Federal Reserve Bulletin, 1920-07

FEDERAL RESERVE BULLETIN ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON JULY, 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, ADOLPH C. MILLER. Secretary of the Treasury, Chairman, CHARLES S. HAMLIN. JOHN SKELTO*? WILLIAMS, HENRY A. MOEHLENPAH. Comptroller of the Currency, EDMUND PLATT. WALTER S. LOGAN, General Counsel. W. T. CHAPMAN, Secretary. W. W. HOXTON, Executive Secretary. R,. G. EMERSON, Assistant Secretary, H. PARKER WILLIS, W. M. IMLAY, Fiscal Agent. Director, Division of Analysis and Research. W. W. PADDOCK, M. JACOB SON, 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— serve Bank Chairman. Governor. Deputy governor. Cashier. Boston. Frederic H. Curtiss. Chas. A. Morss C. C. Bullen.... W. Willett. New York. Pierre Jay Benj. Strong, jr.1 J. H. Case 2.... L. H. Hendricks.3 L. F. Sailer3... J. D. Higgins.3 E. R. Kenzel. . ChanninsfRudd.3 G. L. Harrison. A. W. Gilbart.3 Leslie R. Rounds.3 J. W. Jones.8 Philadelphia. R. L. Austin. George W. Norris. Wm. H. Hutt, jr... W. A. Dyer. Cleveland.... D. C.Wills... E. R. Fancher. .. 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. Johnstone 4 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 O. M. Attebery J. W. White. Minneapolis JohnH. Rich R. A. Young S. S. Cook. Kansas City Asa E. Ramsay J. Z. Miller, jr.... C. A. Worthington.. J. W. Helm. Dallas Wm. F. Ramsey... R. L. VanZandt.. Lynn P. Talley Sam R. Lawder. San Francisco John Perrin J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk5 C. H. Stewart5 1 On leave of absence. 2 Acting governor. 3 Controller. 4 Assistant to governor. 5 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. Gidnev. Louisville branch W. P. Kincheloe. Memphis branch J. J. Heflin. Cleveland: Little Rock branch A. F. Bailey. Cincinnati branch L. W. Manning. Pittsburgh branch Geo. De Camp. Kansas City: Omaha branch L. H. Earhart. 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. Gossett. Jacksonville branch Geo. R. De Saussure. Birmingham branch A. E. Walker. San Francisco: Nashville branch Bradley Curry. Los Angel es 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 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. It is printed in two editions, of which the first contains the regular official announcements, the national review of business conditions and other general matter, and is distributed without charge to the member banks of the Federal Reserve System. The second edition contains detailed analyses of business conditions, special articles, review of foreign banking, and complete statistics showing the condition of Federal Reserve Banks. For this second edition the Board has fixed a subscription price of $4 per annum to cover the cost of paper and printing. Single copies will bo sold at 40 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 $2 per annum. No complete sets of the BULLETIN for 1915, 1916, or 1917 are available. ni Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. Page Review of the month 661 Business, industry, and finance, June, 1920 673 Causes of cancellation of orders 679 Reduction in building activity and lower prices for lumber 682 Wholesale trade activity 684 Foreign loans placed in the United States 687 Recent tax legislation affecting foreign banks in Spain 692 Official: State banks and trust companies admitted to system 697 Banks granted authority to accept up to 100 per cent of capital and surplus 697 Charters issued to national banks 697 Fiduciary powers granted to national banks 698 Rulings of the Federal Reserve Board 699 Law department: Exercise of fiduciary powers by banks located in Wisconsin 700 Amendment to Mississippi banking laws 701 Miscellaneous: Acceptance liabilities of member banks 686 June crop report 696 Commercial failures reported 697 Statistical: Foreign trade index 694 Wholesale prices in the United States 702 Retail trade index 706 Wholesale prices abroad 708 International price index 712 Discount and interest rates prevailing in various centers 713 Physical volume of trade 714 Federal Reserve and member bank development during year ending June 30, 1920 723 Debits to individual account, May and June 733 Discount and open-market operations of the Federal Reserve Banks 737 Operation of the Federal Reserve clearing system 744 Interdistrict time schedule 746 Resources and liabilities of the Federal Reserve Banks 747 Federal Reserve note account 751 Condition of member banks in selected cities 753 Imports and exports of gold and silver 760 Estimated stock of money in the United States 762 Foreign exchange rates 763 Abstract of condition reports of State bank and trust company members on May4, 1920 764 Discount rates approved by the Federal Reserve Board 762 Diagrams: Earning assets of Federal Reserve Banks, July, 1919-June, 1920 725 Net deposits, Federal Reserve notes in circulation, and reserves of Federal Reserve Banks, July, 1919- June, 1920 725 Investments of national banks, 1914-1920 727 Deposit liabilities of national banks, 1914-1920 727 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 6 JULY, 1920. No. 7 REVIEW OF THE MONTH. near the close of the fiscal year, described conditions as follows: The month of June has been an important period in the development of On the basis of Treasury daily statements and excluding Treasury finance. m n ™ . , transactions in the principal of the public debt, though Treasury finance. The interthe first quarter, ended September 30, 1919, of the present est payments covering the amount due on the fiscal year ending June 30, 1920, was marked by a deficit bonds of the first Liberty loan and on the of about $770,000,000, in the second quarter, ended De- Victory notes were made on June 15, while cember 31, 1919, there was a surplus of over $150,000,000, in the third quarter, ended March 31, 1920, there was a on the same date the second installment surplus of nearly $400,000,000, and the fourth quarter, of the income and excess-profits taxes for ending June 30 next, should also show a surplus. The 1920 was paid in to the Government. Pre- completed fiscal year's operations should show little if liminary returns show that the total amount any deficit, the Government having about balanced its •thus received from income and excess-profits budget, current receipts against current disbursements, for the first full fiscal year after fighting stopped. taxes amounted to $744,411,000, while the payments disbursed for interest falling due during The actual figures for receipts and disbursethe month, including interest on certificates, ments have in substance borne out the expecamounted to $153,972,000. During the month tations thus expressed by the Secretary of the the Treasury also took an important step in Treasury. For the fiscal year as a whole the offering on June 10 two series of Treasury cer- excess of current ordinary disbursements over tificates of indebtedness, both dated and bear- ordinary receipts was reported on June 30 as ing interest from June 15, the one payable on $71,879,000. January 3, 1921, with interest at 5| per cent, The public debt situation, complicated as it the other payable on June 15, 1921, with in- is by the fact that a large floating debt is outterest at 6 per cent per annum. This step standing, requires some further explanation. practically recognized a rate of 6 per cent as In speaking of conditions near the end of the the going commercial charge for credit of the fiscal year, the Secretary of the Treasury in a character and maturity represented fyy the statement to which reference has already been obligations of the Government. Taking the made, says: month as a whole, the total amount disbursed The total gross debt of the United States, which, on on account of ordinary expenses has been June 30, 1919, on the basis of Treasury daily statements, $837,463,000, while ordinary income has amounted to nearly $25,000,000,000 and on August 31, amounted to $1,305,837,000, leaving a surplus 1919, to nearly $26,600,000,000, had been reduced on May for the month of $468,374,000. Early in June 31, 1920, to less than $25,000,000,000. The floating debt outstanding (loan and tax certificates), which on June 30, the Treasury announced that Treasury certifi- 1919, amounted to over $3,250,000,000, and on August 31, cates to the amount of nearly $1,000,000,000 1919, to nearly $4,000,000,000, had been reduced on would mature on or before July 15, and, while May 31, 1920, to less than $2,850,000,000. The reduced the greater part of these were provided for by ordinary and public debt disbursements have made the income and excess-profits tax receipts for possible a very important reduction in the amount of the the month of June, the issue of certificates al- net balance in the general fund, which has been applied to the reduction of debt. ready referred to in an amount of $419,121,000 was deemed necessary to provide the means The final figures for June 30, covering the for meeting maturing obligations. The Secre- fiscal year ending on that date, show a total of tary of the Treasury, in outlining the situation receipts on account of public debt amounting 661 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

662 FEDERAL RESERVE BULLETIN. JULY, 1920. to $15,852,855,000, while total debt disburse- conditions and reflecting the effort of the sysments were $17,038,040,000. tem to control the expansion of credit, and the A year ago, in the August issue of the corresponding attempt to induce member A new epoch in FEDERAL RESERVE BULLETIN, banks to curtail excessive or unessential adthe Federal Re- there was presented a general vances of funds. During the year in question serve System. statistical review of the condi- the earnings of Federal Reserve Banks have tion of the Federal Reserve System for the continued large and there has been a steady year ending June 30, 1919. In the present advance in rediscounts paralleled by correissue this general review is continued and sponding decline in the reserve ratio. The brought down to June 30, 1920. As was volume of notes in circulation has tended pointed out in the former statistical issue, the upward, although there has from time to time annual report of the Federal Reserve Board been fluctuation. The resumption of freedom supplies a general description and outline of of movement for specie has resulted in a reducexisting conditions by calendar years. It has tion in the country's stock of gold and silver. been thought well, however, to furnish a These conditions and others ancillary to them critical analysis from the statistical stand- may now be reviewed at somewhat greater point, covering the intermediate periods end- length. ing June 30. In the analysis published a year The period immediately following the flotaago it was sought to discuss the most con- tion of the Victory Liberty spicuous activities of the system. The time Advances m loan of the spring of 1919 witresources. was especially opportune since the close of nessed a very considerable re- June, 1919, practically marked the formal lease of banking resources and industrial effort. termination of the war period, coinciding with Removal of the restraints upon capital investthe end of the fiscal year. Within the past ment which had been made by the Capital fiscal (public) year ending June 30, 1920, im- Issues Committee of the Federal Reserve portant developments indicating the distinct Board under legislation enacted by Congress transition from thexlose of the war period to opened the way for the development of many a peace footing in banking and finance have enterprises whose efforts had been held in occurred, and the figures herewith submitted check during the war period. On the other will show in a general way the character of the hand, the activity of business and the consituation as affected by reconstruction and tinued growth of the export trade of the United financial transition. States, largely for the purpose of meeting the It was pointed out in the last annual statis- urgent necessities of European nations, led to tical review that, historically speaking, develop- the continued rise and growth of applications ments in the Federal Reserve System might be for discount at member banks and from them divided into four rather distinct periods: No- for rediscount at Federal Reserve Banks. vember, 1914, to December, 1916; January, Coupled with these factors, which would in 1917, to April, 1917; May, 1917, to November 11, any case have been very evident, has been the 1918; November 12,1918, to June, 1919. There growth of speculative demands for accommomay now be added to these distinct periods in dation which have steadily tended to enlarge the history of the Federal Reserve System a the volume of loans rendered available by the fifth epoch, extending from the close of June, banking system of the country as a whole. A 1919, to the present time and perhaps longer— comparison between conditions existing at the how long can not, of course, as yet be precisely end of June, 1919, and those at the end of stated. During this latter period the charac- June, 1920, shows that capital of the Federal teristic phases have been found in the effort to Reserve Banks at the former date was approxicheck the growth of the volume of war paper mately $83,000,000 and resources somewhat carried by Federal Reserve Banks, in the success- less than $5,300,000,000, wheroas at the present ful shifting of the discount rate from the low date capital may be figured at $94,500,000 and stabilized level necessitated by war conditions total resources at $6,100,000,000. The increase to the higher basis corresponding to commercial in capital has thus be^n at the rate of approxi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 663 mately 14 per cent, reckoning the condition at The movement of principal items already the end of June, 1919, as a base, with the ex- referred to is better understood pansion of resources proceeding in approxi- o ™" in connection with the study of mately the same ratio. The increase in capital reserve ratios. So important during the year 1919-20 has not presented the has the movement of this ratio been considered periods of sporadic and fitful growth which had during the past few months that it has been been observed during the early war period. deemed necessary to follow it closely in former Advance has been due rather to the steady issues. Recent events indicate that it has now progress in the enlargement of the capital of passed the low point of decline and may be member banks, with corresponding increase in considered on its way upward. Reviewing the the subscriptions to the capital stock of Federal year as a whole, it may be said that the reserve Reserve Banks, and to the slow and steady ratio has passed through three periods, the movement of members into the system. Ana- first extending from the opening of the fiscal lyzing these two elements individually it will be year on July 1, 1919, to approximately November 4, 1919. During this period, mainly as found that the total number of new State bank the result of the large volume of discounts of members gained during the year ending June war paper and the loss of gold taken for export, 30, 1920, has been approximately 368, their the ratio shows a decline from 50.4 to 46.6 per contribution to capital stock being $3,013,000, cent. Beginning with November, 1919, effort to which should be added $953,000 subscribed was definitely made to control the reserve poby newly organized national bank members, sition through the application of higher rates while on the other hand the increase in capital of discount at Federal Reserve Banks. From stock due to enlargement of the capital and surthat date onward until the last week in May, plus of former members may be taken as the 1920, may be considered a period of fluctuation balance of the net growth in Federal Reserve and uncertainty, the ratio moving irregularly Bank capital, or approximately $7,776,000. up or down, but maintaining itself throughout The increase in total resources is seen from the the period practically at a low level or near it. following table, in which are presented for the Subsequent to the last week in May successive dates corresponding roughly to the end of the advances in the ratio, partly due to Governtwo years in question the changes that have ment operations, occurred, an increase of onetaken place in total reserves, in total earning half of 1 per cent being shown in the weekly assets, and in total resources. report of condition for June 11, while a further increase of 1J per cent was shown in the weekly [In thousands of dollars.] condition report for the close of business on Increase or June 18. For the week ending June 25 a re- June 27, June 25, decrease of 1919. 1920. 1920 over duction of nine-tenths of 1 per cent occurred. 1919 This movement of the ratio may be indicated Total reserves 2,216,256 2,108,605 -107,651 in the following figures, which represent the Total earning assets 2,354,167 3,183,275 +829,108 Total resources. 5,288,008 6,074,596 +786,588 average of the monthly ratios for the year in question (taking as the basis of average the From this it will be readily seen that the percentages announced each week, whether principal sources of advance during the period four or five in number): in question have been found in the item "Total Average monthly reserve ratios, June 30, 1919, to June 25> earning assets," which shows a growth of about 1920. $829,000,000. Total reserves held, on the 1919. 1920. other hand, indicate a decline of approxi- July 50.4 January 44. 7 August 50.8 February 43.1 mately $108,000,000. Reserves of late* have September 51.1 March 42.8 shown continued tendency to decline, and this October 48.7 April 43.0 November 46. 6 May 42.6 decline has been coincident with an expansion December 46.0 June 43.4 in the total volume of paper under rediscount, As has been explained on former occasions, which, of course, has added to the total volume the movement of the reserve ratio of a banking of earning assets. system does not necessarily in all cases serve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

664 FEDERAL RESERVE BULLETIN. JULY, 1920. as a true index of its strength. The ratio may has been from approximately $2,437,000,000 to move upward as the result of an increase in $2,473,000,000, while the note circulation has actual cash reserve even though the holdings expanded from approximately $2,500,000,000 of paper may be nonliquid or "frozen," or the to approximately $3,117,000,000 (Federal Reratio may decline as a result of the liquidation serve notes only). The growth in deposits is of credit at a time when the portfolio is in a thus seen to be in round numbers $36,000,000, satisfactory state and when the reserve is while the growth in notes may be taken as amply able to care for all probable demands approximately $617,000,000. This enlargebrought to bear by depositors. The move- ment in the circulation of reserve notes, as comment of the ratio of reserves in the Federal pared with the small increase in deposits, after Reserve System during the year 1919-20 has a period of intermediate growth in which the been the outcome of a somewhat complex deposit item reached a figure much higher than group of influences. During the year in ques- that for the close of the year, may be best tion an aggregate (net) of about $316,000,000 in understood by studying the movement of these gold was shipped abroad and was in the main two items at selected dates. withdrawn from banks of the Federal Reserve [000's oTiitte-3.1 System. This total is partly offset, however, by the amount of gold received from the Ger- Federal Deposits Reserve (total gross man Government in payment for food sup- notes. deposits). plies. Of the gold thus received about 111 mil- June 27,1919 $2,499,180 $2,436,757 lions is now held by the Bank of England for the N Ja o n v . . 2 7 3 , , 1 1 9 9 2 1 0 9 . . 2 2 , , 8 S 0 4 6 4 , , 7 2 5 2 9 7 2 2 , , 8 8 0 4 7 0 , , 6 4 8 7 8 6 account of the Federal Reserve Banks. This J M u a n y e 1 2 4 5 , , 1 1 9 9 2 2 0 0 , . 3 3 , , 0 1 8 1 3 6 , , 2 7 3 1 4 8 2 2 , , 6 4 4 7 6 2 , , 8 7 0 0 0 9 net export movement would have tended at least to bring about a lower reserve ratio. Coincident It will be observed that while both notes and with this movement of gold, however, there deposits have passed through periods of flucset in an increasing demand for larger accom- tuation, so that their growth is by no means modation at Federal Reserve Banks,-partly parallel, the general tendency throughout the due to the general economic factors already country has been that of quite steadily enlargreviewed, but partly also to the circumstance ing the circulation of notes. This is partly due that business establishments found it necessary to the fact that the note issue has been required to obtain a larger volume of credit at their banks in current use because of the great rise in because of the fact that prices were ruling prices and the consequent necessity of carryhigher and that accordingly a larger amount ing a larger supply of money in pocket with of credit was necessary to move a given volume which to meet current requirements. It is of goods at any one time. Coupled with all also in part due to the growing necessity for a these factors must be borne in mind the cir- larger amount of actual currency for payment cumstance that a very substantial part of the over the counter at the several banks of the assets of Federal Reserve Banks have been in country in order that current demands of dea measure unliquid, due to the fact that they positors, rendered more intense by the high so largely represented paper collateraled by prices, might be freely met. Notwithstanding Government obligations, and not the result of that the reports of condition of member banks actual self-liquidating business transactions. show only a very moderate amount of vault No analysis of raserves would, however, cash or till money carried by the banks, the Notes and de- be instructive unless compared average being between 4 and 5 per cent of outposits. with changes in the movement standing demand liabilities, it is nevertheless of outstanding Federal Reserve notes and true that the actual total so carried by the deposit liabilities of Federal Reserve Banks. banks has materially increased because of the Comparison between the two dates which are increasing volume of demand deposits which under consideration shows that the movement has amounted to very nearly 10 per cent. The in the deposit item for the year in question progressive substitution of Federal Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 19:20. FEDERAL, RESERVE BULLETIN. 665 notes for gold and silver has also continued tained from banking institutions. The exduring the year. It should also be remem- perience of the year has shown that there is bered, as noted a year ago, that Federal Re- also danger of "inflation" to be seen in the serve notes have come to circulate in increas- growth of loans secured by other stocks and ing volume in Mexico, Central America, and bonds which represent advances made by the West Indian countries, and even in the Orient, banks to borrowers who desire in many cases and the evidence at hand would indicate that to obtain a comparatively long-period accominstead of declining in their popularity in these modation. regions the Federal Reserve notes have con- The question constantly asked within the tinued to retain the field which they had occu- past few months has been the pied during the war. credit* control! °f relationship noted between con- The year 1919-20 has seen a material im- trol of credit, the application provement in the war-paper of higher discount rates, and the actual ex- Discount of war situation in various banking pansion of operations. On this subject the paper. institutions. In the Federal evidence is still conflicting and lacking in cer- Reserve System, for example, the total hold- tainty as to details. The general conclusion ings of paper secured by Government war to be drawn is unmistakably to the effect that obligations have evidently passed their peak the operation of credit control through higher and begun to decline. The Board's statis- discount rates has had a marked success. It tical review for the year ending June 30, 1919, is true that during the earlier period of its apshowed that on June 27 of that year the total plication, in the months of November and volume of paper secured by Government war December, 1919, and January and February, obligations under discount was $1,573,500,000, 1920, an absolute check to the growth of rediswhile at the close of June, 1920 (June 25), the counting at Federal Reserve Banks was not holdings of paper secured by war obligations afforded. This fact, however, should be interwere approximately $295,500,000 less than preted not in the light of absolute figures, but that figure. Member bank reports to the rather in that of relative conditions. There Federal Reserve Board show that taking the was, in fact, during the months in question an returns from institutions in 100 selected cities absolute increase in the total amount of redisthere were on June 20, 1919, loans secured by counted paper held by Federal Reserve Banks, United States bonds and other war obligations1 but the real question at issue is not whether amounting to $1,412,000,000, while the total there was an absolute increase, but whether of United States securities owned was $2,337,- the increase which actually occurred would 000,000. The corresponding figures for June have been larger had it not been for the appli- 18, 1920,1 show a very material decrease in the cation of this method of credit control. On total amount of United States securities owned, that point there would seem to be no doubt. while a corresponding decrease in the total vol- The advance in the total of earning assets from ume of loans secured by Government war obliga- about the beginning of March, a date roughly tions is likewise reported, the respective figures corresponding to the opening of the great being $742,388,000 of paper and $1,587,832,000 growth in industrial and speculative operations of securities owned. Unquestionable progress throughout the country, to the beginning of has been made during the period in reducing November, at the time of the first application the total holdings of war securities, both under of the higher rate policy, amounted to the the form of ownership and under that of collat- difference between $2,348,000,000 on March 7 eraled advances. This progress may be at- and $2,923,000,000 on November 7, or about tributed in no small measure to the increasing $575,000,000 in round numbers. Between rates of discount and interest which have November 7, 1919, the date last cited, and the tended to make it unprofitable for owners of close of June, 1920, the increase of total earn- Government securities to continue carrying ing assets from the point already mentioned them through the medium of advances ob- was approximately $260,000,000, the growth having thus been "slowed down" by over 50 1 Exclusive of rediscounts with Federal Reserve Bank^. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

666 "FEDERAL RESERVE BULLETIN. JULY, 1920. per cent during a period of roughly the same the natural outcome of the large figures attained duration. Recent returns have shown an even by business and industry during that period. more positive effect as the result of credit con-, It has also been due in part, however, to the trol and Government operations, the total earn- fact that there has been a very general search ing assets having declined from $3,244,425,000 for all possible methods of financing the moveon May 28 to $3,183,275,000 on June 25—a ment of goods in export and import trade. decrease of $61,150,000. The success in thus Credit should also be given to the developcontrolling the growth of credit has been the ment of new establishments which have undermore noteworthy because of the difficult con- taken the work of dealing in acceptances and ditions which have prevailed, chief among which have cooperated in the creation of a which has been the very unsatisfactory trans- broader market and a wider demand than had portation situation, which was in part the previously existed. Better marketing condiresult of a lack of equipment on the part of the tions have naturally tended to promote the use railroads and in part the consequence of the of the acceptance method in the transaction of very severe weather of the late winter. These business, while on the other hand country bankfactors working together had the effect of com- ers and other investors have in an increasing pelling the retention of large quantities of goods degree undertaken the practice of purchasing at points of production or transshipment, with and holding bankers7 acceptances as a form of corresponding necessity of extending the length investment for surplus funds. A special service of the bank credit by which they were sus- in connection with the selection and purchase tained, in addition to disorganizing distribu- of satisfactory acceptances on behalf of country tion and market conditions at points of member banks has been taken up by the delivery. Federal Reserve Bank of New York. The There has been a decided advance during the experience of the year has, however, been in past year in the expansion of other ways difficult for the development of the ^ the acceptance market. This acceptance market because of the high rates of has resulted in increasing con- interest which have prevailed and the stringency siderably the holdings of that class of paper of money during the latter part of the period by Federal Reserve Banks. According to fig- which has undoubtedly reduced in no inconures prepared by the Federal Reserve Board, siderable degree the scope of the demand for the total amount of bankers' acceptances acceptances as a form of investment. This growing out of both domestic and foreign trade situation has been more generally applicable operations held by all Federal Reserve Banks to bankers7 acceptances, both domestic and was at the close of June, 1919, about $315,- foreign, than to trade acceptances. Progress 520,000. The corresponding figure for June, has been made in some directions toward 1920, is about $412,000,000, while the total of correcting abuses growing out of faulty techtrade acceptances, including both domestic nique in the use of the acceptance, and the and foreign trade, held by all Federal Reserve movement for the correction of these errors or Banks about the end of June, 1919, was defects of practice has been aided by the work $9,389,000, the corresponding figure for June, of the American Acceptance Council. 1920, being $30,000,000.2 According to a The year 1919-20 has witnessed a very great computation made by the Division of Statistics expansion in the volume of of the Federal Reserve Board, the total of credit! ° ° S & ** bank credit and simultaneously member banks7 acceptance liabilities on March has also been characterized by 4, 1919, was approximately $451,264,000. A considerable growth in prices. Much has been computation completed in June, 1920, shows said of the probable connection between the that for May 4 the total outstanding acceptance two. Without reference to the bearing of the liabilities of all accepting member banks were one upon the other, figures showing the comapproximately $678,172,000. The growth in parative rate of growth of bank credit and acceptances during the year has been in part of prices are of substantial interest. The following table shows for the close of May, 1919, 2 Including acceptances held under discount. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESEEtVE BULLETIN. 667 and the corresponding date in 1920 compara- standing in the United States, France, and tive index number figures, and figures stating Great Britain, which are taken as representathe total amount of deposits and of notes out- tive countries: United States. France. Great Britain. I n b n u d e m r e ; x - T de F R o B p t e e a a o d s l n s e e i k g r r t v r s s a o . l e o s f s b n i a R o F n l n a t e e k e t c s d i s i e o e n r r c a r n o v a u n . t e l - e d s I n b n u e d m r e .* x - D B F o e r a f a p n n o k t c h s o i e e t f . s c N u o la te ti o ci n r- . I n b n u e d m r e .* x - E D B o n e a f g p n l o t k a h s o n i e t t d s . c N u o la te ti o c n ir . - * Thousand Thousand Thousand Thousand Thousand Thousand dollars. dollars. francs. francs. pounds. pounds. End of May, 1919.. 207 2,465,559 2,687,719 325 3,751,173 34,061,243 229 142,617 421,374 End of May, 1920.. 272 2, 541, 630 3,286,206 550 3,638,987 37,914,835 306 117,784 459,780 1 Index numbers are given as percentages of 1913 and apply to the month of May, 1919 and 1920. 2 Including currency notes and certificates outstanding. It will be noted that there are wide varia- gold embargo, which had been applied as a war tions between the rates of advance of prices, measure, took effect on June 9, 1919, and almost these being undoubtedly due in part to the immediately led to some considerable exportadifference in composition of the several index tions of the metal to the Far East and to South numbers. In part, however, the differences in American countries. These movements of gold price figures are the result of variations in appear to have continued somewhat longer than credit and in the development of production. would otherwise have been the case on account The principal element in reserves which has of the belief prevalent in some quarters that the shown fluctuation during the free movement of gold could not be maintained Movement of year has been gold. In the or continued. There was no warrant for such reserves. following table are shown for supposition, as the outcome has shown, and the close of June, 1919, and for a date about a return movements of the metal currently took year later, figures of total gold reserves of place. Early in the year 1920 there came a Federal Reserve Banks, and of legal-tender turn in the trend of our export trade, some notes, silver, etc. It will be noticed that the countries, notably those in the Far East, which changes have been found in the first item, gold had previously enjoyed a favorable balance holdings having been reported at about the of trade with the United States and had been close of June, 1919, as in round numbers in consequence able to draw upon us for gold, $2,150,000,000, while at the close of June, 1920, suffering a reaction and finding their trade the gold holdings were reported as $1,970,- balance unfavorable instead of favorable, so 000,000. This loss of approximately $180,000,- that they were no longer able to increase their 000 has been offset in a measure by the increase imports of gold from the United States. of legal-tender notes, silver, etc., which Changes of internal trade conditions in such amounted to only about $69,000,000 a year ago countries as Japan and India also tended to but stands to-day at about $140,000,000. accentuate this situation. A third important factor has influenced our gold position. As is Movement of reserves. well known, the approach of the date for [In thousands of dollars.] settling the so-called Anglo-French 5 per cent bonds, amounting to some $500,000,000, June 27, June 25, Increase or 1919. 1920. decrease. brought about during the late spring of 1920 an inward movement of gold into the United Total sjold reserves 2,147,784 1,969,375 -178,409 States, aggregating in all about $75,000,000. Legal-tender notes,silver,etc 68,472 139,230 + 70,758 This had been accompanied by shipments The factors influencing the fluctuation of the of gold amounting to perhaps two-thirds gold holdings of Federal Reserve Banks are in as much to South American countries for part tolerably obvious. The removal of the British account, but it is probable that in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

668 FEDERAL RESERVE BULLETIN. JULY, 1920. absence of the approach of the date of maturity $316,053,000. But as pointed out on page of the Anglo-French bonds no offsetting move- 664, gold imports are exclusive of amounts ment into the United States would have oc- of gold received for food supplies furnished to curred. As it was, the gold which moved to the German Government. Of the total amount this country was largely the product of the received ($173,385,000) about $111,531,000, South African mines which, instead of ending shown under caption "Held with foreign agenits journey in London, continued it to New cies/' is at present held by the Bank of England York. One considerable consignment was, and constitutes part of the gold reserves of the however, imported via the Pacific coast from Federal Reserve Banks. In order, therefore, Hongkong and was presumed to represent to harmonize the loss in gold reserves with the Russian specie which had left that country net exports shown, the amount of gold held during the war. The movement of silver has abroad for account of the Federal Reserve been subject to conditions very similar to those Banks has been segregated in the above exaffecting gold, save that silver which had hibit. When comparison is made between shown an unprecedented popularity and price the loss in the Federal Reserve Banks' gold during the war because of the more severe reserves held in the United States and the net restrictions which surrounded the movement of gold exports during the corresponding period, gold, has naturally been less in demand since it is found that the loss in gold reserves is the arrival of a time when the use of gold about 26 millions less than the loss through was more freely thrown open to the general net exports. trading public. One outcome of this situation The feature of domestic trade during the year has been the decline in silver from a maximum 1919-20 which is generally conprice of about $1.38 J to a figure which, at its low sidered «* beinS of most im~ portance in its bearing upon point, was about 57 cents below that level. The price of domestic silver has been in a meas- the underlying credit situation is the degree of ure restored through the operation of the Pitt- progress made in connection with the producman Act as interpreted by the rulings of the tion of goods. While it is not possible to af- United States Mint, but the restoration of the ford data on this subject up to the close of older relationship between gold and silver is June, the following table, which has been prenevertheless progressing. pared on the basis of the Board's own production indexes, shows the situation at the close In the following table are briefly shown the of the month of May as compared with condinet exports of gold from and to the United tions existing a year ago. It indicates that States in trade with other countries, and in although production has by no means attained a parallel column the item " Total gold rean ideal standard of development, it is nevertheserves" in Federal Reserve Banks for the less showing a satisfactory ability to increase. beginning and end of the year now under study: [In thousands of dollars.] April, 1920. May, 1920. May, 1919. Gold reserves. Total. R ti e v l e a . - Total. R ti e v l e a . - Total. R ti e v l e a . - Net exports of in H U e n ld ited H f e o ld re i w gn ith Total. g p o r l e d y c e e d a d u r i r . n i g ng Re a c t e 1 i 5 p t w s e o s f t l e i r v n e m sto ar c - k States. agencies. kets(in thousands of head) 4,151 78.8 5,160 98.0 5,267 100 Receipts of grain at June, 1919 2.147,784 2,147,784 54,212 17 interior centers June. 1920 1)857,844 iii,53i 1,969,375 316,053 (in thousands of bushels) 48,698 75.1 64,400 99.13 64,850 100 Sight receipts of cotton (in thousands As against a loss in the Federal Reserve of bales) 560 104.5 317 59.2 536 100 Shipment of lumber Banks' total gold reserves of $178,409,000 the reported by 3 associations (in milexcess of gold exports over gold imports for Bi l t i u o m ns i n o o f u f s e e c t) oal pro- 767 78.5 863 88.4 977 100 duction (in thouthe corresponding fiscal year is shown as sands of short tons) 37,966 101.1 39,059 104.0 37,547 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 669 Other criteria indicating the growth of pro- April, 1920. May, 1920. May, 1919. duction are furnished by ton-mileage returns. The latest available figures on this subject are Total. Rela- Total. Rela- Total. Relative. tive. tive. those issued by the Interstate Commerce Commission, which show that the traffic for A nthracite coal shipments over 9 roads March was 29.2 per cent above that of a year (in thousands of Ion? tons) 5,712 100 ago, while the traffic for the first three months Crude petroleum production (in of the current year was 24.7 above that of a thousands of barrels) 36,201 120.7 36,859 122.9 29,985 100 year ago. As to current traffic, the Railway Pig iron production (in thousands of Age of June 11 states that "in the nine weeks long tons) 2,740 130.0 2,989 141.8 2,108 100 Steel ingot produc- ended May 22, 1919, in spite of the strike the tion (in thousands of long tons) 2,638 136.8 2,883 149.5 1,929 100 number of carloads handled was about 13 per Cotton consumption (in thousands of cent over the previous year: and that, in genbales) 568 116.4 541 110.9 488 100 Wool consumption eral, the railroads this year have been doing a (in thousands of pounds) 57,888 128.4 50,649 112.3 45,085 100 record-breaking business." These figures tally with the monthly figures for production for Another test of considerable value and imthe current year, as already stated, and seem portance of which use has been widely made to indicate that the volume of traffic and of in recent discussions is that of the ability to production has been rapidly recovering. The export. This test is of comparatively little English records as to traffic have been intersignificance in the case of the United States rupted during the war, and according to the because of the fact that our export ability is London Economist of June 5 have only reunquestioned and because we have suffered cently been resumed, no later figures than rather from an excess of exports than from those for the month of February being availlack of goods to ship abroad. Exporting able, so that comparisons with previous years power is, however, of very substantial sigare absent. Unofficial statements of a comnificance from the point of view of the Europarative nature show the development of a pean countries. In the following table is very heavy volume of tonnage on British railexhibited the change in the export power of ways, with considerable recovery on the Con- France, Italy, Great Britain, and the United tinent, considering the disorganized condition States for the month of May, 1919, as of the transportation system. compared with the month of May, 1920, these periods being taken as representative The year 1919-20 has been productive of months for comparison. In each case figures very unusual increases in the are stated in the currency of the country to vestment.*" "*" v°hime of new securities issued. w^hich they refer, and are, of course, subject Total issues for the year 1919 to modification, depending upon the variations were estimated at $3,021,171,000, while those which must be introduced as a result of changes for the first half of 1920 will probably aggrein the purchasing power of the currency units gate about SI,800,178,000. A falling off in in terms of which the exports are stated. the rate of issue of new securities during Value of exports. the most recent months is due to the more stringent conditions in the credit market U St n a i t t e e s d . B G rit r a e i a n t .* France.2 and the high rates for money. New financing during the month of May totaled $245,- Thou- 000,000 in the New York district, a decline Thou- sands of Thousands of pounds sands of of about 50 per cent from the record of dollars. sterling. francs. April, although considerably above the output 1919, May.. 604,000 75,840 510,000 1920. May.. 739,000 139,580 1,209,000 for May in former years. The conditions Increase... 135,000 63,740 699,000 referred to above have prevented many offer- 1 Exports and reexports. ings which would otherwise have been placed 2 Based on 1918 values, exclusive of gold and silver. In the case of Italy, monthly figures are not available, but the value of upon the market from coming forward, while exports for the first* four months of 1920 is 1,085 million lire greater than the value of the exports of the first four months of 1919, the value in the the inability of the market to absorb securities former case being 2,182 million lire, in the latter 1,097 million lire. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

670 FEDERAL RESERVE BULLETIN. JULY, V.V2U with its earlier rapidity has tended to prevent Foreign exchange rates (Neiv York Times). distribution and has kept considerable volumes of securities in the hands of their pro- Ju 1 n 9 e 1 9 3 . 0, Ju 1 n 9 e 2 0 3 . Or moters. This change in the investment situation has been of fundamental importance in London 4.591- 3.94| Paris 6.44 12.19 its relation to the banking outlook. As Switzerland . 5.42 5.51 Holland 38.6875 353.75 investment rates have advanced there has been Italy 7.96 16.87 Spain 19.76 16.63 a natural tendency to rely so far as practicable Copenhagen . 23.45 16.32 Stockholm .. 25. 45 21.90 upon the banks and the commercial paper Christiania .. 24.75 16.32 houses in the effort to carry the current financing of concerns which might otherwise Although arriving later than the extensive have issued more securities. Due to the lack modification of values of European currencies, of purchasing power, conditions during the the revision of rates on oriental countries is of early part of 1920 were unfavorable to prices, necessarily less importance. This revision did and as a result a record low level of values for not develop in a marked way until the spring old issues was established. During the latter of 1920 was well advanced, at which time a part of the half year, and especially during the reduction in the value of silver had been month of June, improvement was noted, an brought about as a result of changed trade average of 40 corporate issues advancing about conditions in the Orient and consequently two points and reaching the highest level for smaller demand for the metal. These changed some two months past. Prices, nevertheless, factors in demand cut th^ New York price of have continued irregular. During the year silver, which had gone as high as $1.38i an just closed one of the leading phenomena of ounce, to about 81J cents. The later applicathe securities market has been the revaluation tion for purchases under the provisions of the of Liberty bonds, changes in prices indicating Pittman Act brought the price of domestic a loss on the average of about eight or nine American silver up to about $1 an ounce, but points from the level of June, 1919. This the quotation in the London market has concondition of affairs has been due to well- tinued substantially unaffected by American known causes connected with the relaxation of purchases. Oriental exchanges have, howinterest rate control, the recognition of the ever, reflected the altered conditions which commercial worth of money by the Govern- had given rise to these modifications. The ment as a consequence of the termination of following table shows comparative quotations the war, and the increasing pressure of demand for some of the principal oriental exchanges for available funds. for June, 1920, as compared with a year earlier. In no field of banking and financial development has the year 1919-20 been Week's range. eX~ more productive of alteration June 30, June 30, than in the field of foreign ex- 1919. 1920. change. This subject has been thoroughly High. High. covered in former issues, so that it is only necessary to note that the outstanding feature Hongkong 83.00 75.50 of the year's developments has been the drop Peking 133.50 112.50 Shanghai 123.50 105.50 in the values of practically all European Bombav.. 40.00 39.50 Calcutta -- . . 40.00 39.50 currencies to a level corresponding to their actual commercial value, as determined free of For the month of June foreign exchange has Government interference and without any sort been unwontedly stable and free of disturbing of " pegging." The following brief tabulation factors, European exchanges on the whole gives comparative figures for some of the advancing, while oriental exchanges have principal currencies for June, 1920, as com- varied considerably in their quotation. The pared with the corresponding date a year following table continues the figures furnished earlier: in former issues for representative rates: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 671 Foreign exchange rates. mainder coming principally from the South American and Central American States, France, Week ending- Mexico, and Canada: Of the gold exports, amounting to $6,757,000, $3,000,000 was con- May 29. June 5. signed to the Dutch East Indies, $1,600,000 to High. Low. High. Low. Mexico, and $1,500,000 to Japan, the remainder going principally to Canada and Hongkong. England 3. 92}- 3.84 3.96 Since the removal of the gold embargo on June France 12.26 13.58 12.70 13.17" ItaJy 16.53 18.58 16.75 16.73 9, 1919, total gold exports have amounted to ap- Spain 16.63 16.60 16.35 16.20 Argentina 42. 55 42.50 42.40 42.35 proximately $546,000,000. Of this total, about China (Hongkong) 85.00 81. 75 83.50 81.50 China (Shanghai) 119.00 113. 50123.00 123.00 $146,555,000 was consigned to Argentina, Japan (Yokohama) 51. 50 50.75 51.25 50.75 S G w er i m tze a r n l y and 3 5 . . 0 6 1 0 5 2 . . 6 4 5 8 2 5. .6 4 3 7 5 2 . . 5 2 6 5 $102,876,000 to Japan, $62,988,000 to Hong- S H w ol e l d a e n n d (Stockholm) 3 2 6 1 . .5 5 0 0 3 2 6 0 . . 3 9 7 0 5 3 2 6 1 . .5 68 5 75 3 2 6 1 . . 4 4 3 5 75 kong, $55,396,000 to China, $39,042,000 to Belgium 12.15 13.17 12.22 12.48 British India, and $29,778,000 to Spain, the remainder going principally to Uruguay, Mex- Week endingico, the Dutch East Indies, the Straits Settlements, and Venezuela. June 12. June 19. June 26. During the same monthly period the net in- High Low. High. Low. High. Low. ward movement of silver was $1,409,000, as compared with a net outward movement of England 3.94J 3.883 3.98| 3.93i 3.99; 3.951 France 12.97 13.20 12. 54 13.26 11.62 12.51 $373,000 for the month ending May 10. Net Italy 17.00 18.68 16.60 18.00 1-5.10 16.54 Spain 16.50 16.35 16.63 16.53 16.75 16.64 exports of silver since August 1, 1914, were Argentina 42.45 42.37 42.20 42.10 42.10 41.50 China (Hongkong).. 80.00 74.25 75.75 70.00 75.75 72.75 $455,599,000, as may be seen from the following China (Shanghai) 110.00 96.25 100.00 91.00 105.00 99.00 Japan (Yokohama).. 51.25 51.00 51.25 51.25 51.25 51.25 exhibit: Germany 2.62 2.48 2.60 2.44 2.74 2.65 Switzerland 5.52 5.55 5.51 5.25 5.49 5.51 [In thousands of dollars.] Sweden (Stockholm) 21.70 21. 50 21.80 21.55 21.93 21.80 Holland 36.37 36.00 36.125 35. 875 35.937 35.625 Belgium 12.42 12.65 12.10 12. 50 11.46 12.00 Excess of Imports. Exports. exports over imports. During the month ending June 10 the net inward movement of gold was Aug. 1 to Dec. 31, 1914 12,129 22,182 10,053 Jan. 1 to Dec. 31, 1915 34,484 53,599 19,115 $19,785,000, as compared with Jan. 1 to Dec. 31, 1916 32,263 70,595 38,332 Jan. 1 to Dec. 31, 1917 53,340 84,131 30,791 a net outward movement of Jan. 1 to Dec. 31, 1918 71,376 252,846 181,470 Jan. 1 to Dee. 31. 1919 89,410 239,021 149,611 $30,657,000 for the month ending May 10. Jan. 1 to June 10, 1920 52,079 78,306 26,227 Net imports of gold since August 1, 1914, were Total 345,081 800,680 455,599 $697,067,000, as may be seen from the following Mexico furnished over three-fifths, or exhibit: $4,663,000, of the $7,343,000 of silver imported [In thousands of dollars.' during the monthly period ending June 10, most of the remainder coming from Peru, Can- Excess oi Imports. Exports. o im ve p r o e r x ts - ada, England, and the Dutch East Indies. Of ports. the silver exports, amounting to $5,934,000, over one-half, or $3,036,000, was consigned to Aug. 1 to Dec. 31, 1914 23,253 104,972 181,719 Jan. 1 to Dec. 31, 1915 451,955 31,426 420,529 China and $1,352,000 to Hongkong, the re- Jan. 1 to Dec. 31, 1916 685,745 155,793 529,952 Jan. 1 to Dec. 31, 1917 553,713 372,171 181,542 mainder going principally to England, Mexico, Jan. 1 to Dec. 31, 1918 61,950 40,848 21,102 Jan. 1 to Dec. 31, 1919 76,534 368,185 i 291,651 and Canada. Jan. 1 to June 10, 1920 109,603 192,291 182,688 Treasury operations, including the issue on To/al 1,962,753 1,265, 686 697,067 May 17 of over 100 millions of 1 Excess of exports over imports. The banking ^ certifi ates and the whole situation. . Of the $26,542,000 of gold imported during series oi transactions connected the monthly period ending June 10, about 90 per with the collection of the June 15 installment of cent, or $23,616,000, was shipped from Hong- income and excess-profits taxes, are the prinkong for British Government account, the re- cipal factors responsible for the changes in con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

