c s r k i s ty ). C b b ( o a 8 a n u , n 4 k n 2 k s t 7 s r ) y . D b U S ( a e 9 t n c n , a . 0 i k t t 6 e e s 3 6 s d ) 1 , , N b U S ( a o 8 n t n v , a 9 i k t . t 9 e e s 1 5 s d ) 7 , , banks). 1919. 1919. RESOURCES. Loans and discounts 4,210,132 984,565 299,669 5,494,366 5,285,116 6,253,265 17,032,747 16,603,963 Overdrafts 1,325 237 80 1,642 6,019 14,742 22,403 28,939 Customers' liability under letters of credit 6,906 347 7,253 1,227 226 8,706 6,116 Customers' liability account of acceptances 313,852 59,239 16,253 389,344 208,639 26,588 624,571 539,097 United States Government securities owned * 689,902 90,961 43,419 824,282 1,045,466 1,636,678 3,506,426 3,660,943 Stock of Federal Reserve Bank 17,030 4,827 1,782 23,639 27,262 36,533 87,434 86,810 Other bonds, stocks, and securities 642,649 118,803 44,085 805,537 968,140 1,450,330 3,224,007 3,190,272 Banking house 68,062 11,025 6,303 85,390 153,169 194,221 432,780 424,995 Furniture and fixtures 565 118 566 1,249 11,213 37,943 50,405 49,600 Other real estate owned 5,980 213 3,754 9,947 26,033 33,197 69,177 71,459 Lawful reserve with Federal Reserve Bank 652,794 132,104 34,864 819,762 559,538 524,514 1,903,814 1,825.152 Items with Federal Reserve Bank in process of collection., 121,118 37,567 29,670 188,355 335,569 55,311 579,235 597,385 Due from banks and bankers 350,571 168,103 35,765 554,439 917,998 1,046,272 2,518,709 2,575,356 Cash in vault.. 122,815 40,226 6,444 169,485 202,497 319,191 691,173 602,992 Exchanges for clearing house, also checks on banks in same place.. 1,004,479 76,110 14,470 1,095,059 331,844 82,103 1,509,006 1,294,043 Outside checks and other cash items. 35,860 13,433 2,066 51,359 55,478 40,439 147,276 134,379 Redemption fund and due from United States Treasurer. 4,895 667 559 6,121 11,137 24,231 41,489 38,689 Approximate interest earned but not collected 23,407 1,596 728 25,731 16,131 27,492 69,354 67,530 Other assets 71,415 3,154 583 75,152 14,897 7,495 97,544 62,788 Total.. 8,343,757 1,743,295 541,060 10,628,112 10,177,373 11,810,771 32,616,256 31,860,508 LIABILITIES. Capital stock paid in 249,150 82,850 36,300 368,300 480,057 745,396 1,593,753 1,565,871 Surplus fund 333,207 78,550 23,261 435,018 444,980 495,782 1,375,780 1,343,684 Undivided profits, less expenses and taxes paid 125,824 18,659 6,454 150,937 130.032 210,924 491,893 572,682 Approximate interest and discount collected but not earned., 19,979 5,893 2,159 28,031 25,458 23,093 76,582 74,482 Amount reserved for taxes accrued 23,780 7,184 211 31,175 17,051 7,582 55,808 64,681 Amount reserved for interest accrued 7,184 451 243 7,878 5,795 11,170 24,843 40,410 Due to Federal Reserve Bank 31 608 639 3,901 9,649 14,189 16,435 Due to banks and bankers 380,096 373, 846 101,682 1,855,624 1,713,839 521,937 4,091,400 4,078,615 Certified and cashiers' or treasurers' checks outstanding 623,475 24,844 4,214 652,533 156,239 97,743 906,515 789,035 Demand deposits 166,643 792,586 221,298 5,180,527 4,398,148 5,577,494 15,156,169 14,849,003 Time deposits 307,833 208,379 71,881 588,093 1,597,963 3,118,737 5,304,793 5,049,493 United States deposits 231,744 37,509 21, 293 290,546 252,892 105,117 648,555 386,309 Bills payable with Federal Reserve Bank 379,209 46,514 19,547 445,270 454,514 290,547 1,190,331 1,401,373 Bills payable other than with Federal Reserve Bank 538 538 24,538 46,412 71,488 71,703 Cash letters of credit, and travelers' checks outstanding 13,223 1,034 5 14,262 2,451 460 17,173 13,763 Acceptances 324,843 59,895 16,236 400,974 212,973 27,071 641,018 565,676 National-bank notes outstanding 38,415 350 10,650 49,415 171,791 464,031 685,237 680,344 United States Government securities borrowed2 83,696 1,000 5,186 89,882 58,262 34,521 182,665 167,228 Other bonds and securities borrowed2 1,590 1,590 1,858 2,130 5,578 6,429 Other liabilities 33,297 3,143 440 36,880 24,631 20,975 123,292 Total. 