Federal Reserve Bulletin, 1920-05

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

FEDERAL RESERVE BOARD. EX OFFICIO MEMBERS. W. P. G. HARDING, Governor. DAVID F. HOUSTON, , Vice Governor. Secretary of the Treasury, Chairman, ADOLPII 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. ITOXTON, Executive Secretary. R. G. EMERSON, Assistant Secretary. II. PARKER WILLIS, W. M. IMLAY, Fiscal Agent. Director, Division of Analysis and Research. W. W. PADDOCK, M. JACOBSON, Statistician. Chief, Division of Examination. J. E. CRANE, E. L. SMEAD, Acting Director, Division of Foreign Exchange. Chief, Division of Reports and Statistics. 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 Frederick H. Curtiss. Chas. A. Mores C. C. Bullen.. W. Willett. New York. Pierre Jay Benj. Strong jr.1 J. H. Case2... L. H. Hendricks.3 L. F. Sailer 3. E. R. Kenzel.3 J. D. Higgins.3 Channing Rudd.3 A. W. Gilbart.3 Philadelphia R. L. Austin. George W. N orris Wm. H.Hutt, jr W. A. Dyer. Cleveland D. C. Wills... E. R. Fancher s M. J. Fleming4 H. G. Davis. Frank J. Zurlinden 4 Richmond. Caldwell Hardy George J. Seay. C. A. Peple Geo. H. Keesee. R. H. Broaddus A. S. Johnstone4 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. McCloud4 St. Louis Wm. McC. Martin ! D. C. Biggs 0. M. Attebery J. W. White. Minneapolis... John H. Rich ! R. A. Young S. S. Cook. Kansas City... Asa E. Ramsay i J. Z. Miller, jr... C. A. Worthington... J. W. Helm. Dallas Wm. F. Ramsey ; R. L. Van Zandt. Lynn P. Talley Sam R. Lawder. San Francisco. John Perrin J. U. Calkins Wm. A. Dav W. N. Ambrose. Ira Clerk.5 " C. IT. Stewart.5 1 On leave of absence. 2 Acting governor. s Controller. « Assistant to governor. 6 Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: St. Louis: Buffalo branch Rav 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 Citv: Omaha branch L. H. Earhart (acting). Richmond: Denver branch C. A. Burkhardt. Baltimore branch Morton M. Prentis. Dallas: Atlanta: El Paso branch W. C. Weiss. New Orleans branch Marcus Walker. Houston branch E. F. Goesett. Jacksonville branch Geo. R. De Saussure. Birmingham branch A. E. Walker. San Francisco: Nashville branch Bradley Curry. Los Angeles branch C. J. Shepherd. Portland branch Frederick Greenwood Chicago: (acting). Detroit branch R. B. Locke. Salt Lake City branch. .. R. B. Motherwell. Seattle branch C. A. McLean (acting). Spokane branch W. L. Partner (acting). 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 feold 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. Review of the month 445 Business, finance, and industry, April, 1920 456 Terms of sale in the principal industries 464 Board's index of business conditions 474 Reserves, circulation, and security holdings of the principal central banks of Europe 484 Official: State banks and trust companies admitted to the system 492 Foreign branches of American banks 492 Banks granted authority to accept up to 100 per cent of capital and surplus 492 Charters issued to national banks 492 Fiduciary powers granted to national banks 493 Rulings of the Federal Reserve Board 494 Law department: Limitations of section 9 upon amount of rediscounts for a State member bank 495 Right of Federal Reserve Banks to collect checks drawn on nonmember banks not remitting at par (opinion of Judge B. D. Evans in Atlanta case) 496 Right of national bank in Missouri having trust powers to use the words " trust companies " as part of corporate title (opinion of Judge Falkenburgh) 497 Miscellaneous: Check-clearing situation—letter of governor of Board to a Member of Congress 489 Reserves and bank liabilities of principal banks of issue 488 Italian fiscal reform 489 French tax proposals 490 Amendment to section 14 of Federal Reserve Act 498 Commercial failures reported 493 Statistical: International price index 499 Retail trade index 503 Wholesale prices abroad 505 Wholesale prices in the United States 511 Discount and interest rates prevailing in various centers 514 Physical volume of trade 516 Debits to individual account, March and April 524 Discount and open-market operations of the Federal Reserve Banks 527 Operation of the Federal Reserve clearing system 533 Resources and liabilities of the Federal Reserve Banks 536 Federal Reserve note account 540 Interdistrict movement of Federal Reserve notes 542 Condition of member banks in selected cities 543 Imports and exports of gold and silver , 549 Estimated stock of money in the United States 551 Loans by member banks to other banks, bankers, and trust companies on November 17, 1919 552 Discount rates approved by the Federal Reserve Board 551 Diagrams: Gold in vault, bank notes in circulation, etc., of foreign banks of issue 487 Par point map 535 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 6 MAY, 1920. No. 5 REVIEW OF THE MONTH. On July 1, 1920, the sinking fund of 2\ per cent provided for in the Victory loan act be- Two new features of significance have been comes operative. Under the policy now andeveloped in Treasury policy nounced the operation of the older plan will *" during the month of April. The terminate as that of the new one begins. The department has advanced the approximate amount of the Bond Purchase rate on Treasury certificates of indebtedness Fund quota for the period ending June 30, to 5 per cent and 5J per cent, according to 1920, will be taken over from the War Finance the maturity of offerings. It has further an- Corporation or, to a limited extent, purchased nounced the suspension of bond purchases in the market, and in either case canceled and through the use of the Bond Purchase Fund retired. which had been provided for under the war leg- On April 12 Secretary Houston stated that islation. The receipts for the month, exclusive recent changes in \h^, fiscal situation had led of transactions in the public debt, amounted to him to resort to the issue of Treasury certifi- $317,258,320.39, while expenditures on the same cates of relatively short maturities and bearing basis were $505,329,450.50, the result being interest at higher rates. The terms of the new a net current deficit for the month of $188,offering were made identical with those of pre- 071,130.11. Operations during the month of vious issues, the department reserving the right April have resulted in increasing the public to reject any subscription and to allot less than debt during that period by a^ total of $246,the amount of certificates of either or both 006,212.23. The reason for "suspending the series at am^ time without notice. Although further operation of the bond purchase plan the Federal Reserve Banks were authorized to heretofore employed by the department was make allotment in full in the order of receipt of explained by the Secretary of the Treasury on applications, it was announced as the depart- April 18. The Secretary indicates that Govment's policy to close the subscriptions ernment purchases of Liberty bonds in the promptly when the aggregate amount received open market, except through the operation of and notified to the Treasury reached $250,the sinking fund, will be discontinued on July 000,000. These offerings resulted in an aggre- 1. Current requirements of the Government gate subscription whose amount was made are such that continued purchase of bonds known on April 22, of $254,536,500, distribwould necessarily result in increased issues of uted as follows: certificates of indebtedness. The bond purchasing plan in effect thus far was the result of temporary provision made by Congress, under Fede d r i a s l t r R ic e t s . erve F, 1920. G, 1920. Total. Quota. the following provision of the third Liberty loan act: N Bo ew st o Y n ork $3 6 3 , , 6 0 1 3 5 9 , , 5 5 0 0 0 0 $9 1 4 5 , , 1 4 2 9 7 6 , , 5 5 0 0 0 0 §1 2 2 2 7 , , 1 1 1 6 2 7 , , 0 00 0 0 0 $ 2 8 1 4 , , 6 8 5 0 0 0 , , 0 0 0 0 0 0 Atlanta 2,271,000 5,122,000 7,394,000 7,300,000 That the Secretary of the Treasury is authorized, from S D a a n ll a F s rancisco 6 3 , , 2 0 1 9 4 2 , , 5 0 0 0 0 0 1 1 1 , , 8 4 3 3 6 5? ,0 5 0 0 0 0 1 4 7 , , 9 6 2 5 8 0 , , 0 0 0 0 0 0 1 6 7 , , 0 6 0 5 0 0 , , 0 0 0 0 0 0 time to time, until the expiration of one year after theM Ph i i n l n a e d a e p lp o h li i s a 3 3 , , 7 9 4 7 4 9 , , 0 5 0 0 0 0 9 2, , 4 7 1 5 2 6, , 0 5 0 0 0 0 1 6 3 , , 3 5 9 0 3 0 , , 0 0 0 0 0 0 1 8 7 , , 6 6 5 5 0 0 , , 0 00 0 0 0 termination of the war, to purchase bonds issued under R St i . c h L m ou o i n s d 3 1 , , 1 6 3 5 5 0 , , 5 0 0 0 0 0 4 4 , , 6 1 9 1 3 5; , 0 5 0 0 0 0 6 7 , , 3 2 4 5 3 1 , , 0 0 0 0 0 0 1 8 0 , , 6 0 5 0 0 0, , 0 0 0 0 0 0 authority of this act, including bonds issued upon conver- Cleveland.. 5,500,000 7,100,000 12,600,000 22,650,000 Kansas City 1,948,000 3,451,000 .5,399,000 10,000,000 sion of bonds issued under this act or said act approved Chicago 6,313,500 11,086,000 17,399,500 35,000,000 April 24, 1917, at such prices and upon such terms and Treasury 6,400,000^ 6,400,000 Total 83,903,000 170,633,500 254,536,500 250,000,000 conditions as he may prescribe. i — 445 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

446 FEDERAL RESERVE BULLETIN. MAY, 1920. The action of the Secretary of the Treasury it was shown that there had been a net in thus advancing the rate on reduction in the output of commodities during Rates of return Treasury certificates of indebt- 1919 as compared with the preceding year, on capital. edness is significant. The es- while events since the opening of 1920 have tablishment of a rate adjusted to the changing tended to emphasize the relative decrease in conditions of the market was practicall\r inevi- the volume of production. Changes in the table. Developments during the past month value of capital are usually slower to make or two have indicated a great advance in the themselves evident than are changes in the current value of liquid funds. On April 12 prices of commodities. Conditions in the loan the Pennsylvania Railroad announced a sale market are only just beginning to feel the effect of $50,000,000 7 per cent 10-year bonds which, of the same influences or factors which have with the cost of flotation, made the cost of the already been obvious in the field of prices. capital obtained wrell over 7 per cent, while other The establishment of the new rates for Treaslarge borrowers whose offerings have since been ury certificates may be regarded as an index placed upon the market have found it neces- of loan market conditions, the rise indicating sary to pay the same or more for their accom- shortage of current accumulations. modation. Contemporaneously there has been This great increase in the actual cost of capia decline in the current investment values of tal in the United States and the standard bonds. This decline is attributable The discount contemporaneous advance in not to any change in the security or worth of situation abroad. rates of interest on Treasury certhe bonds themselves or to the conditions at- tificates parallels a similar movement in Great tending their issue, but to the rising value of Britain and has been reflected in the recent adcapital. Such advance in value has had the vance in the discount rate at the Bank of Engeffect of lowering the capitalized valuation of land, announced on April 15, to 7 per cent. long-term interest-bearing obligations. One Prior to such action it had been announced that illustration of the change in capital values may the rate for Treasury bills would be advanced be seen in the alteration of the price of Liberty to 6i per cent. " The bank rate is thus set onebonds, comparative figures making the follow- half of 1 per cent higher than the rate on the ing showing: Treasury bills. Taken together the two measures represent a step which has been advocated by many banking authorities for some time Jan. 2. Apr. 30. past, notwithstanding that it was opposed by a considerable section of the British financial High. Low. High. Low. public. The fact that credit inflation has con- Liberty 3£s 100.20 100.00 92.64 91.80 tinued to grow tends to emphasize the argu- Liberty first 4s 93.20 93.20 85.10 84.50 Liberty second 4s. 92.20 91.80 85.40 85.00 ments put forward by those who have favored Liberty first 4Js... 93.96 93.40 86.00 85.50 Liberty second 4is 92.78 92.30 85.86 85.30 the taking of more energetic measures against Liberty third 4*s.. 95.00 94.76 90.20 89.98 Liberty fourth 4Js. 93.00 92.30 86.20 85.62 inflation. It is supposed that the higher rates Victory 4|s 99.20 98.90 96.74 96.40 Victory 33s 99.20 99.00 96.60 96.30 will lead to an increased demand for the Treasury bills on the part of investors, while at the While there is difference of opinion regarding same time tending to discourage the discountthe reason for this increase in the cost of capital ing of paper protected by them. In this way at the present time, it may on the whole be it is intended to curtail the steady growth of regarded as the cumulative effect of demands bank credit inflation based upon holdings of for wealth growing out of the processes of re- public securities. Considerable quantities of construction andof speculation. Such demand Treasury bills have matured during the past has not been met by corresponding supply re- month, the aggregate being estimated at 350,sulting from increased thrift, but rather the 000,000 pounds sterling. Inasmuch as investreverse. In computations published in April ors did not purchase a sufficient amount of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL RESERVE BULLETIN. 447 new issues to provide for the payment of the Following the issuance on April 15 of Series old ones, it was necessary for the Government G loan certificates, eight of the to increase its . temporary loans at banks. United States Federal Reserve Banks estab- Announcement had already been made under lished a rate of 5J per cent on date of April 8 that the rate at the Bank of paper secured thereby, corresponding to the France had been advanced to 6 per cent. interest rate borne by the certificates. The Prior to that date a rate of 5 per cent had been discount rate on paper secured by other cercontinuously in effect since shortly after the tificates is 5 per cent, except in the case of San outbreak of the European War. Similar action Francisco, where the rate was increased to o\ per has been taken in Italy, Belgium, and elsewhere cent. The rate on paper secured by Liberty in Europe, while the rate at the Bank of Japan bonds and Victory notes was raised to 6 per has been 8 per cent since last November. Bank cent by the Chicago and Minneapolis banks expansion has been increasing progressively in and to 5-J per cent by San Francisco. The France just as it has been in England, with the Federal Reserve Bank of Chicago early in the result that the application of higher rates for month advanced its rate on loans to member the purpose of checking the continuous appli- banks secured by bankers7 acceptances to 5£ cations for discounts was regarded as essen- per cent, and since that time six other Federal tial. Such advances in discount rates would Reserve Banks have applied the same rate. in normal times before the war have been The advance in the case of the Federal Reserve symptomatic of financial pressure. At the Bank of Chicago was one-fourth of 1 per cent, present ^noment the increase is obviously a its preceding rate having been o\ per cent, part of the general policy of controlling credit but the advance in the case of the other banks and of reducing the outstanding amount of has been one-half of 1 per cent, they having bank accommodation based upon Government previously had a 5 per cent rate in effect. bonds and notes. The purpose of such increase Rates now in effect are accordingly as follows: of rates in normal times is only in part that of Rates on paper discounted for member banks approved by the checking applications for discount and in large Federal Reserve Board up to May 1, 1920. measure that of preventing withdrawal and exportation of gold. The latter motive has Discounted Discounted bills ma- bills secured now no such force as in ordinary times, turing within 90 otherwise movements of gold being still under public d m a e y m s b ( e i r n c b lu a d n i k n s g ' G w o t a h v r a e o n rn b b m li y g e a n - t control. Increase in bank rates, therefore, can n 15 o - t d e a s y ) c s o e l c la u t r e e r d al tions, also unsecured, have only the purpose of checking applications by— Bankers' Trade maturing accept- accept- within— for discount by rendering accommodation more ances ances Federal Reserve —- - — matur- matur-— e t c i x u o p l n a e t s n i h o s o n iv w e a s t t t o h t h b e e o c r B h ro a a n w n g k e e r s s o . i f n F T d r e h a p e n o c f s o e i l t l s a o n w a d n in d t g h n e o ta t B b e u a c l n i a r k - - Bank. i T n 't r d i e f e i a c b s a t u e t r e d y s n c o e e f s r s - . L er i t b y - m w o i i n t n h g t i h n s. w da i Q y t u y h n s i . n in d c i a 9 n l y u 0 g s d . -i ; 0 d 1 1 a 8 y t 0 n s bonds mem- (agriof England during the month of April. i B ng e a i r n - - V an ic d - ba b n e k r s'! t c u u r l a - l terest All tory 15-day and at 5i other. notes. col- liveper lateral stock [In millions of dollars.] cent. notes. paper). Boston 5 5 t>h 5 6 6 6 Bank of England. Bank of France. New York 5 5 5£ 5 6 6 6 Philadelphia 5 5* 5* 6 6 6 Cleveland ... . 5 ri 5-* 6 6 Date. Deposits,! TSJ , T D g r e e e a n p a n e o s d r u s a i r l t y . s, ci N t r i c o o u n t l e . a- R A C S M t h i t i c l i n a c h L n a n m o e g t u a a o o p i n s o d lis i5 sj ^ i 5 5 5 5 5 5 6 6 gi £ 5 5 o 5 5a i 1 6 6 f 6 5 ) * i 6 6 6 6 6 6 6 6 6 Kansas City 5 5 Sh 54 6 6 6 3/31 land 4/1 512 746 7,204 D Sa a n ll a F s rancisco... 5 5 5i 5 5 f £ II 6 6 G 0 6 4/7 and 4/8... 772! 520 707 7,237 4 4/ / 2 1 1 4 a a n n d d 4 4 /1 /2 ." 2 i . . 6 7 9 0 2 2 : | 5 5 1 1 6 6 7 71 0 3 3 7 7 , , 2 2 3 3 5 7 1 p N e O r T c E e 1 n . t — hi R g a h t e e r o t n h a p n a p ra e t r e s o ec n u c re o d m b m y e r W cia a l r p F a i p n e a r n s c h e o C w o n r p in or a c t o i l o u n m b n o 6 n . ds 4/28 and 4/29. 683 I 525 | 7,304 NOTE 2.—Rates shown for Kansas City are normal rates, applying to disoounts not in excess of basic lines fixed for each member Dank by the Federal Reserve Bank. Rates on discounts in excess of the basic * Applies to Bank of England. line are subject to \ per cent progressive increase for each 25 per cent 2 Applies to Bank of France. which the amount of accomodation extended exceeds the basic line. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 FEDERAL RESERVE BULLETIN. MAT, 1920. The whole question of rates was thoroughly modation have continued to offset the liquidadiscussed with the governors of Federal Keserve tion which has been effected in financial centers Banks who met in conference with the Board and to which reference was made last at Washington on April 7, 8, 9, and 10, and month. The question of higher rates for various aspects of the relationship between the purpose of limiting this continued exrates and the volume of credit were considered. pansion has been thoroughly considered and An analysis of conditions existing in the the Board's position with reference to it indisystem as a whole, based upon the relationship cated in the past. The fact that foreign counbetween reserve balances carried and redis- tries are now fixing higher rates of interest counts granted, shows that while there was for Government obligations and higher rates considerable variation among the several dis- for the discount of commercial paper at central tricts in regard to the proportion of loans and reserve institutions, fully bears out the policy balances carried, there was a fairly high concen- which has been heretofore adopted, while it tration of borrowing in the hands of a com- leaves the present discount rate of the Federal paratively small number of banks. Reserve Banks lower (all things considered), The following figures presented in continua- relatively speaking, than anywhere else in tion of tables furnished in previous months the world. That the present rate is below give an indication of the trend of the banking the market level is also evident from a comsituation for the country as a whole: parison with rates charged for commercial accommodation of all descriptions made by [In millions of dollars.] member banks. Congress on April 3 finally completed its Loans (in eluding Kediscounts Control of work upon the Phelan bill rediscounts) and bills Number and invest- payable Net credit. which had been recommended Date. of banks ments (in- Tdth demand reporting. cluding Federal deposits. by the Board, and the President on April 13 United Reserve States Banks. signed the measure, thus making it law. The securities). Act as now on the statute books further ex- 1920. tends the Board's power in connection with Apr. 2 811 17,017 2,048 11,599 Apr. 9 812 16,983 2,009 11,560 the approving of discount rates by providing Apr. 16 811 17,189 2,053 11,683 Apr. 23 811 17,087 2,101 11,423 that these rates "subject to the approval, Apr. 30 812 17,092 2,136 11,461 review, and determination of the Federal Reserve Board, may be graduated or progressed Reserve percentages at the Federal Reserve on the basis of the amount of the advances Banks themselves have remained almost stable and discount accommodations extended by the during the month, fluctuating around a point Federal Reserve Bank to the borrowing not far in excess of 42 per cent. For the rebank." The new provision is thus permissive port period since the last issue of the BULLETIN, and not mandatory, its purpose being that of the combined reserve percentage of the system authorizing Federal Reserve Banks with the has been as follows: approval of the Board to establish a "line of credit" or discount accommodation for each Ratio of total reserves to net deposit and Federal Reserve note liabilities in 12 Federal Reserve Banks. member bank, subjecting those which pass beyond this limit in their applications to a pro- Per cent. Apr. 2,1920 42.9 gressively growing rate designed to repress Apr. 9,1920 43.3 the undue enlargement of such applications. Apr. 16,1920 43.3 In speaking of the new measure, Senator Apr. 23,1920 43.0 McLean, chairman of the Senate Banking and Apr. 30,1920 42.6 Currency Committee, said that "the amend- The general conclusion to be drawn from the ment defines this provision [the power to fix showing thus made is that the increasing rates of discount] and permits a limit to which demand for credit in the interior and the a Federal Reserve Bank can refer member natural growth of spring demands for accom- banks and say, 'while we may have discretion Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1920. FEDERAL RESERVE BULLETIN. 449 under the law to do anything we have a mind secured by Treasury certificates of indebtedness, Liberty to do with you, we do not want to decline to bonds, or Victory notes actually owned by borrowing member banks on April 1, 1920. discount good paper, for it may hurt your Provided further, That the progressive rate shall not bank to have it advertised throughout the attach to the paper now under discount, but new offerings, community that you have been declined other than those secured by Liberty bonds, Victory notes, accommodation; nevertheless, here is the law.' and certificates, shall be subject to the progressive discount Under this law, when they fix the normal dis- rates, to be based upon the then liability of the offering member. count rate below a percentage of the banking capacity of the borrowing bank and the bank While developments of the month both at desires to borrow above that percentage, home and abroad have indithen the Federal Keserve Bank can say, ore nanc" cated the growth of much more ing0. ' here is the law. You have unduly expanded stringent conditions, the demand your credits. We have fixed this limit, and if for capital for use in the refinancing of Europe has you want further accommodation you must shown no abatement and the large export movepay a higher rate.'" The theory upon which ment to Europe, although partially checked by this measure was recommended is set forth by adverse exchange conditions, has proceeded. the Board in its annual report for 1919 where it A noteworthy incident in the process of making is stated that "in this way it would be possible financial provision for our exports has been the to reduce excessive borrowings of member banks establishment of the first corporation under and to induce them to hold their own large the provisions of the Edge Act, the name of borrowers in check without raising the basic the new enterprise being "The First Federal rate." The application of the law is optional Foreign Banking Association.'7 The proposed with Federal Eeserve Banks, the only district institution is to have a capital of $2,100,000. which has thus far acted upon it being Kansas The reasons for organizing the company were City. As a result of local study the Federal stated on its behalf when the announcement of Reserve Bank of Kansas City on April 16 its establishment was made, in the following adopted the following resolution: language: That effective Saturday, April 17, 1920, whenever the The great depreciation of European currencies in interexecutive committee of this bank shall approve advances national exchange has erected a barrier against the export to a member bank on member bank notes or rediscounts, trade of the United States. Manufacturers who have built in an amount greater than its basic amount, such advances up substantial markets for their products, particularly in shall be subject to an increasing discount rate, applicable Europe, through years of effort, are finding it increasingly to paper of all maturities, based upon a differential of one- more difficult to continue the sale of their goods. Eurohalf of 1 per cent, as follows: pean purchasers of our products are unwilling to settle at One-half of 1 per cent above normal rate on accommoda- existing rates of exchange, but in many cases are willing dations extended above the normal basic line up to and to continue to do business on the basis of credit in the belief including 25 per cent of such basic amount. that as the work of rehabilitation progresses production will One per cent above normal rate for the next subsequent increase, and that within a reasonable time exchange will sum equal to 25 per cent of the basic amount. show a favorable improvement. One and one-half per cent above the normal rate for Up to the present time, however, the American manuthe next subsequent sum equal to 25 per cent of the basic facturer has had no banking facilities enabling him to amount. meet this situation, or permitting him to compete in And so on at an increasing rate of one-half of 1 per cent foreign markets on a credit basis. The commercial banke for each unit of 25 per cent additional; i. e., the normal of this country are deposit banks, obtaining their working rate shall apply on paper discounted for a member bank capital from their depositors. The principles of sound in an amount equivalent to its basic line, but thereafter backing require that their funds be kept liquid, and that the rate shall increase progressively one-half of 1 per cent credits issued by them be for a short term only. The Edge on each subsequent sum advanced equal to 25 per cent, or bill in effect provides for the establishment of a new kind fraction thereof, of the basic amount of the applying of bank which shall obtain this working capital from the member bank. investors of the country through the sale of the bank's Provided, however, That while the borrowings of member obligations or through the use of its guarantee in connection banks secured by Government war obligations shall be with the paper of American manufacturers and exporters, considered as a part of the sum constituting the normal based in turn upon the credit of their foreign customers. basic amount, or any amounts in excess thereof, the pro- Due to the strained credit conditions in this country, gressive rates shall not apply to member bank notes the exporting manufacturer to-day can not look to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 FEDERAL RESERVE BULLETIN". MAT, 1920. commercial banks to finance hia foreign business, especially Exchange relationships with foreign counif this business requires the use of credit beyond the period tries during the month of April %i a few months. If he is to continue his business, he The movement , , , „ * must finance it through the use of capital rather than of of exchange. have Deen Productive of two credit. Capital at this time must be considered as any important developments — a advance of money for a period of six months or over. noteworthy recovery in the value of sterling Need of some organized way of financing the and a very large decline, at times almost trade with Europe is made more and more eviamounting to collapse, in francs and lire. The dent both by the various expedients to which recovery in sterling brought its value at exporters have been obliged to resort in order one time to over $4, and although subseto carry on their business with European counquent reductions occurred they were at no tries and by the indisposition of American intime very severe, the quotation hovering durvestors to purchase foreign securities except as ing a large part of the month in the neighboran incident to speculation. The prices of some hood of $4, although usually somewhat below of the chief or standard foreign issues in the it. The heavy reduction in the value of both New York market at the end of April, tofrancs and lire has been currently attributed gether with their actual interest yield, may to two principal influences, the curtailment of be set forth as follows: Great Britain's advances to France and Italy Prices and yield of foreign bonds. and the continued prevalence of political difficulties, including disorders on the German Bond. frontier, which at least suggested the possibility of continued heavy military expenditures. Values of sterling have undoubtedly Anglo-French 5's, 1920 British 5*'s, 1929 been strengthened as a result of the movement Italian 6i's, 1925 Japanese sterling 4£'s, 1925 of gold from Great Britain into the United Belgian 6's, 1925 States—a movement briefly referred to last 1 On basis of S5 to pound sterling. month and amounting thus far to rather Foreign securities, in short, are suffering more than §50,000,000. While fully threefrom the same difficulties in connection with fifths of this sum has been withdrawn marketing that are encountered by our own for shipment to South America, the transdomestic issues. Because of the difficulty of mission of the gold to the United States, conducting trade upon any such basis as is coupled with the announcement that the thus indicated, there has been a growth of ex- British Government would attempt to obtain pedients tentatively worked out in past months dollar securities whose proceeds might be used whereby exports of raw material such as cotton in meeting the maturities of the Anglo-French are made to European importers, subject to loan, undoubtedly had a strong psychological the agreement that they be worked up into influence and tended to confirm the belief that finished goods and returned, the manufacturer, the value of sterling would gradually work however, withholding a portion of the finished back to more nearly normal levels. Abstractly, product in exchange for his labor. How ex- the shipment of gold from Great Britain to the tensively methods of this kind have been em- United States, tending as it did to weaken the ployed can not be precisely stated, but, ac- British gold position, should have opercording to banking authorities, there has been ated against rather than for the maintenance a decided growth in such transactions. On the of a high value for sterling. In the existing other hand, there has been little if any modi- circumstances, however, the strengthening of fication of the indisposition already shown by the credit position of the pound sterling has bankers to discount bills growing out of foreign been of more importance than the technical transactions, even when stated in dollars, and factors influencing the banking position. Much while the month has witnessed a very large im- the same may be said of the advance in the provement in sterling it has also been a period British bank rate. In ordinary times such an of great depreciation in both francs and lire. advance, by rendering the establishment of sterling balances more costly, would tend to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL, RESERVE BULLETIN. 451 reduce the value of the pound sterling as stated Foreign exchange rates—Continued. in dollars. As a matter of fact, no such effect Week ended— was traceable to the action taken by the Bank of England, but, on the contrary, it continued Apr. 17. Apr. 24. May 1. to produce a beneficial influence upon sentiment in this country, and hence correspond- High. Low. High. Low. High. Low. ingly aided in maintaining the value of the England I 3.97} 3.92} 3.96 3.86} 3.88J 3.74$ pound. A divergent element in the exchange France I 15.86 17.15 15.87 17.02 16.31 17.05 Italv i 22.10 26.63 21.60 22.89 21.97 22.95 situation of the month has been the continued S~ pa'i n. 17.60 17.40 17.35 17.01 17.10 16.85 strength of German marks, which during the A Ch rg in e a n , t i H na ongkong.. 4 0 3 4 . .0 1 0 8 9 4 3 3. . 1 0 2 0 5 4 9 3 5 . . 6 5 5 0 4 9 3 3 . . 1 0 0 0 4 9 3 5 . . 1 5 5 0 9 4 3 2. . 8 5 7 0 5 height of the difficulties on the Rhine frontier C Ja h p i a n n a, Shanghai.... 1 4 3 S 0 . . 5 7 0 ,") 1 4 2 8 8 . .0 7 0 5 1 4 3 9 2 . . 7 5 5 0 1 4 2 8 8 . . 5 0 0 0 1 5 3 0 2 . . 0 5 0 0 1 4 2 9 8 . . 7 0 5 0 showed a rising tendency and an almost continuously stronger position. A feature of con- The report of the Supreme Economic Counsiderable interest in the exchange situation cil, made public on March 8 subsequent to the middle of the month was European eco- and reprinted in the last issue nomic outlook. furnished by the Japanese financial position, of the BULLETIN, furnishes a which suddenly took on a serious aspect not somewhat discouraging review of the progress previously possessed by it. For some time that is being made by European countries topast banking stringency has been gradually ward the restoration of normal conditions. This developing in Japan, the chief factors contribview is amply confirmed by the statements of inuting thereto being rapid advances in prices and vestigators and returning travelers who-have the hoarding of commodities.. Reductions in examined the situation. The Economic Council the value of sterling, which occurred in the shows tha t the total war debt of the world is about New York market after the middle of the £40,000,000,000, and that prices throughout month, were probably at least partly due to Europe, with few exceptions, are purely paper sales of sterling bills for Japanese account as prices, although gold has a lower purchasing a result of the stringency which had shown power than it had before the war. Attempts itself in Tokyo, Osaka, and other Japanese to manipulate the exchanges through Governmarkets. The quotation of yen, however ; ment action will only retard ultimate recovery, held firm, and despite the notable reduction in but in the meantime means must be found to the value of both francs and lire, to which prevent the breakdown of the structure of trade. reference has already been made, the exchange The council, moreover, reached the definite consituation as a whole has presented an appearclusion with respect to the credit situation that ance of greater stability and normality during the month of April than has been true since the following steps must early be taken in the early in the year. In the following table are direction of deflation: presented quotations showing the course of (a) Reduction of recurrent Government exsome of the principal exchanges in continua- penditure within the limits of revenue. tion of figures already furnished in preceding (b) Imposition of such additional taxation as issues of the BULLETIN: is necessary to secure this result. (c) Funding of short-term obligations by Foreign exchange rates. means of loans subscribed out of savings of the people. Week ended- (d) Immediate limitation and gradual cur- Mar. 27. Apr. 3. Apr. 10. tailment of note circulation. While the council emphasizes the necessity of High. Low. Low. ; High. Low. .._...._. ! continued cooperation in economic affairs and England 3.96 3.75 3.971 3.84} i 4.06* 3.964 for the removal of all obstacles to the easy in- I F t r a a l n y co 1 1 3 9. . 4 9 2 8 2 1 0 4 . . 7 9 2 1 2 1 0 4 . . 1 4 7 0 2 1 0 5 . . 5 0 6 5 1 ! 2 1 0 4. . 3 5 7 2 2 1 5 6 . . 0 2 0 4 terchange of essential commodities, it does not A Sp rg ai e n ntina 4 1 3 7 . . 3 7 7 5 5 4 1 3 7 . .2 1 5 8 4 1 3 7 . . 1 6 5 0 4 1 3 7 . . 1 3 5 5 1 1 4 1 3 7. . 9 2 5 0 4 1 3 7 . . 1 7 8 5 propose further increase of international loans, C C h h i i n n a a , , S H h o a n n g gh k a o i ng... 1 9 4 9 6 . . 0 0 0 0 1 9 3 5 9 . . 0 0 0 0 1 9 4 9 6 . . 0 0 0 0 1 9 4 8 6 . . 0 0 0 0 1 1 1 4 0 7 0 . . 5 5 0 0 1 9 3 6 7 . . 5 5 0 0 but apparently takes the view that the real cure Japan 47.00 47.00 48.00 47.00 48.50 47.50 must be internal, and must be obtained through Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 FEDERAL RESERVE BULLETIN. MAY, 1920. strict saving and economy. Referring to the movement of food and temporarily caused condition of the exchanges it points out that increase in expenses. The latter influence, "the ultimate cure is to raise exports to the however, was of minor importance in price requisite amount, and this should be impressed figures, due to the fact that the strike did not upon the trade communities affected, but it is assume large proportions until after the period not immediately possible to increase exports for which the price data were collected, although sufficiently, and unless steps are taken to fur- preliminary difficulties had already shown nish a substitute the situation will rapidly be- themselves. Conditions during the month of come worse- It is therefore urgent to obtain April were, however, rendered decidedly less a temporary balance of trade by means of com- satisfactory by the congestion of goods due to mercial credits accompanied by the reduction the failure of movement resulting from the of all nonesscntial imports to an absolute mini- strike situation. According to Federal Reserve mum." This is the official European view of agents there is considerable irregularity in the the situation which has been confirmed by direction that affairs have taken. In New many observers for a good while past. The York there has been found to be a further elements in the problem are thoroughly well increase in prices both of basic commodities recognized, and the difficulty lies only in obtain- and of finished products, while in some other ing the necessary national self-control and dis- districts reluctance on the part of consumers to cipline to insure the working out of the problem buy has tended to restrict prices at retail. along sound lines. Meanwhile, in so far as the In many places it appears to be true that United States is concerned, our exportations to luxuries or semiluxurious articles are still European countries continue to consist in no being liberally purchased, but that the staple small degree of consumption goods, many of or ordinary foods and articles of consumption which are apparently not at all necessary to the are not experiencing any heavy demand, and welfare or economic reorganization of Europe. hence have not risen at all, or very slightly. A fair conclusion from the data available The development of prices during the month appears to be that within the past 30 days of April has not been encourag- Course of prices. . ng to thoge who have hem price changes have been in no small degree the outcome of influences proceeding from the looking for a mitigation of inflated conditions. commodity side of the price equation and According to the report of the Bureau of Labor resulting from fluctuations in demand, local Statistics, there has been an advance in wholeextravagance, impairment of the machinery of sale prices during the month of March, the agproduction and distribution, and other similar gregate advance amounting to 2 points in the factors, and that the influences proceeding case of farm products, 5 points in the fuel and lighting group, and 4 points in l' all commodi- from the side of banking and credit have been ties.77 Average family expenditures for 22 ar- less marked and decisive than at any time during recent weeks. ticles of food increased,in 27 cities and decreased in 23. In Great Britain, Sauerbeck's index Current discussion of banking and industrial number of prices shows an advance of 1 point up conditions seems to be more and more disposed, to 307. While some of the comparatively lim- however, to place the responsibility for the ited price increases which are thus reported are present outlook upon inflation or overextension seasonal in nature and due to recurring changes of credit and to minimize the importance of in the cost of foodstuffs, it seems clear that in changes in production or lessened efficiency of a good many articles the upward movement labor and capital. The importance of the of prices which had been temporarily checked, latter elements in the situation should not, has been resumed on a small scale. This re- however, be lost sight of. In this issue the newed advance is partly explained by unfavor- Board presents a digest of its business and able reports concerning the crop prospects of production indexes as compiled during the the current year and in part by faulty dis- past year or more. The showing, as noted in tribution resulting from the nation-wide rail- a preliminary way in the last issue of the road labor disturbance which prevented the BULLETIN, unmistakably indicates a very Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL RESERVE BULLETIN. 453 material decline in production and this falling tinued to hold their own, while importations off in the supply of commodities, coupled with have increased in only a very moderate degree. the general indisposition to save, would itself March returns, made public about the middle of produce advance in prices, regardless of the April, showed an almost record level of exporcredit situation. tations for the month, the excess over 1919 be- Failure to keep up the supply of capital ing about $230,000,000. While importations goods to the needed extent is increased over 1919 in an almost equal degree, invPesOtmentn *"* indicated by a number of fac-the advance amounting to about $216,000,000, tors. Federal Reserve Agents it remains true that the balance of trade in throughout the country report a serious short- favor of the United States was being continuage of housing accommodation which, despite ously enlarged rather than diminished. There efforts to make up the deficit in some regions, has been, as already noted at an earlier point, nevertheless leaves the national supply of an increasing effort on the part of bankers to houses very insufficient. Whatever may be provide for this movement of goods through thought of the amount of our "saving7' during roundabout methods of various kinds, including the exportation of raw materials upon what is the past few years, it has evidently not taken tantamount to a barter basis, provision being the direction of investment inhouse construction. made for the return of the finished product In a similar way it is generally reported that segrowing out of such materials, minus a reasonrious shortage of cars and other railroad equipable deduction intended to cover the actual ment exists, while announcements by railroad cost of manufacture. In other cases a propriemanagers since the return of the roads to pritary interest in European manufacturing plants vate ownership indicate that many lines are is acquired by those supplying the raw material, barely able to render necessary service with the this practically amounting to a sale of plant equipment of which they now stand possessed. facilities for raw materials and other requisites The roads undoubtedly have not kept up in their of production. So long as our exportations general equipment with the current requirecontinue as heavy as at present and our ability ments. What is true of the steam railways is to provide domestic fixed capital is not inalso true, and probably in an even higher decreased, our actual savings must be largely of a gree, of municipal utilities which are seriously •'paper" nature and disproportion between behind hand in their advancement. Many demand and production will prevent prices lines of business find themselves short in physifrom being definitely reduced, regardless of cal capital, and the high prices now prevailing banking policy. have prevented the enlargement of plants and the installation of machinery, except to the During the month ending April 10 the net minimum extent absolutely essential. A dis- inward movement of gold was proportionate increase in the supply of con- Gold and silver $25,064,000, as compared with movement. sumption goods appears to have been character- a net outward movement of istic of the past two or three years. This makes $42,303,000 for the month ending March 10. the actual amount of present saving more than Net imports of gold since August 1,1914, were $710,163,000, as may be seen from the followdoubtful measuring saving in actual material ing exhibit: forms and not in terms of securities issued and [In thousands of dollars.] owned. A computation of savings upon any basis other than that of physical worth is in Excess of the last analysis more or less illusory. Con- Imports. Exports. im o p v o e r r ts exports. tinued enlargement of our "favorable" export balance shows the direction that is being taken Aug. 1 to Dec. 31, 1911 23,253 104,972 181,719 Tan. 1 to Deo. 31, 1915 451,055 31,426 420,529 by a large proportion of the raw materials and Ian. 1 to Dec. 31. 1916 085,745 155,793 529,952 Ian. 1 to Dec. 31, 1917 553,713 372,171 181,542 consumption goods which the United States is Jan. 1 to Dec. 31,1918 01,950 40,848 21,102 Fan. 1 to Dec. 31. 1919 76,534 368,185 1291,651 turning out. Instead of falling off, as has been Jan. 1 to Am. 10, 1920 74,841 144,433 1 69? 592 steadily predicted by many observers, our ship- Total 1,927,991 1,217,828 710,163 ments of goods to foreign countries have con- ' Excess of exports over imports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