872 FEDERAL RESERVE BULLETIN. JULY, 1920. dition of 814 reporting member banks between check upon further credit expansion rather May 14 and June 18. The effect of these opera- than in any decrease of discounts held by or tions is seen primarily in a decrease of the of rediscount liabilities of the four Federal banks' United States security holdings from Reserve Banks concerned. Government de- 1,675 to 1,588 million dollars, also in a reduc- posits varied between a maximum of 56.4 tion of loans supported by such securities from millions on June 18 and a minimum of 14.2 a 1,089 to 1,026 millions. As against these re- week later. Variations in net deposits reflect ductions, the banks report increases of about 9 in a large measure the fluctuations in discounts. millions in loans secured by corporate securi- Changes shown for the last two Fridays of the ties and of about 78 millions in other loans and period are traceable in part to the large volume investments, including commercial loans and of checks and drafts received by the Governdiscounts proper. As a consequence total loans ment in payment of taxes and credited to its and investments of the reporting banks on deposit account by the Federal Reserve Banks June 18 were about 63 millions less than five before actual collection. Federal Reserve note weeks before. Total loans and investments of circulation increased 31.5 millions and Federal member banks in New York City, because of the Reserve Bank note circulation 8.2 millions. much smaller reduction in certificate holdings The banks' gold reserves, following gold imand the relatively larger increase in ordinary ports from the Orient and Canada, show a commercial loans and loans secured by corpo- gain of nearly 30 millions. rate securities, show an increase of 32 millions. The banks' reserve ratio reached the low Accommodation of reporting member banks level of 42.5 per cent oh June 4. On June 18, as shown on the books of the Federal Reserve in consequence of the large loan reductions Banks decreased during the five weeks from effected by the member banks, the ratio shows 2,127 to 1,833 millions, or from 12.5 to 10.8 per a rise to 44.5 per cent. At the close of the cent of their total loans and investments. For period, i. e., on June 25, the reserve ratio stood the New York City banks this ratio shows a at 43.6 per cent, as compared writh 42.7 per decline from 12 to 9.7 per cent. cent five weeks earlier. Principal changes in the condition of the In the interest of conservation of paper, the Federal Reserve Banks between May 21 and Board has decided to print the Two editions of June 25 include a reduction of 168.8 millions in FEDERAL RESERVE BULLETIN Bulletin. loans secured by United States war securities in two editions (a complete as against an increase of over 100 millions in edition and an abbreviated edition), beginning other discounts. Holdings of acceptances de- with the July number. The abbreviated ediclined about 18.2 millions, while the Federal tion (24 pages) contains the review of the Reserve Banks' holdings of Treasury certifi- month, official announcements, the national cates show an increase of 48.6 millions, this in- review of business conditions, and other matter crease representing largely the amount of of a general character, and is distributed withspecial certificates taken by the Federal Reserve out charge to the member banks of the Federal Banks to cover temporary advances to the Reserve System. The complete edition (116 Government. pages) contains the review of the month, de- Interbank discounting shows a steady reduc- tailed analyses of business conditions, special tion from 146.1 millions on May 21 to 96.1 articles, review of domestic and foreign bankmillions on June 18 and an increase to 125 ing, complete statistics showing condition of millions at the close of the subsequent week. Federal Reserve Banks and member banks, No change is shown either in the list of dis- etc., and is distributed at a charge of $4 per counting banks or in the list of banks which annum to cover the cost of paper and printing. report liabilities on bills rediscounted. Gradu- It is estimated that a saving of practically oneated discount rates are at present applied by half in the amount of paper used will be effected the Kansas City, Atlanta, St. Louis, and Dallas in thus distributing the two editions instead of banks. The effect of these rates is seen in a one large edition as heretofore. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1020. FEDERAL RESERVE BULLETIN. 673 BUSINESS, INDUSTRY, AND FINANCE, JUNE, 1920. Considerable variation in business condi- the foreign demand for American products. tions, taking the country as a whole, is reported Immigration is increasing, prices have fallen by Federal Reserve agents. In agricultural in some lines quite decidedly, and retail trade production there is a perceptible improvement has been stimulated by recent reductions. m prospects, due to seasonable weather, good Building continues inadequate. distribution of moisture, and the replanting In district No. 3 (Philadelphia) "the indusof crops. In manufacturing conditions are in trial situation is marked by the same adverse some districts reported as chaotic, ranging from tendencies which were factors last month. extreme optimism to equally extreme pessi- Decreases in the amount of orders received mism. The railroad situation has been some- for iron and steel are held to be due to the what improved, but as yet not sufficiently to greater concentration of attention on orders warrant a belief that the effects of the break- which have already been placed. A very down have been overcome. There is still great slight improvement in transportation condicongestion of goods. In retail trade there is tions had been reported during the first few evidence of a decreased volume of demand in weeks in June, but this improvement was not many parts of the country, although some ol great enough to be of any real assistance to this decline is seasonal. Quite generally there manufacturers. The past few months have is a tendency to settle down to a readjusted been marked by slowing up of collections in basis and to proceed with business upon the many of the more important lines of business." new level of prices and demand. Control of In district No. 4 (Cleveland) "conditions are credit and discrimination between nonessential somewhat chaotic in the manufacturing field. and speculative borrowing is producing some Complaint of car shortage is general. Makers results, although these are reported as devel- of goods who depend for raw materials upon oping themselves slowly and gradually. The the metal trades report that steel was never present price situation is unsettled and is being so difficult to obtain as now. Throughout closely watched. While some price-reporting almost the entire manufacturing field is found agencies show a reduction, others, including a marked increase in the productiveness of among them the Bureau of Labor Statistics, labor." Cancellations of orders are frequent show increases in prices, due perhaps to the in various lines, particularly those connected different character of the commodities used in with building. making up index numbers and the methods of In district No. 5 (Richmond) "the breakconstruction rather than in discrepancy in down of the traffic system and the wave of prices themselves. Foodstuffs and essential price cutting in retail stores were the outcommodities, except clothing and shoes, show standing features. The inability of the raillittle indication of reduction; luxuries and " un- roads to furnish cars and the further freezing essentials" have been in many lines distinctly of credits have been the chief elements in cut. Business is passing through a period of keeping prices high. The widespread protest readjustment and, in many directions, of de- against high prices has had an unsettling effect pression. There is, however, every indication in all lines of trade." that this transition period will not last long— In district No. 6 (Atlanta) there is a tenindeed, that the turn toward new conditions dency on the part of the public to refuse to has already been taken. pay exorbitant prices, and "while the volume In district No. 1 (Boston) the outstanding of retail trade is large, there has been quite a features of the situation have been more spec- subsiding of the rush caused by the announcetacular during May than at any time since the ment of price reductions. There is on the armistice, for the forces which have been oper- whole no uneasiness concerning the future of ating to produce liquidation of commodities business and industry. It is becoming more have culminated in an unmistakable manner. and more apparent, however, that the process Cancellation of orders has been an important of deflation has begun." factor, while price reductions, although not In district No. 7 (Chicago) discrimination believed permanent, have been important. against unessential and speculative borrowing, In district No. 2 (New York) speculation has and reduction in the volume of commodities been depressed, although the bond market has offered for shipment, are operating to relieve been more firmly supported than for some the credit strain. Savings accounts are growmonths past. Exporters report a softening in ing. Much money is still tied up in inven- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

674 FEDERAL RESERVE BULLETIN. 1920. tories, but there is some indication of decided City) is likewise reported very much better. improvement in conditions. Winter wheat made remarkable improvement In district No. 8 (St. Louis) " business has in May, and there is promise of a much larger not slackened its recent pace of tremendous yield than was predicted at the beginning of activity. Agricultural prospects have bet- the month. In Kansas the wheat crop may tered in an astonishing degree. Retail busi- be the third best in the history of the State. ness has been stimulated. Deliveries and Spring wheat is also reported as very fine, with shipments have been more efficient although a yield about normal, in spite of reduced still vastly under normal. Apprehensions felt acreage. Corn is showing encouraging progin financial circles a few weeks back have ress, with increased acreage, and small grains largely disappeared." are in good condition and with acreage about In district No. 9 (Minneapolis) crop progress normal. The Pacific coast crops show excelduring the month has been excellent. The lent promise, production of oats being exfeeling among business men generally "is of a pected to run higher than in 1919. There has steadier and more hopeful nature than 30 days been a falling off in barley in California, but the ago. The decline in prices has been sustained fruit crop is expected to equal, or perhaps exin such lines as shoes, silks, and ready-to-wear ceed, in most cases the yield "of 1919. There goods. Traffic conditions, however, show very has been a drop in prunes, cherries, and apples. little improvement. Car shortage has become Range conditions are excellent. The worst a serious menace." situation is seen in cotton. From district No. In district No. 10 (Kansas City) "the tide of 6 (Atlanta) it appears that the poor conditions depression existing for a short time recently already reported by the Government have been seems to have abated to an appreciable extent.'7 but little improved, and that not onlj will the However, transportation facilities "are la- acreage be small but the yield per acre in many mentably inadequate" and as a result "there sections will be low. There was, however, imis an added strain to the already greatly ex- provement during the first two weeks in June. panded credits, a slackening of industrial ef- In district No. 11 (Dallas) heavy rains have fort, and a prolongation of inflated prices of interfered with the planting of cotton in some foods and commodities." The industrial situ- sections, and the acreage will be smaller than ation, however, "is somewhat easier than it expected. This is partly offset by favorable has been for several months." Shortage of conditions in New Mexico and Arizona and by cars is, however, "still a disturbing factor." replanting in southern Oklahoma. In the In district No. 11 (Dallas) changes in agri- Middle West (district No. 7) agricultural concultural and commercial conditions "have not ditions are generally considered favorable, and been very noticeable. Agricultural prospects while corn planting was late the plant was have slightly improved. In mercantile lines growing rapidly and soil conditions are prothere is continued evidence of a decreased pitious. Large stocks of all agricultural prodvolume, both retail and wholesale." In whole- ucts are still being carried on farms, and some sale trade, moreover, "cancellations are quite authorities in various parts of the country adnumerous and buying is upon a very conserva- vise the storing of grain as the new crop is tive basis." Effort to obtain greater produc- produced. tion has had a fair measure of success. May witnessed the termination of Govern- In district No. 12 (San Francisco) the con- ment control of wheat, ending the minimum dition of crops is practically unchanged, but price guarantee, without causing even a slight range conditions are improved. Shortage of flurry at market centers. Speculative trading, cars is still causing congestion. Retail busi- however, is held in abeyance until the exness has, however, increased and the labor changes have worked out plans for the regulasituation has improved somewhat. tion of futures. The problem of obtaining Possibly the most encouraging factor re- sufficient cars to handle the unmarketed porported during the month has been the advance tion of the 1919 crop in general has been a in condition of seasonal crops. From district matter of considerable concern. In the Kansas No. 9 (Minneapolis) it is reported that rains City district "it is regarded as certain that have been widespread, and the dry sections probably 25 per cent of the last year's crop will in Montana and western North Dakota have still be in the hands of farmers when the new received adequate moisture, while the wheat 1920 crop begins to flow to the markets." May crop, although with a somewhat reduced wheat receipts in this district, while handiacreage, shows an excellent stand. The flax capped by car shortage, were considerably in outlook is promising, corn shows a large acre- excess of the low April figures, although corn age, there is a satisfactory grass and forage and oats receipts were small. High April outlook, and the cutting of alfalfa will be heavy. wheat prices in Kansas City, due to demand for The wheat situation in district No. 10 (Kansas good milling wheat, have been sustained, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 675 while oats prices were likewise high. Flour reported that a "surprisingly good showing" prices at Kansas City advanced during the is being made, all things considered. Pig-iron month of May in sympathy with the rise in output for May was a little under 3,000,000 wheat. Receipts of wheat at Minneapolis and tons, or a gain of about 240,000 tons over Duluth for the crop year beginning September April. Operations, however, are being carried 1, 1919, indicate, when compared with the on with a narrow margin of safety because of estimates of the United States Department of the short car supply and the uncertain receipts Agriculture of the total crop for 1919, that 83.2 of raw materials, including both ore and coal. per cent of the crop had been moved by that The railroads are still unable to meet the date, as compared with 66.5 per cent for the demands upon them, and the unfavorable coal 1918 crop and 45 per cent for the 1917 crop. prospects affecting the late summer and The live-stock situation is among the most autumn cause anxiety with respe'ct to the promising departments of agricultural effort future. The most serious aspect of the situain the country. In district No. 10 (Kansas tion as bearing upon sustained operation is the City) pasture conditions are excellent, al- large amount of rolled steel which continues to though the movement of stock to grazing be carried in the yards because of inability to lands is slow. However, live stock in all ship. In the Pittsburgh district alone this is States is generally healthy and improving estimated at 500,000 tons. From district No. in condition. Receipts of cattle at 15 princi- 3 (Philadelphia) it is reported that the demand pal markets during May were 1,209,656 head, for iron and steel remains quiet, pending the as. compared with 1,040,903 head during April, return of better transportation conditions, and and 1,262,065 during May, 1919, the respec- while production of pig iron showed a small tive index numbers being 120, 103 and 125. improvement during May, the change was not Receipts of hogs amounted to 3,128,249 head material. Iron products have a steady and during May, corresponding to an index num- satisfactory market and consumers have not ber of 142, as compared with 2,150,281 head accumulated any considerable surplus. Costs during ilpril, and 3,049,223 head during May, are so high that there is no prospect of lower 1919, the respective index numbers being 98 prices and the improvement of transportation and 139. Receipts of sheep for May were will result in an immediate development of 796,160 head, as compared with 928,191 head business. Producers hesitate to accept new during April and 934,613 head during May, orders far in the future because of high produc- 1919, the respective index numbers being 58, tion costs. In the Cleveland district, too, it is 68 and 68. During the first two weeks of reported that new business is on a reduced June strong increases in live-stock prices in basis, partly due to uncertainty of deliveries face of diminished receipts were recorded. and inability to direct future costs. The rail- From district No. 11 (Dallas) it is reported roads have not been buying equipment to the that range conditions are good and that the extent that was hoped. In the Birmingham condition of live stock throughout the entire district it is reported that a steady demand district is "from good to excellent/7 while throughout the remainder of the year for iron live-stock prices have continued to sag toward and steel is anticipated. While pig-iron manulower levels, and at Fort Worth and other facturers have fared better as to cars than coal markets fairly large consignments have been producers, steel mills are active and a slight received, a considerable portion of the offer- lull in buying has not checked confidence. ings consisting of choice, heavy animals in The general rate of $42 per ton for pig iron has excellent condition. The number of cattle been maintained. Throughout the country yarded at Fort Worth in May compares fabricating plants are as active as the supply of favorably with the corresponding receipts for coal will permit. The unfilled orders of the the past eight years, except in 1917. In va- United States Steel Corporation at the close of rious districts, however, cattle interests have May were 10,940,466 tons, corresponding to felt restriction of credit due to a lack of de- an index number of 208, as compared with mand for cattle paper, and this has rendered 10,359,747 tons at the close of April, correthe problem of rehabilitating the yards in the sponding to an index number of 197. Steel breeding sections a serious one. From dis- ingot production shows an increase from 2,638,trict No. 7 (Chicago) it is reported that the 305 tons during April to 2,883,164 tons during high cost of money has tended to limit accom- May, the respective index numbers being 109 modations to the live-stock industry. and 119. Railroad congestion and similar difficulties Continued congestion in coal is closely have continued to make it difficult for iron and allied to the decrease produced by the unsatissteel manufacturers to keep up their produc- factory railroad situation in the steel industry. tion, but energetic effort has already had its In Alabama (district No. 6) coal production effect. From district No. 4 (Cleveland) it is has been lagging for some time and there is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

676 FEDERAL RESERVE BULLETIN. JULY, 1920. coal shortage at many points, with a tendency nated the profits of many silver operators, on the part of production to fall off. In while in lead and zinc shipments showed a de- Pennsylvania (district No. 3) work at the cided reaction for May as compared with April. mines is slack, owing to the poor car supply. Zinc and calamine prices were nearly stationary. On one of the leading railroads conditions Lead shipments declined from the preceding have been deplorable, the car supply being month, the average for each week in May in the sometimes as low as 10 per cent and often not Missouri-Kansas-Oklahoma district being 1,959 over 30 per cent. The Great Lakes district is tons, as compared with 2,524 tons during April. in serious danger through the shortage of bi- The price level showed a material cut, falling tuminous coal. The labor situation is unsat- from $110 to $100. The weather conditions isfactory, many foreign workers leaving for were bad during May, while harvest demands their native lands. Demand for coal is far in have drawn off labor. Considerable unsold ore excess of the supply, and, should present con- is on hand in various lines of production. ditions continue, manufacturing will be seri- In the field of general manufacturing condiously interfered with. Domestic coal prices tions have varied very greatly as a result of are rising slightly. Collections in the coal transportation troubles, credit control, and other business are good, but dealers are suffering factors. In the Philadelphia region (district from the lack of adequate capital. In the No. 3) there has been marked depression in shoes Lake region (district No. 4) shipments of ore and leather. Tanning is inactive, and should and coal show a loss as compared with last. the price of raw hides continue as low as to-day season and a shortage at both ends of the Lake next year's shoes will show a material decrease route is expected at the close of the shipping in price. season. Vessels in the ore trade, owing to the From district No. 1 (Boston) it is reported light movement of grain and coal, show a de- that not within the memory of the oldest dealer crease in business. Coal shipments up to June in leather has the Boston market been so stag- 1 were 3,200,000 tons less than for the same nant as during the last two months. A vast period last season, although there has been a amount of shoes has been returned by retailers, slight increase since that date. All Lake coal jobbers, and wholesalers to the manufacturers. is now being pooled on practically the 1918 Orders have been canceled to an unprecedented basis. Iron, steel, and other plants will be extent. Many tanneries have closed down enseriously held up and obliged to slow down tirely and their prices are off from former high their production unless a very distinct im- levels. Fall shoes, however, will be at relatively provement in transportation speedily occurs. high levels of price. Public sales have been con- Production of bituminous coal for the country ducted by manufacturers in order to eliminate at large during May amounted to 39,057,000 surplus stocks. In district No. 5 (Richmond) tons, as compared with 37,966,000 tons during boot and shoe manufacturers are facing a period April and 37,547,000 tons during May, 1919, of small business, retailers are buying slowly, the respective index numbers being 105, 102, the demand is less than the manufacturers7 and'101. There has been no increase in labor capacity, and some trade journals see a period difficulties in the coal industry, the difficulty of unemployment. Cancellations are numerof the situation being found in other directions. ous. District No. 8 (St. Louis) reports that As for petroleum, reports from district No. old business on hand is in large volume and 10 (Kansas City) show a large gain in field while there have been cancellations and hesitaoperations, while Kansas wells gained 2,051 tion in new business there is still plenty of barrels daily in new production in May. For trade. Some price reductions have been made. the district as a whole daily production was The paint and varnish industry is prosperous 102,000 barrels, as against 67,000 barrels in and the demand very great, with transporta- April and 56,000 barrels in May, 1919. No tion the chief obstacle. material changes in the price of crude oil were In other manufacturing lines there is conreported. In the eleventh district (Dallas) siderable variation. Men's clothing is perhaps the number of oil wells being drilled at the more depressed than any other industry. close of May was 2,958, compared with 3,063 Buyers are holding off in anticipation of lower at the end of April. Crude-oil prices ranged prices. From district No. 3 (Philadelphia) it from $3.14 to $3.50. Drilling reports showed is reported that higher prices are expected, as a substantial improvement for the month of production costs do not warrant reductions. May. The output for May was 11,714,000 Operating conditions are fairly satisfactory and barrels, or an increase of about 690,000 barrels the demand of labor for higher wages and over April. shorter hours has abated. In district No. 4 Metal mining conditions were not quite as (Cleveland) the clothing trade and the cloak favorable during May as they were a little trade have canceled their orders very heavily earlier. The fall in the price of silver has elimi- during the past two months and many have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 677 closed their factories for a week at a time, auction of Government wool, held June 10, while most are now operating on a three-day when 7,000,000 pounds were offered, only about week basis. In drugs and chemicals much 6 per cent was sold at upset prices, which pracimprovement is reported from the Middle West. tically amounted to the same prices as at the In a general way, orders for future delivery on previous month's sale. The dealers, being well manufacturers' books are large and sufficient in stocked with medium and lower grades, have most cases to insure capacity operation for not been in the market for several months past. several months to come, but new business is At the last sale of British wools, held in Boston coming in more slowly and there is a very the latter part of May, there were practically general disposition to cancel orders. no bidders and what was sold is said to have The situation in the cotton textile field con- been bought at from 15 to 30 per cent less than tinues uncertain. The market for cotton yarns previous sales, a condition which also preis unsettled. In district No. 3 (Philadelphia) vailed in the London market." surplus stocks are being sold at some sacrifice Boston dealers say there is evidence of the for practically whatever they will bring. The existence at this time of great quantities of outlook when trading is resumed on a large wool in the world. It is estimated that Great scale is problematical, depending largely on the Britain owns 1,500,000 bales all paid for, and coming cotton crop and on transportation. In that Australasia, including New Zealand, has cotton goods, the public stand against high a considerably larger amount, including this, prices is having an important influence. Manu- year's clip. This condition has been brought facturers of cotton goods are in some cases about by such countries as Germany, Austria,, closing their plants, although many concerns and Russia being out of the market for a longare continuing on old ©rders which should keep time past, while France and Belgium own no them running until late in the autumn. In wool, buying as they need it. The mills of the knit goods the market is still in a condition of two last mentioned countries are said to be stagnation, while hosiery and underwear manu- operating at from 75 to 80 per cent of prewar facturers report a total absence of buying. times. It is claimed that Great Britain is the Labor, nevertheless, continues insistent upon only country extending any large amount of high wages. There has been a slowing down credit to Germany, last month granting at of activity in district No. 1 (Boston). This is least $75,000,000. reflected in decreasing consumption and spin- Many New England mills are now, and for dleage. Consumption has fallen from about the past two or three weeks have been, oper- 212,000 bales in March to 194,0004)ales in May. ating three days a week, some are shut down Consequently mills have not been placing orders entirely, and it is said that others will close for raw cotton, except in sporadic cases. Ex- altogether or go on a three-day basis. Nearly port trade for the past two or three months has all, 2 not all, the mills have had large cancellabeen very poor. tions of orders and have not, therefore, been in Adjustment of the wool ma-rket is now in the market for wool during the past two months, progress and during the past month there has and it may be some time to come before they been complete cessation of buying. No estab- will place orders. Consequently, the wool lished price for raw wool exists. The situation dealers are doing no business, and this condiin the woolen and worsted yarn industry is tion prevails throughout the country. causing grave apprehension to manufacturers. During the month an important conference Lack of confidence is reported throughout the was held between the Federal Reserve Board textile industry in district No. 3 (Philadel- and representatives of woolgrowers. At the phia). Collections are poor and transporta- close of the conference the Board authorized the tion is very unsatisfactory. District No. 1 following statement with reference to methods (Boston), after noting that of the 674,000,000 to be employed in financing this year's crop: pounds of wool purchased by the Government A woolgrower may ship his wool to one of the usual at the time we entered the war, there was left points of distribution, obtaining from the railroad a bill at the date of the armistice about 437,000,000 of lading for the shipment; the grower may then draw a pounds, goes on to review the existing situa- draft against his bank, for such an amount as may be tion as follows,: u All the best grades have been agreed upon by the grower and the bank, secured by the bill of lading. The Federal Reserve Act authorizes any sold, but the Government still has about member bank to accept a draft secured in this manner at 61,000,000 pounds graded from mediums to the time of acceptance, provided that the draft matures the low-cross-breds, of which about 40,000,000 in not more than six months from the time of acceptance. pounds is stored in Boston and vicinity and After acceptance such a draft bearing the indoresment of the balance scattered throughout the country, a member bank is eligible for rediscount or purchase by a Federal Reserve Bank, provided that it has a maturity a considerable amount of this being in New of not more than three months from the date of rediscount York, Philadelphia, and Chicago. At the last or purchase. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

678 FEDERAL RESERVE BULLETIN. JULY, 1920. The volume of retail trade has continued Building operations on the Pacific coast were, large, due in part to the movement for reduc- however, more active during May than during tion in retail prices which commenced in May. April. This movement has been universal, although in Industrial operations during the month of certain districts, for example, Dallas, not nearly May and the early part of June have continued so general or widespread as in the North and to suffer from uncertainty on account of the East. While the movement was aided by labor situation. Little relief has been obtained refusal on the part of the public to pay the in connection with the labor situation on farms, high prices prevailing, as well as by difficulties while unrest in some of the basic industries, in financing high-priced stocks, a counter- notably transportation, has been maintained. balancing factor has been found in the Sporadic strikes in many parts of the country, tendency of wholesale prices in large measure and particularly on the eastern seaboard, have to be maintained at current levels, and the been a serious deterrent to the movement of opinion has been expressed that the price goods and the continuance of manufacturing. reduction sales in many cases involved merely Employers are generally feeling that further anticipation of the customary midseason clear- advances in wages present great difficulty on ance sales. Stocks in certain cases are re- account of the resistance of the public to ported to have been considerably reduced, and further increases in prices. While there is in the Richmond district it is stated that still complaint of low efficiency of labor per " quite a number of stores have already stopped unit output, improvement in this particular the special sales" in consequence. That this is reported from various points, especially from has not been the case in all districts, however, is district No. 4 (Cleveland). Many strikes in seen from the fact that in New York it is re- various parts of the country have concerned ported that retail trade after the early stimulus themselves with the open-shop question. On of price reductions soon relapsed into the dull- the Pacific coast, however, the labor situation ness which was manifest in April, the consumer has improved during the past month, especially to a large degree resorting to his waiting attitude. in the Northwest. It is stated that sales of necessities apart from Financially, the month of May has been a food have declined even more than the sales of period of great interest. The advance in the luxuries. Retailers are reported to be conser- rate on Treasury certificates of indebtedness vative in the replenishing of stocks, tending to to a maximum of 6 per cent, and the raising confine purchases to current needs only. of rates of discount at various Federal Reserve One of the decisive factors in the business Banks to a 7 per cent maximum have tended situation for the month has been the falling to assist materially in the control of credit. off in building activity as a result of very high The reserve ratio at Federal Reserve Banks imprices of materials. This is all the more proved by about 2 per cent during the month. noticeable because the present is usually the Conditions in the financial centers have shown time of greatest activity. Housing operations comparatively little modification. Call-money have been particularly few in number, especi- rates in New York have gone as high as 11 per ally in some districts in the Middle West. In cent and have continued at that figure for conthe eastern districts the falling off has been siderable periods. The importation of gold on equally severe. Philadelphia reports a total a small scale has been resumed and a larger number of building permits in May, amounting movement from Great Britain is now confito 2,624, as against 2,999 for April. In the dently expected. Commercial paper and time Northwest the reduction has been about money rates have continued high, with money parallel to that in other parts of the country. supply scanty, while the pressure from the in- Building permits reported from Minneapolis terior banks upon their city correspondents for were 1,764, as compared with 2,008 in April. accommodation has become more intense as The slackening in building activity has had a the cost of funds at local Reserve Banks has reflex influence upon lumber, a decline in increased. The opinion of bankers, not only lumber prices having been in effect since Feb- in New York but in various other financial ruary last. The trend of production in the centers, is to the effect that the money situasouthern pine district is now downward. tion has shown a distinct improvement during Stocks have accumulated on account of inabil- the month, and this view is borne out by reports ity to move them, and price recessions to the of various Federal Reserve agents who state extent of about 15 per cent have been reported. that the Reserve Bank policy, aided by coop- A very similar situation exists practically eration of member banks, is convincing wouldthroughout the country. On the Pacific coast be borrowers that there must be a revision of night operations have ceased almost entirely. their applications with a view to eliminating Unfilled orders have fallen off materially. all unnecessary or unessential requirements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDEKAL RESERVE BULLETIN. 679 SPECIAL REPORTS ON BUSINESS CONDITIONS. CAUSES OF CANCELLATION OF ORDERS. had time to reach back to the actual producer of goods. That it had done this by the end of The outstanding feature of the past month May, however, became apparent with the appears to have been the excessive cancellation announcement the first week in June that the of orders received by manufacturers representlargest woolen mill corporation in the country ing various lines of industry. It is a situation had decided to run its plants at Lawrence and that might be interpreted as presaging indusother centers on a four-day a week basis, trial depression were it not for certain special which was subsequently reduced to three, a circumstances that go far toward explaining program of curtailment quickly followed by the prevalence of these cancellations. In the numerous other concerns in the textile indusfirst place the transportation tie-up remains, try some of which shut down altogether for a as it has been for several months, the domifortnight or more. Shoe factories were likenant factor to be reckoned with, and the chief wise speedily affected by having sent back to cause inhibiting productive activity. Inability them millions of dollars worth of goods and by to deliver goods or delayed deliveries are sufficancellation of orders delayed in delivery. cient explanation of many cancellations. Fuel The immediate cause of this slowing down of shortage, likewise attributable to transportaactivity was not only cancellation of orders tion difficulties, has also led to a reduction of already booked, but the great caution and output in certain industries, thereby diminishhesitancy of retail merchants in making coming the demand for raw materials and semimitments for fall goods, coincident with liquifinished products. These factors also inevidation of current stocks at greatly reduced tably react upon the buying power of those ultiprices on account of the unseasonable weather, mate consumers whose wages are reduced by a and increasing unwillingness of the public to slowing up or cessation of industrial activity. purchase at former prices. Reductions by But, on the whole, the ability of producer retail shoe dealers have been accompanied and and distributor to sell goods appears to have stimulated by the disposal of enormous stocks been fairly well sustained, except in the case of of footwear by the makers at special sales to clothing and of boots and shoes. In these lines the consumer direct, one combination of Lynn the consumptive buying demand has undeni- manufacturers hiring a large vacant store in ably fallen off, at least for the time being, but Boston for this purpose, where thousands of here, too, delays in delivery and unseasonable pairs of the finest grades of women's shoes in weather have been important contributory fac- the latest styles of the season are being distors. The situation in the clothing industry posed of for $5.50—the nearest approach to has been inevitably reflected in textile lines— prewar price levels yet reached by any class of particularly in the case of the woolen mills merchandise. which have suffered exceptionally heavy canu There are about 40 tanneries in eastern cellations. The result of this has been that the Massachusetts, many of which are closed down wool grower is unable to market his product. entirely, while others are working on half or The hide and leather markets have similarly less time, and still others express the intention felt the effects of the cancellations received by of closing down entirely until the situation the boot and shoe manufacturers. improves. Credit contraction is sometimes alleged as a "The cancellation movement which during prime cause of the reduced volume of business. the past six weeks has struck the woolen and But the total amount of credit available can shoe industry so generally has also reached the not be said to have been restricted. There New England cotton mills, and where actual exists rather an abnormal demand for loans due cancellation of orders has not occurred there to freight congestion and inability to make have been, in some cases, requests for delay shipments. in making shipments, all this being occasioned It is the generally accepted opinion that if principally by curtailed bank credits. The the transportation problem can be solved, slowing down of activity in the cotton industry present hindrances to productive activity will is reflected in the decreasing consumption and largely disappear. spindleage of the mills of the district. The consumption in this district for March was DISTRICT NO. 1 (BOSTON). 211,986 bales, an increase over February of "Cancellation of orders by retailers had 24,835 bales; but in April it dropped to been reported for some weeks, but this factor 210,510 bales and in May to 193,642 bales. had no appreciable reaction in the form of re- The number of active spindles increased by duced prices to the consumer or lessened earn- over 45,000 in March over February, but ings on the part of wage earners until it had dropped from 17,800,001 in March to 17,373,100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDEKAL RESERVE BULLETIN. JULY, 1920. in April and to 17,081,954 in May, a decrease to run to maturity dates, and in some cases of nearly 720,000 in two months. The amount have even overstepped that limit, due to of cotton held in the mills of New England the fact that they either have no funds during this period has fluctuated, increasing or have decided to hold on to those they from 692,370 bales in February to 717,284 in have, since there is no demand for their March, 742,543 in April and decreasing to product and consequently no prospects of 728,821 in May." realizing on them. "The general outlook, however, is not so DISTRICT NO. 3 (PHILADELPHIA). pessimistic as the foregoing would seem to indicate, as manufacturers realize that the District No. 3 (Philadelphia) reports that supplies of all finished textiles are being "the market for cotton yarns is most unsetrapidly depleted, and that in a comparativelytled. Some manufacturers in the district who short time buyers will be forced into the marhave suffered vast cancellations are disposing ket. When this occurs it is expected that the of their surplus stocks at whatever they will prices to be established will enable the inbring. The manufacturers, however, are quotdustry to function again on a firm foundation. ing no prices for future delivery, feeling in- "Little interest was shown during the last clined to wait until conditions shall become month in the broad-silk market. The unmore settled. There are no purchasers in the certainty in prices and the lack of confidence field, and as a result there is practically no tended to keep purchasers out of the market. market. The cutting-up trade placed but few orders "The transportation situation is perhaps the and in many cases canceled those booked most serious of the factors affecting the inmonths ago. The cancellation problem is dustry from a manufacturing standpoint at the most serious in the silk trade, and broad-silk present time. The embargoes have held up manufacturers contemplate strenuous measshipments, and even when accepted, they have ures to curtail the practice. been months in transit. One of the largest "The prospects for the silk industry as a cotton-yarn manufacturers in the district cites whole, however, are better than a month ago. as an extreme example a shipment which left With further stabilization of the raw silk marone of their southern mills on February 12. ket it is expected that confidence will be re- It was sent by water, the steamer arriving in gained and active trading resumed. New York City on March 6, and it was not "The knit-goods market continues to be until early in June that the cargo could be disstagnated, hosiery and underwear manufaccharged because of the harbor strikes in New turers reporting the total absence of buying. York. This, of course, meant the tieing up of The jobbers and retailers are holding off in funds for several months. It occurred just at anticipation of lower prices, which manufaca time when the money market was in a strinturers say are not in sight. Increasingly great, gent state and worked a great hardship on the therefore, is the number of plants which are shippers. either curtailing operations or shutting down "The situation in the woolen and worsted completely. It is reported that in one week yarns industry is such as to cause grave apprethe reduction in the production of hosiery was hension among manufacturers. The general 25,000 dozen. loss of confidence throughout the textile in- "At the present season duplicate orders for dustry, with the resultant absence of buyers fall delivery are usually received, but, instead from the market, has created a situation where of this, cancellations of orders placed last Octothe manufacturer must choose between closing ber and November are being made. The canhis plant entirely or manufacturing for stock. cellation problem is most serious in the knit- No orders whatsoever are being placed, and in goods industry, and wThile some few are being many instances orders placed months ago are accepted by the manufacturers, the greater being canceled. In this regard the transporproportion are being rejected. Following are tation situation is most detrimental to the insome of the reasons advanced by jobbers for dustry, purchasers of yarn using the delayed the cancellations: 'Weather conditions; the shipping dates as excuses for abrogating their depression of business in general; the fact that contracts. Yarn spinners are therefore caught huge orders were placed in the belief that the with raw materials which they bought in good business boom would continue; the drop in the faith. These are either still in the raw state or price of raw wool;' and similar other arbitrary in process of manufacture, and there is no outexcuses. The transportation situation, having let for the finished product. delayed deliveries for weeks at a time, has "Collections are extremely poor. The pur- caused many cancellations and in some cases chasers of woolen yarns who formerly dis- these are being accepted. The others, howcounted their bills in 10 days are allowing them ever, are being refused. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 681 "The uncertainty characteristic of most DISTRICT NO. 5 (RICHMOND). industries was not especially marked in the men's clothing trade during the early part of "Following the break in silk prices men- June. The demand continued fairly good, tioned last month, cotton-textile manufacmost manufacturers reporting that the volume turers in the fifth district have experienced a of sales for the season up to that time equaled decided falling off in the number of new orders 1919 and in some cases exceeded it. The placed. The wave of price cutting in retail latter part of the month however, witnessed establishments made the merchants hesitate ? a failing off in sales, the cancellation of many in placing future orders and has led them to orders previously placed, and the curtailment adopt a marked hand-to-mouth policy. The of operations. mills are viewing the situation calmly, however, " While the retail reductions have had their claiming that the special sales put on by the effect upon the clothing industry, producers retailers exhausted stocks and that they will say that they can see no prospects of prices be forced to return to the market to refill their remaining at their present levels, as a radical shelves. In the meantime mills are running decline in wages and raw materials is not in full time on back orders, of which practically sight. Production costs, they say, do not all mills have enough to keep them at capacity yet warrant lower prices. Prices for fall de- output for several months. Some manufaclivery are therefore quoted in excess of those turers feel that the future is not bright for of last year. If the demand, however, as is hosiery and yarn mills, but there is little unnow the prospect, shows a decided decline, easiness in the cloth field. It is not likely that prices may have to be reduced in spite of pro- marked reduction in either production or prices duction costs. The demand element is one will come about as long as cotton and wages which manufacturers are prone to overlook." remain as high as they now are. It is possible, however, for cotton-textile prices to be materially reduced without requiring any DISTRICT NO. 4 (CLEVELAND). marked reduction in wages or raw-material District No. 4 (Cleveland) says: "The cloth- prices before the mills would approach the ing trade and the cloak trade have canceled point at which further operation would be untheir goods very heavily during the past two profitable. Textile profits have been very months, so much so that they have practically large in spite of advancing wages and dear cotwiped out all the orders on the books of the ton, and most manufacturers could stand a large mills, with a result that many of them considerable reduction in prices received for have closed their factories for a week at a time, their goods without suffering hardships. It is and most of them are now operating on a three- certain that the consumers believe that prices day week basis. are too high and are buying far more conservatively than they did two or three months ago. "The garment industry has been very much In addition to this psychological factor the disturbed by the rather hysterical epidemic of recent taste of lower costs will have a tendency price cutting and forced sales which has spread to make them still more reluctant to pay over the country, with special reference to the exorbitant prices for cloth and clothing." large cities. Students of the situation are inclined to believe that the beginning of this was due to the pressure of the banks and creditors DISTRICT NO. 7 (CHICAGO). in certain conspicuous cases. "In the case of continued increases in wages "Spinners and weavers of wool yarns and and no appreciable decline in the piece-goods fabrics are operating on half time, hence their market, it is difficult to forecast what the re- wool supplies are double anticipated requiresult will be. There has been evidence of ments and the market demand is correspondrather sharp curtailment of fall orders, with ingly smaller, with heavy declines in consecancellations of high-priced goods in particu- quence. To make matters worse, the present lar. These cancellations have been passed on wool clip is accumulating at primary points in turn by the garment manufacturers to the and can not be marketed at concessions. woolen mills, which have pretty generally ac- "Weavers declare there is no possibility of cepted them, but instead of reducing prices reducing their productive costs, at least in the the mills have shut down or are running on a labor items. They have gone on a three or four reduced schedule. From the general impres- day working week, hoping to prevent an accusion it appears that textiles for fall will not be mulation of goods, which would tend to desharply reduced, though there may be some moralize the market. With anything like the weakening in some special quarters, and stock usual fall demand for clothing there is a possigoods will undoubtedly be offered at substan- bility of a shortage, which together with the tial reductions." credit situation and curtailed production, may Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 FEDERAL RESERVE BULLETIN. JULY,1920 be reflected in higher prices. Piece goods buy- DISTRICT NO. 2 (NEW YORK). ers are using all the tactics of the trade to enforce lower prices, including refusal of deliv- "The inadequate amount of residential builderies, cancellation of orders and return of ship- ing continues to be a feature of the building ments to makers whenever that is possible. situation in this district. Not only is the num- " There is a rather mixed state of affairs in ber of dwellings being built below the present the hide and leather business. In some lines extraordinary demand but in the borough of advices indicate a very large volume of busi- Manhattan private dwellings, tenements, and ness, with little evidence of recession in either even large hotels have been torn down or reraw or finished materials, but to offset this constructed into business property. optimism, another important leather industry " Contracts awarded for dwelling construcreports that the last month has shown further tion decreased very materially both in number marked declines in hide and leather prices and value during May as compared with April. both in foreign and domestic markets. Shoe Materials are very high and hard to get. Supmanufacturers are getting a large number of plies are hard to move; instances are cited of cancellations from retailers. Sales are above brick being shipped to New York by truck last year's average except on the highest priced from Philadelphia. shoes, but the demand is now turning to " According to the F. W. Dodge Co.'s figures, cheaper shoes. Leather stocks appear to be projects of all kinds contemplated in May in excessive.;; this district amounted -to $106,573,300 and contracts awarded to $51,051,500, as compared with $104,490,300 and $87,741,100, respec- DISTRICT NO. 8 (ST. LOUIS). tively, in April. Contracts awarded fell off District No. 8 (St. Louis), discussing the approximately $37,000,000 during the month, situation in the boot and shoe industry, reports while contracts for house-building projects that "old business on hand is in large volume, dropped from $37,417,500 to $12,064,300. The totaling well over the same time last year, but number of contracts for house building fell new buying is slower and more cautiously con- from 563 in April to 443 in May. Figures show ducted. Some price reductions have been that this slowing down in building activity was made, and concensus of opinion is that there general throughout the country." will be no further advances. There have been some cancellations of orders, in anticipation of DISTRICT NO. 3 (PHILADELPHIA). lower prices." "The inactivity which has characterized building and construction during the past few DISTRICT NO. 12 (SAN FRANCISCO). months is having a pronounced effect upon the Finally, district No. 12 (San Francisco) refers industries allied thereto. This marked decline to the effect of cancellations upon the market in the number of new operations being started for raw materials as follows: "The wool clip has been brought about by a number of causes, in this district is averaging one-half pound among which are tight money, the transportalighter per fleece than in 1918. Before shear- tion tie-up, the lack of efficient help and excesing began, some buyers were offering to con- sive demands of labor, and the high prices of tract the better grades at from 60 to 63 cents raw materials. A decrease in the demand for per pound and during May a few sales were raw materials used in construction has theremade at from 50 to 55 cents for finer grades fore followed, and the lumber industry has and 35 cents for coarser grades. Normally, perhaps been affected the most. most of the clip would now be under contract, " Beginning in April of last year the lumber but this year buyers have not entered the mar- market started on a steady rise, reaching its ket and practically none of the 1920 clip has peak in February, 1920. Since that time a been sold. Cancellation of orders at eastern gradual decline has set in, and while many mills and transportation difficulties are as- lumber manufacturers feel that the bottom has signed as reasons for failure to move the clip." been reached, it is the opinion of the majority of observers of the market that prices will continue their downward trend. "The chief structural woods—yellow pine REDUCTION IN BUILDING ACTIVITY AND LOWER and fir—are selling about $10 per thousand PRICES FOR LUMBER. under prices of April, 1920, although as one From a majority of districts reports empha- lumber company writes, ' they are still approxisize the falling off in building activity and sharp mately double their level during the extremely decreases in the prices of lumber used for low price of 1914. The prices of hardwoods structural purposes. have shaded some, although not to such a great Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 683 extent as the softwoods, notwithstanding the houses and residences in numerous cases had fact that hardwoods reached a relatively higher been begun, excavations made and foundalevel than softwoods. This is due to the fact tions laid, and in some instances the basements that the supply of hardwoods is very much practically finished, when it was found the more limited than that of softwoods.7 expense was to be from 25 to 50 per cent, or " Practically the only demand for lumber at even more, in excess of previous estimates. the present time is for repair work or the fin- "The trend of production at the present time ishing of operations now in process of construc- is downward, as the number of mills which are tion. There is practically no demand for future curtailing operations, due to the sluggish dedelivery for new work. mand, is gradually becoming larger. The " Lumbermen can see no prospect of an in- requirements of retailers show no tendency to creased demand until the money and trans- increase. Railroads are still virtually off the portation and labor situation are relieved.'' market and are placing orders only in cases of absolute necessity. Estimates of the de- DISTRICT NO. 4 (CLEVELAND). ficiency of cars in this section range from 25 to 50 per cent." "There is a noticeable decrease in building operations incident to the approach of the DISTRICT NO. 7 (CHICAGO). summer months. This is all the more noticeable because the present is usually the time of "There is a disposition to do everything greatest activity. Not only have building possible to relieve the shortage of housing permits been greatly reduced for this time of facilities at important centers, but this is being year, but work in prospect has slowed down impeded by the scarcity of building materials, perceptibly. A feature to be regretted is the due to underproduction and transportation small number of housing operations being delays. There are heard complaints of restarted, and unless some means shall be found strictions of building credits. Lumber is to stimulate this class of building the housing lower in price in consequence of lack of funds shortage will become even more acute. and stocks are piling up while building labor is ; "The reason for the diminution of building more plentiful. There has been an improveactivity may be found in the high cost of labor ment in the lumber shipments to the country. and materials and the gradual finishing up of Railroad car buildings are holding aloof, but building of pressing necessity.'' some specifications are being figured on. Hardwood, fir, and hemlock responses indicate DISTRICT NO. 5 (RICHMOND). an improvement in the freight situation." "The embargoes at eastern points caused DISTRICT NO. 8 (ST. LOUIS). more lumber to become available in the fifth district, with resulting fluctuations in price "Further declining tendencies are noted, levels. Cut stone is hard to secure as a result both in prices and activity. Manufacturers of traffic conditions and strikes at quarries, have cut down their prices and some mills have and crushed stone is scarce and hard to get endeavored to force business by cutting delivered when found." prices, but without pronounced success. Building operations have been hampered by DISTRICT NO. 6 (ATLANTA). transportation and labor troubles, and in- "The unsettled conditions existing in the ability to secure other materials. This is relumber trade during the past two or three flected directly in the lumber market. Since months have continued. Transportation May 15 ash has declined $20, red gum $10, difficulties coupled with the unfavorable plain oak $25, and quartered oak $20 per 1,000 weather throughout the spring months have feet. Pine is off as much as $50 per 1,000 feet served to check building operations in some in the same period. There has been fair buying parts of the district, although in the larger of car oak, and lumber people are looking for cities there is still considerable building and improvement in prices and business in general construction work going on. Stocks in some lines. instances have accumulated because of the " Business in May with leading fire-clay inability to move them, and price recessions to products interests showed a fair gain over the extent of about IS per cent have been re- April and heavy increases over May, 1919, but ported. During the past two or three months, the early weeks of June brought a slowing however, there have been a number of in- down of orders. Fuel, car, and general matestances reported where buildings have been rial shortages have worked adversely in this halted in course of' construction because of the industry. Labor is plentiful enough, but great and increasing expense. Apartment shifting and inefficient. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