8,343,757 1,743,295 541,060 10,628,112 10,177,373 11,810,771 32,616,256 31,860,508 Liability for rediscounts, including those with Federal Reserve Bank 419,801 100,962 19,227 539,990 595, 769 164,029 1,299,788 950,810 Ratio of reserve with Federal Reserve Bank to net deposit liability (per cent). 13.5 13.5 13.0 13.4 10.4 7.4 10.3 10.1 1 Includes Liberty bonds, Victory notes, and United States certificates of indebtedness. 2 Bonds and securities borrowed by national banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF NATIONAL BANKS. to Abstract of reports of condition of member national banks in each Federal Reserve district on Dec. 31, 1919. [In thousands of dollars.] Total D N is o t . ri 1 ct D N is o t . ri 2 ct D N is o t . ri 3 ct D N is o t . ri 4 ct D N is o t . ri 5 ct D N is o t . r ic 6 t D N is o t . r i 7 ct D N i o st . ri 8 ct D N is o t . ri 9 ct D N i o s . t ri 1 c 0 t D N i o s . t ri 1 c 1 t D N i o s . t ri 1 c 2 t United (396 (631 (640 (746 (539 (362 (1,048 (470 (834 (991 (642 (586 banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). (7885 banks). RESOURCES. Loans and discounts 787,663 3,060,194 799,829 986,259 706,277 437,500 1,550,061 496,854 621,979 869,450 562,899 903,949 11,782,914 Overdrafts 303 1,247 182 909 1,150 1,350 2,243 1,140 1,222 2,678 2,791 1,826 17,041 Customers' liability under letters of credit 4 6,006 4 24 581 430 68 177 392 7,690 U Cu n s it t e o d m e S r t s a ' t e li s a b G il o i v ty e r a n c m co e u n n t t s e o c f u a r c it c i e e p s t o an w c n e e s dl 1 6 4 9 4 , , 0 9 5 5 2 2 6 1 4 7 7 5 , , 2 4 3 2 8 1 2 2 4 0 8 , , 3 3 9 8 8 8 2 2 7 0 6 , , 3 3 6 3 2 9 1 1 9 7 0 , , 2 4 9 0 0 6 14 6 1 , , 7 8 7 6 4 5 3 3 2 4 5 , , 9 3 2 2 0 0 11 9 0 , , 9 2 2 6 9 8 10 7 8 , , 0 7 0 5 9 8 157, 5 8 7 8 7 1 15 8 7 , , 2 6 1 1 1 5 21 2 2 3 , ,6 3 0 8 9 3 2,7 3 2 9 1 3 , , 4 5 1 5 3 2 Other bonds, securities, etc 143,607 532,957 290,434 273,309 84,042 35,439 189,580 61,141 59,508 71,867 20,049 111,516 1,873,449 Stocks, other than Federal Reserve Bank stock 6,575 14,095 3,914 7,737 2,164 567 5,775 1,059 579 2,210 827 4,104 49,606 Stock of Federal Reserve Bank 5,218 13,267 5,839 6,569 3,837 2,366 7,743 2,736 2,788 3,760 3,119 4,342 61,584 Banking house 23,235 45,366 24,980 40,785 24,395 12,918 36,846 11,771 16,359 19,444 18,174 26,073 300,346 Furniture and fixtures 1,678 3,362 3,131 3,351 2,828 2,298 4,771 1,845 3,012 3,752 3,488 5,725 39,241 Other real estate owned 1,446 3,964 3,332 5,595 2,210 2,422 4,518 4,474 3,569 3,003 3,609 5,287 43,429 Lawful reserve with Federal Reserve Bank 73,131 443,488 87,991 100,927 60,194 41,919 166,277 50,023 50,278 88,564 57,789 91,531 1,312,112 Items with Federal Reserve Bank in process of collection.. 34,323 97,972 50,000 49,103 34,326 15,414 48,815 31,886 4,879 40,967 32,152 16,758 456,595 Cash in vault 38,007 111,356 43,738 55,262 35,453 21,565 72,549 18,567 21,136 30,893 23,618 35,581 507,725 Net amounts due from national banks 76,659 84,485 80,311 118,666 83,560 70,105 214,788 60,580 87,541 185,600 137,198 149,484 1,348,977 Net amounts due from other banks, bankers, and trust companies 15,905 95,590 13,403 19,357 24,114 32,842 74,903 24,925 29,361 57,378 24,769 80,481 493,028 Exchanges for clearing house 34,684 643,902 46,732 29,431 25,371 12,891 66,173 14,057 13,704 27,923 7,655 38,008 960,531 Checks on other banks in the same place 1,439 47,494 11,102 3,534 7,112 2,650 7,828 2,070 2,511 6,197 5,352 4,869 102,158 Outside checks and other cash items 5,803 18,254 3,918 3,985 5,286 5,163 9,801 2,174 5,438 6,657 8,813 7,331 82,623 Redemption fund and due from United States Treasurer.. 