454 FEDERAL RESERVE BULLETIN. MAY, 1920. England furnished over 96 per cent, or the Treasury sent to inquirers under date of $48,464,000, of the $50,340,000 of gold im- April 9 a letter with reference to the payment ported during the monthly period ending of Liberty bond interest coupons at Federal April 10, the Dutch East Indies, Mexico, and Reserve Banks in gold coin. The Secretary Canada furnishing most of the remainder. Of notes that while gold has not been and will not the gold exports, amounting to $25,276,000, be refused to persons who demand it and who Argentina received $10,995,000, Uruguay $4,- present currency or matured United States 350,000, Hongkong $2,649,000, and Mexico obligations or interest coupons which entitle $2,615,000, the remainder going principally to them to receive it, he—nevertheless desires to China, the Straits Settlements, and Dutch continue the policy of gold conservation so far East Indies. Since the removal of the gold as practicable. Referring to the payment of embargo on June 7, 1919, total gold exports the bonds the Secretary says: have amounted to approximately $498,229,000. By the terms of the bonds themselves and the circulars Of this total, about $120,205,000 were shipped offering them for subscription, the coupons from Liberty to Argentina, $100,876,000 to Japan, $58,095,- bonds are payable in United States gold coin of the present 000 to Hongkong, $54,943,000 to China, $37,- standard of value, and are payable upon presentation and 017,000 to British India, and $29,778,000 to surrender at the Treasury Department, Washington, or at the holder's option, at any agency or agencies in the Spain, the remainder being shipped princi- United States which the Secretary of the Treasury may pally to Uruguay, Mexico, Dutch East Indies, designate for the purpose. The Federal Reserve Banks the Straits Settlements, and Venezuela. and the subtreasuries are designated paying agencies for During the same monthly period the net this purpose, as well as the Treasury Department, Washington, and upon presentation and surrender of matured outward movement of silver was $7,272,000, Liberty bond coupons will pay gold coin upon demand. as compared with a net outward movement of As a practical matter, however, payments in gold coin can $2,463,000 for the month ending March 10. be made only in multiples of $5, inasmuch as the $5 gold Net exports of silver since August 1, 1914, were coin is the lowest denomination now coined by the Government, or to a limited extent in $2.50 gold coins which $457,110,000, as may be seen from the followmay still be available. ing exhibit: Throughout the war, moreover, it has been the policy of [In thousands of dollars.] the Treasury to conserve gold and discourage its circula- Excess of tion, and this policy has not changed with the cessation of Imports. Exports. exports hostilities or the removal of the embargo on the exportation over imports. of gold. It is just as important as ever that gold, which is the foundation of our reserves and the backbone of all Aug. 1 to Dec. 31, 1914 12,129 22,182 10,053 credit transactions, should be concentrated in the Federal Jan. 1 to Dec. 31,1915 34,484 53,599 19,115 Jan. 1 to Dec. 31,1916 32,263 70,595 38,332 Reserve Banks as reserve and for use in the settlement of Jan. 1 to Dec. 31,1917 53,340 84,131 30,791 Jan. 1 to Dec. 31,1918 71,376 252,846 181,470 balances growing out of international transactions. It is Jan. 1 to Dec. 31,1919 89,410 239,021 149,611 the desire of the Treasury that the conservation of gold Jan. 1 to Apr. 10, 1920 34,215 61,953 27,738 should continue and that there should be no revival of the Total 327,217 784,327 457,110 use of gold for domestic transactions generally, in which it serves no useful purpose. The circulation of gold coin and Mexico furnished over three-fourths of the gold certificates tends to dissipate the reserves, and the $9,107,000 of silver imported during the circulation of gold coin involves a considerable loss due monthly period ending April 10, most of the to abrasion, which is avoided by having the gold carried in the vaults of the Federal Reserve Banks and the remainder coming from Peru, the Dutch East Treasury. Indies, and Canada. Of the silver exports during the month, amounting to $16,379,000, During the four weeks between March 19 and China received $6,693,000, Hongkong $4, April 16 reports from 811 mem. 653,000, and the French East Indies $2,178,- sit T ua h t e ion. bankmg ^ er t an j 5B j n leading cities 000, the remainder being shipped principally indicate an increase of over to Canada and Mexico. 180 millions in their holdings of Treasury cer- In view of frequent questions that have been tificates. These increases followed the resumpraised with respect to payments tion by the Government of fortnightly issues f gold as of gold against, Government of loan certificates which totaled about 455 currency. obligations, the Secretary of millions for the month. No appreciable Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL, RESERVE BULLETIN. 455 changes are shown in the holdings of other Reserve Bank during the four-week period was United States war obligations, while loans able to liquidate c>ver 32 millions of paper held secured by such obligations show a reduction under rediscount with other Federal Reserve of about 45 millions. Loans secured by stocks Banks and in turn to discount increasing and bonds increased 4.3 millions, and all other amounts of paper for other Federal Reserve loans and investments, including commercial Banks, the accommodation thus extended loans proper, .125,6 millions. In consequence reaching a total of 64 millions at the close of of these changes total loans and investments of the period. On the other hand, the Chicago all reporting banks (including in these totals and Minneapolis banks, which at the beginning the amounts of paper rediscounted with the of the period were extending accommodation Federal Reserve Bank) show an increase of to other Reserve Banks, report on April 23 liaabout 267 millions. In connection with this bilities on bills rediscounted by them with other further credit expansion there is noted an Federal Reserve Banks of over 42 and 10 milincrease of 154.3 millions in the amount of lions, respectively. Acceptances purchased paper held under discount by Federal Reserve from other Reserve Banks increased from 5J Banks for the reporting member banks. The to 8.4 millions. Since April 2 the New York ratio of this amount to total loans and invest- bank has also shown a contingent liability of ments of reporting banks, including under the 16.2 millions as guarantor on bankers' bills latter head all the Government securities owned purchased for foreign correspondents. by the banks, shows an increase for the period Net deposits of the Federal Reserve Banks from 11.2 to 11.9 per cent. show relatively small fluctuations and totaled For the four-week period between March 26 1,773.6 millions at the close of the period. and April 23 the Federal Reserve Banks report Federal Reserve note circulation increased 20.3 an increase of 7.8 millions in their holdings of millions, an increase of 32.2 millions between paper secured by United States war obligations, March 26 and April 9, giving place to a decline and an increase of about 21.2 millions in their of circulation of nearly 12 millions during the holdings of other discounts. During the entire last two weeks of this period. Gold reserves, in period the share of war loan paper to total dis- consequence of the considerable gold imports counts on hand continued at about 58.5 per from Great Britain, show a gain between March cent. Some change is shown, however, in the 26 and April 9 of 22.7 millions. During the composition of these holdings, the amount of following two weeks export withdrawals exbills secured by Liberty bonds showing a grad- ceeded by 7.8 millions the acquisitions of newly ual decline totaling 65.4 millions, while hold- imported gold, so that the April 23 gold holdings of paper secured by Victory notes and ings of the system, about 1,950 millions, were Treasury certificates increased during the only 15 millions in excess of the March 26 total. period by 73.2 millions. Largely because of the gain in reserves the re- Holdings of acceptances bought in open serve ratio of the banks shows a rise between market show a further decline from 451.9 to March 26 and April 16 from 42.7 to 43.3 per 404.7 millions. This decline is not accom- cent. A week later, in consequence of some panied by a corresponding increase in the hold- loss of gold and a simultaneous increase in deings of discounted acceptances and it is not un- posit liabilities the ratio declined to 43 per cent. likely that an increasing proportion of offerings The Federal Reserve Board, on April 7-10, of bankers' bills is finding its way into the held its periodical conference portfolios of commercial banks, savings banks, Conference with governors of Federal Rewith governors. and industrial corporations. serve Banks, there being pres- Interbank rediscounting proceeded in in- ent representatives of all of the districts. creasing volume during the period under re- Much of the discussion was devoted to the genview, the total of bills held under discount for eral subject of credit control and conservation. the Federal Reserve Banks on April 23 being It was agreed that a continued tendency toward 142.9 millions, as against 94.4 millions four excessive borrowing in various districts, and weeks earlier. It is notable that the New York particularly on the part of some banks in these Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 FEDERAL RESERVE BULLETIN. MAY, 1920. districts, was still to be noted. It was also whether in commodity or security dealings. agreed that the problem of credit control is the It was agreed that the plan for graduating disleading question to be dealt with by the Fed- count rates, set forth in the Phelan Act, should eral Reserve institutions. Whether this con- be taken under advisement for study and adaptrol should be applied entirely through the ap- tation in the several districts prior to the estabplication of higher rates of interest, or through lishment of any general regulations by the a policy of rationing, was a problem of policy Federal Reserve Board. In the opinion of the as to which general opinion favored a combina- governors the basis for determining the sotion of methods of restriction. The situation called normal line of discount for the purpose was regarded as complex and as requiring the of fixing a progressive rate at any time should use of great discrimination in order that produc- be the amount of the reserve deposits (less legal tive industry should suffer no setback. The reserve required), plus the paid-in capital of problem was conceived as being not simply that each member bank, that being the contribution of restricting the general volume of credit of each member bank to the loaning power of but more particularly the speculative use of it, the system. BUSINESS, INDUSTRY, AND FINANCE, APRIL, 1920. Notwithstanding the temporary slowing down ported to be advance in prices, higher wages, of the advance of prices which was noted during unprecedentedly high rates of interest, and conthe months of February and March, business tinued activity in foreign trade. and financial conditions during April indicated In district No. 3 (Philadelphia) prices still a resumption of the movement, while business show an advancing tendency in some lines, but activity has continued in many districts upon in other lines, including leather and textiles, an unprecedentedly high level. Wages have the advance has stopped. Collections are still moved still further upward, while the advance satisfactory and retail trade holds up very well. in rates for money, already noteworthy, has In district No. 4 (Cleveland) the severity of attained even more important proportions than the railroad strike has demoralized some heretofore. A severe railroad strike during the branches of business and has caught some month assuming national proportions, with a companies poorly prepared for any cessation corresponding congestion of products and de- of traffic, damage to plants proving greater fective transportation, has tended to aggravate than had been expected. conditions which otherwise would have been in In district No. 5 (Richmond) there has been themselves serious. A sharp break in the prices little change in commodity prices except buildof stocks and securities and relatively poor ing materials, which have steadily advanced; prospects for the coming crop year have not the public continues to purchase all goods operated to check the activity of business, freely, but there is unrest and uncertainty although they have tended to confirm the among the commercial community and there doubts alread}T entertained by many business are signs of reaction against high prices. men concerning the outlook. In district No. 6 (Atlanta) fundamental busi- In district No. 1 (Boston) there is some indi- ness conditions have undergone no change of cation of greater conservatism in purchasing, especial note, both wholesale and retail trade banking conditions are sound, and there is holding up well. Although a lowering of prices general manufacturing activity and full em- is expected in some quarters, little evidence as ployment. There are no general strikes in any yet appears of decrease in lines entering into of the principal industries of the section. There daily consumption. The agricultural prospects is a difference of opinion with respect to the for the coming season have been seriously defuture of prices and hence difference of policy creased as a result of the continued cold and with regard to advance orders and general wet weather, and the farm labor situation has purchasing. continued unsatisfactory. In district No. 2 (New York) the outstanding In district No. 7 (Chicago) the traffic situaelements in the condition of business are re- tion has seriously affected business, preventing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1920. FEDERAL KESERVE BULLETIN. .457 the movement of finished goods and causing ment and to interruption in the movement of nonreceipt of materials, fuel, and supplies. goods as the result of labor troubles. A marked These conditions were already under way as a feature of the financial situation all over the result of car shortage, but during the past country is the increase in the cost of money, month the strike "has brought about a more both in the investment market and in connecacute condition." Among other elements in tion with bank credit. The Federal Reserve the situation is the fact that collections "have Bank of Richmond recently sent 10 questions slowed down during the past 60 days.'7 to leading manufacturers and wholesalers in the In district No. 8 (St. Louis) there has been fifth district, replies to which show a belief in no slowing down in business and signs point continuation of present prices for another year, to continued activity for some time to come. with high wages and free expenditure by con- There is a general gain in the volume of sales sumers. of both wholesalers and retailers; raw mate- Agriculturally the month has been signifirials hold their own well, but labor unrest is cant. In district No. 9 (Minneapolis) spring causing uneasiness, while agricultural condi- planting has been delayed throughout the distions are not satisfactory. Collections are good trict, and this may have the effect of further and the demand for money is strong. curtailment of spring wheat acreage which it In district No. 9 (Minneapolis) spring plant- is estimated will fall from about 17,731,000 ing has been somewhat delayed and live stock acres planted last year to 15,000,000 acres. conditions are unsatisfactory, although whole- Labor, however, is scarce and wages are high, sale and retail trade is good. while in certain sections of the district there has been difficulty in financing farmers' seed In district No. 10 (Kansas City) the marked purchases and planting requirements. On the improvement in industrial activity which was other hand, the western half of the district has characteristic of March "was effectively checked had ample moisture, and soil conditions are by transportation interruptions in early April." very favorable. In district No. 7 (Chicago) Shortage of coal, material, etc., caused suspenthe general condition of the soil and crop prossion of activity in some lines. There has, howpects are favorable, but the season is being ever, been a large and well-sustained volume of delayed by excessive moisture. Spring plowtrade in the face of all these various disturbing ing has not generally been started. The scarfactors. city of farm labor is proving a very serious fac- In district No. 11 (Dallas) the revival of tor and considerable acreage is being temporaspring trade and new high levels of both volume rily abandoned. Only a normal percentage of and prices were noted, while, as in other disgrain is in the hands of farmers, but their oblitricts, the planting of staple crops has made a gations to the banks are larger than a year rather unfavorable start. Organized efforts ago. These are partly for the purpose of carare being made, however, to deal with the farm rying real-estate loans. Both in district No. 7 labor situation. There is enhanced demand (Chicago) and in district No. 9 (Minneapolis) and enlarged production in the petroleum inthe unsatisfactory transportation situation has dustry. delayed the movement of farm products and In district No. 12 (San Francisco) the agriconsequently the liquidation of the farmers' cultural outlook has increased very materially, indebtedness to the banks. In district No. 10 but car shortage has prevented heavy ship- (Kansas City) winter wheat is about up to the ments in many lines. Building, however, con- 10-year average, although much below conditinues active and labor has been fully employed. tions in 1919. In corn an increase in acreage Practically all of the districts report unceris expected. Other crop prospects are not altainty concerning the continuance of existing together certain. High costs of seed will tend conditions; anxiety concerning the overstrained to shorten acreage, while the same is true of situation resulting from excessively high prices other increases in cost of production. In disand wages; and difficulty in continuing productrict No. 12 (San Francisco) the winter wheat tion on its normal scale, due to lack of equip- 177757—20 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 FEDERAL RESERVE BULLETIN. MAT, 1920. condition is only 73 per cent of normal as 10 (Kansas City) the increased receipts were compared with 97 per cent a year ago. In the due to improvement in shipping conditions and spring wheat section the ground is in excellent to an improvement in the eastern dressed beef condition. California fruit crops have been market, a limited return to export business and somewhat damaged by climatic conditions. It a tendency to market live stock in the face of is as yet too early to estimate the cotton acre- rising prices of feed and uncertainty regarding age in district No. 6 (Atlanta). Excessive rains market prices of live stock. Heavier receipts have, however, prevented farm work, and the were likewise noted in the movements of live season is said to be from 20 to 35 days later stock to market in district No. 11 (Dallas). than usual. As a result of the difficult farm Cattle prices in the Kansas City district relabor situation it is expected that much acreage covered somewhat at the opening of March will be left idle during the coming season. In from the slump at the end of February, aldistrict No. 11 (Dallas) the average condition though showing a decrease in the second week of winter wheat is 70 per cent, a decrease of of March, due to the break in the eastern mar- 5 per cent from a month ago. Cotton and kets, followed by a subsequent upturn in prices. corn planting is well advanced in southern and Wheat receipts at markets in district No. 10 southwestern Texas, although in the northern (Kansas City) were about 20 per cent greater part of the State planting is light as a result than receipts for February and likewise considof the protracted period of dry weather during erably in excess of receipts a year ago. Al- February and March. Taken as a whole, the though corn receipts were 17 per cent less in agricultural outlook as reported by the prin- March than in February, they were 18 per cent cipal agricultural districts is not very satisfac- greater than in March, 1919; and receipts of tory, the prospects being for a material reduc- oats during March showed a decline both as tion in output as compared with a year ago, compared with February and with March, due in part to unfavorable climatic conditions, 1919, amounting to 26 per cent and 45 per loss of acreage, scarcity of labor, difficult trans- cent, respectively. Milling activity showed a portation, and high cost of seed and materials. decrease, combined flour output in March In district No. 10 (Kansas City) conditions being estimated at 3.7 per cent less than a year were excellent for live stock on farms and ranges ago at Kansas City, Omaha, and 88 interior as a result of favorable weather conditions, and mills. Operations at Kansas City and at the outlook for the industry is very much more Omaha were, respectively, 57 per cent and 47 promising than for several months. In dis- per cent of capacity, as against 76 per cent and strict No. 11 (Dallas) range conditions likewise 61 per cent a year ago, while for interior mills show steady improvement and live stock is gen- the figure for March stood at 53 as against 58 erally reported to be thriving. Receipts of in March, 1919. The loss in milling activity cattle at 15 principal markets during March is reported to be due largely to the slow demand were 1,203,499 head as compared with 1,680,092 for some grades of flour, and the fact that the head during February, and 1,094,614 head dur- export demand is only fair. From the Seventh ing March, 1919, the respective index numbers District (Chicago) and in a less degree from being 119, 114, and 109. Receipts of hogs are others, it is reported that grain-raising localities likewise somewhat greater than a year ago, have been obliged to carry their product in a being 2,910,909 head, corresponding to an volume very much above that of normal times. index number of 132, as compared with 2,842,- This has retarded shipments to primary mar- 663 head during March, 1919, corresponding to kets. Costly delays in transportation have an index number of 129, and 2,440,134 head interfered both with the shipment of grain during February, corresponding to an index and of live stock. number of 119. Receipts of sheep during The iron and steel business has been very March were 900,299 head, as compared with active, the United States Steel Corporation 948,116 head during February and 847,842 being booked ahead until about the middle of head during March, 1919, the respective index October. Independent mills have not renumbers being 66, 74 and 62. In district No. ceived as many advance orders, owing to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1920. FEDERAL RESERVE BULLETIN. 459 fact that they have been charging higher prices to higher levels, due to the necessity of allowing than the United States Steel Corporation. for the wage increases recommended by the The unfilled orders of the United States Steel President's coal commission, and increased costs Corporation at the close of March were 9,892,- due to small car supply. The engineers of the 075 tons, corresponding to an index number of Fuel Administration, which made an investi- 188, as compared with 9,502,081 tons, corres- gation of the records of a central Pennsylvania ponding to an index number of 180 at the close colliery, found that a car supply of 60 per cent of February, and 5,430,572 tons at the close of increased the cost of mining 30 per cent. The March, 1919, corresponding to an index num- regions which supply the coal for this territory ber of 103. Pig-iron production likewise are said to be working under a 60 per cent showed an increase amounting to 3.375,907 supply. Demand is far ahead of supply, and tons during March, as compared with 2,978,879 it is stated that many consumers will try to tons during February and 3,090,243 tons dur- store as much coal as possible over the next ing March, 1919, the respective index numbers six months, which will keep the market active being 146, 138, and 133. A similar increase is during that time. The anthracite industry is reflected in steel ingot production which at present troubled by demands of labor for amounted to 3,296,799 tons during March, as higher wages, though the men have walked out compared with 2,865,124 tons during February in only a few cases. The movement of coal is and 2,662,265 tons during March, 1919, the also held up by lack of cars. Retail dealers respective index numbers being 137, 127 and are unable to care for the orders which are 110. The production of iron and steel has being received and prices are advancing. In been seriously interfered with during the district No. 4 (Cleveland) the opening of the month of April, due to lack of capacity to move lake shipping season was set back by the strike raw materials and finished products. Most of I and in the meantime coal is slow in coming the plants in the Fourth District (Cleveland) forward. Early coal cargoes are in great dehave been fairly well supplied with iron ore and mand, as some of the docks at lake ports are the main problem has been that of fuel. In swept clean. Production of bituminous coal during March amounted to 46,792,000 tons, as district No. 6 (Atlanta) activity in the iron and compared with 40,127,000 tons during February steel industry continues. While car shortage and 33,719,000 tons during March, 1919, the has caused some delay in deliveries from the respective index numbers being 126, 116, and district, there is little accumulation of the 91. Difficulty is being experienced in the product. In district No. 3 (Philadelphia) deanthracite coal industry with demand for higher mand for finished iron and steel has not inwages, although the men have "walked out" creased, and producers are working to capaonly in a few cases. Shipments have been city. High prices are being offered for imdelayed by lack of cars and retailers have been mediate delivery. Conservative manufacturunable to care for orders received, while prices ers recognize the danger of excessive price are advancing. increases, but their effort to arrest them has had little effect. The railroads have been The petroleum industry has shown a very heavier buyers of steel in all parts of the great advance during the past month. In Calicountry, both for new equipment and repairs, fornia the daily output for March was about the than at any time since their return to private same as February, amounting to 276,000 barrels, control. This has been due to successful but shipments were heavy, decreasing stored financing on the part of some of the roads. stocks considerably. Consumption of Cali- The coal situation has been particularly in- fornia petroleum has exceeded production each teresting during the month of April. In dis- month since July, 1919, and a serious shortage trict No. 3 (Philadelphia), with the withdrawal of crude oil is threatened. In district No. 10 of Government regulations on bituminous (Kansas City) increased activity in the developcoal, effective April 1, producers negotiated ment of new wells is noted in Kansas and Oklawith consumers for the renewal of contracts homa. Production during March was 10,491,640 which expired March 31. Prices were adjusted barrels, as compared with 9,548,250 barrels Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 FEDERAL RESERVE BULLETIN. MAT, 1920. during February, and 9,208,240 barrels during some sections. The Government still holds March, 1919. In district No. 11 (Dallas) there about 65,000,000 pounds of the lower grades is both increased demand and enlarged pro- of wool and is now auctioning off about duction of petroleum, the output in the fields 6,000,000 pounds per month. Fine merino lying in the Eleventh District being 11,132,024 wools continue in demand and prices are high, barrels during March, as compared with 10,- while yarns are also generally in strong demand. 473,094 barrels during February. Woolen and worsted mills are busy filling Little change is noted in conditions surround- uncompleted orders and are especially active ing metal mining in Colorado in March. Ship- on account of the recent delays due to transments of lead and zinc during that month were portation difficulties which left them without unusually heavy, total shipments of zinc and raw material. Manufacturers are sold ahead lead ores for the four weeks being at the rate and are producing actively. Although prices of practically 14,000 tons per week, as com- have weakened slightly they are higher than pared with 12,614 tons a week the previous last year. Clothing requirements will necessimonth. This was due to the increase of cars, tate full-time production for 1920, but there although production was seriously interfered is no certainty as to conditions beyond that with as a result of heavy rains and storms. date. There has been some slowing down In general manufacturing the month lias of demand due to the apparently concerted been a period of great activity. This is disposition of consumers to refrain from buying especially true in textiles. Carpet and rug at present prices. manufacturers report a brisk demand for In the shoe and leather field the situation their products which they can not fully meet. is somewhat mixed. Conditions in the hide Cotton yarns and raw materials are high; market have approached stagnation and there prices are holding steady at about double that has been very little activity in leather for the of a year ago; and while the tendency of month past. The attitude of the public with consumers not to pay high retail prices now reference to purchases at present prices is existing has kept down offerings of new unfavorable. Although salesmen are in some business to manufacturers, the latter are still cases offering reduced prices, retailers are busy on old orders which have insured a slow to place fall orders, believing that prices capacity operation. In cotton textiles the must go down. The public, however, still high price of raw materials has continued to insists upon the better grades of shoes, although check buying by domestic mills, but the mills some concerns note a decided drift toward in the New England district are already well cheaper product. Prices for the finest grades supplied. Unfilled orders for future delivery are believed to have reached their peak. In placed during March are very much greater /district No. 3 (Philadelphia) the demand for than a year ago, although new orders show a leather has fallen off noticeably during the tendency to fall off slightly or amount to past month. Prices are steady but the tendabout the same in volume. While the demand ency is toward lower levels. New Government for the future products of the mills making orders in the hands of boot and shoe distribudress goods, shirtings, and the like, appears tors are 25 to 70 per cent over the same month to be lessened, this situation has not affected last year, with demand as strong as ever and prices which are about 200 per cent above the selling prices up to 10 per cent higher. In level for 1914. No perceptible drop in prices, district No. 5 (Richmond) no reduction in particularly in the fine grades, is looked for. prices or demand is to be noted. Foreign In district No. 3 (Philadelphia) prices are trade in shoes and leather has been adversely double what they were last year and demand affected by exchange conditions. from foreign sources has served to keep up General manufacturing continues active and production. Caution, however, is felt to be wholesale business throughout the country holds necessary for the remainder of the year. In up well. The tendenc}7 to caution already noted wool and woolens, markets are fairly quiet, in the last issue of the BULLETIN has become banks having put a check on speculation in more decided and has taken the form of hesita- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1920. FEDERAL RESERVE BULLETIN. 461 tion about placing orders far ahead. This is tions of a general labor shortage all over the due to the belief that prices are probably near country. Sporadic unemployment has been their peak if they have not passed it. Although noted in some cases, due to changes in conbuying power has been somewhat limited in ditions of production. The railway strike had different parts of the country, the contraction the effect of temporarily decreasing the demand in this regard is not pronounced, and the for certain classes of labor, but on the other continued expansion of the export trade has hand it temporarily increased the demand for taken up the market surplus of goods which certain other classes. Immigration and emiwould otherwise have tended to reduce prices. gration have about offset one another. A On the other hand, it is reported that con- special inquiry into the labor situation in siderable quantities of goods which were district No. 11 (Dallas) has revealed some shipped abroad on consignment are now unusualty interesting conditions. A heavy coming home again and may serve to disturb exodus of farm workers has occurred in eastern the market in some lines. Manufactured Texas to the oil fields and lumber camps of food products, canned goods, etc., are feeling north Louisiana. On the other hand, profitthis influence. There has been a large decline able returns in local farming have, in west in the amount of meat food products shipped Texas and chosen regions, brought back to the abroad. Canned goods prices are in some land tenant farmers, thereby increasing the cases reported as 10 per cent lower than a available labor supply. High wages in the year ago. Automobile producers are sold Southwest have been drawing into the United up far ahead and the value of stocks in auto- States a considerable number of Mexicans who mobile concerns in many instances has reached have been attracted by the opportunity to an unprecedented figure. Hardware lines have obtain steady and uninterrupted employment. experienced an increasing demand since the An upward tendency in rates for money has beginning of the year, although contractors' been notable during April. Action on the part and builders' supplies are somewhat under of foreign central banking institutions in raising normal demand, due to the retardation of their rates of discount tended to conform building. domestic tendencies toward a higher level of The outstanding feature of the month in rates. The action of large domestic borrowers connection with labor has been a nation-wide in putting out issues of bonds at higher rates railway strike, and at times it has appeared of interest has further tended to establish a likely that this strike would spread into higher level of interest and discount charges. other allied branches of industry, a num- Demand for commercial loans has continued ber of local municipal utility organizations heavy and has been confirmed by the increasing having been called out at various points pressure of need for funds for commercial uses throughout the country. Except for the in not a few of the western districts. Nevernational railway strike and sporadic disturtheless, the volume of loans has not materially bances, labor, however, has been fully emchanged. In New York City it is reported that ployed at record high wages, and unrest in the reduction in the loan accounts of New York manufacturing lines has been comparatively banks, which continued with a reasonable measlimited. Perhaps the most difficult element ure of steadiness from last fall to the early part in the labor situation is now found in connecof March, and the increase in bank loans elsetion with agricultural labor. There is an where in the country, which was practically almost unanimous report from the several continuous during the same period, have both Federal Reserve districts to the effect that been arrested. Within the Federal Reserve fanners are unable to obtain the assistance they System there lias been a noteworthy movement need for the current crop season and that while, of funds to New York, or in other words, the in part, machinery has been substituted, this volume of bank credit for the country as a method of replacing human labor is not altowhole remains about the same, but the points gether satisfactory. Conferences on immigrawhere pressure has been most seriously manition during the month have resulted in asser- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 FEDERAL RESERVE BULLETIN". MAY, 1920. fested have changed. Throughout the eastern continues, and costs are being enlarged by districts higher rates for ordinary commercial reason of the advance in the expense of getting paper continue to be the rule, while from the capital. The export trade holds up in an speculative standpoint, relatively little money unexpected degree and bank credit, although has been offering and charges have been high. not materially larger in volume than at the The money market has suffered from a very opening of April, has had to follow more or narrow margin and the narrowness of this mar- less the course of demand, so that expansion gin has been responsible for the advances in at various points has taken the place of reducrates w^hich have taken place from time to tions which had been effected at others. time. In the stock market, although there has been considerable demand from the small investor, speculative manipulation has been WHOLESALE TRADE ACTIVITY IN THE WEST. more than usually prominent. The general Districts Nos. 8 (St. Louis), 10 (Kansas level of bond prices has declined continuously City), 11 (Dallas), and 12 (San Francisco), during the past 30 days, an average of 40 report heavy increases in volume of March listed issues declining about 2\ points to a sales over the same month last year in various new low level on April 16. New corporate lines of wholesale trade. The evidence which they have to offer is contained in the excerpts financing was larger in March than in February, which follor.v : and the tendency to increase has been noteworthy in April. Considerable issues of rail- DISTRICT NO. 8 —ST. LOUIS. road securities have been put out, and the volume of stock actually issued as dividends Orders in the hands of boot and shoe distributors show increases of from 25 per cent has been large. In the Middle West there is a to 70 per cent over the same month last year, disposition on the part of bankers to sift loan and gains of as high as 33 J per cent are shown applications more carefully and to discriminate over the preceding month this year. Selling between borrowers according to the character prices range from steady to 10 per cent higher. of their requirements. In district No. 8 (St. Despite the agitation against high costs, the demand is unabated, and purchasing power Louis) and in the Southwest there is a strong is great as ever. demand for money and the spring agricultural Wholesalers of drugs, chemicals, and kindred needs have been keenly felt. The market for lines continue to enjoy prosperity. The call commercial paper has slowed down and country for their merchandise, both for prompt and banks have ceased to buy as heavily as for- future delivery, is in excess of supplies. Consumption of drugs since the first of this year merly. In some of the western and southhas been augmented by the influenza epidemic western districts there has been an apparent and other sickness caused by the unusual degree of success in eliminating war paper from season. The price trend is upward, specific bank portfolios, it being supposed that there advances being reported on a number of imhas been absorption by investors there on portant articles. Dry goods jobbers and wholesalers again account of the general prosperity and growth show heavy gains over the corresponding in ability to pay for bonds. month last year, ranging in the extremes from While the agricultural outlook is distinctly 5 per cent to 90 per cent, but as compared with less satisfactory than it was a month ago, the preceding month this year sales range from and while the month of April has been a steady to 25 per cent less. Business is described as about steady, with the outlook for period of serious labor disturbance, especially the balance of the season favorable. This in the transportation field, the activity of opinion, however, is qualified and subject to business has continued high, demand for revision with favorable or unfavorable crop products strong, with prices tending upward developments. Orders on hand are heavier rather than downward. Industries are not than last year and the demand is above normal. Selling prices are steady to a shade higher, on the whole booked up as far ahead, relatively the greatest strength being on textiles. speaking, as in the past, although in some Wholesale clothing continues active, with the volume of unfilled orders is very large. selling prices steady to firmer. Reports as Underproduction or inefficiency in production to volume of business vary from 20 per cent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1920. FEDERAL. RESERVE BUIXETIN. 463 under the preceding month to small increases. with prices of a year ago. Dealers in furniture General conditions are auspicious, and prospects and automobile supplies also reported sharp for balance of 1920 good. price advances over quotations for the month Distribution of wholesale groceries in the of February, 1920. In other lines prices, while district during the past month exceeded that showing a slight upward trend, held closely to of the same period in 1919 by about 10 per the general February levels, and dealers report cent to 30 per cent, and slight gains were also a more pronounced attitude of price resistance shown over the preceding month this season. on the part of retail trade. It will be seen from Prices continue on the upturn, several im- the appended table of trade statistics that portant commodities, notably sugar, having wholesale deliveries, generally speaking, kept sustained further specific advances. well up with sales during the month, and also In the wholesale hardware line business is that considerably heavier stocks are on the steady to improving. Sales bulk heavily in shelves now than were carried a year ago. volume over those of the corresponding period These facts would seem to denote an"improvelast year, and are quite as good as a month ment in both the interstate and intrastate ago. Selling prices range from 5 to 10 per movement of merchandise as compared with cent higher, and the tendency is upward, due the situation that obtained a year ago. to scarcity of goods and expensive raw materials. March, 1920, wholesale trade, compared with February, 1920, and March, 1919. DISTRICT NO. 10—KANSAS CITY. [+ Increase; -- decrease.] The reports from the distributing centers of the district indicate well-sustained activity in Stocks spring sales, but little is shown in the reports in Co w m i p t a h r . ed Sales. S p o r i i l c in e. g m S e h n ip ts - . at o e f nd the way of increased supplies. The synopsis of month the reports received for the Monthly Bulletin which follows is fairlv indicative of the general Per ct. Per ct. Per ct. Per ct. trend of the wholesale trade: Groceries F M e a b r . . , 1 1 9 9 1 2 9 0 + + 6 4 0 +11 + + 61 2 — +2 6J\ Furniture Feb., 1920 + 11 +12 + 4 +21 Mar., 1919 + 31 +40 +19 +29 [(+) Increase, (—) decrease.] Millinery Feb., 1920 - 10 Mar., 1919 + 20 +is Auto supplies Feb., 1920 + 68 +10 +68 +19 Sales in March Stocks Mar. 31 Mar., 1919 + 31 + 5 +31 + 9 compared with— compared with— Drugs Feb., 1920 + 2 + 1 + 1 + 2 Mar. 1919 + 84 + 3 +77 +16 Dry goods Feb., 1920 + 56 + 2 +53 + 19 P m re o v n i t o h u . s | P m re o v n i t o h u . s Year ago. Hardware M Fe a b r . . , , 1 1 9 9 2 1 0 9 + + 1 8 7 6 + + 41 2 + + 8 1 6 0 — +7 2 1 Mar., 1919 + 58 +11 +75 + 9 Farm implements Feb., 1920 + 11 -10 Per cent. Per cent. Per cent. Per cent. Mar., 1919 +160 + 6 -18 Dry goods, +15.3 +74.3 -10.7 +14 Millinery.. +15 +20 -10 +30 Furniture. +50 +30 Hardware. +42.3 +74 - 5 +18.5 DISTRICT NO. 12—SAN FRANCISCO. Drugs + 6.5 +28 + 3.3 +11.5 Groceries.. +19.3 +42.4 + 2.7 + 6.6 Sales by wholesale stores were approximately 60 per cent greater by value during March, DISTRICT NO. 11—DALLAS. 1920, than during March, 1919, and from 20 Net sales for March, 1920, in the principal to 25 per cent greater than in February, 1920. lines of wholesale trade disclosed substantially Department stores report that prices conaugmented totals by contrast with transactions tinued to advance during March, although for the corresponding month last year, accord- there was a tendency for prices of some coming to reports at hand. Gains ranged from 20 modities, such as silk fabrics, to decline slightly. per cent for millinery to 160 per cent for farm Wholesale dry goods and hardware stores reimplements. A comparison of March sales with port the market firm, with a tendency to adthose of the shorter month of February, 1920, vancing prices. With the exception of sugar, reveals increases commensurate with the extra wholesale prices of foodstuffs declined slightly number of days in March, except in the millinery during March. Retail merchants in all lines lines, which showed a decrease for March, and are purchasing goods only for current requiredry goods and automobile supplies, which re- ments. The increase in sales during March corded heavy increases over sales for the pre- was largely in essentials. During March colceding month. Wholesalers in furniture and lections were good, as compared with fair to dry goods reported an average increase of 40 good during February. Statement of increases per cent in prices for March, 1920, as contrasted in wholesale trade of reporting firms in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 FEDERAL RESERVE BULJTJETIK". MAT, 1920. principal cities of this district for March, 1920, own yarn. It is stated that there was for as compared with March, 1919, is given below: a time a considerable tendency among knitting mills to install spinning plants. Sales by yarn manufacturers are made either direct to Hardware. Dry goods. Groceries. Total.* these two classes of purchasers, or through brokers and commission houses. A tendency Los Angeles Per c 9 en 1 t .2 . Per cent Per cent. Per c 8 en 5 t . 3 toward direct sale is reported, in particular Oakland for hosiery yarns. It has been estimated that Sacramento 74.8 38.7 49.8 San Francisco.... 63.9 118.7 5(5.1 72.5 roughly 50 per cent of southern spinners Portland 47.0 44.0 market their entire production through com- Salt Lake City 53.3 71.3 Seattle 49.6 60.5 mission houses. Less use is made of middle- Spokane 159.5 74.7 26.3 37.9 Tacoma 65.9 71.8 67.7 men by northern manufacturers. District 70.1 109.1 46.5 62.3 With respect to terms of sale weaving yarns must be distinguished from knitting yarns, 1 Including reporting wholesale drug firms. hosiery yarns often forming a special group under the latter category. In addition, dis- The above table is based upon returns from tinction must be made between eastern and 55 firms reporting actual sales, comprising 22 southern yarns. In general southern weaving wholesale grocery, 20 wholesale hardware, and yarns only bear terms of 3 per cent 10tn 13 wholesale dry goods firms. e. o. m. Southern knitting yarns and eastern yarns, both weaving and knitting, are sold on terms of 2 per cent 10th e. o. m. or 2 per cent 30 days. In Philadelphia, however, a special TERMS OF SALE. arrangement prevails calling for 3 per cent The following is the fourth of a series of 30 days. articles giving data as to current practice and These terms are, however, by no means recent history of terms of sale in the principal universally employed, and many variations industries. Acknowledgment is due the many are found. Some eastern manufacturers have business houses, individuals, trade periodicals, terms of 2 per cent 10 days net 30 days or 60 and trade associations who have courteously days. The latter terms apply more frequently furnished the information.1 on knitting yarns. Net terms will be more largely given by middlemen than by spinners, especially on sales to smaller manufacturers of COTTON. knit goods, who buy more or less generally Yarns and thread.—Cotton thread is sold to from commission houses. Sweater yarns are both manufacturers of garments, etc., and to often sold on terms of net 10 days e. o. m., wholesalers and retailers. There are two cor- but in some cases 2 per cent 10 days, 30 days responding special branches of the industry, extra, and occasionally 2 per cent 10 days, 60 manufacturers in many cases producing only days extra may be given. Terms on hosiery thread for one of the two uses. On a yardage yarns show less variation and are generally 2 basis, about half the output consists of each per cent 10th e. o. m., or to a less extent 2 per type. Sales are made through selling agents cent 10 days. or branch houses. It is estimated that from One southern manufacturer reports an effort, 70 to 80 per cent of the domestic line is sold after the war orders were over, to eliminate the to jobbers as against retailers. Terms, how- discount and sell for net cash, which was ever, are uniformly 2 per cent 10 days, 1 per opposed by brokers and commission merchants, cent 30 days, net 60 days, e. o. m. terms being who forced a return to the old terms. Angiven in certain cases. A leading house dis- other, however, states that many mills have tinguishes in terms between sales to whole- succeeded in eliminating the discount. This salers and to retailers, omitting the terms of 1 has been done by him on cotton warps dyed per cent 30 days in sales to retailers. and finished and ready for the loom, although The large majority of cloth manufacturers he gives the usual terms of 3 per cent 10 days produce their own yarns.2 On the other on tubes, skeins, and warps, which are sold in hand, the bulk of the knitters buy their yarn, the gray, and 2 per cent on hosiery yarns. although a very large number also spin their The former manufacturer gives only 2 per cent on hosiery yarns (which carry a 2 per cent 1 Certain of the data relative to methods of distribution in the textile cone allowance), as against 3 per cent on warp industry contained in the present article have been taken from Chering- twist (which carries no allowance for tare), ton, The Wool Industry. * It is reported, however, that manufacturers of automobile tires in although this difference in discount is by no many instances have offered such inducements that weaving mills have given over the largest part of their spinning equipment to the manufac- means universal. In general cone allowture of tire yarn and have gone out in the market to buy the yarn needed ances apply only to heavier yarns, which for their own cloths. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1920. FEDEEAL RESERVE BULLETIN". 465 come mostly from the South, while fine yarns terms of 2 per cent 10 days, 60 days extra,4 or 3 are sold on a net-weight basis. Smaller manu- per cent 10 days, and (in the case of heavy facturers, however, buy all yarns with the 2 cotton goods sold to industrial consumers) on per cent cone allowance, but large manufac- terms of 2 per cent 10 days (in some cases 2 turers tend rather to buy on a net-weight basis. per cent 10th e. o. m.). As a result of the war, Collections in the cotton-yarn industry in and in connection with price fixing, the terms general are reported prompt. Several manu- on coarser goods wore also reduced in 1917 to facturers report them quicker through com- net 10 days, and the New York freight allowmission houses than on direct shipments. ance formerly given by southern mills was Gray goods.—The bulk of the cotton yarn eliminated. After the armistice, however, produced is unclyed, and is made up first into freight concessions were again granted by some gray goods—that is, undyed and unbleached mills, in addition to returning in certain cases goods. Part of these goods are to be used in to the old terms of 2 per cental0 days, 60 days the gray and are sold to the jobber, while part extra. It is estimated, however, that, due to are sold to industrial consumers, such as the the heavy demand for goods, 75 per cent of the manufacturers of mechanical rubber goods mills have been able to continue to sell on the and the bag trade. The bulk, however, re- shorter terms. The old terms are again used quire further treatment. The latter are then in the case of certain classes of gray goods, such printed, finished, or converted either by the as sheetings, due to competition.5 Present cloth manufacturer himself or by the mer- terms thus are in general net 10 days, while in chant converter, who buys gray goods, has some cases 2 per cent 10 days, 2 percent 10 days a professional converter convert them for net 60 days, and 3 per cent 10 days, or 2 per him, and then sells the finished product to the cent 10 days 60 days extra are given. It is same classes of purchasers as does the cloth stated that jobbers generally wish to be quoted manufacturer who (iocs his own converting, the last-named terms. namely, to jobbers, retailers, and the cutting- Finished cotton goods.—It has been estimated up trade. It is estimated that roughly 25 per roughly that upward of 50 per cent of the total cent of the output of gray cloth is finished by output of finished cotton goods is sold to jobthe weaver, and that the balance is finished by bers, 30 to 35 per cent to the cutting-up trade, converters.3 and the balance to retailers. The methods of The merchant converter buys gray goods distribution, however, vary according to the either directly from the cloth manufacturer particular type of product and the correspondor through the medium of a broker. Fall ing type of purchaser. Hie large jobbers do River manufacturers sell their product almost some converting themselves, more particuentirely through brokers, and similarly with a larly of the cheaper staples than of the more few southern mills. New York commission expensive style goods. At the present time houses, it is estimated, sell one-third of their there is considerable reselling among jobbers mills' products direct and two-thirds through in addition to their ordinary sales to retailers brokers, but the percentages vary according and the cutting-up trade. High-class wash to the condition of the market. It is stated goods, 75 per cent of which go to the consumer that fine goods, novelties, and special cloths over the counters of the stores in the large are handled practically entirely by brokers. cities, are bought direct from the converter, The distributive methods, of course, will vary while cheap calicos or percales, of which probwith the type of product, certain goods, for ably only 25 per cent are distributed through example, being sold to the industrial consumer. the retailer in the large city, are sold by the It has been estimated, however, that of the converter to the jobber, who in turn sells them total output of gray goods 10 per cent is sold to the merchant in the smaller town. to jobbers, who either convert the goods or Staples must be distinguished from season resell them to retailers for use in the gray, while goods. The former, which are sold all the year the balance is sold to converters and printers round, include goods such as bleached cottons, on the one hand and industrial consumers on bleached cambrics, and bleached twills. Linthe other hand. ings and shirtings are generally classed as staple Formerly a distinction was made in terms goods, although they may be sold also as spring between print cloths and finer goods, which or fall goods, according to the character of the were generally sold on terms of net 10 days, particular item. Dress goods, draperies, perand sheetings and coarser goods, which (in the case of materials sold to jobbers for resale in * These terms generally apply on all seconds also. 6 Gray goods have many special uses, in which cases terms differ from the gray) were generally sold on the dry goods the general terms. Gray goods used for house linings afford an example. These arc sold to jobbers, who in turn sell to paper hangers. Due prob- 8 Goods coming from the weaver finished, however, are largely colored ably to the length of time required in building, they are again sold on the yarn goods, such as shirtings, ginghams, denims, cheviots, and tickings. old terms of 2 per cent 10 days, 00 days extra. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 FEDERAL RESERVE BULLETIN. MAT, 1920. cales, and cambrics are examples of two season SILK. goods, while wash goods are classed as spring goods, and blankets and, at times, flannels as Silk yarns and thread.—Silk thread and em- Fall goods. broidery silks in general are produced by mills Terms on finished converted or bleached specializing in this product. Prior to tne war goods are almost universally 2 per cent 10 days, terms varied from 6 per cent to 8 per cent 10 60 days extra on staples and on season goods days and 5 per cent 30 days to 7 per cent 60 between seasons. Season datings are April 1 days, but during the war were changed to 2 and October 1 and apply on sales to both per cent 10 days, net 30 da}^s. These terms jobbers and retailers, although deliveries to were also previously employed by certain retailers are made considerably later than de- houses. E. o. m. terms prevail for" accounts liveries to jobbers. Terms in general have sold throughout the month. been shortened. Many manufacturers have Silk yarns are of two kinds, spun and thrown. succeeded in abolishing season datings, although The former is a thread spun from short strands several have since restored them. Anticipation of silk threads derived from waste made in raw at the rate of 6 per cent per annum is usually silk reeling establishments as well as in subsepermitted. This gives a discount of 3 per cent quent handling of the thread in the undyed 10 days, which at times is quoted in addition to state, .it is used more largely for weaving, the regular terms. Poor credit risks at times while thrown silk is used in the manufacture of are quoted only 3 per cent 10 days, or 3 per almost all classes of goods. It is roughly esticent C. O. D. or cash before delivery. One mated that about 20 pounds of thrown silk are converter also quotes 2£ per cent 10 days, 30 used to 1 pound of spun silk. While a condays extra. siderable proportion of the spun silk consumed Certain types of products at times bear other in this country is still imported from Europe than the regular terms. Thus, linings may be and Japan, the product of American mills has quoted to the cutting-up trade on terms of 7 largely increased during the past 10 years. f>er cent 4 months, while converters of cotton Thrown silk is now sold largely by dealers to inings for women's wear in some cases grant 30 weaving and knitting mills. While the greater to 60 days extra to the retail dry goods trade portion of raw silk imports may still be handled in addition to the regular terms. Terms on by buyers, either in their own throwing mills materials for the men's clothing trade at times or sent to commission throwsters, the selling are 2 per cent 60 days, net 4 months. Percales of thrown silks for use by weaving and knitting and madras sold to the cutting up trade in establishments has grown very rapidly during some cases carry extra terms of 4 months, and the past 10 years, and is expected to continue. likewise with shirtings. Bedding and pillow Up to two or three years ago it was ratKfer material sold to retailers at times carries terms customary to give 6 per cent 10 days, 5 per of 2 per cent 30 days, towels terms of 3 per cent 30 days on spun silk, e. o. m. terms precent 10 days, net 60 days, and spreads the vailing in some cases. The terms are stated to option of net 90 days in" addition to regular have originated with one of the larger manuterms of 2 per cent 10 days, net 60 days. facturers producing a great quantity of silk Velveteens in some cases carry terms of 6 per products when they were leaders in this branch cent 10 days, 60 days extra, corduroys for of the industry. Within the last two or three men's wear" 10 per cent 10 days, 8 per cent years, however, there has been a tendency to 60 days, and for women's wear the same, or shorten terms and put the industry on prac- 6 per cent 10 days, 60 days extra, and up- tically a 10 day cash basis. The tendency is holstery and interior decorating material 6 per accentuated by the fact that the manufacture cent 10 days. Canvas carries terms of net of spun silk requires considerable capital, much 15th proximo and net 30 days, ducks the same, more so proportionately than weaving or throwor net 60 days, and suede and denims net 10 ing. Terms at the present time thus vary days. somewhat, although practically payment is Occasionally a converter will give 4 months, required in 10 days or on the 10th, e. o. m. irrespective of the kind of goods or type of Whereas terms are generally 6 per cent 10 days, buyer. Converters who deviate from the net 30 days, some nouses give a discount of 2 regular terms of 2 per cent 10 days, 60 days per cent, while certain customers prefer to purextra, often have no permanent discount terms, chase on a net basis, and receive terms of net but vary these with the rise and fall of the 10 days, the discount in such cases being demarket/ Little use is reported by manufac- ducted from the price quoted. Net 30 days turers of trade acceptances. may be quoted when the discount is given. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDEKAL RESERVE BULLETIN. 467 Some spinners still adhere to the old terms of the smaller and newer jobbing houses. It is 6 per cent 10 days, 5 per cent 30 days with estimated that probably 40 per cent of dress e. o. m. terms in certain cases in sales to other silks, including silks used for linings in women's branches, such as the knitting industry. clothes, which are considered by silk manufac- Terms on thrown silk vary somewhat. While turers as dress silks, goes to garment manua few houses sell on terms of net 60 days and facturers. In Japanese goods, direct impornet 4 months, most sales are now made on tation to the cutter up is probably very small, terms of net 90 days. Whereas formerly the and eventually the converter will sell 50 per note or open account was employed, it is stated cent of the importation to the cutter up. that the trade acceptance is now frequently Probably 75 per cent or more of the output of used. A cash discount of 2 per cent 10 days lining silks (for men's wear) goes to clothing is given, while anticipation at the rate of 6 per manufacturers. It has been estimated that cent per annum may also be permitted. The perhaps 7£ per cent of the output of ribbons knitting trade largely receives terms of 2 per goes to the cutting-up trade, including undercent 10 days e. o. m. wear manufacturers, 20 to 25 per cent to the Broad silks and ribbons.—Silks fall into two wholesaler, and the remainder, about 70 per general classes, namely, broad silks and narrow cent, to the retailer. The proportion sold to silks, the former in the larger sense including all each of the three classes of purchasers of course goods other than ribbons and yarns. It is esti- varies from year to year with the trend of mated that lor the year 1919 about 60 per cent fashion. Thus the proportion of ribbons sold of the total output in broad silks was greige to the cutting-up trade is stated to have ingoods, and the remainder skein dyed, while of creased during the past year due to the inthe former about 60 per cent passed through the creased use of the product in the trimming of hands of converters. They operate particu- dresses, whereas previously the outlets were larly on wash satins, habutai, radiums, fou- more largely the millinery and department lards, crfipe (georgette, de chine, meteor, and store trade. shirtings), chiffon, cotton-back satins (piece In June, 1912, the Broad Silk Manufacturers dyed), poplins (cotton and wool filled), taffe- Division of the Silk Association of America taline, taffetaline shirtings, schappe - filled adopted a set of " rules to govern transactions satins and artificial silk-mixed goods. Skein between buyers and sellers of broad silks/7 dyed goods, such as taffetas, satins, mcssa- to apply, however, only to cases not lines, etc., fancies, tie silks, jacquard, uphol- covered by a specific contract. The rules stery, men's wear, umbrella silks, and cotton- included the subject of terms, recognizing back satins (skein dyed) are not generally existing practice in this regard.6 The terms handled through converters. The latter term, specified were 6 per cent 10 days, 60 days however, is not generally applied in the silk dating, with the privilege of anticipation at industry, and any jobber in broad silks is at the rate of 6 per cent per annum. Overdue some time or other a converter. If he is finan- bills were to be paid upon the basis of a reduccially able to do short-term business, he en- tion in the discount of 1 per cent for each 30 deavors to buy his goods in the greige, while if days, thus making discounts 5 per cent 90 he can not operate on short time, he purchases days, 4 per cent 4 months, etc., until the bill the goods from the maker converted, dyed, or was due net at the close of 8 months, after printed, as the case may be. Converters pur- which time it was to bear interest at the rate chase greige goods on terms of net 10 days, of 6 per cent per annum. The terms actually e. o. m. terms being given in certain cases. employed are varied according to the respon- Converters' terms are identical with those of sibility of the purchaser, and certain buyers mills finishing their own product, which are thus may be sold only on terms of 40 days and given below. others on terms of 10 days, discounts being It has been roughly estimated that about 30 correspondingly increased. Certain variations to 35 per cent of the output of the entire in- of course occur, such as, for example, the giving dustry is sold by manufacturers to the cutting- of a season dating on sample pieces, which was up trade, 25 per cent to wholesale dry goods eliminated by one manufacturer last year. houses, and 40 per cent to retailers, such as The trade acceptance is far from being generdepartment stores. Jobbing is stated to have ally used in the industry. While some firms materially increased in the last two or three are said to insist upon trade acceptances in all years, as has also been the case in other branches transactions, other manufacturers do not of the textile industry, but there is a tendency employ them at all. One leading manufacat the present time among manufacturers to curtail this business, particularly as regards «It is stated, however, that prior to 1912 terms to the cloak and suit trade were generally 8 per cent 10 days, (50 days extra. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

468 FEDERAL. RESERVE BULLETIN. MAY, 1920. turer, while steadily increasing the number worsted knitting yarns is, however, stated to be of customers giving acceptances, reports that handled by jobbers who deal out small quanhe has a large clientele which anticipates its tities from time to time to small knitters with a purchases all the year round. Another leading few machines. A Government survey made in manufacturer, however, states that only one- August, 1918, showed that 86.5 per cent of the fifth of his accounts anticipate, and among woolen yarn produced was used in the plants of these are far more retailers than manufac- the spinner, while of worsted yarn produced turers. Collections by the larger houses in gen- under the Bradford system 56 per cent and of eral are reported prompt, practically all accounts worsted yarn produced under the French sysbeing collected within the 70-day "period. tem only 28 per cent was so used. The per- Japanese goods, as well as domestic shirtings centages of the output sold were thus, respecin the converted state, are generally quoted 3 tively, 13.5, 44, and 72. The total output of per cent 10 days, or 2 per cent 10 days, 60 each"class was, respectively, 8,233,000, 3,349,days extra. As in the case of broad silks, 000, and 1,048,000 pounds. Unanimity of purchasers of smaller responsibility may be opinion by no means exists as to the reasons granted only shorter time. Lining silks prior for the difference in practice between woolens to the war were sold to clothing manufac- and worsteds with respect to mills making turers on terms of 7 per cent 4 months e. o. m., their own yarn.7 The proportion of their yarns or 10 per cent 10 days, 9 per cent 30 days, 8 per which manufacturers of woven and knit goods cent 60 day's, e. o. m. terms being given in some purchase differs also according to the type of cases, and the terms being the same as those product, whether knit goods or men's or womlargely employed by woolen manufacturers. en's wear. It has been stated that knitting mills About two years ago one or more of the prin- buy all their worsted }rarns and approximately cipal specialists in lining silks instituted a 80 per cent of their woolen yarn. Weavers of change to 2 per cent 10 days e. o. m., net 00 men's wear buy approximately 40 per cent of days, which was generally adopted in the trade their worsted yarns and 15 per cent of their with hardly any friction. woolen yarns, while weavers of dress goods buy In October, 1912, the Ribbon Manufacturers approximately 60 per cent of their worsted Division of the Silk Association adopted rules yarns and 90 per cent of their woolen yarns. covering the ribbon industry. The same Terms vary somewhat. The regular terms terms were specified, namely, 6 per cent 10 on both classes of yarns are 2 per cent 10 days, days, 60 days extra, with anticipation permit- net 60 days, but some manufacturers give a tea at the rate of 6 per cent per annum. This discount of only 1 per cent. Two per cent 10 gives a discount of 7 per cent 10 days, which in days e. o. m. has become quite a general pracfact is specified in certain cases, such as for the tice, in particular for the underwear and smaller trade or (with an e. o. m. basis) for the hosiery trade. The men's wear trade genercutting-up trade. In rare cases bills are due ally receives the regular terms, while sweater net after 70 days. The above terms were in manufacturers endeavor to purchase on terms general use prior to their formal adoption. Up of 2 per cent 10 days, 60 days extra, which to four or five years ago the millinery trade extreme terms are given on shipments to some received a season dating of April 15 and Octo- western knitters. The sweater manufacturers' ber 15 on December 1 to February 1 shipments association recently passed a resolution in favor and June 1 to August 1 shipments, respec- of such terms. The spinners' association has tively. Since that time the dating has been been opposing the granting of such special advanced to April 1 and October 1. Ship- terms, and endeavored during the war to standments after the dates given bear the regular ardize terms on all classes of yarns at 2 per cent terms of 6 per cent 10 days, 60 days extra. 10 days. It was found, however, that tradi- Strictly millinery houses in some cases have tionally different classes of purchasers had alobtained the dating on other classes of goods ways had different terms, and certain factors also, and the dating is often used with whole- were not in sympathy with the effort. On the sale dry goods houses. It is stated that the whole there have been no material changes in use of the trade acceptance in the industry is terms during the last decade. Collections are regarded as impracticable, especially for the stated to have been more prompt than formerly, local trade, due to the small size of orders. arid a greater percentage of manufacturers take the discount. It is reported that the WOOLENS AND WORSTEDS. sweater trade is somewhat slow, but the amount Yarns.—Several estimates place the percent- is very small in comparison with the volume of age of yarns sold through agents representing business done. the mills, usually several at one time, as from 70 to 75 per cent, the balance being marketed t For a discussion of this question, see Cherington, op. cit., pp. 104 direct from the spinner. A certain amount of it. Prominent spinners, however, disagree with certain of the reasons advanced therein. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1920. FEDERAL RESERVE BULLETIN, 469 Piece goods.—Woolen and worsted piece however, exists as to the details of this movegoods are divided into two principal classes, ment. In fact, one leading authority states men's wear and women's wear. More women's that "at no time except during the past two wear passes through commission houses than or three years has any volume of business is the case in men's wear, but both classes are been done except upon the regular long woolen sold more largely at the present time through terms." Others, however, place the movemill agencies than through commission houses. ment variously as occurring during the past Few of the so-called old line commission decade, or since about 1905, while from houses remain, most of the so-called commis- another source it is stated that the change sion houses owning their own mills. Sales was particularly marked about 1912. At will be made to two classes of purchasers, that time there was a movement of manuthe cutting-up trade and the over-the-counter facturers away from commission houses, and trade, the former typified by the clothing it is stated that these mills in large part manufacturer, the latter by the jobber and employed terms of net 30 days. Other retailer. The proportion, in particular in manufacturers, however, continued to emwomen's wear, which is sold to the two dif- ploy the regular terms of 7 per cent 4 months, ferent types varies according to the current in general with optional discounts of 10 per style. Thus the prevalency of soft-draped cent 30 days and to a lesser extent 8 per effects increases tne over-the-counter trade, cent 60 days or 90 days, and with season while the prevalence of close-fitted styles datings, such as May 1 and November 1, increases the ready-to-wear business. In gen- June 1 and December 1, or January 1 and eral, however, there has been steady increase July 1. The season dating, it should be in the ready-to-wear business and thus in the noted, however, does not lengthen the terms proportion of the output sold to the cutting- as much as may appear at first sight, for up trade. Jobbing has increased greatly deliveries are not made immediately after during the last few years, due to the scarcity the mill's selling season, but rather adjusted of goods. The jobber not only has figured to the buyer's needs, and thus January sales as a regular link in the distributive chain may only be delivered in June and July sales oetween manufacturer and retailer or tailor, in December. Anticipation is generally perbut also in a trading capacity, and the same mitted at the rate of 6 per cent per annum. piece 01 goods has frequently changed hands Many manufacturers, however, gave no datfive or six times before passing into actual ing, and sold upon straight terms of 7 per consumption. The industry is distinctly sea- cent 4 months, while other houses were selling sonal, and men's wear lines generally open in on terms of 10 per cent 30 days, and very January to Februar}' for heavy-weight fabrics often granting e. o. m. terms. In some cases and July and August for light weights. Large the terms of 10 per cent 30 days have been manufacturers of staples and semistaple dress quoted as 10 per cent 10 days, 20 days extra. goods generally open a month or so later, and The authority quoted above states that there a number of small manufacturers of fancies has been considerable shortening of terms open their lines no earlier than do the jobbers, during the past two or three years as a result namely, two or three months after manufac- of the existence of a seller's market and that turers' openings. "Hand-to-mouth" buying since 1917 the dating has been frequently prevails to a larger extent on women's wear eliminated and terms shortened in many due to greater style risk. cases to net 10 days or net 30 days, e. o. m. It is stated fey one authority that prior terms being given in some cases. Recently, to about 1893 the terms were uniformly 3 0 however, there has been a change in the situation, per cent 10 da}Ts, 9 per cent 30 days, 8 per as a result of the lessened demand ior goods, cent 60 days, or 7 per cent 4 months, with and a tendency to revert to the older terms. season datings of Juno 30 and December 31. Difference of opinion exists as to the rela- Whereas previously practically all woolen tive length of terms on men's wear and women's goods had been distributed through the wear goods. While many mills make no disold-fashioned commission houses, in that year tinction in their terms on the two classes of the present system of separating the mer- goods, and state that no such difference exists chandising and financial ends of the distri- in the industry, several authorities agree that bution of woolens began, and the largest of women's wear terms have never been as short the old commission houses gradually dropped as terms on men's wear, although one states the merchandise end of the business and that they are gradually becoming the same. confined themselves to acting as factors. At Many of the larger manufacturers still retain the same time gradual shortening of the long the regular terms of 7 per cent four months dating originally given by the old commission with season dating on women's wear, while houses was taking place. Little agreement, several large houses give 10 per cent 30 days Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

470 FEDERAL RESERVE BULLETIN". MAY, 1920. with semiannual dating. It is stated that the interest rates are high. This has been noticelatter terms apply to the majority of carded able for some time past. Terms also are adwoolens sold by the larger organizations for justed to accord with the way in which paywomen's wear, while worsted fabrics are sold ments are coming in to the buyer from his on terms of 7 per cent 10 days, 60 days extra, trade. On the other hand, owing to the dif- 6 per cent 10 days, 60 days extra, or 2 per ference in the credit risk, as in the case of the cent 10 days, 60 days extra, in some cases other textiles, some buyers will only be sold with semiannual dating. This distinction be- upon terms of 70 days, others upon terms of tween the two classes of fabrics, it is stated, is 40 days, etc. not found in the case of men's wear.8 Some To summarize, the situation at present thus mills selling direct limit women's wear terms is very confused. Many manufacturers, among to net 30 days e. o. m. Men's wear, in addi- them some of the largest in the industry, have tion to being sold on the regular terms, in retained the regular terms, although some give many cases bears terms of 10 percent 10 days 10 per cent 10 days, instead of 10 per cent 30 net 30 days, net 30 days e. o. m., and infre- days, in this connection. Other manufacquently 2 per cent 10 days, 60 days extra. turers, while continuing the regular terms of 7 Certain mills making high-grade goods em- per cent 4 months, have eliminated the season ploy the second set of terms just mentioned, dating. A considerable number of mills, in and it has been suggested in explanation of particular those which have broken away from their use that such mills have been in a par- commission houses, are selling on terms of net 30 ticularly favorable position to select and be days, or 10 per cent 30 days. This statement certain of their customers, although such terms applies more particularly to men's wear, in which have been employed for medium and low-grade a few manufacturers also give terms of 2 per goods also. The difference between mills cent 10 days, 60 days extra. In women's wear, employing 30-day and those employing 4-month while the larger manufacturers continue to give terms is perhaps to be ascribed rather to the the regular terms, there is a tendency to employ size of the mill or output handled by the sell- terms of 7 per cent 10 days, 60 days extra, or to a ing organization, and the corresponding num- lesser extent 2 per cent 10 days, 60 days extra. ber of accounts which must be sold to take Blankets.—Unlike the men's wear and dress the product. On the other hand, shorter terms goods branches of the industry, which are in the case of smaller mills may be due in largely concentrated in certain of the New some cases also to lack of ability to finance England and Middle Atlantic States, there are business on the regular basis. It should be a large number of small blanket mills widely noted that for the large mills which continue scattered throughout the country, and which to adhere to the regular terms, the shortening cater to the local trade. Most woolen blanof terms during the last few vears is reflected kets are sold through commission houses or in the greater proportion of their accounts agents, although a certain number of mills which pay on shorter time instead of taking throughout the country sell direct. The latter the full four months. Difference in output practice is stated to be more common among handled by the selling organization has also smaller mills making low and medium grades been pointed to as a reason for differences in of wool and wool-mixed blankets, and among promptness with which collections are made. mills in western Pennsylvania, in the South, Considerable difference of opinion exists rela- and in the Middle West, than among eastern tive to this matter, and the opinion varies mills. It is estimated that perhaps half of the according to the point of view, whether that output passes through the hands of jobbers. of commission house or mill selling direct. Sales to the retail trade are frequently made Although the regular terms are 10 per cent on terms of 2 per cent 10 days, 60 days extra. 30 days, 8 per cent 60 or 90 days, and 7 per Inasmuch as the industry is highly seasonable, cent 4 months, it is stated that in ordinary sales to the jobbing trade generally bear a times the grading of terms is not permittee!, dating, terms then being 2 per cent 10 days, and only the substantial institutions have in- net 60 days, September 1, or October 1, for sisted upon optional terms, these institutions deliveries after May 1 or June 1 and on the invariably taking advantage of the shorter average in June and July. One manufacturer time in order to secure the discount. The gives terms of 2 per cent 10 days, net 30 days, proportion of accounts taking the higher dis- on blanket orders in season (October 1 to May counts of course varies with the level of inter- 1). In many cases sales direct to the retail est rates, anticipation being less frequent when trade by the manufacturer also bear a dating. Three per cent 10 days is given by some manufacturers. Although the terms of certain s By another authority a distinction in terms has been made between "mannish" goods, which bear men's wear terms, and dress goods and manufacturers have remained practically undistinctly women's wear, which it is stated largely have carried 7 per changed for many years, it is stated that in cent 10 days, 60 days extra, with season dating. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1920. FEDERAL RESERVE BULLETIN. 471 general there has been a distinct effort made terms are employed, 4 per cent 10 days, net 60 during the last few years of great activity in the days, for example, being given. Collections industry to shorten terms, and that this has in the industry are reported prompt, wholebeen done to some extent, the dating for job- salers at least usually discounting their bills, bers, for example, universally having been although on special orders man}' bills run to November 1 up to two or three years ago. maturity instead. The terms on carpets and During the war certain classes of blankets, in rugs, as well as the general methods of distriparticular single blankets suitable for outdoor bution, apply in general in the case of linoand Government use, were sold on net terms leum also. and short time, averaging net 30 days, but such HOSIERY. terms have not been common in selling the dry The two principal classes of hosiery are goods trade. Collections during the last few seamless and full-fashioned hosiery, which is years are stated to have been extraordinarily knitted on a flat frame in the correct dimengood, although the accounts of some manufac- sions and then knitted together. A negligible turers selling exclusively to the retail trade, quantity of cut-up hosiery is also produced, are reported to show a considerable proportion which is knitted in large areas, cut up and sewed taking extra time. together. It was estimated in 1915 that 90 per Floor coverings.—Carpets and rugs are sold by cent of the total output consisted of seamless manufacturers direct through their selling of- hosiery.9 There has been a change in the charfices located in New York, or are sold through acter of the material employed. Thirty-five selling agents, one agent in several cases having years ago woolen and merino hosiery was in the sale of three or four leading lines. It is esti- universal use, but has been superseded by cotmated that approximately two-thirds of the ton, which now forms the bulk of the output. output is sold to wholesale distributing houses The output of silk hosiery, however, is increasand one-third to department stores and other ing greatly. retailers. The policies of individual manufac- Formerly hosiery manufacturers sold entirely turers, of course, differ. Some of the largest to jobbing houses, and at present the greater manufacturers of rugs and carpets sell the part of the output is still distributed through wholesalers almost exclusively, and there is that channel. Data obtained in 1915 in the stated to be a particular incentive to do so at above study from 73 mills showed that a little the present time when a great scarcity of iloor more than 50 per cent of the total output was coverings exists. On the other hand, one or two sold to jobbers, slightly less than 5 per cent manufacturers of the highest-priced fabrics sell through commission houses, and slightly less largely through department stores and retailers. than 45 per cent to retailers, the quantity man- It is stated that the higher-priced fabrics in ufactured for export being negligible. Estigeneral are sold more extensively through mates received from various authorities, howretailers and the lower-priced through jobbers, ever, place the percentage of direct sales to although the wholesalers are now handling the retailers considerably lower, in general at from higher-priced goods to a greater extent than 20 to 35 per cent of the output. The present ever before. The business is seasonal, and tendency toward sales direct to the retailer is seasons open about April 1 or May 1 and Octofound mostly among manufacturers of silk ber 1 or November 1. hosiery, most of whom, however, also produce Prior to about 1916 terms were generally 4 other types, notably mercerized and fine-gauge per cent 10 days, with March 1 and September cotton goods. This tendency is also found in 1 season datings. It is stated, however, that particular in the West, where the greater part in some cases dates as late as May 1 and October of the business is stated to be so done. In the 1 were specified. Shipments during the sea- East and South, however, manufacturers still son—that is, from about March 1 to Slay 1, and depend principally upon the jobber or commisfrom September 1 to November 1—bore terms sion house as a means of distribution. of 4 per cent 10 days. About that time there It is stated that 15 to 20 years ago many was a general movement to make terms more manufacturers sold upon what was termed a uniform and shorter, and most manufacturers regular basis, namely, 6 per cent 10 days, 60 now have terms of 4 per cent 10 days, 60 days days extra. At present, however, there apextra. Net terms in certain cases are 90 days pears to be little standardization in terms of or 4 months from date of shipment. Some sale in the industry, although the National manufacturers, however, continue to give a Association of Hosiery and Underwear Manuseason dating, while others may vary the facturers "has consistently advocated selling terms somewhat, as, for example, 4 per cent terms of 30 days net." Each manufacturer 30 days. On goods specially made to or- in large measure has his own terms, which he der, a considerable amount of which are sold through interior decorators, different 0 U. S. Bureau of Foreign and Domestic Commerce—Miscellaneous series 31. 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472 FEDERAL RESERVE BULLETIN. MAT, 1920. applies alike to his entire product, in general however, lead to the belief that the percentage making no distinction between the various sold to jobbers is in fact perhaps considerably kinds of hosiery. The extreme terms are net 10 higher. There is at present a distinct tendency days and 6 per cent 10 days, with season dating. to direct selling, in particular in the West. A few manufacturers continue the old terms. Mills selling the retail trade with few exceptions Certain houses handling high-grade hosiery are stated to sell direct and not through have terms of 1 per cent 1.0 days, 60 days extra, selling agents or commission houses, while and give also either 2 per cent or 3 per cent 10 there has been a tendency for mills selling days. It is stated that terms of net 30 days jobbers to open their own selling offices rather were established several years ago by a con- than to sell through commission houses. In siderable number of manufacturers of silk general the better grades Vvrill be more extenhosiery, who have been aided in enforcing sively sold direct to the retailer, estimates these terms by the scarcity of such goods, as placing the proportion of better grade underagainst low-end hosiery, in which a surplus wear so sold as high as 90 per cent. existed last year. A few manufacturers for Several years a<*o terms of sale were largely several years have been selling on terms of 7 per cent 10 days and 6 per cent 10 days, with net 10 days. Certain houses report terms season datings of May 1 and November 1 n for of 2 per cent 10 days, 60 days extra, which are shipments from about February and July on, stated by one manufacturer to be in large use respectively, sales in season carrying 60 days for heavy wool hosiery. Other houses report extra. At present', however, little uniformity terms of 3 per cent 10 days, or 2 per cent 10 exists. The season dating, however, has in days, 30 days extra, which the manufacturer large part been eliminated, and, as in the case just quoted states are being gradually changed of hosiery, the high discounts have given way by the cotton hosiery manufacturers who still to smaller ones or to net terms. Distinction employ them to net 30 days. Some large is in general made between terms to retailers manufacturers selling to the retail trade em- and terms to jobbers, the former in general ploy terms of 2 per cent 10 days, net 30 days, receiving cash discounts, whereas in the "case of or 1 per cent 10 days, 30 days extra. Jobbers the latter terms are frequently net, while in in certain cases receive season dating, such as some cases a higher cash discount is given the May 1 and October 1, which are granted by one retailer. The explanation is perhaps found in manufacturer. No season datings are in gen- the statement which has been made that coleral given to retailers, but they are also granted lections from retailers are not as prompt. e. o. m. terms in certain cases. Pacific coast Terms to jobbers are generally much shorter and southern purchasers in many cases receive than to retailers. A further distinction is made 30 days additional time, thus for example between heavy and light weight garments. lengthening net terms of 30 days to 60 days in the Terms to jobbers for heavyweight garments case of such purchasers. One manufacturer also given by various mills are net 10 days, 60 days reports that he grants this added time in highly extra, or with season dating of October 1. not competitive markets, such as New York City, 30 days, net 60 days; 1 per cent 10 days, 30 Chicago, Cleveland. The trade acceptance is days extra, 2 per cent 10 days, net 30 days or stated to be little used in the industry. net 60 days, as well as 2 per cent 10 days, 60 days extra, and 2\ per cent 10 da}rs, 2 per cent KNIT UNDERWEAR. 30 days. For lightweight garments sold to The two principal classes of underwear are jobbers, terms of net 10 days, 60 days extra; full fashioned, which is rather costly and is net 30 days, net 60 days, 1 per cent 10 days, used mostly for infant's wear, and seamless, net 60 days, 2 per cent 10 days, 60 days extra; of which the bulk of the output consists. 2£ per cent 10 days, 2 per cent 30 days; and Cotton is the principal material, although knit May 1 net are in use. Terms of underwear underwear is also made of wool, merino, and mills selling to the retail trade are given as silk. The output of cloth underwear is stated net 60 days; 1 per cent or 2 per cent 10 days to be increasing more rapidly than the output (both in some cases with 60 days extra), 2 per of knit underwear. cent 10 days, net 30 days, 60 days extra; 2 per It was estimated in 1915 that 55 per cent of cent 10 days, 1 per cent 10 days/60 days extra; the total output is sold by manufacturers to and 2 per cent 30 days. Anticipation is perjobbers, 15 per cent through commission mitted at different rates by different manuhouses, 6 per cent through commission agents, facturers, ranging from 6 to 9 per cent. In and 23 per cent to retailers, the quantity some cases additional time may be given to manufactured for export being negligible.10 sales to more distant territories. Statements received from various authorities, ii In soire cases, however, datings have been March 1 and Septem- 10 U. S. Bureau of Foreign and Domestic Commerce, Miscellaneous ber 1, while other manufacturers employ both April 1 and October 1 as Series 32. well as May 1 and November 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL RESERVE BULLETIN. 473 SWEATERS. some also permitting the option of 3 per cent 10 days. The trade acceptance is employed to Sweaters and fancy knit goods are largely some extent in the industry. sold by manufacturers to jobbers, estimates placing the proportion so sold at about 75 per LACES AND EMBROIDERIES. cent or more of the output. Manufacturers, however, in large measure do a wholesale busi- Aside from their sales to manufacturers of ness. Where they themselves make only a garments, importers and manufacturers of lace special line of goods, articles are purchased and embroidery sell both to jobbers and to from other manufacturers and jobbers in order retailers. Many houses sell only to manufacto complete their line. Fancy seasonal and turers and retailers, and it is stated that the high-priced goods tend to be handled more houses which also sell the jobber are generally largely direct, while the more staple articles are better equipped to sell to the jobber and manufacturer of low-end garments. The jobbers distributed to a greater extent through jobimport direct to a considerable extent, and the bers. The business is seasonal, but with the number of houses doing purely a jobbing busiintroduction, of summer garments for women it ness is small. The heaviest shipments to jobhas been possible in the past few years for some bers are in November and December. As purmanufacturers to distribute a fair portion of chases are made in advance, a dating is desired. the business in shipments over the first six The retailers7 orders are stated to be spread months of the year. more evenly over the year, and no heavy de- Manufacturers sell largely, in particular to mands are made on manufacturers at one retailers, on terms of 2 per cent 10 days, 60 days season of the year. extra, which are the terms recommended by the sweater manufacturers7 association at their Up to four or five years ago there were a recent convention for sales to both jobbers and variety of terms. Stock business generally retailers. Some manufacturers also quote as bore the regular terms of 7 per cent 10 days, an alternative 3 per cent 10 days. Others 60 days extra, while goods to be manufactured quote only 3 per cent 10 days or 2 per cent or imported articles carried an extra dating, 10 days, which in some cases may be e. o. m. September to December deliveries, for example, terms. One manufacturer, in addition to 3 per having a due date of April 1 to June 1. At cent 10 days, o. o. m., quotes 2 per cent 60 days. that time a resolution was passed by the Lace and Embroidery Association fixing a maximum Certain manufacturers, however, sell on a net dating of four months on imported and manubasis only, such as net 10 days and net 60 days. factured articles. These terms were not, how- Prior to about 1914, manufacturers in general ever, lived up to, and in consequence the resogave a 6 per cent in place of a 2 per cent dislution was rescinded. With the advent of the count; and a few still continue this discount war, a resolution was passed fixing the maxiboth to jobbers and retailers, principally mum dating at 70 days, and eliminating e. o. m. on fancy goods. Up to several years ago, terms. This was in force only six or seven manufacturers largely gave a season dating of months, as many houses did not subscribe, and November 1 on fall goods which were shipped the prohibition of e. o. m. terms was not about July, and many manufacturers still conobserved. tinue this dating to certain of their accounts, in particular to jobbers. It is stated that At the present time many importers and clothiers and furnishers, in consequence of the manufacturers employ the regular terms of 7 liberal terms granted by clothing manufac- per cent 10 days, 60 days extra. Anticipation turers, have insisted upon the same terms on at the rate of 6 per cent per annum is permitted their sweater purchases. The dry goods house (on the net amount), while 8 per cent (on the and department store in the larger cities buy gross amount) is given for payment within 10 their goods closer to the season of demand, and days. Favored customers, supposedly active accounts, receive e. o. m. terms, while on shipthe terms of 2 per cent 10 days, 60 days extra, ments for the opening of the season a dating are satisfactory to them, though not to the of 30 days or more is still found in rare merchant located in the smaller centers. The cases, being a heritage from the past. In many existence of a sellers' market during the last two cases the dating varies with the customer, and years has made it possible for manufacturers the same house does not extend the same datto eliminate the slower retail accounts. Jobbers7 terms were formerly all 6 per cent 10 days, ing in all cases. Those houses which do enforce the same terms without discrimination report 60 days extra, or 7 per cent 10 days, and these no difficulty. Certain houses on the Pacific terms apply to a considerable extent to-day, coast receive terms of 8 per cent on receipt of although during the war many jobbers changed goods, but this is rare. Terms of net 30 days to terms of 2 per cent 10 days, 60 days extra, 177757—20 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

474 FEDERAL RESERVE BULIJETIN". MAY, 1920. i prevail for manufacture on the material of the more perfectly represent actual business activcustomer. ity than do the latter). During the last few years many lace and (3) Detailed statistics of the physical volembroidery houses have added white goods, ume of trade, as shown by data for selected although the total amount distributed through leading industries. The data most representathem is small in comparison with that handled tive of the given industry are shown, figures through the regular channels. These goods of production or of movements being given, acbear terms of 2 per cent 10 days, net 60 days, cording to the nature of the industry, as well as or 2 per cent 10 days 60 days extra. Certain in certain cases monthly stocks on hand. This houses allow a season dating" of April 1. Some general class of data may be further subdihouses are stated during 1919 to have elimi- vided as follows: nated the discount, making the terms net 60 (a) Live stock and agriculture. Under this days, with anticipation at the rate of 6 per head are given live stock and grain movements cent per annum. It is stated that formerly as well as cotton movements and data for some of these goods bore terms of 7 per cent certain other branches. 10 days. (6) Lumber movement and production. Terms are now generally well observed, al- (c) Fuel. Coal and coke movement and though there is the usual small percentage of production are presented as well as movement accounts which are slow pay. Only a negli- of crude petroleum and the production of gible percentage of accounts require other than refined products. the usual routine attention for collection. (d) Metals. Production of pig iron and Collections during the last few years have steel is shown as well as unfilled orders of the shown considerable improvement. United States Steel Corporation. The terms of the smaller domestic embroid- (e) Textiles. The consumption and active ery houses vary greatly, and the matter is machinery in the cotton and woolen industries largely a price problem. They are, however, are given as well as raw silk imports. stated generally to be short, as such houses The above are merely the leading types of have little cash, and 8 per cent 10 days or 10 information in each class, and a considerable per cent 10 da}^s may be given. amount of data relative to other lesser industries is also available. (/) Railroad traffic movements and traffic on the Great Lakes, shown by net ton-miles and tonnage passing through the canals at INDEXES OF BUSINESS CONDITIONS. Sault Ste. Marie. (4) Foreign trade. Statistics are given of For approximately one and a half years the tonnage of vessels cleared to supplement the Federal Reserve Board has presented monthly well-known figures of the Department of Comvarious indexes of business conditions in the merce, giving the amount and character of FEDERAL RESERVE BULLETIN. The data pre- imports and exports. sented fall roughly into several classes:12 The course of business during the past two (1) Statistics of wholesale prices, the com- years has been noteworthy in many particumodities being classified according to the char- lars, and the Board's indexes afford significant acter of goods rather than the industry to data concerning the general changes which which they belong. Thus index numbers are have taken place. Certain indexes showing presented for raw materials, producers' goods, conditions in the principal industries have and consumers' goods, instead of for foodstuffs, been selected, and are presented in the four lumber, etc. accompanying tables. The first table contains (2) Banking and financial statistics, classified data on wholesale prices and finance and bankaccording to the purpose for which they are ing; the second, data relative to the physical designed. volume of trade; the third, data relative to (a) Data relative to the general banking foreign trade; and the fourth, data designed to position, e. g., the position of the Federal Re- show general business activity. serve Banks and the position of member banks, Banking and financial data are presented in both of which are prepared weekly, as well as Table No. 1. In wholesale prices there is a monthly discount and interest rates. temporary recession in the autumn of 1918, (b) Da,ta designed to show general activity and a decline in the first and second months of of trade, i. e., bank transactions (which take the the following year, after which recovery is place of the older clearing house figures and again noted with a steady and almost continued increase, especially since the autumn 12 Other indexes of business conditions, for example a retail trade index*of 1919, reaching the figure of 253 for March of a wholesale trade index, indexes of unfilled orders in several important industries, etc., are in process of development. the present year. Data of interest rates in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL RESERVE BULLETIN. 475 New York City, both for 30 and 90 day prime was reflected in some of the data previously commercial paper purchased in the open mar- considered, is perhaps noticeable also in the ket and for call loans are available only since figures of total loans and discounts for Decem- June 15, 1918, in the form in which presented ber, 1918, and January, 1919, which are lower in the table. These show a decrease in the than for November, although February figures low and customary rates for, roughly, the first are again higher. A fairly steady increase is half of 1919, but have since shown a decided noted during 1919 which is apparently in increase, remarked in the high rates also, in part attributable to the increase in the numparticular in the case of call loans. Up to ber of reporting banks. After a further in- May and June, 1919, total cash reserves of crease in January, 1920, there was a decrease the" Federal Reserve Banks show a steady and in February, although March figures are again continued increase, after which a decrease is approximately equal to the January figures. noted, only temporarily halted in September Net deposit liabilities show a broadly similar and October, when increases were shown, and course, although during the period at the close average cash reserves in February, 1920, were of 1918 and the opening of 1919, November only slightly greater than for August, 1918. and February figures alone show a decrease. Federal Reserve note circulation, after a steady February, 1920, data again show a decrease, increase in 1918, decreased in January and although there had previously been a decrease February, 1919. After an increase in April, in December after a succession of steady inand further decreases in May and June, the creases since June. March, 1920, figures are upward course was resumed, but was halted in somewhat higher than the figures for January. January of the present year. February figures There is manifestly a decrease shown in the again show an increase, but March figures are physical volume of trade in 1919 as compared only equal to those for October. The net with 1918. Increases are shown only in a deposit liabilities of the Federal Reserve Banks small number of the series presented. Live during 1918, with the exception of June, showed stock receipts show an increase of 2 per cent, a steady increase until December, when a cotton sight receipts an increase of 13 per decrease was shown. A further decline was cent, crude petroleum marketed and producnoted in January, 1919, after which there were tion of gasoline about 0.7 per cent and 1 per several months of alternate decrease and in- cent, respectively, and imports of raw silk an crease, followed by a decrease for July, August, increase of 37.9 per cent. Foreign trade, of and September. An increase was again noted course, shows a marked increase, the tonnage in October and November and a temporary of vessels cleared being 13 per cent greater decrease in December, followed by an increase than in 1918. Against these increases there in January and February and a decrease in is an imposing array of series which show a March, 1920. The course of the percentage of decrease. Grain receipts fell off 15.5 per cent reserves to combined deposit and Federal and lumber receipts at Chicago 13 per cent Reserve note liabilities is roughly similar (and in general similarly with mill shipments). (though in the reverse manner), the decline Among the fuels, the production of bituminous being unbroken in 1918, with the exception of coal decreased 20 per cent and the shipments June, when an increase was shown, and Decem- of anthracite coal 11.5 per cent. The prober, when the percentage was unchanged. Al- duction of pig iron likewise decreased 25 per though increases were shown for five of the cent, the production of steel ingots during the months of 1919, the downward course on the first 8 months as compared with the similar whole continued, although to a much less period of 1918 fell off 35 per cent, and the marked degree than in 1918. The loss during average unfilled orders of the United States the year was only slightly over 6 per cent as Steel Corporation at the close of each month against slightly less than 15 per cent during during 1919 were 33 per cent less than at the 1918. A further decrease of about 2 per cent close of each month during 1918. In the texis noted in 1920. Changes in the ratio of gold tile industry, American spinners7 takings of reserves to Federal Reserve notes in circulation cotton decreased 0.9 per cent, and cotton conafter setting aside 35 per cent against deposit sumption 4 per cent. The relative proporliabilities are likewise broadly similar, although tion of the larger 1919 sight receipts which naturally much greater in amount, inasmuch as was exported increased, as shown by data of far greater increases were shown in notes than port receipts. Wool consumption fell off 10 in deposit liabilities. Caution is required in per cent, and the average percentage of maanalyzing the data for member banks in chinery idle on the first of each month was selected cities, inasmuch as the P.umber of considerably higher in 1919 than in 1918. Net banks shows a great increase. The uncer- ton-miles reported by American railroads were tainty prevailing after the armistice, which 15 per cent less in 1919 than in 1918, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