684 FEDERAL RESERVE BULLETIN". JULY, 1920. " Transportation, labor, and materials situa- of weekly shipments for the month of May and tion considered, building operations in the dis- the volume of unfilled orders on hand at the trict during the past month have been fairly end of the month, these mills are about four continuous and heavy. In many instances it months behind with their deliveries, while at has been extremely difficult to purchase certain the same time the volume of new orders buildings materials, and when purchased still received is keeping pace with their shipments. more difficult to get them delivered. Numer- Tn fact a singular coincidence with respect to ous new projects which it had been hoped to the 32 mills reporting for the month of May is get started by now, have been postponed be- that their orders and shipments for that month cause of the tight money market. Housing were identical in total footage." requirements of all sorts in both city and country are acute, but according to architects DISTRICT NO. ' 12 (SAN FRANCISCO). and builders, investment returns even with present high rentals are not such as to attract Shortage of cars has resulted in congestion, capital to new construction. Permits issued in which is automatically curtailing lumber outleading cities of the district in May show gains put in this district and night operations have over the same month last year in numbers and ceased in all producing regions. During the money involved." four weeks ending June 5 an average of 124 mills in the West Coast Lumbermen's Association reported a cut of 350,275,000 feet, 4.5 DISTRICT NO. 9 (MINNEAPOLIS). per cent below normal; orders of 231,055,000 " Lumber producers report that their ship- feet, 34.3 per cent below cut; and shipments ments are not as heavy as usual, and give as of 287,345,000 feet, 18 per cent below cut. the chief cause a decrease in home building. Unfilled orders on June 5 aggregated 385,- Industrial demand for lumber continues strong. 466,000 feet, of which 245,250,000 feet were Prices dropped below cost in some cases. rail orders, 65,724,000 feet domestic cargo Lumber production continued unchanged. In orders, and 74,492,000 feet export orders. manufactured lumber there has been a de- San Francisco reports that ''building was crease in the number of new orders received generally more active during May than durcompared with earlier periods, and such manu- ing April. Decreases in building permits of facturers report that they are working almost $711,000 and of $1,452,000 were reported by entirely on old orders.'7 Los Angeles, Calif., and Portland, Oreg., respectively, in May, as compared with April. DISTRICT NO. 10 (KANSAS CITY). In the other larger cities of the district, however, permits issued in May materially ex- "Keports of building inspectors and super- ceeded those of the preceding month, the perintendents for the month of May show for the mits in 19 principal cities of the district aggrefirst time this year a tendency toward a decline gating $14,598,075 in May, 1920, as compared of building activity resulting from several un- with $14,728,857 in April, 1920 and $9,304,030 favorable factors, such as labor troubles, high in May, 1919." prices of materials, and transportation difficulties. While the May report for cities of WHOLESALE TRADE ACTIVITY. this district as a whole reflects an increase of 30.6 per cent in building activity over that of DISTRICT NO. 4 (CLEVELAND). May, 1919, the showing is the poorest for any "The price-cutting epidemic has had a somemonth of the present year. There was a what unsettling influence on both wholesale decline of 74 permits and $1,757,770 estimated and retail trade, although price reductions cost, or 20.6 per cent, from the record of April have so far been confined largely to the retailof this year. Decreased operations are shown ers. Cancellations of orders have been made in the reports from such cities as Denver, freely, and the slightest pretext has been Oklahoma City, Okmulgee, Wichita, Lincoln, seized upon as a basis for the return of goods and Kansas City, Kans., which have reported ordered. Collections in the trade are resubstantial increases over last year in all ported as fair to good, for the most part. previous months of 1920." " Wholesale dry goods houses report a hesitancy in buying except for immediate require- DISTRICT NO. 11 (DALLAS). ments. Little or no speculative tendency •"Thirty-two Southern pine mills in the exists. Good quality merchandise is scarce, eleventh district reported a combined average and will be until production is increased. weekly production of 11,420,932 feet for the Better transportation has improved the situamonth of May, which was 72 per cent of their tion in permitting a more free movement of normal output. According to the statistics goods, both incoming and outgoing. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 685 " Wholesale hardware dealers report a large cent better in May than in April and 40 per increase in the value of May sales over those cent larger than at the same time last year. of May of last }rear, but state that there has Stocks are quite low, especially in the smaller been little increase in the physical volume of towns, and the supply and delivery of manutrade, a large part of the increase having been factured goods has not yet caught up with the absorbed in higher costs. Unfilled orders are demand. Some retailers, however, report much larger than a year ago, due to the same slightly decreased sales on account of high causes as similar situations in other lines. prices. "The tendency in the hardware trades is to 11 Drugs sold by wholesale houses in May stock no goods except for immediate demands. were about 9 per cent less than in April, but This also applies to the retail dealer. 18 per cent larger than in May of last year, "The opinion throughout the trade seems to with a prospect of a continuance of the present be that the limit of prices has been reached. volume of business at least until fall. There are some weak spots in the market to- "In the grocery line there is much more acday, and some dealers are predicting that tivity in trade, May sales running about 11 per ' there are more to follow/ cent above those of April and 24 per cent above "There probably is little change in the phys- the sales of a year ago. Although wholesalers ical volume of trade in the grocery line, as re- report retail dealers buying in accord with their quirements do not show much variation from daily requirements, they assert that specuyear to year. The tendency among retailers is to lative buying has been practically eliminated confine purchases to spot goods, except in the and the outlook is good for at least six months." canned goods line. Prices, according to the majority opinion, will hold for 1920, with probable DISTRICT NO. 11 (DALLAS). advances in canned goods on account of high "Reports from wholesalers, covering busilabor, high sugar, and the shortage of tin cans. ness for May, reflect a further slump in volume "Drug houses are purchasing liberally, as the for that period. With two exceptions, i. e., demand continues strong, though a disposition automobile supplies and farm implements, a toward more cautious purchasing on the part of decrease in sales of 4 to 22 per cent is shown. the retailer is said to be noted. The belief in According to our advices, there is a strong the trade is that lower prices are inevitable. tendency on the part of buyers to order con- "Below is printed a tabulated report on servatively, not to overstock, or buy heavily wholesale trade, showing percentage of increase for future delivery. Spot buying predominates. in sales for the month of May, 1920, over the Prices in the month of May fluctuated but slightly, as compared with April. The princisame month of the previous year, and percentpal change was a slight advance. age increase in unfilled orders for the same month. 1' Stocks of merchandise on hand at the close of the month are estimated lower than at the Increase end of April. Wholesalers are rather opti- Increase in in unfilled mistic over the prospects for fall trade, but May, 1920, orders at sales over end of May, admit that the situation is not free of uncertainsame month 1920, over last year. same month ty and pending the improvement in transportalast year. tion, supply of labor and raw materials, no Per cent. Per cent. general decline in prices may be expected any D Gr ry o c g er o i o e d s s - ^2 3 4 2 0 2 2 2 0 0 0 C time soon. Hardware 31 2 20 0 "The table which follows gives comparative Drugs 30.2 11.2 statistical data on wholesale activities at the 1 Decrease. close of May. The above statistics are based upon returns from 15 wholesale grocery firms; 8 drug; 3 dry goods; 8 hardware. May, 1920, wholesale trade, compared with April, 1920, and DISTRICT NO. 10 (KANSAS CITY). May, 1919. " Wholesalers, particularly of dry goods, Stocks men's and women's wear, and millinery, Compared Sale0 Selling Ship- at end report a tendency on the part of retailers to with. price. ments. mo o n f th. buy carefully, with the result that their sales Per cent. Per cent. Per cent. Per cent. as reported for May were 10 per cent, and in Groceries April, 1920 Dec. 21 Same. Dec. 21 Dec. 7 some instances much more than that, below the May, 1919 Inc. 27 Inc. 18 Inc. 27 Inc. 21 Furniture April, 1920 Dec 22 Same. Dec. 22 Dec. 3 sales in April, though in wholesale dry goods May, 1919 Dec. 14 Inc. 50 Dec. 14 Dec. 8 Auto supplies .. April, 1920 Inc. 22 Same. Inc. 18 Inc. 3 the May sales were up to 50 per cent larger May, 1919 Inc. 8 Inc. 5 Inc. 7 Inc. 40 than in the same month last year, and whole- Drugs April, 1920 Dec. 7 Inc. 1 Dec. 7 S^me May, 1919 Inc. 37 Inc. 6 Inc. 37 Inc. 15 sale millinery sales about 5 per cent larger in Dry goods April, 1920 Dec. 21 Sam<\ Dec. 21 Inc. 10 volume than in May, 1919. Hardware M Ap a r y i , l, 1 1 9 9 2 1 0 9 I D n e c c . . 15 4 In S c a . m e 1 . 5 I D n e c c . . 1 4 5 I S n a c m . e 5 . 4 "Wholesale furniture dealers and manu- May, 1919 Dec. 18 Inc. 10 Dec. 18 Inc. 14 Kami imple- April, 1920 Inc. 6 Inc. 10 Inc. 6 Dec. 1X facturers in this district report sales 20 per ments. May, 1919 Dec. 15 Inc. 12 Dec. 15 Dec. 29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 FEDERAL RESERVE BULLETIN. JULY, 1920. DISTRICT NO. 12 (SAN FRANCISCO). acceptance liabilities of New York member banks and trust companies constituted 50 per "Approximately 45 per cent of the increase cent of the total acceptance liabilities of all (in wholesale trade) over May, 1919, was due member banks. On May 4 the proportion to increases in price. Sales by representative had declined to 47 per cent, owing largely wholesale firms were approximately 7.5 per to the relative larger growth of acceptance cent greater, by value, during May than during liabilities of the banks in Boston, Cleveland, April, and approximately 37 per cent greater Chicago, vSt. Louis, New Orleans, and Minneduring May, 1920, than during May, 1919. Apapolis. proximately 40 per cent of the increase over On the corresponding dates Federal Reserve May, 1919, was due to increases in prices, the Bank holdings of acceptances purchased in proportion of increase due to higher prices in open market were as follows: each of the various reporting wholesale lines being as follows: Hardware, 35 per cent; gro- June 30, 1919 $315, 993, 000 ceries, 40 per cent; dry goods, 45 per cent; and Nov. 17, 1919 444,253,000 Dec. 31, 1919 574,103,000 shoes, 65 per cent. As compared with April, May 4, 1920 400, 602, 000 prices showed practically no change." As stated in an earlier BULLETIN (Feb., 1920, Wholesale trade—Increase in sales in May, 1920, over May, p. 158), all but a few millions of the Federal 1919. Reserve Banks' holdings of purchased acceptances are composed of bankers' acceptances, Hard- Dry Gro- Total.* Collec- while of the latter about 70 per cent is made up ware. goods. ceries. tions. of member bank acceptances. During the present year the Federal Reserve Bank holdings Per cent. Per cent. Per cent. Per cent. 52 1 38.8 44.6 Good. of acceptances in addition to bank acceptances 43 2 8.9 20.3 Do San Francisco 56.7 55.5 31.8 38.7 Do. purchased include also substantial amounts of S P a o l r t t l L an a d k . e Ci . t v . . 45.1 6.9 4 1 8 8 . . 6 0 4 1 0 8 . . 6 4 D D o o . . acceptances discounted largely at preferential Seattle 17.4 45.6 7.2 20.2 Do. rates. On April 30 the Federal Reserve Banks 54.3 34.7 20.6 24.7 Do. Tacoma 37.1 19.5 25.9 Do. held a total of $407,247,000 of purchased bills, District 41.1 46.9 29.6 34.0 Good. of which $396,859,000 were bank acceptances. Of the latter, $270,808,000, or over 68 per cent, 1 Including reporting drug and boot and shoe firms. were member bank acceptances. In addition NOTE.—Percentages for reporting boot and shoe firms—San Francisco, the Reserve Banks held on that date $48,251,000 15.6 per cent; district, 14.8 per cent. of discounted acceptances, largely member bank paper. Of the total member bank accept- Acceptance Liabilities of Member Banks. ances outstanding about that time, less than Between June 30, 1919, and May 4, 1920, one-half were accordingly in the portfolios of the date of the latest call for condition reports the Federal Reserve Banks. On June 30, 1919, of all member banks, acceptance liabilities of out of a total of $466,586,000 of member banks' these banks have shown a continuous increase acceptances outstanding, Federal Reserve Bank from 466.6 to 673.8 millions. By far the holdings (including a relatively small amount of larger share of the total increase is reported for discounted acceptances) constituted about 234 the national banks, which show an increase millions, or nearly 50 per cent. In addition to for the 10 months of 166.4 millions from member bank acceptances the Federal Reserve about 272 to 438.4 millions. For the trust Banks at the end of April held $124,759,000 of company and State bank members, notwith- bills accepted by State banks, trust companies, standing the larger gain in membership (264 private banking houses, and foreign bank as against an increase of 205 in the number branches and agencies. If it be assumed that of national banks), the increase in acceptance the Federal Reserve Bank holdings constitute liabilities for the same period is much smaller, likewise about 50 per cent of the total nonmemviz, 40.8 millions, or from 194.6 to 235.4 ber bank acceptances outstanding; the volume millions. The New York trust companies fail of bank acceptances outstanding on May 4 may to show any substantial growth in their accept- be estimated at about 925 millions, with an ascerance business, some of the leading accepting in- tained minimum of 800 millions. About 78 per stitutions apparently having reached in 1919 cent of the bankers' acceptances purchased by the maximum expansion permitted under exist- the Federal Reserve Banks during the first five ing law, while the national banks in New York months of-the present year, as against 72.7 per City show a further increase in their accept- cent during the whole calendar year 1919, were ance liabilities of 76 per cent, as against an acceptances based upon foreign trade transacincrease of 61 per cent shown for all national tions, and of the latter slightly over 50 per cent banks. On June 30 of last year aggregate were acceptances based upon exports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 687 Acceptance liabilities of national and other member banks. summer London rates were decidedly lower than in New York, there has been a change in [In thousands of dollars.] this relation since October of last year, recent New York rates being slightly lower than the June 30, Sept. 12,Nov. 17, Dec. 31,Feb. 28,May 4, 1919. 1919. 1919. 1919. 1920. 1920. London rates on essentially like paper. National banks: New York 107,005 128,541 149,413 178,617 192,234 188,297 New York Boston 49,429 57,653 56,449 62,438 60,665 60,951 rates for London P P h it i t l s a b d u e r lp g h h i . a .. . 1 5 8 , , 2 05 6 0 7 2 6 2 , , 5 37 3 2 8 1 5 8 , , 4 6 8 83 7 2 6 1 , ,9 9 9 0 3 6 2 9 3 , ,8 6 9 7 6 2 2 8 5 , , 8 0 3 2 6 8 Date. e p li r g im ib e le 3 r a m te o s n f t o h r s' Cleveland 7,279 8,682 9,193 8,622 8,673 6,975 bank ac- bills. Detroit 3,098 2,564 2,633 3,291 2,987 3,646 ceptances. Cincinnati.. 3,487 4,386 3,547 3,904 3,996 3,014 Indianapolis 1,396 2,249 2,737 3,135 3,013 2,924 Richmond.. 2,509 3,013 6,780 6,594 5,330 3,739 July, 1919 4|-4f 3*-3* Baltimore... 2,930 6,774 3,355 4,078 5,859 4,059 August, 1919 Atlanta 731 365 995 1,160 1,702 1,200 September, 1919. 41-41 3|-3| New Orleans 1,841 1,740 3,822 3,579 3,389 4,749 October, 1919... 41-4* 4| Charleston, S.C. 821 710 1,293 825 670 1,233 November, 1919. 4^5 5f -6 Chicago 25,283 26,852 24,199 28,969 32,327 35,972 December, 1919. 5| -6 St. Louis 6,889 5,471 4,709 8,092 8,082 5,825 January, 1920... 5 -5| 5 -5| Minneapolis 1,763 5,623 9,849 5,949 6,234 9,354 February, 1920.. Dallas 1,760 200 4,510 2,135 1,250 1,370 March, 1920 San Francisco.. 10,613 17,283 15,820 16,873 17,654 26,744 April, 1920 Portland, Or eg. 1,710 2,069 3,950 3,996 3,659 4,177 May, 1920 61-61 Seattle 1,582 1,586 1,584 1,501 1,440 3,013 June, 1920 Allother 18,592 18,555 30,102 34,982 31,937 37,324 Total. 272,035 323,226 359,110 407,639 424,669 438,430 Foreign Loans Placed in the United States. State bank and trust company The following statement of foreign Governmembers: ment, municipal, and corporate loans placed in New York 126,376 132,563 146,226 130,798 Buffalo 1,082 1,110 1,187 2,680 the United States and outstanding on July 1, Boston 18,919 14,508 20,642 24,812 Providence 244 1,144 1,447 1,501 1920, has been compiled by the Guaranty Philadelphia.., 450 750 500 1,375 Trust Co. of New York from the most accurate Pittsburgh 1,750 2,266 1,525 2,600 Cleveland 3,931 5,265 5,156 6,735 and complete information available and has Detroit 1,200 550 1,075 1,525 Memphis 1,180 1,887 1,360 1,269 been furnished to the Board upon request. Richmond 220 135 45 The statement brings up to date figures previ- Baltimore 25 75 439 Savannah 631 709 233 158 ously compiled by the same agency and pub- Atlanta 100 675 540 550 New Orleans.. 4,932 9,617 8,055 6,600 lished in the FEDERAL RESERVE BULLETIN for Chicago 24,484 23,227 30,926 36,696 January, 1919, on pages 33 and following. St. Louis 5,590 6,865 8,144 9,944 San Francisco. 555 1,067 1,042 It should be noted that the tabulation does Portland, Oreg 447 996 783, 546 Seattle 451 175 100 not include subscriptions in the United States Allother 2,759 3,485 4,203 6,107 to foreign internal loans, as the amounts of Total. 194,551 206,567 233,379 235,422 such subscriptions are not available. As indi- Total national cated in the footnotes, no figures are shown banks 272,035 323,226 359,110 407,639 424,659 438,430 for the following issues: (1) Mexican loan of Total State banks and trust com- $25,000,000 (U. S.) 4 per cent bonds (of a panies 194,551 206,567 233,379 235,422 total issue of $40,000,000), due in 1954; (2) two Grand total.. 466,5% 565,677 641,018 673,852 Cuban Government loans, one of $35,000,000 gold 5 per cent bonds dated March, 1904, and During the 12 months ending June, 1920, the due March 1, 1944, and one of $16,500,000 exmarket rates on bank acceptances have shown ternal 4^ per cent bonds dated August 2, 1909 ; an upward course, as may be seen from the sub- and due August 1, 1949. These issues were joined exhibit giving monthly ranges of rates on placed partly in the United States and partly three months7 bills in the New York and Lon- abroad, 1 nt the amounts placed in this country don markets. It will be noted that whereas last are not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

688 FEDERAL RESERVE BULLETIN. JULY, 1920. Summary, by countries, of foreign government. State, and municipal and corporation loans floated in United States and outstanding as of July 1, 1920. Corporation. Cash advances and other charges Country. Government. State and Total. against credits Grand total. municipal. established Railroad. Public Industrial. by United utility. States (up to May 11, 1920). Canada and Newfoundland. $152,500,000 $130,425,313 $121,328,500 $80,095,000 $39,899,500 $524,248,313 $524,248,313 Mexico 500,000 128 087,765 128 587 765 128,587,765 Cuba 10,000,000 10,000,000 $10,000,000 20,000,000 Panama 2 705 000 2,705,000 2,705,000 Santo Domingo 10,806,000 10,806,000 10,806,000 Argentina 15,000,000 15,000,000 15,000,000 Bolivia 4,048,000 4 048 000 4,048,000 Brazil 18,500,000 18 500 000 18,500,000 Chile 431,000 ; 431,'000 431,000 Great Britain 772 633 000 15,000,000 787,633,000 4,277,000,000 5,064,633,000 France 250,000,000 95,000,000 345,000,000 2,997,477,000 3,342,477,000 Germany 2,000,000 2,000,000 2,000,000 Russia 75,000,000 75,000,000 187,729,000 262,729,000 Belgium 75,000,000 1,000,000 76,000,000 338,745,000 414,745,000 Italy 25,000,000 25,000,000 1,631,338,000 1,656,338,000 Greece 48,236,000 48,236,000 Roumania 25,000,000 25,000,000 Serbia 26,780,000 26,780,000 Norway 5 000 000 5,000,000 5,000,000 Switzerland. 30 090,000 30,000,000 30,000,000 Sweden 25,000,000 25,000,000 25,000,000 Denmark 15,000,000 15,000,000 15,000,000 China 13,000,000 13,000,000 13,000,000 Japan 102,552,000 '5,'25*6,'666" 107 802 000 107,802,000 Australia 1,250,000 1,250,000 1,250,000 Czecho-Slovakia 56,524,666 56,524,000 Liberia 20,000 26,000 Total 1,555,744,000 264,606,313 264,416,265 81,345,000 55,899,500 2,222,011,078 9,598,855,000 11,820,866,078 Summary of foreign Government loans placed in United States and outstanding as of July 1, 1920. Original Amount out- Interest Date offered amount is- standing in Name of issue. rate (per Date of issue. Maturity. in United sued in United States cent). States. United on July 1, States. 1920. GOVERNMENT LOANS, NORTH AMERICA. Canada: 5-year gold bonds.. Apr. 1,1916 Apr. 1,1921 Mar., 1916 $25,000,000 $25,000,000 10-year gold bonds.. do Apr. 1,1926 do 25,000,000 25,000,000 15-year gold bonds. do Apr. 1,1931 do 25,000,000 25,000,000 10-year gold bonds. Aug. 1,1919 Aug. 1,1929 July, 1919 60,000,000 60,000,000 2-year gold notes.. do Aug. 1,1921 do 15}000,000 15,000,000 Total 150,000,000 Newfoundland: 20-year gold bonds June 1,1919 July 1,1939 May, 1919 1 2,500,000 2,500,000 C M u e b x a ic :3 o : E 2 x 1 t 0 e - r y n e a a l r l t o re a a n s o u f r y 1 9 b 1 o 4 nds of 1913 . J F u e l b y . 1 2, ,1 19 9 1 1 4 3 J F u e l b y . 1 1 , , 1 1 9 9 4 2 9 3 J F u e n b e ., , 1 1 9 91 1 4 3 10,0 5 0 0 0 0 , , 0 0 0 0 0 0 10, 5 0 0 0 0 0 , , 0 0 0 0 0 0 Total Government loans—North America. 163,000,000 CENTRAL AMERICA. Panama: Secured serial gold bonds Dec. 1,1915 Dec. 1,1920, Mar., 1915 1,200,000 810,000 1925. Sinking fund 30-year gold bonds. Nov. 2,1914 Nov. 1,1944 Various. 2,250,000 1,895,000 Total , 2,705,000 Santo Domingo: Custom administration, gold bonds.. 1918-1958 Jan., 1908 20,000,000 10,806,000 13,511,000 Total Government loans—Central America SOUTH AMERICA. Bolivia: 1909 1909 2,500,000 * 1,800,000 Morgan loan of 1909 , Apr. 1,1917 Oct. 1,1940 June, 1917 2,400,000 2,248,000 Gold loan of 1917 Total Government loans—South America 4,048,000 EUROPE. Great Britain: Anglo-French 5-year (§) Oct. 15,1915 Oct. 15,1920 Oct., 1915 250,000,000 250,000,000 United Kingdom of Great Britain and Ireland— 5-year N"ov. 1,1916 Nov. 1,1921 Oct., 1916 150,000,000 129,046,000 20-year Feb. 1,1917 Feb. 1,1937 Feb., 1919 143,587,000 143,587,000 10-year !^ov. 1,1919 Aug. 1,1929 Oct., 1919 3-year ....do Nov. 1,1922 do } 250,000,000 250,000,000 Total. 772,633,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

689 JULY, 1920. FEDERAL RESERVE BULLETIN. Summary of foreign Government loans placed in United States and outstanding as of July 1, 1920—Continued. Original .Amount out- Interest Date offered amount is- standing in Name of issue. rate (per Date of issue. Maturity. in United sued in United States cent). States. United on July 1, States. 1920. EUROPE—continued. France: Anglo-French 5-year (J) Oct. 15,1915 Oct. 15,1920 Oct., 1915 $250,000,000 $250,000,000 Belgium: 5-year notes Jan. 1,1920 Jan. 1,1925 Jan., 1920 25,000,000 25,000,000 1-year notes do Jan. 1,1921 do 25-year external sinking fund gold loan. June 1,1920 June 1,1945 June, 1920 50,000,000 50,000,000 Total. 75,000,000 Germany:5 1-year discount notes. Apr. 1,1916 Apr. 1,1917 June, 1916 10,000,000 12,000,000 Norway: 7-year gold Feb. 1,1916 Feb. 1,1923 Jan., 1916 5,000,000 5,000,000 Sweden: 20-year gold June 15,1919 June 15,1939 June, 1919 25,000,000 25,000,000 Russia: Imperial Government 3-year credit (in default) June 18,1916 June 18,1919 June, 1916 50,000,000 50,000,000 5-year gold treasury bonds (interest defaulted Dec. 1,1919). Dec. 1,1916 Dec. 1,1921 Nov., 1916 25,000,000 25,000,000 Total. 75,000,000 Italy: Royal treasury 5-year. Feb. 1,1920 Feb. 1,1925 Feb., 1920 25,000,000 25,000,000 Switzerland: 10-year gold Aug. 1,1919 Aug. 1,1929 July, 1919 30,000,000 30,000,000 Total Government loans—Europe 1,259,633,000 ASIA. China: Chinese Government Hukuang Ry. sinking fund bonds..- June 15,1911 June 15,1951 June, 1911 7,500,000 7,500,000 2-year secured gold notes Nov. 1,1919 Nov. 1,1921 Oct., 1919 5,500,000 5,500,000 Total. 13,000,000 Japan: Japanese Government sterling series. Mar. 26,1905 Feb. 15,1925 Mar., 1905 75,000,000 6 50,998,000 Japanese Government second series.. July 8,1905 July 10,1925 July, 1905 50,000,000 6 35,690,000 Sterling loan of 1905, second series 1905 Jan. 1,1931 Nov., 1905 16,250,000 6 15,864,000 Total 102,552,000 Total Government loans—Asia 115,552,000 Total all Government loans 1,555,744,000 MUNICIPAL LOANS. NORTH AMERICA. Canada: Province of Quebec, 5-year 1920 1925 Apr., 1920 3,500,000 3,500,000 Province of Ontario, 5-year 1920 1925 do 6,800,000 i 6,800,000 Hamilton, Ontario 1920 .do.. 596, 768 596, 768 Province of Ontario, 5-year 1920 1925 Mar., 1920 5,000,000 5,000,000 Province of Manitoba, 5-year 1920 1925 do 2,850,000 2,850,000 Greater Winnipeg Water Dis., 10-year 1920 1930 do 2,000,000 2,000,000 Greater Vancouver, British Columbia, 3-year impr 1920 1923 .....do 510,000 510,000 Province of Manitoba, 10-year 1930 1930 ....do 2,498,"000 2,498,000 Vancouver, British Columbia, treasury note 1919 1920-1924 Jan., 1919 2,COO,000 2,300,000 Province of Ontario, 3-year .* 1919 1922 do 3,000,000 3,000,000 Province of Ontario, 3-year 1919 1922 June, 1919 4,000,000 4,000,000 Province of New Brunswick, 3-year 1919 1922 do 1,000,000 1,000,000 Calgary, Alberta, treasury notes 1919 1920-1924 do 1,500,000 i;350,000 Province of Ontario * 1919 1924 Aug. 1919 3,000,000 3,000,000 Toronto, Ontario 1919 1924-1938 Nov., 1919 2,632,000 2,632,000 Toronto Harbor Commission 1918 1953 . Dec, 1918 1,000,000 1,000,000 Greater Winnipeg Water Dis., 5-year 1918 1923 Feb., 1918 2,000,000 2,000,000 Province of Manitoba, 5-year... * 1917 1922 Apr., 1917 1,500,000 1,500,000 Province of Saskatchewan, 15-year 1917 1932 Sept., 1917 500,000 500,000 Quebec, Quebec, 10-year 1917 1927 Jan., 1917 780,000 780,000 North Vancouver, British Columbia, 30-year 1917 1947 Mar., 1917 47,440 47,440 North Vancouver, British Columbia, 50-year 1917 1967 do 73,000 73,000 Toronto Harbor Commission, 40-year...". 1917 1957 Apr., 1917 1,500,000 1,500,000 Sault Ste. Marie, Ontario * 1917 1932-1967 do 63,200 63,200 Trail, British Columbia, 20-year 1917 1937 June, 1917 80,000 80,000 Greater Winnipeg Water Dis., 5-year 1917 1922 July, 1917 1,500,000 1,500,000 London, Ontario (city), 5-year...' , 1917 1922 Aug., 1917 760,000 760,000 Prince George, British Columbia, Water and Light, 15year 1917 1932 Nov. 1917 30,000 30,000 Province of Nova Scotia, 10-year debenture 1916 1926 Jan., 1916 500,000 500,000 Province of British Columbia, 25-year 1916 1941 Mar , 1916 1,000,000 1,000,000 Province of Saskatchewan, 5 and 10-year 1916 1921-1926 Apr., 1916 1,000,000 1,000,000 Province of Aiberta, 10-year 1916 1926 do 1,650,000 1,650,000 Province of Ontario, 10-year 1916 1926 May, 1916 4,000,000 4,000,000 Province of Nova Scotia, 10-year 191b 1926 Juno, 1916 1,000,000 1,000,000 Province of Quebec, 10-year 1916 1926 do 4,000,000 4.000,000 Province of British Columbia, 10-year 1916 1926 do 2,000,000 2;000,000 Province of Ontario, 10-year * 1916 1926 Dec, 1916 2,000,000 2,000,000 Province of Saskatchewan, 15-year 1916 1931 .do 500,000 500,000 London, Ontario, 3-10-year 1916 1919-1926 Jan., 1916 555,492 486,056 Edmonton, Alberta, 5-year .„ 1916 1921 do 1,348,750 1,348,750 Revelstoke, British Columbia, 15-year 1916 1931 Fob.. 1916 51,500 51,500 Revelstoke, British Columbia, 20-year 1916 1936 do.. 13,000 13,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