2,586 7,349 3,705 5,531 3,091 2,018 5,195 2,061 1,799 2,413 2,439 3,302 41,489 Interest earned but not collected 2,624 12,372 2,800 4,436 1,427 979 5,783 1,659 4,176 3,048 1,724 4,069 45,097 Other assets 6,111 50,611 487 190 75 859 2,421 391 163 302 114 225 61,949 Total. 1,475,005 6,115,990 1,744,618 2,011,661 1,314,608 850,485 2,836,740 909,614 1,045,769 1,584,632 1,082,582 1,730,845 22,702,549 LIABILITIES. -• • • _ — • • • • Capital stock paid in 93,446 204,698 81,327 123,219 76,865 47,913 159,676 62,381 60,593 82,793 66,815 97,783 1,157,509 Surplus fund 81,661 241,484 115,433 98,516 53,462 31,887 100,559 29,662 33,663 45,302 .39,643 49,578 920,850 Undivided profits, less expenses and taxes paid 34,400 117,998 30,211 41,967 16,069 9,644 39,587 12,869 16,854 18,005 13,281 25,687 376,572 Interest and discount collected but not earned 5,874 16,840 4,591 4,164 4,513 2,213 7,837 3,214 2,675 3,818 2,965 2,069 60,773 Amount reserved for taxes accrued 2,389 17,666 2,429 2,844 934 600 5,454 809 2,298 1,473 1,654 1,577 40,127 Amount reserved for all interest accrued 746 3,300 1,094 1,461 1,575 678 1,575 381 1,118 1,209 351 763 14,251 National-bank notes outstanding 48,931 85,807 54,287 90,352 54,847 38,649 80,381 41,800 31,018 48,248 46,978 63,939 685,237 Due to Federal Reserve Bank 463 4,111 179 901 4,538 336 1,618 5 310 54 226 124 12,865 Net amounts due to national banks 42,347 387,466 58,657 82,679 58,247 33,985 200,681 55,784 51,109 143,962 82,975 75,955 1,273,847 Net amounts due to other banks, bankers, and trust companies 85,032 663,714 112,900 138,601 101,860 71,552 297,610 107,734 81,536 165,367 85,291 151,053 2,062,250 Certified checks outstanding 7,739 272,776 4,709 9,397 4,363 1,682 9,963 775 779 2,093 729 3,810 318,815 Cashier's checks on own bank outstanding 7,130 127,734 7,704 10,135 6,931 4,376 16,588 4,541 13,386 35,655 25,966 24,490 284,636 Demand deposits 750,740 2,700,487 792,736 900,727 543,366 392,441 1,236,567 412,072 400,556 749,439 577,258 864,950 10,321,339 Time deposits 172,038 472,581 300,005 356,894 260,857 136,850 483,661 119,774 305,369 197,533 66,816 266,629 3,139,007 United States deposits 27,331 160,819 26,325 31,621 21,064 20,980 47,989 15,698 9,851 17,741 37,975 29,451 446,845 United States Government securities borrowed 5,072 86,925 12,608 27,375 9,132 2,693 11,882 8,144 3,079 6,638 5,990 3,127 182,665 Other bonds borrowed 207 1,780 27 790 161 453 147 30 219 332 5,547 Securities(other thanUnited States or otherbonds)borrowed 31 31 Bills payable other than with Federal Reserve Bank 2,848 3,685 2,744 4,461 5,960 2,288 5,669 3,677 4,773 10,993 2,659 7,420 57,177 Bills payable with Federal Reserve Bank 34,466 338,654 111,772 63,209 70,750 42,706 82,053 18,784 18,729 50,404 14,757 34,850 881.134 State bank circulation outstanding 58 58 Letters of credit and travelers' checks outstanding 316 5,414 83 235 25 582 1,276 21 48 172 224 9.086 Acceptances 71,006 184,023 22,035 20,465 17,388 7,074 35,666 9,928 7,009 727 8,260 24,058 407,639 Time drafts outstanding 676 3,110 1,563 123 5,472 Liabilities other than those above stated 147 14,860 2,762 1,648 1,324 1,195 8,401 1,414 2,143 1,550 2,387 38,817 Total 1,475,005 6,115,990 1,744,618 2,011,661 1,314,608 850,485 2,836,740 909,614 1,045,769 1,584,632 1,082,582 1,730,845 22,702,549 Liabilities for rediscounts, including those with Federal Reserve Bank 150,693 108,038 55,352 38,860 20,960 119,844 26,539 54,691 57,387 13,277 37,869 973,499 CD o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Abstract of reports of condition of all national banks in the United States on Bee. 31, 1919, arranged by classes. [In thousands of dollars.] r b es a e n O r k v th s e e ( c 3 r i 7 t 0 y ba C n b k o a u s n n k ( t 7 s r ) , y 4 . 