476 FEDERAL RESERVE BULLETIN. MAY, 1920. traffic on the Great Lakes as shown by tonnage since that time receipts have been considerably passing through the Sault Ste. Marie Canal in excess of those during the similar months of decreased 20 per cent. 1918. Considering shipments as reported by Without further analysis, however, these leading associations of producers, the 1919 statements may be misleading. The year 1919 data for Southern pine, however, are higher must be further divided, for different trends at only for June, July, September, and October, different seasons of the year are shown in dif- but 1919 figures for Western pine were considferent industries. To mention only the better erably higher after June (although it should be known phenomena, there was a recession in noted that there had been considerable falling activity after the close of the armistice, hesi- off in shipments during the second half of 1918) tancy as to the future outlook being particu- and 1919 shipments of Douglas fir were also larly pronounced in certain industries, such as higher during the second half year. Caution the textiles. In the summer activity in another in the use of the figures is necessary, due to difgroup reached a low point, while in the fall a ference in the number of producers reporting considerable increase was shown in certain each month, but the above statements may be lines, although the steel and coal strikes seri- fairly considered as reasonably accurate. The ously curtailed output in these industries. increase in activity in the industry during the To proceed now to a detailed consideration second half of 1919 bears out the frequent of each of the principal classes of data: While statements as to the continuance of building live stock receipts were considerably heavier activity throughout the present winter. during the late spring and summer months of The decreased 1919 bituminous coal pro- 1919 than they had been during the same duction was by no means due entirely to the months of 1918, the seasonal fall increase in strike in the industry during the last months receipts during the last quarter of 1.919 had of the year. The production of bituminous not been as great as the very heavy receipts coal was less during every month except Octoat the same time the previous year. Receipts ber, the heavy production during which month during January and February, 1920, continued was probably in anticipation of the strike in less than during the same months of 1919, but the industry. The output during the first March receipts were heavier. Sheep receipts quarter of 1920 has been considerably larger during each month of 1919 were heavier, with than during the same period of 1919. Anthrathe exception of March, than during the cor- cite coal production also lagged until October, responding month of 1918, and receipts for the but continued heavier during the last quarter first quarter of 1920 were heavier than for the of 1919 than during the corresponding period same period of 1919, although January figures of 1918. Both the movement of crude petrowere less. Receipts of both cattle and calves leum and the production of gasoline were and hogs showed a falling off in nine of the higher during each month of 1919 than during months of 1919, and have been less during the corresponding month of 1918, and figures each month of the present year as compared for the first two months of 1920 are considerwith the same month of 1919, with the excep- ably higher than for the corresponding months tion of March receipts of cattle. of the two previous years. The former scries Grain receipts, both including and excluding also showed a distinct seasonal movement. A flour, during each month of the year 1919 were decrease in the fourth quarter is to be noted less than during the same month of the pre- from the higher figures for the third quarter. ceding year, with the exception of January, While this phenomenon was noted in gaso- May, June, and July. While receipts of corn line production in 1918, it did not occur in and oats were lower for almost all months, 1919. wheat receipts for the first seven months were The iron and steel industry likewise by no higher, and flour receipts were considerably means found the strike the only cause of dehigher, with the exception of the months of creased production during 1919. During Jan- June and July. While total January, 1920, uary and February only was pig-iron producreceipts of grain were less ihan for January, tion higher than in 1918, the output reaching a 1919, February receipts were heavier. The low point in May, from which time there was resame is true of corn and oats receipts, but covery until September, during the closing days wheat and flour receipts, in particular the of which the strike commenced. Steady recovlatter, were heavier during both months of the ery is noted, and the figures for February and present year.* The new cotton crop did not March, 1920, show an increase over those for result in greater sight receipts until the month corresponding months of the two previous of October, since which time receipts are in years. The changes in the production of excess of those of the year previous. steel ingots are similar, as are also the changes Hie decrease in lumber receipts at Chicago in the unfilled orders of the United States Steel continued from February until September, but Corporation during the first three-quarters of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL RESERVE BULLETIN. 477 the year. They have, however, shown steady year 1919 exceeds the percentage for 1918. A increase since the low figures for May, and at considerable decrease is noted in the proporthe close of February and March, 1920, were tion of imports consisting of manufactures considerably higher than at corresponding for use in manufacturing, figures for each dates in the two previous years. of the last seven months of 1918 being in The textile industries were among those excess of those for any month during 1919. most affected by the uncertainties following the Little change is noted between the two years signing of the armistice. Cotton consumption in the imports of manufactures ready for has been heavier than during 1918 only since consumption. October, while wool consumption was higher Comparing the character of imports in 1919 already in July and in September. Worsted with those for 1913, it will be seen that the imspindles since August 1, woolen spindles since ports of crude materials for use in manufactur- September 1, and wide looms since October 1 ing have increased considerably, the percentages show less of each type of machinery idle than for 1913 and 1919 being, respectively, 33.75 on the corresponding dates of 1918. Raw silk and 42.89, while the imports of foodstuffs in imports during 1919, with the exception of crude condition and food animals have increased January, March, and August, were consider- only slightly, and similarly with imports of ably in excess of imports during the same foodstuffs partly and wholly manufactured. months of 1918. Figures for the first quarter The imports of manufactures for further use of 1920 for all these items indicate considerably in manufacturing have decreased somewhat, greater activity than during the same period of figures for the two years being, respectively, 1919, in particular the woolen and silk branches. 18.98 and 15.63, while imports of manufactures The tonnage of vessels cleared was greater m ready for consumption have decreased from every month of 1919, as well as during the first 23.06 in 1913 to 12.60 in 1919. three months of 1920, than during the corre- A similar analysis of the character of exports sponding month of the previous year, with the is also instructive. Exports during 1919 of exception of March, 1919, and it reached its crude material for use in manufacturing show a greatest height in each year during the middle of considerable increase over the year 1918, figures the year. The data presented in Table No. 3 for the closing months of the former year in parare also of interest in this connection. It will ticular being high. Exports of foodstuffs in be seen that the value of both imports and ex- crude condition and food animals show little ports was greater in 1919 than in 1918. The change, while exports of foodstuffs partly and proportionate growth in imports was somewhat wholly manufactured show a slight increase, greater, but not sufficient to prevent an increase and there is a marked seasonal movement in the of nearly 30 per cent in the excess of exports percentage throughout each of the two years. over imports. Aside from the extremely high Exports of manufactures for further use in exports during certain months, such as June, manufacturing show a considerable decrease in which, concomitant with a decrease in im- 1919 as compared with 1918, the average perports, resulted in an extraordinary excess of centages being 11.90 and 17.42, respectively. exports, amounting to 625 million dollars, there Little change is noted in the exports of manuwas a considerable growth in imports during the factures ready for consumption. year 1919, together with a tendency for the ex- Comparing character of exports in 1919 with cess of exports to decrease from the high levels those during 1913, it is seen that there has reached during the opening months of the year. been considerable decrease in the exports of Imports during the first two months of 1920 crude material for use in manufacturing, the were almost double those of the same months respective percentages being 20.78, and 31.40 of 1919, and, although exports showed an in- while there has been a slight increase in exports crease, served to render the excess of exports of foodstuffs in crude condition and food anithus far this year smaller than, during the same mals. Exports of foodstuffs partly and wholly period of 1919. manufactured show an increase from 13.28 to An increase in the percentage of imports 25.32, and exports of manufactures for further which consisted of crude materials for use in use in manufacturing a decrease from 16.21 manufacturing is noted in 1919, although such to 11.90 per cent. There is a small increase in imports for the first three months of the year exports of manufactures ready for consumpwere rather low. An increase is likewise noted tion. in the percentage of imports of foodstuffs in The statistics of bank transactions contained crude condition and food animals and a pro- in Table No. 4 afford some interesting data as gressive decrease (in some measure seasonal) to changes in general business activity. This during the year of imports of foodstuffs partly information is only available since November, and wholly manufactured, although the per- 1918, at approximately which time the number centage of imports of the latter class for the of reporting centers became fairly standardized. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

478 FEDERAL RESERVE BULLETIN. MAY, 1020. Inasmuch as the number of centers, however, changed. There is an increase in September varies somewhat from month to month, caution and in October, with the single exception of a is necessary in the use of the figures. More- decrease for September in the Kansas City disover, the statistics do not cover a sufficient trict. November, however, shows a recession period to enable fairly accurate separation of from the high figures for the previous month, purely seasonal changes from the more under- only the Dallas and San Francisco districts lying changes in business activity. Nor is it showing an increase, while the Kansas City disto be forgotten that, as the figures are in dollar trict figures remain virtually unchanged. Deamounts and not physical units, they will be cember figures, contrary to the situation preaffected by rising prices. vailing at the close of 1918, show an increase in Tracing in detail the changes which occurred, all districts and a new high level for the country it is seen that for December there was a, decrease as a whole was reached. The small decrease in in the Boston, New York, Philadelphia, Cleve- January, 1920, is due to decreases in the Bosland, and Chicago districts. A general increase ton, New York, Minneapolis, Dallas, and San is noted in January, 1919, with the exception of Francisco districts, the other districts showing several of the agricultural districts—namely, an increase. February figures again show a Richmond, Minneapolis, Kansas City, and San considerable decrease in all centers, all of which Francisco—which was followed by a decrease is not due to the shorter month. However, an for February in all districts, due in part to the increase is shown in February, 1920, in all disshortness of that month and probably in part tricts as compared with the same month in 1919. representing an actual decrease also. March An increase is noted in March figures in all cenfigures show an increase in all centers, followed ters. by a decrease in April in some of the agricul- Comparison of the figures for January, 1920, tural districts—namely, Atlanta, St. Louis, with those for January, 1919, shows an unequal Kansas City, and San Francisco, as well as Bos- rate of increase in the different districts. While ton and Philadelphia, although total figures for the total figures for all reporting centers inthe country show an increase. Total figures for creased 30 per cent, certain districts show the country for May show a considerable in- greater increases, while other districts show crease, and likewise with the figures for each considerably lesser changes. Increases of 43 district. A further small increase for the coun- per cent are shown in the Richmond and Attry as a whole is noted for June, but accom- lanta districts, of about 40 per cent in the Dallas panied by a decrease in some of the agricultural and San Francisco districts, and about 30 per centers—namely, Atlanta and districts Nos. cent in the Boston, Kansas City, New York, and 9 to 12, inclusive. The increase continues Chicago districts. The Philadelphia and Cleveboth for the country and for the individual dis- land districts show an increase of about 25 per tricts for July, but August data show a decrease cent, and the St. Louis district an increase of 19 in all but the Minneapolis and Kansas City dis- per cent. The Minneapolis district shows an tricts, the figures for which remain virtually un- increase of only 3 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE NO. 1.—Selected series showing banking and financial conditions. [Amounts in thousands of dollars, i. e., 000 omitted.] Member banks in selected cities Interest rates (New York).i Federal Reserve Banks n i ( g m h o t n f t i h g l u y r e a s v ) e . rages based on Friday (mon F t r h i l d y a y a n v i e g r h a t g e f s ig u b r a e s s e ) d . on Wholep r r s B e i a c a u l e u e - s, Pr d p o im a p e y e r e n s p . u c m o rc m a h r m a k s e e e r d t c , i i a n 3 l 0 p t - h 9 a e 0 - De b c m h y a a n n p g r d e i m c lo o e a l n la s s t t o e s c r e a k c l u . r e e x d - r R e t a s o e ti t r o a v l e o s f s R F g e o r e a v l d t d e i e o s r r e a o t - l o f Total loans of Federal to net Reserve Num- and in- S L t t a i a b c t s i o s r - • ! T re o s t e a r l v c e a s s . h R n a o e c t s e t e u s r a v i l n e N po e s t i d ts e . - F d e e a p d n o e d r s a it l c a i n r f c o te u te r l a s s t e i io n t- n r b b e a e p n r o k r o t s f - v ( o e e f x s t c m p lu a e s p n i e v t r s e d N m ep e a o t n s d d i e ts - . (1913= Cus- Cus- circulation, Reserve ting aside ing. under re- 100). High. Low. tom- High. ! Low. tom- note 35 per cent discount). ary. ary. liabilities against combined. net deposit liabilities. 1918. January 185 1,762,032 1,241,783 1,470,099 65.0 100.5 658 11,267,336 8,922,283 February 187 1,809,953 1,273,236 1,464,288 66.1 101.8 677 11,672,541 9,037,085 March 187 1,854,857 1,404,731 1,483,597 64.2 95.1 681 12,011,301 9,083,138 April 190 1,890,420 1,504,954 1,530,435 62.3 90.0 682 12,275,184 9,183,344 May 191 1,949,392 1,575,062 1,568,192 62.0 88.9 089 12,524,483 9,004,569 June 193 1,992,574 1,672,812 1,535,089 62.1 87.0 696 12,480,217 9,103,350 July 198 6 i 2,022,893 1,826,218 1,554,285 59.8 81.0 717 12,540,733 8,906,801 August 203 6 2,049,438 1,994,541 1,562,927 57.6 75.3 732 12,896,000 9,074,519 September 207 2,074,110 2,267,616 1,630,047 53.2 66.3 740 13,135,161 9,432,427 October 205 2,086,646 2,479,942 1,637,281 50.7 ! 61.0 749 13,654,774 9,623,497 November 206 2,110,594 2,552,021 1,658,326 50.1 59.9 752 13,826,506 9,550,560 December 207 2,133,868 2,634,512 1,619,930 50.1 59.5 758 13,667,221 9,843,761 1919. January 203 2,166,450 2,533,732 1,611,770 52.3 63.2 769 13,772,605 10,017,972 February 197 2,185,297 2,465,277 1,721,590 52.2 64.2 771 13,909,665 9,908,076 March 201 2,205,325 2,506,024 1,770,401 51.6 63.3 772 14,288,140 10,115,084 April 203 2,225,407 2,547,379 1,742,111 51.9 63.4 773 14,284,619 10,135,108 May 207 2,245,780 2,532,275 1,806,800 51.8 63.7 773 14,655,740 10,437,923 June 207 2,245,762 2,499,934 1,757,228 52.4 65.2 770 14,676,925 10,388,163 July 219 6 -6 2,178,517 2,526,755 1,795,123 50.4 61.4 770 14,450,030 10,596,5G6 August 226 2,147,769 I 2,542,790 1,688,272 50.8 61.2 . 772 1-1,889,465 10,799,522 September 221 2,156,233 2,627,384 1,593,914 51.1 60.8 i 775 15,215,378 10,983,850 October 223 2,205,390 2,741,754 1,781,838 48.7 57.7 779 15,490,022 11,350,133 November 230 2,183,528 2,821,166 1,866,241 46.6 54.2 791 15,516,944 11,329,961 December 238 2,151,237 2,958,833 1,715,834 46.0 52.4 796 15,533,481 11,244,401 1920. January 248 2,097,896 2,891,682 1,802,085 44.7 50.7 802 15,821,500 ! 11,582,619 February 249 2,056,456 2,961,992 1,805,785 43.1 48.1 805 15,704,001 i 11,489,129 March 253 2,057,210 3,041,233 i 1,762,240 42.8 47.4 15,820,844 i ll,r>97,584 i Figures for interest rates cover 30-day period ending the fifteenth of the month. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE NO. 2.—Selected series showing changes in the physical volume of trade. OO O [Annual, quarterly, and monthly average, 1911-1913=100; cotton sight receipts and American spinners' takings, annual, quarterly and monthly average, crop years 1911-1913=100.] [In thousands, i. e., 000 omitted.l lave stock, total j Grain and flour, Cotton, sight Lumber receipts I MtSttaStod081' i' Anthracite coal, Crude petroleum Gasoline we re st c e e r i n p t m s a a r t k 1 e 5 t s. 1 t 7 o i t n a t l e r r e io c r e i c p e t n s te a r t s. receipts. at Chicago. I mo^ t p io r n o . due-1 sh n ip in m e e r n o t a s d o s v . er movement. production. i Head. R ti e v l e a . - Bushels. R ti e v l e a . - Bales. R ti e v l e a . - Feet. R ti e v l e a . - S to h n o s r . t R ti e v l e a . - j ! L to o n n s g . R ti e v l e a . - Barrels. R ti e v l e a . - (Gallons. 1913.. 55,640 100 1,175,125 113 14,437 2,804,434 110 !i 478,434 108 69,070 102 247 696 108 1918. 69,890 126 1,308,244 126 11,041 2,329,071 91 I 579,386 130 76,650 113 355^925 155 3,570,313 1919. 71,407 129 1,103,321 106 12,475 2,036,304 458,067 103 66,855 99 377,719 164 3,957,857 1918. January-March. 16,829 121 279,237 108 2,907 77 518,196 134,117 121 18,727 ! 111 82,851 144 746,585 April-June 14,510 105 200,525 77 1,271 34 750,158 118 I 147,622 ? 20,123 i 119 89,209 155 927,810 July-September 16,960 123 440,506 170 1,809 48 624,076 : 98 I 161,268 I4o 20,500 ! 122 92,899 162 976,953 October-December.. 21,561 156 387,974 149 5,054 134 436,611 69 i 136,379 123 17,299 I 102 90,966 158 P18,964 1919. January-March 17,594 127 221,482 ! 85 2,762 73 356,155 106,770 96 13,745 81 87,340 152 898,536 April-Juno 15,676 113 216,502 i 84 491,480 106,766 06 : 16,557 98 91,015 158 1,012,617 July-September 17,505 127 375,453 145 576,442 133,037 120 , 17,883 306 101,423 176 1,008,921 October-December 20,631 149 289,885 112 6,296 167 612,227 111,494 100 ! 18,670 111 97,941 170 1,037,785 1918. January... 5,685 123 70,335 i 81 1,295 104 122,976 58 42,227 114 i 5,638 100 27,330 143 2-12,632 February. 5,398 125 94,323 I 117 821 70 133,436 67 43,777 118 ! 5,812 111 25,856 145 234,325 March 5,740 124 314,579 l 132 791 63 261,784 123 48,113 130 i 7,277 129 29,665 155 269,628 April 5; 236 113 81,005 I 93 465 37 267, a39 126 46,041 124 i 6,368 113 28,965 151 293,396 M£aayy. 4,695 102 60,772 70 413 33 252,265 119 50,443 136 i 6,887 122 30,390 158 319,391 June 4,579 99 58,74? 68 393 31 230,854 109 51,138 138 I 6,868 122 29,854 156 315,023 July 5,406 117 103,781 120 419 33 243,598 115 54,971 148 ; 7,085 126 31,817 ie>6 332,022 August 5,038 109 175,768 203 402 32 208,963 99 55,114 149 j 7,181 128 30,646 160 330,335 September.. 6,516 141 160,057 186 988 79 171,515 81 51,183 138 i 6,234 111 30,436 159 314,596 October 7,279 158 147,369 170 1,633 130 130,503 62 52,300 141 i 6,286 112 31,255 163 314,251 November.. 7,227 156 111,556 129 1,711 136 142,230 67 43,895 118 : 5,277 04 20,014 150! 312,069 December.. 7,055 153 129,049 149 1,710 136 163,908 77 40,18-1 108 5,736 102 29,797 155 291,744 1919. i January 7,395 160 97,188 I 112 1,392 111 134,604 63 41,485 112 5,934 105 j 30,196 158 •• 303,711 February.., 5,372 125 56,654 ; 70 768 66 97,511 49 31,566 91 3,872 I4! 26,910 150 283,518 March 4,827 105 67,040 I 78 602 48 124,040 59 33,719 91 3,939 30,234 158 311,307 April 5,080 110 73,663 85 494 39 144,253 68 32,164 87 5,225 70 i 29,386 153 319,808 May 5,267 114 64,843 i 75 536 43 162,365 77 . 37,547 101 5,712 93 I 29,985 156 354,472 June 5,320 115 77,096 I 90 184,862 87 . 37,055 100 5,620 101 j 31,644 165 338,337 July 5,536 120 106,203 j 122 200,148 94 42,754 115 6,052 100 j 33,894 177 342,492 August 5,414 117 131,739 i 152 313 25 170,385 SO 42,880 116 6,144 108 I 33,862 177 326,846 September.. 6,555 142 137,511 i 159 i 585 47 205,909 97 . 47,403 128 5,G87 109 33,667 176 339,583 October 6,962 151 112,272 I 129 1,780 142 208,638 98 ! 54,579 147 6,560 101 i 33,319 174 363,457 November.. 6,590 143 90,137 ' 104 2,369 189 176,972 83 ' 20,303 55 5,972 117 i 32,114 168 338,668 December.. 7,079 153 87,476 101 2,147 171 226,617 107 36,612 99 6,138 106 I 32,508 170 335,660 109 1920. January.. 6,439 139 88,161 i 102 1,527 122 208.145 49,419 133 5,713 102 ! 33,980 177 336,719 February. 4,532 105 79,745 j 99 1,003 86 235,423 119 40,127 116 4,914 94 i 33,212 186 322,589 March./... 5,073 110 75,220 87 701 56 i 284.146 134 46,792 126 36,491 ! 190 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Percentage of idle woolen machinery on first of month to total re- Tonnage of Pig iron Steel ingot ported. Net vessels cleared production. production. American ton- in foreign spinners' miles trade. takings. Spinning revenue Looms spindles. and wider ! nonrevthan 50- enue. inch reed space. 1913 5,701 27,979 1918 164 110,687 32,518 1919 114 6,085 4-4,839 January-March 8,110 7,750 27,822 165,597 6,276 95,004 7,917 April-June 10,058 9,533 25,999 170,115 8,026 113,108 11,713 July-September. ; 229 9,396 25,941 150,116 9^785 119,702 14.475 October-December, 10,275 9,405 23,857 119,331 7,831 109,045 10J997 January-March l 9,332 8,475 118 18,126 1,424 106 85,081 4, 84,991 i 8, April-June | 6; 701 6,388 i 90 13,976 1,438 i 107133,095 11,710 93,024 I13,548 July-September 7,660 17,973 1,504 101 156,897 15,700 110,130 i16,147 October-December ! G, """ 21,866 1.558 115 168,013 12,374 106,345 !12,659 January. 2,412 2,204 92 j 9,478 53,828 2,470 27,620 j!2,631 February 2,319 2,274 !102 i 9,288 52,S91 1,607 29,678 2,209 March. 3,213 3,110 130 I 9,056 58,878 2,199 37,706 3.017 April , 3,288 3,163 j 132 ! 8,742 57,651 2,947 37,993 2; 982 May i 3,446 3,287 i 137 | 8,338 60,125 2,741 37,507 4,338 June ! 3,324 3,083 ' 8,919 52,339 37,COS 4,393 July ' 3,421 3,114 8,884 50,952 1,997 39,347 5, 034 August 3,390 3,084 8,759 51,516 3,814 40,776 5,141 September 3,418 3,19S 8,298 47,648 3,974 39,579 4,300 October 3,487 3,352 8,353 48,693 2,814 39,842 4,039 November 3,354 3,061 ; 125 38,283 2,336 35,504 3,703 December. 3,43-4 2,992 7,379 32,355 2,081 33,639 i 3,195 January. 3,302 3,108 6,684 32,574 40.3 30.5 30,356 i 3.063 February 2,940 2,705 6,011 23,187 52.3 41.1 25,0X2 '2,934 March 3,090 2,062 5,431 29,320 58.1 41.8 28,953 I 2,899 April. 2,478 2,240 4,801 476 39,160 48.4 28.4 28,030 1 3,803 May. 2,108 1,929 4,282 488 45, - 36.6 16.8 32,441 ! 4,894 June. 2,115 2,219 4, 474 48,850 29.0 15.2 31,953 I 4,851 July : ::;;...;.: 2,429 2,508 5,579 510 54,973 22.0 8.9 34,914 5; 283 August 2,743 2,740 6,109 67 ; 503 48,938 22.1 8.9 36,302 5,755 September 2,488 ,285 66 ! 491 52,986 19.9 38,860 i 5,109 October 1,864 6,473 137 i 555 60,018 10.0 40,344 4,719 November 2,392 7,128 254 i 491 52,429 14.8 32,539 4,162 December 2,633 8,265 207 : 512 55,566 13.9 33,462 3,778 January. 793 175 i 592 03,060 237 34,770 February 374 88 j 517 55,248 194 | 32,699 March. 230 51 ! 576 58,345 122 OO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE NO. 3.—Selected series showing changes in amounts and character of imports and exports of merchandise. CO [000 omitted.] to Character of imports. Character of exports. Imports. Exports. E e x x c p e o s r s t s o . f f i a m n f c C o a t m u r r t u e r a u i d r n n s i e a e g u l . - t a s i t o c n F c u f o n i r o o f m u n f , o o s d d a d d a i e n i l - - s n d . p fa w m a F s c r t h o t u a t u o l o n f y r f l d u e l s y - o d - r . fa f f m M a u c u c t s r f u a a t e o t u n r h n r i r i u e u n n e r - g - s . c r f e o M a a t n c i d s o t a u u y n n r m u . e f o - s p r - if i m a n f C c o a m t r r u t u e r a u d i r n n i s e a u e g l - . t a s i t o n c F c u f o n i r o o f m u n f , o o s d d a a d d i e n l i - - s n d . p fa w m a F s c r t h o t u a t u l o o n f y r f l d u e l s y - o d - r . fa f f m M a c u u c t s r f u a t a e t o u n r h n r i r i u e n u e n r - g - s . c r f e o M a a t n c i d s o t a u u y n n r m u . e fo - s p r - Per cent. j Per cent. Per cent. Per cent. Per cent. Per cent. Per cent. Per cent. Per cent. Per cent. 1913. 81,792,596 $2,484,018 S691,422 33.75 12.32 11.06 18.98 23.06 31.40 6.93 13.28 16.21 31. 85 1918. 3,031,214 6,149,088 3,117,875 40.26 11.40 13.11 21.43 13.36 15.76 9.05 23.24 17.42 ! 34.22 1919. 3,898,806 7,919,096 4,014,288 42.89 13.97 14.23 15.63 12.60 20.78 8.75 25.32 11.90 33.08 1918. January-March 683,820 1,439,059 755,239 40.48 13.13 13.86 18.38 13.61 15.73 6.39 22.47 20.06 34.80 April-June 862,184 1,535,167 672,983 41.86 10.77 15.78 18.72 12.23 13.10 5.90 29.44 17.93 33.40 July-September 776,550 1,584,878 808,328 36.38 i 11.12 11.48 24.11 13.53 15.13 10.71 ! 21.04 17.28 35.55 1 October-December.. 708,660 1,589,984 881,325 39.06 ! 10.63 10.91 24.73 14.10 18.95 12.84 20.15 14.03 33.12 1919. I January-March 715,700 1,812,562 1,096,862 36.59 13.60 16.84 19. as 13.24 19.13 j 7.41 27.77 12.50 I 33.48 April-June 894,954 2,239,145 1,344,190 45.49 13.02 18.92 11.83 10.35 15.70 i 10.10 i 30.29 10.07 33.05 July-September 1,086,716 1,812,842 726.125 44.68 I 15.06 12.81 15.13 11. 66 19.64 : 9.33 j 24.07 13.95 ! 32.89 October-December.. 1,207,436 2,054,547 847; 111 43.15 13. 85 10.48 16.75 14.77 28.13 ! 8.02 19.57 10.96 ! 33.08 1918. January 233,942 504,797 270,855 42.47 17.05 10.39 13.33 12.24 17.23 4.87 16.78 22.27 38. 24 1 February... 207,716 411,362 203,646 40.82 11.29 15.27 19.25 12.75 17. 59 7.21 19. 83 21. 50 33. 22 March 242,162 522,900 280,738 38.29 10.92 16.00 18.67 15. 68 12.84 7.22 30.06 16. 79 32. 75 April 278,981 500,443 221,462 41.51 10.60 15.91 18.11 12.95 10.71 8.11 31.23 17.38 32.42 May 322,853 550,925 228,072 43.70 10.03 16.13 17.88 11.96 13.33 5.56 29. 53 18.09 33.31 June 260,350 483,799 223,449 39.97 12.29 15.22 20.43 11.81 15.32 4.02 27. 52 18.32 34.53 July 241,878 507,468 265,590 38.92 11.99 15.17 21.64 12.11 12.30 5.41 28.85 17.72 35. 57 August 273,003 527,014 254,011 38.86 10.66 10.05 26.17 14.10 15.35 10.77 20.67 17.04 35. 83 September.. 261,669 550,396 288,727 40.36 10.83 9.56 24.26 14. 66 17. 56 15. 58 14.19 17.13 35.28 October 246,765 501,861 255,096 39.83 9. 75 11.71 24.60 i 13.36 18.99 13. 52 17.54 14.84 34.76 November.. 251,008 522,237 271,229 36.00 10.39 12.16 27.22 ' 13.77 15.87 10. 83 20.00 16.80 36.24 December.. 210,887 565,886 355,000 41.83 11.96 8.50 21.93 15.38 21.79 14.11 22.62 12.46 28.78 1919. January 212 993 622,553 409,560 36.50 13.35 13. 43 20.08 16.12 22.52 7.93 23. 40 14.14 31.76 February... 235,' 124 585,097 349,973 35.23 11.88 20.45 18.83 12.95 17.72 6.36 27.06 12.41 30.12 March 267,583 604,912 337,329 37.86 15. 34 16.39 18.40 11.22 17.03 7.91 31.17 10.92 32. 70 April 272,957 714, 513 441,556 46.05 12.56 19.84 11.31 9.73 13.94 9.73 33.29 10.85 32.04 May 328,927 606,380 277,452 44.46 13.71 20.25 11.06 10.22 16.24 12.22 26.30 9.99 35.1.5 June 293,070 918,252 625,182 46.15 12.68 16.58 13.19 11.10 16.82 8.99 ! 30.69 11.00 32. 43 July 344,000 570,083 226,083 44.27 15.74 14.10 14.78 10.77 23.11 6.78 i 28.21 12.04 29. HO August 307,331 646,259 338,927 42.86 15.18 12.16 17.83 11.47 20.50 9.4.6 ! 22.87 13. 79 33. 30 September.. 435,385 596,500 161,115 46.31 14.45 12.27 13.52 12.52 15. 38 11.66 ! 21.41 15. 99 35. 43 October 401,874 631,910 230,036 42.56 13.81 12.21 17.00 13.34 18.85 9.00 21.66 12.57 37. 74 November.. 424,852 740,921 316,069 43.22 13.97 10.60 16.71 14.68 31. 51 8.04 18.60 10.13 31.54 December.. 380,710 681, 716 301,006 43.72 13.76 8.55 16.56 16.40 33.09 7.11 18.71 10.38 30.46 1920. January... 473,904 732.745 258,841 45.48 11.12 14,28 14.33 13.81 33.02 0.18 | 19.05 11.06 30.44 February. 467,634 645,769 178,135 42.04 9.05 19.36 15.14 13.43 27.68 5.52 I 17.53 12.31 36.70 March .... Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE NO. 4.—Bank transactions as shown by debits to individual account. [In thousands of dollars.] District. Nov., 1918. Dec, 1918. Jan., 1919. Feb., 1919. Mar., 1919. Apr., 1919. May, 1919. June, 1919. No. 1... 1,702,979 565,340 716,700 ,355,267 1,570,428 514,148 1,765,911 1,863,110 No. 2... 17,210,129 904,000 683,159 L926,777 17,189,060 859,007 21,417,956 21,612,740 No. 3... 1,770,580 512,764 633,393 ,317,822 1,561,763 495,093 1,649,497 1,672,980 No. 4... 2,052,533 1. 115,682 .,708,615 1,930,572 997,626 2,118,814 2,272,466 No. 5... 609,781 640,312 I 639,638 549,272 573,888 594,754 652,460 722,014 No. 6... 860,308 872,397 ! 909,836 735,579 781,069 772,570 884,897 872,403 No. 7.. 3,827,783 761,295 i 974,899 1,306,648 3,712,678 732,270 4,180,294 4,216,524 No. 8... 953,764 993,507 I 026,735 836,951 874,821 j 868,020 918,996 933,728 No. 9... 640,769 824,117 | 713,172 476,631 584,405 i 628,700 660,898 613,759 No. 10.. 1,132,636 147,532 j 133,963 .,001,795 1,131,493 ! 091,710 1,241,770 1,124,880 No. 11.. 462,409 495,667 ! 535,740 420,522 454,056 | 468,074 542,531 540,717 No. 12. 1,683,112 732,849 709,125 .,449,859 1,680,024 | 619,577 1,862,262 1,748,469 Total.. 32,906,783 32,438,565 34,792,042 28,085,738 32,044,257 | 32,641,549 37,896,286 38,193,790 District. July, 1919. I Aug., 1919. [ Sept., 1919. Oct., 1919. Nov., 1919. Dec, 1919. Jan., 1920. Feb., 1920. Mar., 1920. No. 1 1,989,015 i 1,712,312 1,787,937 2,245,742 2,180,914 2,353,530 2,277,387 ' 1,759,648 2,136,531 No. 2 22,952,634 ; 20,471,397 21,365,711 24,846,200 24,442,128 25,013,191 24,320,682 : 18,606,209 22,919,446 No. 3 1,768,425 j 1,611,687 1,780,001 1 852,705 1,766,300 1,970,461 2,034,071 j 1,630,780 ' 1,946,932 No. 4 2,402,849 i 2,135,820 2,358,266 2,411,061 2,283,251 | 2,620,901 I 2,625,768 2,185,912 2,616,127 No. 5 778,461 ! 721,895 729,121 862,099 831,003 i 845,650 I 913,181 ! 729,147 827,900 No. 6 896,637 : 838,362 : 918,287 1,169,844 1,141,756 ! 1,217,534 I 1,299,305 : 1,018,725 1,174,028 No. 7 4,556,036 I 4,328,252 4,551,404 4,777,045 4,703,926 ! 4,959,264 I 5,133,513 4,320,252 5,403,773 No. 8 1,031,838 ; 915,963 : 944,559 1,073,581 1,043,047 I 1,111,152 I 1,223,858 I 1,007,842 1,115,305 No. 9 645,838 : 647,578 821,073 851,842 752,703 i « 770,067 i 736,495 601,637 742,194 No. 10 1,321,346 1,321,624 1,275,624 1,347,645 1,347,375 1,408,641 ! 1,480,680 , 1,230,957 1,403,580 No. 11 580,075 : 554,344 611,393 742,872 764,319 i 785,919 j 743,240 i 584,077 707,513 No. 12 1,994,432 ! 1,976,771 2,099,363 2,344,176 2,226,792 ! 2,436,062 ' 2,395,564 2,030,397 2,483,916 Total ' 40,917,586 i 37,236,005 39,242,739 1 44,524,812 1 43,483,514: 45,499,372 45,183,744 ; 35,705,583 I 43,537,371 I I j i ! : . ! NOTE.—Monthly figures are prorated from weekly data shown each month in the FEDERAL RESERVE BULLETIN. Caution is necessary in their interpretation, as the number of banks varies slightly. OO CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

484 FEDERAL RESERVE BULLETIN. MAY, 1920. RESERVES, CIRCULATION, AND SECURITY HOLDINGS OF THE PRINCIPAL CENTRAL BANKS IN EUROPE. In further continuation of data shown in the accounts between the bank and the Govern- December, 1917, and October, 1918, BULLETINS ment. there are presented below tables with accom- Reports of the Bank of France indicate a panying diagrams showing changes in the re- gradual increase in the bank's vault holdings of serves, note circulation, and security holdings gold during the 27 months by 54.2 million dolof the three leading European banks of issue lars, partly at the expense of the bank's foreign beginning with January, 1918, and ending with gold holdings. Its note circulation has steadUy March of the present year. expanded, the addition since November, 1918, There is seen a great variety of development being only slightly less than for the 10 war for each of the three institutions during the months in 1918. For the entire period the period under review. In the case of the Bank of increase in circulation amounts to about 3 bil- England the most prominent feature of recent lion dollars, as against an increase of 2,606 changes is the steady gain of gold which pro- millions in the amount of French Government vided full gold cover for the additional volume advances and of over 100 millions in the of bank notes issued during the period under amounts advanced to allied Governments review. Besides the 289 million dollars of new through the discount of French Treasury cerbank notes put in circulation the national cur- tificates (bons de Tresor). rency was augmented by the increase of about Gold holdings of the German Reichsbank, 600 million dollars in the voluifie of outstanding which totaled about 600 million dollars at the currency notes, issued by the Treasury prin- time of the armistice, declined to about 266 cipally against war securities and war loan millions by the end of June, 1919, the loss paper deposited by the banks of the country. representing in part the amounts disbursed Since August, 1919, the cover against the cur- by the Government for articles of food purrency notes has included increasing amounts of chased from the United States. As against this Bank of England notes, in addition to the 138.7 large loss of gold the bank reports an increase millions of gold, which had been carried against in its own note circulation from slightly less these notes ever since May, 1915. than 4 billion dollars at the close of October, Security holdings of the banking department, 1918, to about 9£- billions at the end of Febchanges of which under present conditions re- ruary of the present year. This increase is flect to a large extent the varying amounts of practically paralleled by the simultaneous in- Government financing by the bank, reached the crease in discounts and advances from 4.9 to low level of 532.4 million dollars near the end 9.3 millions, this addition representing chiefly of August, 1919, a decrease of about 240 million advances to the Government through the disdollars for the 12-month period. Since then count of Treasury bills. Further additions to these holdings have shown large increases and the national currency were made through an at the close of 1919 reached the high level of increase from 2,275 to 3,059 millions in the 969.4 millions. On the last Wednesday of Feb- volume of loan bank note circulation. There ruary the total was 855.8 million dollars, or were also in circulation about 77 millions (nomabout 100 millions more than 12 months before. inal) of Treasury notes, about 60 million dollars On March 31, the last day of the financial year, of notes of the other four banks of issue, and an the total was only 632.3 million dollars, a decline indeterminate amount of " emergency" curof over 220 millions, due to the balancing of rency issued by local communities.1 'A discussion of the several issues, during the latter part of the war period, of this '•'emergency" currency by the local authorities is found on pages 5-8 of the 1919 report of the Iteichsbank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL, RESERVE BULLETIN. 485 Bank of England. [In millions of pounds sterling and dollars.] Total gold and sil- Bank of England Total securities in ; Currency notes of Coin and bullion Bank of England Date. b v a e n r k in in i g s su d e e p a a n r d t- no c t i e r s c u in la t a io ct n u . al banki m ng e n d t. epart- 1 a t c h t e u a e l x c c h ir e c q u u la e t r i o in n. i a n g e a x in c s h t e q c u u e r r r e h n e c l y d n c o h t e e q s u h e e r l d a g b a y i n e s x t ments. notes. currency notes. 1917. Pounds. Dollars. Pounds. Dollars. Pounds. Dollars. Pounds. Dollars. Pounds. Dollars. Pounds. Dollars. Dec. 26 58.3 283.7 45.9 223.4 153.2 745.5 212.8 1,035.6 28.5 138.7 ^iw5:"Vl918. Jan 30 58.6 285.2 45.9 223.4 147.8 719.3 212.0 1,031.7 28.5 138.7 Fob 27 59.4 289.1 47.3 230.2 155.0 754.3 218.4 1,062.8 28.5 138.7 Mar 27 60.6 294.9 47.8 232.6 108.3 819.0 228.1 1,110.0 28.5 138.7 Apr 24 61.0 296.9 48.4 235.5 101.0 780.4 235.2 1,144.0 28.5 133.7 May 29 63.5 309.0 51.1 248.7 103.2 794.2 247.8 1,205.9 28.5 138.7 June 20 65.2 317.3 53.7 201.3 152.5 742.1 252.9 1,230.7 28.5 138.7 July 31 67.3 327.5 50.9 276.9 105.4 804.9 203.3 1,281.3 28.5 138.7 Aug 28 69.5 338.2 57.6 280.3 158.7 772.3 207.8 1,303.2 28.5 138.7 Sent 25 71.5 348.0 60.5 294.4 154.5 751.9 275.2 1,339.3 28.5 138.7 Oct. 30 73.9 359.6 64.2 312.4 153.0 744.6 287.0 1,399.6 28.5 138.7 Nov. 27.. 75.8 308.9 66.0 321.2 103.0 796.2 290.3 1,441.9 28.5 138.7 Dec 25 79.1 384.9 70.3 342.1 103.2 794.2 323.2 1,572.9 28.5 138.7 1919. Jan 29 80.7 392.7 69.3 337.2 136.3 003.3 307.5 1,490.4 28 5 138 7 Feb. 20 81.6 397.1 70.3 342.1 133.3 648.7 314.8 1,532.0 28.5 138.7 Mar. 26. 84.3 410.2 73.6 358.2 130.4 003.8 328.1 1,596.7 28.5 138.7 Apr. 30 85.7 417.1 77.2 375.7 137.3 008.2 348.3 1,695.0 28.5 138.7 May 28 SO. 1 419.0 77.2 375.7 133.0 047.2 344.2 1,675.0 28.5 138.7 June 25.. 87.8 427.3 78.3 381.0 147.0 718.3 312.3 1,665.8 28.5 138.7 July 30 88.4 430.2 79.4 380.4 124.9 007.8 338.8 1,648.8 28.5 138.7 Aug. 27. 88.2 429.2 79.8 388.3 109.4 532.4 331.0 1,610.8 28.5 138 7 0.3 1 2 Sept 24 88.2 429.2 81.6 397.1 109.9* 531.8 331.2 1,611.8 28.5 138.7 .9 4.4 Oct. 29 88.1 428.7 84.5 4L1.2 131.0 055.0 330.0 1,038.1 28.5 138.7 1.8 S.S Nov. 20 87.9 427.8 86.7 421.9 118.4 570.2 338.3 1,040.3 28.5 138.7 2.4 11.7 Dec. 31... 91.3 444.3 91.3 444.3 199.2 909.4 358.2 1,743.2 28.5 138.7 4.0 19.5 1920. Jan 28 99.9 480.2 88.3 429.7 143.0 095.9 329.0 1,004.0 28.5 138.7 4.0 19.5 Feb. 25 110.4 537.3 90.5 409.6 175.9 856.0 325.0 1,581.0 28.5 13S.7 4.1 20.0 Mar. 31. 112.2 546.0 105.3 512.4 129.9 032.2 335.4 1,632.2 28.5 13S.7 5.9 28.7 Bank of France. [In millions of francs and dollars.] Date. Gold in vault. Notes in circulation. War advances to Government 1917. Francs. Dollars. Francs. Dollars. Francs. Dollars. Dec. 27. 3,314.4 639.7 22,336.S 4,311.0 12,500.0 2, 412.5 1918. Jan. 31... 3,325.1 641.7 23,534.3 4, 542.1 12,800.0 2, 470. 4 Feb. 28.. 3,331.0 642.9 24,308.3 4,691.5 12,950.0 2,499.4 Mar. 28.. 3,336.4 643.9 25,179.3 4,859.6 14,000.0 2,702.0 Apr. 25.. 3,341.8 645.0 26,395.3 5,094.3 15,650.0 3,020.5 May 30.. 3.346.6 645.9 27,303.4 5,269.6 16,800.0 3,242. 4 June 27.. 3,361.7 648.8 28,550.4 5,510.2 18,450.0 3,560.9 July 25.. 3,394.4 655.1 29.148.1 5,625.6 18,900. () 3,647.7 Aug. 29.. 3,398.3 655.9 29,4.34.0 5,680.8 19,150.0 3,696.0 Sept. 26.. 3,400.8 656.4 29,922.4 5,775.0 18,000.0 3,628.4 Oct. 31... 3,406.2 657.4 30,782.0 5,940.9 18.800.0 3,628.4 Nov. 28.. 3,425.0 661.0 29,072.4 5,611.0 17,000.0 3,281.0 Dec. 26.. 3,440.5 664.0 30,249.6 5,838.2 17,150.0 3,310.0 1919. Jan. 30... 3.467.9 669.3 31,983.0 6,172.7 19,550.0 ! 3,773.2 Feb. 27.. 3, 548.5 684.9 32,716.5 6,314.3 20,500.0 3,956.5 Mar. 27.. 3,564.4 687.9 33,371.7 6,440.7 21,600.0 4,168.8 Apr. 24.. 3,568.0 688.6 33,978.4 6,557.8 22,400.0 4,323.2 May 30.. 3,571.2 689.2 34,061.2 6,573.8 22,900.0 4,419.7 June 26.. 3,572.6 689.5 34,442.0 6,647.3 23,250.0 4,487.3 July 31.. 3,588.8 692.6 35,024. 7 6,759.8 23,300.0 4,496.9 Aug. 28.. 3,594.1 693.7 35,090.4 6,772.4 23,600.0 4,554.8 Sept. 25.. 3,595.6 694.0 35,786.8 6,906.9 24,150.0 4,661.0 Oct. 30.. 3,597.2 694.3 36,973.8 7,135.9 25,450.0 4,911.9 Nov. 27.. 3,598.7 694.5 37,423.8 7,222.8 25,850.0 4,989.1 Dec. 26.. 3,600.2 694.8 37,274.5 7,194.0 25,500.0 4,921.5 1920. Jan. 29.. 3,601.9 695.2 37,582.5 7,253.4 25,300.0 4,882.9 Feb. 26. 3,603.3 695.4 37,888.7 7,312.5 25,800.0 4,979.4 Mar. 25. 3,605.7 695.9 37,569.0 7,250.8 26,300.0 5,075.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 FEDERAL RESERVE BULLETIN. MAY, 1920. German Reicnsbanh. [In millions of marks and dollars.] I Notes of the Reichsbank Notes of the war loan banks Date. Gold in vault. in circulation. in circulation. Discounts and advances. 1917. Marks. Dollars. Marks. Dollars. Marks. Dollars. Maries. Dollars. Dec. 31. 2,405.6 573.0 11,467.7 | 2,731.6 6,266 1,492.6 14,596.1 3,476.9 1918. Jan. 31.. 2,406.1 573.1 11,138.9 ! 2,653.3 6,288 1,497.8 13,105.5 3,121.7 Feb. 28.. 2,407.8 573.5 11,310.8 '' 2,694.2 6,532 1,555.9 13,048.5 3,108.2 Mar. 30.. 2,408.5 573. 7 11,977.8 2,853.1 6,670 1,588.8 16,034.3 3,819.4 Apr. 30.. 2,344.0 558.3 11,820.8 2,815.7 6,938 1,652.6 13,887.8 3,308.1 May 31.. 2,345.7 558.7 12,002.7 2,859.0 7,717 1,838.2 14,54*. 7 3,464.5 June 29.. 2,346.2 558.9 12,510.4 2,980.0 7,582 1,806.0 16,670.9 3,971.0 July 31.. 2,347.3 559.1 12,704.5 3,026.2 7,736 1,842.7 15,988.5 Aug. 31.. 2,348.1 559.3 13,639.1 3,248.8 8,236 1,961.8 17,674.2 4,210.0 Sept. 30. 2,447.4 583.0 15,334.4 3,652.7 8,746 2,083.3 23,830.1 5,676.3 Oct. 31.. 2,550.0 607.4 16,661.6 3,968.8 9,430 2,246.2 20,679.2 4,925.8 Nov. 30.. 2,308.4 549.9 18,609.9 4,432.9 9,990 2,379.6 22,133.5 5,272.2 Dec. 31.. 2,262.0 538.8 22,188.0 5,285.2 10,108 2,407.7 27,416.0 6,530.5 1919. Jan. 31.. 2,253.7 536.8 23,647.6 5,632.9 10,170 2,422.5 27,098.6 6,454.9 Feb. 28.. 2,245.7 534.9 24,102.8 5,741.3 10,676 2,543.0 27,349.1 6,514.6 Mar. 31.. 1,916.0 456.4 25,490.5 6,071.8 11,148 2,655.5 30,187.3 7,190.6 Apr. 30.. 1,755.9 418.3 26,628.9 6,343.0 11,290 31,552.7 7,515.9 May 31.. 1,516.1 361.1 28,244.9 6,727.9 11,087 2,' 640.' 9 28,656.5 6,826.0 June 30.. 1,116.4 265.9 29,968.4 7,138.5 12,147 2,893.4 33,292.9 7,930.4 July 31.. 1,109.3 264.2 29,268.9 6,971.9 12,049 2,870.1 30,680.9 7,308.2 Aug. 31.. 1,103.3 262.8 28,492.3 6,786.9 11,807 2,812.4 31,246.5 7,442.9 Sept. 30.. 1,096.6 261.2 29,784.1 7,094.6 11,935 2,842.9 33,859.0 8,065.2 Oct. 31.. 1,093.5 260.5 30,928.6 7,367.2 11,897 2,833.9 34,015.6 8,102.5 Nov. 29.. 1,090.5 259.8 31,905.8 7,600.0 12,935 3,081.1 34,266.3 8,162.2 Dec. 31.. 1,089.5 259.5 35,698.4 8,503.4 13,902 3,311.5 41,744.5 9,943.5 1920. Jan. 30.. 1,090.1 259.7 37,443.4 8,919.0 13,059 3,110.7 39,787.4 9,477.4 Feb. 28., 1,091.3 259.9 41,033.8 9,774.3 12,842 3,059.0 38,934.8 9,274.3 Mar. 31.. 1,091.5 200.0 45,169.7 10,759.4 13,731 3,270.7 44,575.8 10,618.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL, RESEEVE BULLETIN. 487 GOLD Hi MULT, BANKNOTES IN CIRCULATION,ETC, _0FJliEJS^K^F^!^uiJi^jmjJ3^ GOLD IN VAULT, BANKNOTES IN CIRCULATION, ETC. OF THE BANK OF FRANCE, I 918 -1320 GOLD IN VAULT, NOTES IN CIRCULATION, OFTht•GERMAN REICIiSBANKAND WAR LOAN BANKS, ETC, I9I8-I920. ~T ! " " "" ~ /LLJJ Curve i. OoUL inlie.xd: Cu-'iV2•• Ji&.cJisb<.xnJCjtGi<x Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

488 FEDERAL, RESERVE BULLETIN". MAT, 1920. RESERVES AND BANK LIABILITIES, 1914-1920. Comparative table showing total note circulation, deposits, and gold and silver holdings of the principal banks of issue at the outbreak of the tear and at dates specified. [In thousands of dollars.] At outbreak of the war. Per cent of gold Per cent and of gold Note and silver Note and silver Total deposit Gold and holdings T n o o t t a e l Total de a p n o d sit G an o d ld h t o o l d n i o n t g e s Date. c n u o l t a e t i c o i n r- . do T p o o t s a i l ts. lia c b o il m it - ies ho s l i d lv in e g r s. to a n no d te circu- deposits. liabili- silver and bined. deposit lation. ties com- holdings. deposit liabilibined. liabili- ties comties com- bined. bined. ALLIED POWERS. Belgium. 311,665 20,409 332,074 56,619 17.1 ! Mar. 25,1920 954,789 416,061 1,370,850 56,735 4.1 France... 1,289,855 256,716 1,546,571 919,968 59.5 ; Apr. 8,1920 7,238,911 709,068 7,947,979 1743,229 9.4 Great Britain: Bank of England. 144,566 326,699 471,265 185,567 39.4 ; Mar. 31,1920 j 512,301 i 667,538 1,179,839 545,890 46.3 Exchequer 187,253 187,253 90,030 48.1 do j 1,632,088 j ......... 1,632,088 138,695 8.5 Total. 331,819 326,699 I 658,518 275,597 41.9 i ;22,115,677 667,538 22,783,215 684,585 24.6 Japan 180,411 74,944 | 255,355 110,521 43.3 | Mar. 27,1920 j 622,237 623,944 1,246,181 461,460 37.0 Italy: Bank of Italy, Bank of Naples, Bank of Sicily... 440,718 145,330 ! 586,048 287,825 49.1 j Sept. 30,1919 2,699,086 484,000 3,183,086 3 214,593 6.7 Treasury 96,321 | 96,321 22,581 23.4 •' do 457,661 ......... 457,661 31,478 6.9 Total. 537,039 145,330 682,369! 310,406 45.5 ! i 3,156,747 484,000 i 3,640,747 246,071 6.8 Russia 841,174 592,522 1,433,696i 863,371 60.2 i •I'- Total, including i Russia 3,491,963 1,416,620 4,908,583 2,536,482 51.7 ! Total,excluding Russia 2,650,789 824,098 3,474,887 1,673,111 48.1 ! 114,088,361 2,900,611 16,988,972 2,192,080 12.9 United States: I ! Federal Reserve ! Banks 10,609 263,948 : 274,557 259,144 1,773,587 5,022,525 =2,083,568 41.5 Total money in 94.4 I Apr. 23,1920 4 3,248,938 circulation |3,545,166 5,969,320 I Apr. 1,1920 CENTRAL POWERS. Austria-Hungary 431,489 59,012 : 490,501 309,825 63.2 Feb. 29,1920 12,099,272 1,237,683 113,336,955 56,525 .4 Germany 692,442 299,515 : 991,957 j 363,670 36.7 Mar. 31,1920 14,030,248 4,406,326 18,436,574 270,318 1.5 Total. 1,123,931 358,527 jl,482,458 j 673,495 ! 45.4 j. 26,129,520 5,644,001) 31,773,529 I 326,843 1.0 NEUTRAL POWERS. Argentina6... 349,485 349,485 313,497 89.7 "Oct. 31,1919 495,269 495,269 303,742 61.3 Denmark 39,525 5,496 45,021 24,410 54.2 jMar. 31,1920 140,490 37,676 178,166 61,558 34.6 Netherlands. 124,796 1,904 126,700 68,447 54.0 Mar. 27,1920 I 407,353 42,317 449,670 259,125 57.6 Norway 32,859 3,859 36,718 14,405 39.2 Feb. 29,1920 J 110,498 21,600 132,098 39,533 29.9 Spain 373,557 96,931 470,488 248,861 52.9 |Apr. 3,1920 | 747,306 226,063 973,369 594,756 61.1 Sweden 54,367 18,440 72,807 26,154 35.9 ;Feb. 28,1920 j 183,724 52,326 236,050 71,736 30.4 Switzerland.. 51,708 9,777 61,485 38,409 62.5 Apr. 7,1920 184,116 23,464 207,580 118,882 57.3 Total.. 1,026,297 136,407 1,162,704 : 734,183 3.1 j ! 2,268,756 j 403,446 2,672,2021,449,332 54.2 i Exclusive of $381,808,000 held abroad. » Does not include $28,712,000 Bank of England notes held as reserve against currency notes of the exchequer. a Does not include silver held by the Bank of Naples and the Bank of Sicily. * Includes Federal reserve bank notes. 5 Includes $112,781,000 with foreign agencies. e Figures for the Caja de Conversion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDEEAL RESERVE BULLETIN. 489 Check Clearing Situation. oppressive, unjust or unwise, it would appear that they should appeal to Congress with the view of having the In response to inquiries, Governor Harding objectionable features of the act stricken out or modified. on April 12 sent the following letter to a Mem- Here again it would seem that the initiative should be ber of Congress: taken by the banks which feel themselves aggrieved in the matter. If these banks, although entertaining doubts The situation regarding the Federal Reserve clearing as to the validity of the law, should feel that because of system can be summed up in a very few words. There the length of time necessarily involved in obtaining a are certain clauses in sections 13 and 16 of the Federal judicial and final interpretation it is undesirable to litigate, Reserve Act which seem to require the Federal Reserve then again it would seem that recourse should be had to Board to establish a system for the clearing by the Federal the more direct method of appealing to Congress. In Reserve Banks of all checks payable upon* presentation that case, however, it would seem that the banks would within their respective districts, regardless of whether the put themselves in a more consistent attitude if they would checks are drawn upon member or nonmember banks. not attempt to obstruct the operation of the law as it now It appears also that the Federal Reserve Banks are re- stands pending a final determination of policy by Congress. quired to receive these checks when tendered them for The Board holds the further view, however, that if deposit by member banks at par—that is, without making nonmember banks be no longer required to remit at par, any deduction from the face amount for collection or member banks also should be relieved from such an exchange charges. Section 13 empowers the Federal Re- obligation, for the member banks are supporting the serve Board to fix reasonable charges, not to exceed 10 Federal Reserve System and it would be unfair to deprive cents per §100, which may be made by one bank against them of opportunities for profit which are given to nonanother bank for remitting in exchange or otherwise for members. This, of course, raises a question as to the checks received for collection, but there is a proviso that conflict of the interest of the business community and the "no such charges shall be made against Federal Reserve general public, on the one hand, and the banks on the other. Banks." Upon being asked for an opinion, the Attorney General Italian Fiscal Reform. of the United States has construed this provision literally and has advised the Board that Federal Reserve Banks Following is a summary of the leading procan not lawfully pay any charge or fee to a bank for visions of the new Italian tax law which went remitting to the Federal Reserve Bank for checks drawn upon the payer bank which have been sent to it by the into effect January 1, 1920, and of the amend- Federal Reserve Bank for payment in exchange or otherwise. ments to the law according to a decree of April It is evident, therefore, "that a Federal Reserve Bank 22. The fiscal condition of the country is also receiving checks on nonmember banks for deposit must briefly summarized. proceed to collect these checks, and that if the banks upon which they are drawn will not remit at par the According to a statement made by the Sec- Federal Reserve" Bank is obliged to provide itself with retary of the Treasury for Italy on December some other means of making the collection. The Federal 16, 1919, the expenditures of the fiscal year Reserve Banks therefore have called the attention of 1919-20 were expected to be far in excess of nonmember banks to these provisions of law and have stated that stamped envelopes will be sent in each case earlier estimates. Total expenditures were to the remitting bank, in order that there may be no actual estimated at 20 billion lire, of which over 7\ expense incurred by the payer bank in making the remit- billion lire were for war or war liquidation tance and that if it is more convenient remittance may purposes. Receipts were estimated at 9 bilbe made in currency at the expense of the Federal Reserve Bank. All nonmember banks have been advised that lion, causing a deficit of over 10 billion to if they do not care to remit to the Federal Reserve Banks be met by borrowing. Seven and one-half at par, collection will be made through some outside billion of this sum, however, were used in the agency by having the checks presented at the bank replacement of capital and construction of railcounters for payment. roads. According to the 1920-21 budget If this is coercion as contended by your constituent it is unavoidable, for regardless of the question as to whether (presumably a peace-time budget), expendi- Congress has the right to legislate in any way that results tures are estimated at 9} billion lire and rein the diminution of the profits of State banks, it clearly ceipts at 1\ billion, not taking into considerahas the power to legislate in matters relating to the manner tion interest on foreign debt or wage increases. in which the Federal Reserve Banks shall operate. The Board's view, therefore, is that Congress (1) has directed A considerable part of the revenue provided for all banks, nonmembers as well as members, not to make in the new tax laws will not be available until exchange charges against Federal Reserve Banks; (2) 1922. has directed the Federal Reserve Banks to receive on The national debt was officially reported on deposit at par any checks and drafts which are payable on presentation; and (3) has directed the Federal Reserve March 31, 1920, as amounting to 94 billion Banks not to pay any exchange charges to banks in making lire, the following items making up the total: these collections. Whether Congress has the constitutional right to enact Millions of lire. a law prohibiting a Federal Reserve Bank from paying Total prewar public debt and national loans 1 exchange to a nonmember bank on checks drawn upon Treasury bonds (including issues for military ex-[48,154 the nonmember bank by its own depositors may be argued penditures) J to be a question of law "which should be determined "ulti- Government bonds, 3 and 5 years 12,174 mately by the courts. If it is desired to test the consti- Paper circulation of the banks of issue and on actutionality of the Jaw, it appears that the banks which count of the Government 12,497 question its validity should initiate proceedings rather Allied loans 20, 466 than the Federal Reserve Board. If, on the other hand, Other liabilities 503 they should concede that Congress has the right to legislate in the manner it has done, but believe that the law is Total debt 93,794 177757—U0 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