690 FEDERAL RESERVE BULLETIN. JULY, 1920. Summary of foreign Government loans placed in United States and outstanding as of July 1, 1920—Continued. Original Amount out- Interest Date o^ered amount is- standing in Name of issue. rate (per Date of issue. Maturity. in United sued in United States cent). States. United on July 1, States. 1920. MUNICIPAL LOANS—Continued. NORTH AMERICA—continued Canada—Continued. Burnaby, British Columbia, 20-year 1916 1936 Feb., 1916 $800,000 $800,000 Maisonneuve, Quebec, 10-year 1916 1926 Mar., 1916 355,000 355,000 Prince George, British Columbia, 10-15 year 6 1916 1926-1931 ....do 140,000 140,000 Medicine Hat, Alberta 5 1916 1926-1942 do 100,000 100,000 Sault Ste. Marie, Ontario 5*, 6 1916 1921-1946 Apr., 1916 83,306 83,306 Prince Rupert, British Columbia, 30-year 6 1916 1946 do 1,600,000 1,600,000 Quebec, Quebec, 5-year 5 1916 1921 do 475,000 475,000 Montreal, Quebec, 20-year 5 1916 193^ Mav, 1916 1, 850,000 1,850,000 Toronto, Ontario, serial 1-32 year 5 1916 1919-1948 Mar., 1916 3,669,000 3,150,000 Westmount, Quebec 44-year 41 1916 1960 June, 1916 107, 500 107,500 Calgary, Alberta, 20 -30 year 5" 1916 1936-1946 do 1,568,806 1,568,806 Ottawa, Ontario, 20-30 vear 5 1916 1936-1946 do 1,032,517 1,032,517 Halifax, Nova Scotia, 30-vear 5 1916 1946 do 460,420 460,420 Irquois Fall, Ontario, 9-15 vear , 1916 1925-1931 Julv, 1917 40,000 40,000 Greater Winnipeg Water Pis., 5-year 1916 1921 July, 1916 1,500,000 1,500,000 Saskatchewan Drainings District 1946 ...!do 91,200 91 200 Humboldt, Saskatchewan 1916 1946 Aug. 1916 67,300 67,300 Nelson, British Columbia, 20-year 1916 1936 ....do 30,000 30,000 Parish St. Pierre Claver, Manitoba 1916 1926 Sept. 1916 100, 000 100,000 Toronto, Ontario 1916 19191936 Nov. 1916 2,591,000 1,810,000 Toronto Harbor Commission, 40-year 1916 1956 ....do 1,500,000 1,500,000 Montreal, Quebec, 40-year 1916 1956 ....do 3 800 000 3,800,000 Halifax, Nova Scotia 1916 1951 Dec. 1916 265,000 265,000 Alberta (University of) 10-year (principal and interest guaranteed by Province of Alberta) 1915 1925 Jan. 1915 1,000,000 1,000,000 Province of Ontario, 10-year 1915 1925 May, 1915 3,000.000 3,000,000 Province of Alberta, 10-year 1915 1925 ../do 3.500,000 3,500,000 Province of Saskatchewan, 4-10-vear 1915 1919-1925 Oct., 1915 1,200,000 720,000 Province of British Columbia, 10-year 1915 1925 Nov., 1915 2,630,000 2,630,000 Province of New Brunswick, 10-year 1915 1925 ....do 470,000 470,000 Province of Saskatchewan, 10-year 1915 1925 ....do 1,000,000 1,000,000 Province of New Brunswick, 10-year 1915 1925 Dec. 1915 1,700,000 1,700,000 Province of Nova Scotia, 10-year 1915 1925 ....do 500,000 500,000 Regina, Saskatchewan 1915 1928-1929 Jan., 1915 340,000 340,000 Sault Ste. Marie, 30-year 1915 1945 Feb., 1915 500,000 500,000 Toronto, Ontario, 33-year 1915 1948 ....do 81,000 81,000 Port Coquitlan, British Columbia, 30-year , 1915 1945 do 100,000 100,000 Calgary School Board, 40-year , 1915 1955 Mar.. 1915 175,000 175,000 Hochelaga School Commission, Quebec 1915 1943 do 375,000 375,000 North Vancouver,British Columbia, 10-year 1915 1925 Apr 1915 19,825 19,825 Toronto, Ontario .' 1915 1945-1956 do 2,500,000 2,500,000 Toronto, Ontario, 33-year 1915 194S July, 1915 40,000 40,000 Toronto, Ontario, 10-year 1915 1925 Sept., 1915 2,500,000 2,500,000 Ottawa, Ontario, 10-30-year 1915 1925-1945 do 1,556, 342 1,556,342 North Vancouver, British Columbia, 20-year 1915 1935 do 30,000 30,000 Toronto Harbor Commission, 40-year 1915 1955 Oct., 1915 1,000,000 1,000,000 Victoria, British Columbia, 10-year 1915 1925 do 289,000 289,000 Saskatoon, Saskatchewan, 10-30 year 1915 1925-1945 ....do 300,000 300,000 Montreal, Quebec, 15-year 1915 1930 Nov., 1915 1,000,000 1,000,000 Montreal Catholic Schools, 30-year 1915 1945 Dec, 1915 450,000 450,000 Province of Alberta, 10-year 1914 1924 Feb. 1914 2,400,000 2,400,000 Edmonton, Alberta School Dis., 40-year 1911 1954 Oct. 1914 850,000 850,000 Edmonton, Alberta, Electric Light & Power, 40-year 1914 1954 do 97,000 97,000 Province of Alberta, 10-year 1913 1923 Nov. 1913 3,600,000 3,600,000 Halifax, Nova Scotia, 32-year deb 1913 1945 Aug.. 1913 299,750 299,750 Toronto, Ontario (Electric Light & Power), 35-year 1913 1948 do 4,406,633 4,406,633 Toronto, Ontario, Harbor, 40-year 1913 1953 do 1,500,000 1,500,000 Bassane, Alberta, Water & Sewer, 30-year 1912 1942 Sept., 1912 150,000 150,000 Total Canadian provincial and municipal loans. 130,425,313 Other than Canadian: City of Rio de Janeiro, Brazil, ext. gold May 1,1919 1922-1931 May, 1919 10,000,000 10,000,000 City of Sao Paulo, Brazil, ext. gold Nov. 1,1919 Nov. 1,1943 Oct., 1919 8,500,000 8,500,000 Water Co. of Valparaiso (water board loan guaranteed by Republic of Chile) Dec. 8,1915 Aug. 9,1939 Oct., 1916 471,000 431,000 City of Paris, 5-year gold Oct. 1,1916 Oct. 15,1921 do 50,000,000 50,000,000 City of Bordeaux, 15-year gold Nov. 1,1919 Nov. 1,1934 Nov., 1919 15,000,000 15,000,000 City of Lyon, 15-year gold , do .....do do 15,000,000 15,000,000 City of Marseille, 15-year gold do do do 15,000,000 15,000,000 City of Copenhagen (Denmark) ext. gold , July 1,1919 July 1,1944 Aug., 1919 15,000,000 15,000,000 City of Tokio (Japan) loan of 1912 Feb. 22,1912 Sept. 1,1952 Feb., 1912 10,000,000 1 5,250,000 Total municipal-loans except Canadian 134,181,000 Total, all municipal loans 264,606,313 RAILROAD LOANS. NORTH AMERICA. Canada: Canadian Northern Ry. Equipment trusts- Series C-l Apr. ,1912 1915-1922 July, 1912 2,000,000 440,00J Series G-l Mar. ,1913 1915-1923 May, 19J3 1,000,000 330,000 Series H-l Dec. ,1913 1914-1923 Dec, 1913 750,000 310,000 Series K-l Oct. ,1914 1915-1924 Jan., 1915 2,000,000 1,055,000 Series L-l ; AAug. 1,11991166 1917-1926 Aug., 1916 1,250,000 854,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN". 691 Summary of foreign Government loans placed in United States and outstanding as of July 1, 1920—Continued. Original Amount out- Interest Date o^ered amount is- standing in Name of issue. rate (per Date of issue. Maturity. in United sued in United States cent). States. United on July 1, States. 1920: RAILROAD LOANS—Continued. NORTH AMERICA—continued Canada—Continued. Canadian Northern Ry. Equipment trusts—Contd. Series A July l, 1918 1919-1928 July 1918 $5,000,000 $3,500,000 Series B Jan. 1,1919 1919-1929 Jan., 1919 7,500,000 6,375,000 Series C May 1,1919 1919-1929 May, 1919 7,500,000 6,750,000 Series D Dec. 1,1919 1920-1929 Jan., 1920 7,500, 000 7,125,000 Miscellaneous equipments (various) 3,132,500 2^-year notes Aug. 1,1919 Feb. 1,1922 July, 1919 10,000,000 10,000,000 5-year notes do. Aug. 1,1924 do...... 3-year notes Dec. 1,1919 Dec. 1,1922 Mar., 1920 6,000,000 6,000,000 5-year notes ....do Dee. 1,1924 do 6,000,000 6,000,000 Canadian National Rys. 15-year equipment May 1,1920 May 1,1935 Apr., 1920 15,000,000 15,000,000 Grand Trunk Ry. Co. of Canada— Equipment A May 1,1912 1913-1922 June, 1912 3,940, 000 788,000 Equipment B Nov. 1,1912 1913-1922 Nov., 1912 3,360,000 840,000 Equipment C Nov. 1,1913 1914-1923 Nov., 1913 2,250,000 784,000 Equipment D Aug. 1,1917 1918-1927 Aug.. 1917 2,500,000 1,875,000 Edmonton, Dun vegan & British Columbia Ry. Co. 30- Aug. 11,1916 Oct. 22,1944 July, 191G 2,420;000 2,420,000 year first mortgage. Toronto, Hamilton & Buffalo Ry.— First mortgage June 1,1896 June 1,1943 Mar., 1899 3,280,000 3,280,000 Consolidated Aug. 1,1916 Aug. 1,1966 1916 2,000,000 2,000,000 Equipment A Feb. 1,1913 1914-1923 Jan., 1913 1,500,000 450,000 Canadian Pacific Ry. Co. equipment trust , Jan. 1,1915 1915-1928 Jan., 1915 12,690,000 7,520,000 Equipment Trust Certificates, 1920 Apr. 1,1920 1920-1932 Mar., 1920 12,000,000 12,000,000 Canada Southern Ry. Co. Consolidated Mortgage Oct. 1,1912 Oct. 1,1962 Dec, 1912 22,500,000 22,500,000 Total Canadian railroad loans.. 121,328,500 Mexico: * Vera Cruz & Pacific R. R. first mortgage. July 1,1904 July 1,1934 1901 7,000,000 7,000,000 Pan-American R. R. first mortgage June 1,1903 Jan. 1,1931 1906 1,000,000 1,000,000 National R. R. of Mexico prior lien Mar. 15,1902 Oct. 1,1926 1902 23,000,000 23,000,000 National Rys. of Mexico— 2-year second notes June 2,1913 June 1,1915 8 June, 1913 26,730,000 26,730,000 General mortgage Oct. 1,1907 Oct. 1,1977 1908 50,747, 925 50,747,925 Prior lien July 1,1907 July 1,1957 1908 13,750,000 13,750,000 Mexico International R. R.— First consolidated Aug. 6,1897 Sept. 1,1977 1897 4,505,000 4,206,000 3-year notes Jan. 1,1914 Jan. 1,1917 8 1914 1,653,750 1,653,750 Total Mexican railroad loans 128,087,765 Total railroad loans of North America. 249,416,265 SOUTH AMERICA. Argentina: Central Argentina Ry. Co. 10-year notes.. Feb. 1,1917 Feb. 1,1927 Mar., 1917 15,000,000 15,000,000 Total all railroad loans 264,416,266 INDUSTRIAL LOANS. NORTH AMERICA. Canada: Abitibi Power & Paper (Ltd.) first mortgage Feb. 1,1914 1917-1934 Various. 4,754,000 4,399,000 Lake Superior Corporation (Inc.) noncumulative Oct. 1,1004 Oct. 1,1924 1904 3,000,000 3,000,000 Sherwin-Williams Co. of Canada (Ltd.) first and rer... July 1,1911 July 1,1941 Feb. 1912 1,200,000 1,125,000 Canadian Car & Foundry Co. first mortgage Dec. 1,1909 Dec. 1,1939 Jan., 1910 6,100,000 5,000,000 Dominion Coal Co. first mortgage May 1,1905 May 1,1940 Apr., 1905 7,000,000 5,700,000 Canada West Coast Navigation Co. first mortgage Mar. 1,1917 1919-1927 Mar. 1917 600,000 470,000 Wm. A. Rogers (Ltd.) first mortgage Feb. 1,1917 1919-1932 do 600,000 530,000 St. Maurice Paper Co. (Ltd.) first mortgage Jan. 1,1916 Jan. 1,1946 July, 1917 1,250,000 1,250,000 Smart Woods (Ltd.) first mortgage serial Aug. 1,1916 1919-1931 July, 1916 500,000 410,000 Canadian Northern Coal & Ore Dock Co. 20-year Jan. 1,1916 Jan. 1,1936 do 1,375,000 1,337,500 Geo. Lane & Co. (Ltd.) Calgary first mortgage 1<16 1931 do 300,000 300,000 British Columbia Sulphite Fibre Co. first Nov. 1,1916 1919-1926 Oct., 1916 650,000 455,000 Northern Electric Co. (Ltd.) first mortgage June 1,1914 June 1,1939 July, 1914 3,500,000 3,043,000 Granby Consolidated M. S. & P. R. Co. (Ltd.) consolidated first mortgage May 1,1913 May 1,1928 1910-1915 3,500,000 2,030,000 Maple Leaf Shipping Co. (The) (S. S. St. Mihiel) first Nov. 1,1918 1919-1921 Nov., 1918 650,000 250,000 Nova Scotia Transportation Co. (S. S. Quesnoy) first do May 1,1921 do 650,000 250,000 Riordan Pulp & Paper general mortgage Jan. 1,1919 Jan. 1,1929 Jan., 1919 4,000,009 4,000,000 Spanish River Pulp & Paper Mills notes , Sept. 1,1919 1920-1929 Sept. 1919 3,500,000 3,500,000 Acadia Sugar Refining Co. 10-year debenture Apr. 1,1920 Apr. 1,1930 Apr., 1920 2,000,000 2,000,000 Canadian Western Steamships (Ltd.) first mortgage Jan. 15,1920 1921-1925 do 850,000 850,000 marine. Total Canadian industrial loans.. 39,899,500 Great Britain: Anglo-American Oil Co. (Ltd.) 5-year notes... Apr. 1,1920 Apr. 1,1925 Apr., 1920 15,000,000 15,000,000 Belgium: Minerva Motors serial notes 192J 1921-1925 Mar., 1920 1,000,000 1,000,000 Total European industrial loans. 16,000,000 Total all industrial loans 55,899,500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 FEDERAL RESERVE BULLETIN. JULY, 1920. Summary of foreign Government loans placed in United States and outstanding as of July 1, 1920—Continued. Original Amount out- Interest Date offered amount is- standing in Name of issue. rate (per Date of issue. Maturity. in United sued in United States cent). States. United on July 1, States. 1920. PUBLIC UTILITY LOANS, NORTH AMERICA. Canada: Bell Telephone Co. of Canada 5-year bonds Apr. 1,1920 Apr. 1.1925 Mar., 1920 $5,500,000 $5,500,000 Shawinigan Water & Power Co. second convertible notes. July 1,1920 July 1.1926 June, 1920 4,000,000 4,000,000 Toronto Ry. 2-year notes Dec. 1,1918 Dec. 1,1920 Dec, 1918 1,000,000 1,000,000 Brazilian Tr. Light & Power 3-year notes Nov. 1,1919 Nov. 1,1922 Nov., 1919 7,500,000 7,500,000 Montreal Tramways Co. first and refunded July 1,1911 July 1,1941 1911-1913 16,335,000 16,335,000 Montreal Tramways & Power Co. secured bonds Mar. 1,1919 Mar. 1,1924 Mar., 1919 7,300,000 7,300,000 New Brunswick Power first mortgage Mar. 1,1917 Mar. 1,1937 Mar., 1917 1,225,000 1,225,000 Nova Scotia Tramways & Power first mortgage Dec. 1,1916 Dec. 1,1946 Jan., 1917 2,250,000 2,250,000 Cape Breton Electric Co. (Ltd.) first mortgage Jan. 1,1902 Jan. 1,1932 Jan., 1913 1,096,000 1,096,000 Toronto Electric Light Co. 3-year notes July 1,1919 July 1,1922 July, 1919 1,000,000 1,000,000 Dominion Power & Transmission Co. first mortgage Apr. 1,1907 1920-1932 1,650,000 1,650,000 Shawinigan Water & Power Co. first consolidated Jan. 1,1904 Jan. 1,1934 Apr., 1904 4,382,500 4,270,000 Winnipeg Electric Ry.— First ref Jan. 2,1905 Jan. 2,1935 4,000,000 4,000,000 2-year notes Jan. 15,1919 Jan. 15,1921 Dec, 1918 750,000 750,000 Bell Telephone Co. of Canada first mortgage Apr. 1,1895 Apr. 1.1925 Various. 7,650,000 7,650,000 Ontario Power Co. of Niagara Falls- First mortgage Feb. 2,1903 Feb. 1,1943 Dec, 1904 1,000,000 1,000,000 Debenture June 30,1906 July 1,1921 May, 1911 2,300,000 2,300,000 Ontario Transmission Co. (Ltd.) first mortgage Aug. 16,1905 May 1,1945 Nov., 1906 1,805,000 1,574,000 Montreal Light, Heat & Power Co. first and coll. tr Jan. 1.1902 Jan. 1,1932 1902 2.500,000 2,500.000 Montreal (Lachine Power Co.) sinking fund bonds. Apr. 1,1903 Apr. 1,1933 1903 3,572,000 3,045.000 Cedar Rapids Manufacturing & Power Co. 40-year. Jan. 17,1903 Jan. 1,1953 Feb., 1916 850,000 850,000 Lawrentide Power Co. 30)--yyeeaarr ffiis 't mortgage. Jan. 1,1916 Jan. —,1946 Aug., 1916 2,250,000 2,250,000 United Gas & Fuel Co. 5-year first mortgage. July 1,1918 July 1,1923 July, 1918 1.050,000 1.050,000 Total public utility loans of North America 80,095,000 Australia: Melbourne Electric Supply Co. (Ltd.)—Melbourne, Australia, 5-year Mar. 1,1917 Mar. 1,1922 Mar., 1917 1,250,000 1,250,000 Total all public utility loans. 81,345,000 Total all corporate loans 401,660,765 Grand total all loans (Government, municipal, and corporation) 2,222,011,078 T 1 Approximate. 2 There was also $25,000,000 (of a total issue of $40,000,000) United States of Mexico 4 per cent bonds due 1954, offered for subscription in 1904. No figures showing amount placed here are available. » There w?,re two other Cuban Government loans—$35,000,000 gold fives, dated March, 1904, and due Mar. 1, 1944, and $16,500,000 external gold four-and-a-halfs, dated Aug. 2, 1909, and due Aug. 1, 1949—placed partly in this country and partly abroad, but the amounts placed here are unavailable. * Estimated. 6 Through the efforts of Chandler & Co. the majority of these notes were extended to Apr. 1, 1918, the balance being paid off at Central Trust Co. of New York. Approximately $2,000,000 of those extended are still outstanding in the United States, according to Chandler & Co. 6 Latest figures available on bonds originally placed here. A considerable amount of the portion of these securities originally sold abroad has been brought into our markets recently, but exact figures are unobtainable. 7 All interest in default since 1914. 8 Principal in default. Recent Tax Legislation Affecting Foreign Banks April 30, 1920, under date of April 29, 1920, in Spain. pages 384-385. There follows a free translation of the paragraphs of greatest interest to [From report by Chester L. Jones, commercial attache".] foreign banks: Recent legislation affecting foreign enter- Provision 9. Subject to taxation under this tariff shall be— prises in Spain is in line with the widespread A. In the case of Spanish enterprises and foreign enterenthusiasm for the protection of national in- prises which have all of their business in the Kingdom, the dustries and the policy of freeing the keytotal of their profits and in appropriate cases of the capital industries of the country from foreign influence of the enterprises; and B. In case of foreign enterprises which carry on business and control, as shown, for example, in the in the Kingdom and outside of it, a proportionate part of the reports of the Commission for the Protection of profits and in appropriate cases, of the capital, correspond- National Production. Advocacy of such legis- ing to the amount assigned to the business of the enterprise lation, therefore, secures a favorable political in the Kingdom. This amount can not be in any case less than one-tenth, and its determination lies within the comhearing even in circles not directly connected petence of the Jurado de Utilidades. with banking interests Strong support is Provision 10. Notwithstanding what is stated in the given by practical!}^ the entire Spanish banking preceding provision, paragraph B, the minimum payment community. of the capital of foreign banks established in Spain shall be based on the sum of the following items: The provisions of the new law relating to (a) One per thousand of the total capital of the entertaxation are published in the Gaceta de Madrid, prises; and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 693 (b) Two per thousand on the part of said capital assigned Spanish attorneys are not unanimous in to its business in Spain estimated in the form heretofore thinking that this conclusion necessarily folprovided. lows. It is alleged that the provisions con- The authorization contained in the final paragraph of article 3 of the law of the 29th of December, 1910, shall cerning banks are found in a separate paragraph remain in force.1 and that they therefore are distinct from the Provision 13. The arrangements now in force relative provisions outlined in the ninth provision, parato the obligation to declare the basis for taxation and the graph B. It is alleged that these clauses will amount of turnover and those which regulate the power of the administration to prove the exactness of the declara- have to be clarified by decisions in the ministry tion shall extend to all the enterprises subject to the obli- of the treasury. gation of contributing under this tariff. It would appear that a decision favorable to ]n case of the nonfulfillment of the obligation to declare the foreign banks on this point would have to and in those where resistance, excuse, or refusal is made to a legitimate demand, by the employees of the adminis- be secured against the opposition of the local tration charged with verifying the amounts, the estimate banks and would in any case be subject to of the proper basis for taxation shall lie in the competence reversal by any subsequent minister of the of the Jurado de Utilidades which may reserve in such treasury wTho might not be well disposed toward cases the grounds of its conclusion. In practice in such estimates there shall be taken into account that the negli- foreign banking enterprises. gence or bad faith of those contributing thereto ought It is further to be noted also that two memnot to prejudice the interests of the treasury. bers of the future Jurado de Utilidades have Article 6. The Jurado de Utilidades shall be constialready expressed their opinion to the effect tuted in the ministry of the treasury and shall be formed of the chief directors of " Contribuciones y del Timbre that the minimum upon which the 2 per thoudel Estado," two bankers, managers, or directors of banks sand will be levied under the terms of the law which possess Spanish nationality, designated by the is 10 per cent of the total capital of the bank council of ministers on proposal of the treasury departin question. ment, and two officers of the ministry of the treasury, designated by the minister. It does not appear clear whether a bank After having made the necessary investigation in each with several branches in Spain would be concase the Jurado de Utilidades shall render its decisions sidered as one bank or whether each branch according to the promptings of conscience and by majority would be taxable separately. vote. In case of a tie the president shall decide. The competence of the Jurado de Utilidades outlined The new legislation contains a clause which, in the first provision of article 2 and in the second, fifth, it has been suggested, gives to the Government eighth, ninth, and thirteenth provisions of article 3 can a power to exact payment of taxes from a fornot be modified except by law. eign bank operating in Spain similar to those The resolutions of the Jurado de Utilidades shall necessitate in order to be put into effect the approval of the payable by a Spanish bank operating in the minister of the treasury. If he dissents, he shall submit foreign country in question. the question at issue within the maximum period of one What form the application of this provision month to the council of ministers, which shall decide definitely. might take is not clear. Other legislation such The judgments of the council of ministers and those of as that cited below in article 28 of the Royal the Jurado de Utilidades in matters within their power Decree of April 25, 1911, shows that the retaliashall not be impugnable by litigation (no son inpugnables tion may take the form of the imposition of taxes en la via contenciosa). for taxes. It might apparently take other forms. The tax provisions of this law are retroactive It has been argued that the disadvantages to April 1, 1920. of the Spanish legislation could be avoided by There are provisions in the portion of the creating a Spanish banking corporation the law above quoted the meaning of which is stock of which would be held at least in majorquestionable and which, if given an adverse ity by the parent institution or held nominally interpretation, would greatly increase the by Spanish citizens but signed over in blank in difficulties under which foreign banks would such a way that the parent institution would operate. have effective control of the local institution. The law in the ninth provision, paragraph B, The second of these alternatives is obviously states that— a subterfuge which would be adopted to make The foreign capital corresponding to the amount assigned the corporation appear in lawT what it was not to the business of the foreign enterprises in the kingdom in fact. can not be less than one-tenth. In this connection, as indicating the equivocal This apparently means that an announce- position in which such an organization appears ment that less than one-tenth of the capital to stand under either of these two methods of was employed in Spain would not be accepted incorporation, the terms of the Royal Decree of by the authorities authorized to verify the April 25, 1911, are pertinent. This decree was statement—the Jurado de Utilidades. issued to allow the Government to arrive at a basis for the taxation of foreign companies. 1 This article reads: "The Government is authorized to enforce the Article 4 provides— taxation laws on foreign concerns operating in Spain in those cases where the Countries of origin of such concerns burden Spanish companies Those societies shall be considered Spanish for the purwith branches in their respective countries in an unfavorable manner with respect to that which has been established in this article." pose of this decree which are constituted under the pro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 FEDERAL RESERVE BULLETIN. JULY, 1920. visions of Spanish legislation and which have taken out IMPORTS. their incorporation in Spain. In spite of what is provided in the preceding paragraph Raw material. Producers' goods. Consumers' goods. the administration may consider as foreign for the purpose Tin, bars, blocks, pigs, or Sisal grass, unmanu- Coffee. of valuing their capital as a basis of taxation such com- grain or granulated. factured. Tea. panies as, although complying with the requirements out- Silk, raw, in skeins reeled, Burlap and plainlined in the above paragraph, have one of the following the cocoon or rereeled. woven fabrics of sin- Lumber: gle jute varn: characteristics: (a) Boards, planks, (a) Not bleached, (a) When the administrators of the company lack and other sawed colored. Spanish nationality or, although possessed thereof, are forms. (6) Bleached , (6) Boards, planks, dyed, etc. not domiciled in Spain in sufficient number to take de- and other forms India rubber, unmancisions concerning the business of the company by them- of sawed cabi- ufactured. selves. net woods. Ammonia, sulphate Total wool, including of. (6) When the persons legally charged with the adminis- clothing, combing, and Soda, nitrate of. tration of the company are dependent upon some foreign carpet. Cane sugar. entity, whether because of their situation as employees or Cotton, unmanufactured. Total h ides and s kins, exby contracts or stipulations to that effect. cept fur skins. (c) When, because of the corporate name inscribed in the register or because of any words of which the com- DOMESTIC EXPORTS. pany may make use in advertisements or documents relating to its mercantile business, it appears that the Barley. Lime, acetate of. Wheat flour. society in Spain is a dependent of a foreign organization. Torn. Copper wire, except Cotton cloth. Oats. insulated. Boots and shoes. (d) When it appears on reliable evidence to the Spanish Wheat. Steel rails. Illuminating oil. administration that there exists in the power of some for- Anthracite coal. Steel plates. Sugar, refined, ineign entity enough of the capital stock to allow it to impose Bituminous coal. Structural iron and cluding maple Copper, refined, in ingots steel. sugar. its decisions upon the stockholders' meetings and upon and other forms. Sole leather. Hams and shouldthe commercial transactions of the company in question. Cotton, unmanufactured. Upper leather: ers, cured. Pig iron. (a) Calf and kip. Lard. Crude mineral oil. (6) Calf and kid. Article 28 provides that a Spanish corpora- Leaf tobacco, unmanu- Fuel and gas oil. tion which has to pay higher rates than those factured. ^asonne. Total boards, planks, etc. Cottonseed oil. established in Spain for foreign companies in similar circumstances may make complaint Separate indexes are shown both in imports thereof and the Spanish treasury may then and exports for raw materials, producers' impose an equivalent tax on the corporations goods, and consumers' goods. These indexes of the country involved which work in Spain. of current imports and exports will be pub- It is reported that one of the leading British lished monthly in the BULLETIN in the future. banks has organized a separate company in The method used in the construction of these France which has opened a branch in Spain. indexes is as follows: The physical quantities This may enable the British bank to operate of each of the commodities were valued at in Spain by paying a tax based on the capital their average 1913 prices for each of the of the French company rather than on the months of 1913, 1919, and 1920 to date. The much larger capital of the parent institution. values thus arrived at were added so as to It remains to be seen, however, whether such give a total for raw materials, producers' a plan will prove practicable. goods, and consumers' goods, both of imports and exports, for each month. The monthly index is then computed on the base of the average of such monthly values for the year 1913. FOREIGN TRADE INDEX. In addition an index for the year 1919 is computed on the basis of the year 1913. The There is presented below a series of indexes general monthly index, including all comdesigned to reflect movements in foreign trade modities, is computed by determining the total of the United States with fluctuations due to value at 1913 prices of all the commodities price changes eliminated. The commodities listed, which value is then converted into an chosen for these indexes are those for which index on the base of average monthly values prices are compiled by the Federal Reserve for the year 1913. Board in the preparation of its international In the table which follows there are a numprice index. The list includes 14 of the most ber of items of interest to be noted. With important imports the value of which in 1913 reference to balance of trade as shown by formed 40.6 per cent of the total import values, these figures, with the price variations elimiand 29 of the most important exports the value nated, there is to be observed a much greater of which in 1913 formed 56.3 per cent of the increase in imports than in exports. Analyztotal export values. The commodities are as ing more closely the import figures, we find follows: that the greatest increase is to be seen in pro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 695 ducers7 goods, the figure for 1919 showing an able. The most important increases over 1913 increase of 108 per cent over 1913. Im- are seen (in the order named) in refined sugar, ports in this group for the first four months hams and shoulders, and boots and shoes. The in 1920 were even heavier than the correspond- only commodity in this group which showed a ing months of the previous year. The largest decrease since 1913 is illuminating oil. There increase among the commodities in this group was also an increase in the exports of prois to be found in the case of India rubber. ducers' goods to the extent of 54.4 per cent in The group showing the next, largest increase 1919 over 1913. The volume of exports in is that of raw materials, the increase for 1919 this group in 1920 was not as great as in corbeing 65.5 per cent over the year 1913. This responding months of 1919, with the exception tendency to increase continued for the first four of the month of March. The largest increases months of 1920, the imports for each month be- in this group occurred in sole leather, steel ing in excess of corresponding month in 1919. plates, and copper wire. Several commodities The most important increases in this group are in this group showed a marked decrease, the to be noted in the cases of raw silk and wool. most important instance being acetate of lime. In the case of consumers' goods the increase There was a marked decrease in exports of raw in 1919 as compared with 1913 was 45.7 per cent. material in 1919 as compared with 1913, the This increase has been maintained for the first decrease amounting to 11.4 per cent. The four months during 1920, each of the months most important factor in this decrease is to be thus far being considerably above the corre- found in the falling off of exports of raw cotton. sponding month in 1919 with the exception There is, however, great lack of uniformity in of March. It is to be remembered, however, movements of the different . commodities. that this group consists of only coffee and tea. Oats, barley, wheat, and leaf tobacco all show In the case of exports the greatest increase an increase, while the exports of cotton, lumoccurred in consumers' goods, the increase in ber, refined copper, and corn declined. There 1919 over 1913 being 87.9 per cent. The ex- is to be noted, however, a marked tendency ports of these materials in 1920, however, have for the exports of the commodities in this group not kept pace with the corresponding months to increase during 1920 as compared with the in 1919, decrease in each case being consider- corresponding months of 1919, Value of exports and imports of selected commodities at 1913 prices. [In thousands of dollars; i. e., 000 omitted.] [Monthly average values, 1913=100.] Exports. Imports. Raw materials Producers' Consumers' Grand total Raw materials Producers' Consumers' Grand total (12 commodi- goods (10 com- goods (7 com- exports (29 com- (6 commodi- goods (6 com- goods (2 com- imports (14 comties). modities). modities). modities). ties). modities). modities) . modities). Index Index Index Index Index Index Index Index Value. num- Value. num- Value. num- Value. num- Value. num- Value. num- Value. num- Value. number. ber. ber. ber. ber. ber. ber. ber. 1913. January 100,027 116.8 11,762 101.4 30,715 100.9 142,504 111.6 50,336 123.8 32,545 105.0 12,080 107.6 94, 961 114.6 February 71,074 83. 0 12,266 105. 8 30,790 101.2 114,130 89.4 45,175 111.1 34,308 110.7 11,865 10.5. 7 91,3-JS 110.2 March 61,081 72.0 11,836 102.1 28, 698 94.3 102,215 80.1 46,079 113.3 37,824 122. 0 10,145 90.4 94.058 113.5 A pril... 71,446 83.0 14,128 121.8 28, 708 94.3 114,282 89.5 42,785 105. 2 36,216 116.9 8,983 80.0 87,984 106.2 May 68, 856 80.4 11,661 100.6 29, 923 98.3 110,440 86.5 38,111 93.7 32,601 105.2 6,127 54.6 76, 839 92.7 June... 46, 963 54.8 1J,612 100.1 28,242 92.8 86, 817 68.0 32, 793 80.6 33,790 109.0 6,843 60.9 73, 426 So. 0 July 51,325 59.9 11,109 95.8 27,686 91.0 90,120 70.6 31, 681 77.9 31,178 100.6 7,557 67. 3 70,416 84.9 August 74, 869 87.4 11,547 99.5 29,370 96.5 115,786 90.7 35,194 86.6 34,223 110.4 9,438 84.1 78,855 95.1 September... 103, 614 120.9 10,622 91.6 32,190 105.8 146,426 114.7 42, 588 104.7 35,137 113.4 14,068 125.3 91,793 110.8 October 137, 772 160.9 12, 608 108.7 34, 612 113.8 184,992 144.9 36,842 90.6 18,331 59.2 14,695 130. 9 69, 868 84.3 November... 126,836 148.1 9,987 86.1 31,246 102.7 168,069 131. 6 37, 465 92.1 22,353 72.1 13,892 123. 8 73, 710 88.9 December... 113,326 132. 3 10, 053 86.7 33,089 108.7 156,468 122.5 48,886 120.2 23,406 75.5 19, 028 169.5 91,320 110.2 Year...1,027,789 100.0 139,191 100.0 365,269 100.0 1,532,249 100.0 487,935 100.0 371,912 100.0 134, 721 100. 0 994,568 100.0 1919. January 84,039 98.1 18,444 159.0 56,748 186.4 159,231 124.7 38,273 94.1 45,892 148.1 12,115 107.9 96,280 116.2 February 58, 488 68.3 14,598 125.9 53,338 175.2 126, 424 99.0 35,074 86.3 60, 653 195.7 12,056 107.4 107, 783 130.0 March. . 57, 659 67.3 16,161 139.3 61,585 202.3 135,405 106.1 39,396 96.9 78,773 254.2 21, 768 193.9 139,937 168.8 April 65,112 76.0 19,356 166.9 80,639 264.9 165,107 129.3 51,280 126.1 81, 409 262.7 13,222 117.8 145,911 176.0 May ' 67,673 79.0 16,007 138.0 58,932 193.7 142,612 111.7 71,831 176.7 84,646 273.1 15,949 142.1 172,426 208.0 June 94, 660 110.5 28,658 247.1 95,917 315.1 219,235 171.7 73,401 180.5 57,244 184.7 12,208 108. 7 142,853 172.4 July 71, 918 84.0 16,943 146.1 50,531 166.0 139,392 109.1 72,974 179.5 72,172 232.9 21, 555 192.0 166, 701 201.1 August 81,302 94.9 19,578 168.8 49,548 162.8 150,428 117.8 77,988 191.8 36,460 117.6 17, 525 156.1 131,973 159.2 September... 70,209 82.0 19,365 167.0 43,108 141.6 132,682 103.9 109,761 269.9 60,884 196.4 20, 779 185.1 191,424 231.0 October 70,240 82.0 16,844 145.2 45,983 151.1 133,067 104.2 88,701 218.2 64,921 209.5 17,198 153.2 170,820 206.1 November... 99,589 116.3 15, 741 135.7 46,473 152.7 161, 803 126.7 84,424 207.6 69,554 224.4 17,060 152.0 171,038 206.4 December... 89,585 104.6 13,208 113.9 43,563 143.1 146,356 114.6 64,252 158.0 60,994 196.8 14,831 132.1 140,077 169.0 Year... 910, 474 88.6 214,903 154.4 686,365 187.9 1,811,742 118.2 807,355 165.5 773,602 208.0 196,266 145.7 1,777,223 178.7 1920. January 93,141 108.7 15,647 134.9 35,406 116.3 144,194 112.9 90,433 222.4 82,014 264.5 17,874 159.2 190,321 229.6 February ... 70,130 81.9 14,198 122.4 41,645 136.8 125,973 98.7 75,597 185.9 99,502 321.0 14,241 126.9 189,340 228.4 March 90,805 106.0 17,279 149.0 56,428 185.4 164,512 128.9 77,966 191.7 117,188 378.1 19,260 171.6 214,414 258.7 April 68,048 79.4 17,063 147.1 51,689 169.8 136,800 107.1 77,288 190.1 89,684 289.4 21,347 190.1 188,319 227.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