75 ( D 7, e 8 c 9 T . 0 3 o 1 b ta , a 1 l n 9 k 1 s 9 ) N (7 o ,8 v 6 T . 5 o 1 b t 7 a a , l 1 n , 9 k 1 s 9 ). banks). KESOUKCES. Loans and discounts !, 185,899 3,525,249 5,075,079 11,786,227 11,560,242 Overdrafts 1,206 3,445 12,393 •17,044 23,116 Customers' liability under letters of credit 6,317 1,165 208 7,690 4,923 Customers' liability account of acceptances 206,331 165,436 21,785 393,552 343,008 United States G overnment securities owned 1 532,915 743,409 1,447,169 2,723,493 2,881,881 Other bonds, securities, etc 342,439 409,837 1,121,752 1,874,028 1,870,103 Stocks, other than Federal Keserve Bank stock 14,181 18,991 16,434 49,606 51,873 Stock of Federal Reserve Banks 13,144 17,624 30,816 61,584 61,426 Banking house 40,999 98,712 160,683 300,394 295,932 Furniture and fixtures '.'.'..'.'...'....'. 848 6,368 32,043 39,259 38,993 Other real estate owned 4,725 10,934 27,826 43,485 46,355 Lawful reserve with Federal Reserve Banks 485,206 387,614 439,292 1,312,112 1,262,339 Items with Federal Reserve Banks in process of collection 129,232 287,178 40,185 456,595 476,375 Cash in vault 108,460 135,008 265,137 508,605 450,041 Net amounts due from national banks 115,717 451,065 783,538 1,350,320 1,433,555 Net amounts due from other banks, bankers, and trust companies. 137,771 242,205 113,384 493,360 533,669 Exchanges for clearing house 700,064 230,361 30,106 960,531 829,784 Checks on other banks in the same place 42,831 25,117 34,326 102,274 90,190 Outside checks and other cash items 17,366 32,979 32,297 82,642 77,873 Redemption fund and due from United States Treasurer 6,121 11,137 24,258 41,516 38,716 Interest earned but not collected 10,167 10,493 24,449 45,109 46,913 Other assets 52,270 7,561 2,118 61,949 27,685 Total. 6,154,209 6,821, 888 9,735,278 22,711,375 22,444,992 Capital stock paid in LIABILITIES. 207,400 328,378 622,481 1,158,259 1,153,752 Surplus fund 232,400 266,249 422,686 921,335 902,905 Undivided profits, less expenses and taxes paid 105,974 90,908 179,825 376,707 437,395 Interest and discount collected but not earned 19,598 20,297 20,885 60,780 60,827 Amount reserved for taxes accrued 21,407 12,882 5,838 40,127 45,987 Amount reserved for all interest accrued 2,344 3,245 8,668 14,257 19,550 National bank notes outstanding 49,415 171,791 464,563 685,769 680,879 Due to Federal Reserve Banks 31 3,819 9,015 12,865 14,268 Net amounts due to national banks 567,712 590,448 115,689 1,273,849 1,357,459 Net amounts due to other banks, bankers, and trust companies... 839,872 896,168 326,619 2,062,659 1,998,993 Certified checks outstanding 272,571 28,375 17,882 318,828 296,795 Cashiers' checks on own bank outstanding 135,173 85,581 63,891 284,645 215,933 Demand deposits 2,663,816 3,023,004 4,638,342 10,325,162 10,260,330 Time deposits 191,393 540,559 2,407,590 3,139,542 3,053,685 United States deposits 180,935 177,919 90,009 448,863 270,390 United States Government securities borrowed 89,882 58,262 34,621 1S2,765 167,328 Other bonds borrowed 1,590 1,858 2,099 5,547 6,332 Securities (other than United States or other bonds) borrowed 31 31 97 Bills payable other than with Federal Reserve Banks 495 18,169 38,513 57,177 56,199 Bills payable with Federal Reserve Banks 336,782 319,886 224,466 881,134 1,005,956 State bank circulation outstanding 11 47 58 58 Letters of credit and travelers' checks outstanding 6,399 2,244 445 9,088 6,644 Acceptances 215,678 169,690 22,271 407,639 359,110 Time drafts outstanding 4,673 799 5,472 11,701 Liabilities other than those above stated 8,658 11,357 18,802 38,817 62,419 Total 6,154,209 6,821,888 9,735,278 22,711,375 22,444,992 Liabilities for rediscounts, including those with Federal Reserve Banks. 