490 FEDERAL RESERVE BULLETIN. MAY, 1020. It is impossible to determine the ratio of this and in their place were established a normal amount to the national wealth, because the ax on incomes and a supplemental^ tax on latter has not been estimated since war-time total income. At the same time existing municinflation of prices. It was estimated in 1914 ipal taxes levied on the family or home were at roughly 125 billion lire. replaced by local supertaxes, which are to be In view of the situation as disclosed by the added to the normal and supplementary tax discrepancy between receipts and expenditures on behalf of the Communes and Provinces. in 1919, radical taxation reform was imperative. These taxes will come into force January 1, Formerly taxes were levied mainly upon land, 1921. buildings, and private incomes. According to (a) Normal income tax. the new law, capital, both normal and due to This tax is levied on all incomes existing in war profits, is likewise taxed. This tax was the country classified in the following groups: instituted in place of the flotation of a com- 1. Income obtained from invested capital pulsory loan at a nominal rate of interest. only, 18 per cent. The principle of progressive taxation has been 2. Income obtained from capital combined followed, the rate increasing in proportion with human labor, 15 per cent. to the wealth on which it is levied. In order From January 1, 1926, income derived from that immediate financial relief might be capital invested in lands will fall in this group obtained, a consolidated loan is being floated also. at 5 per cent interest, partial proceeds from 3. Incomes obtained solely from labor in the which will be used for the absorption of the exercise of any profession or art or by renderpaper currency. On April 22 something over ing services, 12 per cent. 19 billion lire had been subscribed to this loan. 4. Incomes derived from employment in the The provisions of the various types of taxes civil service, 9 per cent. are described in somewhat greater detail below: (&) Progressive supplementary tax on total 1. Extraordinary tax on fortunes. income. (a) Increase derived from the war and tax This tax is levied upon individuals only, coron war profits. porations, commercial bodies, etc., being ex- The tax on war profits which became effec- empt. Individuals whose income does not tive in June, 1918, is levied on profits acquired amount to 4,500 lire are exempt. The tax is from August 1, 1914, to December 31, 1919. It graduated, the rate ranging from 1 to 25 per was a progressive tax, graduated according to cent. the scale of the income from 24 to 66 per cent, 3. Revision of supplementary taxes. and is said to have yielded an average of about In revising other taxes, the aim has been to 50 per cent of total excess profits. The new tax increase revenue. The inheritance tax has been upon increase in capital derived from the war increased and a supplementary tax added in has been attached to the excess-profits tax. It cases where those receiving the benefit are alis levied upon individuals and collective bodies, ready rich, and new taxes have been created and is graduated, the rate varying from 10 to to apply to the sale of articles of luxury and of 80 per cent. These taxes will be paid in a common use. This amounts to 10 per cent in lump sum during the year 1920. the case of luxuries and to 2 per cent in the (b) Tax on normal fortunes. case of common articles whose price exceeds 5 After the excess-profits tax and the tax on lire. increase in fortune has been deducted from the taxpayer's capital, the remainder of his for- French Tax Proposals. tune is subject to another tax levied upon the original fortune existing prior to the war. On January 20 M. Klotz, the Minister of This tax is applied to fortunes ranging from 50 Finance for France under the Clemenceau thousand to 100 million lire, the rate averaging regime, distributed to the Chamber of Depufrom 5 to 25 per cent. Stock companies are ties his estimates for the French budget for exempt from this tax, the shares owned by 1920. The ordinary expenses of the year he each stockholder being taxed instead. The tax placed at 17,8(31 million francs, and the ordiwill be paid in annual installments over nary resources to meet this expenditure at period of 10 or 20 years, according to the clas- 9,308 million francs, the resulting deficit sification of the fortune. As is apparent, the being 8,493 million francs. This estimate of execution of this tax presents formidable diffi- expense does not include money to be spent culties, especially in the valuation of the wealth on the liberated regions, or on pensions and of the country. other war expenditures. The total expense 2. Direct taxation of incomes. for the year was estimated by M. Klotz at On November 24, 1919, the direct taxes or 47.5 billion francs. He did not think it wise to lands, buildings, incomes, etc., were abolishec attempt to meet the war expense by taxation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1J)2O. FEDERAL RESERVE BULLETIN. 491 as much of it was expected to be paid to (1) A revision of the inheritance tax in France under the terms of the Peace Treaty, favor of large families. but he proposed several new taxes to make up (2) A change in the method by which the the difference between the ordinary expense tax on salaries will be computed. and the ordinary revenue. (3) Prolongation of the period of the tax on The measures proposed by M. Klotz fall into war profits to December 31, 1919, but not the two groups, (1) those proposed to do away enactment of a supertax. with fraud and to make certain public services (4) Suppression of the high tax on increase operated by the government self-supporting, in wealth realized during the war. and (2) those whereby existing taxes were to (5) An increase from 1 per cent to 1£ per be increased and new ones imposed. cent in the rate at which total business turn- From these measures M. Klotz expected to over is to be taxed. realize the following sums: ((3) A tax upon foreign securities acquired Millions of francs. by persons living or residing habitually in (1) From the measure against fraud 53 France. (2) From a more equitable return for services ren- The most important of these changes are (4) dered (postal and electric) 414 the suppression of the tax on increases in wealth (3) From the tax on acquired wealth 1, 461 during the war. and (5) the raising of the rate (4) From indirect and war taxes 1, 862 at which business turnover is to be taxed. (5) From various sources (registration, stamp duty, As no action on the budget had been taken etc.) '.. 219 by the last of March, it was necessary for M. (6) From the import and purchase monopoly of Francois-Marsal to ask for a provisional credit refined oil 35 for the second quarter of the year. In the (7) Prescription for the benefit of the State 27 course of his speech making this request, the (8) A tax of 1 per cent upon total business turn- finance minister estimated the revenue to be over 1.200 received by the Government in 1920 as follows: 8, 271 1. From ordinary taxes (a figure h iglier than M. Klotz's "estimate because of the Millions of This table does not include the yield from larger revenue already received in francs. two of the taxes proposed by M. Klotz, (1) the 1920) ". 11,000 supertax on war profits, and (2) the tax on the 2. From new taxes (depending on the date increase of wealth from 1914 to 1919, the of enactment of the new budget) 6,000- 7,000 3. From sale of stocks 3, 000 revenue from which was estimated at 2 billion francs for the current year. No action was Total 20,000-21,000 taken by the Chamber of Deputies on those 4. From loans 21, 000 proposals before M. Klotz's term of office Total 42. 000 expired. On February 23, 1920, M. Francois-Marsal M. Francois-Marsal added that he expected to addressed to the Finance Committee of the be able to reduce Government expenditures to Chamber of Deputies a letter proposing cer- 42 billion francs. Subscriptions to the recent tain modifications in the new taxes advocated loan totaled 15,730 million francs, of which by Ivl. Klotz. His letter suggests unimportant 6,800 million were in new money and the changes in the first seven items of the table balance in Government securities. above, but proposes to increase the tax upon Meanwhile the Chamber of Deputies still has total sales included in item S so that it will the tax proposals under consideration. It has yield over 6 billion francs and to do away with decided to recommend the following measures: the supertax on war profits and the tax on 1. A tax of 1 per cent on total business increase in wealth from 1914 to 1919, from turnover. which ?.L Klotz expected to receive 2 billion 2. A tax on increases in wealth realized francs. The sums to be received from tho during the war. taxes proposed by M. Klotz and by M. Fran- 3. A retroactive supertax on war profits. cois-Marsal will be approximately the same, 4. The lifting of the war profits tax as oi although tho method of obtaining them is December 31, 1919. different. Before the budget can become a law it must The specific changes in the law which the be passed by both the Chamber of Deputies new finance minister proposed are as follows: and the Senate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 FEDERAL RESERVE BULLETIN. MAY, 1920. State Banks and Trust Companies. Foreign Branches. The following list shows the State banks and The Board has been advised that the followtrust companies which have been admitted to ing branches of national banks and of intermembership in the Federal Reserve System national and foreign banks doing business during the month of April. under agreement with the Federal Reserve One thousand three hundred and six State Board have been opened for business recently: institutions are now members of the system, The National City Bank, New York City: having a total capital of $456,351,625, total Madrid, Spain. surplus of $468,118,663, and total resources of Lima, Peru. $10,106,647,329. International Banking Corporation, New York City: Barahona, Santo Domingo. Capital. Surplus. Total Acceptances to 100 Per Cent. District No. 4. Since the issuance of the April BULLETIN the American State Bank, St. Marys, Ohio. $50,000 $10,000 $565,105 following banks have been authorized by the District No. 6. Federal Reserve Board to accept drafts and The Farmers Bank, St. George, S. C 25,000 9,000 319,474 bills of exchange up to 100 per cent of their capital and surplus: District No. 6. Farmers & Merchants Bank, Hartselle, Jennings National Bank, Jennings, La. Ala 50,000 217,923 Liberty Bank & Trust Co., New Orleans, La. District No. 7. First National Bank, Santa Barbara, Calif. Garfield National Bank, New York City. Bank of Southern Wisconsin, Janesville, Wis 100,000 10,000 125,000 District No. 8. New National Bank Charters. First State Bank, Mount Cannel, 111 100,000 16,500 515,337 Commercial Bank of Bertrand, Bertrand, Mo 30,000 800 107,837 The Comptroller of the Currency reports the Manchester Bank of St. Louis, St. Louis, Mo 250,000 100,000 3,817,196 following increases and reductions in the num- Bank of Alamo, Alamo, Tenn 25,000 346,335 ber and capital of national banks during the District No. 9. period from March 27 to April 30, 1920, in- Clinton State Bank, Clinton, Minn. 25,000 6,000 307,529 clusive: Iron Exchange Bank, Hurley, Wis. 50,000 30,000 1,256,661 Banks. District No. 10. New charters issued to 39 First State Bank, Stigler, Okla. 25,000 5,000 526,720 With capital of $3,480, 000 Increase of capital approved for 79 District No. 11. With new capital of 20, 020,100 McCurtain County Bank, Broken Bow, Aggregate number of new charters and Okla 40,000 10,000 322,838 banks increasing capital 118 Citizens State Bank, Alice, Tex 60,000 20,000 526,777 With aggregate of new capital authorized 23,500,100 American Trust & Savings Bank, El Paso, Tex 350,000 50,000 ! 3,003,210 Number of banks liquidating (other than Texas Bank & Trust Co., Galveston, Tex. 200,000 200,000 ! 7,229,878 those consolidating with other national Central State Bank, McKinney, Tex 75,000 5,000 ; n9nn0 6","99"2 banks under the act of June 3, 1864)... 5 U Fi n r i s o t n S S ta t t a e t e B B an a k n , k M , E a a lo s n t e B , e T r e n x ard, Tex... 2 5 5 0 , , 0 0 0 0 0 0 1 8 0 , , 0 00 0 0 0 i j 1 2 8 5 4 2 , , 8 1 6 8 1 2 Capital of same banks 200, 000 Moran State Bank, Moran, Tex 30,000 6,000 "i459,581 Number of banks reducing capital 1 F F I F 'l i i i l r r r O s s s l t t t / O S S S t t t t a a a a t t t t C e e e B J B L B » a C a a n i n n lli k k V k , , , , S l M R T l J i a . u U c t U n e o H , d n J a , . T C y i T J e , , e x T JU x . G e . . - x * 3 2 5 5 5 0 , , , 0 0 0 0 0 0 0 0 0 1 5 3 0 , , , 0 2 0 0 0 0 0 0 0 ; 3 6 3 4 0 0 1 3 9 , , , 0 1 7 6 1 9 0 2 0 T R o e t d a u l c n ti u o m n b o e f r c o a f p b it a a n l ks going into liquida- 25,000 tion or reducing capital (other than those District No. 12. consolidating with other national banks under the act of June 3, 1864) 6 Bank of Castleford, Castleford, Idaho 25,000 1,250 28,750 The Bank of Woodburn, Woodburn, Oreg. 40,000 10,000 647,940 Aggregate capital reduction 225,000 First State Bank of Garfield, Garfield, Consolidation of national banks under the Wash 50,000 15,000 I 561,925 act of Nov. 7, 1918 2 Farmers & Merchants Bank, Rockford, Wash 25,000 3,000 ! 384,787 Capital.... 10,250,000 Farmers State Bank, Sprague, Wash 25,000 2,500 I 199,795 The foregoing statement shows the aggregate of increased capital fo* the period of the banks embraced in statement was 23, 500,100 CONVERSION. Against this there was a reduction of capi- Hettinger State Bank, Hettinger, N. Dak., into The Live Stock tal owing to liquidation (other than for National Bank of Hettinger. consolidation with other national banks under the act of June 3, 1864), and re- LIQUIDATIONS. ductions of capital of 225,000 Boise State Savings Bank, Hudson, Mich. The Struthers Savings and Banking Co., Struthers, Ohio. Union Bank of Pike, Summit, Miss. Net increases 23,275,100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL, RESERVE BULLETIN. 493 Commercial Failures Reported. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, and receiver: While a tendency toward increase in number of failures Northern National Bank, Cleveland, Ohio. is beginning to appear in certain parts of the country, yet only 353 commercial defaults were reported to R. G" Dun & Co. during three weeks of April, against 419 in the same DISTRICT NO. 5. period of 19i9, when the business mortality was relatively moderate. The statement for March, the latest month for Guardian of estates, assignee, receiver, and committee of which complete returns are available, discloses 5G6 in- estates of lunatics: solvencies for $12,699,325 of liabilities, as compared with National Valley Bank, Staunton, Va. 029 reverses for $13,595,471 in March, last year, the numerical showing being the best of any March of which there is DISTRICT No. 6. record, and the indebtedness the smallest for the period since 1907. When the March returns are separated according to Federal Reserve districts, more failures than in Trustee, executor, administrator, registrar of stocks and that month of 1919 are revealed in the second, third, bonds, guardian of estates, assignee, receiver, and fourth, ninth, and eleventh districts, but these increases committee of estates of lunatics: are offset by reductions in the first, sixth, seventh, tenth, Atlanta National Bank, Atlanta, Ga. and twelfth districts. In the fifth and eighth districts no National Bank of Brunswick, Brunswick, Ga. change is shown. As to the liabilities, the amounts are Trustee, executor, administrator, registrar of stocks and smaller in the first, third, fourth, sixth, tenth, eleventh, bonds, assignee, and receiver: and twelfth districts. First National Bank, Fitzgerald, Ga. Guardian of estates, assignee, receiver, and committee of estates of lunatics: Failures during March. First National Bank, Anniston, Ala. Bessemer National Bank, Bessemer, Ala. Number. Liabilities. Districts. DISTRICT NO. 7. 1920 1919 j 1920 1919 I Trustee, executor, administrator, registrar of stocks and First 54 101 $866,304 j SI, 689,623 bonds, guardian of estates, assignee, receiver, and com- Second.... 139 102 6,213,228 I 4,033,008 mittee of estates of lunatics: Third 33 22 644,375 I 769,932 Fourth.... 63 51 553,082 ! 1,170,267 Farmers National Bank, Cambridge, 111. Fifth 36 36 464,017 | 457,495 Live Stock Exchange National Bank, Chicago, 111. Sixth 34 52 382,988 i 679,250 Clark National Bank, Newton, Iowa. Seventh... 64 86 1,420,313 ! 1,351,560 Eighth.... 31 31 524,242 i 368,639 Sioux National Bank, Sioux City, Iowa. Ninth 18 13 209,558 ! 56,947 First National Bank, Kalamazoo, Mich. Tenth .11 30 42,557 : 582,871 Eleventh., 19 17 203,445 ' 252,971 twelfth... 64 88 1,175,216 ' 2,182,908 DISTRICT NO. 8. Total.. 566 I 629 : 12,699,325 j 13,595,471 Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, and receiver: Fiduciary Powers Granted to National Banks. National Bank of Sullivan, Sullivan, Ind. Trustee, executor, administrator, registrar of stocks and The applications of the following banks for bonds, guardian of estates, assignee, receiver and compermission to act under section 11-k of the mittee of estates of lunatics: Federal Reserve Act have been approved by tho Cairo National Bank, Cairo, 111. Federal Reserve Board during the month of April, 1920: DISTRICT NO. 10. DISTRICT NO. 1. Trustee, executor, administrator, registrar of stocks and Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and combonds, guardian of estates, assignee, receiver, and com- mittee of estates of lunatics: mittee of estates of lunatics: Colorado Springs National Bank, Colorado Springs, Thames National Bank, Norwich, Conn. Colo. First National Bank of Yarmouth, Yarmouthport, Stock Yards National Bank, Denver, Colo. Mass. First National Bank, Wichita, Kans. DISTRICT NO. 3. Continental National Bank of Jackson County, Kansas Trustee, executor, administrator, registrar of stocks and City, Mo. bonds, guardian of estates, assignee, receiver, and com- Trustee, executor, administrator, registrar of stocks and mittee of estates of lunatics: bonds, guardian of estates, assignee, and receiver: First National Bank, Ambler, Pa. National Bank of Commerce, Casper, Wyo. Farmers & Merchants National Bank, Tyrone, Pa. Trustee, executor, administrator, registrar of stocks and DISTRICT NO. 12. bonds, and guardian of estates: New Holland National Bank, New Holland, Pa. Guardian oi estates, assignee, receiver, and committee of estates of lunatics: DISTRICT NO. 4, National City Bank, Seattle, Wash. Trustee, executor, administrator, registrar of stocks and Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and com- bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: mittee of estates of lunatics: Farmers & Producers National Bank, Sistorsville, First National Bank, Toppenish, Wash. First National Bank of Hawaii, Honolulu, Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

494 FEDERAL RESERVE BULLETIN. MAY, 1020. RULINGS OF THE FEDERAL RESERVE BOARD. Below arc published rulings made by the The Federal Reserve Board has not and can Federal Keserve Board which are believed to not make any ruling one way or another as to the desirability of such a warehouse receipt be of interest to Federal Keserve Banks and as collateral security for a loan upon a note. member banks: The Federal Reserve Board, m construing the provisions of section 13 of the Federal Warehouse receipts covering whisky in bond. Reserve Act, has had occasion to rule that a The Federal Reserve Board has received a warehouse receipt covering whisky in bond letter stating that since national prohibition which can be removed only for very specific became effective banks have not regarded and limited purposes, is not a receipt conveywarehouse receipts covering whisky in bond ing or securing title to "readily marketable as good collateral and asking that the Federal staples77 within the meaning of that section, Reserve Board " reconsider the matter and and that therefore such a receipt is not a give some relief." proper basis for a banker's acceptance of the The Federal Reserve Board has never in the land defined in that section. That ruling, past made any ruling to the effect that warehowever, has no relation to the legal right of a house receipts covering whisky in bond are bank to make a loan upon the note of a boreither good or bad collateral for a bank loan. rower secured by a warehouse receipt covering It is obviously a question which each bank whisky in bond. must determine for itself and is not a matter coming within the jurisdiction of the Federal Reserve Board. Checks drawn on a member bank forwarded by another member bank with instructions to remit to a Federal Article IV, section 26, of the regulations Reserve Bank. issued by the Bureau of Internal Revenue, The following question has been presented to under the terms of the Volstead Act, relative the Federal Reserve Board for consideration: to the manufacture, sale, possession, and use Is a member bank, whether a State bank or a of intoxicating liquors provides that whisky national bank, required under the terms of the and brandy may be "bottled in bond for Federal Reserve Act to remit at par for checks domestic medicinal purposes in a distillery drawn upon it and received from another bottling house or bottling room of a special bank, other than a Federal Reserve Bank, with bonding warehouse." On August 21, 1919, directions to remit in payment direct to the the Attorney General of the United States Federal Reserve Bank for the account of the rendered an opinion to the Secretary of the bank owning the items ? Treasury to the effect that the sale of ware- Under the terms of section 13 of the Federal house certificates on whisky held in bond Reserve Act it is expressly provided that nothsubject to the payment of tax before rejuoval ing shall be construed to prohibit a member was not a sale of whisky for beverage purposes or nonmembor bank from making reasonable within the meaning of the war prohibition act charges not to exceed 10 cents per $100 for the and was not prohibited by that act. Under collection or payment of checks and drafts and the terms of section 3 of Title II of the Volremission therefor by exchange or otherwise. stead Act it is provided "That nothing in The onlv limitation upon this provision is that this act shall prohibit the purchase or sale of no such charges shall be made against the Fedwarehouse receipts covering distilled spirits eral Reserve Bank. on deposit in Government bonded warehouses In the case presented the items are not forand no special tax shall attach to the business warded to the drawee bank by the Federal Reof purchasing and selling such warehouse receipts.'7 serve Bank or its agent, but by another bank, with instructions to remit for its account to the It seems reasonably clear, therefore, that Federal Reserve Bank. Any exchange, thereunder the terms of the prohibition laws and fore, imposed by the drawee bank in that transthe regulations issued by the Treasury Departaction is permissible under the terms of section ment, warehouse receipts covering whisky in 13, provided that it does not exceed 10 cents bond may under certain circumstances bo per $100 or fraction thereof. In such a case legally bought and. sold, and that under those the charge is made against the bank for whose circumstances it is legally possible for the account remission is made and not against the owner of a warehouse receipt covering whisky Federal Reserve Bank which, in the circumin bond to pledge the warehouse receipt as stances, is merely a depositary of the proceeds security for his note. Whether or not a bank of the check, less the amount of the exchange will make a loan upon a note secured in that charge. manner is a question which, of course, must be determined by the bank itself in each case. AVUIL 30, 1920. 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MAY, 1920. FEDERAL, RESERVE BULLETIN. 495 Certificates of deposit. The form of certificate described above seems A ruling has been requested upon the question clearly to come within this definition for the first whether a certificate of deposit in the following 12 months since it is payable 30 days after form is a time certificate of deposit within the demand only after 12 months have elapsed. meaning of the Regulations of the Federal Re- For the first 12 months, therefore, the Board serve Board. believes the member bank would be required This certifies that John Doe has deposited in this bank to maintain only 3 per cent reserves against the one thousand dollars ($1,000.00) payable to the order of deposit covered by the certificate. Subsequent self thirty days after demand in current funds on return of to the 12 months it must maintain those rethis certificate properly endorsed twelve months after date, serves which are required to be maintained with interest at 4 per cent per annum. against demand deposits, since after that timo So far as the regulations of the Federal Rethe certificate no longer complies with the serve Board are concerned, a certificate evi- Board's requirements of a time certificate of dencing a deposit with a bank either with or deposit. If the certificate had required that without interest which is payable "after the demand be made in writing it would then be lapse of a certain specified time subsequent to considered a time certificate of deposit not the date of the certificate, in no case less than only for the first 12 months but also for such 30 days/' is a time certificate of deposit, properiod thereafter as might elapse before devided that presentation of the certificate propmand in writing is made by the depositor. erly indorsed is a condition precedent to the withdrawal of the deposit. APRIL 30, 1920. LAW DEPARTMENT. The following opinion of General Counsel company in amount greater than 10 per cent of the capital has been authorized for publication by the and surplus of such State bank or trust company. Board since the last edition of the BULLETIN: Although the provisions of the California banking laws provide for the segregation of Limitations of section 9 upon amount of rediscounts for the capital and surplus and assets of the differa State member bank. ent departments, of a bank, and although those The provisions of section 0 of the Federal Reserve Act State laws base their limitations upon the limiting the amount of paper of any one borrower which amounts of the capital and surplus assigned, may be rediscounted for a State member bank to 10 per respectively, to the different departments, cent of the capital and surplus of that bank relate to the nevertheless in law there is only one corporate total capital and surplus of the bank and not merely to the capital and surplus assigned under the terms of the entity and it must be that entity to wThich sec- State lav/ to the commercial department of the bank. tion 9 refers. While it is clear that the purit is understood that under the laws of the pose of section 9 was to permit State mem- State of California a bank is required to main- ber banks to loan in excess of 10 per cent tain a separate capital for its commercial and of their capital and surplus if authorized to savings departments and to maintain separate do so by their State law, nevertheless, in reserves against the deposits in each depart- order that those State banks should not have ment. The limitations imposed by the State an advantage over national banks, it was law upon loans for each department are based provided that if a State bank should loan to upon the separate capital stock and surplus one borrower in excess of the amount which it accounts. Under these circumstances the could have loaned had it been a national bankquestion is whether the provisions of section 9 ing association, the Federal Reserve Bank of the Federal Reserve Act authorize a Federal could not discount for that State member bank Reserve Bank to discount for a California any of the paper of that particular borrower. State member bank the paper of a borrower Inasmuch as the purpose of the provision who is liable to that member bank in an amount quoted was to place State banks, so far as posin excess of 10 per cent of the capital and sible, upon the same basis as national banks surplus segregated for the use of the com- and inasmuch as national banks can loan to mercial department but not in excess of 10 per one borrower an amount as much as 10 per cent of the aggregate capital and surplus of cent of the total capital and surplus whether it both the commercial and savings departments. is being used in the commercial department, the The applicable provision of section 9 reads savings department, or the trust department of as follows: the bank, it follows by analogy that if a State member bank loans to one customer an That no Federal Reserve Bank shall be permitted to amount not greater than 10 per cent of its enrediscount for any State bank or trust company notes, tire capital and surplus, regardless of whether drafts, or bills of exchange of any one borrower who is liable for borrowed money to such State bank or trust that capital and surplus is segregated for th e Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

496 FEDERAL RESERVE BULLETIN. MAY, 1920. use of different departments, it comes within has jurisdiction and that it is a proper exercise the terms of section 9, and the Federal Reserve of power for the Federal Reserve Bank to col- Bank may properly make the discount. lect checks by presentation at the counters of The situation in California is little or no the drawee banks in spite of the alleged cusdifferent from the case of a national bank ope- tom. rating a trust department in a State which requires the segregation of securities equal to The American Bank & Trust Co. et al. v. Federal Reserve a certain percentage of the capital of the bank Bank of Atlanta et al. for the protection of the trusts undertaken by the trust department. In that case, the Several State banks filed in the superior court of Fulton beneficiaries under the trusts have a prior lien County, Ga., an equitable petition against the Federal Reserve Bank of Atlanta, and certain of its officials, allegupon that portion of the capital invested in ing that the Reserve Bank had declared a policy of "par securities for their protection and the depos- clearance," set forth in an exhibit to the petition, and that itors in the commercial department can resort to enforce such policy it was the purpose of the Reserve to that part of the capital only after the bene- Bank to receive and collect checks drawn on the drawee banks, by causing them to be presented over the counter ficiaries under the trusts have been paid off. of such banks by an agent of the Reserve Bank, instead In the case of California the depositors in the of sending the checks through the customary channels of commercial department can resort to that part correspondent banks or clearing houses; that this course of the capital set aside for the operation of of business was intended to coerce State banks into becoming members of the reserve system and was ultra vires the savings department only after the savof the powers of the Federal Reserve Bank and would ings depositors have been paid off. In each deprive petitioning banks and others in like position of the case the depositors in the commercial depart- customary compensation for collection and remittance ment, however, have, in substance, only a where checks reached them for payment under the present method of doing business. The principal prayer of the secondary claim upon that part of the capital petition was to restrain the defendants from the adoption set aside for the use of the other department. of any method of collecting checks drawn against peti- It is believed, therefore, that a Federal Re- tioners except through the usual and ordinary channel of collecting checks through correspondent banks or clearing serve Bank may properly discount for a State houses. The case was removed to the United States member bank the paper of one borrower who District Court of the Northern District of Georgia. Mois liable to that State bank in an amount in tions were made to remand the cause and also dismiss the excess of 10 per cent of the capital and sur- petition. The motion to remand must be denied. The principal defendant is the Federal Reserve Bank of plus segregated for the use of the commercial Atlanta, Ga., incorporated by the Congress of the United department but not in excess of 10 per cent States. The district courts of the United States have of the aggregate capital and surplus of the cor- jurisdiction of all suits of a civil nature, at common law or in equity, where the matter arises under the Constituporation as a whole, provided, of course, that tion and laws of the United States. (Judicial Code, sec. the paper is otherwise eligible for discount. 24.) A suit against, a corporation created and organized under and pursuant to the Federal Reserve Act is one APRIL 30, 1920. arising under a law of the United States. (Osborn v. Bank, 9 Wheaton, 738; Bankers Trust Co. v. Tex. & Pac. Ry. Co., 241 U. S. 295.) Right of Federal Reserve Banks to collect checks drawn on nonmember banks not remitting at par. A Federal Reserve Bank is not a national banking association within the scope and meaning of the acts of Con- The following is an opinion rendered April gress of July 12, 1882, August 13, 1888, and Judicial Code, section 11, which place national banking associations, for 5, 1920, by United States District Judge the purpose of action by and against them, upon the footing Beverly D. Evans, in the suit instituted against of other citizens. National banking associations and the the Federal Reserve Bank of Atlanta by a subsequently created Reserve Banks are not ejusdem number of nonmember State banks which generis; their functions are different, and their chief characteristics are so unlike that it can not be supposed have refused to remit at par. The suit was that Congress intended them to be included in the former originally brought in a State court of Georgia legislation. A cursory reading of the Federal Reserve to enjoin the Federal Reserve Bank from col- Banking Act discloses that its great object is to give lecting checks drawn on the plaintiff banks in elasticity to the national currency, and to prevent congestion in commercial centers. National banking associasuch manner as to prevent plaintiff banks from tions are member banks of tho reserve system. The charging exchange. The plaintiff banks al- Federal Reserve Board is empowered to examine into the leged in substance that the established custom affairs of a national banking association; to supervise among State banks in the Sixth Federal Re- through the bureau under the charge of the Comptroller of Currency the issue and retirement of Federal Reserve serve District of clearing checks through the notes; to grant national banking associations the right mails and of making exchange charges was to act as trustee, executor, or administrator; to permit about to be interfered with by the defendant member banks to carry in the Federal Reserve Banks of Federal Reserve Bank of Atlanta in under- their respective districts a portion ol their reserves required to be held in their own vaults, etc. The general object of taking to collect such checks at par by prethe Federal Reserve System would be thwarted if the sentation at the counter. The opinion holds Reserve Banks could only sue and. be sued under the same that the case is one of which the Federal court conditions as national banking associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL RESERVE BULLETIN. 497 Furthermore, the petition expressly raised the point Reserve Board with the right to act as trustee, executor, that the actings of the Federal Reserve Bank complained administrator, registrar of stocks and bonds, guardian of of are ultra vires the act of incorporation. Clearly this estates, assignee, receiver, committee of estates of lunatics, raises a Federal question, because the plaintiff's case can or in any other capacity in which State banks, trust comnot be adjudicated without construing a law of the United panies, or other corporations which come into competition States. with national banks are permitted to act under the laws The motion to dismiss must be granted. When the of the State of Missouri. In such capacity it took the name allegations of the bill with its legal conclusions and inter- of "Fidelity National Bank and Trust Company of Kansas esting historical statement as to the origin and scope of City, Missouri," which name was duly approved by the State banks are reduced to their last analysis, the charge Comptroller of the Currency, as provided by law. The of complaining banks is, that the Federal Reserve Bank is respondent, in his official capacity, has taken the position without the power (or, if it has the power, it should be that in the discharge of its functions as a trust company, restrained from exercising it), to collect checks on banks under the name assumed, complainant is acting in violaof deposit received by it in the course of business by tion of the laws of the State of Missouri, particularly of secpresenting them for payment through agents over the tion 167 of article 2 of the title "Banks, trust companies, counter of the drawee banks. That this method of collec- savings banks, and safe deposit institutions," Session Acts, tion of checks will deprive the drawee banks of the revenue 1915, page 190, which provides as follows: previously enjoyed where checks on them came through the mails from correspondent banks does not make the Prohibition against encroachments upon powers of trust companies.—No transaction unlawful. It is the duty of the drawee bank person, association, firm, or corporation, other than a corporation authorized by the laws of this State to do the business of a trust company to pay a check of the drawer, if it holds sufficient funds and subject to the supervision of the bank commissioner as provided by of the drawer to pay it. It is no less the duty of the such laws, shall make use of the word or words "trust" or ''trust comdrawee bank to pay several checks than it is to pay a pany" as part of any artificial or corporate name or title, nor make use of any sign at the place where his or its business is transacted, having theresingle check, when presented over the counter within on such words or any other word or words indicating that such place or banking hours. The policy of the Reserve Bank of Atlanta, office is the place or office of a trust company, nor make use of or circulate as outlined in the petition, is neither altra vires nor unlaw- any written or printed, or partly written or partly printed, matter whatever having thereon any such words or any other word or words indicating ful. It is not to be presumed that the agency employed that the business conducted is that of a trust company, nor transact busiby the Federal Reserve Bank will act otherwise than may ness in such way or manner as to lead the public to believe, or as in the be lawful and proper in the presentation of the checks for opinion of the bank commissioner might lead the public to believe, that his or its business is that of a trust company. payment. The allegations of conspiracy are lacking in essential features to charge an actionable wrong. Respondent concedes that if complainant has been Accordingly, orders may be presented denying the granted the power to act as trust company by the Federal motion to remand and granting the motion to dismiss the Reserve Board, and if the Federal Reserve Board had bill. power and authority to confer such powers and authority upon complainant, that complainant has the right to exercise such powers as it claims to be exercising. It is con- Right of national bank in Missouri having trust powers ceded in the brief that complainant can use either the name to use the words "trust company" as part of corporate "bank" or the name "trust company," but it is asserted it title. can not use both, although such use is authorized by the statutes of the United States, and has been approved and The following is an opinion rendered March sanctioned by the Comptroller of the Currency; and fur- 27, 1920, by Judge'Van Valkenburgh, of the ther, that it is illegal for complainant to advertise in any United States District Court for the Western manner to the public that it is engaged in the exercise of Division of the Western District of Missouri, the trust powers vested in it by act of Congress and the grant of the Federal Reserve Board, and that complainant, sustaining the right of a national bank in Misbecause of its use of such name, and of its advertising, as souri which has received a permit from the aforesaid, is transacting business in the State unlawfully Federal Reserve Board to act in fiduciary ca- and without warrant or authority. pacities under the terms of section 11 (k) of the Accordingly, it is alleged in the bill, and not contro- Federal Reserve Act as amended by the act of verted in the answer, that the respondent bank commissioner has notified certain State banks and trust companies, September 26, 1918, to use the words "trust making reports to him, that he can not approve the comcompany", as a part of its corporate name, plainant as a depository of their reserves or any part with the approval of the Comptroller of the thereof, and has refused to approve their reports showing Currency, and to advertise that it is engaged the deposit of reserves in the complainant; that he has in the business of a trust company, notwith- threatened, and still threatens, to give like notices to other banks and trust companies so reporting to him, and standing a State law which forbids any corthat he will, unless enjoined therefrom, continue to give poration to do so unless it is authorized by the such notices; that he withholds his approval of the com- State laws to do a trust business and unless it plainant as such depository of reserves in the case of is subject to the supervision, of the State bank various banks and trust companies, who are willing and desire to designate the complainant as a depository, and commissioner. unless enjoined therefrom, will continue to withhold such approval. Complainant avers that such action of re- IN THE DISTRICT COURT OP THE UNITED STATES FOR THE spondent is without warrant in law, and in derogation of WESTERN DIVISION OF THE WESTERN DISTRICT OF MIS- the rights of complainant, vested in it by act of Congress SOURI. and the grant of the Federal Reserve Board, and, therefore, constitutes a discrimination against complainant, Fidelity National Bank and Trust Company of Kansas and is greatly to the injury of complainant in the conduct City, complainant, v. C. F. Enright, Bank Commissioner of its business as a national banking association. It is of the State of Missouri, respondent. apparent that said section 167 of the State Banking Act The complainant, under the name of Fidelity Trust Co., was intended to prevent all persons, associations, firms or was formerly a trust company organized under the laws of corporations, from making use of the word or words "trust" the State of Missouri as such. Later it reorganized as a or "trust companies" as a part of their title, unless aunational banking corporation, clothed by the Federal thorized by the laws of the State to do the business of a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 FEDERAL RESERVE BULLETIN. MAY, 1920. trust company, and subject to the supervision of the bank by the laws of the United States to act in a fiduciary capaccommissioner, as provided by such laws. The complain- ity and bearing a name confirmed by national authority. ant was a corporation authorized by the laws of the State Clearly any act on the part of the State which impairs, in this behalf, and remains so authorized, unless its re- hampers, embarrasses, restricts, or in effect wholly preorganization as a national banking corporation has de- vents the discharge of its functions as a national banking prived it of this privilege. The Federal Act, Statutes at institution with the incidental powers enumerated, must Large, vol. 40, part 1, p. 969, expressly subjects national be void, because in express conflict with the paramount banks exercising such trust powers to State supervision laws of the United States. and inspection with respect to trust transactions: But, in my opinion, this discussion is in large measure academic, because the decision of the Supreme Court of National banks exercising any or all of the powers enumerated in this subsection shall segregate all assets held in any fiduciary capacity from the the United States in First National Bank y. Fellows (244 general assets of the bank and shall keep a separate set of books and records U. S., 416), is determinative of the question here before showing in proper detail all transactions engaged in under authority of us. The power of Congress and the validity of the action this subsection. Such books and records shall be open to inspection by the State authorities to the same extent as the books and records of of the Federal Reserve Board is expressly\ipheld. The corporations organized under State law which exercise fiduciary powers, court, citing McCulloch v. Maryland (4 Wheat., 31fi), but nothing in this act shall be construed as authorizing the State au- and Osborn v. Bank (9 Wheat., 738), declared that "the thorities to examine the books, records, and assets of the national bank which are not held in trust under authority of this subsection. implied power of Congress to confer a particular function upon a national bank is to be tested, not by the nature of It seems to be the policy of the State officers, as dis- the function viewed by itself, but by its relations to all closed by the answer, that Missouri corporations shall not the functions and attributes of the bank considered as an be permitted to assume the name of "Bank and trust entity;" that "the circumstance that a function is of a company." The authority for this prohibition seems class subject to State regulation does not prevent Congress difficult to deduce from the sections cited. Section 102 of from authorizing a national bank to exercise it; nor would the banking act, Laws of Missouri, 1915, page 152, pro- it lie with th e State power to forbid this;" that'' a business vides that no person, except a national bank, a Federal not inherently such that Congress may empower national Reserve Bank, a private banker, or a corporation duly banks to engage in it may nevertheless become appropriate authorized by the commissioner to transact a banking busi- to their functions if, by'State law, State banking corporaness in this State, shall make use of any office sign at the tions, trust companies, or other rivals of national banks are place where such business is transacted indicating that permitted to carry it on;'7 that "the section authorizes the such place or office is the place or office of a bank, nor specified functions to be exercised by national banks when otherwise indicate that such business is the business of a the right to perform them is given by State law, or is bank. Section 167, as we have seen, prohibits the use of deducible therefrom through being so conferred on State the word or words "trust" or "trust company," unless by banks or corporations whose business in some degree rivals a person or organization authorized to do the business of that of national banks; and it gives administrative power a trust company. No good reason is perceived why any to the Reserve Board as a means of coordinating such one authorized to do both kinds of business may not use functions, in their exercise by national banks, with the both names. But, however this may be, it is beyond reasonable and nondiscriminating provisions of State law debate that the Federal Reserve Board, by valid legis- regulating their exercise as to State corporations." lation, under a valid act of Congress, has clothed complainant with power to act in this same fiduciary capacity The language and reasoning of that opinion so completely "in which State banks, trust companies, or other corpora- answers the contentions of the respondent in the case at tions which come into competition with national banks bar that further elaboration is unnecessary. It surely can are permitted to act under the laws of the State in which not be contended that if valicj authority is granted to a the national bank is located." This was the obvious pur- national banking corporation to exercise certain functions, pose of the grant, to promote the efficiency of these agencies under a name which no State agency is entitled to quesof the Federal Government to discharge the duties, for tion, the enjoyment of the legitimate powers thus conthe performance of which they were created, and to relieve ferred can be indirectly limited or destroyed in the manthem from the disadvantage of competition with State ner alleged in this bill. That such would be the necessary institutions under less favorable conditions. True, it is effect of the action of the bank commissioner can not be provided that the permit shall be granted only "when not doubted, it follows, then, that the motion to strike must in contravention of State or local laws." But in the same be sustained and such injunctiye relief granted as will section it is declared that "whenever the laws of such protect complainant in the exercise of the national powers State authorize or permit the exercise of any and all of the conferred upon it. foregoing powers by State banks, trust companies, or other corporations which compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within the meaning of this act." It can no longer be questioned that: Amendment to Section 14. National banks are instrumentalities of the Foderal Government [Public—No. 170—66th Congress. H. R. 12711. An act to amend the created for a public purpose, and as such necessarily subject to the para- act approved Dec. 23,1913, known as the Federal Reserve Act.] mount authority of the United States. It follows that an attempt by a State to define their duties, or control the conduct of their affairs, is absolutely void, wherever such attempted exercise of authority expressly Be it enacted by the Senate and House of Representatives of conflicts with the laws of the United States and either frustrates the the United States of America in Congress assembled, That purpose of the national legislation or impairs the efficiency of these agencies of the Federal Government to discharge the duties for the per- section 14 of the Federal Reserve Act as amended by the formance of which they were created. (Davis v. Elmira Sav. Bank, acts approved September 7, 1916, and June 21, 1917, be 161 U. S., 283.) further amended by striking out the semicolon after the When the Government of the United States enters any word "business" at the end of subparagraph (d) and field over which Congress is given express, or necessarily insert in lieu thereof the following: "and which, subject implied, jurisdiction, it appropriates that field to the to the approval, review, and determination of the Federal fullest extent necessary to insure the complete and effect- Reserve Board, may be graduated or progressed on the ive exercise of its sovereignty. The name of a national basis of the amount *of the advances and discount accombank must be approved by the"Comptroller of the Currency. modations extended, by the Federal Reserve Bank to the It can be changed, or its use interfered with, by no other borrowing bank." authority. We have here, then, a national bank empowered Approved, April 13, 1920. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL RESERVE BULLETIN. 499 INTERNATIONAL PRICE INDEX. modities index is the total of " commodities produced" plus "commodities imported.77 It was stated in the January BULLETIN that The quotations are all taken at wholesale the Federal Reserve Board expected to con- on a weekly or monthly basis, a contract price struct an international price index. Since being used if actual transactions in the comthat time the technical details of the plan modity are usually made on this basis. Imhave been worked out and an index number ported goods are quoted in American markets, constructed for the United States. The same not in the markets from which they are obmethod will be employed in the case of foreign tained. Export goods are also quoted in countries. Arrangements have been made American markets. with the State Department for the cabling of In choosing commodities to represent home prices each month from foreign countries, and production, an effort has been made to cover the preliminary work of choosing commodities the most important agricultural, mineral, and and determining quantity weights has been forest products. Quotations have been chosen largely completed in the case of England, as far as possible to represent the most common France and Italy. Wholesale prices are being types of the commodities in question. In the received by cable from England and France at case of imports the same method has been present. used. For instance, it was not feasible to This international index is not a single index obtain quotations for all kinds of foreign wools of world prices, but a group of index numbers or hides. Instead, prices of commodities from for different countries all constructed in the leading source markets have been allowed to same fashion. The same base year, the same stand for the prices of all imports. type of quotations, and approximately the Source of quotations.—Quotations have been same number of commodities, are being used obtained for the most part from trade journals, in the case of each country. Many staple although a considerable number have been commodities will be included in all the indexes; furnished by private firms. In general, the in addition the index of each country will sources are the same as those used by the include a certain number of commodities Price Section of the War Industries Board in of special importance in its economic life. its study of prices during the war. In this Classification of commodities.—The classifica- study a special effort was made to obtain the tion used in the index is in part the same as most representative quotations for each of the the one now used by the Board in its study of commodity lines. In many cases the quotadomestic wholesale prices, i. e., commodities tions are the same as those used by the Bureau arc grouped according to stage of manufacture, of Labor Statistics and are being furnished us as (1) raw materials, (2) producers' goods, and by that bureau. (3) consumers' goods. An additional classification has been made in the case of the interna- Index numbers—United States. tional index, namely, (1) goods produced, (2) [Average prices 1913=100.] goods imported, (3) goods consumed, and (4) I g cl o a o s d si s f y e x c p o o m rte m d o . dit T ie h s e a f c ir c s o t r t d w in o g of t o t h t e h s e e g so ro u u rc p e s Date. d G p u o r c o o c - d d s .; ; | p I e o m d rt . - - p E e o d x r . - t- su C m on e - d. m r R i a a a t l e w s - . d g u P o c r o e o d r - s s . ' s g u C o m o o c n d r - s s . ' ; , ; All. from which obtained, the second two according j to the use to which they are put. 1913. January... 100 i 105 97 101 100 105 100 Period covered and the base year.—In con- February. 100 ! 104 100 101 99 105 100 March 100 103 99 101 100 105 101 structing the index number, the year 1913 has April ioi: 101 100 101 101 103 101 been used as a base and prices in 1919 and J M u a n y e 1 1 0 0 0 0 ; 10 9 1 9 1 9 0 9 0 1 1 0 0 0 0 1 1 0 0 0 0 1 1 0 0 1 1 101 1 1 0 0 0 0 since have been measured in terms of that year. July 100 99 100 101 ! 101 ! 102 •• 100 August.... 101 101 99 101 j 101 100 102 101 Although the prewar year is somewhat remote September 101 ; 100 102 101 ! 102 102 101 in point of time, it furnishes a more satisfactory N O o c v to e b m e b r e .. r . 101 9 9 8 8 1 1 0 0 3 2 10 9 1 8 ! ! 1 10 0 0 2 9 9 5 6 1 1 0 0 0 0 , i 9 1 9 00 base than any year since then. No effort has December. 94 99 97 ! 98 99 97 been made to cover the war period since prices 1919. i January... 199 168 201 190 | 195 193 200 197 and international trade were subject to alto- February. 193 166 1^4 190 i 190 192 192 191 gether abnormal conditions during that time. A M p a r r i c l h 2 1 0 9 0 5 1 16 6 6 4 1 1 9 9 5 5 1 1 9 9 S 2 ! 20 1 1 96 1 1 8 8 7 2 2 1 0 9 1 2 1 1 9 9 8 3 The quotations.—About 60 different com- May 200 173 211 202 I 208 186 207 203 June 207 180 2.15 213 | 208 193 208 205 modities are included in the American index, if July 217 176 225 223 ; 217 201 219 215 we allow the raw material, the semifinished, A Se u p g t u e s m t ber 2 21 2 6 4 1 1 6 7 9 4 2 21 2 2 0 2 2 1 1 9 3 j ! 2 21 1 1 8 . i 2 20 0 4 7 2 2 3 2 0 1 2 21 2 3 0 and the finished product of an industry each to October... 217 173 227 213 i 213 207 219 214 November 223 177 242 218 219 213 225 220 represent a different commodity. Between 80 December. 226 202 242 i 222 221 i 221 230 224 and 90 different quotations are used. Repeti- 1920. tion of commodities occurs in the classification J F a e n b u r a u r a y r . y . . . 2 23 4 9 0 2 25 5 6 4 2 25 4 1 7 ; ! 237 i 235 ! 2 2 3 4 6 7 2 2 4 4 4 5 2 24 4 1 1 according to source and use, but the all com- March 242 260 252 242 I 239 j 264 238 244 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

500 FEDERAL RESERVE BULLETIN. MAT, 1920. Weighting.—The system of "weighting" resent all but a small proportion of total proused in the index is based upon the simple duction of such commodities, and have been equation: The quantity of goods produced in a weighted by these amounts instead of the total. year 4- that imported = the quantity consumed + The production and consumption weights are that exported, assuming that stocks remain only approximatel}7 correct, as it has been stable. As the basis for weighting 1913 figures necessary to resort to estimates in a large have been used, since, in most countries, that number of instances. was a more normal business year than 1919. The method used for obtaining the weighted In applying the weights to the prices, the index number is that of multiplying the price of commodity quoted lms been allowed to repre- each commodity each month by its weight, sent other commodities in the same general adding all of these weighted prices together for class. In other words, the weight applied to each month, and converting the money aggrepetroleum in the production index is total pro- gates into relative or index numbers on the duction of petroleum in the United States, 1913 base. The all-commodities index is obnot merely the production in the California tained by converting the sum of the aggregates and mid-continent fields (the grades for which of goods produced plus goods imported to index quotations are carried). A slightly different numbers. method has been used in the case of petroleum The table preceding shows the index numbers products and hides and skins. In these cases for the United States. These numbers are the commodities included in the index rep- subject to correction in the June BULLETIN. International price index— United States. A. GOODS PRODUCED. Weight (000 Commodity. Unit. Grade. Market. omitted). I. RAW MATERIALS. Corn.1 Bu.. Mixed No. 3, cash Chicago 489,000 Whe D a o t B Bu u . .. N N o o . . 1 2 n re o d rt h w e i r n n t e s r p , r c i a n s g h , cash Minn do eapolis 763,000 Hayi Ton. Clover mixed No. 1 Cincinnati 16,000 Oats Bu.. No. 3 white, cash Chicago 1,122,000 Barley Bu. Cash, fair to good do, 178.000 Rye Bu. No. 2 cash.. do 4L000 Tobacco Cwt. Burley, good leaf, bright red Louisville 10,000 Cotton Lb.. Upland middling New Orleans. 7,078,000 Woo D l o L L b b . . O O h h i i o o f £ in b e lo u o n d w , u as n h w e a d s h d e e d laine •Boston 296,000 Cattle Cwt. Steers, good to choice Chicago 104,000 Hogs Cwt., Choice, light do.. 116,000 Sheep Cwt Prime New York 14,000 Hide D s o L L b b [ P P a a c c k k e e r r , , h li e g a h v t y 'n a n t a i t v i e v e c o s w te s e . r . s ^Chicago 428,000 Do Skin !Calfskin, New Kngland, 7-9 pounds New York 4,000 Pig iron Gross ton Basic, Mahoning <k Shonango Valley furnace. At furnaces 31,000 Refined copper Lb ! Electrolytic New York 1,615,000 Zinc Lb. Prime western East St. Louis , 794,000 Lead Lb New York 924,000 Coal D o S Sh h o o r r t t t to o n n B Se it m um ib i i n tu o m us in , o P u it s t , s P bu o r c g a h h , o n ru ta n s of mine C N i o n r c fo in lk n , a f ti . , o f. . o b . b. cars , 479,000 Do i Long ton jAnthracite, chestnut New York tidewater 82,000 Coke Short ton |Connellsville furnace F. o. b. ovens 46,000 Petroleum Bbl. (42gal.).-!California 20° Baume Wells, San Joaquin , Do Bbl. (42 gal.).. Mid-Continent, Kansas-Oklahoma Wells. 248,000 Lumber Douglas fir, common, No. 1 (SIS) F. o. b. mills, Washington State. Do Mft.. Southern yellow pine, common boards, No. 1 (S2S)., Louisiana, Mississippi, etc. 38,000 Do Mft.. Oak, plain No. 1, common 4/4 North Carolina, West Virginia, etc. . PRODUCERS' GOODS. Cane sugar Lb j Raw, 96° centrifugal New York. 600,000 Cottonseed oil Lb | Prime, summer, yellow .....do 1,462,000 Cotton yarns Lb '; 2/20;s ring spun, Southern skein Dol Lb j 2/30's warp skeins ....do 489,000 Do Lb ! 2/40's filling skeins Worsted yarns Lb 1/50's, domestic, fine, French system , Philadelphia. Do./. Lb 2/40's. £ blood, Bradford system Boston 331,000 Do Lb 2/20's-2/24\s, low \ blood, Bradford system .....do Leather ; Lb Hemlock sole, packer slaughter No. 1 Chicago 558,000 Do Sq.ft Chrome calf, dull or bright, range of B grades General 933,000 Steel billets Gross ton Open hearth Pittsburgh... 31,300 Rolled steel products Gross ton Steel rails, open hearth, standard do !!!!!!!!!!!!!!!!!!!!!!! S S t t e e e e l l s b h a a r p s, e m s, e s r t c ru h c a t n u t ral , Chicago 13,500 Do Steel plates, tank , Pittsburgh... Lb Copper wire, bare, No. 8 B. & S. gauge and heavier do 501,000 Copper products (base size). F. o. b. mills. Fuel oil j Bbl. (50 gal.).. Tulsa 80,000 Gasoline j G al Motor, tank wagon prices New York 1,282,000 Brick i M Common red, domestic, building New York docks. 8,000 Cement i Bbl Portland, domestic, spot New York 92,OOo Paper j Cwt Newsprint in rolls, car lots, contract prices. do 90,000 1 Rated by quantities sold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL RESERVE BULLETIN. 501 International price index—United States—Continued. A. GOODS PRODUCED—Continued. Weight (000 Commodity. Unit. Grade. Market. omitted). III. CONSUMERS' GOODS. Sulphuric acid Short ton 66° Baume* bulk i do., 3.014 Acetate of lime Cwt Gray, 80 per cent delivered do.. I) 630 Sulphate of ammonia Cwt Prompt .do., 3,900 Wheat flour Bbl. (196 lbs.). Standard patents Minneapolis 106,000 Rice Lb Honduras head, domestic clean New Orlean s... 1,158,000 Sugar Lb... Granulated, in barrels New York 7,800,000 Tobacco Lb... Plug, 12 pieces to pound do 444,000 Beef Lb... Carcass, good native steers Chicago 6,564,000 Pork products Cwt.. Hams, smoked, loose ' do 92,000 Mutton Lb. Dressed i New York 737,000 Lard Cwt.. "City" | do 15,000 Butt D e o r L L b b. .. .. Crea d m o ery, extra I ; R Ph an il a F d r e an lp c h is i c a o .. . . . 1,757,000 Cheese Lb.. Whole milk, American twins i Chicago 300,000 Potatoes Cwt.. White, good to choice ! do 199,000 Cotton cloth Yd... Print cloth, 38Hnch, 04 by 60, 5.35 poumnddss !i] Do Yd.. Print cloth, 39-inch, 80 by 80. 4 poundss. . Y•New York. 6,699,000 Do Yd.. Sheetings, 36-inch, 48 by 40, 5.50 pounds. Woolen cloth Yd.. S ^n e o rg o e i i s u u g i o t , i n O g U , - I 1 II 1 A . o U u , n to c e ij s y . 5 * 6 u , b u y .u u 5 8 J i J n U c U h II e U s OI,S . F ulton Mills. - . ; jj jl do.. 460,000 Boots and shoes Pr.. Shoes, men's vici kid, Goodyear welt ' do. 293,000 Kerosene Gal.. 150° fire test, tank wagon do.. 2,076,000 B. GOODS IMPORTED. I. RAW MATERIALS. Cotton.. Lb. Egyptian Sakellaridis, medium United States. 105,000 Wool... Lb. Buenos Ayres 46's, grease basis Boston 100,000 Do. Lb. Sydney and Geelong combing, 64's, scoured ....do 17,000 Silk.... Lb. Japanese, filature Shinshu No. 1,13-15 Do. Lb. Chinese, steam filature best chops, first and second iNewYork. 34,000 choice. /Cattle hides, Bogota Hides Lb. !\Ooatskins,RioHache • do 498,000 Tin Lb... | Straits, pig ....do 104,000 Lumber M.ft. j White pine (Canadian).. Boston 1,000 II. PRODUCERS' GOODS. Cane sugar Lb. .! Raw 96°, centrifugal New York., .,400,000 Burlap Lb. .1 40-inch, Calcutta .do 460,000 Sisal Lb. . I Mexican, current shipment .do., 163,000 Sulphate of ammonia Cwt.. . J Prompt .do., 1,320 Nitrate of soda Cwt.. . | 95 per cent .do.. 163,000 Rubber Lb.. " { j\ / B P r la az n i t l a i t a i n o n P a H r e a v , e u a p , r f i i v r e st r l f a in te e x crepe. • do 116,000 III. CONSUMERS' GOODS. Coffee. Lb. Santos, No. 4 New York 863,000 Tea.... Lb. Formosa ; do 89,000 C. GOODS EXPORTED. I I. RAW MATERIALS. Wheat i -n u \ / N N o o . . 1 2 n re o d rt h w e i r n n t e s r p , r c i a n s g h . . M Ch i i n c n a e g a o polis.. 100,000 Corn Bu.. Mixed No. 3, cash Chicago 45,000 Oats .i Bu.. No. 3 white, cash.. do 5,000 Barley .! Bu.. Cash, fair to good. do 13,000 Tobacco J. Cwt. Burloy, good leaf, bright red Louisville 4,440 Cotton .1 Lb.. Upland middling New Orleans. 4,628,000 Copper J Lb.. Electrolytic New York... 818,000 Coal Short ton , / \ B Se it m um ib i i n tu o m us in , o P u i s tt , s P b o u c rg ah h o , n ru ta n s of mine N Ci o n r c fo in lk n . ati 18,000 Do Long ton Anthracite, chestnut New York tidewater. 4,000 Pig iron Long ton Basic, Mahoning and Shenango Valley furnace. At furnace 278 /California, 20° Baume* ." Wells, San Joaquin... Petroleum., Bbl. (42gal.)..|\Mid-conlinent, Kansas, Oklahoma Wells. Lumber.... Mft Douglas fir, common No. 1 (SIS) J F. o. b. mills, Washington : State. I Do. Mft.. Southern yellow pine, common boards No. 1 (S2SN> !Louisiana, Mississippi, etc...; 3,064 Do. Mft.. Oak, plain No. 1, common 4/4 ' : North Carolina, West Vir- ; ginia, etc. ; II. PRODUCERS' GOODS. Cottonseed oil Lb. Prime, summer, yellow : New York 315,000 Leather Lb. Hemlock sole, packer slaughter No. 1 ' Chicago 31,000 Do. i Sq.ft Chrome calf, dull or bright, range of B grades i General i 106,000 Rolled steel products. J Gross ton. Steel rails, open hearth, standard ; Pittsburgh ] Do .| Gross ton. Steel shapes, structural ; Chicago Do .1 Gross ton. Steel bars, merchant ; Pittsburgh 1,325 Do .| Gross ton. Steel plates, tank ' do Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

502 FEDERAL RESERVE BULLETIN. MAY, 1920. International price index United States—Continued. C. GOODS EXPORTED—Continued. Commodity. Unit. Grade. Market. Weight (000 omitted). n. PRODUCERS' GOODS—con. Copper products Lb j Copper wire, bare, No. 8, B. & S. gauge and heavier F. o. b. mills 108,000 j (base size). Acetate of lime Cwt ! Gray. 80 per cent, delivered New York 740 Fuel oil Bbl. (50gal.).. * Tulsa 8,500 Gasoline Gal Motor, tank-wagon prices New York 188,000 Nitrate of soda Cwt 00 per cent do 30,000 III. CONSUMERS' GOODS. Wheat flour Bbl. (196 lbs.). Standard patents i Minneapolis. 12,000 Refined sugar Lb. Granulated : Now York... 52,000 Pork products Cwt.. Hams, smoked loose : Chicago 4,140 Lard Cwt., City" '• New York.., 6,000 Coffee Lb. Santos, No. 4 ! New York.. 51,000 Cotton cloth Yd.! Print cloth, 38i-inch, 64 by 60, 4.35 pounds ;] Do Yd., Print cloth, 39^inch, 80 by 80,4 pounds > do 467,000 uDvo ! YJ. ud ., Sheetings, 36-inch, 48 by 40,5.50 pounds ] Shoes ! Pr I Men's vici kid, Goodyear welt 10,000 Kerosene I Gal i 150° fire test, tank wagon : New York .. 1,119,000 D. GOODS CONSUMED. I. RAW MATERIALS. Hav1 Ton. Clover mixed, No. 1 : Cincinnati..... 16,000 C W o h rn e * at B Bu u . . , . / \ N N M o o i . . x e 1 2 d n r e N o d r o t w h . e 3 in r , n t c e a s r s p , h r c i a n s g h , cash M Ch in ic d n a o e g a o polis.. 4 6 4 6 4 3 , ,0 0 0 0 0 0 Bu.. No. 3, white, cash Chicago 1,128,000 Oats Bu.. Cash, fair to good do 165,000 Barley Bu.. No. 2 cash '• do 41,000 Rye Cwt ; Steers, good to choice do 111,000 Cattle Cwt i Choice, light : do 116,000 Hogs Cwt ! Prime New York 14,000 Sheep Cwt ! Burley, good leaf, bright red Louisville 6,000 Tobacco Lb j Upland middling New Orleans... 2,555,000 Cotton Lb Ohio fine unwashed delaine ] Woo D l o L L b b j : B O u h e io n o i s b A lo y o r d e s u n 4 w 6's a , s g h r e e d a se basis ( I M „ ioston., 448,000 Do Lb j Sydney and Geelong merinos scoured j Silk D . o / \C Ja h p i a n n e e se s , e , s t f e il a a m tu r f e i , l a S t h u i r n e, s h b u e s N t o c . h 1 o ,1 p 3 s, - 1 f 5 ir st and second / \N 34,000 choice. I Hides Lb / \ P P a a c c k k e e r r , , h li e g a h v t y n a n t a i t v i e v e c o s w te s e rs 1 \ / , 428,000 Do Skin Calfskins, New England, 7-9 pounds New York 4,000 Do Lb / \G Ca o t a t t l s e k h in id s e , s R , i B p o H go a t c a h e j \ ... -do , 498,000 Pig iron G ross ton Basic, Mahoning, and Shenango Valley furnace ' At furnace 31,000 Copper Lb Electrolytic ! I New York 797,000 Zinc Lb Prime western ' East St. Louis. 794,000 Lead Lb Pig New York 1,038,000 Tin Lb Straits, pig i do 101,000 Coal Short ton Bituminous, Pittsburgh, run of mine ! Cincinnati, f. o. b. cars 461,000 Do Short ton Semibituminous, Pocaliontas Norfolk, f. o. b Do Long ton Anthracite, chestnut N. Y. tidewater 78,000 Coke Short ton Connellsville, furnace F. o. b. ovens 46,000 Petroleum Bbl. (42gal.).. California 20° Baume Wells, San Joaquin 260,000 Do Bbl. (42gal.)..I Mid-continent, Kansas, Oklahoma Wells Lumber Mft Douglas fir, common, No. 1 (SIS) F. o. b. mills, Washington State. Do. M ft., Southern yellow pine, common boards No. 1 (S2S) i Louisiana, Mississippi, etc., 36,000 Do. Mft. Oak, plain, No. 1, common 4/4 j North Carolina, West Vir- ' ginia,etc. II. PRODUCERS' GOODS. C C a o n tt e o n su se g e a d r oil , L L b b . . 9 P 6 r ° im ce e n , t s r u if m ug m al e r, yellow : ; New d o York 7 I' . , 0 0 1 0 4 , 7 0 , 0 0 0 00 Cotton yarns Lb. 2/20's, ring spun, southern skeins I Do. ! Lb. 2/30's, warp skeins > do 495,000 Do Lb. 2/40's, filling skeins i| Worsted yarns Lb. 1/50's, domestic fine, French system j Philadelphia Do ! Lb. 2/40's, \ blood, Bradford system • Boston 331,000 Do I Lb. 2/20's-2/24's, low { blood, Bradford system : do Burlap Lb. 40-inch, Calcutta ; New York 460,000 Sisal i Lb. Mexican, current shipment do 133,000 Leather Lb. Hemlock sole, packer, slaughter No. 1 ! Chicago 527,000 Do Lb Chrome calf, dull or bright, range of B grade? : General 827,000 Steel billets Long ton., Open hearth Pittsburgh 31,200 1 Weighed by quantity sold for domestic consumption. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1920. FEDERAL RESERVE BULLETIN. 503 International price index—United States—Continued. I). GOODS CONSUMED—Continued. Weight (000 Commodity. Unit. Grade. I Market. omitted). II. PRODUCERS' GOODS—COn. j j ! i Rolled steel products i Long ton I Steel rails, open hearth, standard Pittsburgh... D D o o ! | L L o o n n g g t t o o n n j I S S t t e ce e J l b sh a a rs p , e m s, e s r t c r h u a c n tu t ral C Pi h t i t c s a b g u o rgh... 12,175 Do • Long ton SSttle el pllta tes, tantkk do Copper products j Lb.. Copper wire, bare, No. 8 B. <fc S. gauge and heavier F. o. b. mills. 393,000 ; (base size). Fuel oil : Bbl. (50 gal.) Tulsa ! 71,500 Gasoline Gal Motor, tank-wagon prices New York ; 957,000 Brick j M i Common red, domestic, building New York docks ! 8,000 Cement ! Rbl Portland, domestic, spot , New York ! 89,000 Paper : Cwt Newsprint in rolls, car lots, contract , .....do 90,000 R •n u b ,. b cr '' ! L Tb , ( j B f P ra la z n il t i a a t n io , n P , a H ra e , v u e p a , r i f v ir e s r t , l f a i t n ex e . c .. r : epe 116,000 S~ ulphuric acid !: ~S hor.t. ton 60° Baumd bulk .do 3,014 Acetate of lime ! Cwt Gray, 80 per cent, domestic .do 890 Sulphate of ammonia ' Cwt Prompt .do 5,220 Nitrate of soda I Cwt 95 per cent .do 133,000 III. CONSUMERS' GOODS. | Wheat flour i Bbl. (196 lbs.). Standard patents I Minneapolis 94,000 Rice.. Lb. Honduras head, domestic, clean ! Nov.- Orleans 1, 223,000 S._u„„g_a_r. Lb. Granulated in barrels I New York i 6,248,000 Tobacco Lb j Plug, 12 pieces to pound i do i 444,000 Beef Lb I Carcass, good native steers I Chicago j 6,564.000 Pork products Cwt Hams, smoked, loose do • 88, 000 Mutton Lb Dressed ! New York ! 732,000 Lard ' Cwt. "City13 ' ..do, 9,000 Butte D r o : i L L b b . . Crea d m o ery, extra. P Sa h n il a F d r e an lp c h is i c a o .. ., 1,757,000 Cheese Lb. Whole milk Chicago 353,000 Coffee Lb. Santos, No. 4 New York 812,000 Tea : Lb. Formosa. .do.. 89,000 Potatoes I Cwt White, good to choice ! Chicago. 199,000 Cotton cloths Yd Print cloth, 38£ inch, 64 by 60, 4.35 pounds Do ; Yd Print cloth, 39 inch, 80 by 80,4 pounds •New York 6,279,000 Do Yd ! Sheetings, 36 inch, 48 by 40, 5.50 pounds Woolen cloth Yd. ! Serge suiting, 11 oz., 50 by 58 indies, Fulton ....do 482,000 Boots and shoes Pr I Men's vici kid, Goodyear welt 283,000 Kerosene I Gal I 150° fire test, tank wagon New York. 1,094,000 RETAIL TRADE. and districts computed from such percentages being weighted according to volume of business In the following tables is given a summary done during the calendar year 1919. For the of the results obtained during the past few month of March, the tables are based on remonths in districts Nos. 1, 2, 3, 4, 5, 6, 7, 10, ports from 14 stores reported in district No. and 12, on the regular retail trade index form 1, 9 in district No. 2, 16 in district No. 3, 17 from representative department stores. In in district No. 4, 9 in district No. 5, 6 in districts Nos. 1, 5, and 12 the data wore received district No. 6, 6 in district No. 7, 7 in district in (and averages computed from) actual No. 10, and 30 in district No. 12. For the amounts (dollars). In districts Nos. 2, 3, 4, 5, earlier months the number of stores varied 6, 7, and 10 the material was received in the somewhat, due to the inclusion of new stores form of percentages, the averages for the cities irom time to time in the reporting list. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

504 FEDERAL RESERVE BULLETIN. MAY, 1920. Condition of retail trade in Federal Reserve districts Nos. 1, 2, 3, 4, 5, 6, 7, 10, and 12. [Percentage of increase.] Comparison of net sales with those of corresponding period previous year. District and city. 52.0 ! ; 42.3 \ 33.2 i 41.9 I 43.5 District No. 2: New York City and Brooklyn. Outside District District No. 3 District No. 4 District No. 5 District No. 6 District No. 7 District No. 10 District No. 12: Los Angeles 48.8 San Francisco 31.3 Oakland 20.7 Sacramento ; 16.7 Seattle 23.7 Spokane Salt Lake City 23.2 District 30.3 41.0 Stocks at end of month compared with— Same month previous year. Previous month. District and city. g 1 A 9 u 1 u s 9 - t . , t 1 S b e 9 e e m 1 p r 9 - , - . c 1 b D e 9 e 1 m e r 9 - , - . J 1 a a 9 r n 2 y 0 u , . - F 1 a e 9 r b 2 y 0 r , u . -M 1 a 92 rc 0 h . , g 1 A g L u 99 u: ] u 1 s 9 - t . , t 1 S b e 9 e e m 1 p r 9 - , - . O 1 b 9 c e 1 t r 9 o , . - v 1 b N 9 e e 1 o m r 9 - , . - 1919). ! 1920. M 19 a 2 r 0 c . h District No. 1: Boston ! 6.4 11.4 4.9;. 25.4 29.7 38.1 j 42.3 16.3 5.3 7.5 10.9 1 15.2 9.9 Outside I 24.9 28.4 37.5 I 44.9 1 U3.8 : 13.7 11.9 District.. 25.2 j 29.6 37.9 ! 42.8 16.1 , 15.1 10.2 District No. 2: | New York City and Brooklyn 7.1 12.9 I... 36.4 I 44.0 49.6 15.2 10.4 11.9 8.4 37.9 Outside 60. ( 9.3 District.. •I- 68.6 25.8 DistrictNo.3 ' •• ! I ; | 9.9 16.4 24.3 | 13.4 7.0 i 12.3 D D i i s s t t r r i ic ct t N N o o . . 4 5 : ! ; : : j : : ! \ | 4 4 8 0 . . 6 9 5 5( 3 5 . . 4 1 4 8 5. . 1 4 i i 1 1 1 8 . . 6 1 District No. 6 ; | ! i 41.1 4.7 District No. 7.Y..'.'.'.'.'.'.'.'.'. YYYYYY:YYYYY..\YYYYYYY\YYYYYY.\YYYYYY.-YY.YYY. "~5i.~8 I 72.5 42.7 ! 55.8 i 10.5 District No. 10 i ! : ! 38.9 7.8 |== District No. 12: Los Angeles | 6.3 | l.6: 13.9 19.5 31.0 j 44.0 ! 42.1 58.3 5.5 4.2 5.6 U0.9 9.7 12.1 7.8 San Francisco j i. 5 : 10.6 : 15.5 20.5 32.7 ; 45.9 ! 59.4 62.2 15.6 13.2 9.7 2.2 i 11.1 4.7 12.7 6.1 Oakland I 17.5 ' i .5 1.4 4.9 9.2 , 10.6 i 27.7 35.2 6.3 12.6 5.4 ! .2 19.7 18.4 18.6 6.5 Sacramento 120.3 110.7 • M.6 .3 37.1 61.8 18.7 4.8 3.7 | 16.1 3.7 Seattle • 7.2: 17.8 15.2 15.3 53.7 53.8 22.7 13.2 6.5 j 12.9 'ii.'s" 14.9 Spokane | • : 13.8 13. 2 I 25.4 j 35.0 03.3 3.4 115.6 9.4 10.9 27.9 District.. 7.0 ; 11.9 1 17.5 I 28.5: 38.0 48.4 58.0 12.6 10.3 6.5| 113.3 2.6 14.0 I 9.6 1 Decrease. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1020. FEDERAL, RESERVE BULLETIN. 505 Condition of retail trade in Federal Reserve districts Nos. 1, 2, 3, 4, 5, 6, 7, 10, mid 12—Continued. Percentage of average stocks at, ond of each month to Percentage of outstanding orders at end of month to total a%Terage monthly sales for same period. purchases during previous calendar year. Jar. 1, 1920, to District and city. Inly 1,1L910, to end of— end of— Aug., Sept., Oct., Nov., Dec, Jan., Feb., Mar., 1919. 1919. 1919. 1919. 1919. 1920. 1920. 1920. Aug., Sept., Oct., Nov., Dec, Jan., Feb., Mar., 1919. 1919. 1919. 1919. 1919. 1920. 1920. : 1920. District No. 1: Boston 277.0 461.9 367.4 360.7 320.8 382.2 | 509.5 21.5 18.1 19.4 24.8 26.5 19.6 18.8 413.9 229.8 402.5 ! 320.5 13.7 16.7 19.7 18.6 District 382.1 306.0 385.4 i 389.9 23.1 24.0 19.6 18.7 District No. 2: i New York City and Brooklyn 573.4 504.6 343.4 336.9 405.8 I 384.7 32.8 26.4 36.3 22.8 22.9 18.8 Oiitsidp ! 372.3 20.3 District... : 383.4 19.0 District No *? . 380.0 21.0 27.9 24.8 386.3 , 369.1 18 6 1Q X District No 5 - - - 379.6 • 408.2 District No. 6 20.9 District No. 7 i 287.7 18.1 29.7 31.8 District No. 10 ; 337.6 14.6 District No. 12: Los A.nwles 481.7 459.5 495.6 485.6 424.3 422.7 418.3 i 468.3 27.9 32.7 45.1 53.5 48.1 33.3 37 1 33 9 San Francisco 418.6 460.5 442. 8 453.0 403.1 405.2 477.5 • 494.9 34.1 28.1 25.8 29.5 28.1 18.2 31.9 310 Oakland 547.1 564.7 558.3 559.1 600.2 49Q.6 581.6 ; 610.7 Sacramento 468. 2 i00.7 355. 9 339.3 411.6 459.0 422.3 432.0 378.6 427.1 665.0 542.6 29.2 28.3 25.1 22 1 3'\ 2 18 4 22 6 17 6 Seattle 462.4 411.5 508.8 755.9 ; 605.8 20.0 34.5 37.2 40.6 34.7 ^alt Lake Citv 46.5 16.8 11.4 8.2 District 422. i 470.7 459.3 463.1 422.6 429.0 534.7 ; 515.3 34.3 29.1 29.6 29.2 32.3 28.0 31.7 27.2 In district No. 11 inquiries made of several WHOLESALE PRICES ABROAD. stores in a number of lines brought the following Tables are presented below showing the average results: monthly index numbers of wholesale prices of some of the leading countries of the world March, 1920, retail trade compared with February, 1920, and computed on the basis of prices in 1913 ==100. March, 1919. In all cases except that of the United States the original basis upon which the index num- Compared st«cks bers have been computed has been shifted with— Sales. to the 1913 base. The monthly and yearly index numbers are, therefore, only approximate. These index numbers are constructed Per cent. Per cent. '• Per cent. Clothing Feb. 1920 + 54 . +15 by the various foreign statistical offices ac- Groceries M Fe a b r . . 1 1 9 9 2 1 0 9 + + 1 2 4 9 : +20 : +26 cording to methods described in the January Mar. 1919 + 28 Hardware Feb. 1920 - 8 + 4 i - 6 BULLETIN. The latest figures are subject to Mar. 1919 + io; +20 i +21 correction. It should be noted that the Dry goods Feb. 1920 + 24 + 7 . ! Mar. 1919 + 39 +23 |. Swedish index number published below is not Shoes i M Fe a b r. . 1 1 9 9 2 1 0 9 + + 3 5 7 0 + 17 +12 constructed by the Swedish Government but Furniture Feb. 1920 + 46 + 10 -20 by a leading Swedish newspaper, the "Svensk Mar. 1919 ! +240 : +46 -10 Paints and oils.. Feb. 1920 j + 38 : + 10 Han dels tidning." An official index is being con- Mar. 1919 ! +25 structed at present by the Swedish Government. 177757—20 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