696 FEDERAL RESERVE BULLETIN. JULY, 1920. June Crop Report, by Federal Reserve Districts. shown in the table below by Federal reserve districts. The forecasts are compared with Forecasts of crop production issued by the estimates for 1919 and with averages for the Bureau of Crop Estimates as of June 1 are five years, 1915-1919. Production of wheat, oats, and hay, by Federal reserve districts—June 1 forecast of the Bureau of Crop Estimates. [In thousands of units of measurement.] Spring wheat (bushels). Winter wheat (bushels). Total wheat (bushels). Federal reserve district. Forecast Esti- Average Forecast Esti- Average Forecast Esti- Average for mate for for for mate for for for mate for for 1920. 1919. 1915-1919. 1920. 1919. 1915-1919. 1920. 1919. 1915-1919. Boston 465 480 465 New York 669 750 350 10,754 11,743 10,054 11,423 12,493 10,404 Philadelphia-. 305 316 63 23,860 25,606 23,281 24,165 25,922 23,344 Cleveland 545 1,034 271 35,388 62,714 47,780 35,933 63,748 48,051 Richmond 34,392 37,094 41,952 34,392 37,094 41,952 Atlanta 6,377 10,326 10,830 6,377 10,326 10,830 Chicago 15,600 19,140 12.649 50,733 93,062 70,743 66,333 112,202 83,392 St. Louis 624 1,001 391 52,771 107,021 77,937 53,395 108,022 78,328 Minneapolis 186,408 129,337 196,070 7,530 5,757 13,753 193,938 135,094 209,823 Kansas City... 19,663 16,463 16,026 216,399 284,531 201,404 236,062 300,994 217,430 Dallas 748 898 543 14,492 32,707 19,228 15,240 33,605 19,771 San Francisco.. 51,351 39,933 36,329 51,300 61,075 52,927 102,651 101,008 88,356 Total.. 276,378 209,352 263,072 503,996 731,636 568,989 780,374 940,988 832,061 Oats (bushels). Hay, tame and wild (oats). Federal reserve district. Forecast for Estimate for Average for Forecast for Estimate for Average for 1920. 1919. 1915-1919. 1920. 1919. 1915-1919. Boston 12,482 12,123 10,957 4,268 4,912 4,882 New York 42,011 31,856 44,130 6,168 7,073 6,686 Philadelphia.. 23,422 23,214 25,518 2,949 3,155 3,266 Cleveland 70,942 70,279 84,240 5,654 6,089 6,410 Richmond 25,500 26,397 25,635 4,063 4,916 4,036 Atlanta 29,417 29,008 32,546 4,318 4,272 3,350 Chicago 503,981 461,082 572,006 17,636 18,629 18,563 St. Louis 66,329 63,595 70,007 7,570 8,124 7,498 Minneapolis... 273,486 208,857 284,134 20,276 17,245 16,626 Kansas City... 18-3,149 182, 677 185,475 24,055 19,907 17,969 Dallas 40,216 99,004 53, 782 1,647 2,309 1,562 San Francisco. 44,541 40,219 47,026 13,186 12, 035 12,452 Total.... 1.315,476 1,248,311 1,435,456 111,790 108,666 103,300 Total wheat production is expected to be St. Louis and Kansas City districts, where 780 million bushels, or 160 millions below last conditions for planting wheat last fall were year's estimated production, and 52 millions unfavorable and where large acreages were below the average for the five years 1915- abandoned this spring because the crop was 1919. This smaller production of wheat is winter killed. expected because of a decline in winter wheat The forecast for the production of oats is production estimated at about 227 million about 67 millions in excess of last year's bushels, offset in part by a gain of about 67 production, but about 120 millions below million bushels in the forecasted production of the five-year average. Hay production is spring wheat. expected to be about 3 million tons more than The decline in forecasted winter wheat last year and about 8 million tons more than production is due largely to losses in the the average for the last five years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 697 State Banks and Trust Companies. CHANGE OF NAME. The First Commercial State Bank, Royal Oak, Mich., has changed it 5 The following list shows the State banks and trust com- name to First State Bank of Royal Oak. panies which have been admitted to membership in the The American Trust & Savings Bank, Albuquerque, N. Mex., has Federal Reserve system during the month of June: changed its name to the State Trust & Savings Bank. The Bank & Trust Co. of Central California, Fresno, Calif., has changed One thousand three hundred and seventy-five State its name to Fidelity Trust & Savings Bank. institutions are now members of the system, having a total capital of $487,774,578, total surplus of $488,329,970, and total resources of $9,774,877,421. The Logan Trust Co., Philadelphia, Pa., has merged into the Fidelity Trust Co., Philadelphia, Pa. Capital. Surplus. Total WITHDRAWAL. The Bank of Sheboygan, Sheboygan, Wis., has withdrawn from membership. District No. 3. Federal Trust Co., Philadelphia, Pa $200,000 $100,000 $3,695,051 Acceptances to 100 Per Cent. District No. 4. Since the issuance of the June BULLETIN the following Th P e h i O la h d i e o l p S h a i v a, i n O gs h io & Trust Co., New 100,000 50,000 1,787,894 banks have been authorized by the Federal Reserve The Lewis Bank & Trust Co.. Upper Board to accept drafts and bills of exchange up to 100 per Sandusky, Ohio 150,000 75,000 871,693 cent of their capital and surplus: District No. 5. The Pacific Bank, New York City. Farmers & Mechanics National Bank, Fort Worth, Tex. PutnamCounty Bank, Hurricane, W. Va 50,000 35,000 493,647 National Bank of Tacoma, Tacoma, Wash. District No. 6. Bank of Wadley, Wadley, Ga 25,000 10,000 188,038 New National Bank Charters. District No. 7. The Comptroller of the Currency reports the Independence State Bank Chicago, 111. 200,000 25,000 2,911,971 Iowa State Bank, Dexter, Iowa 25,000 13,000 332,142 following increases and reductions in the num- Fo s r o t n M , I a o d w is a on Savings Bank, Fort Madi- 100,000 50,000 1,957,504 ber and capital of national banks during the period from May 29 to June 25, 1920, inclusive: District No. 8. Crittenden County Bank & Trust Co., Banks. Marion, Ark 275,000 75,000 2,589,803 New charters issued to 27 American Bank &Trust Co., Paris, Ark. 50,000 3,700 325,956 With capital of $2, 837, 500 Farmers & Traders Bank, Iberia, Mo.. 25,000 10,000 284,990 Grand Avenue Bank of St. Louis, St. Increase of capital approved for 35 Louis, Mo 200,000 50,000 2,626,734 With new capital of 3, 739, 000 Aggregate number of new charters and District No. 9. banks increasing capital 62 South Range State Bank, South Range, With aggregate of new capital authorized 6, 576, 500 Mich 30,000 30,000 855,567 Number of banks liquidating (other than Hardin State Bank, Hardin, Mont 50,000 35,000 416,474 Joliet State Bank, J oliet, Mont 25,000 10,000 318,417 those consolidating with other national First State Bank, Stevensville, Mont... 40,000 8,500 372,784 banks under the act of June 3,1864 8 Willow Creek State Bank, Willow Creek, Capital of same banks 1,135, 000 Mont : 25,000 15,000 331,751 First State Bank, Wolf Point, Mont.... 30,000 12,000 520,891 Number of banks reducing capital 0 Reduction of capitall 1, 500, 000 District No. 11. Total number of banks going into liquida- First State Bank, Bay City, Tex 55,000 5,600 446,352 tion or reducing capital (other than those First State Bank & Trust Co., Bryan, consolidating with other national banks Tex 100,000 50,000 741,674 under the act of June 3, 1864) 8 Farmers State Bank, Clarendon, Tex.. 50,000 3,030 346,425 Farmers Guaranty State Bank, Clifton, Aggregate capital reduction 2, 635, 000 Tex 30,000 20,000 495,172 Consolidation of national banks under the First State Bank, Copperas Cove, Tex... 25,000 9,000 284,041 act of Nov. 7, 1918 3 Guaranty Bank & Trust Co., Dallas, Tex 1,000,000 100,000 2,934,861 Capital. 15, 850, 000 Farmers & Merchants State Bank, The foregoing statement shows the aggre- Kenedy, Tex 50,000 50,000 378,202 gate of increased, capital for the period of First State Bank & Trust Co., Kenedy, Tex 60,000 75,000 547,884 the banks embraced in statement was 6, 576, 500 Commercial Guaranty State Bank, Against this there was a reduction of capi- Longview, Tex 50,000 86,219 tal owing to liquidation (other than for C Li it p i s z c e o n m s b S ta B te a n B k an & k , T L ru u s li t n g C , o T ., e x Luling, 25,000 6,000 150,497 consolidation with other national banks Tex 75,000 55,000 353,856 under the act of June 3, 1864), and re- First State Bank & Trust Co., Me Allen, ductions of capital of 2, 635, 000 Tex 100,000 12,000 984,750 Farmers State Bank, Madisonville, Tex. 25,000 20,000 437,051 First State Bank, Robstown, Tex 25,000 8,000 197,444 Net increases 3, 941, 500 Farmers State Bank, Shiro, Tex 25,000 20,000 164,601 District No. 12. Commercial Failures Reported. The Peoples Bank, Sacramento, Calif.. 800,000 99,000 7,920,979 The Kuna State Bank, Kuna, Idaho 25,000 218,317 The tendency toward increase in number of failures in Bank of Myrtle Point, Myrtle Point, the United States has recently become more apparent, Oreg 50,000 15,000 546,014 Wasco County Bank, The Dalles, Oreg.. 100,000 100,000 and the 431 commercial defaults reported to R. G. Dun & State Bank of Goldendale, Goldendale, Co. during three weeks of June considerably exceed the Wash 75,000 7,500 838,120 329 insolvencies of the corresponding period of 1919. For Pine City State Bank, Pine City, Wash.. 25,000 1,000 176,106 Puget tound Bank & Trust Co., Tacoma, Wash S00,000 30,000 3,444,044 1 Includes a reduction in capital of $1,500,000 incident to a consolidation under act of Nov. 7, 1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

698 FEDERAL RESERVE BULLETIN. JULY, 1920. May, the latest month for which complete figures are DISTRICT No. 4. available, the statement also discloses a numerical in- Trustee, executor, administrator, registrar of stocks and bonds, guardian crease, the 547 business reverses of that month contrasting of estates, assignee, receiver, and committee of estates of lunatics: with 531 in May of last year. With this exception, how- First National Bank, Elm Grove, W. Va. Union National Bank, New Brighton, Pa. ever, the exhibit is the best on record for the month, and Trustee, executor, administrator, registrar of stocks and bonds, guardian the May liabilities of $10,826,277 are less than in any of estates, assignee, and receiver: previous May since 1910. Separated according to Federal National Bank of Ashtabula, Ashtabula, Ohio. Reserve districts, the May statistics reveal reductions in The Ohio National Bank, Columbus, Ohio. Commercial National Bank, Youngstown, Ohio. number of failures, as compared with those of May, 1919, in 7 of the 12 districts, but these decreases are more than DISTRICT NO. 6. offset by the increases in the other districts, the second district making relatively the poorest showing. As to Trustee, executor, administrator, registrar of stocks and bonds, guardian the indebtedness, the totals are smaller than those of May, of estates, assignee, receiver, and committee of estates of lunatics: Fulton National Bank, Atlanta, Ga. last year, in 8 of the 12 districts. Polk County National Bank, Bartow, Fla. Trustee, executor, administrator, guardian of estates, assignee, receiver, and committee of estates of lunatics: Dawson National Bank, Dawson, Ga. Failures during May. DISTRICT NO. 7. Number. Liabilities. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics. Districts. National City Bank. Ottawa, 111. First-Fond du Lac National Bank, Fond du Lac, Wis. 1920 1919 1920 1919 Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, and receiver^ State National Bank, Lowell, Ind. First 52 58 $376,586 $1 559 270 Registrar of stocks and bonds, guardian of estates, assignee, receiver, Second 133 93 2,413,591 3,194,187 and committee of estates of lunatics: Third 37 30 1 085,182 1,096,945 The First National Bank, Greencastle Ind. Fourth 42 57 2,544,273 1,481,366 Trustee,executor,administrator,guardian of estates,assignee,receiver: Fifth 41 30 1 577 684 491,740 Merchants National Bank, Grinnell, Iowa. Sixth 44 26 715,555 246,650 Seventh . 60 63 692,450 1,621,869 Eighth 13 18 61,243 165,445 DISTRICT NO. 8. Ninth 18 9 163,487 45,948 Tenth 16 28 179 251 703,255 Trustee, executor, administrator, registrar of stocks and bonds, guardian Eleventh 15 35 168,165 304,739 of estates, assignee, receiver, and committee of estates of lunatics: Twelfth 76 84 848,810 1,045,237 First National Bank, Lake Village, Ark. First National Bank, Jefferson City, Mo. Total 547 531 10,826,277 11,956,651 DISTRICT NO. 9. Trustee, executor, administrator, registrar of stocks and bonds, guardian Fiduciary Powers Granted to National Banks. of estates, assignee, and receiver: Union National Bank, Minot, N. Dak. Trustee, executor, administrator, guardian of estates, assignee, and receiver: The applications of the following banks for permission First National Bank, Argyle, Minn. to act under section 11-k of the Federal Reserve Act have been approved by the Board during the month of June, DISTRICT NO. 10. 1920: Trustee, executor, administrator, registrar of stocks and bonds, guardian DISTKICT NO. 2. of estates, assignee, receiver, and committee of estates of lunatics: Fort Collins National Bank. Fort Collins, Colo. Trustee, executor, administrator, registrar of stocks and bonds, guardian Shawnee National Bank, Shawnee, Okla. of estates, assignee, receiver, and committee of estates of lunatics: Trustee, executor, administrator, guardian of estates, assignee, and The Broad Street National Bank, Red Bank, N. J. receiver: National Bank of Auburn, Auburn, N. Y. First National Bank, McAlester, Okla. Citizens National Bank, Freeport, N. Y. Trustee, executor, adminstrator, and registrar of stocks and bonds: Citizens National Bank, Fulton, N. Y. Powell National Bank, Powell, Wyo. Registrar of stocks and bonds, guardian of estates, assignee and receiver Registrar of stocks and bonds, guardian of estates, assignee, receiver, and and committee of estates of lunatics: committee of estates of lunatics: National American Bank, New York, N. Y. First National Bank, Muskogee, Okla. DISTRICT NO. 3. DISTRICT NO. 12. Trustee, executor, administrator, registrar of stocks and bonds, guardian Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics: of estates, assignee, receiver, and committee of estates of lunatics: Central National Bank, Wilmington, Del. First National Bank, Santa Paula, Calif. First National Bank, Glassboro, N. J. The Old National Bank, Spokane, Wash. Burlington County National Bank, Medford, N. J. Trustee, executor, administrator, guardian of estates, assignee, receiver, First National Bank, Lebanon, Pa. and committee of estates of lunatics: Quaker City National Bank, Philadelphia, Pa. Boise City National Bank, Boise, Idaho. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 699 RULINGS OF THE FEDERAL RESERVE BOARD. Below are published rulings made by the in each case whether a particular note or a Federal Reserve Board which are believed to particular class of paper even though technically eligible is a reasonable or desirable be of interest to Federal Reserve Banks and investment for it to make. member banks: Commercial paper. Inquiries are frequently received by the Collection of notes and acceptances. Federal Reserve Board as to the eligibility of The question has been presented as to paper drawn for the purpose of developing whether a member bank may make a charge properties or of financing various kinds of against a Federal Reserve Bank for the collecconstruction. tion and remittance of "notes and acceptances The Board is of the opinion generally that payable at the member bank.77 the note of the owner of property which is to Under the terms of section 13 of the Federal be developed or built upon, the proceeds of Reserve Act no member bank may make a which note have been or are to be used by charge against its Federal Reserve Bank for him to pay for the work of developing or the collection or payment of "checks and building, is a note "the proceeds of which have drafts" and remission therefor by exchange or been or are to be used for permanent or fixed otherwise. In any case, therefore, where a investments" within the meaning of the Federal Reserve Bank presents to a member Board's regulations, and that, therefore, such bank for payment a check or draft drawn upon a note is not eligible for rediscount by a that member bank, no charge may be made Federal Reserve Bank under the terms of against the Federal Reserve Bank for remitting section 13. to it by exchange or in any other manner of If, however, the note of an owner or pro- payment. ducer is given in good faith to a contractor in Inasmuch as the accentance of a member actual payment of materials and services bank is necessarily a "draft" on that bank no furnished by him for the owner or producer charge may be made against the Federal it may be considered to be technically eligible Reserve Bank for its payment. The Federal for rediscount as paper the proceeds of which Reserve Board, however, has frequently had have been or are to be used for a commercial occasion to rule that the provisions of section or industrial purpose. There certainly is no 13, discussed above, do not prohibit a member doubt in such a case that the paper in the bank from charging the Federal Reserve Bank hands of the contractor is commercial or busi- for the service of collecting maturing notes and ness paper actually owned by him and as such bills of exchange drawn upon individuals, should be considered eligible for rediscount firms, or corporations other than banks. The when presented through a member bank, pro- fact that such a note or bill of exchange not vided that it complies in other respects with drawn on a bank may be made payable at that the provisions of the law and the Board's bank does not bring it within the restrictions regulations. If this were not true no paper in of section 13 referred to above and does not the hands of a material man received by him preclude the member bank from making a in payment for materials furnished in the charge against the Federal Reserve Bank for building industry could be considered eligible effecting its collection and remitting therefor for rediscount, a conclusion which is obviously by exchange or otherwise. not consistent with the scope and purposes of section 13. It must be understood, however, that even Administration of trust department of a national bank. though a note may be technically eligible for The Federal Reserve Board has received rediscount a Federal Reserve Bank may, in several inquiries with reference to Regulation the exercise of its discretion, decline to effect F, series of 1919. its rediscount if for any reason it is deemed Section V of this regulation provides that— to be an undesirable investment, and should do so in any case where the ultimate payment Funds received or held in the trust department of a national bank awaiting investment or distribution mayof the note is dependent upon the success of be deposited in the commercial department of the bank to the transaction giving rise to the note. A the credit of the trust department, provided that the bank Federal Reserve Bank being familiar with first delivers to the trust department, as collateral security, United States bonds, or other readily marketable securilocal conditions and the peculiar requirements ties owned by the bank, equal in market value to the of its own district is in a position to determine amount of the funds so deposited. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

700 FEDERAL RESERVE BULLETIN. JULY, 1920. Before a national bank deposits any of its be placed under the management of an officer trust funds in its commercial department it or officers whose duties shall be prescribed by must deliver to the trust department securities the board of directors of the bank. Because of the kinds and in the amounts specified in of the difference in the laws of the various this section of the regulation. A deoosit of States governing the relation of fiduciary and securities with the State banking authorities, beneficiary the Federal Reserve Board has not as security for court and private trusts gener- considered it practicable to formulate a unially, is not a compliance, with the specific re- form set of by-laws for national banks which quirement quoted above. have been granted authority to exercise trust Section VI of the regulation deals with the powers, and has not in any other manner investment of trust funds and provides that attempted to define the duties and powers of such funds must be invested in strict accord- the officer or officers in charge of the trust deance with the terms of the instrument creating partments of national banks. The precise the trust and that where the instrument cre- duties and powers of these officers is a matter ating the trust authorizes the bank, its officers for the determination of the board of directors or its directors, to exercise their discretion in of the bank. the matter of investment, trust funds may be When national banks about to open trust invested only in those classes of securities departments have asked the Federal Reserve which are approved by the directors of the Board for information as to the proper bank. It was not intended, however, to re- manner of conducting those departments, quire that each particular investment of trust the Board has suggested in each case that funds be specifically approved by the board of the trust department be placed under the directors but merely that the directors define management of a competent and experienced the classes of securities in which trust funds trust officer and that competent local counmay be invested in cases where the bank is sel be employed to assist in prescribing the authorized to exercise its discretion. duties of that trust officer, and to advise with Section III of the regulation requires that reference to the exercise of the bank's trust the trust department of a national bank shall powers. LAW DEPARTMENT. Exercise of fiduciary powers by national banks located of section 2024-77r, Statutes, prohibiting appointment of in Wisconsin. corporations as fiduciaries are valid and applicable to national banks. In the case of the First National Bank of The following is an opinion recently rendered Bay City v. Fellows, Attorney General of the State of Michigan, ex rel. Union Trust Co. (244 U. S., 416), the by the Supreme Court of Wisconsin holding United States Supreme Court has held that Congress has unconstitutional, in so far as it purports to the power to confer on national banks the right to "act" affect national banks, the Wisconsin law pro- as trustees, executors, administrators, and in other fiducihibiting State courts from appointing in any ary capacities, and that Congress did, by section 11 (k) of fiduciary capacity any corporation other than a the act of Congress approved December 23,1913, establishing the Federal Reserve Board, properly give such board trust company organized under the laws of authority "to grant by special permit to national banks Wisconsin. The case arose upon the applica- applying therefor, when not in contravention of State or tion of the sole legatee, under a will appointing local law, the right to act as trustee, executor, administrano executor, for the appointment of the Com- tor, etc." The grounds of the court's holding are fully expressed in the headnote to the case, as follows: "The cirmercial National Bank of Fond du Lac as cumstance that a function is of a class subject to State administrator. regulation does not prevent Congress from authorizing a national bank to exercise it. Nor would it lie in the State power to forbid this. A business not inherently such that STATE OF WISCONSIN/ IN SUPREME COURT. Congress may empower national banks to engage in it may In re Estate of S. B. Stanchfield, Deceased. Appeal of George H. nevertheless become appropriate to their function if by Stanchfield. Joined by the Commercial National Bank of Fond du State law State banking corporations, trust companies, or Lac. other rivals of national banks are permitted to carry it on." SIE'BECKER, /.: The county court denied the applica- As stated by Chief Justice White in expressing the tion to appoint the Commercial National Bank of Fond du opinion of the court: "Manifestly this excluded the power Lac administrator of decedent's estate upon the ground of the State in such case, although it might possess in a that the provisions of section 2024-77r, Statutes, 1919 general sense authority to regulate such business to use (chapter 180, Laws, 1919), forbids such appointment. that authority to prohibit such business from being united This statute provides: "No court of this State shall appoint by Congress with the banking function, since to do so or name any corporation as trustee, executor, administra- would be but the exertion of State authority to prohibit tor, guardian, assignee, receiver, or in any other fiduciary Congress from exerting a power which under the Consticapacity unless such corporation is organized and existing tution it had a right to exercise." under the provisions of section 2024-77i to 2024-77q of It is there held that if State banks, trust companies, the statutes." Of course the Commercial National Bank and other rivals or quasi rivals of national banks are peris not organized or existing under the statutes of this State. mitted to carry on a business not inherently such as may The effect of the county court's ruling is that the provisions be conferred by Congress on national banks, such rights Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 701 possessed by these rivals may make it appropriate to be this State, may accept drafts or bills of exchange drawn conferred on national banks to enable them to perform upon it haying not more than six (6) months' sight to their functions. run, exclusive of days of grace, which grow out of trans- Since this decision by the Federal Supreme Court, actions involving the shipment of goods, provided shipping Congress, by act of December, 1913, among other things documents conveying or securing title are attached as added to the original provisions of section 11 (k), conferring security at the time of acceptance of said drafts and bills fiduciary powers, the following: "* * * or in any other of exchange, or which are secured at the time of acceptance fiduciary capacity in which State banks, trust companies, by warehouse receipts or other such documents conveying or other corporations which come into competition with or securing title coyering readily marketable staples not national banks are permitted to act under the laws of the subject to rapid deterioration. State in which the national bank is located. Whenever No such bank shall accept for any one person, company, the laws of such State authorize or permit the exercise of firm, or corporation to an amount equal at any time in the any or all of the foregoing powers by State banks, trust aggregate to more than ten per centum of its paid up and companies, or other corporations wliich compete with unimpaired capital stock and surplus, unless the bank is national banks, the granting to and exercise of such powers secured by such attached documents; and no such bank by national banks shall not be deemed to be in contra- shall accept such bills to an amount equal at any time in vention of State or local law within the meaning of this the aggregate to more than one-half of its paid up and act." unimpaired capital stock and surplus. National banks within the legitimate powers conferred SEC. 2. For cause this act shall take effect and be in on them by Congress can not "be interfered with by State force from and after the date of its passage. legislation or judicial action except so far as the law- Approved March 25, 1920. making power of the Government may permit." (Van Reed v. People's National Bank of Lebanon, 198 U. S., 554.) It is clear that the powers conferred on corporations in PRINCIPAL BOOKS AND ARTICLES RELATING TO Wisconsin to act as trustees and other fiduciaries are BANKING AND CURRENCY RECEIVED AT THE rivals of the Commercial National Bank of Fond du Lac FEDERAL RESERVE BOARD LIBRARY DURING under the power conferred on it by the Federal Reserve THE MONTH ENDING JUNE 15, 1920. Board and the acts of Congress. Under these circumstances the State must yield to the rights so conferred on Applying scientific methods to banking publicity. [N. Y., Bankers national banks. pub. co., 1920] In re Katherine Hamilton, Supreme Court of Bank of Finland, Helsingfors. Report... for the . . . financial year, 1919 Helsingfors, Tilgmann, Errors, Connecticut. Decided April term, 1920. ltd., 1920. Banque nationale Suisse, Bern. Upon the facts of record in this case the petitioner, . . . Rapport. . . 1919 [Bern, 1920] George H. Stanchfield, was entitled as a matter of right to Barker, J. Ellis. have the county court pass upon the prayer of his petition Economic statesmanship: the great industrial and financial problems arising from the war. 2d ed. N. Y., Dutton, 1920. for the appointment of the Commercial National Bank of Blankart, Charles. Fond du Lac as administrator of the estate of S. B. Stanch- Die Devisenhandelspolitik wahrend des Weltkrieges (August 1914 field, deceased. The order of the county court denying bis November 1918) mit einem Vorwort von H. Kundert. Zurich, Orell Fiissli, 1919. the petition for the appointment of such national bank as Great Britain. Committee on Indian exchange and currency. administrator, upon the ground that such national bank . . . Report of the committee appointed by the secretary of state for can not legally act in the capacity of administrator, was India to enquire into Indian exchange and currency . . . London, H. M. Stationery off., 1920. erroneously denied, and must be reversed. The case will Great Britain. Mint. be remanded to the county court, with direction to pass . . . Annual report of the deputy master and comptroller of the Mint upon this application of such petitioner, and for further . . . 1917 Lond. H. M. Stationery off., 1920. proceedings in such county court according to law. Leffingwell, R. C. . . . Treasury methods of financing the war in relation to inflation: [address] before the Academy of political science, New York, April 30,1920. [Wash., U. S. Treasury dept., 1920] Meyer, Eugene, jr. * Pressing problems for American bankers and others: address to the Amendment to Mississippi banking laws. New York chapter, American institute of banking. [Wash., War finance corp., 1920] Oklahoma. Laws, statutes, etc. For the information of the Federal Reserve Banking laws of the state of Oklahoma, including amendments and Banks and member banks there is published extracts from opinions of Supreme court construing the law. Comp. by J. I. Howard, assistant attorney general. [Oklahoma below the text of an act recently passed by City 1915] Reichsbank, Berlin. the legislature of Mississippi authorizing guar- Verwaltungsbericht der Reichsbank fin* das Jahr 1919 ... Berlin, anteed State banks to accept drafts or bills of Reichsdruckerei, [1920]. Shirras, G. Findley. exchange: Indian finance and banking. 2d impression. Lond., P. S. King, Macmillan, 1920. Todd, John Aiton. HOUSE BILL NO. 230. The mechanism of exchange; a handbook of currency, banking and trade in peace and in war. Lond., H. Milford, Oxford univ. press, An act to authorize guaranteed State banks to accept drafts or bills 1919. of exchange growing out of transactions involving shipment of goods, U. S. Federal reserve board. Rules, regulations, etc. provided shipping documents are attached; or which are secured Banking corporations authorized to do foreign banking business at the time of acceptance by shipping documents or warehouse receipts under the terms of section 25(a) of the Federal reserve act. for readily marketable staples: limiting the amount of such accept- (Regulation K, ser. 1920) [Wash., Govt. ptg. off., 1920] ances permitted. U. S. Laws, statutes, etc. . . . Banking corporations authorized to do foreign banking business SECTION 1. Be it enacted by the Legislature of the State of [Wash., Govt. ptg. off., 1919] (Public law no. 106 —66th Cong.) Mississippi, That any guaranteed State bank doing busi- " An act to amend the act approved December 23, 1913, known as the Federal reserve act ... by adding a new section." . . . [sec, ness in the State of Mississippi, pursuant to the laws of 25(a)] S. 2472. Approved, December 24, 1919. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

702 FEDERAL RESERVE BULLETIN. JULY,1920. WHOLESALE PRICES IN THE UNITED price sugar, cement, rosin, cast-iron pipe, STATES, gasoline, wood pulp, bran and millleed, glycerin, and soda ash. In continuation of figures shown in the The index number for the group of con- June BULLETIN there are presented below sumers7 goods again shows the smallest rate monthly index numbers of wholesale prices of increase, namely, 1.9 per cent, from 280 to for the period July, 1919, to May, 1920, 285. Decrease and increase in price each compared with like figures for May of previous occurred in the case of an approximately years; also for July, 1914, the month imme- equal number of commodities. Prominent diately preceding the outbreak of the Great among commodities which showed an increase War. The general index number is that of were sugar, potatoes, beans, corn meal, glucose, the United States Bureau of Labor Statistics. coffee, hams and lard, eggs, various classes In addition there are presented separate of fruit, such as bananas, lemons, oranges, numbers for certain particular classes of prunes, and raisins, carpets and housefurnishcommodities, in accordance with plans an- ings, cottonseed oil and illuminating oil, while nounced in previous issues of the BULLETIN. among commodities which showed a decrease Quotations for tubs and pails have been may be noted butter, apples, onions, fresh omitted. On the other hand, quotations for beef, veal, mess pork and bacon, lamb and white pine (No. 2, barn, and No. 2, uppers), mutton, milk (Chicago quotation), and print spruce, eggs (New Orleans), bananas (Jamaica cloths. 8's), ginghams (Lancaster, 6.50 yards to The index number tor the group of raw matepound), hosiery (men's seamless cashmere), rials remains unchanged at 260. Among the sheetings (bleached, 10-4 Pepperell, and subgroups into which the commodities included brown, 4-4 Pepperell), laundry starch and under this head are classified, the subgroup of onions (Chicago), which had been dropped animal products alone shows a decrease, from temporarily, were obtained for the months of 196 to 179, or 8.3 per cent. Decreases in price April and May, and the commodities were occurred for an extended list of commodities, again included in the calculation of the index among which may be noted cattle, hogs, sheep, numbers for the latter month. Index num- and poultry, raw silk and wool, and various bers for May are provisional, due to the fact classes of hides, with the exception of heavy that certain data were not received in time Texas steers, which alone showed increase. to render them available for use in the cal- With the exception of one of the classes of culations. Douglas fir, which showed a slight decrease, the A further increase in wholesale prices is commodities included under the head of forest noted for the month of May. The general products remained unchanged in price, and index number of the Bureau of Labor Sta- the index number for this subgroup again tistics for the latter month now stands at stands at 367. An increase of 4.4 per cent, 272, as compared with 265 for the month of from 224 to 234, is noted in the subgroup of April. All three principal groups of com- mineral products, due to increase in the prices modities show an increase, although to a of various classes of anthracite, bituminous varying extent. The index number for the and semibituminous coal, coke, and various group of producers' goods again shows the classes of pig iron which were not offset by greatest increase, namely, 3 per cent, from decreases in the prices of the various non- 263 to 271. While decreases in price occurred ferrous metals, among which are copper, lead, for a more extended list of commodities than zinc, and tin. The index number lor the did increases, they were not sufficient to offset subgroup of farm products shows an increase the increases shown. Among the commodi- of 3.2 per cent, from 304 to 314. Decreases ties which decreased in price may be men- in the prices of cotton, tobacco, and flax were tioned various classes of leather, worsted more than offset by increases in the prices of yarns, linseed oil and meal, lubricating oil, various grains, in particular wheat, corn, oleo oil, shingles, turpentine, tallow and oats, rye, and barley, hay, both timothy and silver, and among those which increased in alfalfa, and hops. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 703 Index numbers of wholesale prices in the United States for principal classes of commodities. [Average price for 1913=100.] Raw materials. All commodities Year and month. pr F od a u rm cts. p A ro n d i u m c a t l s. pr F o o d r u e c s t t s. p M ro i d n u e c ra ts l . m To a t t a e l r i r a a l w s. Pr g o o d o u d c s e . rs' Co g n o s o u d m s e . rs: ti ( L n s B t u a i u m c b r s o e b r i a e n S u r d ) t e o . a x f - July,1914 102 106 97 91 99 93 103 100 May, 1915 119 99 93 94 102 97 102 101 May, 1916 115 118 98 117 113 142 114 119 May, 1917 227 168 108 202 182 187 178 182 May, 1918 227 202 138 174 190 192 195 191 May, 1919 255 225 146 170 205 189 219 207 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. 27C) 212 239 183 226 216 236 230 December, 1919. 288 209 259 186 233 228 245 238 January, 1920... 291 213 273 190 239 245 259 248 February, 1920. 278 206 315 194 240 246 256 248 March, 1920 288 200 348 197 247 246 263 253 April, 1920 304 196 367 224 260 263 280 265 May, 1920 314 179 367 234 260 271 285 272 In order to give a more concrete illustration figures for May 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 May, 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, Co N t e to w n , O m rl i e d a d n l s in . g, n W o M rt h i h n e e n a r e t n , a p N s o p o l r i . i s n . 1 g , , W re h C d e h a w i t c , a in N g t o o e . . r , 2, g C o a o C t d t l h t e i o , c a s c g t h e o o e . i r c s e , , H st h e i e d e a e r v s s , , y C p n a h a c i t c k i a v e g r e o s, . Year and month. p A b r u v ic e s e h r a p e g l e . e r p R t r i e i v c l e a e - . p A p r v i o c e u e r n a p d g e . e r p R t r i e i v c l e a e - . p A b r v i u c e s e r h a p e g l e . e r p R t r i e i v c l e a e - . p A b r v i u c e s e h r a p e g l e . e r p R t r i e i v c l e a e - . p A p r o i v c u 1 e e 0 n r 0 a p d g s e e . r p R t r i e i v c l e a e - . p A p r v i o c e u e r n a p d g e . e r p R t r i e i v c l e a e - . July, 1914 $0.7044 114 $0.1331 105 $0.8971 103 $0.8210 83 108 $0.1938 105 May, 1915 .7647 124 .0906 71 1.5767 181 1.5700 159 8. 5900 101 .2075 113 May, 1916 .7293 118 . 1257 99 1.2146 139 1.1554 117 9.4' 00 111 .2475 135 May, 1917 1.6180 263 .1999 157 2.9806 341 2.9705 301 12.4 50 . 3150 171 May, 1918 1.5250 248 .2894 228 2.1700 248 2.1700 2?0 16.41S7 .3110 169 May, 1919 1.7613 286 .2947 2-32 2. 5925 297 2.7800 T82 17.7428 209 . 3513 191 July, 1919 1.9075 310 .3377 266 2.6800 307 2.2580 229 16.8 88 198 . 4&50 264 August, 1919 1.9213 312 .3125 246 2.5250 289 2.2394 227 17.63 5 207 .5200 283 September, 1919 1.5410 250 .3078 242 2.5350 290 3.2385 227 16.8050 198 .4638 252 October, 1919 1.3888 226 .3538 279 2.6250 301 2.2394 227 17.5938 207 .4820 262 November, 1919 1.4875 242 .3963 312 2.8250 323 2.2881 232 17.5000 206 . 4688 255 December, 1919 1.4485 235 .3990 314 3.0300 347 2.4490 248 17.0750 201 .4100 223 January, 1920 1.4750 240 .4035 318 2.9313 336 2.6338 267 15.9375 187 .4000 218 February, 1920 1.4125 229 .3944 311 2.6875 308 2.4900 252 14.9^88 176 .4025 219 March, 1920 1. 5515 252 .4060 320 2.7550 315 2.5000 253 14.4000 169 .3640 198 April, 1920 1.6913 275 .4144 326 3.0063 344 2.7725 281 13.9063 163 .3613 196 May, 1920 1.9825 322 .4038 318 3.0750 352 2.9750 302 12.6000 148 .3538 192 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