358,422 489,345 125,732 973,499 680,476 i Includes Liberty loan bonds, Victory notes, United States certificates of indebtedness, and all other issues of United States Government securities. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Classification of loans and discounts of State bank and trust company members of the Federal Reserve System, as shown by their condition reports for Dec. SI, 1919. [In thousands of dollars.] D b N a i ( n s o 3 t k r . 6 s ic 1 ). t D b N a i ( n 1 s o t 2 k r . 2 s i 2 c ). t D b N a i ( n s o 3 t k r . 8 s i 3 c ). t b D N a i ( n s o 9 t k r . 7 s i 4 c ). t b D N a i ( n s o 4 t k r . 6 s i 5 c ). t D b N a i ( n s o 6 t k r . 4 s i 6 c ) t . D b N a i ( n 3 s o t 2 k r . 6 s i 7 c ). t b D N a i n ( s o 6 t k . r 8 s i 8 c ). t D b N a i n ( s o 8 t k r . 6 s i 9 c ). t b D N a i ( n o s 4 t k . r 7 s i 1 c ) 0 . t b D N a i ( n o s 1 t 1 k . r 4 s i 1 c ) 1 t . D b N a i ( n o s 1 t 3 . k r 7 s i 1 c ) 2 t . b U S ( T a 1 n t n o , a 1 i k t t t 8 a e e s 1 l s d ). On demand: Not secured by collateral 30,002 129,249 5,166 20,654 2,588 7,528 28,252 10,679 3,891 2,606 2,871 14,641 258,127 Secured by Liberty bonds, Victory notes, and United States Treasury certificates of indebted- 2,344 32,065 6,022 5,537 1,091 1,601 11,727 2,150 309 100 793 1,065 64,804 Secured by other collateral 77,171 665,361 79,626 99,397 16,911 54,335 154,821 44,715 3,244 6,873 4,239 21,656 1,228,349 On time: Not secured by collateral 216,742 735,556 36,153 102,882 49,437 84,239 380,228 92,076 32,023 26,815 16,137 118,717 1,891,005 Secured by Liberty bonds, Victory notes, and United States Treasury certificates of indebtedness 39,955 281,559 27,282 26,457 7,512 8,921 31,807 9,645 1,032 3,017 11,859 449,942 Secured by other collateral 63,178 400,501 20,523 77,692 23,844 53,279 206,100 59,294 17,299 24,305 28,133 55,265 1,029,413 Secured by real estate mortgages or other real estate liens or deeds 40,134 51,788 5,067 97,706 7,373 11,880 186,634 23,037 15,046 6,027 2,958 163,205 610,855 Acceptances of other banks discounted 4,281 69,924 250 841 114 253 23,872 5,393 231 5,724 110,957 Acceptances of this bank purchased or discounted 3,034 31,909 200 1,855 110 7,571 2,073 1,479 79 948 49,258 Loans and discounts not classified 304 493 1,425 2,222 Total loans and discounts.. 476,841 2,397,912 180,593 433,021 108,980 229,607 1,026,007 249,893 73,154 69,743 56,101 393,080 5,694,932 k I w d Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Page. Page. Acceptances: Income and excess-profits taxes, change in law affecting, recom- Banks granted authority to accept up to 100 per cent of capital mended by Secretary of Treasury 341 and surplus 382 Index numbers: Domicile bills 385,386 Retail trade in the United States 377 European banks—Great Britain, France, and Germany 374 Wholesale prices abroad 388-392 Purchased by Federal Reserve Banks— Wholesale prices in the United States 393-395 During February 413,416 Interest rates: During three months ending Feb. 29 414 On call loans, letter of Governor of Board to United States Bank of France, report of, for year 1919 372 Senate regarding 368 Bank transactions—debits to individual account 407-409 Prevailing in various centers 396 Banking situation, discussion of 347 Italy, wholesale prices in 391 Bonuses to soldiers, issuance of bonds for payment of, statements Law department: of Governor of Board and