506 FEDERAL RESERVE BULLETIN. MAY, 1920. Index numbers of wholesale prices (all commodities). activity, however, was apparently considerable, trades providing industrial equipment and [1913-100.] manufacturing supplies being forced to ration their output to consumers. n the following table, figures are presented showing deposit and note circulation for February and March on a weekly basis: [In millions of dollars.] Bank and ; Public currency : and note cir- : other culation. . deposits. Feb. 4 2,038 : 697 Feb. 11 2,031 751 Feb.18 2,043 ; 930 Feb 25 . . .. 2,051 925 Mar 3 2,(K58 ! 768 I ! Mar. 10 2,098 710 F J M a e a n b r i u c r 9 h u a i a 9 ry . r y — .. j 1 ; ; 2 2 1 0 0 9 3 1 7 2 2 2 2 2 1 4 0 7 3 3 3 4 3 4 8 7 0 ' 3 3 3 2 2 2 4 4 0 : i 3 3 sr 6 5 > 9 8 4 2 2 2 1 0 1 4 6 3 ! 1 : i i i 2 2 2 0 1 0 7 2 5 M M M a a a r r r . 2 3 17 1 4 . . .. . .. . . .. 2 2 2 , , , 1 0 0 4 8 8 4 1 0 7 6 7 3 6 3 7 8 7 A M p a r y i l ; ! 2 20 0 7 3 2 2 1 2 7 9 3 3 3 2 2 5 3 3 2 3 9 6 : ; 3 3 3 3 9 0 2 2 0 1 7 5 . ! 2 2 0 1 6 0 June i 207 235 329 356 324 228 i ! 210 During April further measures were taken July 219 243 349 359 320 247 i ; 218 August 226 250 347 368 . 321 251 1 i 223 to improve the foreign and domestic credit S O e c p to te b m er b er. j 2 22 2 3 1 2 26 5 4 3 3 3 6 8 0 2 3 3 7 8 0 4 ! 3 3 1 0 9 7 2 2 5 7 7 1 : ! 2 22 2 2 3 situation of the country, namely, the rais- November.! 230 272 405 ! 435 308 280 ! 227 ing of the discount rate at the Bank of Eng- December..' 238 276 417 455 317 288 • 240 land to 7 per cent and the announcement by 1920. : the chancellor of the exchequer of the new taxa- January....! 248 288 j 487 504 319 ' 301 l 203 248 February..! 249 306 ! 522 556 313 ! 206 ! 254 tion policy of the Government. The latter March..:...' 253 307 ! 554 619 321 ' 1 258 involves not only an increase in consumption taxes but also an increase from 40 to 60 per i July, 1914=100. cent in the excess-profits tax. At the same Although a recession of prices did nottime the Government announced that there occur in any of the countries for which we have w^ould be no future borrowing to meet expendiindex numbers, the rate of increase in March ture but solely for the purpose of reducing the was less rapid than during earlier months in floating debt. The effect of these measures most countries, with the important exception upon prices may not be felt at once, but in of Italy. The increase amounted to 1 point in the course of a few' months their influence March as compared with 18 in February in should be apparent. the case of England, 32 points as compared with 35 in France, 63 points as compared with Group index numbers—United Kingdom, Statist. 52 in Italy, 8 points as compared with 12 in Japan, and 4 points as compared with 6 in [1913—100.] Canada. Ani- I Sugar, ENGLAND. mal j coffee,Food- Miner- Tex- Sun- Matefoods.! tea. stuffs. als. tiles. dries. rials. The unprecedented advance in wholesale prices which occurred in February in England 1913 1 100100 i 100 : 100 I 100 100 100 100 was not repeated in March. Prices as a whole 1914 : 110 100 ! 107: 105 i 90 97 105 98 1915 1 155125 | 130 • 137 ! 109 111 131 119 advanced only 1 point, according to the Statist 1916 ! 193 152 ! 161 169 140 152 163 153 index number. Concomitant with this more 1 1 9 9 1 1 7 8 ! | 24 2 8 52 2 1 1 9 0 2 I j 212 i 2 2 2 1 9 8 1 1 5 6 3 7 2 2 2 6 8 5 2 2 1 4 3 3 2 1 2 9 5 8 favorable condition, the rate of exchange in j 1919. : New York improved and the value of foreign January 249 226 221 234 159 246 246 218 trade increased. At the same time currency February 250 226 221 235 156 242 ; 235 212 March..' 240 205 238 224 154 235 " 246 213 and note circulation of the Bank of England April ; 243 206 228 224 . 154 239 '• 243213 which had been expanding during February M Ju a n y e 2 2 4 4 6 4 2 20 0 8 8 ! 2 23 4 6 3 ! 2 2 2 2 6 9 , 1 1 7 8 7 2 2 2 5 5 8 3 2 2 7 5 1 8 2 2 3 3 9 0 contracted considerably during the first four July ; 244 208 275 231 202 256 284 250 August 254 208 318 242 206 272 283 254 weeks of March, only to be increased again in September 258 208 327 244 i 20(5 286 279 257 the last week in March to a total greater than N O o ct v o e b m er b er 2 2 6 6 6 0 2 2 2 2 6 6 ! 3 33 2 1 2 2 2 5 5 3 8 : 22 2 2 26 3 3 0 2 5 5 2 28 9 4 2 2 2 8 7 0 0 at any time since the Christmas expansion. December 269 228 | 335 260 ; 234334 296 286 Deposits, which were most radically expanded 1920. | toward the end of February, were rapidly re- J F a e n b u r a u r a y r y 2 2 7 9 4 7 2 23 3 7 0 i 41 3 5 56 2 2 8 6 6 5 '••2 2 6 5 7 6 3 3 6 4 2 3 3 3 2 1 9 2 318 duced during the following month. Industrial March : 345 237 394 300 i 263 360 319 312 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1920. FEDERAL RESERVE BULJLETIN. 507 According* to the Statist index, foodstuffs On March 8 corn prices were freed from conadvanced in price during the month, whereas trol and at about the same time potato control materials on the whole declined. The advance was reinstituted, a price being fixed for the in vegetable foods is due in part to the in- grower, the wholesaler, and the retailer. On crease in the Government price of wheat and March 22 the retail price of sugar was advanced the advance in the price of corn following re- and the ration increased. moval of control. Animal foods, which are FRANCE. largely controlled, remained unchanged in price, but coffee and tea were reduced. The general price index number for France gained 32 points in the month of March. This In the minerals group, although higher prices advance was caused by the continued shortage could have been obtained for export coal than of raw materials (of coal, in particular), the in the preceding month, very little was availuncertainties of the financial situation, and by able to send afiroad. This was due to an unthe number of strikes throughout the country. usually heavy demand from the Government Within a comparatively short period there have for coal for the railroads, public utilities, and occurred in France strikes of dock hands and for stock. The industrial demand was also railway workers, of the miners in the Pas de abnormally large and household consumption Calais district, of the textile workers in the still considerable. No change was made in the mills near Lille, and of steel workers and silk official price of coal for these purposes. dyers at Lyon. Although a certain amount of labor diffi- The financial situation is still complicated by culty was reported, production of coal was the lack of a budget for 1920. Since the proup to the standard of recent months. Prices posals for the budget include a retroactive of certain grades of pig iron and steel products supertax on war profits, a tax on total business were advanced, but in this case as with coal turnover and a tax on increases in wealth durthe problem of filling orders was more serious ing the war, industrial and financial operations than that of selling prices. Scarcity of are greatly hampered by uncertainty as to its fuel and railroad cars were reported as the final provisions. The tax on total business turnmost serious factors curtailing production, over will in particular affect commodity prices, but strikes in the steel mills of one imperceptibly increasing the price of highly manuportant producing center were a contributing factured articles whichpass through manyhands factor. Copper, tin, and zinc all declined in before they reach the consumer. Any taxes, price, but following considerable liquidation at however, which realize large items by which the lower prices the market appears to have the Government may decrease the public become stronger. debt and reduce inflation should, in the end, Uncertainty marked the cotton-manufactur- help in decreasing commodity prices. Even ing industry throughout the month, and slight now there are signs of improvement in the price reductions were made. Both American financial situation. For the first 11 months and Egyptian raw cotton prices were con- of 1919 the note circulation of the Bank of sidered due for a decline and brokers and manu- France rose steadily. Since December, 1919, facturers hesitated to buy. Persistent wage however, note circulation has been fairly stable, demands were made by cotton operatives. and the month of March witnessed an actual More or less of the same hesitation was decrease of 300,000,000 francs. Improvement apparent in the hide and leather industries. to the extent of 17,000,000 francs was likewise In the wool industry, the European demand made in the gold reserve between the 1st for raw materials decreased because of the exof January and the middle of April. In addichange situation. tion, receipts from ordinary revenue and Gov- Several important changes were made in Gov- ernment monopolies for the first two months of ernment control during the month. On March the year exceeded official estimates by 735,573,- 15 the wholesale price of flour was advanced; re- 900 francs. As the Senate is pressing the tail prices of flour and bread, however, continued Chamber of Deputies for action on the budget the same until April 10. Even with this in- at a very early date, the prospect for restoring crease in price, the Treasury carries a subsidy order to Government finance seems to be of £50,000,000 per annum on account of bread. improving. In order that wheat prices might be in agree- The increase in prices of foodstuffs, as shown ment with flour prices, the royal commission on by the index number of the Statistique Genwheat supplies advanced the price of imported erale, is partly explained by the advance in the wheat on the same date. Announcement has official price of wheat flour and bread on also been made of an increase in the maximum March 1. This action was necessitated by the price of wheat to the producers of the 1920 heavy burden which the wheat subsidy had crop. imposed upon the treasury. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 FEDERAL RESERVE BULLETIN. MAY, 1020. Group index numbers—France, Bulletin de la Statistique period of 1919, but for the first time since the Generate. armistice the increase in the value of the ex- [1913=100.] ports is greater than the increase in the value of the imports. The advance in the importa- Ani- Vege- Sugar, Mate- tion of raw materials and in the exportation Date. mal table coffee, Foods Tex- Min- Sun- rials of manufactured articles is particularly striking. food. foods. co a c n o d a. (20). tiles. erals. dries. (25). In the first two months of 1919 imports of raw materials constituted only 38 per cent of the 1913 100 100 100 100 100 100 100 100 total importation into France; in the corres- 1914 103 103 106 104 109 98 99 101 1915 126 126 151 131 132 164 145 145 ponding period of 1920 imports of raw materials 1916 162 170 164 167 180 232 199 206 were 64 per cent larger than in 1919 and made 1917 215 243 201 225 303 271 302 291 1918 298 231 281 460 283 420 387 up 50 per cent of the total. An even greater 1919. advance occurred in the case of exports of manufactured articles, which were 168 per January... 337 321 230 313 416 271 427 376 February. 343 321 236 316 399 243 420 360 cent greater in January and February, 1920, March 439 277 236 337 322 246 404 337 April 436 277 236 336 335 243 387 330 than in the same months of 1919. In order May 397 275 237 319 346 231 390 330 to curtail unnecessary imports and thus fur- June 381 268 255 313 372 236 398 344 July 372 336 257 338 406 267 394 358 ther the movement toward a more favorable A Se u p g t u e s m t ber 3 39 6 6 0 3 3 0 0 9 8 2 26 6 4 3 3 33 2 4 3 4 4 3 7 4 6 2 27 7 9 3 3 4 9 0 8 2 3 38 6 1 7 balance of trade, the Chamber of Deputies October... 402 337 268 353 554 295 403 405 prohibited on April 27 the importation of November. 425 ! 351 270 369 620 323 415 435 December. 432 380 278 375 649 357 419 458 almost 200 articles of luxury. 1920. ITALY. January... 452 432 419 440 787 413 465 525 M Fe a b rc r h uary.. 4 5 8 0 4 0 4 5 7 1 4 6 4 4 3 3 6 9 4 4 7 9 4 8 8 8 2 8 8 4 4 4 3 5 4 9 5 5 0 4 3 8 5 6 5 0 8 0 The wholesale price index for Italy shows a very rapid rate of increase during the first three months of 1920, amounting to 36 per Although receipts of coal from all sources cent, as compared with 1913, between Decemwere larger in February than in January, the ber and March. The most striking advances scarcity of fuel continued and prices advanced have occurred in the textile and mineral in industries where coal is the major factor in groups, foodstuffs remaining more stable beexpense. The price of French hematite pig cause of Government control. iron rose from 520 francs the 1st of February The most recent bank statements apply to 710 francs the 1st of March, and that of iron to January 20, 1920, and the latest forand soft steel bars from 95 to 130 francs. eign trade figures are for December, 1919. The French foreign trade figures for the first Between January 31, 1919, and January 20, two months of 1920 show a marked improve- 1920, the note circulation of the three banks ment over similar figures for 1919: of issue increased 36 per cent, the deposits 45 per cent, whereas the reserves (includ- French imports and exports, exclusive of gold and silver, based on 1918 values. ing gold, silver, and foreign holdings) declined 11 per cent. Between December, 1919, [Expressed in millions of dollars, gold parity.] and January, 1920, the note circulation decreased, but deposits increased very consider- January and Feb- ably and reserves declined. The fiscal condiruary. Increase. tion of the country is discussed in some detail 1919 1920 elsewhere in this BULLETIN. During the calendar year 1919, the value of foreign trade increased continually, in the case of imports 61 Imports: Foods.. 211 230 19 per cent, in that of exports 242 per cent. Raw materials . 274 449 175 Manufactured articles 202 218 16 Value of imports and exports of Italy for the year 1919. Total 687 897 210 [Expressed in millions of dollars, gold parity.] Exports: Foods 13 45 32 Raw materials 19 104 85 1919. Imports. Exports. 1919. Imports. Exports. Manufactured artinlos 89 228 139 Parcel post 18 15 3 January 205 I August 216 90 Total 136 394 259 February 253 ; September 243 107 March 297 October 237 123 April 303 November 241 115 May 247 December 330 149 Both imports and exports are larger for the June 401 first two months of 1920 than for the same July 215 Total j 3,187 1,001 ! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1920. FEDERAL RESERVE BULLETIN". 509 Group index numbers—Italy, Prof. Bachi. Bank of Japan. [In millions of dollars.] [1913-= 100.] Notes Specie Date. Ce a r n e d als O fo t o h d e - r Textiles. Mi a n n e d rals Other End of— issued. reserve. meats. stuffs. metals. goods. July, 1914 ! 165 108 December, 1918 ! 571 355 1 1 1 1 9 9 9 9 1 1 1 1 4 5 6 3 . . . . 1 1 1 1 0 5 0 3 2 6 0 2 1 1 8 3 0 4 5 0 1 1 1 9 1 8 0 6 3 4 0 2 1 3 1 0 0 8 0 7 0 0 0 1 1 1 9 0 3 9 6 0 3 7 J M D F a e e a n b c r u r e c a u h m r a , y b r 1 , y e 9 , r 1 2 , 9 1 0 2 1 9 9 0 2 1 0 9 ! j 1 ! 6 6 6 7 7 8 8 7 8 6 2 5 4 4 4 4 7 6 2 7 0 7 6 4 1917. 215 171 326 596 266 The rediscount rate of the Bank of Japan 1918. January 271 181 425 719 330 was 6£ per cent from January until October, February 280 i 182 448 775 333 March 294 188 466 789 358 1919 (approximately the same as prior to the April 300 198 477 784 370 war), was raised to 7.3 per cent in October May #... 312 205 479 786 385 June 279 223 488 790 398 and to 8.3 per cent in November. "Since that July 326 232 489 820 398 August 33« 238 483 819 409 time there has been no increase in the rate. S O e c p to te b m er ber... 3 34 4 5 4 2 2 4 7 7 9 4 48 8 4 5 7 7 7 7 5 9 4 4 2 2 4 7 The discount rate in Tokio at the end of March November... 345 j 285 484 746 432 was 10 per cent and the rate for call money 12 December... 300 | 286 484 430 432 per cent. 1919. Statistics of foreign trade for January and January 304 300 330 295 422 February 305 307 328 295 384 February show that the balance of imports March 292 312 331 346 362 April 294 330 333 354 I 349 over exports is increasing very rapidly. No May 293 336 375 360 ! 340 gold, however, was exported in either month, Juno 320 343 381 419 ! 336 July 334 331 401 423 j 342 but the rate of importation of gold was con- August 351 423 424 j 341 September.. 319 354 430 442 342 siderably less than the average for 1919. Ex- October 326 364 500 459 341 ports, when corrected by the price index, show November... 328 371 634 568 351 December... 338 373 658 584 [ 405 something like a 25 per cent decrease in vol- 1920. ume in January ana February as compared J F a e n b u ru ar a y ry 3 3 6 63 5 • I " 3 3 9 9 9 6 8 7 4 7 0 7 6 8 7 5 1 7 4 4 4 1 3 8 with the average for 1919. The greatest in- March 381 i 418 962 996 489 creases in imports have been in raw materials and in manufactures for further use in manufacture, and there has been a decline JAPAN. in the importation of manufactured commodities. Prices in Japan were still rising in March. The Value of Japanese imports and exports. increase in the all commodities index amounted to 8 points for the month. Although slight [In millions of dollars.] reductions occurred in the prices of commodi- 1 1919 1920 ties like silk, cotton, and rice in March the aver- Janu- Februage. ary. ary. striking break did not occur until the first weeks of April. A serious decline in the prices of IMPORTS. ] stocks occurred, however, during March, the Food driuk and tobacco ; 15 12 15 Tokio exchange barometer registering 395 yen 45 62 79 Manufactures for further use in manufacturing. 19 20 30 on April 1 as compared with 496 yen on March 1. Articles wholly manufactured : 11 9 11 An analysis of the statement'of the Bank of Total l 91 102 135 Japan for March 31 shows that the financial EXPORTS. condition of the country is strong. Although the note issue on that date was something like Food, drink, and tobacco i 6 6 5 Raw materials o 4 6 four times as great as prior to the war, it was Manufactures for further use in manufacturing. 1 38 42 31 Articles wholly manufactured ; 38 35 45 approximately 200,000,000 yen less than on December 31, 1919, and was supported by a Total 1 87 88 87 reserve of 63 per cent of the note issue. Excess of imports .. i 3 14 48 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FEDERAL RESERVE BULLETIN". MAY, 1920. Group index numbers—United States Bureau of Labor Group index numbers—Canadian Department of Labor- Statistics. Continued. [1913=100.] ! bo i Date. l H e e a i t d t c h . e e s r , , Metals. m I e m n p t le s. - l i t n B u e g m r u i i a b l m l d e s r - a , . - l F i i a g n n u h g e d t . l - | i [ j c D a h c r n a e u l m d s g . i s - Date. 1913 100 100 100 100 100 | 100 1914 105 96 101 100 94 i 106 1915 110 128 106 97 92 j 160 1916 143 167 128 100 113 222 1917 168 217 174 118 163 ' 236 1913.. 1918 169 229 213 147 188 ! 250 1914.. 1915-.. 1919. 1916.. January 171 204 229 154 2W 240 1917.; February... 162 189 229 155 202 I 233 1918.. March 162 172 229 156 199 ! 212 April 166 162 223 153 206 I 210 1919. May 202 162 223 153 192 j 208 January 170 i 172 June 211 161 226 158 194 197 February 169 : 168 July 235 166 226 168 194 ! 195 March 168 j 162 August 260 171 228 170 199 196 April 167 i 152 September.. 256 171 231 183 200 197 May 167 i 152 October 252 165 225 188 201 198 June 170 I 154 November.. 252 171 232 194 201 181 July 171 158 December... 231 181 232 224 209 190 August September ! 226 1920. October ; 230 January 237 191 235 232 212 191 November ! 240 February... 244 199 231 241 215 189 December I 244 March..I 222 210 237 268 213 194 1920. January. 227 February. 227 March.... 329 | 230 Group index numbers—Sweden, Soensk Handelstidning. [1913=100.] Group index numbers—Canadian Department of Labor.1 [1913=100.] I Grains Fruits Date. fo a d n d d er. v a e n ge d - f O o t o h d e s r . t T i e l x es - . Date. meats. tables. a 1913. 100 100 100 100 100 100 1914. 114 107 100 99 104 102 1915. 136 104 105 93 121 114 1913-14 100 100 100 ' 100 ! 100 100 1916. 142 121 119 130 136 148 1914 1 136 101 114 ! 123 ; 109 118 1917. 206 160 149 233 180 201 1915 151 140 161 I 177 i 166 158 1918. 231 195 168 214 213 273 1916 152 182 180 ! 266 ! 272 229 1917 181 205 198 551 i 405 206 1919. 1918 221 419 304 856 j 195 January 198 191 191 206 223 293 February 192 191 178 188 218 281 1919. March 199 196 171 189 219 282 January 276 356 ! 810 373 293 323 208 April 217 209 184 198 213 284 February.. 276 448 356 1 784 341 293 323 208 May 231 213 181 209 213 277 March 276 438 356 i 814 317 323 174 June 238 213 179 | 221 215 274 April 276 423 367 i 769 287 323 172 July 240 216 186 I 200 218 278 May 276 417 364 j 733 246 285 299 172 August 243 215 189 210 224 277 June 276 424 328 746 212 284 286 162 September... 232 201 193 195 227 282 July 2tK) 412 334 732 213 284 285 243 October 232 180 204 178 228 289 August 2(50 396 334 795 214 280 292 247 November... 240 175 221 240 230 298 September. 255 386 323 213 282 289 235 December 251 182 230 240 232 October 230 360 323 213 281 292 223 November. 230 361 317 840 225 280 316 228 1920. December.. 241 362 319 I 840 237 294 343 258 January 268 ! 195 265 245 316 February 275 195 216 290 251 321 1920. March 198 206 295 254 322 January 250 328 317 ' 864 248 295 258 i Unimportant groups omitted. i Average for the six months ending Dec. 31,1914. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1020. FEDERAL RESERVE BULLETIN. 511 Group index numbers—Australia, Bureau of Census and February. All of the three principal groups of Statistics. commodities show an increase, although to a [July, 1914=100.] varying extent. The index number for the 3 group of consumers' goods shows the smallest increase, namely, 0.6 per cent, from 256 to 258. I Decreases in price were noted in the case of an Date. extended list of commodities, in particular food- : V t stuffs, such as milk and eggs, lemons, and raisins, fresh beef (Chicago quotation), bacon, 2 July, 1914... 100 100 100 100 100 100 100 100 lamb, mutton, and salt mess pork, granulated 1915 117 93 202 127 110 150 116 149 sugar, wheat flour in Minneapolis and Toledo, 1916 154 131 113 124 127 155 ! 136 172 1917 beans, peanuts, cottonseed oil, and print cloths. 1918 These decreases were, however, more than offset 1919. 1920. .- by increases in price for a list of commodities January I 189 : 273 227 143 ! 156 147 ! 282 February... 192 ! 283 i 226 149 | 161 . 149 j 2S7 272 approximately equal in number, prominent among which were butter, oranges, fresh beef WHOLESALE PRICES IN THE UNITED (New York quotation), hams and poultry (Chi- STATES. cago quotation), wheat flour at Kansas City In continuation of figures shown in the April and St. Louis, corn meal, -potatoes, salt, coffee, BULLETIN there are presented below monthly wrapping paper, and illuminating oil. index numbers of wholesale prices for the period An increase of 2.3 per cent, from 246 to 252, is July, 1919, to March, 1920, compared with like shown in the index number for the group of profigures for March of previous years; also for ducers' goods. The decreases in the prices of July, 1914, the month immediately preceding twisted cotton yarns, rubber, oleo oil, hemp, cotthe outbreak of the Great War. The general tonseed meal, jute, nails, and silver were more index number is that of the United States than offset by increases in the prices of carded Bureau of Labor Statistics. In addition there mulespun cotton yarns, bar iron, steel billets and are presented separate numbers for certain par- plates and structural steel, bran, sugar (96° ticular classes of commodities in accordance centrifugal), various chemicals, such as wood with plans announced in previous issues of the alcohol, caustic soda and soda ash, gasoline, BULLETIN. lubricating oil, lime, linseed oil, turpentine, and Quotations for buckwheat flour and for sheet- wood pulp. ings (bleached, 10-4, Pepperell) have been The index number for the group of raw mateomitted. On the other hand, quotations for rials increased from 240 to 247, or 2.7 per cent. phosphate rock (Florida land pebble, 68 per Among the subgroups of commodities included cent), ginghams (Amoskeag, 6.37 yards to under this head, decrease is alone shown in the pound), tickings (Amoskeag, 2.05 yards to index number for the subgroup of animal prodpound), overcoatings (plain and soft faced, ucts, from 206 to 200, or 2.8 per cent. While black twill), and suitings (clay worsted, 12- the prices of light hogs, poultry, and ewes ouncc and 16-ouncc, and serge, 11 -ounce), showed an increase, these w^erc more than offset which had been dropped temporarily, have been by decreases in the prices of cattle, heavy hogs, secured for the months of February and March, and lamb, various classes of hides, including and the commodities were again included in the Brazilian goatskins, calfskins, and packer hides, calculation of the index numbers for the latter and raw silk. Least among the increases shown month. Seven commodities were also included was that of 1.6 per cent for the subgroup of in the calculation of the index number for mineral products, from 194 to 197. Decreases March and the revised index number for Feb- in the prices of copper, zinc, and basic pig iron ruary, namely, hemp (manila, fair, current ship- were more than offset by increases in the prices ment), sisal (Mexican, current shipment), lin- of crude petroleum and lead. The index numseed meal, mill feed (middlings, standard, Min- ber for the subgroup of farm products increased neapolis), tankage (slaughterhouse, crushed, 9 3.4 per cent, from 278 to 288, due to increases and 20 per cent), and vegetable oil (cocoanut, in the prices of cotton, spring and winter wheat crude, and soya bean, crude). Index numbers at Chicago, Minneapolis, and Kansas City, corn, for March are provisional, due to the fact that oats, rye and barley and timothy, which were certain data were not received in time to render not offset by decreases in the prices of tothem available for use in the calculations. bacco, wheat at Portland, alfalfa and flax. A further increase in wholesale prices is noted The increase of 10.2 per cent in the index numfor the month of March. The general index ber for the forest products subgroup, from 315 number of the Bureau of Labor Statistics for to 348, was due to the increases in the prices of the latter month stands at 253, as compared yellows-pine surfaced boards, plain and quartered with 248, the revised figure for the month of white oak, and maple. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FEDERAL RESERVE BULLETIN. MAY, 1920. Index numbers of vjholesale prices in the United States for principal classes of commodities. [Average price for 1913=100.] Raw materials. All commodities Producers' Consumers' (Bureau of Year and month. pr F od ar u m ct s, ! i p A ro n d im uc a t l s , j pr F o o d r u as c t t s, : p M ro i d ne u r c a t l s . ' I T m o a t t a e l r r i a al w s. goods. goods. t L is a ti b c o s r i n S d ta e - x number). July, 1914 102 106 97 91 99 93 103 100 March, 1915 115 96 94 92 100 90 101 100 March, 1916 110 114 96 117 111 132 112 115 March, 1917 171 156 103 197 161 171 155 161 March, 1918 249 179 135 173 188 187 190 187 March, 1919 237 217 149 173 199 190 210 201 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.. 2S8 209 259 186 233 228 245 238 January, 1920 291 213 273 190 239 245 259 248 February, 1920... 278 206 315 194 240 246 256 248 March, 1920 2S8 200 348 197 247 252 25S 253 In order to give a more concrete illustration figures for March of previous years; also for of actual price movements, there are also pre- July, 1914, the month immediately preceding sented in the following table monthly actual the outbreak of the Great War. The actual and relative figures for certain commodities of average monthly prices shown in the table a basic character, covering the period July, have been abstracted from the records of the 1919, to March, 1920, compared with like 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, Pnttr ° m vO O m rlpniii ] • . n W o M r h i t n h e n e a e r t n a , p N s oi p i o s r # . i n 1 g , • , ; j W re h C d e h a w i t c , a in N g t o o e . . r , 2, g C oo a C d tt h l t e i o c , a s c g t h e o o e . i r c s e , , i s H t h e i e e d a r e s v s , y * ,p C n a h c a i k t c i a e v g r e s o , . Year and month. ^J p A r v ic e e r a p g e e r R ti e v l e a- p A r v ic e e r a p g e e r : j R ti e v l o a - ! • A pr v ic e e ra p g e e r R ti e v l e a - j ! A pr v i e ce ra p g e e r R t e i l v a e - T pric c e p R ti G la. A i vorage R ti e v l e abushel. price. pound. ; price. I bushel. price, bushel. price. pounds. ; ti i p P ri ° c u e n p d- er price. July, 1914 SO.7044 114 SO-1331 i 105 i $0.8971 103 SO.8210 83 $9.2188 108 SO. 1938 105 March, 1915 7183 116 .0836 cc: 1.4724 169 1.5311 155 8.2333 ' 97 .2300 125 March, 1916 7150 116 .1177 1.1409 131 1.1328 115 8.9GSS ' 105 .2275 124 March, 1917 1181 182 .1704 . 93 ; 1.9814 227 1.9781 201 11.8G88 : 140 . 3050 166 March, 1918 5->(K$ 253 .3291 : 139 i 2.1700 248 2.1700 220 13.2313 ' 15G . 2G25 143 March, 1919 458S 237 .2(581 250 ! 2.3275 200 2.3575 239 18.5750 i 218 .2763 150 July, 1919 9075 310 .3377 j 211 i 2. 6800 307 2.2580 229 16.8(588 j 198 .4860 264 August, 1919 9213 312 .3125 2G0 ! 2.5250 289 2. 2394 227 17.6375 i 207 .5200 283 September, 1019 5410 250 .3078 i 24G i 2.5350 290 2.2385 227 10.8050 ; 198 . 4638 252 October, 1919 220 .3538 ; 242 i 2. (5250 301 2.2394 227 17.5938 ! 207 .4820 262 November, 1919. 4875 242 .39(53 i 279 i 2.8250 323 2.2881 232 17.5000 ! 20G . 468S 255 December, 1919.. •1485 235 .3990 • 312 ! 3.0300 347 2.4490 248 17.0750 : 201 .4100 223 January, 1920.... 4750 240 .4035 314 i 2.9313 336 2.6338 2(57 15.9375 ; 187 .4000 218 February, 1920.. 4125 229 .3944 3is : 2. G875 308 2.4900 252 14.9688 i 176 . 4025 219 March, 1920 5515 252 .4000 : 311 2. 7550 315 2.5000 253 14.4000 ; 1G9 .3040 198 320 ; H C og h s ic , a l g ig o h . t, g W ra o d o e l, s , O s h c i o 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 ti l e d , , a e N n w e t a h w t r e a r Y c . i o te rk , Co r C a u l i n , n b c i o t i u f n m m na i i n t n i o . e u , s, Year and month. miclfer: T?ela" I A™rape j Rela- ; Average Rela- Average ! Rela- Average Rela- Rela- 100 j ti.ve ! price peri tive price per tive price per j tive priceper tive • tive pounds. ! price" ! P°und- i Price- price. Mfeet. i price. long ton.: price, j price. Julv,1914 $8.7563 | 104 j SO.4444 94 I $24.5000 101 $42.0000 94 100 March, 1915 6.7500 i 80 .5571 ! 118 I 21.5000 89 41.0000 92 100 March, 1916 9.4688 • 112 .6714 i 143 ! 23-2500 96 40.0000 90 100 March, 1917 14.368S : 170 .9286 ! 197 25.5000 105 42.0000 94 227 March, 1918 17.4250 i 206 1.4545 | 309 ! 30.5000 126 60.0000 135 164 March, 1919 18.8550 i 223 1.2000 i 255 '!36.0000 149 64.0000 144 182 July,1919 22.3875 i 266 1.2364 ! 263 ! 41.0000 169 73.0000 164 182 August, 1919 21.6125 i 256 1.2364 ! 263 ! 78.0000 175 182 September, 1919 18.2100 215 1.2182 ' 259 i 43.0000 177 95.0000 213 205 October, 1919 14.7250 174 1.2634 j 268 44.0000 182 100.0000 224 205 November, 1919 14.1438 167 1.2545 j 266 44.0000 182 100.0000 224 186 December, 1919 13.6800 162 1.2545 I 266 48.0000 198 112.0000 251 186 January, 1920 15.1250 179 1.2364 I 263 53.0000 219 112.0000 251 186 February, 1920 14.9813 177 1.2364 i 263 57.0000 235 139.0000 312 186 March, 1920 15.5000 | 1.S3 1.2364 i 263 57.0000 235 139.0000 312 186 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL RESERVE BULLETIN. 513 Average monthly wholesale prices of commodities—Continued. C t o a a s, l , N P o o r c f a o h lk o . n - ; ! Coke, v C ill o e n . nells- C e N o l p e e p c w t e r r o Y , l i y o n t r g i k c o . , t, Pe P t e r n o a n l t e s w u y m e lv l , l a s c n . r i u a d , e, I ! j Pig iron, basic, Year and month. ! Average ! Rela- I Average . Rela- Average Rela- Average Rela- i Average Relai price per : tive ! price per tive price per ! tive price per tive j price per tive ! long ton.: price, short ton. price. pound, price. barrel. price. | long ton. price. July, 1914 i $3.0000 100: SI.8750 i SO.1340 $0.0390 71 $13.0000 March, 1915 \ 2.8500 95! 1.5750! . 1463 .0390 61 i 12.5000 85 March, 1916 i 3.0000 100 3.0000 • .2700 .0640 98 I 18.2000 124 March, 1917 6.5000: 217 8.5000 .3625 .0950 124 I 32.2500 219 March, 1918 : 4.4120: 147 6.0000 . 2350 .0724 163 i 33.0000 224 March, 1919 1.9000 163 4.4688: .1509 .0524 163 28.9375 197 July, 1919 ; 5.1400 171 4.0950. .2150 .0561 163 25.7500 175 August, 1919 : ' 4.2188 | .2281 .0579 163 25.7500 175 September, 1919 4.5920 .2220 .0609 173 25.7500 175 October, 1919 5.1400; 171 4.8250 .2172 .0643 173 25.7500 175 November, 1919 4.6320 : 154 • 5.9375 .2038 .0676 181 j 28.3125 193 December, 1919 4.6320 : 154 6.0500 .1873 .0718 188 34.6000 235 Januarv, 1920 4.6320 154 6.0000 .1931 .0872 207 i 37.7500 257 February, 1920 4. (320 154 6.0000 . 1906 .0881 225 i 42.2500 287 March, 1920 4.6320 : 154 6.0000 . 1858 .0923 219 ! 41.6000 283 I Cotton yarns, Steel plates, j Steel rails, open ! Worsted yarns, northern cones, Leather, sole, tank, Pitts- | hearth, Pitts- ; 2-32's cross- 10/1. hemlock No. 1. burgh. : burgh. i bred. Year and month. Average j Rela- Average i Rcla- Average Rela- Average Rela- Average ,- Rda- Relaprice per ; tive price per | tive price per tive price per tive price per tive tive pound. ; price. pound. : price. long ton. price. pound. price. long ton. price. July, 1914 SO. 2150 97 { $0.3050 108 j £19.0000 74 1.0113 76! $30.0000 March, 1915 1450 66:. 19.7000 76 .0113 76 :30.0000 March, 1916 .2200 99 ! .3350 119 ! 42.4000 164 .0255 172 1 30.0000 March, 1917 j . 3100 140 i .5950 211 i 66.2500 257 .0438 296 i 40.0000 March, 1918 5745 260 i . 1550 161 i 47.5000 184 .0325 220 ! 57.0000 March, 1919 .4132 187 ; . 4900 174 i 42.2500 164 .0291 197 i 54.5000 July, 1919 5912 267 i .5300 . 188 i 38.5000 149 .0265 179 i 47.0000 August, 1919 6130 277 ; . 5700 202 :38.5000 149 .0265 179 ! 47.0000 September, 1919 5903 267 ! . 5700 202 ! 38.5000 I 149 .0253 171 47.0000 -October, 1919 6111 276 ! . 5700 202 | 38.5000 ! 149 .0201 176 47.0000 November, 191.9 6648 300 j . 5700 202! 41.3750 160 .0265 179 . 47.0000 December, 1919 6986 316 . 5700 202 i 46.4000 180 .0265 179 : 47.0000 January, 1920 7271 329 i . 5(500 < 199 i 48.0000 186 .0274 185; 50.7500 February, 1920 7165 337 : . 5700 202 ' 55.2500 214 .0350 236 54.5000 March, 1920 .7549 341 : .5700 202 i 60.0000 233 .0305 247 : 51.5000 I Flour, wheat, j st B e g e e o e r o s f d , , c C n a h a r i t c c i a v a s e g s o , . I Coflee. Rio, Xo.' 1 ' ; • • s ( t 1 a 9 n 1 d 8 w a , r s a d t r a ) n p , d at a e r n d t s ' . ! ', Ham C s h , i c s a m g o o k . ed, TJ 1 l N 5 u 0 m o ° w i f n ir a Y e ti o n t r o ? k s . o t, il, S N uj e ra l w a r, t e Y g d r o . a r n k u . - : Minneapolis. Year and month Average Rela- j Average Rela- ! Ayera.ee Rela- i Average ;• Rela- Ay erase Rela- Average Relaprice per tive I price per tive i price per j tive ' price per : tive price rer tive price per tive pound. price. I pound. price, i barrel. 1 price. ; pound, j price. gaJJoh. price. pound. price. i I July. 191-1 ! SO. 1350 104 i SO.0S82 79 I $4.5938 100 :$0.1769 106 $0.1200 97 50.0420 98 March. 1915 ! .1175 91 i .0775 70 7. -1850 103 i . 1425 86 . 1200 97 I .0571 134 March, 1916 j .1375 106 : .0925 83 5.8813 128 i .1769 106 . .1200 97 i . 0059 154 March, 1017 1 .1490 . 115 ! .0975 I 88 i 9.6313 210 i .2288 138 . 1200 97 I . 0706 165 March, IMS 1750 j 135 : .0891 80 i 10.0938 220 i .3028 I 182 . 1600 130 I . 0730 171 March, .19.1.9 2450 1 1S9 I . 1602 144 j11.2125 245 ! .3381 • 203 .0810 147; .0882 207 July, 1919 2075 | 360 I .2303 207 . 12.1550 2(55 j .3835 230 . 2050 166 ! .0882 207 August, 1919 j . 2350 ! 181 ! .2150 193 12.0063 262 .3838 j 231 .2180 177 ! .0882 207 September, 1919 2275 i 176 ' . 1663 149; 11.6200 254 .3180 I 209 .2200 178 i .0882 207 October, 1919 2290 j 177 j . 1650 148 ; 12.0313 2G2 .2900 j 174 .2200 178 ' .0882 207 November, 1919 . 2350 | 181 i . 1697 152 12.9500 283 .2859 I 172 . 2200 178 .0882 207 December, 1919 1 .2350 ! 181 I .1518 136 11.0250 306 .2888 i 174 .2200 178 . 1085 254 January, 1920 \ . 2320 179 i . 1628 146 : 14.4438 315 .2944 177 .2240 182 .1537 360 February, 1920 2125 164 ! . 1478 133 i 13.5375 295 .3056 184 .2400 195 .1495 350 March, 1920 2050 158 i . 1500 135 ! 13.1650 287 .3155 190 .2500 203 .1372 321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. In the following tables are presented actual discount and interest rates certain types of paper in certain centers, although apparently checked for prevailing during the periods ending March 15 and April 15, 1920, in other types of paper. The increase is noted in^ the high, lowT, and custhe various cities in which the several Federal Reserve Banks and their tomary" rates for commercial paper purchased in the open market, for branches are located. A complete description of the several types of bankers' acceptances and for customers' commercial paper. Decreases in paper for which quotations are given will be found in the September, rates are infrequent. Comparison with rates prevailing during the 30-day 1018, and October, 191.8, FRIJKIIAL RIOSKRVI; BULLETINS. Quotations for period ending April 15, 1919, shows that present rates continue higher new types of paper will be added from time to time as deemed of interest. in almost all centers and for practically all types of paper. Increase is During the period under review a further continuance of the upward most frequent in the low rates, and instances of decrease in rates are very movement in interest rates noted for some months past is remarked for Discount and interest rates prevailing in various centers. DURING 30-DAY PERIOD ENDING MAR. 15, 1920. Prime commercial paper. Ordinary Bankers' acceptances, Collateral loans—stock exchange loans to 60 to 90 days. or other current. Secured by District. City. Customers. Open market. Int lo er a b n a s. nk C lo a a t n tl s e . warehouse certificates 3 d 0 a t y o s 9 . 0 m 4 o n to t h 6 s. 3 d 0 a t y o s 9 . 0 m 4 o n to t h 6 s. Indorsed. ind U or n s - ed. Demand. 3 months, i m 3 o n to t h 6 s. : : o e f d in n d o e ss b . t- ! H. L. C. H. L. a H. L. C.//. L. C.H. L. ! //. L. C. L. C. 1. L. CI.I. L. C. 77. L. //. L. C. II. L. C. II. L. C. N N o o . . 2 1 . . . . N B e o w st o Y n ork l... 6 7 6 6 6 6 4i 7 6 64 7 7 6 64 7 7 7 6 52 4 6 7 -7 6 6 5 5 4 i i 5 6 1 J 5 6 4 6 52 5 5 4 $ 511 1 0 5 6 6 6 8 6 7 6 5 4 64 G 6 6 64 : 6 0 4 5 5 4 6 o Buffalo !6 54 6 ! 6 52 6 6 6 6 6 6 6 6 6 7 5 6 No. 3... i Philadelphia..! 6 5£ 6 : 6 54 6 7 6 64 7 6 7 54 6 ! 6 6 6 52-6; 6 54 6 6 5J 6 I 6 6 6 I 6 No.4... C C Pi l i e t n t v c s e i b n l u a n n r a g d t h i i j j 0 ~ 6 5 !e 6 5 6 6 4 6 6 6 ! I 7 7 6 6 6 6 4 7 7 6 6 64 7 6 54 6 ! ' i 6 7 ? 6 ? 5 6 J ? 51 "h 6 i 6 7 7 4 7 6 5 6 7 6 7 7 6 7 7 6 17 7 7 6 6 6 7 7 6 6 6 7 6 6 6 5 5 1 1 6 6 6 No. 5.. Richmond j 7 6 6-64j 6 6 54-52 6 6 6 6 6 6 6 6 6 6 Baltimore 6 6 6 6 16 6 6 6 6 6 6 6 6 6 6 54 6 No. 6.. Atlanta I 7 5} 7 8 54 6 7 6 6 17 6 6 7 6 17 6 6 7 6 6 54 6 7 6 6 j i 6 7 6 6 6 6 Birmingham. J 6 8 6" 6 8 5 6 i 8 6 6 8 6 6 6 8 6 6-7 i 8 6 8 6 6-7 5 6 J N a e c w k s O on r v le i a ll n e s . . . . . ! | 8 74 5 6 4 01- 7 6- J 7 8 4 ft 7 7 6 6 6J 6 -6J 7 7 6 6 4 6 6 $ 6 6 4 5 6 4 7 7 G 6 6- 7 61 "6 74 6 6 64 7 -7 j 74 6 64-7 8 74 6 6 7 8 4 6 7 64 7 ~62 6 6 6-< 7 H Nashville | 6 6 6 6 6 6 6 6 6 N N N N N N o o o o o o . . . . . . 9 7 1 8 1 1 2 0 . 1 . . . . . . . . . . . . S S C S M L M O D L D K P H E D a e t h o o i l a m e a o e . e n i t a i u r l n t n n t P u m c L t l t a r l i n a t v a s l s a e o F s h o l p a s t g a e e v s e i a r o u n h t r o o s a i R a n d i l i ' p n s C s l o e o c i c i l t s i k y s c . . . o . . . . . . . : ! ' : : ' ! i ; : 6 6 6 0 8 8 8 S 8 8 7 7 7 7 7 4 4 5 G 6 6 6 6 6 6 6 6 0 0 6 6 5 4 2 6 6 6 G 6 6 8 7 7 - 1 1 6 " 1 . • . : 8 6 6 7 4 8 7 7 8 6 5 5 6 6 6 6 6 G 6 6 6 5 6 7 i 4 4 6 6 6 6 7 6 6 6 6 6 7 7 8 6 - 6 1 4 } 6 4 " J 6 6 6 7 7 7 7 7 7 1 1 e 6 6 6 6 5 6 6 6 6 6 6 4 2 o 2 4 4 ^ 6 6 0 6 6 a 6 G 6 6 2 4 2 6 j 6 | 4 , 4 2 ' j 7 7 7 7 7 7 7 6 6 " "' 6 6 G 6 6 6 6 6 6 " 2 e 2 " " - 6 G 6 6 6 6 G ^ " 2 2 4 62 ! 6 6 6 6 6 6 7 7 8 7 7 7 2 4 6 4 5 G 6 6 6 6 6 6 6 6 6 6 4 54 " 6 8 6 6 6 6 4 4 - T 6 i I : 5 4 5 6 : 7 7 2 4 : " 6 : 5 : | - 6 5 5 7 : i 4 4 : 6 " : 5 : 5 6 7 6 4 : 4 " - ! ' ' 6 6 6 6 " | 6 ' 5 6 5 1 4 "" 6 5 6 2 6 8 6 8 8 8 7 6 8 8 7 7 7 7 7 1 6 6 6 6 6 6 6 6 6 6 5 6 6 6 6 4 4 6 f 6 6 6 6 7 f 7 7 7 - 4 t 6 I i ! ! 4 I ! 6 6 6 5 4 \ 6- 6 6 7 6 7 6 6 4 4 4 ; ! ! ! I ' • ! I ! 6 6 6 6 6 6 5 6 6 6 5 6 6 1 4 4 6 6 6 - 7 6 7 6 6 6 6 7 7 7 6 4 4 4 64 6 6 6 4 4 7 6 6 4 6 6 6 8 8 7 4 6 6 6 6 6 6 4 1 6 6 6 6 7 1 61 6 6 6 6 6 8 6 6 8 8 8 8 8 8 7 1 4 G 6 6 6 6 6 6 6 6 6 2 6-0 G 6 f 6 6 6 6 6 6 6 7 6 7 ? t " ; Spokane • S 6 7 8 6 6 6 8 8 6 7 Salt Lake City! 8 I 8 7 8 • 7 7 7 7 7 8 7 8 7 7 8 74 7 74 1 Rates for demand paper secured by prime bankers' acceptances, high 6, low 5}, customary 54-6. CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DURING 30-DAY PERIOD ENDING APR. 15, 1920. I Prime commercial paper. Ordinary Bankers'acceptances, Collateral loans-—stock exchange loans to 60 to 90 days. or other current. Secured by °g£ge District. City. Customers. Open market. In l t o e a rb n a s. nk C lo a a t n tl s e . warehouse s¥SHlBy eic' certificates 3 d 0 a t y o s 9 . 0 m 4 o n to th 6 s. 3 d 0 a t y o 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 n to t h 6 s. of e d in n d es e s b . t- ••I- II. L. C. //. L. C. H. L. C. L. C. C. H. L. C. H. L. C. H. L. C.\ H. L. C. H. L. C. II. L. C. II. No. 1... Boston 7 6 7 7 64 7 6-2 7 7 7 6 ! 6| 5| 51 64. 7 7 No. 2.. New York »... 6 5-f 6 6 6 6 6 ... 6 7 5-1-6 i 64 6 6-6J 7* 6 6-64 6 6-71 6 6 6 6 Buffalo 7 6 6 7 6 6 6 6 6 6 6 j 5 6 6 6 No. 3... Philadelphia.. 6 5J 6 6 54 6 6i 7 6J 7 6 61 6 6 '64"6""6J 54 6 51 6 6 No. 4.., Cleveland 7 6 6 7 6 6 61 6| .... 6 6 6 6 ! 7 Pittsburgh 6 6 6 6 6 6 74 64 7 61 5g 6£ 6 6 6 6 I 6 « 6 ! 6 Cincinnati 7 6 6-6.J 7 6 64-; 6 64 7 6 ... 61 6 6 64 6| 61 7 7 7 7 7 7 6 7 j 6 No. 5.. Richmond 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 |6 6 6 16 Baltimore 6 G 6 6 6 6 6 6 6 6 No. 6.. Atlanta 8 5J 6 54 6 7 6 6 6:6 6 7 8 6 7 .8 6 7 ! 8 Birmingham.. 8 6 6-7 i 8 6 6-7 8 6 6-7 6 6-7 6 6 6 6 6-7 8 6 6-7 J 8 6 6-7 i 8 Jacksonville... 8 6 7 18 6 7 8 6 7 6 7 7 7 ;. 8 7 7 6 7 8 6 7 ! j 8 7 7 I 8 New Orleans.. 8 6 6-7J! 8 6 6-64 7 6 64-7 6 64-7 7 6 64-7: 64 54 6-6| 6 64-7 8 6 61-74 i ! 8 6 61.-8: 8 : Nashville 6 6 6 :.... j ! 6 6 6 I 6 No. 7.. ! Chicago 76 64 7 64 7 176 6* 7 7 |65| 51 6 65? 51 6 64 7 761 76* 764 64 7 J764 64 7 -75 | Detroit 5} 6 5-i 6 I 7 6" 6J 64 61 , -o :. 6 ; 6 54 6 6" 6 7 No. 8.. ! St. Louis f 6 644 ! 6 6* I.... 64 I 6 6 6 I I 464 6 464 6 6i ! 7 8 "j ! Louisville 6 6 6 6" i 7 6 6 V'6 6 ! 6 6 6 I 6* Memphis 6 6 6 6 6 6 L... 6 61 6 6 6 6 6 6 6 6 6 6 ! Little Rook... 8 64 7 8 64 7 ! 7 7 6-| 7 6 6:\ 7 6J 7 ! 8 N N N N o o o o . . . . 1 1 1 9 2 0 1 .. . . . . . . . j ! I i I i : | ' : O E M D S H S K P D S a l e o m p e o a a i n a o r n n l P n u a l t t k v n s s a a t F l h l a t a a e s e s a e r o s o r n n a a n d e p n C o c i l i t s i . y s c . . . o . . . . . . . 8 7* 6 6 6 6 6 6 6 6 " " 1 4 ? 6 6 6 6 7 6 6 . 7 . 4 4 4 4 4 ! j I ! i i ! I ! 8 8 7 8 6 8 8 6 7 4 4 6 f 6 6 6 6 6 6 6 t 4 6 6 6 6 8 6 7 6 - 7 6 7 4 4 4 4 4 " j 1 7 7 61 66 6 6 7 6 55 6 7 1 4 4 £ 4 . 6 7 7 6 7 7 . 7 £ .J ^ 7 7 6 7 7 6 6 5 7 4 * 7 7 6 7 6f 6 6 6 6 6 8 8 7 7 4 4 5 5 6 6 6 6 6 6 6 4 4 4 6 6 6 6 j 1 j 7 6 6 6 7 J 5 5 5 6 6 1 1 4 6 6 6 7 6 • i : 6 6 6 6 7 7 J 1 6 6 6 6 7 5 i 6 6 6 7 6 6J 6 6 6 6 5 6 6 6 6 6 • l 4 6 7 6 6 7 7 6 8 6 7 -7 1 1 5 6 6 6 6 6 4 4 6 6 7 4 6 - 7 6 7 - 4 | 7 1 I - j . 7 8 8 8 6 7 6 6 8 7 7 7 4 7 1 - 8 8 8 7 8 8 4 6 6 6 8 6 6 6 6 6 8 8 - 7 7 4 4 i i 1 j '* 8 7 8 8 8 6 6 6 6 4 J 6 6 6 6 -7 ^ 1 j I i G 6 8 h i Salt Lake City 7 8 i 8 7 7 7 7 7 7 I ; ?*? 8 j Los Angeles... 1 Rates for demand paper secured by prime bankers' acceptances, high 7, low 54, customary 54-6. Oi Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN. MAT, 1920. PHYSICAL VOLUME OF TRADE. January, 1919, issue contains a description of the methods emploj^ed in the compilation of In continuation of tables in the April 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. I C c m a a t l a v t r l e e k s e , a t 6 n s. 0 d m H a o r g k s it 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 , a t 4 s n . 4 d \ ! | To k t i a n l d , s a . ll C c m a a t l a t v r l e e k s e , a t 5 s n . 4 d m Ho ar g k s, e ts 5 , 4 i 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 i 1919. Head. j Head. Head. Head. \ Head. Head. Head. Head. \ Head. Head. March 1,501,607 j 3,632,874 1,206,988 67,702 ; 6,409,171 570,930 1,272,654 489,420 ; 68,795 2,401,799 July 2,007,266 i 2,998,836 j 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 I 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.. 2,680,0-12 j 3,775,589 j 2,751,421 140,192 i 9,347,244 1,374,452 1,308,095 1,597,007 i 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 i 86,534 3,845,588 1920. January 1,868,723 i 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 i 3,423,992 1,387,111 108,056 ! 6,387,529 591,691 1,287,169 572,634 110,827 2,562,321 March 1,803,073 ! 3,963,245 i 1,255,490 82,584 ! 7,104,392 570.323 1,399,485 483,550 87,896 2,541,254 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. i | i j I Relative.! Head, i Relative. Head. Relative.: Head, j Relative. Head. Relative. 1919. March. 1,094,614 109 i 2,842,663 ! 129 847,842 62 i 41,805 j 4,826,924 105 July 1,527,881 152 ! 2,411,539 110 i 1,558,767: 114 37,866 i 82 5,536,053 120 August 1,541,133 153 ! 1,595,759 73 I 2,220,229 . 162 57,206 , 124 5,414,327 117 September., 1,871,042 186 ! 1,704,944 I 78 ; 2,890,831 212 88,283 192 6,555,100 142 October.... 2,317,487 230 i 2,160,079 | 98 i 2; 405; 511 j 176 79,240 172 6,962,317 151 November.. 2,046,664 203 ii 2,715; 955 j 124 i 1,743,189 128 84,018 183 6,5S9,826 143 December.. 1,650,315 164 i 3,785,870 | 172 : 1,589,237 ! 116 53,453 116 7,078,875 153 1920. January... 1,400,031 ! 139 ! 3,912,449 i 178 1,035,591 ' 76 1 90,662 197 6,438,733 139 February., 1,068,092 j 114 : 2,440,154 \ 119 I 948,116 i 74 1 76,048 168 4,532,410 105 March 1,203,499 119 i 2,910,909 ! 132 i 900,299 ! 66 57,880 126 5,072,587 110 SHIPMENTS. I 1919. March. 423,819 1 104 925,802 191 289,742 58 j 41,837 102 1,681,200 117 July 515,071 '• 127 691,283 143 694,942 32,836 80 1,934,132 135 August 650,252 I 160 455,705 94 1,352,252 49,996 122 2,508,205 175 September.. 872,043 ! 214 501,856 104 1,849,958 367 83,264 203 3,307,121 I 230 October 1,154,995 I 284 654,755 135 1,382,419 275 80,828 197 3,272,997 228 November.. 993,148 i 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 M Fe a b rc ru h ary. 4 4 2 1 7 8 , ,3 6 1 0 0 8 i : 1 1 1 0 3 3 9 8 2 1 3 4 , , 5 2 2 5 6 3 1 19 8 1 0 3 2 3 9 4 8 , , 0 8 1 7 2 8 7 5 1 9 ! 6 7 2 9 , , 6 1 2 0 5 0 2 15 0 3 7 1 1 , , 7 6 0 5 3 4 , , 3 9 3 7 9 3 1 11 2 9 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1920. FEDERAL RESERVE BULLETIN'. 517 Exports of certain meat products. [Department of Commerce.] [Monthly average, 1911-1913=100.1 Beef, canned. Beef, fresh. an B d e e o f t , h p er i c c k u le r d ed , . Bacon. U.i 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 la e - . 1919. March 8,997,973 1,358 14,651,276 1,1 SI 3,749,394 140 151,086,397 902 85,71.2,426 574 97,239,435 221 2,141,508 48 July 5,392,104 814 8,680,524 700 3,320,564 124 11.7,679,193 703 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 3,102,422 127 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 1,84 \ 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 1.631,407 65 75,891,195 486 21,217,706 174 30,644,906 89 3,710,308 90 March 847,397 128 6,036,166 487 2,290,835 86 75,002,410 448 31,088,859 208 69,429,785 158 3,160,456 71 Receipts of grain and flour at 17 interior centers. iChicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Spokane, Toledo, Wichita; receipts of fiour 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. Oats. Rye. Barley. Total grain. Flour. To • t al f g lo r u ai r n .i and I . Bushels. R tiv el e a . - Bushels. R tiv el e a . - Bushels. R tiv el e a . - Bushels. t R iv el e a . - Bushels. R tiv el e a . - Barrels. R tiv el e a . - Bushels. t R iv e e la . - 1919. March 13,768,496 6113,431,797 6017,076,822 85*4,955,130 448 11,723,691 j 16300,955,936 781,485,320 7667,639,876 July. 49,612,115 184 12,549,219 56 25,233,109 125 3,105,486. 281 8,627,091 120 99,127,020 127 11,572,420 80106.202,910 122 August 80,714,559 299 8,503,282 38 29,774,582 147 3,824,263i 3J5 6,638,871 93:129,455,557 166 22,,283,145 117 131;738,702 152 September 6699,,953,295 260 16,267,145 72 26,721,030 132 5,446,3711 492 5,294,256 741123,682,097 159 33,073,034 157 137,510,750 159 October... 5"1',006,164 18912,490,107 5"6 2244,,:323,974 120 4,472,397; 404 4,369,326 61 i 96,6(51,968 12-13,468,787 177 112,271,510 129 November.35,729,832 13314,606,137 6."17,699,925 88 2,579,579 233 3,582,873 50; 74,198,346 9"55 33j,541,957 181 90,137,1.53 104 December.30,582,779 113 23,983,657 10715,592,282 77 2,876,636j 260 3,769,8591 53; 76,805,213! 99 22,,371,262 121 87,475,892 101 1920. January... 25,074,624 93 24,139,094; 108 20,925,941 10! 1,378,610. 390 3,298,544 46! 77,81.6,813! 1002,298,692J 117 88,160,927 .102 February..18,115,324 72 26,051,855| 124 20,575,651 109 3,203,680 3i6 2,470,622 37| 70,477,1411 972,059,421 113 79,744,530 99 March 18,007,798 67 24,306,196: 10819,149,624 95 3,548,739 320| 2,928,440 41! 67,940,797: 87',617.5441 83 75,219,745 87 I I 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, j Flour. !TotaJ£™?and i Bushels. R ti e v l e a . - ! ! i " iR ti e \- l e a . - Bushels. ^ BushelsJ ™*\ Bushels. \ Bushels. \ Barrels, ac- Bushels. t R iv el e a . - 14,857,872 96| 7,544,893 5316,190,437; 107 3,265,730. 4616,050,578! 155:47,909,510: 97 3,039,350 62,033,195 96 12,423,422 8li 8,102,275J 5715,628,503! 103" 1,5-46,100: 218 9,133,000! 234! 46,833,3041 95;2,589,176 76 58,484,596] 90 36,986,491 240, 5,135,4591 3617,919,623; 1181,436,377 203J5,028,67-1! 129:66,506,624! 135)3,805,273 112 83,630,353) 129 37,730,048 245! 6,622,779! 4716,651,580. 110 2,317,740; 327!2,943,167! 75:66,265,314! 134|4,787,300 14187,808,164 136 25,813,130 167| 7,116,502 "016,705,015: 1101,426,528 202!3,087,951 i 7954,149,1261 11015,975,261 176 81,037,8011 125 20,877,718 135j 6,609,629 r 15,582 081! 103 3,110,541! 4392,827,956i 73:49,007,925! 9915,604,616 165 74,228,697 115 17,383,075 113ill,509,719 8112,433,7161 82 2,255,139! 319IJ2,624,376 67;46,206,025j 94:4,470,122 132 66,321.574 103 1920. January 17,514,087 114112,326,051 8715,1,822,0991 104 3,685,914 521:2,007,718! 51151,355,869J 104 4,140,314 122:69,987,282 108 February... 14,114,215 9811,977,640 9113!t, 073,089! 92 2,113,505 320:1,306,340 36:42,584,789! 92 3,156,962 100156,791,118! 94 March 11,027,336 71111,165,894 7914:,243,957! 94 3,062,530; 43311,574,887 40:41,074,604 8312,900,175 87154,395,392! 84 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