704 FEDERAL RESERVE BULLETIN. JULY, 1920. Average monthly wholesale prices of commodities—Continued. [Average price for 1913=100.) H C og h s i , c a li g g o h . t, W gra o d o e l, s , O s h c i o o u , r i e - d f . Hem Y lo o c r k k , . New Y N e f e l l l w o o o w r Y i n p o g i r n , k e . , s C to o v a t e i l , , d N e a w n e t w a h t r e Y a r. c o i r t k e , Co r a C u l, n i n b o c it i f n u m n m a i i n t n i e . o , us, Year and month. p A ri v c 1 e e 0 r a 0 p g e e r p R t r i e i v c l e a e - . p A p ri v o c e u e r n a p d g e . e r p R t r i e i v c l e a e - . p A M r v ic e f e r e a p e g t e . e r p R t r i e i v c l e a e - . p A M ri v c e f e r e a p e g t e . e r p R t r i e i v c l e a e - . p l A o r n i v c g e e r t a p o g e n e r . p R t r i e i v c l e a e - . p A r s v ic h e e o r a r p t g e e r p R t r i e i v c l e a e - . pounds. ton. July, 1914 $8.7563 104 $0.4444 94 $24. 5000 101 $42.0000 $4. 9726 $2.2000 100 May, 1915 7.6000 90 .5714 121 21.5000 40.0000 4. 7506 94 2.2000 100 May, 1916 9. 7050 115 .6714 143 23. 7500 40.0000 5.2740 104 2.2000 100 May, 1917 15. 5000 183 1. 0714 227 26.0000 107 5.6826 112 6.0000 273 May, 1918 17. 5000 207 1.4182 301 33.5000 138 60.0000 135 6.3000 124 3. 8500 175 May, 1919 20.7000 245 1.0727 228 36.0000 149 65. 0000 146 7.9857 158 4.0000 182 July, 1919 22.3875 265 1.2364 263 41.0000 169 73.0000 164 8.1881 162 4.0000 182 August, 1919 21.6125 256 1.2364 263 78.0000 175 8.3145 164 4.0000 182 September, 1919 18. 2100 215 1.2182 259 43.0000 177 95.0000 213 8.4020 166 4.5000 205 October, 1919... 14. 7250 174 1.2634 268 44.0000 182 100.0000 224 8.4135 166 4.5000 205 November, 1919. 14.1438 167 1.2545 266 44.0000 182 100.0000 224 8.4273 167 4.1000 1-86 December, 1919. 13.6800 162 1.2545 266 48.0000 198 112.0000 251 8.4098 166 4.1000 186 January, 1920... 15.1250 179 1.2364 263 53.0000 219 112.0000 251 8.4291 167 4.1000 February, 1920. 14. 9813 177 1.2364 263 57.0000 235 139.0000 312 8.4118 166 4.1000 March, 1920 15. 5000 183 1.2364 263 57.0000 235 139.0000 312 8.4109 166 4.1000 A M p a r y i , l , 1 1 9 9 2 2 0 0 1 14 5 . . 7 7 1 5 2 5 5 0 1 1 8 7 6 5 1 1 . .1 2 6 0 3 0 6 0 2 24 5 7 5 5 5 7 7 . . 0 0 0 0 0 0 0 0 2 23 3 5 5 1 1 6 6 0 0 . . 0 0 0 0 0 0 0 0 3 3 5 5 9 9 8 8 . . 4 99 3 6 6 4 8 1 1 6 7 7 8 5 6 . . 5 0 0 0 0 0 0 0 2 2 7 5 3 0 C t o as a , l , N Po o c rf a o h l o k. n- Coke, v C ill o e n . nells- C e N o l p e e p c w t e r r o Y , l i y o n t r g i k c o . , t, d N e L s e e i w a lv d e Y , r p i o z i r g e k d , . , Pe P t e r n o a n l t e s w u y m l e v l , l a e s n . ru ia d , e, Pig iron, basic. Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive long ton. price. short ton. price. pound. price. pound. price. barrel. price. long ton. price. July, 1914 $3.0000 100 $1.875/) 77 $0.1340 85 $0.0390 89 $1. 7500 71 ?13.0000 88 May, 1915 2. 8500 95 1. C250 67 1863 118 .0420 95 1.3500 55 12. 5000 85 May, 1916 3.0000 100 2.3750 97 2850 181 .0750 170 2.6000 106 18. 0000 122 May, 1917 7.0000 233 7.0000 287 3100 197 .0988 225 3.1000 127 11. 6000 283 May, 1918 4.2190 141 6.0000 246 2350 149 .0691 157 4.0000 163 32. 0000 218 May, 1919 4.9000 163 3.8437 158 1600 102 . 0508 115 4.0000 163 25. 7500 175 July, 1919 5.1400 171 4.0950 168 2150 137 .0561 128 4.0000 163 25.7500 175 August, 1919 4.2188 173 2281 145 .0579 132 4.0000 163 25.7500 175 September, 1919. 4.5920 188 2220 141 .0609 138 4.2500 173 25.7500 175 October, 1919 5.1400 171 4.8250 198 2172 138 .0643 146 4.2500 173 25.7500 175 November, 1919.. 4. 6320 154 5.9375 243 2038 130 .0676 154 4.4375 181 28.3125 193 December, 1919.. 4. 6320 154 6.0500 248 1873 119 .0718 163 4.6000 188 34.6000 235 January, 1920 4. 6320 154 6.0000 246 1931 123 .0^72 198 5.0625 207 37.7500 257 February, 1920... 4.6320 154 6.0000 246 1906 121 .0881 200 5.5125 225 42.2500 287 March, 1920 4.6320 154 6.0000 246 1858 118 . 0923 210 6.1000 249 41. 6000 283 April, 1920 6. 4800 216 10.5000 430 1919 122 .0896 204 6.1000 249 42. 5000 289 May, 1920 6. 4800 216 12.0000 492 1906 121 .0856 195 6.1000 249 43.2500 294 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Y, 1920. FEDERAL RESERVE BULLETIN. 705 Average monthly wholesale prices of commodities—Continued. [Average price for 1913=100.] n C or o t t h to e 1 n r 0 n / 1 y . c a o r n n e s, s, h L em ea l t o h c e k r , N so o l . e 1 , . S P B t i e t e e t s l s s b b e u i m l r l g e e r h t , s . , S ta te n b e k u l , r p g P l h a it . t t e s s - , o P p S i e t t e n t e s l h b r e u a a r i g r l t s h h , . , W 2 o - r 3 s 2 b t ' e r s d e c d r y . o a s r s n - s, Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. price. long ton. price. pound. price. long ton. price. pound. price. July, 1914 $0.2150 97 $0.3050 108 $19.0000 74 $0.0113 76 $30.0000 100 $0. 6500 84 May, 1915 ; .1650 75 .2950 105 20.0000 78 .0115 78 30.0000 100 .8200 106 May, 1916 •. ' .2425 110 .3700 131 45.0000 174 .0338 228 30.0000 100 1.0000 129 May, 1917 I . 3650 165 .5700 202 86.0000 333 .0575 389 40.0000 133 1.4000 180 May, 1918 .6332 286 .4900 174 47.5000 184 .0325 220 57.0000 190 2.1500 277 May, 1919 . 4826 218 .4900 174 38. 5000 149 .0265 179 47.0000 157 1.5000 193 July,1919 .5912 267 .5300 188 38.5000 149 .0265 179 47.0000 157 1.6000 206 August, 1919 . 6130 277 .5700 202 38. 5000 149 .0265 179 47.0000 157 1. 6242 209 September, 1919. .5903 267 .5700 202 38.5000 149 .0253 171 47.0000 157 1.7500 225 October, 1919.... .6111 276 . 5700 202 38.5000 149 .0261 176 47 0000 157 1. 7500 225 November, 1919.. . 6648 300 .5700 202 41.3750 160 .0265 179 47.0000 157 2.2000 283 December, 1919.. .6986 316 .5700 202 46. 4000 180 .0265 179 47.0000 157 2.2000 283 January, 1920 .7271 329 .5600 199 48.0000 186 .0274 185 50.7500 169 2.2500 290 February, 1920... .7465 337 .5700 202 55.2500 214 .0350 236 54.5000 182 2.2500 290 March, 1920 .7549 341 .5700 202 60.0000 233 .0365 247 54.5000 182 2.200H 283 April, 1920 .7784 352 .5700 202 60. 0000 233 .0375 253 54.5000 182 2.200O 283 May, 1920 .7672 347 .5700 202 60.0000 233 .0375 253 54. 5000 182 2.0000 258 Flour, wheat, st B e g e e o r e o s f d , , C c n a h a r i t c c i a v a s g e s o , . Coffee, Rio, No. 7. st ( a 19 n 1 d 8 a w , r d a s r t ) a , p n a d t a e r n d ts Ham C s h , i c s a m g o o. ked, Ill 1 u N 5 m 0 e ° w i n f i a r Y t e i o n t r e g k s . o t, il, S N ug e a l w a r, t e Y g d o r , a r n k u . Year and month. Minneapolis. j Average I Rela- Average [ Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per I tive price per j tive price per tive price per tive price per tive price per tive pound. price. pound, j price. barrel. price. pound. price. gallon. price. pound. price. July, 1914 $0.1350 104 $0.0882 79 $4.5938 100 $0.1769 106 $0.1200 97 $0.0420 May, 1915 . 1213 94 0775 70 7.8813 172 .1513 91 .1200 97 0588 138 May, 1916 . 1375 106 0975 88 6.1900 135. .1845 111 .1200 97 0746 175 May, 1917 .1600 124 1013 91 14.8800 325 .2655 160 .1200 97 0794 186 May, 1918 .2250 174 0873 78 9.5250 208 .3025 182 .1700 138 .0730 171 May, 1919 .2430 188 1931 173 12.4188 271 .3769 227 .1850 150 .0882 207 July, 1919 .2075 160 2303 I 207 12.1550 265 .3835 230 .2050 166 .0882 207 August, 1919.... .2350 181 2150 193 12.0063 262 .3838 231 .2180 177 .0882 207 September, 1919. .2275 176 1663 149 11.6200 254 .3480 209 .2200 178 .0882 207 October, 1919... .2290 177 1650 148 12.0313 262 .2900 174 .2200 178 .0882 207 November, 1919. . 2350 181 1697 152 12.9500 283 . 2859 172 .2200 178 .0882 207 December, 1919. .2350 181 1518 136 14.0250 306 .2888 174 .2200 178 .1085 254 January, 1920... .2320 179 1628 146 14.4438 315 .2944 177 .2240 182 .1537 360 February, 1920.. .2125 164 1478 133 13.5375 295 .3056 184 .2400 195 .1495 350 March, 1920 .2050 158 1500 135 13.1650 287 .3155 190 .2500 203 .1372 321 April, 1920 .2090 161 1514 136 14.2813 312 .3313 199 .2600 211 .1919 449 May, 1920 .1950 151 1559 140 15.0313 328 .3556 214 .2600 211 .2247 526 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 FEDERAL. RESERVE BULLETIN. JULY, 1920. RETAIL TRADE, sion of new stores from time to time in the reporting list. In the following tables is given a summary In district No. 11 inquiries made of several of the results obtained during the past few stores in a number of lines brought the followmonths in districts Nos. 1, 2, 3, 4, 5, 6, 7, 10, ing average results: and 12., on the regular retail trade index form from representative department stores. In May, 1920, retail trade, compared with April, 1920, and districts Nos. 1, 5, and 12 the data were re- May, 1919. ceived in (and averages computed from) actual [+ Increase; — decrease.] amounts (dollars), in districts Nos. 2, 3, 4, 5, f 6 o , rm 7, o a f n d p e 1 rc 0 e n th ta e g m es a , t t e h r e ia a l v w er a a s g e re s c f e o iv r e t d h e i n c it t i h e e s Compared with— Sales. S p e r l i l c i e n . g S m e to n o c d n k t o h a f . t and districts computed from such percentages being weighted according to volume of business Per cent. Per cent. Per cent. done during the calendar year 1919. For Groceries April, 1920 -11 May, 1919 + 19 the month of May, the tables are based on Furniture April, 1920 -36 + 5 + 2 reports from 20 stores in district No. 1, 17 May, 1919 +38 +41 +28 Shoes April, 1920 -15 +41 in district No. 2, 15 in district No. 3, 18 in May, 1919 + 15 +20 Clothing April, 1920 + 5 -12 — 4 district No. 4, 8 in district No. 5, 7 in district May, 1919.: +29 - 3 , +33 No. 6, 9 in district No. 10, and 31 in district Dry goods April, 1920 + 19 3 + 1 May, 1919 +46 +36 +60 No. 12. For the earlier months the number Hardware April, 1920 -15 + 4 + 5 May, 1919 +22 +25 +11 of stores varied somewhat, due to the inclu- Condition of retail trade in Federal Reserve districts Nos. 1,2, S, 4, 5, 6, 7, 10, and 12. [Percentage of increase.] Comparison of net sales with those of corresponding period previous year. July 1, 1919, to close of— Jan. 1,1920, to close of— District and city. t 1 S b e 9 e e m 1 p r 9 , - - . O 1 b 9 c e 1 t r o 9 , - . v 1 b N e 9 e m 1 o r 9 - , - . c 1 b D e 9 e m 1 e r 9 - , - . J 1 a a 9 r n 2 y u 0 , - . r 1 F u 9 e a 2 b r 0 - y . , M 1 a 92 rc 0 h . , A 19 p 2 r 0 il . , M 19 a 2 y 0 , . 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 e 9 e m 1 o r 9 - , - . c 1 D b e 9 e m 1 e r 9 - - , . r 1 F u 9 e a 2 b r 0 - y . ,M 1 a 92 rc 0 h . , A 19 p 2 r 0 il . , M 19 a 2 y 0 , . District No. 1: Boston 30.9 52.0 42.3 33.2 15.4 38.9 16.8 19.4 30.8 33.0 36.3 24.9 30.7 26.1 24.7 Outside 41.9 43.5 36.1 29.4 26.0 25.5 38.5 41.6 36.4 33.1 30.5 District 42.1 34.8 18.3 37.5 18.5 20.7 37.2 32.5 31.6 27.5 25.8 District No. 2: New York City and Brooklyn. 43.4 49.2 54.6 29.9 66.6 15.0 41.1 43.6 49.7 39.8 59.3 35.0 35.3 Outside 50.4 22.4 22.8 38.1 33.6 30.1 District 64.8 15.8 3.54 57.0 34.9 33.7 District No. 3 22.2 17.6 37.5 12.4 50.7 20.3 26.2 20.5 30.9 District No. 4 28.6 45.5 18.4 31.3 36.0 38.2 33.6 32.1 District No 5 9.4 23.1 2.3 11.3 8.6 14.6 9.3 12.4 District No 6 27.4 23.4 31.0 29.9 22.0 28.1 District No. 7 48.2 51.7 65.2 33.3 50.7 57.4 43.5 District No 10 24.6 19.6 10.9 26.9 24.9 21.2 District No. 12: Los Angeles 68.3 110.6 88.7 77.3 83.8 51.6 58.4 43.6 38.2 52.9 69.9 77.2 77.3 68.3 61.2 56.1 52.2 San Francisco... 40.9 92.3 45.2 54.6 53.5 26.9 35.4 28.5 40.9 33.1 46.5 46.3 47.1 58.9 39.7 36.6 37.6 Oakland 25.1 68.5 30.3 29.8 41.4 27.4 31.0 14.9 17.1 22.4 32.3 31.9 31.9 34.8 32.3 27.9 25.6 Sacramento 32.5 69.2 36.6 50.7 54.2 22.6 65.1 33.9 34.4 22.4 35.7 35.7 39.5 36.6 60.9 47.5 39.4 Seattle 27.6 50.6 21.0 28.6 23.9 22.4 19.2 4.3 6.3 28.3 31.6 29.5 29.3 23.0 21.8 16.2 13.9 Spokane 176.0 46.4 77.1 36.2 23.6 19.8 10.9 48.8 99.9 70.4 72.0 30.1 26.8 23.1 29.1 Salt Lake City.. 33.4 44.8 42.7 32.3 23.8 11.5 10.5 7.1 26.4 25.8 24.8 32.0 29.2 * 18.1 15.1 12.8 16.4 District 40.6 82.0 46.1 50.7 51.7 31.1 37.8 13.8 31.2 34.4 46.9 47.5 47.0 46.5 41.0 36.9 34.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1920. FEDERAL RESERVE BULLETIN. 707 Condition of retail trade in Federal Reserve districts Nos. 1, 2, 3, 4, 5, 6, 7, 10, and 12—Continued. [Percentage of increase.] Stocks at end of month compared with— Same month previous year. Previous month. District and city. t 1 S b e 9 e e m 1 p r 9 , - - . O 1 b 9 c e 1 t r o 9 , - . v 1 b N e 9 e 1 m o r 9 - , - . c 1 b D e 9 e m 1 e r 9 - , - . J 1 a a 9 r n 2 y u 0 , - . ru 1 F 9 a e 2 r b 0 y - . , M 1 a 9 r 2 c 0 h . ,A 19 p 2 r 0 il . , M 19 a 2 y 0 , . t 1 S b e 9 e e m 1 p r 9 , - - . O 1 b 9 c e 1 t r o 9 , - . v 1 b N e 9 e 1 m o r 9 - , - . c 1 b D e 9 e m 1 e r 9 - , - . J 1 a a 9 r n 2 y u 0 , - . r F 1 u 9 e a 2 b r 0 y - . , M 19 a 2 rc 0 h . ,A 1 p 92 ri 0 l . , 1 M 92 a 0 y . , District No. 1: Boston 114 4.} 25.4 29.7 38.1 42.3 45.2 44.5 5.3 7.5 10.9 1 5.2 7 4 9.9 4.0 13.4 Outside 24.9 28.4 37.5 44.9 43.2 43.8 13.8 9.7 11.9 2.8 1 1.8 District .... 25.2 29.6 38.0 42.8 44.7 44.3 16.1 15.I 7.8 10.2 3.7 12.9 District No. 2: New York City and Brooklyn.. . 12q 36.4 44.0 49.6 69.6 53.8 47.9 15.2 1 10.4 11.9 8.4 27.9 1 .3 16.6 Outside 60.6 51.6 51.7 9.3 1 1.4 U.7 District . 68.6 53.6 49.1 25.8 1 .4 15.O — District No. 3 . 9.9 16.4 24.3 25.7 30.4 1 3.4 7.0 12.3 5.4 16.7 District No. 4 48 6 56.1 63.9 57.0 45.1 11.6 7.3 1 .9 District No. 5 .... 40.9 53.4 60.3 70.1 8.4 18.1 1 .9 .6 District No. 6 41.1 29.9 50.2 4.7 3.0 1 .5 District No. 7 ........ 42.7 51.8 64.9 39.9 14.7 55.9 10.1 District No. 10 38.9 43.3 7.8 's'.'i District No. 12: == i — =•' _• Los Angeles l 6 13.9 19.5 31.0 44.0 42.1 58.3 64.9 65.0 4.2 5.6 10.7 1 10.9 9.7 12.1 7.8 3.7 1.5 San Francisco 10fi 15.5 26.5 32.7 45 9 59.4 62.2 60.7 54.9 13.2 9.7 2.2 1 11.1 4.7 12.7 6.1 2.4 16.5 Oakland l 5 1 \ 4.9 9.2 10.6 27.7 35.2 34.4 29-7 12.6 5.4 .2 19.7 1 8.4 18.6 6.5 1 .5 1.6 S Se a a c t r t a l m e ento i 1 1 0 7 7 8 i 1 4 5 .3 ?, 15 . . 3 3 3L4* 44." 5* 3 5 7 3. . 7 1 6 5 1 3 . . 8 8 2 5 9 5 . . 4 5 3 4 4 6 . . 1 7 1 4 3 . . 8 2 3 6 . . 7 5 1 1 2 6 . . 9 1 Vi8.*9 1*2.0 •- ii.8 1 3 4 . . 7 9 1 1 6 1 . . 7 5 Spokane 13.8 13.2 25.4 35.0 63.3 39.0 59.6 3.4 1 15.6 9.4 10.9 27.9 140.2 15.7 District 70 11.9 17.5 28.5 38.0 48.4 58.0 56.5 52.6 10.3 6.5 1.3 1 13.3 2.6 14.0 9.6 14.7 Percentage of average stocks at end of each month to average Percentage of outstanding orders at end of month to total monthly sales for same period. purchases during previous calendar year. District and city. July 1, 1919, to end of— Jan. 1,1920, to end of— Sept., Oct., Nov., Dec, Jan., Feb. Mar., Apr., May, Sept., Oct., Nov., Dec, Jan., Feb., Mar., Apr Mav, 1919. 1919. 1919. 1919. 1920. 1920. 1920. 1920. 1920. 1919. 1919. 1919. 1919. 1920. 1920. 1920. 1920 1920. District No. 1: Boston 461.9 367.4 360.7 320.8 382.2 509.5 389.8 348.4 18.1 19.4 24.8 26.5 19.6 18.8 15.8 15.4 Outside 413.9 229.8 402.5 320.5 464.7 442.5 13.7 16.7 19.7 18.6 15.5 7.5 District 382.1 306.0 385.5 389.9 405.2 366.5 23.1 24.0 19.6 18.7 15.7 12.7 District No. 2: New York City and Brooklyn 504.6 343.4 336.9 405.6 384.7 403.1 3924 26.4 36.3 22.8 22.9 18.8 17.6 15.5 Outside 372.3 392.R 4157 20.3 21.8 13.9 District 383.4 402.0 399 4 19.0 18.2 14.8 District No 3 380 0 347 0 382 21.0 27.9 24.8 23.5 17.6 District No. 4 386.3 369.1 439.0 3628 18.6 19.4 34.8 13.2 District No. 5 379.6 408.2 415.6 433.2 9.9 District No 6 . 20.9 20 6 District No 7 298 6 332 f; 18.1 29.7 31.4 31.2 District No. 10 337.6 272.1 285.4 14.6 18.0 5.4 District No. 12: Los Angeles 459.5 495.6 485.6 424.3 422.7 418.3 468.3 390.7 4804 32.7 45.1 535 48.1 33.3 37.1 33.9 39.0 29.7 San Francisco 460.5 442.8 453.0 403.1 405.2 477.5 494.9 492.3 4698 28.1 25.8 295 28.1 18.2 31.9 31.0 27.7 23.9 Oakland.. . . 564.7 558.3 559.1 600.2 490.6 581.6 610.7 585.2 5895 Sacramento 400.7 355.9 339.3 5334 Seattle 459.0 422.3 432.0 378.0 427.1 665.0 542.6 527.9 539.7 28.3 25.1 22.1 32.2 18.4 22.6 17.6 17.2 14.2 Spokane 462.4 411.5 508.8 755.9 605.8 528.8 6054 200 34.5 37.2 40.6 34.7 31.1 Salt Lake City.... *i6.*8" 114 8.2 District 470.7 459.3 463.1 422.6 429.0 534.7 515.3 456.0 508.0 29.1 29.6 29.2 32.3 28.0 31.7 27.2 21.6 23.2 1 Decrease. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 FEDERAL RESERVE BULLETIN. JULY, 1920. WHOLESALE PRICES ABROAD. the groups which make up the index declined, the greatest change occurring in the textile Tables are presented below showing the index, which fell 112 points. The April index monthly index numbers of wholesale prices of number for Australia and the May index numsome of the leading countries of the world ber for Sweden show a continued rise in prices. computed on the basis of prices in 1913 = 100. The index number of the Bureau of Labor In all cases except that of the United States Statistics for the United States shows a conthe original basis upon which the index numsiderable advance in prices in May, but the bers have been computed has been shifted index constructed by the Federal Reserve Board to the 1913 base. The monthly and yearly for the purpose of international comparison index numbers are, therefore, only approxishows an increase of only 1 point. mate. These index numbers are constructed by the various foreign statistical offices ac- ENGLAND. cording to methods described in the January BULLETIN. The latest figures are subject to For the first time since March, 1919, the correction. Statist index number of wholesale prices for May showed a decline instead of an advance. Index numbers of wholesale prices (all commodities). This was chiefty due to the heavy fall in the [1913=100.] prices of textiles and nonferrous metals. Foodstuffs, other than animal foods, coal, pig United Unit- F B ra u n ll c e e - ; p J a a n - ; Au li s a t ; ra- Can- iron, and steel products, either advanced B S - q S L u t u t t a a ( a i r o o 3 b c t t e f t e 2 s i o a a s s 8 r - u - ; m K d S c i o o ( e i o t s 4 n a d m m d t 5 t g i - - ; - - S G t d c i t r t o q ( e a e a i 4 m n n t l u l 5 e i a e e s - - - m I B t P c t i o a a ( o e r 4 o m c l s d 0 v h f ) i - . . ; i - S H n S v d d t i w e i e a e n d n n l n e g - s s ; - - . k B o c p k T o f f ( a a 5 y o o m J n n 6 o r a - k - - a ( B C w n 9 t C d i m 2 u e e s o n r c t a o m e i s o l S n c a u t m - s - t h u s a - - o m p q a f ( d b a 2 u d e o e L 7 r o a n - r t 2 ; - a - t - T s t d t h h p u h e e e r e c i n a u d r g c l a e a t i c i t s o l i t i i v n n h n e g e e o i p f n m o u t f r p o h p r n e o i t t c h s b h e e e a s s n , o w k d r a s i a s n s c i r d n o e a m u p t c n o p a u t a i r n a r t e a e r i n a l d l e t t i s l e n y s . g u n d c c c a e W r h u g e a s r d h e e n i e e d t g t h e f b b o d e y y r r . tions). ties). m tie o s d ) i . - m ti o es d ) i . - m tie o s d ) i . - tio ta n - s). this decline marks a turn in prices which may be expected to continue depends upon the extent to which stocks of commodities have 1913 100 100 100 100 100 100 100 1914 100 101 102 95 115 96 UOO 101 been accumulated, and how rigorously public 1 1 9 9 1 1 6 5 1 12 0 4 1 1 1 2 5 6 9 1 1 8 4 7 0 2 1 0 3 2 3 1 1 8 4 5 5 1 9 1 7 7 1 1 3 4 2 1 1 1 1 3 0 5 and private expenditure is controlled. A seri- 1917 174 206 262 299 244 149 2 155 177 ous shortage continues in coal and iron and 1918 197 226 339 409 339 197 170 206 steel products. 1919. January... 203 224 348 324 369 214 172 212 Conditions in England with regard to retail F M e a b r r c u h ary . 2 19 0 7 1 2 2 2 1 0 7 3 3 4 3 0 7 3 3 2 2 0 4 3 3 5 5 8 4 2 20 1 6 3 1 1 6 6 8 9 2 2 0 0 7 5 buying of clothing, house furnishings, etc., April 203 217 332 329 339 206 171 206 have been very similar to those in this country. MtJ.u a n Jy e .... 2 2 0 0 7 7 2 2 2 3 9 5 3 3 2 2 5 9 3 3 3 5 6 6 3 3 3 2 0 4 2 2 1 2 4 8 1 1 7 7 2 3 2 2 1 1 0 0 Exorbitant prices have led to a refusal to buy A Ju u ly gust.... 2 22 1 6 9 2 2 5 4 0 3 3 3 4 4 9 7 3 3 5 6 9 8 3 3 2 2 0 1 2 2 5 4 1 7 1 1 7 8 6 2 2 2 1 2 8 3 on the part of the public. This has led to September 221 252 360 370 319 257 185 223 retail price cutting accompanied by cancella- October... 223 264 382 388 307 271 200 222 November 230 271 405 436 308 280 199 227 tion of orders and in turn to the reduction of December. 238 276 417 455 317 288 197 240 wholesale prices. 1920. January... 248 288 487 504 319 301 203 248 Group index numbers—United Kingdom, Statist. February . 249 306 522 556 342 313 206 254 March 253 307 554 619 354 321 209 258 11913=100.] April 265 313 584 679 354 300 217 261 May 272 305 550 659 361 272 263 Vege- Ani- Food- Miner- Tex- Sun- Matei July, 1914=100. 2 Last six months of 1917. f t o a o b d le s. f m oo a d l s. stuffs. als. tiles. dries. rials. The decline in the Japanese index number, 1913 100 100 100 100 100 100 100 100 which began during April, continued in May, 1 19 9 1 1 4 5 1 1 1 5 0 5 1 1 0 2 0 5 1 1 3 0 0 7 1 1 3 0 7 5 1 9 0 0 9 1 9 1 7 1 1 1 0 3 5 1 1 9 1 8 9 and was accompanied in the latter month by 1916 193 152 161 169 140 152 163 153 1917 252 192 213 218 152 228 212 198 decreases in the index numbers for England, 1918 .248 210 238 229 167 265 243 225 France, and Italy. The Japanese index num- 1919. January 249 226 221 234 159 245 246 218 ber for May registers a decline of 28 points, February... 250 226 221 235 156 242 235 212 as compared with 21 points the month previ- March 240 205 238 223 154 235 246 213 April 243 206 229 223 154 239 243 213 ous. In Italy, according to the index number May 245 208 236 226 177 254 258 230 June 246 208 214 229 182 258 271 238 of Prof. Bachi, the general price level tell July 244 208 275 231 203 257 283 249 20 points during May. This change was caused August 255 208 320 242 206 273 283 255 September 25S 208 328 245 206 287 278 257 principally by the sharp break in textile prices^ October... 260 226 322 253 222 305 284 270 as prices of foodstuffs and minerals and metals D N e o c v e e m m b b e e r r . 2 2 7 6 0 6 2 2 2 2 8 6 3 3 3 3 6 2 2 2 6 5 0 S 2 23 2 4 6 3 3 3 2 4 5 2 2 9 9 6 2 2 2 8 8 6 0 in Italy increased slightly during the month. 1920. The index number of the Bureau de la Statis- J F a e n b u r a u r a y ry .. . . 2 2 9 7 7 4 2 2 3 3 0 7 3 4 5 1 6 5 2 2 8 6 6 5 2 2 6 5 7 6 3 36 4 2 3 3 3 1 2 2 9 3 3 0 1 2 8 tique Generale shows a decrease of 34 points March.... 345 237 393 300 263 360 318 312 April 346 265 392 315 263 354 321 311 during the month. Prices in practically all May 351 244 473 318 273 308 311 298 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 709 Employment, as reported by trade-unions, and colonial merchandise were not quite as was very good during April. No statistics are large as in April, but exports of British meravailable for May or June, but trade papers chandise were 12 per cent greater than in the report that some mills were temporarily closed. month previous. Percentage of trade-union unemployment (1,560,904 mem- Value of exports (including reexports) of the United Kingdom. bership). [In millions of dollars.] 1918 1919 1920 1919 1920 January. 1.0 2.4 2.9 January 253 639 February .9 2.8 1.6 February 253 528 March... 1.2 2.9 1.1 March 302 636 April.... .9 2.8 .9 April 350 616 May .9 2.1 May 369 679 June 372 Julv 375 August 438 The price cutting which was reported as September 400 October 480 taking place in textile raw materials last month November.. 523 continued during May anid June. Recently December 570 yarn and cloth markets in both the cotton and wooien industries have also been affected in FRANCE. some degree. Aside from the series of strikes in the first Production of coal during the month was not half of the month, the most important aspects up to recent high standards, but that of pig of the industrial and financial situation in iron and steel ingots was better than at any France during May were the increase in the time since the armistice. The low figure for exchange value of the franc, the continued coal production during the last week of May is shortage of coal, and the sharp decline in textile due to holidays. and nonferrous metal prices. The weekly coal production during April and The change in the foreign exchange situa- May was as follows: tion which took place during May was partly the result of import restrictions imposed by Week ending— Tons. the Government, and of voluntary restriction Apr. 3 3,979,747 of foreign purchases, and partly the result of Apr. 10 3,337,793 Apr. 17 4, 833, 072 the increased exports from France in May and Apr. 24 4, 989, 666 the three months previous. The prospect of May 1 4, 564, 564 an improvement in the financial situation of May 8 4, 674, 302 the French Government may also have exerted May 15 4, 860, 668 May 22 4, 830, 707 an influence. The following table shows the May 29 3,199, 947 change which took place in foreign exchange rates during the month: The following table gives the monthly average production of pig iron and crude steel for French foreign exchange rates. 1913, the first five months of 1919, and the corresponding months of 1920: Average [Thousands of metric tons.] Paris on- M v a a y lu 3 e 1, 1920. Ingots 2; iron, j and London castings. New York Belgium Denmark Spain 1913 (monthly average) 869 Holland Italy 1919. Norway January 672 730 Sweden February 636 746 Switzerland March 702 770 April 658 680 May 682 767 Source; Les Temps, Paris. 1920. The condition of the Bank of France changed January 676 766 February 656 811 very little from the last of April to the last of March 710 854 April 655 779 May. The gold reserve of the bank rose from May 738 848 3,608,033,000 francs to 3,608,776,000 francs in that period, and its note circulation fluctuated 1 Crude steel. from just below to just above 38,000,000,000 Total exports from the United Kingdom con- francs. As in previous months of 1920, Govtinue to increase. In May exports of foreign ernment revenue from taxes and monopolies Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 FEDERAL RESERVE BULLETIN. JULY, 1920. exceeded budget estimates. The May re- The Ministry of Commerce has promised to ceipts were not as large as those for April, bring forward a solution for the latter problem however, partly because of the strikes which within the month, but there seems to be no occurred during the month and partly because immediate prospect of increasing coal prothe restriction of imports of luxuries reduced duction. In April coal receipts from all customs receipts. sources totaled only 3,602,567 metric tons The 1920 budget has not yet become a law. (178,987 tons less than the quite insufficient The Senate on June 2 approved a bill which March receipts) and figures for the 1st of May provides an additional 9,500,000,000 francs a are even more discouraging. year for Government expenses, a sum larger Coal received in France. than that approved by the Chamber of Deputies the 1st of May. The law in its amended form has now been returned to the lower house. April, 1920. May 1 9 1 2 0 to . 20. If it is approved there, the Government will be provided with enough revenue to meet its cur- Metric tons. Metric torn. rent expenses (except the expenses of recon- French coal 1,426,684 360,391 Sarre coal 626,742 382,864 struction for which Germany is responsible) English coal 958,855 758,019 and will have beside 1,000,000,000 francs a B G e e l r g m ia a n n c c o o a a l l •. 3 8 8 2 2 , , 1 4 0 4 6 3 3 5 8 2 2 , , 0 0 4 2 8 0 year to provide a sinking fund for the Govern- American coal. . .. 125,737 108,970 ment debt. Total. 3,602,557 2,044,320 Group index numbers—France. In spite of the coal shortage and the diffi- [Bulletin de la Statistique Ge'ne'rale.] culties of transportation, French foreign trade figures for the first four months of 1920 show [1913=100.] signs of increasing production within the country. Date. f A m oo n a d i l - . f V t o a e o b g d l e e s - . c S c o a o u f n c g f o e d a e a r , . , F ( o 2 o 0 d ). s e M ra i l n s - . t T il e e x s - . d S r u ie n s - . M ( r 2 ia a 5 l t ) s e . - French imports and exports (exclusive of gold and silver). [Based on 1918 values. Expressed in millions of dollars, gold parity.) 1913 100 100 100 100 100 100 100 100 1914 103 103 106 104 98 109 99 101 January through 1915 126 126 151 131 164 132 145 145 April— 1916 162 170 164 167 232 180 199 206 Increase. 1917 215 243 201 '225 271 303 302 291 1918 .. 286 298 231 281 283 460 420 387 1919 1920 1919. January 337 321 230 313 271 416 427 376 February... 343 321 236 316 243 399 420 360 Imports: M Ap a r r i c l h . 4 4 3 3 9 6 1 2 1 7 1 7 2 2 3 3 6 6 3 3 3 3 7 6 2 2 4 4 6 3 3 3 2 3 2 5 4 3 0 8 4 7 3 3 3 3 7 0 F R o a o w d s materials 5 7 0 2 1 3 10 52 0 9 3 2 2 8 8 0 May 397 275 237 319 231 346 390 330 Manufactured articles 497 524 27 June 381 268 255 313 236 372 398 344 July 372 336 257 338 267 406 394 358 1,721 2056 335 A D S N O e u e c o p t c g v o t e u e e b m s m m e t r b b b e e e r r r . . . . . . . 3 3 4 4 4 6 9 2 0 3 0 6 5 2 2 3 3 3 3 3 0 3 0 8 5 9 7 8 0 1 2 2 2 2 2 6 6 7 6 7 3 4 0 8 8 3 3 3 3 3 2 3 6 7 5 3 4 9 5 3 2 2 2 3 3 9 7 7 2 5 5 9 3 3 7 4 4 5 6 6 3 5 7 2 4 4 4 6 0 9 3 4 4 4 4 0 9 1 0 1 2 8 5 3 9 3 3 4 4 4 6 8 0 3 5 7 1 5 5 8 Expo F M R P r o a a a t r o w s n c d : u e s m l f s a a c p t t e u o r r s i e t a d l s articles 2 3 3 0 4 3 1 0 6 2 5 9 3 3 5 2 6 9 2 3 1 5 5 9 9 5 2 3 1920. 310 919 609 January 452 432 419 440 413 787 465 525 February... 484 474 436 474 434 828 503 561 March 500 511 439 498 460 884 548 600 The increase in exports continued to be larger April . . 522 512 429 506 498 953 587 646 May 480 480 424 472 459 841 601 614 than the increase in imports during April and a preliminary report for May states that the value of French exports during the first five The decline in commodity prices which months of 1920 was $744,000,000 greater than took place during May was the result of sevin the same months of 1919 (the base on which eral factors. Lower prices in important forthey are calculated being the same), but that eign markets, agitation for price reductions by imports in this period were only $371,000,000 the press and the public, and the improvelarger than were imports from January through ment in exchange rates all contributed to the May, 1919. Although French imports are still decreases which occurred in the prices of raw more than twice as large as French exports, the silk, cotton and wool, copper, tin and lead, catrend is encouraging. At this time last year cao, lard, and minor food products. Coal and the value of imports equaled almost five times coke prices continued to rise, however, and the value of exports. prices for pig iron and semimanufactured iron and steel products followed in their wake. ERRATUM.—On page 507 of the May issue of the FEDERAL RESERVE BULLETIN, the statement that "Improvement to the extent of 17,000,000 The coal shortage and the transportation francs was likewise made in the gold reserve between the 1st of January situation continue to hamper French industry. and the middle of April" should read "Improvement to the extent of 7,000,000 francs." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 711 Group index numbers—Italy. Prof. Bachi. [1913=100.] Cereals Other Minerals Other and food- Textiles. and goods. meats. stuffs. metals. 1913 100 100 100 100 100 1914 102 84 96 100 96 1915 132 93 113 207 133 1916 156 135 184 380 197 1917 215 171 326 596 266 1918 315 229 475 750 391 1919. January 304 300 330 295 422 February... 305 308 328 295 384 March 293 312 331 346 361 April 294 330 333 354 349 May 293 336 375 360 340 June 320 343 378 419 336 July 334 332 401 423 342 August 332 351 423 424 341 September. 319 357 429 442 342 October 326 366 499 459 341 November.. 328 371 633 568 351 December.. 338 373 658 584 405 1920. January 363 396 777 671 418 February... 365 399 840 857 443 March 381 418 962 996 489 April 395 494 1,064 1,076 535 May 441 499 840 1,088 525 Group index numbers—Sweden, Svensh Handelstidning. :1913= 100.) Date. 1913-14 1914 i 1915 1916. 1917 1918 1919. • January February March April Mav June.. July August September October November December 1920. January February March April May .doof elbategeV 100 136 151 152 181 221 276 276 276 276 276 276 260 260 255 230 230 241 248 273 270 265 269 .doof laminA 100 101 140 182 205 419 483 448 438 423 417 424 412 396 386 360 361 362 328 305 304 284 283 rof slairetam waR .erutlucirga 100 114 161 180 198 304 356 356 356 367 364 328 334 334 323 323 317 319 317 319 318 320 320 .laoC 100 123 177 266 551 856 810 784 814 769 733 746 732 795 893 893 840 840 864 936 960 1,008 1,069 .slateM 100 109 166 272 405 398 373 341 317 287 246 212 213 214 213 213 225 237 248 259 291 283 324 .lairetam gnidliuB 100 104 118 165 215 275 293 293 288 288 285 284 284 280 ot ot ot ot 00 00 00 OC 295 371 367 367 367 .plup repaP 100 116 233 267 300 323 323 323 323 299 286 292 289 292 316 343 388 476 682 767 782 .rehtael dna sediH 100 118 158 229 206 195 208 208 174 172 172 162 243 247 235 223 228 258 258 269 268 263 252 .selitxeT Group index numbers— United States, Bureau of Labor Statistics. [1913=100.] '& a Date. 6 £ 1913. 100 100 1914. 103 102 1915. 106 105 1916. 119 124 1917. 189 178 1918. 219 191 1919. January 222 209 February 218 197 March 228 205 April 235 212 May 240 216 June 231 206 July 246 218 August 243 228 September I 226 212 October I 230 211 November j 240 219 December | 244 234 1920. | January 253 February 244 March 246 April 270 May 287 O 100 100 103 111 116 120 166 149 247 308 170 328 204 350 204 353 380 226 380 368 275 374 275 1 Average for six months ending Dec. 31,1914. <olc 1 bib a s £ O 100 98 99 123 181 240 234 223 216 217 227 258 282 303 306 313 325 335 350 356 355 353 347 ithgi 03 £© 100 96 92 114 175 163 170 169 168 167 167 170 171 175 181 181 179 181 184 187 192 213 240 1 ate s • c3 O -. ft 100 88 94 142 208 181 172 168 162 152 152 154 158 161 160 161 164 169 177 189 192 195 193 -dliu> ~3 dna ireti u S 3 100 100 98 94 100 117 124 153 152 192 161 191 218 212 163 185 218 208 165 183 , 217 162 178 I 216 164 179 I 213 175 174 I 212 186 171 221 209 172 225 229 173 217 231 174 220 236 176 220 253 179 220 268 189 324 227 300 197 ! 329 227 325 205 ! 329 230 341 212 ! 331 238 341 215 [ 339 246 Group index numbers—Australian Commonwealth—Bureau of Census and Statistics. [July, 1914=100.] © 1 Date. 1 © Tuly, 1914... 100 1915 117 1916 . . 154 1917 213 1918 220 1910. January . 218 February 204 March 200 April 195 May 195 June 194 July 186 August 182 September.. 182 October 186 November 184 December 186 1920. January 189 February 192 March. 205 April 205 ,se ©" % ft 2 B o © X & 100 100 93 202 131 113 207 110 232 135 194 165 184 166 1S5 161 197 162 200 162 214 160 226 168 229 190 225 200 243 236 254 238 259 224 273 227 283 226 281 226 277 234 eculx ft lia 6 O 1 q 100 127 124 116 121 126 129 136 136 140 140 141 135 138 141 142 142 143 149 162 169 t dnasei' © • o O 100 100 110 150 127 155 131 155 138 147 142 137 141 132 142 147 142 156 143 148 144 150 148 148 150 145 149 152 152 154 151 132 156 132 156 147 161 149 160 126 192 160 slai' c3 a id 'B FP 100 116 136 194 245 265 264 261 248 257 250 243 249 259 271 278 281 282 287 298 298 lac a © o 100 149 172 243 315 313 314 309 290 268 273 277 277 263 272 267 266 268 272 280 280 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 FEDERAL RESERVE BULLETIN. JULY, 1920. Group index numbers—Canadian Department of Labor.1 United States markets, computed according [1913=100.1 to methods described in the May BULLETIN. Similar indexes are under way for England, Date. f G o a r d n a d d i e n r s . m m A a e n n a a i d - l t s s. D p u r c a o t i d r s y . - t F a v a r b e n u g l d e i e r s - s . f O o t o h d e s r . t T il e e x s - . Fra T n h c e e , q I u t o a t l a y t , i o a n n d f o J r a p w an o . rsted yarn, 1-50 domestic fine, French system, could not be in- 1 1 9 9 1 1 4 3 1 1 1 0 4 0 1 10 0 7 0 1 1 0 0 0 0 1 9 0 9 0 1 10 0 4 0 1 1 0 0 2 0 cluded in the computation because of unsettled 1 1 9 9 1 1 6 5 1 1 3 4 6 2 1 1 2 0 1 4 1 11 0 9 5 1 9 3 3 0 1 1 2 3 1 6 1 1 1 4 4 8 market conditions. The source for the quota- 1 1 9 9 1 1 7 8 2 23 0 1 6 1 16 9 1 7 1 1 6 4 8 9 2 2 1 3 4 3 2 1 1 8 3 0 2 2 0 7 1 3 tion for fuel oil has been changed, causing changes in certain of the numbers. 1910 January 198 191 191 206 224 293 February... 192 191 178 188 218 281 The most striking feature to be noted is that March 199 198 171 189 219 282 April 217 210 184 197 213 284 for the first time since September of last year J M u a n y e 2 2 3 3 1 8 2 2 1 1 4 4 1 1 8 7 1 9 2 2 0 2 9 1 2 2 1 1 3 5 2 2 7 7 7 4 the prices of producers' goods has come to a July 240 217 186 200 218 279 August 243 216 189 210 224 277 standstill. The increase in the price of raw September.. 232 201 193 195 227 283 October 232 180 204 178 228 290 materials amounted to only 1 point for the November.. 240 176 221 240 230 298 December... 251 182 230 240 232 306 month, but that of consumers, goods amounted to 4 points. There has been a slight decline 1920. J F a e n b u r a u ry ary... 2 2 6 7 9 5 1 1 9 9 5 5 2 21 2 6 8 2 2 6 9 5 0 2 25 4 1 5 3 32 1 1 6 in the price of exported goods and a somewhat A M p a r r i c l h 2 29 8 1 0 2 1 0 9 0 8 2 1 0 9 6 6 2 3 9 1 5 6 2 2 5 6 4 4 3 3 2 6 2 6 larger increase in the price of goods imported. May 301 207 189 358 275 323 Index numbers— United States. Date. l H ea e i t t d c h . e e s r , ,! Metals, m I e mp n l t e s - . l i t u B n e m g r u i i b a m ld l e s a - r , . l F i i a n g u n g h . d e t l - c D h c a r a e n u l m d s g . i s - [Average prices 1913=100.] Goods Im- Ex- Con- Raw Pro- Con- 1913 100 100 100 100 100 100 Date. pro- port- port- sumed. mate- ducers' sumers' All. 1914 105 96 101 100 94 106 duced. ed. ed. rials. goods. goods. 1915 110 128 106 97 92 160 1916 143 167 128 100 113 222 1917 168 217 174 118 163 236 1913. 1918 169 229 213 147 18S 250 January... 100 105 100 100 99 105 99 100 February. 100 104 100 100 99 105 99 100 1919 March 100 103 99 101 100 105 99 101 January 171 204 229 154 209 240 April 101 101 99 101 101 103 99 101 February... 161 190 229 155 202 233 May 100 100 99 100 100 102 99 100 March 161 172 229 156 199 212 June 100 99 100 100 100 101 101 100 April 166 162 223 153 206 210 July 100 99 99 100 98 101 102 100 Mav 202 162 223 153 192 208 August 100 101 99 102 101 100 101 101 A N J J D S O u u e u c o e n l p t c g y v e o t e u e e b m s m m e t r b b b e e e r r r . . . . . . 2 2 2 2 2 2 2 3 6 1 5 3 5 5 1 0 1 6 5 2 2 1 1 1 1 1 1 1 7 7 6 8 7 6 6 1 1 1 1 1 6 5 2 2 2 2 2 2 2 3 2 2 3 3 2 2 1 6 8 2 2 5 6 2 1 1 1 1 1 1 2 9 8 8 7 5 6 4 4 3 8 0 8 8 2 2 2 2 1 1 1 0 0 0 0 9 9 9 1 9 1 0 4 4 9 1 1 1 1 1 1 1 8 8 9 9 9 9 9 1 9 5 7 6 8 7 N J S D O a e o e c n p c v t u t o e e e 1 a m b m m 9 r 1 e b 9 y b b r . e e . . e . r . r r . . . 1 1 1 0 9 9 0 9 1 9 8 1 7 1 1 9 9 9 0 6 8 8 3 0 8 2 1 1 1 9 0 0 0 0 9 3 0 2 2 1 1 9 9 9 0 9 9 8 6 1 5 1 1 1 1 9 9 0 0 0 8 5 2 2 0 1 9 9 9 9 9 8 6 5 1 3 1 1 1 1 9 0 0 0 9 9 1 1 1 6 1 1 1 9 9 9 0 0 9 7 5 0 1 February. 191 168 192 190 190 191 188 189 1920. March 193 163 194 191 196 185 188 191 January 237 191 235 232 212 190 April 198 165 194 196 201 181 197 196 February... 245 199 231 243 215 189 May 204 172 211 201 209 185 202 202 March 222 210 237 215 194 June 204 180 214 202 208 192 202 203 April 239 214 237 268 245 201 July 214 176 224 211 217 200 211 212 May 215 213 237 295 257 203 August 221 174 219 218 217 206 224 218 September 215 170 212 212 211 203 216 212 October... 215 174 226 212 213 207 214 212 1 Unimportant groups omitted. November 222 179 242 217 220 213 219 219 December. 225 203 243 225 223 223 225 224 1920. INTERNATIONAL PRICE INDEX. January... 244 212 250 241 234 236 242 237 February. 245 216 246 242 232 247 240 237 March 250 218 252 247 235 263 241 243 In the following table are presented whole- April 265 242 264 263 262 274 257 263 May 266 246 262 264 263 274 261 264 sale price indexes for groups of commodities in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. In the following table is presented actual discount and During the period under review the upward movement interest rates prevailing during the 30-day period ending of interest rates has continued in a considerable number June 15, 1920, in the various cities in which the several of centers, altnough little change is shown in other cen- Federal Reserve Banks and their branches are located. A ters. The increase is noted equally for all types of paper, complete description of the several types of paper for which and on the whole is not found more especially in either quotations are given will be found in the September, 1918, high, low, or customary rates. Present rates continue and October, 1918, FEDERAL RESERVE BULLETINS. Quota- higher in practically all centers than during the same period tions for new types of paper will be added from time to time of 1919. as deemed oi interest. Discount and interest rates prevailing in various centers owing 30-day period ending June 15, 1920. Prime commercial paper. District. City. Customer? 30 to 90 days. H. No. 1.... Boston 8 No. 2.... New York K.. 7 Buffalo 7 No 3 Philadelphia fi No. 4.... Cleveland 7 Pittsburgh.... 6 Cincinnati No 5 Richmond Baltimore G No fi... Atlanta 8 Birmingham.. 8 Jacksonville... 8 New Orleans.. 8 Nashville 8 No. 7 Chicago 7 Detroit No 8 St Louis 7 Louisville 6 Memphis. Little Rock... 8 No. 9.... Minneapolis... No. 10... Kansas City... Omaha q Denver 8 No. 11... Dallas 71 El Paso 10 Houston 8 No. 12... San Francisco. 7 Portland 8 Seattle 8 Spokane 8 Salt Lake City Los Angeles... oooo L C. 6 7 G 6 fi fi 6 6 7 6 G 6 6-6i G 6 G fi fi 6 6 6-7 6 7 6 6 6 fi 7 7 6 6 f 7 7 6 7 7 71 fi 7 6 6! fi 18 6£ 6 6 b fi 7 7 7 5 OOCO 4 to 6 months. 11. 8 7i G 7 6 7 G fi 8 00 00 00 00 L. 6 6 fi fi 6 6 6 fi fi f> 6 6 6 G 7 f 7 7 7 6 6 8 7 7 8 6 10 8 G 7i 6 10 fi 7 71 8 88 8 co co co cc Open m 30 to 90 days. c. L. 8 ' 71 64 7 fi 0 s 7} 7 8 7 6 8 7 6 fi G G-7 8 6 7 8 6 7-7.', 8 61 7 7 7 7J 7 6 8 ? 8 8 7 7 n 8 q" 6i 7| 7 7 7 8 7A • 7 7.! r-rarker.. 4 to 6 months. (7. H 7! 8 8 7 7 8 8 7* 8 8 7 G 7 7 73 71 7| 71 1 61 7 8 gi 7 6" 7l b 71 7 7 6 7 CQOOOO 7 8 8 oooo 71 G4 7 G 6 6 6i 7 71 71 q 8* 8 8^ OCCO C. 71 8 n 6 "7"" 7 7 1 7* 61 8 7 7 6 OC r- Interbank loans. H f G 6 6 7 G fi 7 8 7-i 7 7 OCCO OOOC 6* 6 6 6 6 6 G fi 7 7 7 6 7 74 7 7 8 7 7' 7 7 8 7 CO CO CO CO Bankers acceptances, Collateral loans— bO to 90 days. oi Indorsed. Hn- Demand. indorsed. C. H. L. 11. L. C H 61 6 61 G 6i 8 6 6 7 6 6-6^12 7 ^ G fi G fi3 51 fi G 6 6 4 6 6 5 1 f 6 i ! i 61 6 7 G G 6* GS 64 61 G! 8 G fi fi p. 6 fi fi 8 6-7 8 6 6 8 6 6 6 7 7 7 7 7 7 G-7 8 7-7* 8 7-71 G 61 7 7 7 f 6* fi1 G* fi1 fi fi" 6 fii 8 fi 6 6 61 6 6} fii 6 61 6^ 7 51 o* 65 6 6| 6 Si 6 7 6 7 7 63- Gi 61- 6 b P bj 61 6} 6 6 5A 64 6i (V G1" 6 6 7 5 6 61 6 6"} 71 6 oooooo 7 7 7 6 8 8 8 8 8 8 8 OO t- OO OO OC 8 7 ^ CO CD tO .exchange other current 3 months. C. H. 8 8 6 7 7 fi G G 6 7 7 6 6 G 7 71 G G G" fi fi G G fi 8 6 G-7 8 7 8 G 7-71 8 s* 7 7 61 7 fii 7 8 6 G 6 8 8 n 8 8 6" 6 8 8 8 8 fi 7 8 7 8 f\ 8 q 7 7 8 6 6* 7 G 7" 8 6 7 8 fii 7 8 7 8 6 OO OO L C. 62 6" G G G G 7 G 6 7 fi fi fi G 6 fi 6 6-7 7 7 G G fi (H fi-1 7 6 6 7 71 6 7 fi f G 6 6 6 7 6 oc 00 .'r- 3 to 6 month 11 8 7 G 7 6 71 G 8 7 71 8 7 8 8 7 OO OO OO 00 7 7 8 6 X OCOO (X L. c. 6i 6 G" G 6 fi G 7 6 fi 7 6 fi 6 fi 6 fi 6 6-7 GA 7 6* 7-7J 6 7 62 fii 6 71 6 . 8 6 8 10 8" 7 6 8 6 8 6 8 fi 8 8 r-co Secured bv Cattle warehouse loans. receipts, etc . L. C. 11. L. fi 7 fi 8 8 8 8 8 7 7 7 fi1- 6 6 8 8 7 8 6 7 8 7" 10 7 8 8 6 7 71 8 8 10 fi" 8^ 8 7 7* 8 63 7 8 8 7 CO CO CO Ordinary loans to customers secured by Liberty bonds and certificates of indebt- edness. C. 7 6 7 fi ? G 7 6 f fi 6 fi 8 6 7-8 8 6 8 6 7-7-1 7* 6 fi" 7 7 7 7 6 6 6 8 71 7 6 7' 8 8 8 6 V 62 7 7 r- 1- oc 000c L. c. 6] fi 1 fi' 6-fU ri 6 6 6 6 6 6 G 6 G fi fi 6 6-7 6 7 6 fi.i-7 6 6 6 fi Gi 7 6 6 7 ^ f 7 7 8 ffiii 7 6 7 6* s •7 * 6 b (^ 77 8 7 8 8 5 7 1 Rates for demand paper secured by prime bankers' acceptances, high 6, low 5i, customary 6 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 FEDERAL RESERVE BULLETIN. JULY, 1920. PHYSICAL VOLUME OF TRADE, Production of bituminous coal shows a moderate increase in May, 1920, as compared In continuation of tables in the June FED- with the previous month and corresponding EKAL RESERVE BULLETIN there are presented month of the previous year. The production in the following tables certain data relative to of crude petroleum shows an increase as comthe physical volume of trade. The January, pared with the previous month and with the 1919, issue contains a description of the meth- same month last year. ods employed in the compilation of the data In the,iron and steel industry production of and the construction of the accompanying pig iron and steel ingots shows an increase in index numbers. Additional material will be May, 1920, as compared with April and a very presented from time to time as reliable figures considerable increase as compared with May, are obtained. 1919. Unfilled orders of the United States The data presented below indicate an im- Steel Corporation show a moderate increase in provement in the production and distribu- May, 1920, over April, and a large increase tion of goods in May, 1920, both as compared as compared with May, 1919. It should be with April, 1920, and May, 1919. This im- noted in this connection that unfilled orders provement is, no doubt, largely a reflection of of the United States Steel Corporation did improved transportation conditions. not decline in April, 1920, but rather showed Only in the textile group is there any im- a considerable increase, due largely, no doubt, portant indication of decline in activity. Cot- to the fact that the railroad strike made it imton consumption shows a moderate decline in possible for the corporation to fill the nor- May as compared with April of this year. mal number of orders on hand. Moreover in However, considerable improvement is seen comparing figures of May of this year with in May of this year as compared with May of those of May last year it should be remembered last year. A similar situation is noted in the that at that time the iron and steel industry was case of cotton spindles active during the in the midst of the post-armistice depression. month, a considerable decline being noted in The receipts of lumber at Chicago showed a this case as compared with April of this year decided increase in May, 1920, as compared with but a moderate improvement as compared April and with May, 1919. California shipments with May, 1919. The percentage of wool ma-of citrus fruits and live-stock receipts at 15 westchinery idle likewise shows an increase in May, ern markets showed a large increase in May of 1920, as compared with April, 1920, and "athis year as compared with April, 1920, but some decrease as compared with May, 1919. In decrease as compared with May, 1919. Cotton June there was a considerable increase in wool sight receipts show a well-defined seasonal inmachinery idle. The imports of raw silk in crease in May of this year. May, 1920, show a moderate increase over April, The tonnage of vessels cleared was heavier but a very large decrease as compared with in May, 1920, as compared with April and with May, 1919. May, 1919. Live-stock movements. [Bureau of Markets.] Receipts. Shipments. C c m a a a l t v t r l e k e s e , a t 6 n s 0 . d m Ho ar g k s, e 6 ts 0 . S m h a e r e k r* e , t 6 s. 0 H m m o u a rs l r e e k s s e , a t 4 s n 4 . d T k o i t n al d s a . ll C c m a a l a t v t r l e k e s e , a t 5 n s 4 . d m H a o r e k s e , t 5 s 4 . S m h a e r e k p e , t 5 s. 4 H m m o u r a s l r e e k s s e , a t 4 s n 4 . d T k o i t n al d s a . ll 1919. Head. Head. Head. Head. Head. Head. Head. Head. Head. Head. May 1,822,370 3,862,785 1,425,018 33,966 7,144,139 788,096 1,181,745 614,275 33,951 2,618,067 July 2,007,266 2,998,836 2,177,942 48,691 7,232,735 706,843 963,662 997,338 43,738 5.711,581 August 2,019,139 2,103,609 3,211,331 81,917 7,415,996 894,816 690,821 2,014,267 74,268 3;674,172 September.. 2,377,054 2,401,677 3,810,441 140,848 8,730,020 1,150,183 860,614 2,466,937 135,724 4,613,458 October 2,989,090 3,144,831 3,605,198 124,497 9,863,616 1,532,297 1,103,837 2,159,531 125,701 4,921,365 November.. 2,680,042 3,775,589 2,751,421 140,192 9,347,244 1,374,452 1,308,095 1,597,007 134,679 4,414,233 December... 2,169,631 5,024,650 2,393,632 86,666 9,674,579 967,160 1,608,292 1,183,602 86,534 3,845,588 1920. January 1,868,723 5,275,412 1,560,051 138,541 8,842,727 752,605 1,665,274 669,458 138,145 3,225,482 February... 1,468,370 3,423,992 1,387,111 108,056 6,387,529 591,691 1,287,169 572,634 110,827 2,562,321 March 1,803,073 3,963,245 1,255,490 82,584 7,104,392 570,323 1,399,485 483,550 87,896 2,541,254 April 1,542,150 3,030,801 1,441,072 48,036 6,062,059 593,362 1,119,205 724,718 47,998 2,485,283 May 1,766,394 4,234,022 1,421,009 40,901 7,462,326 771,865 1,374,902 769,718 40,021 2,956,506 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