Secretary of Treasury regarding 340 Domicile bills, discount of. 386 Branches, foreign, of American banks 382 Mississippi law relating to par collections 387 Business and credit situation, discussion of 343 Map showing States in which banks remit at par 419 Business and financial conditions during March 349-363 Maturities: Report on employment from district No. 7 360 Acceptances purchased by Federal Reserve Banks— Scarcity of farm labor and high prices of farm lands 358 During February 413 Wholesale trade activity 361 During 3 months ending February 29 414 Call money, interest rates on: Bills discounted by Federal Reserve Banks— Letter of Governor of Board to United States Senate regarding 345 During February 412 Memorandum of Federal Reserve agent of New York regarding 369 During 3 months ending February 29 413 Certificates of indebtedness, issues of, during March 339 Bills discounted and bought 424 Charters issued to national banks during March 383 Treasury certificates of indebtedness 424 Check clearing and collection- Member banks: Map showing States in which banks remit at par 419 Abstract of condition reports- Mississippi law relating to par collections 387 National banks on December 31,1919 442-444 Number of nonmember banks on par list 418 State bank and trust company members, on December 31, Operation of the system, Feb. 16-Mar. 15 417-419 1919 438-442 Clearing-house bank debits 407-409 Classification of loans and discounts of State bank members as Collateral notes held by Federal Reserve Banks during February. 415 shown by condition reports on December 31,1919 444 Commercial failures reported 384 Number discounting during March 411 Condition reports: Number in each district 411 Federal Reserve Banks 420-424 Resources and liabilities of 427-432 Member banks in selected cities 427-432 State banks and trust companies admitted to system during National banks on Dec. 31,1919 442,444 March 383 State bank and trust company members on Dec. 31,1919... 438-442 Mississippi law relating to par collections 387 Cost of living, statement of the Supreme Council of the Peace Money: Conference regarding 363 Call money rates, letter of Governor of Board to United States Currency, stock of, in the United States 435 Senate regarding 345 Debits to individual account 407-409 Per capita circulation 435 Discount and open-market operations of Federal Reserve Banks. 410-416 Stock of, in the United States 435 Acceptances purchased— National-bank notes, stock of, in the United States 435 During February 413,416 National banks: During three months ending Feb. 29 414 Abstract of reports of condition, on December 31,1919 442,444 Bills discounted— Charters issued to, during March 383 During February, distributed by classes 412 Fiduciary powers granted to 384 During three months ending Feb. 29, distributed by rates Foreign branches of 382 of discount 413 Right of, to do an abstract business, ruling on 385 Bills held on last Friday in February 415 Norris, G. W., appointed as governor of Federal Reserve Bank Collateral notes held on last Friday in February 415I of Philadelphia 348 Dollar exchange bills purchased during February 413 Open-market operations of the Federal Reserve Banks 412 Earning assets held during February 412 Par collections. (See Check clearing and collection.) Number of member banks accommodated 411 Peace Conference, Supreme Council of, statement of, on economic Discount rate policy of Federal Reserve Banks, effect of 345 conditions of the world 363 Discount rates: Physical volume of trade 398-406 In effect March 31 436 Prices: Prevailing in various centers 396 Indexes of 344,377,3. Dollar exchange bills purchased by Federal Reserve Banks during Statement of the Supreme Council of the Peace Conference February 413 regarding 363 Earning assets held by Federal Reserve Banks during February.. 