518 FEDERAL RESERVE BULLETIN. MAY, 1920. Receipts of grain and Jl.our at nine seaboard centers. [Boston, New York, Pliiladelphia, Baltimore, New Orleans, San Francisco, Portland (Orcg.), 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. Total f l g ou ra r. i 1 n and Bushels. i 1 i 5 iv ? ! y ? . -j Bushels J j S LI ? \ ! o ? . " i Bushels.R ti e v l e a . - Bushels. Bushels.!^'- I ! 1919. March 13,789,851 109,' G36,127j 1813,254,914 69 3,880,424: 2,731 2,285,954| 138|23,847,270j i July J 5,806,227! 901,842 25 6,959,186 1401,478,551: 1,04191,,723,852 580124,869,658! 1101,514,135 145 31,683,266 116 August . 126,902,757 j 214 815,132: 23.5,076,984 119 til, 710- 43 4,993,395 301138,449,978! 1691,385,762 133 44,685,907 163 September... .128,010,858; 222 512,0721 14,5,345,464 113 .534,301: 376 2,171,521 131136,574,216! 1612,306,213 22146,952,175 171 October .114,755,827: 1171 507,005i 1414,335,038 911,717,301; 1,2—09 796,839 48 22,112,070; 97!2,521,329 241i33,458,051 122 November .j 9,152,5341 73; 438,147; 12 3,998,525 84il,391,024i 979 851,651 5115,831,881; 7011,552,796 149122,819,463 83 December .: 5,782,777^ 46; 81G,030: 23 2,991,717 631,604,755! 1,172 2!., 309,085 13913,564,964! 60 2,149,458 206j23,237,525 85 I i 1920. J F a e n b u r a u r a y ry J .; 4 5 , , 8 7 9 1 8 1 , , 6 0 9 0 0 9 ; ; 4 4 5 2 1 1 , , 4 2 9 4 1 4 , , 7 3 5 9 9 3 ; 4 3 2 8 ^ : 2 2 , , 3 C 3 O 1 S , , 2 2 4 7 0 4 5 5 6 3 3 2 , , 2 6 1 4 2 3 , , 6 6 0 1 8 1 ' 2 1 !, ,, , 8 4 6 2 1 3 1 1 L .,3 ,2 1 9 5 7 ,2 ,8 9 11 , 7 8 8 5 ! 1 1 1 3 3 , , 8 0 0 0 7 2, , 388; 6 6 1 1 1 1 L 1, , 1 5 0 6 2 1 ,6 ,6 0 9 6 3 1 1 5 1 0 31 ;2 7 0 ,9 ,8 6 3 4 5 ,0 ,l 1 l 5 l 7 7 6 0 March J 6,486,745' 51!l,203,649i 34!3,616,727 77j4,119,986! 2,9001.,300,87l! 7816,757,978' 741,752,860! 168!24,645,848 90 i Flour reduced to its equivalent in wheat on basis of 4J bushels to barrel. Stocks of grain at eight seaboard centers at close of month. [Boston, Now York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco.] [Compiled from reports of trade organizations at these cities.] [Bushels.] Wheat. Corn. Oats. Barley. Total grain. 1919. March 12,732,472 ; 346,543 : 5,650,120 1,920,348 4,403,665 25,053,148 July ! 5,557,644 j 205,196 3,700,063 807,491 5,528,176 15,978,570 August : 17,396,2D9 I 155,491 2,210,989 578,250 5,414,183 25,761,182 September : 21,171,440 I 172,254 1,901,510 516,142 4,061,830 27,823,176 October 25,322,242 i 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 ; 13,053,230 279,451 2,435,455 709,276 3,007,379 19,484,841 1920. ' January I 8,485,491 711,501 2,398,639 2,397,156 2,587,543 16,580,330 February. 6,034,1'>82 948,239 1,571,209 2,671,743 2,340,787 14,166,660 March.... 6,280,682 851,287 1,351,457 2,389,321 1,891,862 12,764,609 NOTE.—Figures for San Francisco include also stocks at Port Costa and Stockton. Cotton. [New Orleans Cotton Exchange.] [Crop years 1911-1913=100.] Overland move- \ American spinners' Stocks at ports and Sight receipts. Port receipts. ment. ! takings. interior towns at close of month. Bales. R ti e v l e a . - Rela- Bales. 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 1,412,048 120 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 1,155,324 254 2,616,383 222 December 2,147,365 171 1,069,693 116 242,940 231 i 1,214,337 267 2,765,040 235 January 1,526,622 122 982,030 107 205,233 195 I 793,453 175 2,470,496 210 February 1,003,226 86 725,515 85 138,084 141 i 374,093 88 2,510,482 213 March..". 701,406 56 621,808 68 68,351 65 i 230,047 51 2,276,737 193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL, RESERVE BULLETIN. 519 California shijimtnts of citrus and deciduous fruits. [1911-1913=-. 400.] i Total Oranges. Lemons. Total citrus fruits. deciduous fruits. Carloads. Relative. Carloads. I Relative, i Carloads. I Relative. Carloads. 1919. March 5,113 209 | 221 6,010 211 July 2,568 105 ! 1,038 256 3,606 127 4,199 August 1,785 73 i 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 i 108 123 February. 2,683 118 852 225 3,535 133 139 March 4,715 193 651 161 5,366 ! 188 155 Sugar. [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 Raw stocks Receipts. Meltings. at close of Receipts. Meltings. at close of month. month. Ti ons' | t R iv e e la . - ! : iTo ns- t R iv e e l . a- Tons. R ti e v l e a . - Tons. R ti e v l e a . - -- 1 -• 1919. 1919. March 232,471 ! 126 261,000 142 62,187 ; 36 November 154,674 84 177,000 j 96 40,855 24 December 96,342 52 126,765 j 69 10,432 6 July 264,782 : 144 : 292,000 ' 159 57,975 1 34 i 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 I 99 37,986 22 October 233,650 ' 127 216,000 : 118 63,181 •• 37 February 316,667 184 269,000 ! 157 85,653 50 ; i March 335,532 182 333,000 i 182 88,185 51 Naval stores. [Data for Savannah, Jacksonville, and Pensacola.] [In barrels.] [Compiled from reports of trade organizations at these cities.] Spirits of tur- Rosin. Spirits of tur- Rosin. pentine. pentine. Stocks at ; Stock sat;! Stocks at Stocks at . Receipts. close of Receipts. I close of Ij Receipts. close of Receipts, close of month. I month. ' month. month. 1919. 1919. March : 4,226 97,450 14,338 243,813 November 18,757 28,741 77,125 I 204,281 December 17,109 30,924 76,792 I 200,333 July I 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 I 165,927 October i 19,367 27,389 67,080 186,231 February 3,762 17,900 29,303 140,559 ! March 1,876 4,819 14,660 103,443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 FEDERAL, RESERVE BULLETIN. MAY, 1920. Lumber. [From reports of manufacturers' associations.] [M feet.] Southern pine. Western pine. Douglas fir. Eastern white pine. North Carolina pine. N b m e u i r l m l o s f . - Pr t o io d n u . c- Ship- N b m e u i r l m l o s - f . Pr t o io d n u . c- Ship- mills. tion. m Sh en ip t - s. N b m e u i r l m o ls f - . IPr t o io d n u . c- m S e h n i p i - s. N b m e u i r l m l o s - f . Pr ti o o d n u . c- m S e h n ip ts - . 1919. March 198 378,752 361,125 71,426 81,328 120 254,650 255,544 7,118 17,525 32,110 22,672 July 206 401,939 466,786 148,533 140,680 114 268,634 301,050 27,382 22,470 22,320 34,191 August 204 417,036 423,002 152,748 140,236 118 416,422 397,290 20,247 26,830 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 201 421,02/) 356,124 156,828 143,252 124 419,108 I 339,321 12,888 18,139 24 055 22,079 November. 202 391,347 j 344,717 110,525 117,472 126 324,511 j 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 2tf241 1920. January 202 386,481 404,706 69,895 j 144,180 128 327,568 344,568 21 38,007 63,614 24 678 26,283 February.. 203 383,239 369,047 85,583 j 147,180 124 332,511 295,934 21 I 32,551 59,687 15 534 15,202 March 205 436,944 424,775 130,425 I 156,211 123 ! 342,948 329,012 21 | 43,771 61,620 29 633 29,896 RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO. [Chicago Board of Trade.] [Monthly average, 1911-1913= 100.] Receipts. Shipments. Receipts. Shipments. Rela- Rela- Rela- M feet. M feet. tive. M feet. tive. M feet, i tive. ! 1919. 1910. March 124,040 46,902 61 Novomber : 176,972 83 70,175 92 December ; 226,617 107 79,553 104 July 200,148 90,134 ! 118 August 170,385 87,953 i 115 1920. i September 205,909 93,120 ' 121 January : 208,145 71,233 93 October 208,638 95,674 125 February '• 235,423 119 81,561 114 March 284,146 134 122,401 160 Coal and coke. [Bituminous coal and coke, U. S. Geological Survey; anthracite coal, Anthracite Bureau of Information.] [Monthly average, 1911-1913=100. Bi m tu a m te i d n ou m s on c t o h a l l y , e p s r t o i- Anthracite coal, ship- Beehive coke, estimated duction. ments over 9 roads. monthly production. ! Short tons. Relative. Long tons. R(Native. Short tons. Relative. 1919. March 33,719,000 91 3,938,908 70 1,768,449 68 July 42,754,000 115 6,052,334 108 1,512,178 58 August. 42,880,000 116 6,144,144 109 1,733 971 66 September 47,403,000 128 5,687,401 101 1,790,466 68 October 54,579,000 • 147 6,560,150 117 1,551,979 59 20,303,000 , 55 5,971,671 106 1,680,775 64 NDeocveemmbbeerr. . 36,612,000 99 6,138,460 109 1,721,000 66 1920. January 49,419,000 i 133 5,713,319 102 1,982,000 76 Fcbmarv 40,127,000 : 116 4,913,664 94 1,731,000 71 March. " .... 46,792,000 : 126 2,025,000 ; 77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL RESERVE BULLETIN. 521 Crude 'petroleum. [CT. S. Geological Survey.] [Barrels of 42 gallons each.l Produced. Produced. Stocks at end Stocks at end of month of month Barrels. Relative. (barrels). Barrels. Relative. (barrels). 1919. ' 1919. March 30,234,000 158 129,213,000 j| December | 32,508,000 170 127,867,000 July 33,894,000 177 140,093,000 !l 1920. j August 33,862,000 177 136,467,000 ii January 33,980,000 177 127,164,000 September 33,667,000 | 176 137,131,000 i! February i 33,212,000 186 126,339,000 October 33,319,000 I 174 135,461,000 i March j 36,491,000 190 125,291,000 November 32,114,000 ! 168 131,601,000 •'• '• Total output of oil refineries in United States. [Bureau of Mines.] Crude oil run Gasoline Kerosene • Gas and fuel Lubricating (barrels). (gallons). (gallons). ; (gallons). (gallons). 1919. ! i February 25,232,876 283,518,194 j 164,181,787 553,853,753 62,503,072 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 32,213,754 338,607,570 214,829,925 663,309,514 75,962,212 December 32,427,617 335,659,587 229,476,468 685,084,086 72,040,862 i 1920. January 30,815,160 336,719,157 ; 195,956,392 617,555,156 : 75,878,635 Febraarv 29,208,723 322,588,697 j 194,523,334 589,684,857 i 74,243,073 STOCKS AT CLOSE OF MONTH. 1919. Feb. 28.. 14,820,601 •" 458,449,187 . 303,062,436 692,816,000 • 152,297,163 July 31.. 15,30-1,915 514,919,358 279,855,061 817,809,519 ! 173.884,303 Aug. 31.. 15,131,549 434,531,440 ;290,065,64(5 830,329,785 1701572,819 Sept. 30. 13,925,441 371,125,419 311', 843,057 802,135,385 i 158,967,070 Oct. 31.. 14.091,945 354,160,071 329,160,795 828,574,452 152,536,736 Nov. 30.. 13,983,716 378,133,1.85 347,070,560 791,052,991 ' 149,193,143 Dec. 31.. 13,143,285 446,793, -131 339,319,090 714,124,455 , 137,318,934 1920. Jan. 31 13,200,727 ! 515,934,304 •327.548, G40 652,080,901 i 141,600,177 Feb. 29 13,500,599 ! 5(32,990,4S9 :330;i20,942 590,322,125 : 132,759,214 Iron and steel. [Great Lakes iron-ore movements, Marine Review; pig-iron production, Iron Age; steel-ingot production, American Iron arid Steel Institute.] [ Monthly average, 1911-1913=100; iron ore, monthly average, May-November, 1011-1913=100.] Iron-ore shipments Unfilled orders U. S. from tho upper Pig-iron production. fateel"m??* produc" Steel Corporation Lakes. at close of month. Gross tons. Relative. \ Gross tons. Relative, j Gross tons, j Relative. Gross tons. Relative 1919. March. 3,090,243 133 2,662,265 j 110 5,430,572 103 July 9,173.429 151 2,428,541 105 2, SOS, 176 I 104 5,578,661 I 106 August 4,423;133 73 2,743,388 118 2,740,081 : 114 6,109,103 116 September.. 8,178,483 135 2,487,965 107 6,2S4,638 119 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 8,265,366 157 1920. January... 3,015,181 130 2,956,602 i 123 9,285,441 176 February. 2,978,879 138 2,865,124 i 127 9,502,081 180 March 3,375,907 146 3,290,799 137 9,892,075 188 177757—20 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 FEDERAL RESERVE BULLETIN. MAY, 1920. Imports of pig tin. [Department of Commerce.] [Monthly average, 1911-1913=100.] Pounds. Relative. | Pounds. Relative. P* 1919. March 8,284,970 91 1919. !; December. 12,940,125 142 July 113,120 I 1 i August 9,872,459 j 109 | 1920. September 11,087,403 | 122 iJ..a. nuary. I 8,772,953 j 97 October 16,210,512 i 178 !February 18,925,843 j 164 November 15,233,671 | 168 March 11,980,019 1 95 Raw stocks of hides and shins. [Bureau of Markets.] [In pieces.] hides6 ' Calfskins, j Kipskins. Goat. Kid. Cabretta. Sh l e a e m p b a . nd 1919. Mar. HI ; 5,108,516 1 1,219,935 j 415,882 7,987,277 181,952 559,576 8,264,864 July31 i 4,966,081 2,389,368 j 554,516 i 15,589,944 1,964.828 2,767,694 6,815,100 Aug. 31 5,498,844 2,145,320 585,269 18,263,446 880^76 2,348,769 7,126,885 Sept. 30 6,158,289 I 2,055,084 947,546 !16,749,664 823,740 2,736,802 8,661,215 Oct. 31 6,436,765 I 2,007,208 1,097,039 i 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 j 2,117,442 1,122,156 j15,984,179 752,055 2,092,425 9,296,812 1920. ! ! Jan. 31 j 6,773,300 ! 1,920,184 1,036,372 13,474,529 927,436 1,893,614 8,902,067 Feb.29 | 6,559,337 ! 1,859,697 1,141,620 16,481,328 ! 665,524 2,197,683 9,460,914 Mar. 31 6,544,941 j 1,929,378 15,968,660 | 468,188 2,047,519 9,205,376 NOTE.—Figures for Mar. 31 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 j to total reported. I Cotton consumpi tion. Cotton Imports of raw silk. spindles Wool con- Looms. Spinning spindles. active sumption during (pounds). month. Wider Under j ' s of J Bales. jRelativc. I | j i t n h c a h n r 5 e 0 e - d l Combs I Woolen. Worsted. Pounds. | Relative. ! space. space, 1919. ! March i 433,485 96 I 32,654,386 29,320,063 j 58.1 42.4 39.1 47.8 ; 41.8 52.7 1,784,412 j 87 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 i 22.1 24.9 9.4 6.5 : 8.9 10.9 3,802,500 186 September.... 491,313 : 109 i 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 I 123 34,307,367 60,018,415 ! 16.0 20.7 8.2 5.9 7.7 7.2 3,955,845 I 193 November.... 490,698 j 109 34,483,775 52,428,854 j 14.8 18.2 7.6 5.3 6.7 6.7 4,841,407 237 December 611,585 i 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 j 132 34,739,071 63,059,862 : 14.5 18.5 8.8 7.2 9.1 10.2 4,855,989 I 237 February.., 516,594 123 34,668,643 55,247,652 ! 12.2 17.6 7.6 6.9 7.1 7.9 3,696,121 I 194 March 575,704 128 34,667,747 58,344,602 ! 14.9 19.8 9.8 7.0 10.3 11.7 2,491,651 i 122 April 13.1 16.9 9.6 7.1 9.5 7.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1920. FEDERAL RESERVE BUTiTiETTBT. 523 Production of wood pulp and paper. [Federal Trade Commission.] [Net tons.) 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 p F i a n P g - . ! | Friinuee" 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 . $3T Finei 1919. 1919. March 278,675 I 114,746 63,699 136,175 48,069 ; 23,514 i December 306,617 122,781 88,779 174,649 62,288 31,014 July 260,685 ! 113,929 I 75,613 169,593 63,769 ! 30,036 1920. August 260,987 i 113,413 .' 82,737 189,782 64,861 i 33,122 January 302,541 129,663 96,419 ; 211,934 70,109 32,886 September.... 266,915 i 111,434 I 81; 024 184,897 63,353 31,923 February 266,191 114,235 ! 85,532 I 176,855 61,574 29.202 October 308.710 ; 125,210 : 89,440 202,524 67,110 34,808 March 327,143 127,847 | 95,851 | 207,863 68,403 33,671 November ... 324; 488 ! 116,603 ; 84,085 182,940 63,394 32,468 I I Sale of revenue stamps for manufacturers of tobacco in the United States (excluding Porto Rico and Philippine Islands). [Commissioner of Internal Revenue.] Cigars. Cigarettes. Cigars. Cigarettes. Chewing Manufac- II tured ! and Large Small. Small. tobacco. ! Large. Small. Small. s to m b o a k c i c n o g . -I- 1919. j Number. Number. Number. Pounds. 1919. ; Number. Number. Number. Pounds. February | 476,329,947 60,138,(530 3,126,274,662 27,472,269 November ! 655,421,893 56,080,813 ! 4,768,598,203 32,965,088 December j 662,046,997 45,491,540 | 4,578,641,450 29,409,443 July j 569,908,339 47,500,287 3,585,030,983 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 !! 6-63,634,243 58,837,900 4,528,760,833 33,608,313 October 677,622,154 64,170,793, 5,028,875,337 39,335,546 February ! 593,832,200 43,358,500 3,536,117,847 31,531,460 Output of locomotives and cars. [Locomotives, United States Railroad Administration; cars, Railway Car Manufacturer's Association.] Locomotives. Output of cars. Locomotives. Output of cars. Foreign • D sh o i m pp e e s d ti . c com- iDomestic.) Foreign. Total. Domestic Domestic. Foreign. Total. pleted. | 1919. Number. Number. Number. ! Number. Number. 1919. Number. Number. Number. Number. Number. March 258 128 5,978 ; 5,795 11,773 December... 103 42 4,506 2,428 6,934 July 121 73 2,777 I 6,936 9,713 1920. August 160 173 18,509 ! 5,015 23,524 January 48 22 4,650 1,914 6,564 September.. 111 51 19,980 ! 4,302 24,282 February.. 3,960 1,066 5,026 October. 89 55 10,445 I 3,715 14,160 March..!".... 3,053 2,040 5,093 November... 39 23 , 8,967 ! 11,589 1 Vessels built in United States, including those for foreign nations, and officially numbered by the Bureau of Navigation. [Monthly average, 1911-1913=100.] Gross Number. tonnage. Number. tonnage. Relative. 1919. 1919. March 186 298.005 1,233 December 149 294,064 1,217 July 245 397,628 1,645 1920. August 238 455,338 1,884 January 115 253,680 1,050 September 202 378,858 1,568 February 140 267,231 1,185 October 210 357,519 1,479 March 170 279,709 1,157 November 143 347,051 1,436 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 FEDERAL RESERVE BULLETIN. MAY, 1920. Tonnage of vessels cleared in the foreign trade. [Department of Commerce.] IMouthly average, 1911-1913=100.] Net tonnage. Per- Net tonnage. Percent- centage age American. Foreign. Total. R tiv el e a . -A ca m o n e f t r o i- R tiv el e a . - American. Foreign. Total. t R iv el e a . -A ca m o n e f t r o i- t R iv el e a . total. total. 1919. 1919. March 1,161,416 1,737,171 2,898,587 75 40.1 158 December 2,043,675 1,733,923 3.777.508 97 54.1 214 July 2,362,571 2,920,247 5,282,818 136 44.7 177 1920. i August 2,957,249 2,797,818 5,755,067 148 51.4 203 January 1,933,385 1,949,798 3,883,183 100 49.8 197 September 2,627,480 2,481,676 5,109,156 131 51.4 203 Februarv 1,702,407 1,628,212 3,330,619 92 51.1 202 October 2,645,778 2,073,560 4,719,338 121 56.1 222 March..." 1,836,716 2,040,538 3,877,254 100 47.4 187 November 2,251,871 1,910,489 4,162,360 107 54.1 214 Net ton-miles, revenue and nonrevenue. [United States Railroad Administration.] 1919. 1919. February. 25,681,943,000 j November 32,539,248,000 December 33,462,298.000 July 34,914,294,000 ! August 36,361,653,000 I 1920. Se>pptteemmtber.. 38,860,311,000 j January 34,769,722,000 Oc3itober 40,343,750,000 February 32,699,143,000 BANK TRANSACTIONS DURING MARCH-APRIL, In the table following are shown debits to indi- for the week ending April 21, a week during vidual account for the four weeks ending April which stock transactions were very heavy and 21 of the present year and for the corresponding during which the Government made interest weeks of 1919, as reported to the Board by the payments due on April 15. These payments country's more important clearing houses. A in 1919 fell on the third week of the period, recapitulation, by Federal Reserve districts, which consequently shows the largest aggrecompares figures for 152 centers for which gate of debits to individual account. uniform reports are available for each of the As compared with the figures for the correeight weeks under consideration. sponding weeks of 1919, aggregate debits for Fluctuations of the aggregate debits for the the four weeks of 1920 are between 14 and 25 four weeks of the present year, as well as for per cent larger. For the week ending April 21, the corresponding weeks of the preceding year, 1920, as compared with the week ending April were within moderate limits. The weeks 23, 1919, debits are 48 per cent larger for the ending March 31, 1920, and April 2, 1919, show clearing-house banks in New York City and larger totals than the weeks immediately fol- 40 per cent larger for the banks, in the other lowing, the reason apparently being end-of- reporting centers. month payments, The largest total is shown Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1020. FEDERAL RESERVE BULLETIN. 525 Debits to individual account at clearing-house banks. [In thousands of dollars.] 1920 1919 Week ending- Week ending- Federal Reserve district. Mar. 31. Apr. 7. Apr. 14. Apr. 21. Apr. 2. Apr. 9. Apr. 16. Apr. 23. So. 1.—Boston: Bangor 3,611 3,637 3,941 3,363 2,578 2,505 2,715 2,379 Boston 305,868 268,705 360,899 351,982 258,004 213,759 258,310 219,335 Fall River 9,778 10,135 11,131 7,842 0,338 5,802 0,230 5,826 Hartford 22,178 27,891 24,084 29,655 19,741 22,080 21,592 19,314 Holyoke 3,625 4,020 3,770 3,941 2,771 2,008 2,724 2,439 Lowell 5,429 5,899 6,061 5,693 4,773 4,035 4,584 3,520 Manchester 5 123 5 854 4,947 5,918 New Bedford 8,883 9,283 10,672 10,733 5,000 4,860 7,425 0,510 New Haven 18,245 20,381 19,401 20,763 17,545 14,811 20,995 14,758 Portland 7,520 8,421 7,790 8,266 Providence 37,815 38,576 41,185 46,953 28,282 25,392 28,000 32,140 Springfield 14,606 18,022 15,814 17,799 9,017 9,054 9,805 9,309 Waterbu.ry 6,732 8,316 7,502 7,080 5,549 5,805 7,655 5,920 Worcester 17,979 19,854 19,671 18,754 15,837 11,980 12,900 12.. 274 No. 2.—New York: Albany 18,309 22,647 25,511 26,943 20,711 20,508 20,707 23,021 Binghamton 4,211 4,831 4,840 4,813 2,989 2,829 3,214 3,928 Buffalo 64,718 72,388 64,994 04,474 08,028 54,477 52,979 00,398 New York 5,060,233 4,370,408 4,885,191 5,445,815 4,084,229 3,840,617 4,310,299 3,668,540 Passaic 5,313 5,739 5,741 5,207 2,817 3,298 3,485 3,291 Rochester 28,165 36,648 33,752 33,517 20,693 28,714 20,544 24,739 Syracuse 15,660 22,325 16,322 18,932 14,201 12,497 10,817 12,162 No. 3.—Philadelphia: Altoona 3,701 2,888 3,413 3,399 2,363 2,519 2,057 2,361 Chester 5,076 5,348 5,213 5,903 4,561 3,820 3,938 3,719 Harrisburg 3,172 3,919 4,927 4,704 3,200 4,029 3, 718 3,804 Johnstown 4,483 3,929 4,590 3,627 2,931 3,068 2,762 2,744 Lancaster 8,672 15,202 7,553 8,030 10,451 6,748 5,118 4,504 Philadelphia 350,158 342,739 363,227 384,934 337,045 273,149 281,702 275,049 Reading 5,338 7,190 6,400 6,187 4,272 4,255 3,000 3,859 Scranton 14,6-14 16,589 15,907 13,642 11,784 11,102 9,357 11,052 Trenton 11,313 13,450 11,385 12,000 8,247 8,775 7,999 8,503 Wilkes-Barre 9,125 8,257 8,002 8,494 6,509 5,752 5,840 5,237 Williamsport 4,059 4,752 4,837 4,208 3,033 3,182 3,017 3,491 Wilmington 8,829 9,605 8,240 8,987 8,076 8,069 3,421 9,255 York 4,725 6, 747 5,181 5,222 5,084 4,205 8,607 3,483 No. 4.—Cleveland: Akron 19,386 23,018 33,735 34,130 17,434 17,475 12,476 12,175 Cincinnati 57,748 64,647 72,331 (53,386 56,856 51,837 71,200 45,837 Cleveland 173,856 187,312 220,707 181,003 148,400 133,080 184,727 124,730 Columbus 26,370 29,311 35,181 29,420 25,351 20,935 31,498 20,810 Dayton 12,112 13,582 12,863 12,148 12,714 11,034 10,702 5,874 Erie 7,151 6,596 7,795 8,575 7,614 5,777 5,969 0,013 Greensburg 4,446 3,643 4,624 4,843 1,968 2,160 1,976 1,748 Lexington 5,653 6,154 5,783 0,087 5,526 4,590 4,653 4,501 Oil City 2,728 3,467 2,800 3,524 2,360 2,040 2,601 2,998 Pittsburgh 190,172 179,180 189,300 200,669 159,207 138,007 150,534 175,173 Springfield 3,162 3,185 4,158 3,450 3,223 3,289 3,823 2,489 Toledo 30)127 34,010 37,449 37,027 27,335 21,988 33,517 25,306 Wheeling 10,114 9,724 11,104 10,511 7,771 0,551 7,014 7,627 Youngstown 17,020 16,847 20,383 13,520 11,034 13,356 17,103 9,408 No. 5.—Richmond: Baltimore 98,509 109,311 107,812 109,649 80,533 73,186 74,695 73,071 Charleston 11,290 11,445 9,332 9,500 7,040 8,077 7,190 7,147 Charlotte 8, 776 8, 737 9, 500 10,844 3,100 3,800 5,100 5,100 Columbia 7,469 0.883 7,700 7,005 0,089 6,256 5,870 5.380 Norfolk' 18,413 18,45S 19,037 20, 510 17,104 16,704 18,303 is; 577 Raleigh 3,900 4,900 5, S00 0,120 4, 020 10,000 3,800 5, 400 Richmond 24,226 25,780 27,031 30,529 22,121 21,700 21,763 23,850 No. 6.—Atlanta: Atlanta. 33,040 34,742 34,894 38,-172 23.427 22,490 23,760 22,884 Augusta 12,388 12,70-1 12,921 10,070 5; 207 5,291 5, 727 5,833 Birmingham 15.773 17,033 15,722 17,680 12,219 11,993 9,082 11,055 Chattanooga 9,893 12,110 11,920 13,432 7,503 7,104 9,851 8,420 Jacksonville 13,966 10.131 14,SOS 15,820 12,715 10,085 13,990 8,982 Knoxville 6,620 7; 445 7,371 7,091 5,103 5,38-4 5, 028 5,448 Macon 7,901 8,237 8.144 8,113 7,237 5,298 5.398 5,483 Mobile 10,292 9,996 9'. 030 10,090 0,508 0,079 0'. 330 0,093 Montgomery 5, 223 5,770 o, 30-1 6, I'M 4,408 4,403 Si S97 4,427 Nashville.." 25.804 27,129 28,775 29, 722 18,020 23,350 22', 256 22,009 Nevr Orleans 83|684 82,610 93,192 70,939 53,892 59,900 50,190 53,073 Pcnsacola 2,2-11 2,204 2,577 2,563 2,042 1,999 2,043 1,748 Savannah 22, 718 19,471 20.387 20,031 14,455 11,107 11,283 11,481 Tampa 6,648 8,114 C), 847 7,100 4,925 4, 708 5,604 4,940 Vicksbur? 1,787 1,849 2,090 1,916 1,549 1,079 2,090 1,013 No. 7—Chicago: Bay City 3,707 4,094 4,020 3,839 2,030 2,354 2,569 2,370 Bloomington 3,775 4,253 3,681 2,922 2,843 3,021 3,064 2,970 Cedar Rapids 9,580 12,141 9,683 10,553 0,122 5,499 2,768 4,743 Chicago 766,881 720,501 079,290 737,500 550,049 574,907 570,197 558,070 Davenport 8,339 12,157 8,779 8,887 7,014 7,108 5,704 6,933 Decatur 5.094 4,693 3,990 4,322 3,782 3,147 3,535 3,314 DesMoines 24,039 28.402 27,495 25,772 10,815 18,703 17,225 18,050 Detroit 146,054 141J422 149,304 200,450 90,480 80,370 110,632 106,717 Dubuque 3,146 3,015 4,152 3,595 1,913 2,027 1,939 2,302 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

526 FEDERAL RESERVE BULLETIN". MAY, 1920, Debits to individual account at clearing-house banks—Continued. 1920 1919 Week ending- W eek ending- Federal Reserve district. Mar. 31. I Apr. 7. Apr. 14. Apr. 21. Apr. 2. j Apr. 9. Apr. 10. Apr. 23. No. 7.—Chicago—Continued. Flint 10,470 14,198 ! 7,719 12,868 5,519 7,060 4,839 8,766 Fort Wayne 7,516 7,461 : 8,866 8,218 4,299 4,811 5,006 4,570 Grand Rapids 18,867 25,553 i 19,617 24,820 18,373 12,938 i 14,470 14,279 Indianapolis 36,414 36,529 i 40,488 39,653 27,633 26,412 I 31,745 28,295 Jackson 2,707 3,231 ; 4,138 5,579 3,030 3,389 I 4,253 3,566 Kalamazoo 5,627 5,427 i 5,454 5,730 2,730 2,743 ! 3,196 3,326 Lansing 6,982 5,678 . 7,518 6,937 4,081 3,995 4,058 4,313 Milwaukee 59,882 69,387 ; 70,630 74,045 46,394 40,777 53,861 44,244 Peoria 11,683 11,432 j 10,773 10,805 9,087 10,439 12,494 9,718 Rockford 6,817 7,522 ! 6,667 6,639 5,309 4,956 4,743 3,820 Sioux City 17,696 19,163 i 19,702 16,181 14,362 12,881 14,247 13,421 South Bend 2,984 3,129 | 3,739 3.987 3,143 3,040 3,547 2,863 Springfield 6,122 5,088 , 5,354 6,120 4,591 4,954 5,860 4.750 Waterloo 4,372 5,400 ! 5,063 4,936 3,973 3,314 2,959 3; 238 No. 8-St. Louis: Evansville 5,596 5,316 6,023 5,536 4,076 4,522 5,655 3,994 Little Rock 10,031 10,239 10,611 9,247 6,475 7,927 8,506 7,363 Louisville 32,234 35,809 37,596 38,792 34,518 33,440 33,830 34,527 Memphis 38,042 37,263 38,771 23,951 23,924 25,954 32,255 St. Louis 144,411 163,044 155,850 160,406 115,795 131,075 133,782 126,023 No.!9—Minneapolis : Aberdeen 1,573 1,892 I 1,861 1,722 1,523 1,438 1,398 1,489 Billings 2,442 2,521 j 2,515 2,710 2,354 2,002 2,517 2,036 Duluth 16,423 15,120 20,346 20,371 19,256 14,071 20,288 23,944 Fargo 2,866 3,391 4,103 3,477 1,646 2,633 1,891 2,636 Grand Forks 1,583 2,109 2,113 1,987 1,295 1,475 1,401 1,202 Great Falls 2,297 1,893 2,017 2,317 2,248 2,497 2,701 2,197 Helena 2,081 2,741 2,449 2,014 2,102 2,569 2,019 2,175 Minneapolis 76,032 81,474 94,960 85,287 98,812 72,526 82,995 67,017 St. Paul 38,339 37,995 36,627 41,084 39,033 36,020 30,859 30,912 Sioux Falls 7,412 7,616 6,808 7,402 Superior 2,072 2,135 2,425 2,024 1,887 1,092 1,853 1,9 Winona 1,326 1,540 1,373 1,332 1,064 1,235 947 928 No. 10—Kansas City: Atchison 545 681 574 653 Bartlesville 4,011 3,541 3,953 3,370 2,237 2,08-3 2,689 2,166 Cheyenne 2,430 2,433 1,672 1,720 Colorado Springs 3,191 3,570 3,775 3.378 2,153 2,246 2,382 2,534 Denver 51,021 47,583 44,005 38,461 33,528 31,362 28,834 32,069 Joplin 4,037 3,719 4,846 4,478 2j 728 2,760 3,399 3,044 Kansas City, Kans 4,537 3,907 4,436 3,866 3,080 . 3,009 2,829 3,301 Kansas City, Mo 85,050 86,146 73,934 71,394 83,859 S 86,703 88,284 87,161 Muskogee 6,013 6,330 i 5,801 5,655 3,360 ! 3,487 3,431 3,095 Oklahoma City 19,769 21,718 ! 21,322 23,048 11,559 13,835 13,175 12,713 Omaha 66,459 57,801 i 59,116 66,248 05,032 51,500 59,062 52,694 Pueblo 4,823 5,055 ! o,77l j 3,213 3,278 3,071 4,952 j 3,592 St. Joseph 23,088 21,815 j 21,674 ! 24,679 10,070 18,819 19,789 j 19,679 Topeka 5,571 6,499 i 6,918 ' 6,021 4,981 4,731 4,820 4,286 Tulsa 31,281 26,856 j 31,460 29,4;M 20,082 15,600 20,349 10,072 Wichita 11,910 14,304 ' 14,452 14,847 9,010 7,829 9,119 8,567 No. 11—Dallas: Albuquerque 1,763 1,968 1,752 2,359 1,585 1,556 1,510 1,460 Austin 2,815 3,387 4,060 3,077 3, GOO 2,797 2,930 2,646 Beaumont 4,339 5,859 5,478 4,594 3,430 3,558 3,006 3,592 Dallas 39,172 42,146 42,887 41,337 25,507 27,790 28,835 31,472 JE1 Paso 9,467 9,538 9,660 9,584 7,003 0,052 0,542 6,052 Fort Worth 23,198 24,-422 25,004 22,533 10,604 17,359 16,578 16,385 Galveston 7,935 9,546 8,413 7,785 5,973 0,138 5,801 6,011 Houston 38,819 33,441 32,563 32,600 22,445 20,752 24,217 26,213 San Antonio 7,779 8,875 I 8,397 7,152 Shreveport 9,874 10,951 ! 9,612 8,981 | 5,380 4,540 4,898 4,811 Texarkana 1,818 1,942 i 3,090 3,062 ! 1,476 1,421 1,772 1,223 Tucson 1,596 1,563 ! 1,773 1,684 | 1,531 1,822 1,618 1,705 Waco 4,125 4,470 3,900 4,351 i 2,509 2,919 3,120 2,495 No. 12—San Francisco: Berkeley 2,194 2,727 | 2,591 2,854 i Boise 2,975 3,365 3,260 2,240 2,117 2,335 2,931 2,224 Fresno 9,205 8,752 10,519 8,633 5,488 5,502 6,597 I 5,826 Long Beach 5,167 5,883 | 5,619 6,167 ! 3,229 3,523 3,177 I 2,789 Los Angeles 89,409 101,971 i 96,025 99,255 , 63,486 58,763 60,855 I 65,156 Oakland 19,510 19,709 | 20,423 19,523 12,541 12,895 12,725 j 12,594 Ogden 4,043 1,948 | 4,324 3,344 . 4,340 4,339 I 4,636 Pasadena 5,605 5,897 ! 5,975 6.988 : 2,599 3,190 3,293 i 3,057 Portland 43,778 50,636 ; 51,539 52,561 35,934 30,002 41,048 i 41,958 Reno 2,821 2,922 I 3,124 2,001 • 2,363 2.534 2,331 2,299 Sacramento 12,183 13,420 14,105 14,723 | 10, 780 12; 292 12,348 9,017 Salt Lake City 18,914 20,192 16,464 19,429 j 14,870 13,173 13,686 14,932 San Diego 8,011 8,484 8,076 9,109; 3,202 4,563 2,979 3,371 San Francisco 198,401 196,897 i 208,344 233,741 146,478 132,552 146,336 131,490 San Jose 4,526 5,374 j 4,943 4,648 : 3,662 3,561 3,884 3,332 Seattle 47,318 49,205 ; 61,888 50,480 ! 38,945 37,110 47,001 41,297 Spokane 11,661 13,229 ! 14,254 14,758 | 8,372 8,620 10,211 8,940 Stockton 4,973 6,526 5,700 4,588 I 4,176 4,123 5,354 4,886 Tacoma 11,325 11,587 12,529 13,807 ! 9,238 9,468 11,165 12,347 Yakima 3,306 4,076 3,412 3,479 j 2,141 2,287 2,333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL RESERVE BULLETIN. 527 Recapitulation by Federal Reserve districts. [In thousands of dollars.] 1920 191!) Number \ Week ending— "Week ending— Federal Reserve district. of centers |_ included. I Mar. 31. Apr. \ Apr. 14. Apr. 21. Apr. 2. ; Apr. 9. Apr. 1C. Apr. 23. . | — Boston 12 ; 454,749 • 434,719 1 530,131 : 524,588 : 376,155 : 324,023 j 383,541 333,796 New York.. 5,190,600 4.534,986 1 5.036,351 5,599,701 4,219,668 ;3,968,940 i 1,43!,045 3,796,679 Philadelphia 13 ! 433,295 '440,615 ! '448,875 469.457 408,216 338,679 | 341,136 337,121 Cleveland... 560,045 580,676 | 658,279 : 611; 505 ' 486.799 440,585 ! 538.393 450,695 Richmond.. 172,583 185,544 1 186,362 ; 194,823 141j213 . 139.783 i 136', 733 138,537 Atlanta 15 j 258,038 265', 557 ! 274,054 I 267,001 179,480 : 182/256 • 185,141 173,501 CChiaTo rs i 1, US', 760 1,149,876 !1,106,122 1,230,370 840,772 , 845,511 ! 882; 911 854,647 St. Louis o i 2?7,260 252,450 i 247,343 i 258,752 184,815 : 201.488 ! 207; 727 204,162 Minneapolis - 11 i 147,034 152,811 ! 170,789 ! 164,32") 171,220 139;358 I 148,869 136,534 Kansas City. 14 320,761 308,850 i 301,523 i 298,092 262,163 247,101 I 263,114 251,573 Dallas 12 144,921 149,233 ! 148,192 ; 141,917 . 97,115 97,310 i 101,427 104,065 San^Franeisoo. 19 503j.;;i 530,073 j 550,523 ! 569,474 • 374,019 350,839 : 392,593 372,449 Total.. 152 ! 9.587,186 8,985,390 j 9,658,544 ; 10,333,035 j 7,741,635 7,275,873 : 8,015,630 7,153,759 DISCOUNT AND OPEN MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS DURING MARCH, 1920. Discount operations of the Federal Reserve from$926,412,065 in February to SI ,002,128,193 Banks during March of the present year showed in March, a total comparable with 8179,283,948 a further increase and totaled 86,970,330,977, reported for the same month of the year as compared with §6,517,439,082 for the pre- before. vious month and §5,473,56-!,! 74 ^or March, About 88 per cent of the month's discounts, 1919. These totals are exclusive of amounts as against 91 per cent the month before, conof bills discounted for other Federal Reserve sisted of 15-day paper, i. c., paper maturing Banks, which were 208 .millions during the within 15 days from date of discount or redismonth under review, 115.6 millions during counted with the Federal Reserve Banks. In February, 1920, and 168.5 millions during March, ! 919, the proportion was much higher— March, of the past year. 98 per cent. Six-month bills, composed of The volume of discount operations was larger agricultural and live-stock paper, totaled in March than in February in all the banks, $19,930,927, compared with 810,332,121 the except those in New York, Philadelphia, and month before and 88,239,348 in March, 1919. Cleveland, the increases being notably large in The average maturity of the paper discounted the Chicago, St. Louis, and San Francisco in March works out at 13.77 days, as compared banks. with an average of 12.26 days for the month Of the total bills discounted by the Federal before and of 10.15 days for the corresponding Reserve Banks, the proportion secured by month of the past year. For three banks, (rovernrnent war obligations was 85 per cent those at Chicago, Minneapolis, and Kansas in February and 70 per cent in March of the City, average maturities are more than 30 present year, as compared with 96 per cent for days, while for the New York bank the average the same months of 1919. All but about 12 is only 7.79 days, as compared with 7.32 days millions of the member banks' collateral notes the month before. discounted during the month under review was During the mouth under review 39 per cent secured by Government war obligations, but of the discounts were at 5 per cent, 36 per cent the proportion of paper so secured in the total at 5J per cent, and 23 per cent at 6 per cent, of customers7 paper rediscounted declined from while during the previous month 39.9 per cent 27 per cent in March, 1919, and 16 per cent in of the discounts were at 4:} per cent and 41 per February, 1920, to about 11 per cent in March cent at 5-} per cent. This marks a further shift of the present year. toward higner rates of discount, and accounts Discounts of trade acceptances totaled for the increase in the average rate of discount $23,382,954, compared with ' $10,991,506 for from 5.52 per cent for February to 5.64 per February, 1920, and 58,561,851 for March, cent for March, 1920, which compares with an 1919. Of the total for the month under re- average rate of 4.15 per cent for the correspondview 82,214,519 represented transactions in the ing month of the past year. foreign trade and $21,168,435, transactions Holdings of discounted paper on the Jast in the domestic trade. Discounted bankers' Friday in March totaled $2,449,230,000, comacceptances increased from $28,608,329 in pared with $2,453,511,000 a month earlier and February to $34,484,860 in March, while dis- §1,886,240,000 at the end of March of the past counts of ordinary commercial paper increased year. Of the total paper held at the end of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