715 JULY, 1920. FEDERAL RESERVE BULLETIN. Receipts and shipments of live stock at 15 western markets, [Chicago, Kansas City, Oklahoma City, Omaha, St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Cleveland ,Denver ,Fort Worth, Indianapolis, Louisville, Wichita.] RECEIPTS. [Monthly average, 1911-1913= 100.] Cattle and calves. Hogs. Sheep. Horses and mules. Total, all kinds. Head. Relative. Head. Relative. Head. Relative. Head. Relative. Head. Relative. 1919. May 1,262,065 125 3,049,223 139 934,613 20,665 45 5,266,566 114 July 1,527,881 152 2,411,539 110 1,558,767 114 37,646 82 5,535,833 120 August 1,541,133 153 1,595,759 73 2,220,229 162 56,926 124 5,414,047 117 September 1,871,042 186 1,704,944 78 2,890,831 212 88,003 191 6,554,820 142 October 2,317,487 230 2,160,079 98 2,405,511 176 78,940 171 6,962,017 151 November 2,046,664 203 2,715,955 124 1,743,189 128 83,838 182 6,589,646 143 December 1,650,315 164 3,785,870 172 1,589,237 116 53,173 116 7,078,595 153 1921. January 1,400,031 139 3,912,449 178 1,035,591 90,662 197 6,438,733 139 February 1,068,092 114 2,440,154 119 948,116 76,048 168 4,532,410 105 March 1,203,499 119 2,910,909 132 £09,299 57,880 126 5,072,587 110 April 1,040,903 103 2,150,281 98 928,191 31,235 68 4,150,610 90 May 1,209,656 120 3,128,249 152 796,160 58 25,469 55 5,159,534 112 SHIPMENTS. 1919. May 530,153 130 787,009 162 290,803 58 18,185 46 1,626,150 113 July 515,071 127 691,283 143 694,942 138 32,616 80 1,933,912 135 August 650,252 160 455,705 94 1,352, 252 269 49,716 122 2,507,925 175 September 872,043 214 501,856 104 1,849,958 367 82,984 203 3,306,841 230 October 1,154,995 284 654,755 135 1,382,419 275 80,528 197 3,272,697 228 November 993,148 244 788,107 163 945,992 188 78,709 192 2,805,956 195 December 686,325 169 1,003,682 207 682,439 136 55,551 136 2,427,997 169 1920. January 548,841 135 1,026,763 212 403,382 80 90,630 221 2,069,616 144 February 427, 608 113 814,253 180 334,012 71 79,100 207 1, 654,973 124 March 418,310 103 923,526 191 298,878 59 62,625 153 1, 703,339 119 April 414,967 102 712,087 147 373,381 74 31,34S 76 1,531,783 107 May 515,062 127 822,907 170 316.002 63 24.017 60 1, 678, 588 117 Exports of certain meat products. [Department of Commerce.] [Monthly average, 1911-1913=100.] Beef, canned. Beef, fresh. Bee o ! t , h p e i r c k c l u e r d e , d a . nd BacorL. Ha d m e s r s a , n c d u r s e h d o . ul- Lard. Pickled pork. Pounds. R ti e v l e a . - Pounds. R ti e v l e a . - Pounds. R ti e v l e a . - Pounds. R ti e v l e a . - Pounds. R ti e v l e a . - Pounds. R ti e v l e a . - Pounds. t R iv e e la . - 1919. May 5,669,232 856 14,872,987 1,199 2,957,163 Ill 68,957,465 412 49,707,874 333 55,807,234 127 2,095,072 47 Julv 5,392,104 814 8,680,524 700 3,320,564 124 117,679,193 703 47,452,834 318 68,163,734 155 2,392,515 54 August 2,894,361 437 8,075,366 651 2,494,113 93 84,150,778 502 40,147, 727 269 48,968, 628 111 2,117, 796 48 September 1,213,709 183 7,285,951 587 3,523,887 132 57,179,511 341 18,209,239 122 36,960,364 84 2, 792,439 63 October... 1,793, 784 271 31,178,216 2,513 3,402,422 127 56,462,312 337 13,090,972 88 41,016,518 93 3,804, 290 86 November. 1,393,238 210 15,694,002 1,265 2,997,652 112 65, 288, 694 390 16,844, 285 113 42,106,339 96 4,934, 696 111 December. 1,886,835 285 6,061,769 489 3,135,069 117 58,982,754 352 15, 688,297 105 63,645,722 145 4,125,550 93 1920. January... 1,081,643 163 22,872,223 1,844 1,670,500 63 77,501,002 463 13,905,923 93 38,823,902 88 4, 251,187 96 February.. 735,132 119 13,010,793 1,124 1,631,457 65 75,891,195 486 24,217,706 174 36,644,905 89 3,710,308 90 March 847,397 128 6,036,166 487 2,290,835 86 75,002,410 448 31,OSS,859 208 69,429,785 158 3,160,456 71 April 1,606, 737 243 17,687,306 1,426 2,241,460 84 24,356,349 145 15^ 640,236 105 40,758, 401 93 2,784,535 63 May . 5,976,493 902 4,304,038 347 3,056,449 114 50,412,388 301 17,896,764 120 55,544,483 126 3,816,157 86 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 FEDERAL RESERVE BULLETIN. JULY. Receipts of grain and flour at 17 interior centers. [Chicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Pcoria St. Louis, Spokane, Toledo, Wichita: receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane, Toledo, and Wichita.] • [Compiled from reports of trade organizations at these cities.] [Monthly average, 1911-1913=100.] Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Total f l g ou ra r. i * n and Bushels. R ti e v l e a . - Bushels. ! ! R tiv el e a . - Bushels. R ti e v l e a . - Bushels. j Bushels. R ti e v l e a . - Bushels. i I t R iv el e a . - Barrels. R ti e v l e a . - Bushels. R ti e v l e a . - 1919. May 11,625.657 4310,301,000 4619,206,465 4,280,911 387 8,423,141 117 53,837,174 69 2,447,200 125 64,489,574 75 July 49,612; 115 184 12,549,219 56 25,233,109! ",105,486 2818,627,091 120 99,127,020 1271572,420 202,910 122 August 80,714,559 8,503,282 38 29,774,582 147 3,824,263 345 6,638,871 93 129,455,557 166 2:283,145 738,702 152 September 69,953,295 260 16,267,145 7"22 2266!,721,030 1325,446,371 492 5,294,256 74 123,682,097 159 3'073,034 157137510,750 159 October... 51,006,164 189 12,490,107 563 24,323,974 120 4,472,397 404 4,369,326 96,661,968 124 3468,787 177112 271,510 129 November. 35,729,832 133 14,606,137 655 1177!,699,925 88 2!,579,579 233 3,582,873 74,198,346 95 541,957 18190,137,153 104 December. 30,582,779 113 23,983,657 10715,592,282 "»,636 260J3,769,,r~~ 76,805,213 99 2:371,262 87,4475,892 101 1920. January... 25,074,624 93 24,139,094 108 20,925,941 104 4,378,610 396 3,298,544 77,816,813 1002,298,692 117 88,160,927 102 February.. 18,115,324 7""22 266,!051,855 0,575,654 109 3;, 263,686 316 2,470,622 70,477,141 9:2,059,421 113 79,744,536 99 March 18,007,798 6724,306,196 108 19,149,624 95 31,548,739 3212,928,440 67,940,797 871J,617,544 75,219,745 87 April 15,260,236 5711,326,509 2,952,593 64 2!, 914,553 263 2,245.881 44,699,772 57 888,423 48,697,676 56 May 20,510,063 761~2~!, 107,950 5416,724,389 83 31,758,507 340 2,690,076 55,790,985 721,913,075 64,399,823 74 1 Flour reduced to its equivalent in wheat en basis of A\ 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 n.)t available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.] Total grain and Wheat Corn Oats. Rye. BarJey. Total grain. Flour. flour.1 Bushels. Rela- Bushels. Rcla- Bushels. R ti e v l e a . - Bushels. Eela- Bushels. Rela- Bushels. R ti e v l e a . - Barrels. R ti e v l e a . - Bushels. R ti e v l e a- 1919. Mav 31,901,327 207 7,785,341 5517,072,917 112 7,525,819 1,063 6.677,508 171 70,962,912 144 4,320,591 128 90,405,572 140 July 112,423,422 81 8,103,275 57(15,628,503 10311,546,100 218 9| 133,004 234 46,833,304 95 2,589,176 76 58,484,596 90 A' ug*u st• 36,986,491 240 5,135,459 36(17,919,623 1181,436,377 203;5,028,674 129 66,506,624 135 3,805,273 112 83,630,353 129 September 37,730,048 245 6,622,779 47116,651,5801 110i2,317.740 327(2,943,167 75 66,265,314 "13i4 4 4,787,300 141 87,808,164 136 October... 25,813,130 167 7,116,502 5016,705,015 110 1,426,528 20213,087,951 79 54,149,126 1103 5,975,261 176 81,037,801 125 November. 20,877,718 135 6,609,629 4715,582,081 103 3,110,541 439 2,827,956 73 49,007,925 ) 5,604,616 165 74,228,697 115 December. 17,383,075 113 11,509,719 81 12,433,716 82 2,255,139 319 2,624,3"" 46,206,025 94 4,470,122 132 66,321,574 103 1920. January... 17,514.087 114 12,326,051 871.5,822,099 104)3,685,914 5212,007,718 51,355,869 104 4,140.314 122 69,987,282 108 February.. 14,114,215 9811,977.640 9113,073,089 92 2,113,505 3201,306,340 42,584,789 9"22 33,156,962 100 56,791,118 94 March 11,0^7,336 .1,165,894 77991-4.4,243,957 94 3,062,530 433 1,574,887 41,074,604 833 2,960,175 87 54,395,392 84 April 11,05^,643 72 5'. 371,811 38 8,691,440 57 8,811,500 1,245 1,651,509 35,584,903 72211,702,132 50i 43,244,497 67 May 20,720,121 134 5,939,145 42 2"0,444,288 135 6,977,479 9861,488,38" 55,569,420 112 2,877,122 85! 08,516,469 10G 1 Flour reduced to its equivalent in wheat on basis of 4| bushels to barrel. Receipts of grain and flour at nine seaboard centers. [Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts of flour not available for Seattle and Tacoma.] [Compiled from reports of trade organizations at these cities. fMonthly average, 1911-1913=100.] Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Tota f l lo g u r r a . i i n and Bushels. t R iv el e a . - Bushels. Rela- Bushels. Rela- Bushels. R tiv el e a . - Bushels. t R iv el e a . - Bushels. t R iv el e a . - Barrels. t R iv el e a . - Bushels. t R iv e e la . - 1919. Mav 14,157,852 112 1,588,571 45 5,642,176 1197,058,248 4,968 3,561,412 215 32,008,259 1412!,, 535,547 243 43,418,221 158 July 5,806,227 " 901,842 25 6,959,186 1461',478,551 1,041 9,723,852 586 24,869,658 1101,514,135 145 31,683,266 116 August 26,902,757 214 815,132 23:5,676,984 119 61,710 43 4,:993,395 30138,449,978 1691,385,762 133 44,685,907 163 September. 28,010,858 222 512,072 14'5,345,464 113 534,301 3762,171,521 131 3366,574,216 161 2i,: 306,213 221 46,952,175 171 October... 14,755,827 117 507,065 14;4,335,038 911,717,301 1,209 796,839 48 22,112,070 97 21;,521,329 33,458,051 122 November. 9,152,534 73 438,147 12 3,998,525 841,391,024 979 851,651 5115,831,881 701,552,796 149 22,819,463 83 December. 5,782,777 46 816,630 23 2,991,717 63 1,664,755 1,1722,309,085 139 13,564,964 60 2!:, 149,458 206 23,237,525 85 1920. January... 5,711,009 451,491,759 42 2,663,274 56 2,,643,611 1, 1,297, 7813,;, 807,492 611,561, ( 150 20,835,111 76 February.. 4,898,690 421,244,393 3812,331,246 53 3,,212,668 2,4231-, 315,291 8513:;, 002,288 611,102,606 11317,964,015 70 March 6,486,745 511,203,649 3413,646,727 77 4,:119,986 2,900 1,300,871 7816:i,757,978 741,752,860 168 24,645,848 90 April 5,441,434 431,317,555 371,546,590 33 3i,; 440,350 2,421 685.054 4112;!, 430,983 55 843,916 81 166,228,605 59 Mav 10,621,723 84 767,332 22.2,382,271 505,117,806 3,602 556,764 3419,^,445,896 861,301,211 15,301,346 92 - Flour reduced to its equivalent in wheat on basis of 4$ bushels to barrel. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. . 717 Stocls 0/ grain at eight seaboard centers at close of month. [Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco iCompiled !rom reports ol trade organizations at these cities.: Bushels.1 Wheat. Corn. Oats. Rye. Barley. Total grain. 1919. ! May 7,913,162 448,020 4,047,059 1,690,860 4,263,510 18,362,611 July I 5,557,644 265,196 3,760,063 867,491 5,528,176 15,978,570 August ! 17,396,269 155,491 2,216,989 578,250 5,414,183 25,761,182 September 21,171,440 172,254 1,901,510 516,142 4,061,830 27,823,176 October ; 25,322,242 82,240 1,898,271 483,270 3,079,360 30,865,383 November j 18,728,730 155,490 2,504,833 1,264,494 2,351,012 25,004,559 December I 13,053,280 279,451 2,435,455 709,276 3,007,379 19,484,841 I j January i 8,485,491 711,501 2,398,639 2,397,156 2,587,543 16,580,330 February i 6,634,682 948,239 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 April 7,704,155 967, 475 389,958 1,944,350 2,034,983 13,040,921 May i 10,781,927 437.521 819,790 1,889,965 1,071,920 15,001,123 NOTE.—Figures Jor San Francisco include also stocks at Port Costa and Stockton. Cotton. |New Orleans Cotton Exchang !Crop years 1911-1913=100. Stocks at ports and Sight receipts. Port receipts. Overl m an e d n t. move- Ameri t c a a k n i n s g p s i . nners' i c n lo te s r e i o o r t t m ow on n t s h . at Bales. R ti e v l e a . - Bales R ti e v l e a . - Bales. R ti e v l e a . - Bales R ti e v l e a . - Bales. R ti e v l e a . - 1919-20. August 313,301 238,271 26 49,630 47 302,238 67 1,412,048 120 September j 584,776 47 260,698 28 26,138 25 300,001 66 1,501,805 127 October ! 1,779,927 142 1,029,331 112 110,202 105 621, 784 137 2,340,881 199 November ! 2,369,177 189 1,178,443 128 245,237 233 1,155,324 254 2,616,383 222 December 2,147,365 171 1.069,693 116 242,940 231 1,214,337 267 2,765,040 235 January 1,526,622 122 '982,030 107 205,233 195 793,453 175 2,470.496 210 February '. 1,003,226 86 725,515 85 138,084 141 374,093 88 2, 510', 482 213 March. / | 1,088,882 87 621, 808 68 108,573 103 270,269 59 2,276,737 193 A M p a r y i l ! : 3 5 1 29 6 , , 8 6 8 3 0 3 4 2 5 5 2 4 8 9 9 9 , , 8 1 0 8 9 7 3 5 2 4 5 4 7 8 , ;5 6 6 6 5 1 5 4 5 6 2 2 7 1 6 4 , , 8 6 0 7 5 8 6 4 1 7 2 1, , 9 1 1 4 3 8 , , 4 0 0 3 7 8 1 1 6 8 2 2 California shipments of citrus and deciduous fruits. [1911-1913= 100. TotaJ Oranges. I emons. Total citrus fruits. deciduous fruits. Carloads. Relative. Carloads. Relative. Carloads. Relative. Carloads. 1919. May f- 888 241 1,501 371 7,389 259 276 July 2, 5«i8 105 1,038 256 3,606 127 4,199 August . . 1,785 73 436 108 2,221 78 6,601 September 1,840 75 414 102 2,254 79 6,781 October . 2, 70t> 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 '197 192';. Januarv 2, 457 100 C30 ' 156 3,087 108 123 February 2,083 118 852 225 3,535 133 139 March - - . . 4,715 193 651 161 5,366 188 155 April 3,720 152 508 • 125 4,228 148 22 Mav 5,048 206 1,353 334 6,401 225 24 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL RESERVE BULLETIN. JULY, 1920* Sugar. patafor ports of New York, Boston, Philadelphia.] [Weekly Statistical Sugar Trade Journal.] JTons 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. . Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. R t e iv la e - . 1919. 1920. May 325,736 177 307,000 167 126,318 73 January 208,554 113 181,000 99 37,986 22 July 264,782 144 292,000 159 57,975 34 February 316,667 184 269,000 157 85,053 50 August 246,419 134 229,000 125 75,394 44 March 335,532 182 333,000 182 88,185 51 September 262,137 142 292,000 159 45,531 26 April 310,580 169 307,000 167 91,765 53 October 233,650 127 216,000 118 63,181 37 May.. .. 254,616 138 286,000 156 60,381 36- November 154,674 84 177,000 96 40,855 24 December 96,342 52 126,765 69 10,432 6 Naval stores. [Data for Savannah, Jacksonville, and Pensacola.] [In barrels. [Compiled from reports of trade organizations at these cities.] Spirits of tur- Spirits of turpentine. Rosin. pentine. Rosin. Stocks at Stocks at Stocks at Stocks at Receipts. close of Receipts. close of Receipts. close of Receipts. close of month. month. month. month. 1919. 1920. May 18,407 47,115 50,879 229,404 January 8,300 24,910 47,874 165,927 July 23,598 30,656 76,561 235,707 February 3,762 17,900 20,303 140,559- August 21,013 24,756 73,402 203,812 March 1,876 4,819 14,660 103,443 September 21,574 27,021 72,616 190,580 April 7,644 3,996 27,029 98,517 October 19,367 27,389 67,080 186,231 May 23,473 6,174 68,163 7811& November 18,757 28,741 77,125 201,281 December 17,109 30,924 76,792 200,333 Lumber. [From reports of manufacturers' associations.] [M feet.] Southern pine. Western pine. Douglas fir. Eastern white pine. North Carolina pine. b m N e u i r l m l o s f - . P t r i o o d n u . c- m S e h n ip ts - . b N m e u i r l m l o s f - . P t r i o o d n u . c- m S e h n ip ts - . N b m e u i r l m o ls f - . Pr ti o o d n u . c- m S e h n ip ts - . N b m e u i r l m o ls f - . P t r i o o d n u . c- m S e h n ip ts - 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. May 205 414,899 460,238 140,037 127,730 111 345,984 388,803 24,548 17,136" 14,375 17,39a July 206 401,939 466,786 148,533 140,680 114 268,634 301,050 27,382 22,470 22,326 34,191 August 204 417,036 423,002 152,748 140,236 118 416,422 397,290 20,247 26,839 27,177 30,15* September. 202 416,640 372,727 154,102 138,537 126 332,905 261,797 16,913 22,574 33,146 35,468- October 201 421,025 356,124 156,828 143,252 124 419,108 339,321 12,888 18,139 24,055 22,079 November. 202 391,347 344,717 110,525 117,472 126 324,511 241,301 2,786 21,596 24,925 26,92& December.. 198 353,923 363,176 65,989 93,377 129 227,331 176,935 4,776 17,840 19,048 26,241 1920. January 202 386,481 404,706 144,180 128 327,568 344,568 38,007 63,614 24,678 26,283 February.. 203 383,239 369,047 85,583 147,180 124 332,511 32,551 59,687 15,534 15,202 March 205 436,944 424,775 130,425 156,211 123 342,948 329,012 43,771 61,620 29,633 29,89ft April 205 438,056 359,461 167,165 133,114 126 359,651 274,597 46,222 61,757 13,659 10,613- May 205 430,271 347,404 183,621 132,181 124 424,687 383,346 12,731 26,323 15,992 18,657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESEKVE BULLETIN. 719 Receipts and shipments of lumber at Chicago. I Chicago Board of Trade. [Monthly average. 1911-1913=100.1 Receipts. Shipments. Receipts. Shipments. M feet. Rela- M feet. R ti e v l e a . - M feet. R ti e v l e a . - M feet. R ti e v l e a . - 1919. 1920. May 162,365 77 66,001 January 208.145 71,233 93 July 200,148 90,134 118 February 235,423 119 81,561 114 August 170,385 87,953 115 March 284.146 134 122,401 160 September 205,909 97 93,120 121 April 124,725 51,495 67 October 208,638 95,674 125 May 187,931 89,259 116 November 176,972 83 70,175 92 December 226,617 107 79,553 104 Coal and coke. [Bituminous coal and coke, U. S. Geological Survey; anthracite coal, Anthracite Bureau of Information.] [Monthly average, 1911-1913=100.1 Bituminous coal, esti- Anthracite coal, ship- Beehive coke, estimated m du a c t t e i d o n. monthly pro- ments over 9 roads. monthly production. Short tons. Relative. Short tons. Relative. Short tons. Relative. 1919 May 37,547,000 101 5,711,915 101 1,135,840 43 July 42,698,000 115 6,052,334 108 1,503,367 57 August 42,883,000 116 6,144,144 109 L, 733,971 66 September , 47,402,000 128 5,687,401 101 1,790,466 68 October 56,243,000 152 6,560,150 117 1,551,979 59 November 18,688,000 50 5,971,671 106 1,680,775 64 December 36,612,000 99 6,138,460 109 1,760,800 67 1920 January 48,689,000 131 5,713,319 102 1,982,000 76 February 40,127,000 116 4,913,664 94 1,731,000 71 March ,.. 46,792,000 126 2,025,000 77 April 37 966 000 102 1 fin? 167 61 May 39^ 059^000 105 1,689,500 65 Crude -petroleum, [U. S. Geological Survey.} [Barrels of 42 gallons each.) Produced. Produced. Stocks at end Stocks at end of month of month Barrels. Relative. (barrels). Barrels. Relative. (barrels). 1919. 1920. May 29,985,000 156 130,321,000 January 33.980,000 177 127,164,000 July 33 894,000 177 140,093,000 February 33,212,000 186 126,339,000 August 33 862 000 177 136,467,000 36,461,000 190 125,597,000 September 33 667 000 176 137 131 000 April 36,201,000 189 124 991 000 33,319,000 174 135 461 000 May 36,859,000 192 124 633 000 November 32,114,000 168 131,601,000 December 32,508,000 170 127,867,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 FEDERAL RESERVE BULLETIN. JULY, 1020. 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. April 27,775,217 319,807,838 183,453,728 588,808,408 70,954,128 July 31,202,522 342,491,757 205,727,289 638,185,469 67,037,414 August 32,362,057 326, 846,167 219,502,888 685,702,461 72,920,214 September. 32,601,044 339,582,564 199,244,293 683,409,674 70,236,692 October 33,682,968 363,456,747 227,104,346 680,158,446 78,658,410 November. 32,213,754 338,667,570 214,829,925 663,309,514 75,962,212 December.. 32,427,617 335,659,587 229,476,468 685,084,086 72,040,862 1920. January... 30,815,160 336,719,157 195,956,392 617,555/156 75,878,635 February. 29,208,723 322,588,697 194,523,334 589,684,857 74,243,073 March 33,592,004 367,137', 678 191,110,175 686,945,963 81,818,973 April 32,852,040 355,597,451 184,469,017 643,088,785 85,568,064 STOCKS AT CLOSE OF MONTH. 1919. Apr. 30 15,184,844 593,616,170 276,356,837 807,895,498 170,122,088 July 31 15,304,915 514,919,358 279,855,061 817,809,519 173,884,303 Aug. 31 15,131,549 434,531,446 296,065,646 830,329,785 170,572,819 Sept. 30 13,925,441 371,125,419 311,843,057 862,135,385 158,967,070 Oct. 31 14,091,945 354,160,071 329,160,795 828,574,452 152,536,736 Nov. 30 13,983,716 378,133,185 347,070,560 791,052,991 149,193,143 Dec. 31 13,143,285 446,793,431 339,319,690 714,124,455 137,318,934 1920. Jan. 31 13,200,727 515,934,364 327,548,646 652,080,901 141,690,177 Feb. 29. 13,500,599 562,996,489 : 30,120,942 590,322,125 132,759,244 Mar. 31 1 14,346,458 626,393,046 334,617,117 580,182,858 130,630,597 Apr. 30 15,145,691 643,552,644 376,358,123 590,687,009 140,355,972 Iron and steel. Great Lakes iron-ore movements, Marine Review; pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute.] [Monthly average, 1911-1913=100; iron ore, monthly average, May-November, 1911-1913=100.] Iro f L r n o a - m k o e r e s . th s e h ipm up e p n e t r s Pig-iron production. Steel-in t ^ io ot n . produc- Un a f b c t t i c c ll e l e o l d s e o C o r f d o e r m r p s o o n r U a t t . h i . o S n . I Gross tons. Relative. Gross tons. I Relative. Gross tons. Relative. Gross tons. Relative. 1919. May 6,615,341 109 2,108,056 91 1,929,024 80 4,282,310 81 July 9,173,429 151 2,428,541 105 2,503,176 104 5,578,661 106 August 4,423,133 73 2,743,388 118 2,746,081 114 6,109,103 116 September. 8,178,483 135 2,487,965 107 6,284,638 119 October 6,201,883 102 1,863,558 80 6,472,668 123 November 3 152 319 52 2 392 350 103 7 12S 330 135 December... 2,633,268 114 8,265,366 157 1920. January.. 3,015,181 130 2,968,102 123 9,285,441 176 February 2,978,879 138 2,865,124 127 9,502,081 180 March 3,375,907 146 3,299,049 137 9,892,075 188 April. 230,S54 2,739,797 118 2,638,305 109 10 359,747 197 May 6,976,085 115 2,988,881 129 2,883,164 119 10,940,466 208 Imports of pig tin. IDepartment of Commerce.] IMonthly average, 1911-1913=100.1 Pounds. Relative. Pounds, i Relative. 1919 1920. May 449,2/0 5 January I 8,772,953 July 113,120 1 February 13,925,843 164 August 9,872,459 109 March | 11,980,019 132 September 11,087,403 122 April I 10,345,130 114 October 16,210,512 178 May 9,102,341 100 November 15,233,671 168 December 12,940,125 142 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