412 Wholesale, abroad 388-392 Edge Act, regulations of the Board governing organization of cor- Wholesale, in the United States 393-395 porations under 379 Rates: Failures, commercial, reported 384 Discount, in effect March 31 436 Federal Reserve Banks: Foreign exchange- Discount and open market operations of 410-416 March 343 Resources and liabilities of 420-424 Three months ending March 437 Federal Reserve Board: Interest, prevailing in various centers 396 Regulations of, governing organization of corporations under Readily marketable securities under terms of Regulation F 385 the Edge Act 379 Regulations of the Federal Reserve Board governing organization Resignation of Albert Strauss as member of 348 of corporations under the Edge Act 379 Federal Reserve notes; Reserve position of the Federal Reserve Banks 341 Note account of Federal Reserve Banks and agents 425,426 Resources and liabilities: Stock of, in the United States 435 Federal Reserve Banks 420-424 Fiduciary powers: Member banks in selected cities 427-432 Granted to national banks 384 Retail trade in the United States - 377 Readily marketable securities under the terms of Regulation F 385 Rulings of the Federal Reserve Board: Financing of the Treasury 339 Domicile bills 3g Foreign banks, capital and surplus, deposits, and acceptances of.. 376 Readily marketable securities under the terms of Regula- Foreign branches of American banks 382 tionF 385 Foreign credit situation 343 Right of national bank to do an abstract business 385 Foreign exchange rates: Secretary of Treasury: During March 343 Change in law affecting income tax recommended by 341 On leading foreign centers during three months ending March 437 Statement of, on issuance of bonds for payment of bonuses to France: soldiers 340 Bank of France, report of, for year 1919 372 Silver, imports and exports of 346,434 Capital and surplus, deposits, and acceptances of leading banks Soldiers, bonuses to, statements of Governor of Board and Secretary in 376 of Treasury regarding issuance of bonds for payment of 340 Wholesale prices in 389 State banks and trust companies: Germany; capital and surplus, deposits, and acceptances of lead- Abstract of condition reports on December 31,1919 438-442 ing banks in 376 Admitted to system during March 383 Gold, imports and exports of 346,433 Classification of loans and discounts of, as shown by condition Government financing during March 339 reports on December 31,1919 444 Governor of Federal Reserve Bank of Philadelphia, G. W. Norris Strauss, Albert, resignation of, as member of Federal Reserve appointed as 348 Board 348 Governor of Federal Reserve Board: Supreme Council of the Peace Conference, statement of, on eco- Letter of, to United States Senate relative to call money rates 345 nomic conditions of the world 363 Statement of, regarding issuance of bonds for payment of bonuses to soldiers 340 a Physical volume of 398-406 Great Britan: Retail, in the United States 377 Capital and surplus, deposits, and acceptances of leading Tax, income and excess profits, change in law affecting, recombanks in 375 mended by Secretary of Treasury 341 Wholesale prices in 388 Treasury financing during March 339 Imports and exports: Wholesale prices: Gold 346,433 Abroad. 38g"?S? Silver 346,434 In the United States 393-395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS * FEDERAL RESERVE BANK CITIES O FEDERAL RESERVE BRANCH CITIES The branches at Helena, 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