528 FEDERAL RESERVE BULLETIN". MAY, 1920. month, about 59 per cent was paper secured Bills purchased in open market during March by Government war obligations; at the end of totaled 8308,359,534, compared with $300,the preceding month this proportion was 64 307,768 purchased in February and $143,per cent, and at the end of March, 1919, it was 661,556 in March, 1919. Of the total bills 90 per cent. Discounted trade acceptances purchased during the month about 97 per cent held on the last Friday in March totaled were bankers' acceptances, and of these $20,813,000, compared with $18,508,000 held $236,951,064 were based on foreign trade at the end of February and $10,239,000 on the transactions. Purchases of trade acceptances last Friday of March, 1919. Holdings of dis- during the month by the New York, Cleveland, counted bankers' acceptances were $50,889,000, and San Francisco banks total $4,900,845, this as compared with $39,078,000 at the end of total being comparable with $3,348,881 shown February and $1,086,000 on the last Friday of for February and $4,244,107 for March of last March, 1919. Holdings of agricultural paper year. All but $811,510 of the most recent totaled 829,321,000, compared with $30,125,000 total was drawn in the foreign trade. about the end of February and $33,986,000 on The average maturity of all the paper purthe corresponding day the year before, while chased by the Federal Reserve Banks during holdings of live-stock paper totaled $45,344,000, the month under review was 49.34 days, comcompared with $37,070,000 a month earlier and pared with 50.5 days for February and 45.40 $33,387,000 last year. More than one-half of days for March, 1919. The average maturities the total agricultural paper held is reported by for the Boston and New York banks were conthe Chicago bank, while of the live-stock paper siderably shorter, being 36.12 and 40.72 days, held the greater part is in the Kansas City bank, respectively, while the largest average maturity, and most of the remainder in the San Fran- 73.4 days, is shown for the Kansas City bank. cisco, Minneapolis, and Dallas banks. The rates of discount charged on purchased During the month under review the member- paper varied between 5 and 6J per cent, the ship of the system increased from 9,161 to largest amounts taking the 5}, 5|, 5f, and 5-| 9,227, wrhile the number of banks accommo- per cent rates. The average rate taken by dated through discount of paper increased from these bills works out* at 5.80 per cent, compared 3,338 in February to 3,670 in March. In the with 5.53 per cent the month before and 4.25 following exhibit is presented the number of per cent for March of the year before. member banks in each Federal Reserve dis- On March 31 the Federal Reserve Banks held trict at the end of February and March of the a total of $419,922,000 of bills purchased in present year, and the number of member banks open market, compared with $536,205,000 on accommodated during each of these two the last day of February, and $235,614,000 at months. the end of March of last year. Of the March, 1920, total, 8413,784,000 were bankers7 ac- ! Number of member ceptances, of which $282,339,000, or 68 per Federal Reserve Bank. i . N b u a m nk b s e r i n o f d m is e tr m ic b t. er banks d a a c te c d o . mmo- cent, were accepted by member banks, $56,- 779,000, or 14 per cent, were bills accepted by . Mar. 31. ! Feb. 29. March. ,February. nonmember State banks and trust companies, Boston 433 431 239 1 227 $51,012,000, or 12 per cent, by private banks, New York ... . 767 762 373 ! 343 and $23,654,000, or 6 per cent, by foreign banks Philadelphia 683 682 361 ; 374 Cleveland. .. S57 851 239 : 226 and their agencies. Of the $6,138,000 of pur- Richmond 594 592 282 ' 243 Atlanta 435 431 177 i 153 chased trade acceptances held at the close of C St h ic L a o g u o is 1,3 5 S 5 5 1 : 1,3 5 8 4 0 2 2 6 4 2 1 5 : ' 2 5 0 8 9 8 the month $5,566,000 were bills drawn in the Minneapolis 930 925 275 ' 221 foreign trade, and $572,000 bills drawn in the Ksnaas City ],054 1,051 314 : 276 Dallsa 70S ' 761 252 : 217 domestic trade. The bills in the foreign trade San Francisco 764 • 753 292 ; 261 are held entirely in the Newr York and San Total 9 227 ' 9,161 3,670 : 3,338 Francisco banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, .1920. FEDERAL, RESERVE BULLETIN. 529 Total discount and open-market operations of each Federal Reserve Bank, during the m<mih of March, 1.920 and 1919. Federal Reserve Bank. co " m B u b e n i a l m l t n s e k b d d s e i . s r fo - r b m ou e a H n g r i k h e ll n t e s t i . n U b S o n ta n i t t d e e s s d . V U S n i n o t c a t i t e t t o e e s r s d , y j j | i n t S d if e t U i a b c t n a t e e r i s . d t e e n c s d e e o r s - s f . 1, i • \ se U c T S n u o t i r a t t i t a e t e i l d s es. '.March, 19 T 2 o 0 : . : al. March, 1919. Boston I $461,412, G49 §25,547,010 i 922,050 56,493,500 I SO, 515,550 8493,475,209 i £340,630,310 New York. 3,755,959,029 164,495,842 653,869,000 ' 653,869,000 4,574,324,471 I 2,734,369,085 Philadelphia 542,,.8 42,,945 1,387,821 388.000 j 388,000 544,018,766 '• 839,369,743 Cleveland i 272,002,709 28,410,715 183,500;000 i 183,500,000 484,519,424 265,444,757 Richmond ; 331,575,353 6,777,073 13,000,000 ; 13,000,000 351,353,026 338,679,714 Atlanta 15(i, 016,462 " 901,324 4,000,000 I 4,000,000 163,917! 786 148,403,707 Chicago 636,386,2-13 33,096,405 241,632,000 I 241,632,000 911,114,648 355,519,544 St. Louis 269,396,310 6,117,850 13,185,500 i 13,185,500 288,699,660 197,552,229 Minneapolis 68,461,303 2,488,582 74,310,000 : 74,310,000 145,259,885 I 57,813,649 Kansas City 130,262,598 330,000 47,909,500 I 47,909,500 178,502,098 i 130,255,444 Dallas | 93,491,943 436,210 117,000,000 • 117,000,000 210,928,153 j 105,425,502 San Francisco j 251,922,833 30,364,102 141,100,000 ! 141,100,000 423,380,935 i 186,615,590 Total, March, 1920 6,970,330,977 303,359,534 22,050 •• 1,493,387,500 '1,493,409,550 8,770,100,061 i T T o o t t a a l l , , M 3 m ar o ch n , t h 1 s 9 1 e 9 nding March 31, 5,473,564,174 143,661,556 166,050 j 88,093,500 ! 88,859,550 jI 5,706,085,280 1920 19,729,041,548 906,119,686 222,150 i $4,900 2,440,059,000 2,443,286,050 Total, 3 months ending March 31, 23,078,417,284 j. 1919 |16,448,881,953 492,503,355 1,326,425 ; jl,243,467,500 ,1,244,793,925 2 18,186,240,233 1 Third Liberty loan. 2 Includes SI,000 municipal warrants. Average amount of earning assets held by each Federal Reserve Bank during March, 1920, earnings from eacJi class of earning assets, and annual rates of earnings on basis of March, 1920, returns. i JtVverage daily holdings of the several classes of earning assets. Federal Reserve Bank. Discounted Purchased United States bills. bills. securities. Total. Boston $183,618,488 816,283,308 $22,398,485 §222,300,371 New York... 786,551,415 210,928,475 86,721,574 1,084,201,464 Philadelphia, 208,397,523 5,703,902 32,128,352 246,229,777 Cleveland 168,330,953 65,402,329 30,527,037 264,260,319 Richmond... 104,592,576 10,142,2,54 13,913,955 128,648,785 Atlanta 101,168,101 11,397,830 15,906,714 128,472,645 Chicago 383,483,230 65,028,767 52,172,713 500,684,710 St. Louis 107,452,217 10,457,801 18,805,545 136,715,623 Minneapolis. 63,017,000 5,438,000 11,219,000 79,674,000 Kansas City. 100,973,104 3,998,771 24,875,446 129,847,321 Dallas 61,713,444 1,380,348 16,491,806 79,585,598 S J- a 'U n l lt F l^ ra ncisco | ! 1 u 1 » 3 ,i ,97 w 5 , ,13 tr 1 t 75,076,373 18,874,353 207,925,857 Total March, 1920 ! 2,383,273,182 481,238,308 344,034,980 3,208,546,470 Total March, 1919 1,861,531,639 I 262,787,310 194,103,053 2,318,422,002 Earnings from— j Calcula ted annual rate of earnings f rom- Federal Reserve Bank. • . Dis b c i o ll u s n . ted Pur b c i h ll a s s . ed se U S c t u n a r i t i t e t e i s d es.! Total. co b D u il n i l s t s - e . d i ; : c b h P i a u l s l r s e - . d i ; ' se U S c t n u a i r t t i e e t s i d es. Total. Per cent.! Per cent.i Per cent. Per cent. Boston ! 5841,777 $80,872 $39,257 $961,906 ! 5.41 5.86 : 2.07 5.11 New York i 3,617,531 986,000 155,099 4,758,630 I 5.42 : 5.43 2.11 5.17 Philadelphia '' 941,048 25,3fc2 57,485 1,023,915 ' 5.33 5. 2.3: 2.11 4.90 Cleveland •. 770,055 301,989 53,380 1,134,433 5. -io 5.44 2.06 5.07 Richmond 4C0,134 46,525 23.717 560,376 5.52 5. -40 2.01 5.13 Atlanta ; 491,137 52,745 28,007 571,889 ! 5.56 5.29 I 2.01 5.09 Chicago ! 1,794,022 301,422 91,060 2,189,504 | 5.52 5.53 ; 2.06 I 5.16 St. Louis 504,148 47,219 33,248 584,615 I 5.52 5.32 : 2.08 ' 5.03 Minneapolis 304,381 23,408 19,178 346,967 I 5.70 5.08 2.02 5.14 Kansas Citv ' 490,510 18,166 48; 516 557,192 j 5.74 5.30 2.30 5.07 Dallas.....". i 29 2,314 6,910 29,100 328,330 o. 57 , 5.81 2.07 4.8a San Francisco 527,684 337,707 33,113 898,504 ! 5.47 : 5.31 = 2.07 5.10 Total March, 1920 11,073,741 2,231,345 | 611,175 13,916,261 5.49 5.47 2.10 5.12 Total March, 1919 i 0,588,193 951,469 | 31*8,2S2 7,937,944 •1.16 4.20 2.41 4.02 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 FEDERAL RESERVE BULLETIN. MAY, 1920. Bills discounted during the month of March, 1920, distributed by classes also average rates and maturities of bills discounted by each Federal "Reserve Bank. Member banks' collateral Customers' notes. Federal Reserve Bank. m p c G u a e o r p n e v e t d e r w r s b n e a y - - r G S o e v cu e r r e n d m b en y t Otherwise c T e r p a t d an e c a e c s - . B a a a c n n c c k e e p e s t r . - s' d A is l c l o o u th n e ts r . Total. I : i A m in v a d e tu r a a y r g i s t e . y A (3 v 6 ra e 5 r t - a d e g ay e obligations. war obliga- secured. tions. j Per cent. N Bo e s w to Y n ork , 81 9 8 0 , ,8 0 1 7 3 9 , , 9 5 9 8 5 2 2 $ ,8 3 0 6 4 2 , , 7 7 4 7 7 0 , , 5 7 6 0 0 0 S650,000 1 2 $ 7 1 ,3 ,7 0 0 4, 3 7 , 1 5 G 81 > i 1 § 0 7 , , 9 3 9 1 3 2 , , 9 2 3 9 6 7 : 8 § 1 7 2 0 , , 0 8 3 9 9 0 , , 4 4 2 8 2 9 3, $ 7 4 5 0 5 1 ,9 ,4 5 1 9 2 ,0 ,6 2 4 9 9 ! I 1 1 7 5 . . 7 9 9 5 5 5 . . 6 5 8 3 Philadelphia... 20,940,218 430,124,110 28,000 487,820 i 811,711 . 90,451,086 542,842,945 11.66 5.44 Cleveland 10,479,336 218,826,080 959,000 4,285,616 ' 102,567 ; 37,950,110 272,002,709 i 7.11 5.58 Richmond 4,104,105 293,020,200 575,000 «1,818,161! i 32,057,887! 331,575,353 11.83 5.63 Atlanta 3,421,889 114,781,400 270,000 1,801,676: 1,612,672; 34,128,765 1 156,016,462 25.40 5.67 Chicago 11,980,915 368,032,450 902,000 2,45-1,702 7,509,105 ! 245,501,071 ! 630,380,213 ; 35.15 5.79 St. Louis 20,733,289 131,349,650 201,000 1,245,705 I 807,700 ! 115,058.966 ' 269,390,310 18.29 5.67 Minneapolis 3,240,397 35,834,850 431,320 174,253 i ! 28,780)483 j 68,461,303 36.95 5.77 Kansas City 3,119,005 81.871,805 7,335,000 578,131 : 37,358,597 130,262,598 31.09 5.80 Dallas 508,380 79', 490,118 135,000 148,952! 85,502' 13,117,991 93,491,943 22.88 5.59 San Francisco.. 2,085,396 187,960,100 515,000 5 1,319,641! 5,249,370 . 54,787,326 251)922,833 17.76 5.70 Total, March, 1920....! 189,512,507 5,108,821,143 12,001,320 23,382,954 : 34,484,800 I 1,602,128,193 \ 0,970,330,977 13.77 5.64 Total, March, 1919....: 75,321,339 5,196,218,998 13,378,325 8,561,851 799,713 179,2813,948 5,473,504,174 10.15 4.15 1 Includes $1,025,716 in the foreign trade. 3 Includes 8206,58-1 of dollar exchange bills. B Includes S31,000 in the foreign trade. * Includes 3654,803 in the foreign trade. * Includes $500,000 in the foreign trade. Bankers' and trade acceptances in the foreign and domestic trade and dollar exchange purchased during the month of March, 1920; also average rates and maturities of total bills purchased by each Federal Reserve Bank. Bankers' acceptances. Trade acceptances. Federal Reserve Bank. do In m t e h s e ti c | f I o n r e t i h g e n Total. do In m t e h s e ti c j f I o n r e t i h g e n Total. ex D ch o a ll n a g r e , i j p T u o r t c a h l a b s i e l d ls . m A in a v d t e u r a a r y g i s t e y . (3 b 6 r a a 5 s t - i e d s) a . y trade. : trade. trade. trade. Per cent. Boston $0,067,575 $16,429,435 $25,497,010 . : $50,000 $25,547,010 36.12 5.88 New York 25,096,878 ! 132,510,580 158,207,458 $525,1)78 #1,920,608 §2,440,286 3,842,098 164,495,842 40.72 5.75 Philadelphia 300,000 1,087,821 1,387,821 1,387,821 78.37 5.89 Cleveland I 3,851,136 24,079,747 27,930,8S3 285,832 ! • 285,832 ; 200,000 28,416,715 65.03 5.82 Richmond ! 1,642,000 5,135,673 6,777,673 (i, 777,073 60.09 6.07 Atlanta : 2,533,794 1,307,530 3,901,324 3,901,324 62.48 6.08 Chicago : 5,233,460 27,848,945 33,082,405 33,090,405 68.02 5.87 St. Louis ! 2,090,240 3,427,610 6,117,850 6,117,850 57.70 5.02 Minneapolis j 2,288,782 199,800 2,488,582 2,488,582 59.21 5.10 Kansas Citv i 300,000 30,000 330,000 330,000 '•, 73.40 5.58 Dallas....." 186,210 250,000 436,210 430,210 50.23 6.08 San;F ranriseo 3,559,928 24,583,923 28,143,851 .j 2,108,727 2,168,727 51,524 30,364,102 63.87 5.80 Total, March, 1920... 57,350,003 i 230,951,004 ! 294,301,067 811,510 4,080,335 : 4,900,845 : 4,157,622 303,359,534 49.33 5.80 Total, March, 1919...| 54,254,477 ] 84,757,707 j 139,012,1S4 280,273 3,903,834 i 4,244.107 • 405,205 143,001,556 45.40 4.25 Amounts of bills discounted and acceptances bought by each Federal Reserve Bank during January, February, and March, 1920 and 1919, distributed by maturities. 15-day maturities. 30-clay maturities. 60-day maturities. Federal Reserve Bank. Discounts, j « Total. Discounts. Discounts.': W- Total. i Boston 31,042,488,909 $29,366,538 §1,071,855,447 ^31,159,111 59,075,421 =$40,234,532 $69,740,518 '.$12,522,447 $82,262,965 New York 10,491,641,270 219,653,930 10,711,295,200 44,594,401 61,133,981 105,728,382 137,286,375 • 67,477,922 204,764,297 Philadelphia 1,611,298,557 626,101 1,611,924,658 ! 15,989,013 5513,501) i 16,542,522 15,845,802 871,211 16,717,013 Cleveland 704,816,312 4,094,459 708,910,771 ! 15,945,486 9,416,574 ! 25,362,060 30,517,738 : 25,268,941 55,786,679 Richmond 827,596,852 759,774 828,356,626 ! 17,040,895 1,845,000 18,885,895 30,578,284 5,303,917 35,882,201 Atlanta 363,385,674 298,046 363,683,720 ' 12,224,862 2,485,964 ! 14,710,826 27,043,539 6,018,907 33,062,446 Chicago 997,549,726 10,955,862 1,008,505,58S 54,855,762 3,540,712 i 58,396,474 187,928,860 " 26,076,220 214,005,080 St. Louis 502,022,027 3,804,090 5()5,S26,117 29,913,967 1,073,208 i 30,987,175 48,275,464 3,339,600 51,615,064 Minneapolis 123,314,940 123,314,940 •• 6,830,549 59,800 I 6,890,349 22,258,095 , 2,630,238 24,889,233 Kansas City 254,478,944 254,478,944 ! 9,524,723 1 9,524,723 27,230,132 : 100,000 27,330,132 Dallas 226,630,739 29*666' 226,659,739 ' 2,889,914 548,033 i 3,437,947 7,021,637 1,146,262 8,167,899 San Francisco 526,554,334 2,284,952 528,839,286 16,113,266 11,066,105 ! 27,179,371 28,787,504 36,617,352 65,404,856 Total. 3 months ending: Mar. 31,1920 17,671,778,284 271,872,752 17,943,651,036 257,081,949 100,798,307 357,880,256 632,514,848 !l87,373,017 819,887,865 Mar. 31,1919 15,949,564,574 76,292,333 16,025,856,907 43,433,494 117,275,870 160,709,364 101,865,928 174,717,119 276,583,047 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL RESERVE BULLETIN". 531 Amounts of bills discounted and acceptances bought by each Federal Reserve Bank during January, February and March, 1920 and 1919; distributed by maturities—Continued. 90-day maturities. Over 90-day maturities. Total. Federal Reserve Bank. Accept- Accept- Accept- Discounts. ances. Total. Discounts. • ances. I Total. Discounts. ances. Total. Boston $117,643,641 §11,548,437 5129,192,078 $291,000 i §291,000 $1,261,323,179 $62,512,843 51,323,836,022 New York i 334,558,991 145,511,585 480,070,576 ! 248,546 ! 248,546 11,008,329,583 493,777,418 : 11,502,107,001 Philadelphia | 105,624,180 5,310,554 ; 110,934,734 13,100 13,100 1,748,770,652I 7,361,375 1,756,132,027 Cleveland j 41,968,667 49,555,S63 91,524,530 105,894 ! | 105,894 ! 793,354,097 ! 88,335,837 : 881,689,934 Richmond ! 25,398,295 7,310,157 32,70S,452 170,312 '• I 170,312 900,784,638I 15,218,848 : 916,003,486 Atlanta j 40,028,421 8,471.294 48,499,715 403,662 ;.-.. ! 463,662 443,146,158; 17,274,211 460,420,369 Chicago ! 265,607,192 52,742;876 318,350,068 11,710,886 ! i 11,710,886 1,517,652,426' 93,315.670 i 1,610,968,096 St. Louis | 51,015,021 8,469,965 59,484,986 336,559 : 336,559 : 631,563,038: 16,686,863 ! 648,219,901 Minneapolis : 36,698,927 3,643,580 40,342,507 3,376,934 ' 3,376,934 192,480,345'. 6,333,618 198,813,963 Kansas City 48,790,694 780,000 49,570,694 14,423,843 ; ! 14,423,843 > 354,448,336 i 880,000 355,328,336 Dallas ! 11,80S,078 760,000 12,568,078 3,390,647 '• • 3,390,647 ! 251,741,015 i 2,483,295 254,224,310 San Francisco | 46,927,931 51,971,299 98,899,2133 7,065,013 • i 7,065,043 625,448,0811101,939,708 727,387,789 Total, 3 months ending: i i Mar. 31,1920 '1,126,070,04113-16,075*0 1,472,145.651 ; 41,596,426 ' ! 41,596,426 19,720,041,548 906,119,686 i 20,635,161,234 Mar. 31,1919 i 327,700,988!•1"2"3., 8!0S, 033 451,569,021 26,316,969 | $410,000 j 26,726,969 16,448,881,953 |492,563,355 |»16,941,446,308 i Includes $1,000 municipal warrants. Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks from Jan. 1 to Mar. 31, 1920. [In thousands of dollars.] Rediscounted or sold by Federal Reserve Bank of— j Discounted or purchased by Boston. New York. Philadelphia. C la lo n v d e . - i Richmond. Chicago. Federal Reserve Bank of— 1 i ru Fe a b ry - . u J a a r n y - . ; | March. u J a a r n y - . ru Fe a b ry - . : March. March. | i u J a a r n y - . March. u J a a r n y - . ru Fe a b ry - . March. 1 i Boston 3,579 ; 40,000 ! 27 000 579 50 i 25 15 5 029 Philadelphia 5,030 33,621 25,000 4,000 8,600 : 22,500 ! 10,666 Richmond ; 5,087 25,000 7,000 7,000 3,000 10,000 Chicago 5,090 90,000 24,500 3-1,000 i 10,000 :::::::: St Louis 5,000 8,000 • 9,000 : 23,500 ! Dallas 5 049 5,666 41,500 4 1 7 0 , 0 0 0 0 0 0: : 1 1 4 0 , 5 0 0 0 0 0 1 5,000 10,000 ; ;. San Francisco . - - 13 408 ' Total 20,8-11 175,608 ] 65,000 85,000 115,600 ! 100,500 50 25,000 20,000 25 15 5,029 Piirrlip^oci bills 20 841 25 608 ! 1 50 ; l 25 I 15 i 20 Discounted bills 150^000 : 65,000 85,000 115,600 ; 100,500 25,000 20,000 5,000 Rediscounted or sold by Federal Reserve Bank of— Rediscounted or sold by all Federal Reserve Banks during January, February, and March, 1920. San Fran-, Discounted or pur B c a h n a k se d of — by Federal Reserve St. Louis.| Cisco. : Jan- Jan- Jan- Feb- ! Pur- Dis- March. uary. uary. uary. ruary March. Total. : ; c b h i a l s l e s. d co b u il n l t s e . d -1 - Boston < | 3,579 . 67,000 70,579 i 3,579 : 67,000 New York ! j 200 j 225 j 594 5,079 5,898 i 898 i 5,000 Philadelphia |. Cleveland j 10,000 < 37,621 i 13,636 : 67,500 j 118,757 j 23,657 | 95,100 Richmond ' Atlanta., 42,000 I 12,087 j 3,000 57,087 1 5,087 1 52,000 Chicago i 10,000 |. 131,500 i 39,090 • 173,590 ! 5,090 ! 168,500 St. Louis : !. 13,000 : ; ! 13,000 j | 13,000 Minneapolis 2,529 !. : 9,000 26,029 j 35,029 i 35,029 Kansas City i L 15,049 : 10,000 25,049 5,049 ! 20,000 Dallas j !. 51,500 j 47,000 24,500 123,000 : 123,000 San Francisco 5,000 i [. 13,408 . 5,000 ; 18,408 3,408 i 15,000 Total 17,529 i 10,000 i 200 295,833 ! 136,456 : 208,108 640,397 i. Purchased bills ! ! i 200 25,833 I 20,856 ' 79 46,768 ; Discounted bills 17,529 ! 10,000 : 270,000 j 115,600 i 208,029 j j j 593,629 » Acceptances purchased in the open market through the Federal Reserve Bank of New York and returned to that bank before maturity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 FEDERAL RESERVE BULLETIN. MAY, 1920. Discounted bills, including'member banks' ^collateral notes, held by each Federal Reserve Bank on the last Friday in March, 1920, distributed by classes. : >••• p. !. ;. [In thousands of dollars.] Member banks cot- Customers' lateral notes. Federal Reserve Bank. A p t g a u r p r ic e a u l r. l- Li p v a e p -s e t r o . ck s m e G c e p u o n a r v t p e e d e w r r n a b - r y Se G c o u v re e d r n b - y ' Otherwise c T e r p a t d a e n c a e c s - . B a a a c n n c c k e e p e s t r . - s' d A is H c o o u t n he ts r . Total. obligations. ment war secured. obligations. Boston 48,4G9 65.G7G 100 738 11,438 69,408 195,865 New York • 302 104,701 388; 070 301 fi, 873 13,845 241,542 815,634 Philadelphia... 184 72,653 90,540 14 577 2,526 40,200 206,700 Cleveland 81 105 15,271 117,029 450 2,059 46,196 181,219 Richmond 653 36 11,532 52,846 45 1,6-42 35,059 101,813 Atlanta , 914 257 4,851 50,957 140 1,108 1,493 38,456 98,176 Chicago 15, 14,426 145,303 151 2,(530 15,441 211,130 404,150 St. Louis 274 402 12,899 31,852 539 2,055 1,079 58,757 107,857 Minneapolis 2,3(50 8,378 0,005 25,875 347 125 22,292 65,382 Kansas City.... 4,502 23,184 4,897 29,122 3,976 402 38,399 104,542 Dallas 1,825 4,340 329 38,617 35 10,868 56,014 San Francisco.. 3,061 8,036 3,073 ! 46,022 150 2,004 5,0 43,293 111,878 Total, March, 1920.. 29,321 45,344 359,106 1,081,909 0,248 20,813 50,889 855,600 2,449,230 Total, March, 1919.. 33,986 33,387 233,095 1,457,846 13,314 10,239 1,086 103,287 1,886,240 Per cent, March, 1920 1.2 1.8 14.7 44.2 0.3 0.8 2.1 34.9 100.0 Per cent, March, 1919 1.8 1.8 12.3 77.3 .7 .5 .1 5.5 100.0 Acceptances purchased by each Federal Reserve Bank and held on Mar. 31, 1920, distributed by classes of accepting institutions. [In thousands of dollars.] Boston 16,749 Now York. 181,702 Philadelphia. 4,891 Cleveland ' 33,839 58,950 Richmond | 11,069 11,069 Atlanta • 8,117 8,722 Chicago 57,287 61,215 St. Louis i 8,986 10,042 Minneapolis ' 4,828 5,345 Kansas City 513 1,227 Dallas 686 1,186 San Francisco 33,908 58,824 Total— Mar.31,1920 282,339 1,389 i 55,390 51,012 23,654 413,784 5,566 6,138 : 419,922 Feb. 28, 1920 364,940 2,100 | 70,127 60,218 ! 33,440 530,825 4,800 : 5,380 : 536,205 Jan. 31, 1920 383,375 6,134 •• 68,592 61,218: 36,203 ;555,522 1,893 ; 4,595 < 6,488 562,010 M M a a r r . . 3 3. 1 1 , , 1 1 9 9 1 1 9 8 ; ; 2 1 7 8 5 5 , , 1 2 4 0 4 7 2 1 , , 1 36 7 0 2 ; : 15 1, , 8 5 8 6 4 1 3 1 1 5 , , 7 2 7 6 9 3 i : 1 8 2 , ,8 5 8 6 5 2 : 2 31 3 8 1 , , 7 0 2 8 9 8 3 2 1 3 9 7 4 , , 9 2 9 0 2 7 : 8 4 , , 0 5 1 2 5 6 i 2 3 3 2 5 6 , 7 6 4 1 4 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1920. FEDEKAL EESEEVE BULLETIN. 533 OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM, MAR. 16 TO APR. 15, 1920. [Amounts in thousands of dollars.] Items drawn on banks in own district. Total. Items drawn on Treasurer of Located in Federal Located outside Fed- United Stages Federal Reserve Bank or branch. Reserve Bank ne,rnia lr R>«eos«e»^rvfte nBOaT,ni-k <" nitea btai.es. Number. Amount. and Branch cities. and Branch cities. Number. Amount. Number, i Amount. Number. Amount.! 1920 1919 1920 1919 Boston 6%, 363 $705,038 2,813,675; $470,559 111,350 $33,535 3,621,388 2,924,676 $1,209,132 $950,870 New York ,088,482 2,527,319 3,78-1,640•1,441,230 728,959 311,073 5,602,081 5,316,880 4,279,622 3,935,296 Phil B ad u e ff l a p l h o ia ,4 1 3 6 9 7 , , 5 7 4 9 2 9 9 1 0 1 9 2 , , 1 6 0 5 9 7 1, 3 8 3 5 9 9 , ,4 2 5 6 9 8I ; 2 5 7 6 4 , , 8 0 5 5 8 0 1 1 8 2 2 , , 8 47 9 3 9 52 1, , 9 5 4 7 7 2! 3, 5 4 1 8 9 1 , , 9 4 6 7 6 4 ; !2,165,838 1, 1 2 7 35 1 , , 7 4 3 6 1 2 975,509 Cleveland 344,173 294,827 1,078,388: 213,554 44,017 19,715 | 1,466,578 979,659 528,096 376,868 Cincinnati 151,588 168,657 727,417I 102,249 39,099 3,188 | 918,104 603,663 274,094 179,730 Pittsburgh 338,625 318,291 781,533! 111,642 42,336 8,557i 1,162,494 711,379 438,490 329,583 Richmond 106,136 1205,890 1,5-12,851; 311,363 43,951 8,510 | 1,692,938 1,045,636 525,763 326,716 Baltimore 198,321 180,436 658,5121 88,026 55,935 9,829; 912,768 469,195 278,291 172,730 Atlanta 95,600 88,171 377,353 ! 81,233 27,060 6,803i 500,013 517,764 176,207 156,475 Birmingham.... 43,494 25,089 114,523 ! 15,001 13,538 1,660 201,555 132,99f 41,750 23,991 Jacksonville— 48,115 24,914 142,883! 19,856 9,477 2,561 i 200,475 118,924 47,331 29,288 Nashville 57,258 40,021 222,087j 28,824 11,065 1,439i 290,410 70,284 New Orleans... 55,984 66,206 121,424i 21,057 18,011 3,419 I 195,419 "i57*923' 90,682 Chicago 916,493 937,974 3,370,751I 508,963 275,559 59,923i 4,502,803 2,790,037 1,506,860 1,007,852 Detroit 211,589 210.943 307,841 : 49,098 30,447 5,263• 549,877 156,090 265,304 91,704 St. Louis 258,746 295,943 1,282,546i 133,923 104,265 16,748 j 1,645,557 1,058,181 446,614 319,466 Little Rock 46,764 34,124 266,2031 26,924 6,423 1,356I 319,390 119,690 62,404 23,553 Louisville 80,429 78,080 361,130 31,345 20,387 4,904 ! 461,946 199,977 114,329 77,877 Memphis 73,002 49,273 200,787 18,605 9,226 1,632j 283,015 121,149 69,510 33,440 Minneapolis 227,704 173,583 1,289,544 126,522 34.777 10,470! 1,552,025 895,176 310,575 201,451 Kansas City 477,025 414,786 2,472,820 311,429 81J400 7,994I 3,031,245 1,592,018 734,209 459,338 Denver 74,218 63,228 323,739 31,188 15,833 2,506: 413,790 274,133 96,922 56,174 Omaha 9(5,649 92,348 536,898 60,779 37,945 3,083: 671,492 376,159 ! 156,210 83,517 Dall E as l Paso 1 3 9 9 0 , , 1 3 7 6 3 5 1 1 8 2 2 , ,5 9 5 4 9 0 1,9 1 5 4 8 3, , 0 4 6 3 7 5 5 1 2 4 5 , , 9 1 5 6 6 3 2 2 9 6 , , 9 9 5 8 3 8 1 2 5 , , 8 1 2 75 9! 2,1 2 7 0 8 9 , , 7 2 5 2 3 8 7 1 2 5 8 1 , ,0 5 1 8 4 2 : - 7 3 2 0 2 , , 7 8 2 9 5 7 2 2 4 1 2 , , 9 9 4 1 6 8 Houston 64,700 42;383 305,591 41,732 70,387 4,239i 440,678 88,354 SanfFrancisco 158,642 109,576 247,702 29,423 42,968 252,313 i 449,312 "* 429," 984* 391,312 "268," 625 Los Angeles 95,541 70,571 302,513 38,021 18,000 12,315i 476,114 120,907 Portland 58,454 41,363 130,162 11,603 16,111 8,225! 204,757 "i42,'735" 61,191 52ji25 Salt Lake City.. 41,839 31,549 386,82T) 35,492 9,757 2,873! 438,422 348,199 69,914 54,429 S Sp ea o t k t a le ne 2 7 7 6 , , 8 4 4 4 6 9 5 2 1 1 , , 2 2 0 7 7 0 1 1 6 5 7 6 , , 4 4 3 4 6 0 1 1 8 2 , , 0 8 9 9 0 7 23 7 , , 7 9 4 0 9 4 11, 8 4 4 4 8 3 i ! 2 1 6 9 7 2 , . 6 1 3 9 4 0 1 1 8 5 9 0 , , 1 7 7 0 6 2 8 3 0 5 , , 7 0 4 1 0 5 7 2 5 1 , , 9 1 9 2 0 0 Total: Mar. 16 to Apr. 15,1920 |8,047,108 8,580,325 28,864,444 <5,261,655 2,202,339 888,947 39,113,891 24,867,530 14,730,927 10,607,387 Feb. 16 to Mar. 15,1920.... J6,971,752 7,509,756 25,024,809 jo, 135,263 .1,505,995 511,566 '33,562,506 13,156,585 Jan. 16 to Feb. 14,1920 16,161,522 7,210,635 25,003,659 14,748,036 1,697,090 561,056 130,802,271 • 12,519,727 Mar. 16 to Apr. 15, 1919.... !4,706,134 5,93S, 65116,557,284 |3.391,822 3,544,112 1,276,914 ; |24,807,530 | 10,007,387 'Includes 2,950 items, amounting to 55,947,000 forwarded directly to banks in Baltimore. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL RESERVE BULLETIN. MAY, 1920. Operation of the Federal Reserve Clearing System, Mar. 16 to Apr. 15, 1920—Continued. [Amounts in thousands of dollars] Number of busi- Items forwarded to other Items forwarded to ness days in Federal Reserve Banks parent bank or to month. and their Branches. branch in same Federal Reserve Bank or Branch. district. 1920 Number. Amount. Number. Amount. Boston 27 86,910 94,782 New York 27 1.104,251 662,451 31,399 13,446 Buffalo 27 149,913 38,496 38,390 28,410 Philadelphia 25 772,245 261,176 Cleveland 27 38,157 31,099 56,643 , 19,257 Cincinnati 27 14,486 14,646 11,939 ; 7,086 Pittsburgh... 26 65,147 47,885 28,418 ! 9,351 Richmond 27 117,151 70,647 4,023 ! 3,426 Baltimore 25 171,803 125,656 10,005 ! 10,196 Atlanta 27 31,825 26,003 ! 67,720 ! 14,490 Birmingham.. 26 17,374 11,146 • 28,525 ! 45,750 Jacksonville.. 26 50,640 12,549 i 10,219 ! 2,968 Nashville 27 32,822 10,689 12,879 3,406 New Orleans. 26 48,264 16,870 7,715 1,297 Chicago 27 304,193 52,219 10,418 5,498 Detroit 26 25 9,939 11,177 I 8,949 3,154 St. Louis 27 26 23,524 13,129 ! 24,648 4,197 Little Rock... 27 26 9,539 2,434 I 36,177 5,339 Louisville 27 26 15,638 3,689 i 1,301 1,147 Memphis 26 26 2,192 1,299 ! 2,916 1,459 Minneapolis 26 26 79,801 46,454 Kansas City 26 26 285,795 93,227 117,955 j 19,059 Denver 27 26 62,421 21,477 ; 42,544 ! 20,895 Omaha 27 26 40,719 11,653 21,295 | 11,280 Dallas. 27 26 221,143 54,298 ; 99,338 ! 41,569 El Paso 27 26 26,117 10,187 16,643 ; 4,246 Houston 27 23,490 20,948 : 12,422 ! 5,786 San Francisco 27 26 29,393 11,891 ; 76,486 i 12,760 Los Angeles.... 27 29,413 12,633 [ 17,492 6,249 Portland 27 26 2,935 1,839 22,791 4 295 Salt Lake City. 26 25 5,573 27,929 17,683 8,635 Seattle 27 26 11,517 31,922 6,384 Spokane 27 26 6,153 6,341 ! 17,842 ! 7,976 Total: Mar. 16 to Apr. 15, 1920 ! I ! 13,890,483 !* 1,835,858 ; 329,011 Feb. 16 to Mar. 15,1920 : \ 2 3,376,201 j * 1,565,308 1 748,029 | 275,337 Jan. 16 to Feb. 14,1920 j 3 3,039,528 »1,476,733 715,958 277,877 Mar. 16 to Apr. 15,1919 \ > * 2,416,572 < 1,330,691 ! 436,874 | 200,767 1 Includes 6,475 items, amounting to $1,869,000, forwarded direct to member banks in other Federal Reserve districts. 2 Includes 5,695 items, amounting to $1,826,000, forwarded direct to member banks in other Federal Reserve districts. 3 Includes 5,215 items, amounting to $2,015,000, forwarded direct to member banks in other Federal Reserve districts. 4 Includes 3,113 items, amounting to $3,109,000, forwarded direct to member banks in other Federal Reserve districts. Number of incorporated Number of member Number of nonmember banks other than banks in district. banks on par list. mutual savings banks Federal Reserve Bank. not on par list. 1920 1919 1920 1919 1920 1919 432 425 253 243 New York 770 725 320 322 PhiladelDhia 684 665 419 350 55 Cleveland 866 819 1,079 790 ! ! 255 595 569 763 295 749 1,095 Atlanta 426 423 445 310 1,130 ! 1,266 Chicago 1,385 1,342 4,231 2,804 ; 1,367 St Louis 555 515 2,514 1,333 174 1,282 MiririPfvnnHs 943 875 2,913 1,292 : 1,555 Kansas City 1,055 999 3,368 2,170 1,052 Dallas 773 739 1,248 240 i 879 San Francisco 772 662 939 911 104 i 150 Total 9,246 8,758 18,492 11,060 2,157 j 8,956 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE POINT MAP, are on Jkr-IZst .• t JBoston, JTs Z: Mw &brK, */?U banks in Stajtes shown in white are on par Cist, and figures indicate JVs 3.total Tvtimber ofbanJcsutState. States in which all non-member banJcs ?: Chicago, are not on par Cist, shown Guts.. IMi Upper figures indicate total number JY° iO: Kansas <2ty, ofbanfcs on par list, and lower figures indicate number of non -member banlcs not on par list. oo Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 FEDERAL RESERVE BULLETIN. MAY, 1920. OPERATIONS OF THE FEDERAL RESERVE BANKS. During the four weeks between March 26 451.9 to 404.7 millions. This decline is not and April 23 the Federal Reserve Banks' hold- accompanied by a corresponding increase in the ings oi discounted bills increased from 2,449.2 holdings of discounted acceptances, and it is to 2,478.2 millions. Considerable liquidation probable that a larger proportion of recent of member banks' discounts during the first offerings of this class of paper has been taken two weeks was followed by increased borrow- by commerical banks, savings banks, and inings during the latter two weeks, with the re- dustrial corporations. Differences in the sult that the Federal Reserve Banks' holdings amounts of Treasury certificates held on the of paper secured by United States war loan several dates represent almost exclusively the obligations were 7.8 millions and those of amounts of Treasury certificates held by the other discounted paper—21.2 millions larger several Federal Reserve Banks to cover temthan four weeks before. But little change is porary advances to the Treasury pending colseen in the relative amounts of war loan paper lection of funds from depository institutions. to the total amounts of discounts held, the Discounted bills held by the several Federal percentage held at the end of the period—58.5 Reserve Banks include amounts held under disper cent—differing but slightly from the cor- count for other Federal Reserve Banks. The responding percentages shown at the end of amount of bills thus held after a decline of the three previous weeks. Bills secured by about 18 millions during the first week under Liberty bonds show a continuous decline during review shows a continuous increase totaling the four weeks from 742.9 to 677.5 millions. 66.5 millions during the three subsequent weeks. An analysis of the pertinent figures of " re- On March 26 a total of 94.4 millions was thus porting" member banks fails to show a cor- held by seven banks for the Federal Reserve responding decline in their holdings of Liberty Banks of New York, Philadelphia, Richmond, bonds. Some decrease is shown, however, in and St. Louis. During the following four the member banks' loans secured by United weeks the New York bank was able not only States war obligations and it is not unlikely to liquidate its paper rediscounted with the that this decrease is due to the recent shrinkage other Federal Reserve Banks, but in turn to in value of these bonds and to forced sales of discount increasing amounts for other Federal Liberty bonds pledged as collateral with the Reserve Banks. On April 23 out of a total of banks together with liquidation by the latter 142.9 millions of paper held under discount for of their own Liberty bond secured paper dis- six Federal Reserve Banks by the Boston, counted with the Federal Reserve Banks. New York, Cleveland, and Dallas banks the As against this notable decline in the hold- New York bank reported 64 millions. The ings of paper secured b,y Liberty bonds, the Chicago bank, which on March 26 reported 7.6 Federal Reserve Banks report an increase millions of bills held under discount for other during the three weeks ending April 16 in their Federal Reserve Banks, four weeks later reholdings of paper secured by Victory notes ports an indorsees liability of over 42 millions from 276.9 to 308.1 millions, followed, however, on paper rediscounted with other Federal by a decline to 292.2 millions on April 23. Reserve Banks. The same is true of the Paper secured by Treasury certificates, which Minneapolis bank, which on March 26 held declined from 421.2 on March 26 to 392.5 over 10 millions of interbank discounts and millions on April 2, resumed its upward course on April 23 had a contingent liability as following the resumption of Treasury bor- indorser on 10.1 millions of paper rediscounted rowings through certificate issues, reaching a with other Federal Reserve Banks. The list total of 479.1 millions at the close of the period of rediscounting Federal Reserve Banks inunder review. cludes also on both dates those of Philadel- About 58 per cent of all the paper held phia, Richmond, and St. Louis, and in addition throughout the period is represented by paper on April 23 the Kansas City bank. maturing within 15 days on dates of report. During the same period holdings of accept- The average maturity of all discounts was some- ances purchased from other Federal Reserve what longer at the end of the period than at its Banks increased from 5.1 to 8.4 millions, the beginning, owing to a decrease by over 40 larger amount comprising bills acquired by millions in the amount of 60-day paper and Cleveland and San Francisco from the New more than commensurate increases in the hold- York and St. Louis banks. The New York ings of 90-day and 6-month paper. bank since April 2 has also shown a contingent Holdings of acceptances purchased in open liability of 16.2 millions as guarantor on bills market show a further steady decline from purchased for foreign correspondents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL RESERVE BULLETIN. 537 Members' reserve deposits varied during the in the banks7 liabilities on Federal Resoive period between 1,851 millions on April 9 and notes. 1,899.1 millions on April 2, while Government As a consequence of the recent large gold imdeposits fluctuated between 8.8 millions on ports the gold reserves of the system sl.ow on April 9 and 42.8 millions on the last Friday of increase between March 26 and April 9 of 22.7 the period. The low and high levels for net millions. During the following two weeks exdeposits were coincident with those for reserve port withdrawals apparently were in excess of deposits. Total net deposits on April 23 stood the aggregate deposits of imported gold, and on at 1,773.6 millions, or only slightly above the April 23 gold holdings of 1,949.7 millions were March 26 level. Federal Reserve note circula- 7.8 millions below the high level shown two tion shows a net expansion during the period weeks earlier, though indicating a net gain of of 20.3 millions, though for the last two weeks 14.9 millions over the March 26 tots.il. Total the volume of reserve notes in circulation shows cash reserves, because of some further silver a reduction of nearly 12 millions. There has deposits by the Government, show an increase also been a further steady reduction in the for the four weeks of 16.4 millions. banks' aggregate liabilities on Federal Reserve As the result of the developments above outbank notes from 201.4 to 180.6 millions. Since lined the reserve ratio of the banks shows a rise January 9, when the decline in Federal Re- between March 26 and April 16 from 42.7 to serve bank note circulation set in, the banks' 43.3 per cent. On the following Friday, as the aggregate liabilities on account of these notes result of an increase in net deposits and a simulshow a reduction of 78.5 millions, as against an taneous decrease in reserves, the ratio declined ncrease during the same period of 153.9 millions to 43 per cent. Resources and liabilities of each Federal Reserve Banh at close of business on Fridays, Apr. 2 to Apr. 23, 1920. RESOURCES. [In thousands of do Jars.; Kansas Boston. City. Gold and gold certificates: Apr. 2 11,290 986 I 10,069 i 2,413 8,652 24,440 3,724 ! 7,24.9 Apr. 9 11,412 I 1,014 I 10,147 ! 2,444 8,894 24,420 4,026 i 7,290 Apr. 16 11,485 1,038 ! 10,209 : 2,385 8,824 24,516 5,358 i 7,226 Apr. 23 11,517 1,053 ! 10,254 ' 446 8,908 24,381 4,343 : 7,267 Gold settlement fund, Federal Reserve Board: Apr. 2 30,555 31,649 52,311 18,214 15,776 51,115 7,907 j 17,936 Apr. 9 34,531 27,142 51,282 I12,360 24,257 69,986 7,786 | 15,880 Apr. 16 , 19,527 26,972 j 52,220 i 15,642 18,169 70,558 10,187 ! 9,528 Apr. 23 35,353 28,657 j 39,385 j 17,511 10,874 57,970 10,433 : 6,874 Gold with foreign agencies: I Apr. 2. 8,233 9,023 ! 9,248 : 5,526 4,060 ' 13,421 5,301 i 3,045 5,413 2,933 JA.*.p JJrM. . 9. .i/.... ; O, 233 9,023 ! 9,248 ! 5,526 4,060 ! 13,421 5,301 : 3,045 5,413 j 2,933 Apr. 16 ! 8,233 9,023 i9,248 i 5,520 4,060 ' 1'3",4 2'1~- 5,301 j 3,045 5,413 ! 2,933 Ap r. 23 8,233 9,023 9,248 5,52rt 4,000 13,421 5,301 3,045 5,413 I 2,933 Gold with Federal Reserve agents: ! Apr. 2 98,085 ! 311,810 89,611 i 132,82:-. 45,690 55,803 175,211 47,471 34,138 37,970 1,169,137 Apr. 9 110,899 ! 314,749 90,824 !l43,4J"> 43,751 55,900 171,644 46,939 34,069 36,966 1,173,125 Apr. 16 124,287 313,546 89,865 :143,37i 42,732 50,255 107,014 40,089 34,489 37,145 1,170,313 Apr. 23 112211)770044 308,204 .88,387 ?14-J,5iS 42,541 ,54,678 103,490 45,893 34,343 36,156 1,150,658 Gold redemption fund: ; Apr. 2 19,251 26,980 11,372 : 471 4,430 6,623 24,270 7,108 4,071 4,027 117,198 Apr. 9 20,590 27,000 .10,960 I 401) 5,002 5,636 20,943 0,954 126 4,510 2,803 119,743 Apr. 16 16,379 27,000 •10,794 ! 337 5,340 6,500 30,220 7,038 338 4,706 3,021 122,883 Apr. 23 i 17,715 26,9(35 ! 11,028 ! 5,9(58 6,514 t 32,790 (;, 830 157 4,653 3,256 126,220 Total gold reserves: ! Apr. 2 1167,420 559,299 142,041 ; 204,025 70,270 90,914 288,403 71,511 02,830 70,307 57,149 152,455 1,950,259 Apr. 9 |185,665' 536,915 138.003 -214,031 \ 09,089 98.807 300,4.14 71,000 ! 00,410 : 76,574 53,817 [145,299 1,957,490 Apr. 16. 179,911 549,353 137)692 i 215.388 •<71,625 93.808 300,329 74,573 ! 54,620 • 71,128 53,030 147,825 1,955,294 Am\ 23. 194,522 581,633 138,148 J204';35f> ,73,992 ;85,034 292,058 .:72,800 j 51,680 '. 73,604 40,796 135,065 1,949,093 Legal-tender notes, silver, etc.: Apr. 2 6,325 105,630 : 625 ; 1,111 : 413 1,610 7,443 4,875 58 950 670 459 130,169 Apr. 9.... 6,343 104,905 : 584 I 1)203 : 370 1,319 7,912 4,842 74 i 1,085 091 482 129,816 Apr. 16... 6,885 105,541 669 ; 1,382 ; 542 1,607 8,373 4,973 76 i 1,071 774 544 ! 132,437 Apr. 23... 0,914 106,152 705 : 1,395 ; 495 |; 1,500 9,173 5,010 89 • 1,102 805 535 ! 133,875 Total reserves: Apr. 2.... '173,745 664,929 143,260 1206,036 ; 76,092 i 92,524 295,906 70,380 : 02,894 77,317 57,819 152,914 ! 2,080,428 Apr. 9.... il<J2.008 : 641,820 139,547 1215,734 69,40-i 100,120 314,320 75,848 i (50,484! 77,050 54,508 145,781 2,087,306 Apr. 16... 186)796 654,894 138,361 '216,770 72,167 95,415 1514,702 79,5-16 ! 54,702 i72,109 53,810 148,309 2,087,731 Apr. 23... ;20i,430 687, 785 138,853 1205,750 74,487 i 80,534 301,231 77,810 .- 51,775 :74; 700 47.601 i 135,' 600 ! 2,083,' 568 177757—20 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

538 FEDERAL RESERVE BULLETIN. MAY, 1920. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Apr. 2 to Apr. 28, 1920—Continued. RESOURCES—Continued. [In thousands of dollars.} x R n i o c 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, iF c S i r s a a c n n o - . Total. Bills discounted: i Secured by Government war obligations- Apr. 2. 97,274 ! 531,942 167,873 122,195 57,930 | 59,510152,124 37,463 29,702 39,413 46,971 ! 58,267 1,400,664 Apr. 9 95,695 i 581,209 168,828 111,059 59,813 i 58,447143,525 33,911 27,494 33,322 42,407 I 54,359 1,410,069 Apr. 16 |112,017 ! 587,692 167,356 98,784 61,747 ! 59,479146,853 50,319 21,743 32,658 42,978 ' 49,262 1,430,888 Apr. 23 I 84,866 ! 634,032 176,231 116,956 54,844 60,932 126,552 49,363 18,050 29,055 47,023 I 50,900 1,448,804 All other- i Apr. 2 I 88,143 ! 204,255 40,856 49,330 38,303 I 43,452'270,438 67,645 35,834 71,947 22,500 I 67,146 999,849 Apr. 9 I 68,065 : 180,887 36,940 49,634 35,691 I 41,816263,222 70,500 I 42,543 75,450 23,659 ! 69,062 957,469 Apr. 16 64,243 i 191,716 33,958 63,746 33,610 i 43,341i273,345 58,357 46,437 75;570 26,138 ! 69,842 980,303 Apr. 23 75,920 ! 185,061 I 33,160 66,121 36,770 : 47,8031290,339 60,547 55,453 79,017 28,514 I 70,673 1,029,378 Bills bought in open market: 2 Apr. 2 18,529 171,749 4,960 58,914 11,353 ! 8,41163,047 10,537 I 5,345 1,329 1,186 ! 68,681 424,041 Apr. 9 20,852 I 163,848 3,972 56,737 11,499 : 8,298 61,211 9,597 I 5,261 879 838 i 79,249 422,241 Apr. 16 24,561 !152,516 3,416 61,238 10,827 ! 7,530 61,209 1,919 ! 6,032 461 1,282 85,793 416,784 Apr. 23 27,400 142,731 2,981 56,741 11,202 ; 7,50159,532 2,189 i 6,505 461 1,340 i 86,089 404,672 United States Government i I bonds: Apr. 2 561 1,457 i 1,385 834 • 1,235 ] 114 4,477 :1,153 i 116 8,868 3,966 2,632 26,798 Apr. 9 561 1,457 : 1,386 833 : 1,235 : 114 4,477 :1,153 ! 116 8,868 3,966 2,632 26,798 Apr. 16 561 1,457 ! 1,386 834 ,1,235 ! 114 4,477 1,153 116 8,868 3,966 I 2,632 26,799 Apr. 23 561 1,457 ! 1,386 833 , 1,235 ' 114 4,477 1,153 ! 115 8,868 3,966 I 2,632 26,797 United States Victory notes: Apr. 2 10 ! 68 Apr. 9 50 10 ; 68 Apr. 16 50 I 10 • 68 Apr. 23 50; 10 68 United States certificates of indebtedness: Apr. 2 30,634 119,538 I 31,580 31,392 i 14,260 15,665 39,647 i 19,190 10,538 12,925 8,300 i 11,881 345,550 Apr. 9 28,639 114,013 1 34,580 26,362 i 17,260 15.665 39.645 i 17,241 10,483 13,850 9,300 ! 12,881 339,919 Apr. 16 21,7213 100,113 ! 32,69023,368 12,260 15,665 39.646 i 17,242 8,483 13,357 8,300 | 10,881 303,728 Apr. 23 21,663 64,657 30,935 23,368 ! 12,260 15.666 39,636 : 17,851 8,502 13,347 8,300 i 10,881 267,066 Total earning assets: Apr. 2... 235,140 1,028,991 1246,654 262,675 ; 123,081 j127,155=529,733 :135,988 i 81,53;134,482 82,92* ! 208,607 3,196,970 Apr. 9 213,817 1,041,464 245,706 241.635 125,498 1124,343 512,080 132,402 j 85,897 132,369 80,170 218,183 3,156,564 Apr. 16 223,110 1,033,544 1238,806 24^980 1119,679 1126,132 '525,530 .128,990 '8 2",8"1 1~ 1'30,914 82,664 :218,410 3,158,570 Apr. 23 210,415 1,027,988 244,693 926ft4t ,009290 1l1if6t ,331111 113329, 0O19KI;520,536 131,103 88,625 130,748 89,143 221,175 3,176,785 Bank premises: I Unco A A A A l p p p l p e r r r r c . . . . t 2 9 2 1 ed 3 0 items and other de- 1 1 1 1 , , , , 1 1 1 1 5 5 7 8 7 2 0 4 3 3 3 3 , , , , 2 2 2 2 2 2 2 6 6 6 8 3 i I • 5 5 5 5 0 0 0 0 0 0 0 0 1 1 1 1 , , , , 1 1 1 1 5 5 5 5 6 6 6 6 ! ! ! 5 6 6 6 8 4 4 4 3 0 0 0 5 5 5 5 5 3 5 6 0 2 4 4 2 2 2 2 , , , , 1 1 1 1 1 1 1 1 6 6 6 6 ; : . 8 8 8 8 0 6 6 0 6 6 6 6 5 5 5 5 1 3 3 3 5 0 0 0 4 4 4 5 6 6 6 2 4 4 4 4 6 6 6 7 6 6 6 5 8 8 8 4 • ' i : I ' 2 2 2 3 3 3 1 1 1 231 1 1 1 1 2 2 2 2 , , , , 0 1 1 3 0 2 0 2 9 3 4 8 ductions from gross deposits: Apr. 2 03,600 180,562 i 02,758 70,117 ; 57,087 35,864 111,2<J6 . 53,271 24,002 73,947 53,906 j 43,146 835,076 Apr. 9 F5A9), 004433 i U14.ri5 ,92(6100 A692 ,3H5."»77 70,733 i 55,877 31,364 114,710 I 57,533 24,471 75,456 57,783 ! 39,028 793,615 Apr. 1C 72,007 201,410 76,439 88,042 : 67,705 38,013 142,051 : 60,758 27,381 72,939 63,978 I 45,346 956,669 Apr. 23 64,964 166,891 67,904 78,014 j 61,404 33,507 109,946 I 47,001 21,525 61,833 60,787 ! '13,192 817,028 Five per cent redemption fund against Federal Reserve bank I notes: ! A Dr. 2 747 3,211 I 1,300 831 451 627 1,909 j 1,308 282 996 562 1,465 13,689 Apr. 9 1,132 3,112 j 1,300 831 ! 451 483 877 ! 872 400 996 562 1,465 12,481 Appr. 16 1,248 3,130 I 1,300 831 i 451 442 2,385 623 582 996 562 i 1,465 14,015 AA pprr.. 222333 1,375 3,115 1,300 831 j 451 539 1,722 = 623 459 996 562 1,465 13,438 All otthheerr rreessoouurces: Apr. 2 374 360 542 ! 274 177 867 I 317 117 225 163 301 4,474 Apr. 9 All 845 344 340 i 409 107 836: 319 80 228 1,442 369 5,802 Tota A A l p p re r r . . s o 1 2 u 6 3 rces: 3 38 S 1 2 833 0 69 5 9 7 3 3 6 4 3 7 i 4 3 5 6 4 8 1 15 5 1 2 1 1, , 0 0 9 7 0 2 i • 4 3 3 6 0 7 1 1 0 ) 6 9 2 2 6 5 2 9 2 1 3 8 4 4 3 3 6 1 7 0 5 5, , 1 3 7 0 8 5 Apr. 2 474,824 1,887,676 454,838 541,357 i258,1681250,879 041,827 208,136 !!.l69,405 287,431 196,041 1406,064 6,143,246 Apr. 9 467,574 1,835,727 449, 754 533,429 j252,3401257,033 im,(M5 :207,840 171,868 287,172 195,133 |405,057 ! 6,067,872 Apr. 16 484,713 1,897,039 456,063 555,742 261,096 |2C0i,,7~0 8 98"7 ,806 27~1,213 160.105 277,77-1 ~20 1,916 |414,188" ' 6,234,413 1 Inc A lu p d r e . s 2 3 bills discounted for 479,755 1,889,928 453,949 550,127 253,661 or,1};,374 :936,641 257,770 163)020 269,006 ! 199,031 402,003 6,108,325 other Federal Reserve Banks: Apr. 2 11,463 5,000 27,695 3,000 !... 7,529 10,000 11,760 76,447 Apr. 9 18,000 26,850 20,570 4,948 10,000 7,809 88,177 Apr. 16 35,920 36,450 23,989 ! 5,000 101,359 Apr. 23 20,260 63,996 5:5,652 ! 5,000 142,908 2 Includes bankers' acceptances bought from other Federal Reserve Banks: With their indorsement— Apr. 2 2S7 591 ' 447 1,325 Apr. 9 2(31 112 ! 447 820 Apr. 16 6,260 112 : 6,372 Apr. 23 5,999 5,999 Without t h 0 i r indorsement— Apr. 2 4,341 4,341 Apr. 9 2,371 2)371 Apr. 16 2,371 2,371 Apr. 23 2,371 2,371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1920. FEDERAL, RESERVE BULLETIN. 539 Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Apr. 2 to Apr. 2-3, 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 in o n li e s - . K C an it s y a . s Dallas. Total. Capital paid in: Apr, 2 7,207 23,886 | 8,198 9,946 4,713 3,559 12,684 4,161 3,186 4,214 3,500 6,030 91,284 Apr.9 7,207 23.737 8,198 9,945 4,721 3,561 12,679 4,161 3,188 4,213 3,520 6,030 91,160 Apr. 16 7,207 23.738 8,198 9,945 4,727 3,613 12,707 4,164 3,198 4,215 3,524 6,036 91,272 Apr.23 7,196 23.739 8,198 9,945 4,724 3,633 12,743 4,169 3,238 4,214 3,527 6,038 91,364 Surplus fund: Apr.2 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 Apr.9 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 Apr. 16 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 Apr. 23 8,359 45,082 9,089 5,820 4,695 14,292 3,724 3,569 6,116 3,030 7,539 120,120 Government deposits: Apr.2 788 602 474 309 739 1,493 1,810 1,081 606 914 594 1,006 10,416 Apr.9 548 444 281 181 294 401 860 642 475 1,276 821 2,554 8,777 Apr. 16 665 179 994 205 2,467 1,932 6,336 2,531 1,679 3,555 4,389 5,663 35,595 Apr. 23 2,219 18,835 2,931 674 1,740 671 1,910 779 1,502 4,482 5,187 42,810 Due to members—reserve account: A pr. 2 115,212 745,746 105,067 ! 145,557 60,051 58,163 265,001 70,398 57, 755 92,196 63,974 119,943 1,899,063 Apr. 9 115,688 720,474 104,880 128,354 57,509 58,344 265,699 68,508 61,582 87,177 62,157 120,588 1,850,960 Apr. 16 118,833 752,072 101,025 138,403 58,615 53,352 |283,737 69,499 50,757 82,800 65,772 123,895 1,898,810 Apr. 23 119,222 749,020 104,832 135,606 58,366 53,215 264,069 67,009 47,338 81,775 61,191 114,449 1,856,092 Deferred availability items: Apr.2 47,287 109,717 ! 48,929 ; 58,35842,289 26,791 69,574 33,787 12,483 58,749 33,751 27,037 568,752 Apr. 9 45,101 109,712 ! 48,518 j 55,81842,981 27,016 72,927 39,211 11,210 63,974 34,340 24,604 575,412 Apr. 16 59,940 136,788 59,652 i 69,781 49,887 32,474 92,927 40,421 15,424 58,015 34,297 27,676 677.282 Apr. 23 51,728 119,633 54,337 ! 60,735 46,308 28,002 68,009 33,312 10,853 53,855 36, 111 20,340 589.283 Other deposits, including foreign Government credits: Apr.2 7,807 57,452 10,640 i 6,499 6,346 3,492 15,584 5,511 2,469 4,429 2,747 8,738 131,714 Apr. 9 5,514 44,485 7,755 i 6,142 3,644 2,748 10,027 3,952 2,180 3,586 1,990 8,582 100,605 Apr. 16 5,692 46,585 7,650 ! 6,390 3,616 2,723 10,855 3,834 2,132 3,612 2,025 7,543 102,657 Apr. 23 5,453 43,625 0,312 : 6,122 3,579 2,839 9,802 3,686 2,265 3,624 2,010 13,113 102,430 Total gross deposits: Apr. 2 171,094 913,517 1165,110 210,723 109,425 89,939 351,969 110,777 73,313 156,288 101,066 156,724 2,609.945 Apr. 9 166,851 875,115 -101,434 190,495 104,428 88,509 349,513 112,313 75,447 156,013 99,308 156,328 2,535,754 Apr. 16 185,180 935,624 169,321 214,779 114,585 90,481 393,855 116,2S5 69,992 147,982 106,483 164,777 2,709,344 Apr. 23 178,622 931,113 ;168,412 204,343 108,927 85,796 342,611 105,917 67,235 140,756 103,794 153,089 2,590,615 Federal Reserve notes in actual circulation: Apr.2 1270,466 j 847,782 249,002 291,613 127,174 145,944 523,062 136,448 82,043 101,407 79,390 222,986 3,077,323 Apr.9 ]267,284 ! 835,554 248,332 304,348 126,920 147,493 1529,452 134,702 82,352 101,846 79,987 221,947 3,080,217 Apr. 16 020 | 835,738 246,717 1302,583 125,631 149,422 1528,700 134,211 81,918 100,561 79,839 222,353 3,073,693 Apr. 23 634 ! 832,704 245,238 307,829 123,752 147,008 |529,499 131,767 81,606 99,593 79,584 222,093 3,068,307 Federal Reserve bank notes in circulation—net liability: | Apr.2 ; 40,787 20,426 16,422 9,290 11,001 ! 31,993 11,030 6,017 17,433 7,916 10,005 196,594 Apr.9 US, 800 19,502 15,828 8,639 10,914 30,829 10,830 5,917 16,893 8,059 9,461 190,157 Apr. 16 38,679 19,0(53 15,234 8,432 10,545 j 29,623 10,686 5,911 10,690 7,740 9,517 1S6,501 Apr. 23 37,917 19,020 14,569 8,391 10,118 ! 28,259 9,870 5,681 15,957 7,698 9,060 180,631 A11 other liabilities: Apr.2 16,622 3,297 3.564 1,746 1,741 7,827 1,990 1,277 1,973 1,133 3,380 47,980 Apr.9 17,379 3,483 3,724 1,812 1,861 8,180 2,110 1,395 2,091 1,229 3,752 50,464 Apr. 16 18,178 3,959 4,112 1,901 1,952 8,679 2,143 1,517 2,210 1,300 3,966 53,483 Apr.23 19,373 4,276 4,352 2,047 2,124 9,237 2,323 1,691 2,430 1,398 4,184 57,288 Total liabilities: Apr.2 474, , 887,670454,838 541,357 |258,108 256,879 941,827 268,136 169,405 287,431 196,041 406,664 6,143,24G Apr.9 467, 835,727 149,754 533,429 [252,340 257,033 944,945 267,840 171,868 287,172 195,133 405,057 6,067,872 Apr. 16 484, 897,039 456,063 ooo, 742 1261,096 --,708 987,856 271,213 166,105 277,774 201,916 414,188 6,234,413 Apr.23 -179, 889,928 •153,949 550,127 £53,061 253,374 936,641 257,770 163,020 269,066 199,031 402,003 6,108,325 MEMORANDA. Contingent liability as indorser on: Discounted paper redisoounted with other Federal Reserve Banks- Apr. 2 2:>, 363 20,000 .! 8,000 19,084 76,447 Apr.9 22,948 19,852 .1 20,050 25,327 88,177 Apr. 16 29,500 19,270 .1 15,450 26,139 5,000 6,000 101,359 Apr.23 23,375 24,872 -I 42,085 30,668 10,108 11,800 142,908 Banker's acceptances sold i to other Federal Reserve Banks— Apr.2 1,325 ! 1,325 Apr.9 820 ! 820 Apr. 16 373 ' 5,999 j 6,372 Apr.23 5,999 i 5,999 Contingent liability on bills purchased for foreign correspondents: Apr.2 16,188 j. 16,188 Apr.9 16,188 I. 16,188 Apr. 16 16,188 j. 16,188 Apr.23 16,188 !. 16,188 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 FEDERAL RESERVE BULLETIN. MAY, 1920. Maturities of bills discounted and bought, also of Treasury certificates of indebtedness. [In thousands of dollars.] I Within 16 to 30 31 to 60 61 to 90 Over 90 Total. 15 days. days. daj-s. da vs. days. __._ Bills discounted: Apr. 2 ,391,720 235,060 514,251 238,214 21,268 2,400,513 Apr. 9 ,423,906 201,019 492,013 226,436 24,134 2,367,538 Apr. 16 ,447,603 244,362 464,532 228,719 25,975 2,411,191 Apr. 23 ,439,306 285,414 421,217 297,875 31,370 2,478,182 Bills bought: Apr. 2 103,750 85,246 171,259 63,786 i 424,041 Apr. 9 98,706 73,770 185,719 64,046 422,241 Apr. 16 99,822 80,165 177,480 59,317 ! 416,784 Apr. 23 81,846 89,724 174,089 59,013 • 404,672 United States certificates of indebtedness: Apr. 2 85,596 2,500 5,500 5,882 ! 246,072 I 345,550 Apr. 9 78,676 3,500 3,540 10,614 ! 243,589 i 339,919 Apr. 16 42,766 1,000 5,747 8,245 i 245,970 i 303,728 Apr. 23 5,806 2,000 5,798 13,128 ! 240,334 ! 267,066 FEDERAL RESERVE NOTES. Federal reserve note account of each Federal Reserve Bank at close of business on Fridays, Apr. 2 to Apr. 23, 1920. [In thousands of dollars.] Bos- ; : Y N o e r w k. | m R o ic n h d - . A t tl a a . n- c C a h g i o - . | Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s F S r a a n n- Total. cisco. Federal Reserve notes: Received from agents- Apr. 2 279,472 ;940,495 257,939 308,253 132,260 150,972 549,786 1152,895 83,144 106,957 82,693 262,198 3,307,064 Apr. 9 278,286 9-"4 4,8—67 258,651 314,452 131,721 151,904 556,739 ,153,733 83,780 108,133 83,590 261,758 3,327,614 Apr.16 , 275,074 949,581 1256,692 315,382 131,902 153,829 559,069 1151,023 83,600 106,811 84,036 259,949 3,326,948 Apr.23 , 276,691 949,306 258,715 322,476 129,130 152,932 562,591 : 150,127 83,404 106,023 83,723 260,022 3,335,140 Held by banks- Apr. 2 9,006 92,713 8,937 16,640 5,086 5,028 26,724 I 16,447 1,101 5,550 3,297 39,212 229,741 Apr. 9 11,002 109,313 10,319 10,104 4,801 4,411 27,287 i 19,031 1,428 6,287 3,603 39,811 247,397 Apr.16 9,054 113,843 i 9,975 12,799 6,271 4,407 30,369 16,812 1,682 6,250 4,197 37,596 253,255 Apr. 23 9,057 116,602 I 13,477 14,647 5,378 5,924 33,092 18,360 1,798 6,430 4,139 37,929 266,833 In actual circulation- Apr. 2 270,466 847,782 1249,002 291,613 127,174 145,944 523,062 136,448 82,043 101,407 79,396 222,986 3,077,323 Apr. 9 267,284 835,554 248,332(304,348 126,920 147,493 529,452 134,702 82,352 101,846 79,987 221,947 3,080,217 Apr.16 J 835,738 246,717 !302,5S3 1125,631 149,422 (528,700 134,211 81,918 100,561 79,839 222,353 3,073,693 Apr.23 267,634 832,704 245,238 "17,829 1123,752 147,008 |529,49i) 131,767 81,606 99,593 79,584 222,093 3,068,307 Gold deposited with or to credit of Federal Reserve agent: Apr. 2 98,085 311,810 89,611 1132,826 ! 45,690 55,803 175,211 47,471 34,13S 37,970 34,978 iar>,544 1,169,137 Apr. 9 110,899 314,749 90,8241143,445 i 43,751 55,960 171,614 46,939 34,069 36,966 32,875 91,004 1,173,125 Apr.16 , 124,287 313,546 89,8651143,374 I 42,732 56,255 1167,614 46.0S9 34,489 ! 37,145 30,982 83,935 1,170,313 Apr.23 121,704 308,204 88,387 144,518 i 42,541 54,678 ! 163,49(i 45; 893 34,343 36,156 29,129 81,609 1,150,658 Paper delivered to Federal Reserve agent: Apr. 2 203,946 905,919 179,497 225,072 100,514 111,373 485,531 115,627 65,986 112,689 70,657 171,230 !2,748,071 Apr. 9 184,612 923,946 J169,537 :212,803 101,616 108,561 ;467,518 113,998 62,482 109,625 66,904 191,363 j2,715,965 Apr.16 200,821 929,802 1171,1401213,801 ! 97,453 110,343 1481,137 110,570 63,507 las, 689 70,398 191.115 j2,748,776 Apr. 23 188,186 959,907 1185,743 : 232,961 \ 98,789 113,235 1476,413 112,099 67,358 las, 426 76.877 195.100 !2,815,094 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL, RESERVE BULLETIN. 541 Federal Reserve note account of each Federal Reserve agent at close of business on Fridays, Apr. 2 to Apr. 23, 1920. [In thousands of dollars.] Boston. d P el h p i h la ia - , C la lo n v d e . - m R o ic n h d - . la A n t t - a. c C a h g i o - . j ! Lo S u t. i s, M ap i o n l n is e . - j i K C a i n t s y a . s Dallas.: I F c S i r s a a c n n o - . Total. Federal Reserve notes: Received from Comptroller- Apr. 2 544,700 |2,106,000 1564,660 553,280 '316,080 325,000 1938,600 1312,160 i 157,280 ;216,920153,780 i 432,760 6,621,220 Apr. 9 1551,00012,115,640 1565,620 555,360 [316,880 327,040 i944,200 314,600 100,080 1218,720 155,380 ;433,060 6,657,640 Apr. 16 1554,200|2,123,240 571,620 1504,500 !317,380 334,000 j 959,320 318,060 • 160,080 |219,220156,380 :433,320 6,711,320 Apr.23 1557,000 1|2,130,880 583,200 1568,700 .320,640 336,000 1964,160 318,060 ^60,080 |219,720 156,780 1435,720 0,750,940 Returned to Comptroller— I Apr. 2 ' 1224,228!l,041,105 (276,881 •21.2,5071155,070 117,678 1300,014 141,385 67,586 ll04,853 i 59,332 Il62,752 2,932,397 Apr. 9 1226,414 1,046,373 1279,669i215,388 1157,016 119,521 1309,581 14G.547 68,405 1105,857 I 60,185 1164,292 2,959,248 Apr. 16 1228.026 1,049,259 281,628 217,458 1158,034 121,226 '373,611 149,897 68,985 i 106,679 j 61,079 166,301 2,982,243 Apr.23 1230,609 ! 1,057,174 284,605 220,314 ! 160,226 122,803 :377,729 151,493 09,881 107,667 61,932 168,688 3,013,121 Chargeable to Federal Re- | serve agent— i Apr. 2 1320,4721,004,895 287,779 1340,773 1101,001- 207,322 :572,580 89.094 ill2,067 | 94,448 1270,008 ; 3.688,823 Apr. 9 1324,586j'," " 1/207" 285,951 1339,9721159,801 '207,519 1574.619 91,075 it.12,803 i 95,195 1268,768 • 3l 098,392 Apr. 16 326,1741,072':,, 98l ,2..8_0.,.9,_9_2 1347,042il59,346 212,774 i585,709 91.095 112,541 I 95,301 -206,959 : 3,729,077 Apr.23 326,391 j.1,073,700 298,5"9"5" 348,386 1160,414 213,197 J586,431 00,199 112,053 ! 94,848 :267,032 : 3,737,819 In hands of Federal Re- i I : serve agent— Apr.2 1 41,000 12t,400 '29,840 ! 32,520 28,744 56,350 i 22,800 ; 880 6,550 ! 5,110 i 11,755 ! 7,810 381,759 Apr. 9 1 46,300 124,400 27,300 25,520 ! 28,143 55,01.5 ; 17,880 • 380 i 7,895 ! 4/730 : 11,605 7,010 • 370,778 Apr. .16 1 51,100 124,400 ! 33,300 31,060 j 27,144 58.945 ! 20.640 140 7.495 ! 5,730 11J205 : 7,010 : 402,129 Apr.23 ; 49,700 124,400 j 39,880 25,910 ! 31,284 60J265 | 23; 840 I 440 j 6/795 ; 6,030 11,125 | 7,010 , 402,679 Issued to Federal Reserve j Bank less amount re- ! turned to Federal Re- ] serve agent for redemp- i tion— i Apr. 2 |279,472 ,144 1100,957 82,693 262,198 ! 3,307,064 Apr. 9 278,286 ,780 ;108,133 83.590 201,758 \ 3,327,014 Apr. 16 275,074 ,600 106,811 ! 84; 030 259,949 3,320,948 Apr.23 ; 276,691 949,306 258,715 ;322,176 129,130 152,932 i562,591 150,127 83,404 106,023 i 83,723 260,022 3,335,140 Collateral held as security for I outstanding notes: j G old and gold certificates— • Apr. 2 i 900 194,743 ! 32,025 i 2,500 • 2,850 I 13,052 : 8,831 ; 254,001 Apr. 9 i 900 194,743 1 32,025 j 2,500 • "480 13,052 8,831 i 254,531 Apr. 16 i 900 194,74.3 32,025 : 2,500 ' 1,980 13,052 ; 7,831 ; 253,031 Apr.23 | 900 194,743 I : 32,025 2,500 | 2,880 13,05-2 . 7,831 ! : 253,931 G old redcinpt ion fund— • Apr. 2 i 15,1S5 12,007 I 14,222 i 15,801 ! 3.690 3,303 j 9,066 3,090 1,280 i 2,110 i 4,663 12,083 : 97,766 Apr. 9 1 14,999 20,006 11,435 j 16,420 i 1,751 3,400 I 9,499 3,528 2/717 : 3,106 ! 5,810 : 19,403 • 112', 194 Apr. 16 i 16.387 18,803 I 14,47(3 i 16,349 i 3,732 3.755 ! 8,470 • 2,179 2,137 i 2,285 ' 4,917 : 17,394 i 110,884 Apr.23 ! 16; 804 13,401 11,498 ! 17,493 1,541 2,178 i 9,352 2,582 ! 1,991 3,296 i 6,064 15,930 102,190 Gold settlement fund, Fed- ; eral Reserve Board— i Apr. 2 ' 82,000 105,000 I 75,389 : 85.000 ! 42,0005 0',0.00 100,145 40.031 1 19,800 I 35,800 - 2L4S4 92,861 : 816,470 Apr. 9 ! 95,000 100,000 ! 79,389 : 95^000 ; 42.00050,000 '162,145 40,931 18,300 ! 33.860 ; 18,234 71,541 ! 806J400 Apr. 16 107,000 100,000 ! 75,389 ! 95,000 . 39;00500;000 ' 159,1.44 41,930 19,300 1 34J8B0 • 18,234 ! 66.541 ! 806,398 Apr.23 104,000 100,000 I 76,889 ! 95,000 ! 41,00050,000 154.141 40,431 10,300 j 32,800 . 15^234 j 65,679 ' 794,537 Eligible paper, minimum ' required l— Apr. 2 "181,3S7 628,6S5 !16S,32S 'l"5,427 86,570 95,169 37-1,575 105,421 ! 49,006 OS, 987 . 47,715 !j,r>6,654 ' 2/137.927 Apr. 9 167,387 j 630,118 1107,827 171,007 : 87,970 95,944 :3S5,095 100,794 i 49,711 71,107 ! 50,715 170/754 " 2.154J489 Apr. 16 150,787 i 636,035 103,827 172,008 ! 89,170 97,574 ;391,455 104,934 I 19,111 09,666 I 53,054 -176,014 2.156,635 Apr. 23 154,987 ! 6-11,102 170,328 =177,958 \ 86,589 98,254 ,399,095 104,234 | 49,061 69,867 54,594 il78,413 '• 2,184,482 1 For actual amounts see "Paper delivered to Federal Reserve Agent," on page 540. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDERAL RESERVE BULLETIN. MAY, 1920. Amounts of Federal Reserve notes received from and returned to other Federal Reserve Banks for redemption or credit during the period from Jan. 1, 1920, to Mar. 81, 1920. Boston. New York. Philadelphia. Cleveland. Richmond. Received. Returned. Received. Returned. Received. Returned. Received. Returned. Received. Returned. Boston • 1311,930,250 §8,656,750 SI, 428,600 51,177,750 §705,400 $493,500 8683,550 SS27,750 New York $14,293,350j$12,033,250 17,208,450 12,828,500 10,272.800 4,493,500 7,973,450 4,422,500 Philadelphia 1,175,500 1,353,800 i2,83i"()00 " 9," 876 "266' 2,567', 250 2,336,000 2,119,750 2,851,250 Cleveland 689,300 711, 500 5,583,500 4,978,000 3,419,300 2,422,500 1,870,900 2,093,500 Richmond 882,250 648,000 4,593,500 4,017,250 2,930,000 2,062,250 2,154.500 1,144,500 Atlanta 697,200 538,300 4,263,250 2,188,850 965,050 769,250 1,853; 900 856,500 2,290,200 2,706,000 Chicago 1.212.700 1,387,300 6,839,000 7,550,400 1,462,500 1,573.000 4,835,500 4,516.500 1,050,000 2,274,000 St. Louis 370,845 243,600 2,511,660 1,143,750 598,805 328,250 1,964,360 532,500 631,340 817,750 Minneapolis 103.0C0 224,600 640,500 875,500 123,000 183,250 232,500 345,000 93,000 259,250 Kansas City 181,900 281,500 1,274,700 1,079,650 240,950 322,000 492, 400 508,000 231,250 703,750 Dallas 104,250 113,400 1,116,800 550,750 185,400 147,750 309,400 218,000 199,400 262,500 San Francisco 369,700I 190,100 3,327,395 3,18fi;850 550,590 265,500 534,920 240,500 435,415 148,250 Total,Jan.l-Mar.31: 1920 20,079,995 17,731,350 ! 54,911,55544,103,950 29,112,645 22,080,000 25,922,930 15,684,500 17,578,255 17,366,500 1010 11,816, 405 22,275,250 i 59,635,21062,805,850 17,071,345 26,909,000 22,778,645 17, 048,900 18,773,525 23;430,000 1018 3, 618,695 : 5,281,310 I 20,767, 41021,629,250 6,733,720 10,628,000 6,356, 790 2,412,900 5,308,850 i 2,999; 500 Atlanta. Chicago. St. Louis. Received. Returned. ! Received. Returned. Received. Returned Boston $5.50,900 $684,250 i 416,400 SI, 190,500 $250,000 $369,155 New York 4,202,750 4,300,950 ! 459,650 6,739,000 1,967,450 2,549,010 Philadelphia... 771,000 928,450 i 609,000 1,429,000 336,750 581,125 Cleveland 1,023,000 1,780,850 ! 482,900 4,849,500 869,300 1,988,580 Richmond 2,760,000 2,397,550 i 359,500 994,000 862,250 611,646 Atlanta 765,250 1,430,500 3,949,400 2,711,315 Chicago 1,423,000 2,692,800 j. 3,270,500 8,463,350 St. Louis 2,750,965 4,253,150 1 317,565 I 3,269,500 Minneapolis 103,000 299,500 ; 622,000 ! 5,231,000 200,500 547,555 Kansas City 420,150 618,350 i 463,750 2,880,500 2,143,900 2,843,310 Dallas 1,158,600 1,556,400 i 938,950 730,500 1,211,800 2,230,310 San Francisco.. 757,850 355,950 i 506,420 2,311,500 681,055 771,170 Total, Jan. 1-Mar. 31: 1920 15,921,215 19,868,200 ' 45,941,385 31,055,500 15,742,905 j 23,666,520 1919 12,995,515 15,745,325 . 3H4,, 443311,,552255 28,435,000 12,070,600 i 17,086,995 1918 4,456,165 6,720,750 ! 8,652,705 8,715,100 3,063,010 j 7,684,100 Minneapolis. Kansas City. Dallas. San Francisco. Total. Received. 1 Rclururi.! Received. j Returned. I Received. ! Returned.Received. Returned. Received. Returned. j Boston $224,600 ! 804,000 ' S295,500 8189,700 SI12,360 ; 5120,750 S294,000 $516,225 §17,892,460 $14,320,330 New York 1.644,100 ! COS, r>X) i 1,944,100 1,375,900 1,052,550 1,070,450 5,258,700 3,366,645 78,277,350 53,848,205 Philadelphia ' 182,250 i 117,0(10 i 331,250 254,800 147,250 164,600 269,500 537,690 22,340,500 20,429,915 Cleveland 436,000 I 244,000 ' 694,000 516,300 252,500 : 275,050 314,000 760,820 20,634,700 20,620,600 Richmond 259,250 88,500 I 724,250 238,000 257,500 , 181,100 142,000 420,415 17,925,000 12,803,205 Atlanta 284,S50 107,500 i 619,600 456,650 1,514,150 '••1,099,750 344,700 751,850 19,547.550 13,616,465 Chicago 5,255,000 3,734,500 j 2,949,r/50 3,540,000 725,500 ; 811,500 2,312,000 3,494.(520 31,335', 200 40,037,970 S M t. i n L n o e u ap is olis 548,055 I 2iO,()OO '. 2,7 5 8 4 6 0 , , 1 5 6 0 5 0 2,1 8 8 25 0 . , 9 8 0 5 0 0 2,06 8 7 2 , . 1 0 3 0 5 0 . 1,1 1 6 4 3 1 , , 6 2 0 00 0 ! : 9 7 3 8 3 3 , ,5 5 4 0 0 0 1,3 6 7 7 8 6 , , 8 5 8 55 0 2 6 3 , , 6 3 7 3 3 0 , , 5 4 0 3 0 5 1 10 4 , , 3 8 1 1 1 9 , , 5 5 8 5 5 5 Kansas City 827,350 j 561,000 1,504'. 500 .1,123,750 j 1,178,100 1,832,345 11,958,950 12,754,155 Dallas 143,950 97,350 ! 1,253,400 1,598.650 971,150 838,810 7,593,100 8,344,420 San Francisco.. .. 1,378,880 814,500 '• 1,836,145 1,289| 750 879,605 . 572,950 14,257,975 10,153,020 Total, Jan. l-Mar.31:1 ! i 1920 ' 11,184,285 ! 6,736,850 ! 13,974,410 12,466,500 8,595,050 6.724,700 12,802,090 14,574,855 271,766,720 232,059,425 1919 i 9,925,540 j 5,733,500 ; 13,699,685 6,675,100 5,891,840 '• 5', 016,900 7,425,650 10.987,555 226,515, 485 242,749,375 1918 ! 3,455,200 \ .">23,0:i0 I12. -125, 240 2,52,-),S()5 3,124,535 2'. 831,750 ! 2.695,815 l'. 688,495 80.658,135 73.679,960 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1020. FKDEKAL RESERVE BULLETIN. 543 CONDITION OF MEMBER BANKS IN SELECTED CITIES. Nominal changes in the aggregate holdings there may be noted a growth in accommodaof United States bonds and Victory notes as tion to these banks by the Federal Reserve against an increase of 184.2 millions in the Banks of 154.3 millions"from 1,899.1 to 2,053.4 holdings of Treasury certificates are indicated millions. The latter total is composed of by the weekly reports of 811 member banks 1,190.3 millions of discounted and rediscounted in leading cities covering the period between bills secured by United States war obligations March 19 and April 16. Loan operations of (so-called war paper), compared with 1,132.3 the Government during the four weeks under millions of like paper on March 19, and of review included the issue on April 1 of over 863.1 millions of ordinary commercial paper, 200 millions of three-month 4| per cent loan as compared with 766.8 millions of such paper certificates, and on April 15 of 254.5 millions held by the Federal Reserve Banks for reportof 5 and 5} per cent loan certificates, the 5 ing institutions on the earlier date. The inper cent series maturing in three months and creasing extent to which the credit burden of the 5J per cent series maturing six months the banks has been shifted to the Federal from date of issue. Redemption operations Reserve Banks may be measured somewhat by of the Treasury were of little account and affect the ratio of total accommodation at the Federal but slightly the figures of reported holdings of Reserve Banks to total loans and investments Government securities. As a consequence the of reporting banks which shows an increase increase in the aggregate holdings of United between March 19 and April 16 from 11.2 to States war securities, 180.9 millions, differs 11.9 per cent. but little from the increase in certificate hold- With the resumption of more frequent Treasings shown above. ury short-term borrowings, Government depos- Loans secured by United States war obliga- its of the reporting banks, which on March 26 tions declined 29.2 millions, this item showing had declined to 54.2 millions, resumed their relatively small variations for the four weeks upward course, the April 16 total of 189.8 under review. Loans secured by stocks and millions being 85.3 millions above the correbonds increased 4.3 millions (and 27.1 millions sponding March 19 total. Other demand dein New York City), the largest increase of 37 posits (net) show a smaller increase for the millions occurring during the last week under period, largely as a consequence of the conreview. All other loans and investments, in- siderable net withdrawals of bank deposits cluding commercial loans proper, show an from the Chicago banks. For the New York increase for the period of 125.6 millions, mainly banks an increase of demand deposits of 121.3 during the first week under review, the Chicago millions is seen, as against a decline under this members alone reporting an increase for the head of 56.3 millions for the Chicago banks. period of 50.8 millions. As a consequence of Time deposits show a gain for the four weeks these changes in the several classes of earning of 20.1 millions, mainly outside the 12 Federal assets, total loans and investments of all Reserve Bank cities. reporting banks (including in these totals Reserve balances with Federal Reserve amounts of paper rediscounted with Federal Banks show an increase for the period of 46.9 Reserve Banks) show an increase for the period millions largely in New York City, weekly of about 282 millions, viz, from 16,906.6 to fluctuations of these balances being more in 17,189.1 millions. For the New York banks accord with changes in the banks7 own deposit a corresponding increase of 151.6 millions is liabilities than with the changes in their noted. borrowings from Federal Reserve Banks. In connection with this further credit expansion of the reporting member banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FEDERAL RESERVE BULLETIN". MAT, 1920. Principal resource and liability items 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 Mar. 26 to Ayr. 16, 1920. 1. ALL REPORTING MEMBER BANKS. [In thousands of dollars.] Boston. Number of reporting banks: Mar. 26 117 57 , 92 82 47 | 107 35 Apr. 2 116 57 ! 92 82 47 I 107 35 Apr. 9 117 57 92 82 47 | 107 35 Apr. 16 117 57 ! 92 82 47 I 107 35 United States bonds to secure circulation: i Mar. 26 13,061 47,248 11,347 41,842 i 26,501 ! 14,015 I 21,029 17,176 7,170 14,803 19,573 34,727 268,492 A A p p r r . . 2 9 1 1 3 3 , , 0 0 6 6 1 1 | ! 4 4 7 7 , , 2 2 4 4 8 8 1 1 1 1 , , 3 3 4 4 7 7 4 4 1 1 , , 8 8 - 4 1 1 2 ; : 2 2 6 6 , , 9 5 0 0 2 2 J14 1 , 4 0 , 1 0 5 1 5 i '•2 2 •1 1 , , 1 1 8 9 1 0 1 1 7 7 , ,1 1 7 7 6 6 ; ; 7 7 , , 2 1 20 70 1 1 4 5 , , 9 0 5 0 3 0 1 19 9 ,5 5 7 7 3 3 3 3 4 4 , , 6 5 0 9 5 0 2 2 6 6 8 9 , , 7 1 2 2 0 2 Apr. 16 13,061 | 47,248 11,347 41,812 ! 20,972 j14,015 ! 21,398 16,920 i 7,22114,988 19,573 34,605 269,196 Other United States bonds, including Liberty bonds: Mar.26 14,259 i 236,9,50 27,003 58,638 i 34,7!)4 j 28,822 05,753 14,432 • 9,627 22,118 17,090 02,007 592,093 Apr.2 14,034 238,679 26,882 58,992 34,629 28,694 ! 63,226 14,120 ! 10,10522,888 17,739 61,736 591,724 Apr. 9 13,725 235,387 26,921 57,969 34,708 29,026 65,584 14,242 j 10,088 23,712 17,867 61,684 590,913 Apr. 16 13,816 234,100 29,371 00,035 34,347 29,265 , 65,571 14,020 ! 10,341 24,037 17,680 61,200 593,783 United States Victory notes: Mar.26 7,495 78,830 10,523 21,316 ; 8,826 6,693 ' 39,058 3,523 1,904 5,082 3,773 12,785 199,808 Apr.2 7,732 79,717 10,574 21,050 !8,698 6,60S i 36,869 3,706 1,870 5,112 3,677 12,902 198,515 Apr. 9 7,293 79,355 9,981 19,520 : 1,608 6,448 ; 37,100 3,641 ! 1,834 5,552 3,619 12,874 195,891 Apr. 16 7,271 81,454 9,890 20,484 I 8,610 6,521 i 37,174 3,209 1,268 5,465 3,609 12,815 197,770 United States certificates of indebtedness: Mar.26 18,582 | 218,739 45,010 28,599 i 18,015 16,023 ':66,533 12,488 i 9,523 7,813 17,194 29,124 487,643 Apr. 2 18,883 j 264,993 48,567 29,802 18,507 16,226 i 63,903 13,038 | 10,025 8,116 17,619 30,550 540,829 Apr. 9 22,700 i 266,663 53,384 27,190 ! 17,863 16,414 i 08,308 13,253 i 10,219 7,295 17,561 30,483 551,333 Apr. 16 33,451 ; 350,660 56,884 34,848 19,366 20,040 ! 76,432 14,539 | 10,880 8,945 ! 18,774 36,687 681,506 Total United States i securities owned: Mar. 20 53,397 i 581,767 93,883 I 150,395 j 8S,136 05,553 j 192,373 47,619 j 28,224 49,810 58,230 138,643 1,548,036 Apr. 2 53,710 ! 630,637 97,370 I 151,686 i 88,336 05,543 185,179 48,040 ! 29,770 51,116 58,608 139,793 1,599,788 Apr. 9 56,779 ] 628,653 1n0t1 ,a6'3l'i3 i1 4A 6a ,5so2n0 j! o8o 8,-i 14n1 65,903 ! 192,194 48,312 | 29,301 51,512 j 58,620 139,631 1,607,259 Apr. 16 67,599 I 713,462 107,492 157,209 I 89,295 69,841 i 200,575 48,694 ; 29,710 53,435 59,630 145,307 1,742,255 Loans secured by United States bonds, Victory notes, and certificates, including rediscounts with Federal Reserve Bank: Mar. 26 72,138 561,809 133,335 94,714 41,759 27,241 ; 113,040 42,702 20,028 24,098 9,360 29,596 1,169,820 Apr.2 73,409 558,314 132,743 94,534 i 41,866 27,462 ; 112,497 41,851 19,245 24,382 9,991 30,723 1,167,017 Apr. 9 72,410 556,745 129,493 87,519 ! 38,949 27,445 i 112,987 •JO, 434 20,494 24,024 10,095 30,635 1,151,230 Apr. 16 65,777 553,691 125,836 81,959 I 37,999 27,556 i 113,849 •10,817 | 21,-16024,095 10,566 35,766 1,142,977 Loans secured by stocks and bonds, other than United States securities: Mar.26 194,300 1,357.868 201,940 340,098 109,152 59,925 481,828 157,859 28,724 79,439 35,332 146,747 3,193,212 Apr. 2 194,618 11,344,255 198,773 338,776 105,405 64,500 460,112 158,425 28,886 79,006 35,290 144,891 3,158,943 Apr. 9 191,014 il, 328,877 200,123 337,482 108,852 03,074 407,052 155,844 ! 31,184 78,174 35,207 144,372 3,142,455 Apr. 16 193,216 |1,366,845 200,401 342,202 105,357 02,109 j 463,824 150,633 i 31,406 79,424 31,152 140,883 3,179,452 All other loans and investments, including rediscounts with Federal Reserve Bank: Mar. 20 763,288 13,931,522 602,613 889,905 ;378,118 405,329 ! 1,732,837392.310 '299,759 541,187 1249,196 907,057 11,093,121 Apr. 2 75-1,208 13,873,264 592,070 901,487 387,566 400,098 i 1,749,727409)519 1303,134 551,294 1251,892 911,381 111,091,040 Apr. 9 749,149 '3,858,811 603,745 899,099 381,827 402,879 ,1,750,484 102,038 !307,385 546,942 1251,523 920,720 11,081,802 Apr. 16 753,141 13,878,744 604,510 886,827 384,979 413,395 11,778,789 403,911 J307,185 541,367 254,828 916,773 11,124,449 Total loans and investments, including rediscounts with Fed- | ! eral Reserve Bank: Mar. 26 1,083,123 |6,432,966 1,031,771 040,490 376,735 694,510 1352,118 1,222,043! 17,004,189 Apr.2 1,075,945 6,406,470 1,020,956 057,835 381,035 705,798 1355,787 I,226,788jl7,017,388 Apr. 9 1,069,352 6,373,080 1,034,994 647,228 388,424 700,052 355,445 1,235,358"! 16,982,746 Apr. 16 1,079,733 6.512,742 1,038,239 650,055 389,707 698,921 356,182 1,244,729 17,189,133 Reserve balances with -Federal RosorvcBank: Mar. 26 77,993 ! 677,688 64,329 90, 205,454 45,760 25,504 48,168 i 26,350 79,896 1,413,918 Apr. 2 78,791 690,205 66,306 100,474 197,95S 45,539 24,208 51,424 ! 28,025 81,177 1, 130,756 Apr. 9 79,994 609,182 68,491 87,727 102,542 41,534 20,720 47,519 20,692 81,110 1,397,590 Apr. 16 82,936 691,314 64,086 98,309 208,731 45,483 22,533 44,733 | 28,012 •SO, 431 1,437,118 Cash in vault: Mar.26 24,263 | 121,790 15,907 30,399 I IS, 270 13,302 j 62,822 9,877 8,049 15,156 j 11,775 27,044 359,854 Apr.2 23,778 j 118,711 17,617 32,325 I 18,157 13,458 | 05,289 10', 135 8,448 14,604 ; 10,217 27,203 300,002 Apr. 9 24,315 ! 124,223 18,308 32,251 i 20,125 13,591 j 67,641 10/292 9,075 15,335 ; 10,818 28,090 374,064 Apr. 16 27,785 i 119,097 10,958 33,803 i 18.989 14,022 ! 08,003 10,097 8,408 14,656 : 10,525 27,344 370,407 Not demand deposits on which reserve is I computed: Mar.26 780,113 '5,148,672 657,111 I 817,452 1353,126 298,124 11,466, OS;) 350,631 250,926 462,105 1254,789 j619,189 'll,493,317 Apr.2 778,676 5", 283,374 658,400 873,876 1351,809 298,293 il,431,43f> 357,143 250,903 156,841 1243,740 013,910 ill, 598,520 Apr. 9 704,933 5,226,450 671,435 851,329 354,795 293,997 11,443,942 352,146 '251,003 457.216 ;244,273 618,129 111,559,708 Apr. 16... 815,979 5,315,696 672,588 861,894 352,727 297,044 11,405,048 347,964 238,033 444', 915 i248,048 i621,017 111,682,753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL RESERVE BUULETHsT. 545 Principal resource and liability items of member banks hi leading cities, including member banks located in Federal Reserve Bank cities andin Federal Reserve Branch cities, as at close of business on Fridays from Mar. 26 to Apr. 16.1920—Con. 1. ALL REPORTING MEMBER BANKS-Continuod. [In thousands of dollars.] New Philadel- St. Min- ! Kansas Boston. York. phia. Louis. no- I City. "Dallas. Total. apolis. | Time deposits: Mar. 26 137,611 410,810 26,4.58 604,707 120,321 I 04,530 | 94,479 41,783 Apr. 2 132,957 409,449 26,596 .153 100,808 144,330 006,757 i119,082 04.,273 ! 97,675 44,867 Apr. 9 138,340 415,898 20,821 086 i 100.850 Ufl, 8-10 600)753 i 121,748 01,341 [ 05,193 44,982 Apr. 16 135,095 419,673 27,061 611,460 |122,072 64. 524 | 00,240 44,852 Government deposits: Mar. 26 4,442 22,536 900 I 8,616 2,571 348 1,433 787 54,176 zVpr. 2 i 6,770 83,722 1,349 : 7 400 2,824 549 .1,930 1,585 120,939 Apr. 9 ! 8,735 74,311 10,812 1,275 ; 7,54-1 1,973 475 1,630 1,885 125,188 Apr. 16 i 12,147 129,470 8,681 4,359 | 4,969 4,020 ! 387 1,662 2,836 189,849 Bills payable with Fed-j eral Reserve Bank: ; Secured by United ! States war obli- : gations— : j Mar. 26 '• 28,728 ! 375,904 j 88,891 : 70,847 " 43,533 ; 39,800 116,818 31,154 ; 11,105 , 17,708 ! 22,374 30,718 : 877,580 Apr.2 ! 25,872 | 334,444 j 85,149 64,657 37,819 39,722 • 106,366 29,892 i 11,355 ! 26,290 26,926 : 31,066 j 820,458 Apr. 9 22,819 ! 359,878 ; 84,342 : 67,558 45,984 40,909 : 110,656 31,591 11,575 : 19,789 21,833 ; 32,869 849,803 Apr. 16 31,656 353,750 i 95,609 • 63,717 ! 49,869 41,204 108,451 33,424 : 14,165 : 23,529 26,077 : 36,125 877,576 All other- Mar. 26 479 '• 150 I 7,585 1 174 8,448 Apr.2 300 419 : 250 • 2,650 I 85 3,704 Apr. 9 20 1,746 I 250 : 2,580 | 85 , 4,681 Apr. 16 : 350 , 20 2,259 j 250 i 3,535 j 85 ; 6,649 Bills rediscounted with I Federal Reserve Bank: Secured by United States war obli- ! i gations- Mar. 26 38, 435 158,526 68,149 I ] 0,743 ! 9,868 4,269 13,313 11,470 i 4,327 ! 4,206 . 152 ! 1,055 I 324,543 Apr.2 36, 423 155,170 70,135 j 13,892 I .9,782 4,384 12,522 11,203 : 3,761 4,392 ; 426 > 2,200 i 324,350 Apr. 9 32, 711 158,421 66,902 : 8,311 : 8,242 . 4,782 12,458 11,777 : 4,025 = 4,487 ' 536 : 2,251 | 314,903 Apr. 16 30, 239 161,511 60,807 ; 8,291 ; 7,954 ; 4,950 13,235 11,525 5,321 . 5,254 898 ! 2.078 312,723 All other- 1 : Mar. 26 77,234 265,947 30,832 • 41,274 : 29,332 33,494 : 215,242 56,572 20,081 ' 57,390 j 10,102 i 50,200 903,702 Apr.2 395 192,095 37,058 44,498 • 31,404 37,6(59 ' 246,191 07,708 • 20.439 ! 00,780 ; 14,022 j 53,882 899,707 Apr. 9 63, 573 169,371 32', 898 43,348 : 28,637 36,157 ! 237,5-1.'* 60,195 34)302 • 0:5,515 i 14,714 i 55,234 839,487 Apr. 16 53, 375 180,165 30,311 : 47,300 • 26,177 '36,568 j 246,814 64,434 j 37,599 62,219 ' 15,920 : 55,484 856,456 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. Number of reporting i banks: I Mar. 26 22 ! 73 42 12 50 ! 13 ; 9 ! 20 ! 279 Apr.2 22 i 72 42 12 50 ! 13 i 9 i 20 : 278 A A p p r r . . 1 9 6 2 2 2 2 ! ! 7 7 3 3 4 4 2 2 1 1 2 2 5 5 0 0 ! j 1 13 3 ; : 9 9 i ! 2 2 0 0 • j 2 2 7 7 9 8 United States bonds to secure circulation: ! Mar. 26 3,031 37,551 7,337 : 3,631 2,782 3,100 1,438 10,546 4,913 4,560 : 18,500 100,180 Apr.2 3,031 37,551 7,337 ; 3,631. 2,782 3,100 1,438 10,546 22,,779911 !| 4,960 4,500 i 18,500 ! 100,227 Apr. 9 3,031 37,551 7,337 ! 3,031 2", "7~8~2 j' 3,100 1,430 10,546 i 2,791 j 4,913 4,500 : 18,500 ; 100,181 Apr. 1G 3,031 37,551 : 7,337 3,032 2,782 3,100 1,438 10,296 • 2,791 ! 4,913 4,500 • 18,500 : 99,931 Other United States bonds, including Liberty bonds: Mar. 26 5,883 i 205,143 ! 19,639 I 0,702 4,918 1,563 29,771 5,224 2,020 7,137 i 3,005 36,861 • 327,926 Apr.2 5,717 I 206,807 \ 19,628 I 6,830 4,913 1,459 28,572 5,024 2,024 7,401 ! 3,000 37,444 | 328,888 Apr. 9 5,423 203,533 : 19,752 ! 6,730 4,909 1,546 . 30,352 5,079 . 2,028 ! 8,130 ; 3,006 37,254 ! 327,742 Apr. 16 5,372 202,077 ; 21,826 | 6,809 4,888 1,579 i 29,875 4,952 ! 2,100 I 8,150 | "3 )0—62" ! 30,967 327,717 United States Victory i | i notes: Mar.26 600 i 67,270 ' 7,550 2,709 264 411 14,658 I 942 j 190 2,394 : 989 i 4,137 102,174 Apr.2 637 j 68,753 1 7,585 2,821 254 401 13,415 942 ! 183 2,383 1 902 I 4,178 102,454 Apr. 9 445 ! 68,492 • 7,063 258 401 13,731 i 902 j 181 2,777 : 905 ' 4,183 101,985 Apr. 16 439 70,671 j 7,136 281 390 . 13,727 | 858 i 181 2,761 | 909 j 4,031 j 104,181 United States certifi- I i i I cates of indebtedness: Mar.26 10,208 : 204,571 j 42,541 6,567 955 2,335 29,750 10,958 4,505 ! 1.742 j 10,808 | 14,516 339,462 Apr.2 10,926 S 248,492 I 46,098 6,798 1,257 2,083 28,361 11,494 5,467 i 1)610 ; 10,9S8 i 15,512 389,086 Apr. 9 14,446 ! 249,841 : 50,515 0,153 1,118 2,183 31,311 11,547 4,859 I 2,121 | 10,922 j 15,438 400,454 Apr. 16 23,512 ! 332,344 ; 53,951 7,024 1,410 2,083 34,750 | 12,001 i 4,911 • 2,330 ! 11,066 j 19,510 ! 505,498 Total United States securities owned: Mar.26 19,722 514,535 77,067 19,729 8,919 7,409 •• 75,023 27,670 : 9,500 \ 16,180 ! 19,302 I 74,014 869,742 Apr.2 ! 20,311 561,603 : 80,648 20,089 9,206 7,043 ! 71,786 28,000 i 10,405 16,354 j 10,510 j 75,634 920,655 Apr. 9 | 23,345 559,417 ! 84,607 19,161 9,007 7,230 70,833 28,074 ! 9,859 17,941 ! 19,393 j 75,375 930,362 Apr. 16 i 32.354 642,643 ; 90,250 20,313 9,361 7,161 79,796 28,707 I 9,983 ! 18,154 19,597 i 79,O0S 1,037,327 Loans secured by United States bonds, Victory notes, and certificates, including rediscounts with Federal Reserve Bank: i I Mar.26 57,942 528,214 j 12.8,613 20,464 12,015 5,544 i 77,453 31,349 ! 11,303 8,442 4.008 13,539 905,066 Apr.2 59,598 525,259 127,928 25,936 11,980 5,556 I 77,532 30,580 1 10,955 8,524 4)510 13,574 901,932 Apr. 9 59,536 522,063 124,933 27,872 11,801 ! 5,436 ; 77,963 28,684 ! 10,654 8,657 4,519 13,572 895,750 Apr. 18 53,460 520,052 121,203 27,814 11,600 i 5,300 ; 79,618 28,537 : 10.571 8,999 4,481 j 18,670 81)0,305 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 FEDERAL RESERVE BULLETIN. MAY, 1920. Principal resource and liability items of memher ba?iks 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 Mar. 26 to Apr. 16, 1920—Con. 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. [In thousands of dollars.] Boston. Y ,\ o o r k v> . ' Ph p i h la ia d . el- ( l a 1 n e d ve . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. a M p n o e i - l n i - s. K C a i n tv sa . s Dallas. c F S i r s a a c n n o - . Total. Loans secured by stocks and bonds other than United State securities: Mar.26 146,996 1,195,845 182,574 118,398 15,442 7,238 362,385 121,589 13,758 34,516 12,042 69,243 2,280,626 Apr.2 ! 147,227 1,189,641 179,212 117,673 15,572 10,229 346,993 122,124 13,811 34,419 11,904 68,637 2,257,502 Apr. 9 | 143,924 1,173,428 180,538 117,391. 15,745 9,849 347,566 120,743 13,603 34,240 12,147 66,416 2,235,596 Apr. 16 1 145^131 1,204,500 179,703 118,787 15,763 9,042 343,660 121,578 14,417 35,282 10,017 68,095 2,265,975 All other loans and in- j vestments, including • rediscounts withFed- • eral Reserve Bank: i Mar. 26 j 550,787 3,473,838 533,876 278,480 71,908 62,880 1,046,780 250,354 143,426 192,270 59,018 427,431 7,091,048 Apr.2 542,758 3,413,445 522.974 280,879 75,261 62,324 1,055,321 263,921 147,347 198,268 60,409 431,234 7,054,141 Apr.9 ! 535,586 3,398,168 534;448 283,759 76,011 61,454 1,060,798 262,115 147,787 200,865 60,517 438,510 7,060,018 Apr. 16 •; 544,488 3,416,113 535,452 278,514 73,673 64,349 1,074,416 259,379 148,277 193,624 60,922 434,430 7,0S3,637 Total loans and invest- j ments, including rediscounts with Federal Reserve Bank: Mar.26 775,447 5,712,432 922,130 443,071 108,284 S3,071 1,562,241 430,962 178,083 251,414 95,120 584,227 11,146,482 Apr.2 769,894 5,689,948 910,762 444,577 112,019 85,152 !1,551,632 444,631 182,578 257,565 96,393 589,079 11,134,230 Apr.9 762,391 5,653,076 924,586 448,183 112,684 83,969 i1,563,160 439,616 181,903 261,709 96,576 593,873 11,121,726 Apr. 16 775,433 5,783,308 926,608 445,428 110,397 85,852 i 1,577,490438,201 183,248 256,059 95,017 600,203 11,277,244 Reserve balances with Federal Reserve Bank: Mar.26 62,791 634,611 57,785 25,043 6,702 8,054 ! 143,836 33,855 12,988 10,925 6,624 35,623 1,038,837 Apr.2 63,572 641,906 59,622 27,503 5,970 6,663 I 137,686 33,707 11,337 18,376 8,855 35,999 1,050,596 Apr.9 63,793 625,952 62,256 25,267 5,624 7,247 ! 130,902 32,934 14,231 13,626 7,853 36,733 1,026,418 Apr.16 65,537 646,899 57,245 27,108 6,497 5,521 j 137,413 34,168 10,382 13,517 7,924 36,585 1,048,796 Cash in vault: Mar.26 14,689 107,738 12,798 8,125 1,890 2,125 35,610 5,492 2,792 3,787 1,961 9,448 206,455 Apr.2 14,585 104,175 13,839 8,365 1,778 2,173 36,144 5,456 2,628 3,916 1,720 9,498 204,277 Apr.9 13,968 109,325 14,488 7,632 2,023 2,436 38,629 5,320 2,965 4,056 1,966 9,483 212,291 Apr. 1.6 IS,012 104,560 13,314 8,425 2,029 2,468 37,996 5,345 2,547 3,901 2,034 9,332 209,963 Net demand deposits on which reserve is computed: M Ap a r r. . 2 2 6 5 5 9 9 6 3 , ,3 7 4 2 9 4 4 4, , 6 7 - 6 1 9 3 , , 2 5 4 5 0 7 5 56 6 7 8 , , 9 2 4 3 8 2 2 2 2 1 5 6 , ,8 5 1 7 6 2 ! 5 7 5 , 6 0 , 6 8 3 21 5 5 1 1 , , 5 3 8 5 1 4 : •9 95 9 7 3 , , 6 0 0 0 8 1 2 25 5 0 1 , , 3 1 2 0 6 2 : j 1 ll 1 l 2 f7 , 8 27 f> 5 1 1 5 5 4 3 , , 8 7 8 0 1 4 7 71 3 , , 5 4 7 0 9 1 2 27 7 3 4 , , 4 3 7 2 8 2 8 7 , , 0 9 8 9 4 1 , ,0 6 6 5 1 8 Apr.9 610,445 4,718,831 5*2,256 219,974 55,836 49,501, :970,4^5 245,908 110,599 151,301 72,615 275,017 8,062,828 Apr.16 625,622 4,791,592 583,420 210,240 54,506 49,461 :967,064 244,024 104,414 146,208 70,844 271,042 8,124,497 Time deposits: i Mar.26 44,659 303,385 17,072 107,252 20,84m7 20,777 270,823 72,362 j 23,935 12,710 4,233 211,890 1,169,945 Apr.2 39,353 299,718 17,115 167,793 20,914 21,049 271,698 72,558 ! 23,695 12,639 4,259 212,173 1,162,964 Apr.9 i 44,715 301,089 17,352 101,863 21,152 21,40S 272,623 72,705 ; 23,696 13,004 4,275 212,675 1,166,557 Apr.16 ! 41,375 299,103 17,506 LOO,340 2»,120 21,220 273,010 72,99o j 23,980 13,490 4,266 212,300 1,167,317 Government deposits: I Mar.26 ! 3,823 21,637 982 1,436 495 284 4,919 1,674 | 303 1,180 646 3,083 40,462 Apr.2 i 5,582 81,119 487 839 652 322 5,080 2,104 j 1,301. 1,776 1,180 4,426 104,868 Apr.9 | 7,175 71,456 10,362 1,273 421 384 4,111 1,600 i 1,150 1,437 1,366 4,454 105,249 Apr.16 j 8,965 12"), 883 8,441 .1,871 794 349 3,206 3,625 ! 559 1,254 1,515 9,205 165,667 Bills payable with Fed- j i eral Reserve Bank: I Secured by United States war obligations— Mar.26 24,951 332,439 83,373 14,695 7,783 2,118 59,038 i 22,117 : 4,604 11,148 11,265 18,056 592,187 Apr.2 ! 22,831 294,603 80,391 12,593 6,585 170S 53,045 ', 20,940 i 4,390 15,324 13,682 18,025 544,177 Apr.9 1 19,520 323,840 79,029 13,9S8 9,421 1,702 52,296 | 22,662 ; 4,290 11,530 8,682 17,645 564,665 Apr.16 ; 29,052 315,400 90,71.5 12,01.7 10,801 ,932 52,881 j 23,855 4,290 15,354 13,183 20,253 589,733 All other- j Mar.26 i 595 595 Apr.2 !. 320 320 Apr.9 ;. 275 j 275 Apr.16 :. 1,300 Bills rediscounted with Federal Reserve Bank: Secured by United States war obligations- Mar. 26 34,530 154,787 67,680 4,181 1,959 126 i 7,656 8,115 2,939 1,556 64 447 284,040 Apr.2 32,706 151,401 69,389 4,416 1,920 254 '• 6,804 7,927 2,854 1,611 225 725 280,232 Apr.9 29,314 153,136 66,325 4,869 1,900 250 ! 7,301 8,048 2,754 1,783 290 597 276,567 Apr.16 27,330 156,762 60,205 4,442 1,544 244 i 7,690 7,273 2,495 2,295 285 1,086 271,651 All other- Mar. 26 75,568 245,542 38,590 27,345 7,101 2,081 177,549 40,493 22,385 30,193 4,187 31,882 702,916 Apr.2 81,950 173,198 35,774 27,052 7,488 2,704 205,226 51,764 i 24,132 31,964 5,594 35,376 682,222 Apr.9 62,352 152,895 31,412 28,042 6,595 2,680 191,425 45,080 | 29,240 33,935 s,508 36,720 625,890 Apr.16 52,038 163,150 28,686 31,872 5,990 2,39* i 197.021 46,008 I 30.565 32,644 5,528 36,798 632,704 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1020. FEDERAL RESERVE BULLETIN. 547 Principal resource and liability items of member banks in leading cities, including member banhs located in Federal Reserve Bank cities and in Federal Reserve Branch cities, as at close of business on Fridays from Mar. 26 to Apr. 16,1920—Con. 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES. [T.!i thousands of dollars.] di Y N st o o r r i w c k t .1! ! ! di C s la l t e r n v i d c e t - .2 di m R st i o r c i n h c d - t.31d 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 ., j i S d t i . s t L r o ic u t i . s . I I d K i^ $J > * t, a s I d i is D tr a i l c l t a . s - ! Number of reporting banks: Mar. 26... ! 19 24 I 12! 18 18 i 11 43 195 Apr.2 19 24 I 12 i 1.8 i 19 ! 11 43 1% Apr. 9 19 24 12; 18 i 19 ! 11 43 196 Apr. 16 19 24 ! 12! 18 j 19; 11 44 197 United States bonds to secure circulation: Mar. 26 1,599 i 2-4,897 5,608 | 6,015 ! 1,905 I 5,280 i 4,187 ; 7,108 ' 13,427 70,926 Apr.2 1,599 ! 24,897 5,(iOS ! 0,915 j 1,905 : 5.280 j 4,1.87 I 7,108 i 13,305 70,804 Apr. 9 1,599 | 24,896 5,608 ! 0,915 • 1,905 j 5'. 280 • 4,187 j 7;iOS I 13,290 70,78S Apr.16 1,599 24,896 5,008 j 6,915 ! 1,905 ! 5', 280 I 4,187 ; 7,108 ; 13,305 70,803 Other United States bonds, including Libertv bonds: ! Mar.'26 10,449 40,400 9,108 ; 23,252 j 16,619 ! 8,369 ; 6,436 j 7,335 ! 21,950 143,918 Apr.2 10,466 41,147 9,207 : 23,301 : 16,195 I 8,329 ! 6,270 ; 7,321 i 21,091 143,327 Apr. 9 10,472 ! 40,485 9,185 i 23,514 16,514 : 8,399 j 6,416 ! 7,166 j 21,016 143,107 Apr. 16 10,612 ! 42,450 9; 157' 23,290 ! 16,219 I 8,359 I 6,408 I ^ 352 I 21,019 144,86(1 United States Victmy notes: i Mar. 26 3,103; 15,063 3,174 5,033 ! 14,671 I 2,471 ! 724 I 1,327 I 7,910 53,476 Apr.2 3,032i 14,932 3,148 5,015 I 13,909 j 2,652 764 ! 1,329 7,984 I 52,765 Apr. 9 ! 2,979 ! 13,602 3,] 33 4,878 ! 13,905 j 2 628 765 : 1,291 7,958 51,139 Unit A ed p r S .1 ta 6 t es certificates of indebtness: 2,927; ] 14,349 ! 3,105 4,835 ;. 13 887 I j 2,240 j 792 j 1,220 I 8^051 51,400 Mar.26 9,121 i 17,720 i 0,809 10,987 j 28,130 i 1,364 3,852 3,146 ! 13,366 ! 94,495 Apr.2 11,273: 17.9S2 6,717 11,481 i 26,233 : 1,398 4,223 3,351 i 12,790 ! 95,448 Apr. 9 11.543 ; 16', 617 ! 0,343 11,569 : 27,190 ' 1,535 2,893 3,359 : 12,799 93,884 Apr.16 12;661 ; 21,305 j 6,543 14,906 ! 29,468 I 1,757 j 3,163 4,413 ' 14,819 109,035 Total United States securities owned: • Mar.26 24,272 • 98,080 24,699 46,187 I 61,325 • 17,484 15,199 i 18,916 : 56,653 362,815 Apr. 2 ' 26,370 : 98,058 i 24,680 46,712 ! 58,242 ' 17,659 15,444 j 19,109 ! 55,170 362;344 Apr.9 1 26,503; 95,630 • 24.269 46,876 ! 59,520 : 17,842 14,261 i 18,924 i 55,063 358,978 Apr. 16 [ 27,799 103,000 j 2i;413 49.946 i 61,479 ; 17,636 14,550 ' 20,093 I 57,194 376,110 Loans secured by United States bonds, j ! Victory notes, and certificates, including rediscounts with Federal Reserve Bank: Mar.26 11,203 55,821 13,980 15,771 j 14,756 ''•9,679 ! 10,807 1,851 15,059 148,936 Apr. 2 10.930 • 56,466 13,041 15,970 14,153 . 9,821 I 10,924 1,991 16,095 150.309 Apr. 9 12; 776 47,904 11,707 10,217 i 14,690 : 10,386 ; 10,572 2,048 10,022 142,322 Apr. 16 11,996 " 45,489 11,725 16,491 14,186 . 10,878 ! 10,719 2,108 10,115 139.707 Loans secured by stocks and bonds, other than United States securities: Mar.26 54,701 ; 157,006 33,967 39,594 60,390 33,505 23,000 13,998 71,053 487,814 Apr.2 53,134 j 155,986 33,073 41,231 60,472 33,5-12 22,659 14,476 70,321 484,897 Apr. 9 52,709 : 151,091 33, -101 40,760 61,090 32,348 21,984 14,183 71.989 483,455 Apr.16 53,098 j 158,714 31,674 40,285 61,385 32,403 21,859 12,455 72;901 481,774 All other loans and investments including rediscounts with Federal Reserve Bank: Mar.26 177,628 ! 449,627 113,882 255,646 ; 322,477 ! 125,208 172,175 83,627 441,091 i 2,144,361 A Ap p r r . . 2 9 1 1 7 77 9 . , 8 0 6 3 4 3 : : 4 4 5 5 2 6 , , 7 4 6 8 6 7 1 1 1 1 7 1 , , 0 8 1 1 0 0 2 2 5 5 7 6 , , 6 3 8 8 9 9 :: 3 3 2 2 3 4 , , 3 0 1 1 1 5 i j 1 1 2 2 3 7 , , 5 9 0 7 2 8 1 16 7 7 1 , , 6 3 5 7 6 9 8 8 3 4 , ,2 3 3 6 4 8 4 4 4 4 6 6 , , 1 7 8 2 9 7 ! i 2 2 , , 1 1 - 6 1 2 8 , , 1 2 7 6 1 6 Apr.16 178.865 : 443,279 117,259 259,317 328,809 ! 127,302 166,407 83,449 146,207 ! 2,150,894 Total loans and investments including i rediscounts with Federal Reserve Bank: Mar.26 207,804 ; 760,534 186,537 357,198 458,918 185,876 221,181 i 118,392 587,450 ! 3,1-13,926 Apr.2 ! 208,304 ; 767,897 188,737 301,611 456,178 189,000 220,406 j 119) 810 587,778 ; 3,159,721 Apr.9 ; 271,111 ! 751,291 181,187 360,212 459,315 184,078 214,473 I 118,523 589,801 ! 3,133,021 Apr.16 i 271,758 750,482 185,071 366,039 405,859 188,219 213,535 I118,105 592,417 3,151,485 Reserve with Federal Reserve Bank: j ! Mar.26 i 17,258 : 48,290 12,115 20,250 28,783 I 11,002 18,205 '' 8,605 40,745 205,253 Apr.2 19,016 55,739 12,150 22,761 28.983 . 11,137 14,745 ! 8,553 41,080 1 215,064 Apr.9 16,612 ! 44,937 12,515 22,289 j 30,701 : 10,909 15,763 ' 8,034 41,398 i 203,188 Apr.16 15,650 ; 53,591 12,380 21,120 ! 40,723 i 10,390 13,850 i 8,835 40,354 i 216,893 Cash in vault: Mar.26 1 3,327 13,130 5,357 7,330 ! 12,932 j 3,067 j 5,285 2,891 16,239 70,158 Apr.2 j 4,107 13,555 5,347 7,588 ! 13,976 I 3,834 5,022 2,816 16,037 72.282 Apr.9 1 3,613 13,779 6,282 7,016 ! 13,445 I 4,102 5,173 3,031 16,665 I 73; 106 Apr.16 3,624 14,910 5,795 7,599 14;347 I 3,937 ! 4,847 1 2,991 16,138 i 7J.18S Net demand deposits on which reserve j : j is computed: j I Mar.26 1 172,866 ; 456,521 j 105,838 189,793 205,587 ! 96,139 137,907 74,170 311,803 ! 1,750,624 Apr.2 175,989 \ 472,586 108,627 191,079 211,126 ! 97,384 135,128 69,393 308,706 ' 1,770,018 Apr.9 ; 175,208 .: 459,511 i 111,211 189,494 211,639 i 96,501 139,011 69,187 311,730 i 1,763,522 Apr.16 1 170,952 470,618 j 111,512 190,350 237,272 : 93,994 132,471 71,759 318,761 I 1,797,689 Time deposits: i ; • Mar.26 ' 46,423 : 118,082 l 18,036 84,873 219,940 ; 38,869 j 47,586 20,901 252,554 I 847.204 Apr.2 ! 48,455 \ 118,626 ' 18.099 85,007 220,419 38,003 50,968 21,405 253,572 85*; 554 Apr.9 51,370 I 118,682 -! 18,309 87,209 221,834 39,942 \ 48,631 21,716 253,911 : 801,007 Apr. 16 56,692 i 119,068 : 17,807 73,898 221,881. 39,978 : 48,645 21,592 251,329 i 850,8% Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 FEDERAL RESERVE BULLETIN. MAY, 1920. Principal resource and liability items 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 Mar. 26 to Apr. 16, 1920—Con. 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES—Continued. [In thousands of dollars. di Y s N t o r e i r w c k t .1 ! ; i di C s la l t e r n i v d c e t - . 2 j • • di m R st i o r c i n h c d - t.3 d A is t t l r a i n c t t a .* ; d C is h t i r c i a c g t. o * S d t i . s t L r o ic u t i . s - ! ; Kansas ; . dd P is ^ tr8ic i t F .* n S dis S tr s ic c t.o o Total. Government deposits: Mar. 26....J 80 j 3,045 118 594 i 1,100 897 I 31 112 | 532 6,509 Apr. 2 2,135 ; 3,204 56 929 ! 512 720 ! 16 256 ! 266 8,094 Apr.9 2,695 ; 4,634 77 803 i 1,100 288 | 112 300 ; 390 10,399 Apr. 16 2,328 2,836 249 3.973 521 394 i 251 1,220 j 256 12,018 Bills payable with Federal Reserve Bank: Secured by United States war obligations— Mar. 26 24,977 53,621 17,525 31,074 ' 37,999 8.405 i 6,560 ! 8,037 11,008 ! 199,208 Apr.2 23,728 49,494 11,833 31,238 i 33,884 8,370 5,812 ! 8,322 ! 12,143 '• 184,824 Apr.9 19,505 50,380 16,348 32,446 37,774 8,347 ' 3,545 7,197 13,377 ! 188,919 Apr. 16 21,343 46,903 17,776 32,429 ! 33,629 ! 9,008 ! 3,446 6,845 12,805 ; 184,184 All other- A M p ar r . . 2 26 t 60 i. 4 4 7 1 9 9 3 2 , ,3 3 3 6 0 2 17 8 4 5 i i 2 4 , ,0 8 7 3 5 4 Apr.9 20 i 1,608 2,305 85 : 4,018 Apr. 16 20 : 2,259 j 2,235 85 i 4,599 Bills rediscounted with Federal Reserve Bank: Secured by United States war obli- I i gations— Mar. 26 , 1,290 5,549 ! 5,420 3,193 ! 1,999 2,698 i 1,819 80 I 495! 22,543 Apr.2 1,317 8,512 j 5,497 3,319 l 2,193 2,828 : 1,936 ! 193 I 1,416 ! 27,241 Apr.9 , 2,839 2,232 I 4,100 3,784 ; 1,654 3,347 1 806 i 238 1,543 ! 21,5-13 Apr.16 2,380 2,909 I 4,315 3,982 ; 2, OSS 3,824 J 2,041 304 | 1,416 j 23,349 All other— Mar.26 9,249 10,lJ 4 i 13,209 26,739 i 8,477 11,595 ; 17,798 j 4,747 I 15,314 120,272 Apr. 2 9,067 12,063 i 14,418 29,532 4,661 11.350 ' 18,775 ! 6,340 ! 14,851 124,063 Apr.9 , 7,200 10,379 i 12,784 27,955 • 7,197 13;912 18,657 • 6,499 I 15,195 119,778 Apr. 16 , 6,863 11,379 ; 11,899 28,861 , 7,476 17,055 ; 19,217 ' 6'. 186 : 14,494 123,430 1 Buffalo. 4 New Orleans, Birmingham, Jacksonville, and Nashville. 7 Omaha and Denver. 2 Pittsburgh and Cincinnati. 5 Detroit. s 'Zl 1'aso and Houston. 3 Baltimore. e Louisville, Memphis, and Little Rock. »Spokano, .Portland, Salt Lake City, Los Angeles, and Seattle. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1920. FEDERAL EESERVE BUTJ.KTIJST. 549 IMPORTS AND EXPORTS OF GOLD AND SILVER. Gold imports into and exports from the United States distributed by countries. Imports. Exports. Countries. M 1 D e 0 n 1 a u 9 d r d r 2 . i i a 0 n n 2 y . g g 0 s , M 1 D e 1 n 1 u a 9 d r d r 2 . i i a n n 0 3 y g g . 1 s , A 1 D e 0 n ™ 1 u 9 d d r . 2 i i a n 0 n I y O . g g s . ' J A a F p 1 n 9 r r . 2 o . 1 0 m 1 = t 0 o , J A a F 1 p n 9 r r . 1 o . 9 1 m 1 . 0 to , M 1 D e 0 n 1 u a 9 d r d r 2 . i i a 0 n n 2 y . g g 0 s , M D 1 e 1 n 1 u a 9 d r d r 2 . i i a 0 n n 3 y . g g 1 s , A 1 D e 0 n 1 p u 9 d r d r 2 . i i a 0 n n 1 y . g g 0 s . J A a F 1 p n r 9 r o . . 2 1 m 0 1 . t 0 o , J A a F n 1 p r 9 . r o . 1 1 m 9 1 . 0 t , o France S19,804 Germany S10,000 ? 10,000 Italy 40,666 32,023 201,339 Netherlands $190 1,161,428 87,317 7,317 United Kingdom—England 59,468,041 38,995,866 50,051,328 Sfi.168 £2,078 13.235 1 Total Europe 190 9,468,041 39,003,183 51,279,877 8,168 42,023 2,078 224,574 British Honduras 20 20 Canada . . 74,382 116,089 144,420 18,481,988 7,325,106 ?120,302 183,835 219,649 | 1,864,034 $264,629 Costa llica 5,110 84,292 118,349 Honduras 14,986 54,788 74,342 7,000 19,000 Nicaragua 26,313 32,337 '2.32S 289,129 478,754 30,160 1,771 • i S M a e l x v i a c d o or 2 5 0 7 , ,5 0 6 9 0 1 15 15 8 , , 6 0 2 7 7 5 17 5 4 , , 6 9 2 94 2 1,1 1 4 0 3 1 , 7 2 4 2 1 1 1,3 2 6 7 9 8 , , 8 4 8 2 9 8 1,048,775 1,375,935 190,725 ! 11.ni3.li31 ! 2,885,499 Newfoundland 61 ! Cuba.. 1,133 3,058 2,232 i British West Indies 1,204 1,374 8,472 7 940 Virgin Islands of U S 10 000 16,000 i Total North America 184,595 323,352 342,350 20,189,771 9,657,404 1,176,077 1,559,770 409,774 12,922,565 3,158,068 Argentina 10,447 *23,270 7,495,000 3,500,000 63,645,000 Bolivia 24 5,532 Brazil. . 4,435 4,435 30,000 60,000 220,666 Chile 38,644 372 320 118,629 92,916 400,000 Colombia 682 12,392 440,948 700,000 3,505,535 Ecuador 124,874 124,874 190,826 100,000 130,000 British Guiana 22,060 58,575 5 005 Dutch Guiana 15,272 13 595 Peru 7,884 35 189,302 366,287 135,339 Uruguay 4,350,000 10,850,000 Venezuela 1,170 1,170 63,874 334,000 3,628,930 Total South America 63,286 372 125,229 501,664 1,228,69s 11,845,000 isn.mn 3,560,000 j 76,279,000 7,288,404 China 5,100 1,412,095 15,833,895 British India 281.260 2,716,713 Straits Settlements 101,454 1,020,000 6,116,454 Dutch East Indies 494,530 103,970 2,265,474 703,691 1,000,000 5,542,149 717,000 Hongkong . . 7,500,000 815,330 674,455 i 169,455 18 nftQ 4.92 Japan 55,766 : 6,762,067 Total Asia 494,530 103,970 2,265,474 8,203,691 1,921,884 2,031,481 2,571,550 | 54,980,700 717,000 New Zealand 91,188 104,596 346,398 Philippine Islands 35,134 220,370 201,344 British South Africa. 8,150 ! British West Africa i i 26,038 26,038 Portuguese Africa 37,727 175,739 Total, all countries. 74?, 601 9,918,087 ; 39,679,328 i 74,841,281 19,483,194 14,942,%1 3,789,312 6,543,402 |2144,432,S77 j 11,163,472 • i 1 Includes: Ore and base bullion, 86,336,000; bullion refined, S51,144,000; U.S. coin, §1,211,000; foreign coin, $16,150,000. 2 Includes: Domestic exports—Ore and base bullion, $4,000; U. S. mint or assay oHico bars, 512,905,000; bullion refined, 5873,000; co>n, $139.- 430,000. Foreign exports—coin, 3221,000. Excess of gold exports over imports since Jan. 1,1920, 569,592,000. Excess of gold imports over exports since Aug. 1,1014, $5710.163,000. Excess of gold exports over imports since June 10,1919, 8390,856.000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

550 FEDERAL, RESERVE BULLETIN. MAY, 1920. Silver imports into and exports from the United States, distributed by countries. Imports. Exports. M 1 D e 0 n 1 a u 9 d r d r 2 . i i a 0 n n 2 y . g 0 g s , M 1 D e 1 n 1 a u 9 d r d r 2 . i i a 0 n n 3 y . g g 1 s , A 1 D e 0 n p 1 u 9 d r d r . 2 i i a 0 n n 1 y . g g 0 s , J A a F p 1 n r U r . o . 1 2 m 0 1 t . 0 o , J A a F p 1 n r 9 r . o . 1 1 m 9 1 . t 0 o , M e 1 D n 0 1 a u d 9 r d r 2 . i i a n 0 n 2 y g . g 0 s , M e D 11 n 1 a u d 9 r d r 2 . i i a n 0 3 n y g . g 1 s , A e D 1 n 0 1 p u d 9 r d r . 2 i i a n 0 1 n y g . 0 g s , J A a F n 1 p r 9 . r o 2 . 1 0 m 1 . t 0 o , J A a F n 1 p r 9 . r o 1 . 1 9 m 1 . 0 to , Denmark $219,737 France.. . ... S12,142 $5,577 3,198,638 Netherlands $135 369 482,310 Portugal $4,375 1,375 Sweden 61,854 Switzerland 5 G60 United Kingdom—England 26,133 $750 4,429 34,967 16,903 $125,400 $308,241 5,846,497 Total Europe 26,268 750 8,804 51,853 22,480 125,400 308,241 9,814,702 British Honduras 5 860 30 220 182 297 Canada 54,172 104,503 62,530 1,344,498 2,549J 268 $115,184 $818,915 287,808 j 4,282,198 624,778 Costa Rica 897 10 496 6 916 Guatemala 19 980 500 Honduras 30 000 163 565 739 155 7.14 455 177 100 8 000 8 800 348 800 29 800 Nicaragua. 56,481 21,564 10,789 278!655 267,740 Panama 6,400 28 252 68,262 15,000 is,666 431,000 40,000 Salvador . 52,147 102,239 18,072 3,358,361 145,619 Mexico 1,387,154 3,036,294 2,512,212 21,828,063 15,260,248 121,341 177,822 586,493 : 2.032.505 273,550 British West Indies 5,750 960 6,918 2; 279 12,150 14 585 5,300 .N owl'oundland... 11 Cuba 171 26 673 36 546 34,071 102,846 169.917 Virgin Islands of United States 10,000 Dominican Republic 15,000 128 000 French West Indies 20 20 ! Haiti ; 4,000 Total North America. 1,581,042 3,276,750 2,773,988 27,671,291 19,263,641 425,775 1,068,808 1,000,947 7,421,505 973,428 Argentina. ... 2,034 S, 941 ; 891 Bolivia 54,021 3,068 639,535 Brazil . . 270 270 803 803 Chile 63,684 91,518 1,770 977,471 542,444 i Colombia 9,560 12,000 57,247 51,692 i Ecuador 12, 544 12,544 5,119 i British Guiana 1,306 624 624 1,768 DPeurtuch Guiana . . . 42,439 66,051 490,496 3,136,056 2,660,674 Venezuela 252 10,000 10,000 Total South America. 172,008 157,569 519,878 4,832,064 3,2G0,181 803 10,624 12,318 3,074 China 11,974 1,491,196 133,643 5,067,733 38,547,382 470,476 British India 22,'^ 211 223,211 79,638,390 Dutch East Indies 447,268 133,936 i,628,686 260,952 ..; French East Indies. 1,699 878 478,000 3.S2ii.fi72 Hongkong 1,650 1,620,076 2,183,060 849,713 11,911,750 2,212,424 Total Asia 447,268 133,930 1,642,310 260,952 4,811,150 2,539,914 6,395,446 54,208,015 82,321,290 New Zealand. . 48 3,132 3,463 Philippine Islands 2,267 6,789 4,627 British South Africa.. . 76,822 British West Africa. . ::::::: 3,080 Portuguese Africa 2,819 7,604 17,771 Total all countries 2,229,405 3,437,384 3,439,738 134,215,374 22,906,474 5,237,728 3,619,346 7,521,793 2 61,953,159 93,112,494 1 Includes: Ore and base bullion, 826,883,000; U. S. Mint or Assay Office bars, $3,000; bullion refined, $1,786,000; U. S. coin, 5164,000; foreign coin, $5,379,000. 2 Includes: Domestic exports—U. S. Mint or Assay Office bars, $2,911,000; bullion refined, $35,789,000; coin, $13,281,000. Foreign exportsore and base bullion, $1,000; bullion refined, $7,930,000; coin, $2,041,000. Excess of silver exports over imports since Jan. 1, 1920, $27,738,000. Excess of silver exports over imports since Aug. 1, 1914, $457,110,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1920. FEDERAL RESERVE BULLETIN. 551 Estimated general stock of money, money held by the Treasury and by the Federal Reserve System, and all other money in the United States Apr. 1, 1920. Held in the Amount per General stock of United States Held by or for capita outside money in the Treasury as Treasury and United States United States. assets of the Treasury and Government, i Federal Reserve System. Gold coin (including bullion in Treasury) * 52,002,284,553 $382,057,092 §1,307,849,817 i $395,222,535 Gold certificates 309,548,020 ; 207,005,889 Standard silver dollars "'"'209,'194," 272 i3,3i7,"983 3 59,1,10,070 75,740,338 Silver certificates 0,036,121 I 112,072,901 Subsidiary silver 7, 087, 025 240,900,525 Treasury notes of 1890 1,080,799 United States notes 340,081,010 15,352,453 «00,220,013 271,107,950 Federal Reserve notes 3,299,004,875 37,215,503 229,448,035 3,032,401,337 Federal Reserve bank notes 205,934,400 9,157,115 8,047,290 188,129,995 National-bank notes 723,938,752 38,521,207 2,998,898 082,418,587 Total: i Apr. ,1920 7,701,140,018 503,309,038 1,984.495,404 5,273,310,910 S49.33 Mar. ,1920 7,800,311,880 540,900,744 1,981,490,058 5,277,801,078 49.41 Feb. ,1920 7,744,709,203 025,142,719 • 2,009,051,988 5,109,974,520 47.88 Jan. ,1920 1 7,901,320,139 004.888,833 \ 2,044;422,303 5,312,009,003 49.81 Oct. ., 1919 i 7,002,898,238 010; 213,318 j 2,087,709,309 4,958,975,551 40.01 July 1, 1919 : 7,588,473,771 578,848,013 i 2,107,280,313 4,812,345,415 45.00 Apr. -:', 1919 : 7,5S0,752,855 550,(528,454 j 2,195,151,700 4,840,972,035 45.17 Jan. _,,1919 7,780,793,000 451,948,100 : 2,220,705,707 5,105,139,079 47.83 July 1, 1918. 0,742,225,784 350,121,750 ' 2,018,301,825 4,307,739,209 41.31 Jan. 1, 1918. 0,250,198,271 277,043,358 i 1,723,570,291 4,255,584,022 40.53 July 1,1917 5,480,009,884 253,071,011 ! 1,280,880,714 3,945,457,550 37.88 :i:| l Includes reserve fi.ind.-j hold against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of national-bank notes, Federal Reserve notes, and Federal Reserve ban!: notes, but excludes gold and silver coin and bullion held in trust for the redemption of outstanding gold and silver certificates and Treasury notes of 1890. 2 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. FEDERAL RESERVE BANK DISCOUNT RATES. Rates on paper discounted for member banks approved by the Federal Reserve Board up to May 1, 1920. Discounted bills secured Discounted bills maturing within 90 otherwise than by Gov- ! days (including member banks' ernment war obliga- 15-day collateral notes)secured by- lions, also unsecured, Bankers' Trade maturing within— Federal Reserve Bank. Treasury certificates of acmc w ea t i pu t t h ra i in n ncges acmc w aet i pu t t h ar i in n ncges 90 days (inindebtedness. Liberty 3 months. 90 days. m cl e u m di b n e g r da 91 y s t o ( a 1 g 8 r 0 ibonds and banks' cultural and Bearing in- V n i o c t t e o s r . y 15-day live-stock terest at o\ All other. collateral paper). per cent. notes). Boston 5 5 5* 5 6 G 6 New York.... 5 5 5 6 6 G Philadelphia. . 5 bl- 54 G G 6 Cleveland 5"i- 5 04 5| G G Richmond 5 G G G Atlanta 5-JL 5 51 k- G G G Chicago 5i- 5 <T 04 G G ^ St. Louis 5]- 5 54 5 G G 6 Minneapolis... 5} 5 6 5 5* G G Kansas City... 5 5 54 51 6" G G Dallas 5 5 54 54 G G (> San Francisco. 5i 5} 54 G 6 6 NOTE 1 NOTE 2, Federal Reserve Bank. __..„.. amount of accommodation extended exceeds the basic line. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 FEDERAL RESERVE BULLETIN. MAY, 1920. LOANS BY MEMBER BANKS TO OTHER BANKS, BANKERS, AND TRUST COMPANIES AS OF NOV. 17, 1919. [In thousands of dollars.] 1. TOTAL LOANS TO BANKS, BANKERS, AND TRUST COMPANIES. By State bank and trust By national banks. company members. By all member banks. To mem-! To non- To mem- To non- To mem- To nonber member Total. ber member Total, ber member Total. banks. j banks. banks. banks. banks. banks. i Loans made by banks in— Boston 2,289 . 10,922 13.211 50 601 651 2,339 11,523 13,862 New York 56,849 i 57,103 113,952 44,444 45,240 | 57,645 101,547 159,192 Philadelphia 3,046 ; 20,484 23,530 5,980 5,980 I 3,046 26,464 29,510 Cleveland 2,375 i 887 3,262 545 545 2,375 1,432 3,807 Richmond 902 i 3,487 4,389 1 1 902 3,488 4,390 Atlanta I 263 • 2,266 2,529 192 192 263 2,458 2,721 Chicago i 7,518 ! 21.371 28,889 857 3,946 4,803 8,375 25,317 33,692 St. Louis ! 3,781 ! 7,615 11,396 : 45 1,530 1,575 3,826 9,145 12,971 Minneapolis ; 912 I 4,098 5,010 ! 912 4,098 5,010 Kansas City i 5,967 i 12.162 is;129 ; 730 1,454 j 2,184 6,697 13,616 20,313 D Sa a n ll a F s r ancisco i j 3 1 , ,6 0 9 9 2 1 ! ! 4 1 8 7 6 5 3 1 . , 5 86 8 7 0 ! '""so" 4 7 0 9 | 1 4 5 0 9 3 1 , , 1 6 7 9 4 2 2 5 1 6 5 5 3 1 , , 7 9 3 0 9 7 Total Federal Reserve Bank cities... 88,688 141,056 229,744 2,558 58,812 61,370 91,246 199,868 291,114 Total Federal Reserve branch cities. 13,660 29,923 43,583 1,678 8,885 10,563 15,338 38,808 54,146 Total other reserve cities 22,425 30,483 52,908 398 4,323 4,721 22,823 34,806 57,629 Total country banks 6,939 34,146 41,085 2,657 6,957 9,614 9,596 41,103 50,699 Total I 131,712 | 235,608 367,320 7,291 178,977 ! 86,268 :. 139,003 1314,585 j 453,588 1 Includes $039,000 of loans not classified according to member and nonmember banks. 2. LOANS SECURED BY UNITED STATES WAR OBLIGATIONS. Loans made by banks in— | Boston 603 5,300 356 356 5,656 6,259 New York 8,522 14,865 387 5,733 5,733 8,522 20,598 29,120 Philadelphia 563 14,255 818 1,364 1,364 563 15,619 16,182 Cleveland 380 211 591 125 125 380 336 I 716 Richmond 705 2,882 587 705 2,882 3,587 Atlanta 173 1,667 840 87 87 173 1,754 1,927 Chicago 883 8,813 696 ! 447 807 1,254 1,330 9,620 10,950 St. Louis 2,027 4,143 ,170 I 306 306 2,027 4,449 6,476 Minneapolis 40 827 867 40 827 867 Kansas City 352 710 ,062 | 60 115 175 412 825 1,237 Dallas 1,000 ooo ; 1,000 1,000 San Francisco 762 844 762 82 844 Total Federal Reserve Bank cities ! 16,010 53,755 69,765 j 507 9,400 16,517 I 62,648 79,165 Total Federal Reserve branch cities I 2,798 10,113 I 12,911 ! 180 1,685 1,865 2,978 i 11,798 14,776 Total other reserve cities | 3,835 5,768 ! 9,603 I 37 613 650 3,872 ' 6,381 10,253 Total country banks ; 2,340 14,677 ! 17,017 i 220 703 923 2,560 j 15,380 17,940 Total I 24.983 84,313 i 109,296 ; 944 j * 11,894 • 12,838 25,927 i * 96,207 122,134 * Includes £367,000 of loans not classified according to member and nonmember banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Acceptances: . page. Discount and open-market operations of Federal page. Banks granted authority to accept up to 100 Reserve Banks—Continued. per cent of capital and surplus 492 Earning assets held during March 529 Purchased by Federal Reserve Banks— Number of member banks accommodated 528 During March 530, 532 Rediscounts and sales between Federal Reserve During three months ending March 530 Banks, three months ending March 31 531 Amendment to Federal Reserve Act relating to dis- United States securities purchased 529 count rates 448,498 Discount rates: Bank of England, reserves, note circulation, and Advance in 447 security holdings of 485 Amendment to .Federal Reserve Act relating Bank of France, reserves, note circulation, and to 448,498 security holdings of 485 In effect 551 Bank transactions—debits to individual account. 483, 524 Prevailing in various centers 514 Banking situation, discussion of 454 Resolution of Federal Reserve Bank of Kansas Bond purchasing fund, Treasury 445 City regarding 449 Bonds, foreign, price and rate of yield 450 Discount situation abroad 440 Bonds, liberty, prices of ." 44G Dollar exchange purchased by Federal Reserve Branches, foreign, of American banks 492 Banks during March ." 530 Business and financial conditions: Earning assets held by Federal Reserve Banks 529 Indexes of 474-483 Evans, Judge B. I)., opinion by, on right of Federal Review of 450-464 Reserve Bank to collect checks drawn on non- Wholesale trade activity in the West 402 member bank not remitting at par 490 Capital, rates of return on 440 Failures, commercial, reported 493 Carpet industry, terms of sale in 471 Federal Reserve Banks: Certificate of deposit, form of 495 ] >isoount and open-market operations of 527-532 Certificates of indebtedness: Resources and liabilities of 530-540 Issued during April 445 Federal Reserve notes: Purchased by Federal Reserve Banks during Interdistrict movement of 542 March \ 529 Stock of, in the United States 551 Charters issued to national banks 492 Note account of Federal Reserve Banks and Charts: agents 540, 541 Map showing States in which banks remit at Fiduciary powers: par ". 535 Granted to national banks 493 Reserves, note circulation, etc., of principal Right of national bank in Missouri to use the European banks of issue 487 words "trust company" as part of corporate Check clearing and collection: title \ 497 Checks drawn on a member bank forwarded by First Federal Foreign Banking Association, organianother member bank with instructions to zation of, under the Edge Act 449 remit to a Federal Reserve Bank 494. Foreign banks of issue, reserves, note circulation, Letter of Governor of Board to a Member of and security holdings of 484-488 Congress regarding 489 Foreign bonds, price and rate of yield 450 Map showing States m which banks remit at par 535 Foreign branches of American banks 492 Number of rt on member banks on par list . 534 Foreign discount situation 440 Operation of system, March 16 April 15 533- 53 1Foreign exchange 450 Right of 'Federal Reserve Bank to collect check Foreign economic outlook 451 drawn on nonmember bank not remitting at Foreign financing 449 par, opinion by Judge Evans in Atlanta case.. 490 French tax proposals 490 Clearing-house bank'debits 483, 524 German lleiehsbank, reserves, note circulation, and Commercial failures reported 493 securi iy holdinirs of 480 Cotton-goods industry, terms of sale in 40! Gold: Credit, control of...." * 448 Coin, use of, in payment of Liberty bond cou- Currency, stock of, in the United States 551 pons, letter of Secretary of the Treasury Debits to individual account 483, 524 regarding ." 454 Discount and opon-market operations of Federal Imports and exports of 453, 549 Reserve Banks 527-532 Stock of, in the United States 551 Acceptances purchased— Governors of Federal Reserve Banks, meeting of... 455 During March # 530,532 Hosiery industry, terms of sale in 471 During three months ending March 530 Indexes: Bills discounted— Business conditions 474-483 During March 530 International prices 499-503 During three months ending March 530 Retail trade in the United States 503-505 Bills held on last Friday in March 532 Wholesale prices abroad 505-511 Dollar exchange purchased , 530 Wholesale prices in the United States 511-513 177757—20 8 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX. Imports and exports: Rates—Continued. Page. Gold 453, 519 Discount, in effect 551 Merchandise 482 Earning assets of Federal Reserve Banks 529 Silver 453, 550 Foreign exchange 451 Interest rates prevailing in various centers 514 Interest, in various centers 514 •in teriuUionul price index 499-503 Rediscounts for a State member bank, limitations. 495 ltalian fiscal reform 489 Rediscounts and sales between Federal. Reserve Lace industry, terms of sale in 473 Banks 531. Law department: Reserve position of the Federal Reserve Banks 448 Limitations of section 9 upon amount of redis- Resources and liabilities: counts for a State member bank 495 Federal Reserve Banks 536-540 Right of a Federal Reserve Bank to collect Member banks in selected cities 543-548 ('hecks drawn on nonmember bank not Retail trade in the United States 503-505 remitting at par 496 Ribbon indusi ry, terms of sale in 467 Right of national banks in. Missouri having Rulings of the Federal Reserve Board: trust powers to use the words "'trust com- Warehouse receipts covering whisky in bond.. 494 pany " as part of corpcrate title 497 Checks drawn on a member bank forwarded by Liberty bonds, prices of 440 another member bank with instruction's to Map showing States in which banks remit at par... 535 remit to a Federal Reserve Bank 494 Maturities: Certificate of deposit, i'orm of 495 Acceptances purchased 530 Silk industry, terms of pale in 466 Bills discounted and bought 530,540 Silver: Member banks: Imports and exports 453, 550 Loans by, as of Nov. .1.7, 1919 552 Stock of, in the United States 551 Number discounting during .March 528 State banks and trust companies: Number in each district 528, 534 Admitted to system 492 Resources and liabilities of 543 -548 Loans by, as of No\\ 17, 1919 552 State banks and trust companies admitted to Rediscounts for, limitations 495 system • 4 92 % Terms of sale in the principal industries 464-474 Money, stock of, in the United States 551 National banks: Trade: Charters issued to, during April 492 Physical volume of 480, 516 Fiduciary powers granted to 4 93 Retail, in the United States 503-505 Loans by, as of Nov. 17, 1919 552 Treasury financing during April 445 Physical volume of trade 480, 510 Van Yalkcnburgn, judge, opinion by, on right of Trices: national having trust powers to use the words Current, discussion of 452 "trust company " as part of corporate title 497 International, index of 499-503 Warehouse receipts covering whisky in bond as Wholesale, abroad 505-511 collateral for loan 494 Wholesale, in the United States 511-513 Wholesale prices: Rates: Abroad 505-511 Acceptances bought 530 In the United States 511-513 Bills discounted 530 Woolen industry, terms of sale in 468 c 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