721 JULY, 1920. FEDERAL RESERVE BULLETIN. Raw stocks of hides and skins. [Bureau of Markets.] [In pieces.] C hi a d t e tl s e . Calfskins. Kipskins. Goat Kid. Cabretta. Sh l e a e m p b a . nd 1919 May 31 . . 4,551,004 2,273,368 386,244 15,121,868 1,246,075 2,044,524 8,039,531 July 31 4 966 081 2,389,368 554 516 15,589 944 1,964,828 2,767,694 6,815,160 Aug 31 . .. 5,498,844 2,145,320 585,269 18,263,446 880,276 2,348,769 7,126,885 Sept 30 6 158,289 2,055 084 947 546 16,749,664 823,740 2,736,802 8,661,215 Get 31 .. 6,436,765 2,007,208 1,097,039 15,302,942 2,239,604 2,574,499 10,122,930 Nov 30 6 918 534 1,844,737 1,188,173 14,248,671 331,389 2,684,084 9,398,712 Dec. 31.. 7,349,146 2,117,442 1,122,156 15,984,179 752,055 2,092,425 9,296,812 1920. Jan 31 6 773,360 1,920 184 1 036 372 13,474 529 927,436 1,893,614 8,902,067 Feb. 29 6.559,337 1,859,697 1,141,620 16,481,328 665,524 2,197,683 9,460,914 Mar 31 6 558,300 1,930,218 966 850 15,968,660 468,188 2,047,519 9,227,252 Apr 30 6,072,895 2,281,370 834,711 14,666,590 156,871 1,947,499 8,911,681 May 31 . . . .. 5,831,341 2,720,610 922,682 14,120,171 791,150 2,253,785 8,978,852 NOTE.—Figures for May 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 idlewoolen machinery on first of month to total reported. Cotton consump- Imports ofraw silk. tion. Cotton spindles Wool con- Looms. Spinning spindles. active sumption during (pounds). Bales. Relative. month. i t n h W c a h n i d r 5 e e e 0 r d - - 5 U 0 r n e -i e d n d e c r h S c e a t r s d o s. f Combs. Woolen. Worsted. Pounds. Relative. space. space. 1919 May 487,934 108 33,531,313 45,084,834 36.6 32.9 17.1 22.5 16.8 25.8 4 878 646 238 July 510,328 113 34,171,690 54,973,093 22.0 26.0 9.7 7.6 8.9 13.5 5!202,407 254 August 502 536 112 34,187.310 48 938,476 22.1 24.9 9.4 6.5 8.9 10.9 3 802 500 186 September 491,213 109 34,216,662 52,985,961 19.9 22.8 8.1 5.5 7.9 12.8 6,755,271 330 October 555,344 123 34,307,367 60,018,415 16.0 20.7 8.2 5.9 7.7 7.2 3 955 845 193 November 490,698 109 34,483,775 52,428,854 14.8 18.2 7.6 5.3 6.7 6.7 4,841,407 237 December... 511,585 114 34,594,214 55,566,253 13.9 19.1 10.5 5.3 8.4 6.2 3,576,585 175 1920 January. 591,725 132 34,739,071 63,059,862 14.5 18.5 8.8 7.2 9.1 10.2 4,855,989 237 February 516,594 123 34,668,643 55,247,652 12.2 17.6 7.6 6.9 7.1 7.9 3,696,121 194 March... 575 704 128 34,667,747 58 344 602 14.9 19.8 9.8 7.0 10 3 11.7 2 491 651 122 April. 567 839 ' 126 34,346 737 57 887 832 13.1 16.9 9.6 7.1 9.5 7.0 2 227' 857 109 Mav 541,080 120 34,066,236 50,649,381 15.2 18.2 10.6 6.7 11.5 7.0 2,505,798 122 June. . . 26.8 22.4 21.1 15.9 23.1 14.2 Production of wood pulp and paper. [Federal Trade Commission. 1 (Net tons.j W pu o l o p d . N pr e i w nt s . - Book. b P o a a p r e d r . W pi r n a g p . - Fine. W pu o l o p d . N pr e i w nt s . - Book. b P o a a p r e d r . W pi r n a g p . - Fine. 1919. 1920. May 294,067 105,819 76,821 151,651 56,579 25,010 January 302,541 129,663 96,419 211,934 70,109 32,886 July 260,685 113,929 75,613 169,593 63,769 30,036 February 266,191 114,235 85,532 176,855 61,574 29,202 August 260,987 113,413 82,737 189,782 64,861 33,122 March 327,143 127,847 95,851 207,863 68,403 33,671 September 266,915 111,434 81,024 184,897 63,353 31,923 April 350,194 128,269 95,251 199,395 75,347 33,49,3 October 308,710 125,216 89,440 202,524 67,110 34,808 May 363,815 129,230 92,856 213,475 70,511 31,575 November 324,488 116,603 84,085 182,940 63,394 32,468 December 306,617 122,781 88,779 174,649 62,288 31,0l4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 FEDERAL RESERVE BULLETIN. JULY, 192U. Sale of revenue stamps for manufactures of tobacco in the United States (excluding Porto Rico and Philippine Islands). [Commissioner ol Internal Revenue. Cigars. Cigarettes. Cigars. Cigarettes. Manu- Manufactured factured Large. Small. Small. tobacco. Large. Small. Small. tobacco. 1919. Number. Number. Number. Pounds. 1920. Number. Number. Number. Pounds. May 551,659,749 57,611,547 2,767,699,400 33,340,102 January 663,634,243 58,837,900 4,528,760,833 33,608,313 July 569,908,339 47,500,287 3,585,030,983 33,838,667 February 593,832,200 43,358,500 3,536,117,847 31,531,460 August 533,227,393 54,953,647 3,918,403,687 35,568,246 March 753,239,958 55,052,100 4,373,778,917 38,422,481 September 575,777,829 53,735,960 4,283,247,387 36,623,005 April 663,577,579 56,548,853 3,756,989,397 34,327,970 October 677,622,154 64,170,793 5,028,875,337 39,335,546 May 676,227,828 59,943,280 3,953,345,380 34,875,839 November 655,421,893 56,080,813 4,768,598,203 32,965,088 December 662,046,997 45,491,540 4,578,641,450 29,409,443 Output of locomotives and cars. [Locomotives, United States Railroad Administration; cars, Railway Car Manufacturer's Association.] Locomotives. Output of cars. Locomotives. Output of cars. I Domes- Foreign. Domes- Foreign ship ti p c ed. p c le o t m ed - . tic. Foreign. Total. ship ti p c ed. p c le o t m ed - . Do ti m c. es- Foreign. Total. 1911. Number. Number. Number. Number. Number. 1920. Number. Number. Number. Number. Number. May 207 31 4,573 8,533 13,106 January 48 22 4,650 1,914 6,564 July 121 73 2,777 6,936 9,713 February... 3,960 1,066 5,026 August 160 173 18,509 5,015 23,524 March 3,053 2,040 5,093 September.. 111 51 19,980 4,302 24,282 April 2,313 1,934 4,247 October 89 55 10,445 3,715 14,160 May 2,792 1,402 4,194 November.. 39 23 8,967 2,622 11,589 December.. 103 42 4,506 2,428 6,934 Vessels built in United States, including .those for foreign nations, and offi,cially numbered by the Bureau of Navigation. [Monthly average, 1911-1913=100.1 Number. to G nn ro a s g s e. Reative. Number. to G nn ro a s g s e. Relative. 1911. 1920. June ... . 272 422,889 1,749 January 115 253,680 1,050 July 245 397,628 1,645 February 140 267,231 1,18o August 238 455,338 1,884 March 170 279,709 1,157 September 202 378,858 1,568 April 164 251,442 1,040 October 210 357,519 1,479 May.. . 184 185,145 766 November 143 347,051 1,436 June. 198 267,076' 1,105 December 149 294,064 1,217 Tonnage of vessels cleared in the foreign tirade. [Department of Commerce.] [Monthly average, 1911-1913=100.] Net tonnage. Per- Net tonnage. Percent- centage Rela- age Rela- American Foreign. Total. t R iv el e a . - A c t a o m n ta e t l r o . i- tive. American. Foreign. Total. t R iv el e a . - A c t a o m n ta e t l r o . i- tive. 1919. 1920. May 2,424,837 2,469,194 4,894,031 126 49.5 196 January I 1,933,385 1,949,798 3,883,183 100 49.8 197 July 2,362,571 2,920,247 5,282,818 136 44.7 177 February i 1,702,407 j 1,628,212 3,330,619 92 51.1 202 August 2,957,249 2,797,818 5,755,067 148 51.4 203 March ! 1,836,716 I 2,040,538 3,877,254 100 47.4 187 September... 2,627,480 2,481,676 5,109,156 131 51.4 203 April 2,504,038 i 1,960,634 4,464,672 115 56.1 222 October 2,645,778 2,073,560 4,719,338 121 56.1 222 May 2,729,790 2,436,247 5,166,037 133 52.8 209 November 2,251,871 1,910,489 4,162,360 107 54.1 214 December.... 2,043,675 1,733,923 3,777,598 97 54.1 214 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

723 JULY, 1920. FEDERAL RESERVE BULLETIN. Net ton-miles, revenue and nonrevenue. [United States Railroad Administration.] 1919. 1919. February 25,629,489,000 November 32,539,248,000 July 34,914,294,000 December 33,462,298,000 August 36,361,653,000 September, 38,860,311,000 1920. October 40,343,750,000 January 34,769,722,000 February 32,699,143,000 Commerce of canals at Sault Ste. Marie. [Monthly average, May-November, 1911-1913=100.] EASTBOUND. Grain w o h t e h a e t r . than Wheat. Flour. Iron ore. Total. Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Barrels. R ti e v l e a . - Short tons. R ti e v l e a . - Short tons. R ti e v l e a . - 1919. May 9,370,374 105 29,096,116 151 910,524 78 6,622,227 112 7,895,542 113 1920. April. .. . .. 6,008,000 4,274,611 162,630 454.726 May 11,904,942 134 13,497,995 70 658,910 57 6,683,820 113 7,483,836 107 WESTBOUND. Hard coal. Soft coal. Total. Total freight. Short tons. R ti e v l e a . - Short tons. R ti e v l e a . - Short tons. R ti e v l e a . - Short tons. R ti e v l e a . - 1919. May 248,263 80 2,239,738 117 2,670,784 107 10,566,326 Ill 1920. April 10,000 50,831 82,483 537,209 May 202,000 65 531,375 28 937,374 38 8,421,210 89 FEDERAL RESERVE AND MEMBER BANK DEVELOPMENT DURING YEAR ENDING JUNE 30, 1920. Classification oj earning assets held by Federal Reserve Banks on the last Friday oj each month from July, 1919, to June, 1920. [In thousands of dollars.] Discounts. Date. U S n e i c te u d r ed S t b a y tes dis T c o o t u a n l ts. Bi m l in ls a o r b k p o e e u n t g . ht T o o n t a h l a b n i d ll . s se U c S u n ta r i i t t t e e i s d es. ea T r o n t i a n l g war All other. obligations. 1919. July 25 1,616,210 251,392 1,867,602 375,556 2,243,158 239,400 2,482,558 Aug. 29 1,609,296 205,838 1,815,134 363,138 2,178,272 270,705 2,448,977 Sept.26 1,572,503 309,779 1,882,282 342,491 2,224,773 278,315 2,503,088 Oct. 31 1,681,082 447,465 2,128,547 394,355 2,522,902 301,254 2,824,156 Nov. 28 1,736,033 478,176 2,214,209 495,595 2,709,804 314,937 3,024,741 Dec. 26 1,510,364 684,514 2,194,878 585,212 2,780,090 300,405 3,080,495 1920. Jan. 30 1,457,892 716,465 2,174,357 561,313 2,735,670 303,521 3,039,191 Feb. 27 1,572,980 880,531 2,453,511 531,367 2,984,878 294,354 3,279,232 Mar.26 1,441,015 1,008,215 2,449,230 451,879 2,901,109 289,922 3,191,031 Apr. 30 1,465,320 1,069,751 2,535,071 407,247 2,942,318 293,514 3,235,832 May28 1,447,962 1,071,469 2,519,431 418,600 2,938,031 306,394 3,244,425 June 25 1,277,980 1,153,814 2,431,794 399,185 2,830,979 352,296 3,183,275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 FEDERAL RESERVE BULLETIN. JULY, 1920. Reserves, deposits, and note circulation of Federal Reserve Banks from July, 1919, to June, 1920. [In thousands of dollars.] Reserves. Deposits. Total net deposits Date. Gold. Total. G m o e v n er t n . - M re e s m er b v e e r . s' Net. ci n r R F c o e e u t d s e l e a e s r t r v i i a o n e l n. R Fe e n a s d o n e e t d r e r v a e l R re e s q e u rv ir e e s d . g F o r l e d e . p R e e a r s g c e e e r . n v t e -R F n B e e o s d a t e n e e r r s k v a . e l liabilities combined. 1919. July 25 2,095,151 2,161,023 116,038 1,718,396 1,796,561 2,504,497 4,301,058 1,630,595 530,428 50.2 193,849 Aug. 29 .2,066,788 2,135,976 54,494 1,729,950 1,629,797 2,580,629 4,210,426 1,602,681 533,295 50. 7 219,815 Sept. 26 2,117,854 2,187,505 61,276 1,731,413 1,634,074 2,655,354 4,289,428 1,634,068 553,437 51.0 239,451 Oct. 31 2,138,000 2,205,592 100,465 1,833,481 1,850,518 2,752,876 4,603,394 1,748,831 456,761 47.9 254,933 Nov. 28 2,093,641 2,159,666 98,157 1,844,434 1,889,399 2,852,277 4,741,676 1,892,200 357,466 45.5 256,793 Dec. 26 2,078,432 2,135,536 72,357 1,786,874 1,704,470 3,057,646 4,762,116 1,819,623 315,913 44.8 261,039 1920. Jan. 30 2,012,656 2,073,933 72,974 1,850,712 l,806,4S6 2,850,944 4,657,440 1,772,650 301,283 44 5 250,530 Feb. 27 1,966,836 2,083,215 133,913 1,871,961 1,884,576 3,019,984 4,904,560 1,867,594 215,621 42 5 237,131 Mar. 26 1,934,755 2,057,155 27,711 1,867,125 1,772,904 3,048,039 4,820,943 1,839,731 217,424 42 7 201,392 Apr. 30 1,936,720 2,070,765 37,592 1,859,844 1,812,732 3,074,555 4,887,287 1,864,278 206,487 42 4 177,881 May28 1,953,103 2,092,496 36,433 1,852,916 1,794,440 3,107,021 4,901,461 1,870,862 221,634 42 7 179,185 Jane 25 1,969,375 2,108,605 14,189 1,831,916 1,722,223 3,116,718 4,838,941 1,849,465 259,140 43 6 185,604 Growth of the Federal Reserve clearing system, by monthly periods, from July, 1919, to June, 1920. Number of items handled.1 Amount of item o s f d h o a l n la d r l s e ) d . 1 (in thousands Numbe b r a n o k f s m . ember Total Drawn on— Drawn on— n o u f m no b n e - r Month eoding- B B R F b a c a e e r n i n a d s t k k i n e e e r s c r a s v a h n . i e l n d B R F o b a B c e u e r n i a d a s t t k s n i e n e e i r k r c d a s v a s h . e n e l d T of S r e U t a a s n te u i s t r e e . d r Total. B B R F b a c a e e r n i n a d s t k i k n e e e s r c r a s v a h . i n e l n d B R F o b a B c u e e n r i a a d t s k t s i n n e e e i a r k c r d s v a n h s . e e l d T of S r e U t a a s t n e u i s t r e e . d r Total. tio N n a a - l. p b S c t a a r a o n t u n n a m i s d k t e e t - s s . Total. o b m n l a b i e n s e p m t r k . a s - r 1919. July 15 4,960,503 17,028,180 2,380,545 24,369,228 6,361,832 3,776,434 1,224,428 11,362,694 7,791 1,057 12,071 Aug. 15 5,079,206 18,419,221 2,259,726 25,758,153 6,222,440 3,«70,80£ 1,553,788 11,447,033 7,806 1,088 12,578 Sept. 15 5,014,779 17,730,179 1,927,804 24,672,762 6,228,475 3,920,301 1,290,535 11,439,311 7,820 1,100 8,920 12,962 Oct. 15 5,515,877 19,530,165 2,354,925 27,400,967 7,130,239 4,309,693 1,132,918 12,572,850 7,839 1,116 8,955 13,852 Nov.15 6,196,752 22,382,854 2,822,482 31,402,088 7,438,529 5,006,048 973,862 13,418,439 7,866 1,141 9,007 14,86i Dec. 15 5,973,224 21,913,951 2,113,845 30,001,020 7,305,298 4,753,645 8 \J 7 I 6 KJ , y 1 U 6 UA 9 , 1 A. 2 'J , y 9 A 3 A. 5 KJ , y 1 1 1 U 2 «/ 7,879 1,167 9,046 15,851 1920. Jan. 15 6,667,049 24,545,481 1,990,362 33,202,892 8,083,973 5,214,411 743,821 14,042,205 7,897 1,192 9,089 16,985 Feb.14 6,161,522 23,003,659 1,697,090 30,862,271 7,210,635 4,748,036 558,926 12,517,597 7,919 1,221 9,140 17,429 Mar.15 6,971,752 25,024,809 1,565,995 33,562,556 7,509,756 5,135,263 509,415 13,154,434 1,260 9,196 18,308 Apr. 15 7,982,646 28,224,783 2,192,547 38,399,976 8,512,045 5,055,423 882,565 14,450,033 7,959 1,287 9,246 18,492 May 15 7,288,380 27,192,494 2,689,238 37,170,112 7,669,914 4,669,179 479,638 12,818,731 7,982 1,321 9,303 18,502 June 15 7,010,705 27,476,667 1,965,436 36,452,808 7,679,173 4,652,646 509,831 12,841,650 8,009 1,357 9,366 18,614 1 Exclusive of duplications on account of items having been handled by more than one Federal Reserve Bank or branch. Gold settlement fund—Average weekly clearings and transfers through the gold settlement fund, by months, from June, 1919, to July, 1920. fin thousands of dollars.) Average Average • weekly weekly clearings transfers Total Banks' A Total for period for period average balance balance Monthly period ending— ending ending clearings in gold in banks' about the about the and settlement and agents' middle of middle of transfers. fund. funds. each- each month. month. 1919. July 17 1,280,205 251,491 1,531,696 580,403 825,330 1,405,733 Aug. 14.. 1,313,349 208,085 1,521,434 592,168 799,034 1 391 202 Sept. 18 1,340,148 170,481 1,510,632 522,233 849,813 1,372,046 Oct. 16.. . 1,482,212 163,299 1,645,511 476,514 863,806 1 340 320 Nov. 20 . 1,607,070 86,782 1,693,852 449,782 833,453 1,283,235 Dec. 18 . 1,593,954 67,310 1,661,264 382,654 861,506 1 244 160 1920. Jan. C2 1,626,110 181,539 1,807,649 444,402 789,134 1,233,536 Feb. 19 . . . . .. . . . .. 1,519,994 109,797 1,629,791 387,618 794,762 1 182 380 Mar. 18 1,681,360 72,031 1,756,391 388,385 813,460 1,201,845 Apr. 15.. . 1,693,435 117,418 1,810,853 359 104 807,399 1 166 503 May 20 1,649,018 142,874 1,791,892 405,541 726,851 1,132,392 June 17 1,590,632 135,695 1,726,327 402,642 784,801 1,187,443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 725 MOVEMENT OFEARNIN6ASSETS OFALL FEDERAL RESERVE BANKS FROM JULTI9I9T0 JUNE I9ZO. i UNITED STATES SECURITIES. eoo 800 ACCEPTANCES BOUGHT 2800 2800 2400 n 2400 u 2000 2000 • 1600 HiinW 1600 1200 1200 ii HiPI eoo 800 PI ill H 400 400 in TOTAL BILLS DISCOUNTED,'D', AND WAR PAPER/W' 3600 3600 3200 3200 2800 2800 2400 2400 2000 2000 HI 1600 1600 1200 1200 800 800 HI 400 400 C O TOTXL EARNING ASSETS. JULY AX. SOT. OCT. IW. JM. KB. Ma. APRL Mr jaiiC 25 23 26 31 SS •30 & ft 30 B9 2S 1919 1320 NET DEPOSITS. F.R.HOTES M CIRCULATIONJNDRESERVES OF FEDERAL RESERVE BANKS FROM JULY 1919 TV JUNE 1920. iHI SeqwtredSbeserres. W///M £xcess-Reserves CSree OoLcb). HH Jotal Cash Jtescrves. -.— , — JTJt. JfotespZas JYet$efwsU&. \JULY I AUG. I SEPT. I OCT. I NOV. I DEC. I JAN. I FEB. I MQi. \APRL I MAY {JUNE I I 2S 1 23 . 1 26 I SI I 28 \ 26 \ 30 \ 27 \ 26 \ 3O I 28 \ 2S 1 1919 IB20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 FEDERAL RESERVE BULLETIN. JULY, 1920. Earnings and expenses of the Federal Reserve Banks, also fiscal agency department disbursements reimbursable by the United States Treasury, from Jan. 1, 1919, to June 30, 1920. Jan. l to July 1 to Jan.1 to Jan. 1 to July 1 to Jan. 1 to June 30, Dec. 31, June 30, June 30, Dec. 31, June 30. 1919. 1919. 1920. 1919. 7919 1920. Earnings: Current expenses: Discounted bills $38,314,522 $42,453,622 $64,329,360 Operating $6,782,099 $8,657,095 $10,713,826 Purchased bills 5,141,776 8,845,002 12,724,492 Cost of Federal Reserve cur- United States securities 2,457,157 3,304,143 3,519,091 rency, including express- Other 777,122 1,087,239 1,207,747 age, insurance, etc 1,398,773 1,618,050 1,285,436 Other 880,874 1,004,907 1,260,390 Total 46,690,577 55,690,006 81,780,700 Total 9,061,746 11,280,052 13,259,652 Current net earnings 37,628,831 44,409,954 68,521,048 Dividends paid 2,453,626 2,558,206 2,734,958 Fiscal agency department disbursements reimbursable by United States Treasury 11,119,274 5,506,742 3,436,727 Loans, investments, and deposit liabilities of national banks and State bank and trust company members of the Federal Reserve System, 1914-1920. NATIONAL BANKS. [In millions of dollars.] Date. c a o L n u d o n a d t n s i s s . - ! m c G u e o r n v it e t i r e s n e s - . -p s e a e l c u r L n c o n s u d o u m r a G i n d n t e t i i o s n e s s v - s t - . lo m in T a e n v o n s e t t a s a s t l n . - 2 d t I o s n u p u d a c o b l i h s j v i e e d t i c c s d e k t - - . de T p i o m si e ts. p t d I o u s n l e p u u a d p o c b s l i o h s j v d t e s i e i i t i e c m d c s t - t s k - e . de B p a o n s k its. p a I t s o n n u l p u u d d a c o b s l i h s j b v t e d i e i a t i c c e m s d n t k - - k e A i m n G p l c e l o o l n v u o s t i e d t t h d r i s n n e e . - r g - , de T g p r o o o t s s a i s l ts. deposits. 1914. Dec.31.. 6,363 795 7,158 8,409 4,200 1,171 5,371 1,870 7,241 994 8,235 1915. Mar 4 6,507 781 7,288 8,507 4,336 1,199 5,535 2,244 7,779 814 8,593 May 1 6,650 784 7,434 8,642 4,576 1,254 5,830 2,227 8,057 834 8,891 June 23 6,665 783 7,448 8,680 4,518 1,285 5,803 2,208 8,011 810 8,821 Sept. 2 6,762 782 7,544 8,802 4,642 1,336 5,978 2,466 8,444 785 9,229 Nov 10 7,241 778 8,019 9,402 5,241 1,376 6,617 2,710 9,327 830 10,157 Dec.31.. 7,364 775 8,139 9,554 5,381 1,417 6,798 2,738 9,536 866 10,402 1916. Mar. 7 : - - - 7,496 754 8,250 9,754 5,392 1,495 6,887 3,074 9,961 831 10,792 May 1 7,613 739 8,352 9,918 5,596 1,586 7,182 2,995 10,177 958 11,135 June 30... 7,685 731 8,416 9,984 5,578 1,670 7,248 2,713 9,961 916 10,877 Sept 12 7,868 730 8,598 10,261 5,841 1,737 7,578 2,916 10,494 869 11,363 Nov 17 8,355 724 9,079 10,827 6,351 1,816 8,167 3,349 11,516 973 12,489 Dec. 27. 8,351 717 9,068 10,832 6,255 1,855 8,110 3,261 11,371 895 12,266 1917. Mar 5 - .-- 8,720 715 9,435 11,244 6,368 1,985 8,353 3,683 12,036 922 12,958 May 1 8,760 768 9,528 11,424 6,628 2,078 8,706 3,379 12,085 995 13,080 June 20. 8,828 1,076 9,904 11,786 6,560 2,180 8,740 3,026 11,766 1,006 12,772 Sept. 11 9,065 1,159 10,224 12,130 6,916 . 2,296 9,212 3,045 12,257 973 13,230 Nov 20 9,551 2,354 11,905 13,854 7,208 2,282 9,490 3,103 12,593 2,201 14,794 Dec. 31 9,406 1,625 11,031 12,943 7,498 2,298 9,796 3,191 12,987 1,455 14,442 1918. Mar 4 9,153 2,127 11,280, 13,128 7,282 2,371 9,653 3,298 12,951 1,484 14,435 Mav 10 9,272 2,663 11,935 13,729 7,310 2,343 9,653 2,883 12,536 1,844 14,380 June 29 9,633 2,129 11,762 13,533 7,161 2,344 9,505 2,797 12,302 1,714 14,016 Aug 31 9,508 2,466 11,974 13,701 7,466 2,397 9,863 2,880 12,743 1,137 13,880 Nov. 1 10,114 3,166 13,280 14,979 7,803 2,373 10,176 2,891 13,067 1,974 15,041 Dec 31 9,931 2,956 12,887 14,612 8,370 2,474 10,844 3,166 14,010 1,404 15,414 1919. Mar 4 9,705 3,687 13,392 15,135 7,951 2,653 10,604 3,192 13,796 1,496 15,292 May 12 9,917 4,033 13,950 15,740 8,508 2,729 11,237 3,085 14,322 1,575 15,897 June 30 10,589 3,176 13,765 15,582 8,480 2,785 11,265 2,974 14,239 1,675 15,914 Sept 12 11,101 3,297 14,398 16,257 9,159 2,921 12,080 3,053 15,133 1,535 16,668 Nov 17 11,583 2,882 14,465 16,387 9,683 3,054 12,737 3,356 16,093 1,360 17,453 Dec 31 11,803 2,723 14,526 16,450 9,677 3,140 12,817 3,337 16,154 1,701 17,855 1920. Feb 28 12,014 2,459 14,473 16,381 9,424 3,259 12,683 3,294 15,977 974 16,951 May 4 12,305 2,376 14,681 16,565 9,507 3,410 12,917 2,940 15,857 1,067 16,924 Beginning with Sept. 12, 1916, notes and bills rediscounted are not included among loans and discounts, as was the previous practice. 2 EExxeclliusive of fixed instruments,i.e.,banking house,real estate,furniture and fixtures,also stock of Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

727 JULY, 1920. FEDERAL RESERVE BULLETIN. INVESTMENTS OF NATIONAL BANKS, f914-1920. mUiM Government Securities. pi Jll other Investments. DEPOSIT LIABILITIES OF NATIONAL BANKS, I9I4-I920. iHM IncUvidvual deposits subject to ckecfc. VM/M June &e/wsits, WM\ SanK&efiosits. HH Other, including Government, fiefwsits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

728 FEDERAL RESERVE BULLETIN. JULY, 1920. Loans, investments, and deposit liabilities of member banks, 1914-1920—Continued. STATE BANK AND TRUST COMPANY MEMBERS. [In million, of dollars.] a c L n o d o u a n d n t i s s s . - m c G u e o r n v it t e i e r s n e s. - - p s a e e l c u r n L c o n u s d o u m r a G d i n n t e i t i o s s n s e v - s t - . lo m in a T e n v o n s e t t a s a s t l n . - 1 d( d D e d o e x e f e p c p m o b l o u s a a s s i n n i t i t s v k d s ) e . de T D i O m s e its. p d D d l e e e u p p m s o o t s a s i i n i m t t s d s e . de B p a o n s k its. a p d D d n l e e u e d p p s m o o b t s a s i a i m n i n t t s d s k e . A i m n G p l c e l o o l n u v o s t d i e t - t h d r i s n n e e . g - r - , Total June 30,1919 \ 4,323 862 5,185 6,317 4,092 1,559 5,651 677 6,328 560 Nov. 17,1919 j 5,053 781 5,834 .7,103 4,592 1,996 6,588 723 7,311 394 7,705 Dec. 31,1919 l 5,255 785 6,040 7,341 4,835 2,166 7,001 755 7,756 505 8,261 May 4, 1920 j 5,509 707 6,216 7,509 4,713 2,338 7,051 604 7,655 260 9,915 ^Exclusive of fixed investments ,i. e., banking house ,real estate, furniture and fixtures, also stock of Federal Reserve Banks. Abstract of reports of condition of all member banks of the Federal Reserve System. [In thousands of dollars.] May 4, 1920. 19 J b 1 u a 9 n n e ( k 8 3 s ,8 0 ). 2 , 2 1 N 9 b 1 a o 9 n v ( k . 8 s 1 ,9 ) 7 . 9 , 5 19 D b 1 a e 9 c n . ( k 9 s 3 ,0 ) 1 . 6 , 6 b A e l r ( l 9 b m ,2 a 9 e n 1 m k - s N b ( a 7 a t , i n 9 o k 8 n s 5 al n b a N t a i o n o n k n - s al banks). banks). (1,306 banks). RESOURCES. Loans and discounts ,890,471 16,603,963 17,032,747 17,794,164 12,285,171 5,508,993 Overdrafts 17,993 28,939 22,403 22,080 16,378 5,702 Customers' liability on account of letters of credit 14,789 6,116 8,706 7,482 5,759 1,723 Customers' liability on account of acceptances 440,411 539,097 624,571 655,405 425,390 230,015 United States Government securities owned i ,036,899 3,660,943 3,506,426 3,081,156 2,373,818 707,338 Stock of Federal Reserve Bank 82,729 86,810 87,434 92,435 64,153 28,282 Other bonds, stocks, and securities2 ,947,967 3,190,272 3,224,007 3,175,951 1,883,027 1,292,924 Banking house 402,726 424,995 432,780 4.53,922 311,626 142,296 Furniture and fixtures 45,402 49,600 50, 405 55,808 42,963 12,845 Other real estate owned 68,775 71,459 69,177 70,819 43,960 26,859 Lawful reserve with Federal Reserve Bank ,723,774 1,825,152 1,903,814 1,865,638 1,266,209 599,429 Items with Federal Reserve Bank in process of collection 369,612 597,385 579,235 580,0(33 454,726 125,337 Due from banks, bankers, and trust companies ,125,074 2,575,356 2,518,709 1,874,173 1,437,318 436,855 Cash in vault 559,433 602,992 691,173 620,897 455,431 165,466 Exchanges for clearing house, also checks on banks in same place ,188,101 1,294,043 1,509,006 -867,427 620,915 246,512 Outside checks and other cash items 109,046 134,379 147,276 102,996 65,080 37,916 Redemption fund and due from United States Treasurer 38, 484 38,689 41,489 37,187 38,187 Approximate interest earned but not collected 67,362 67,530 69,354 66,070 45,664 20,406 Other assets 114,681 62,788 97,544 323,899 194,460 129,439 Total. 29,243,729 31,860,508 32,616,256 31,748,572 22,030,235 9,718,337 LIABILITIES. Capital stock paid in 489,792 1,565,871 1,593,753 1,695,555 1,214,019 481,536 Surplus fund 292,716 1,343,684 1,375,780 1,446,915 960,075 486,840 Undivided profits, less expenses and taxes paid 482,889 572,682 491,893 588,697 437,555 151,142 Approximate interest and discount collected but not earned. 66,306 74,482 76,582 71,040 17,746 Amount reserved for taxes accrued 60,227 64,681 55,808 62,560 43,697 18,863 Amount reserved for interest accrued 24,302 40,410 24,843 39,404 19,761 19,643 Due to Federal Reserve Banks 11,876 16,435 14,189 21,547 19,039 2,508 Due to banks, bankers, arid trust companies 650,502 4,078,615 4,091,400 3,524,359 2,919,994 604,365 Certified and cashiers' or treasurers' checks outstanding 704,349 789,035 906,515 518,517 335,832 182,685 Demand deposits 195,072 14,849,003 15,156,169 14,833,215 10,119,755 4,713,460 Time deposits • , 343,382 5,049,493 5,304,793 5,747,532 3,409,897 2,337,635 United States deposits 902,339 386,309 648,555 190,168 113,647 76,521 Bills payable with Federal Reserve Bank » ,368,112 1,401,373 1,190,331 1,246,721 952,624 294,097 Bills payable other than with Federal Reserve Bank 68,136 71,703 71,488 133,497 98,281 35,216 Cash letters of credit and travelers' checks outstanding 24,875 13,763 17,173 36,109 26,735 9,374 Acceptances 466,586 565,676 641,018 673,852 438,430 235,422 National bank notes outstanding 676,657 680,344 685,237 687,931 687, 931 United States Government securities borrowed 233,638 167,228 182,665 123,143 123,143 Other bonds and securities borrowed 6,697 6,429 5,578 6,119 6,119 O ther liabilities 175,276 123,292 82,486 83,945 32,661 51,284 Total 29,243,729 31,860,508 32,616,256 31,748,572 22,030,235 9,718,337 1 Includes U. S. Government securities borrowed by national hanks. 2 Includes other bonds and securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 729 Principal resources and liabilities of member banks in leading cities as at close of business on the last Friday of each month since June, 1919. [Amounts in thousands of dollars.] 1919 June 27. July 25. Aug. 29. Sept. 26. I Oct. 31. Nov. 28. Dec. 26. Number of reporting banks 772 769 774 776 795 797 United States bonds to secure circulation 269,264 269,622 269,252 269,706 268,612 269,097 269J13 Other United States bonds, including Liberty bonds 628,427 636,510 637,382 619,968 636,066 628,221 632,276 United States Victory notes 374,822 353,751 319,282 302,930 298,637 265,981 237,997 United States certificates of indebtedness 916,739 896,685 1,155,560 1,050,339 904,623 816,540 789,882 Total United States securities owned 2,189,252 2,156,568 2,381,476 2,242,943 2,107,938 1,979,839 1,929,268 Doans secured by Government war obligations 1,380,628 1,363,764 1,302,062 1,333,697 1,234,057 1,053,663 1,020,384 Doans secured by stocks and bonds other than Unite d Al S l t o a t t h e e s r s l e o c a u n r s it i a e n s d investments 10,780,317 10,859,247 8 2 , , 3 9 7 1 0 4 , , 7 6 3 3 7 2 8 3 , , 6 05 6 3 7 , , 1 7 1 0 0 8 9 3 , , 0 2 2 4 3 6 , ,0 6 5 6 9 6 3 9, , 1 2 9 2 5 2 , , 1 6 3 2 8 2 9 3 , , 3 3 7 0 0 0 , , 4 3 2 7 6 3 Total loans and investments: Exclusive of rediscounts with Federal Reserve Bank.. 350,197 14,379,579 14,96«,907 15,297,458 15,611,720 15,451,262 15,620,451 Inclusive of rediscounts with Federal Reserve Bank... 675,264 14,719,675 15,256,335 15,677,228 16,115,200 16,156,236 16,520,055 Reserve balance with Federal Reserve Bank 323,333 1,318,281 1,325,776 1,332,919 1,403,171 1,414,856 1,347,175 Cash in vault 351,599 355,910 345,605 349,780 358,771 384,543 429,712 Net demand deposits on which reserve is computed 286,406 10,543,056 10,802,505 10,839,154 11,284,902 11,337,614 11,174,249 Time deposits 756,963 1,789,774 1,923,494 1,994,216 2,194,156 2,288,133 2,302,344 Government deposits 782,610 405,161 524,017 692,335 355,360 183,053 580,452 Bills payable with Federal Reserve Bank: S A e H c u o r t e h d e r by Government war obligations 1,025,844 1,100,684 1,123,709 1,096,072 1,194,489 1,107,935 92 6 6 , , 6 9 8 2 2 1 Bills rediscounted with Federal Reserve Bank: A Se n c o u t r h ed e r by Government war obligations 325,067 340,096 287,428 379,770 503,480 704,974 3 5 0 9 9 0 , ,0 5 1 9 4 0 1920 Jan. 30. Feb. 27. Mar. 26. Apr. 30. May 28. June 25. Number of reporting banks 804 807 811 812 814 814 United States bonds to secure circulation 269,163 268,969 268,492 270,061 270,304 269,783 Other United States bonds, including Liberty bonds. 600,590 596,911 592,003 598,784 601,984 609,897 United States Victory notes '. 216,404 208,450 199,808 203,438 202,890 198,125 United States certificates of indebtedness 758,493 672,831 487,643 608,363 609,186 483,124 Total United States securities owned 1,844,650 1,747,161 1,548,036 1,680,646 1,684,364 i,560,929 Loans secured by Government war obligations 935,303 843,901 831,220 772,581 768,665 737,157 Loans secured by stocks and bonds other thanUnite I States securities 3,325,222 3,185,281 3,193,212 3,170,316 3,115,454 3,107,025 All other loans and investments 9,620,988 9,856,191 10,157,067 10,188,911 10,316,484 10,327,987 Total loans and investments: Exclusive of rediscounts with Federal Reserve Bank. ., 726,163 15,632,534 15,729,535 15,812,454 15,884,967 15,733,098 Inclusive of rediscounts with Federal Reserve Bank.. ., 643,521 16,750,646 16,957,780 17,054,605 17,077,156 16,970,751 Reserve balance with Federal Reserve Bank ., 406,496 1,408,792 1,413,918 1,415,145 1,415,397 1,393,709 •Cash in vault 357,509 370,431 359,854 355,372 362,749 358,060 Net demand deposits on which reserve is computed , 477,353 11,457,465 11,493,317 11,461,324 11,559,093 11,344,128 Time deposits !, 471,569 2,524,393 2,584,959 2,619,027 2,645,705 2.691,880 Government deposits 308,823 42,097 54,176 150,136 75,599 262,861 Bills payable with Federal Reserve Bank: Secured by Government war obligations 911,297 1,022,520 877,580 889,345 866,511 707,213 All other 5,525 2,225 8,448 4,851 1,438 1,111 Bills rediscounted with Federal Reserve Bank: Secured by Government war obligations 286,069 318,930 324, 543 317,420 292,925 289,134 All other 631,289 799,182 903, 702 924,731 899,264 948.519 Allotments of United States Treasury loan and tax'certificates from July 2, 1919, to June 15, 1920, inclusive. Loan certificates. Certificates issued in anticipation of tax payments due in— Total loan and Federal Reserve Bank. tax certificates. Series 1920. Series 1921. Total. 1920 1921 Total. Boston $188,175,500 $12,470,000 $200,645,500 $187,623,500 $28,677,000 $216,300,500 $416,946,000 New York 959,162,500 81,370,500 1,040,533,000 1,358,566,000 153,611,500 1,512,177,500 2,552,710,500 Philadelphia.. 145,544,500 5,300,000 150,844,500 191,939,500 28,331,500 220,271,000 371;115,500 Cleveland 174,478,500 14,624,000 189,102,500 246,367,000 42,553,000 288.920,000 478!022,500 Richmond 48,864,000 2,382,000 51,246,000 64,260,500 13,045,500 77,306,000 128;552,000 C A h t i l c a a n g ta o 27 7 8 2 , , 5 4 7 2 5 8 , , 0 0 0 0 0 0 2 2 5 , , 9 1 8 3 1 2 , , 5 0 0 0 0 0 30 7 3 5 , , 7 4 0 0 7 9 , , 0 5 0 0 0 0 39 7 5 9 , , 4 1 3 1 7 9 , , 5 5 0 0 0 0 4 7 9 , , 0 3 8 5 0 9 , , 5 0 0 0 0 0 44 8 4 6 , ,2 7 0 9 0 6 , ,5 0 0 0 0 0 i6i;6 5 0 0 9 3 , ,5 5 0 0 0 0 St. Louis 84,738,000 5,625,000 90,363,000 98,585,000 16,599,500 115,184,500 748,547,500 Minneapolis... 73,113,000 2,214,500 75,327,500 63,787,500 5,536,000 69,323,500 205,651,000 K ansas City.. 81,875,500 5,187,500 87,063,000 69,996,000 18,648,000 88,644,000 144',707,000 Dallas 77,638,000 2,567,000 80,205,000 88,671,500 8,720,000 97,391,500 175,596,500 San Francisco 168,052,000 16,750,000 184,802,000 199,031,500 31,663,000 230,694,500 177:496,500 415; Total.... 2,352,644,500 176,604,000 2,529,248,500 3,043,385,000 403,824,500 3,447,209,500 5,976,458,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 FEDERAL RESERVE BULLETIN. JULY, 1920. General stock of money in the United States, money held bij the Treasury and by the Federal Reserve System, and all other money in the United States. Gold. Silver. Federal Reserve notes. In United In United In United States Outside States Outside States Outside Treasury United Treasury United Treasury United Date. as assets of States as assets of States as assets of States General the Gov- Treasury General the Gov- Treasury General the Gov- Treasury stock. ernment and stock. ernment and stock. ernment and and in Federal and in Federal and in Federal Federal Reserve Federal Reserve Federal Reserve Reserve Banks.1 Reserve Banks.2 Reserve Banks. Banks.* Banks.2 Banks. Thousand Thousand Thousand Thousand Thousand Thousand Thousand Thousand Thousand 1919. dollars. dollars. dollars. dollars. dollars. dollars. dollars. dollars. dollars. July 1 3,095,077 2,295,174 799,903 552,215 76,340 475,875 2,687,557 193.506 2,494,051 Aug. 1 2,989,548 2,262,946 726,602 551,855 82,933 468,922 2,705,424 201,853 2,503,571 Sept. 1 ... 2,944,727 2,227, 597 717,130 551,334 86,156 465,178 2,764,832 203,129 2,561,703 Oct 1 2,905,726 2 195,399 710,327 551,525 83,447 468,078 2,886,289 216,557 2,669,732 Nov. 1 2,872,525 2,177,024 695,501 553,273 85,717 467,556 2,958,700 219,786 2,738,914 Dec 1 2,833,221 2,117,618 715,603 554,686 80,960 473,726 3,063,391 223,086 2,840,305 1920. Jan .1 ... 2,787,714 2,091,054 696,660 537,675 67,109 470,566 3,295,789 308,564 2,987,225 Feb 1 2,762,905 2 055,735 707,170 518,007 72,711 445,296 3,125,886 280,995 2,844,891 Mar. 1 2,720,768 2,007,045 713,723 523,173 75,443 447,730 3,255,213 255,523 2,999,690 Apr. 1 2,662,285 2,000,056 662,229 523,243 86,188 437,055 3,299,065 266,664 3,032 401 May 1 2,646,616 1,981,490 665,126 524,746 91,011 433,735 3,326,188 263,733 3,062,455 June 1 2,663,730 1,989,763 673,967 526,305 96,186 430,119 3,357,808 256,376 3,101,432 United States notes and national- Federal Reserve Bank notes. bank notes. Total, all money. Per capita In United In United In United outside States Outside States Outside States Outside United Treasury United Treasury United Treasury United States Date. as assets of States as assets of States as assets of States Treasury General the Gov- Treasury General the Gov- Treasury General the Gov- Treasury and stock. ernment and stock. ernment and stock. ernment and Federal and in Federal and in Federal and in Federal Reserve Federal Reserve Federal Reserve Federal Reserve Banks Reserve Banks. Reserve Banks. Reserve Banks. Banks. Banks. Banks. Thousand Thousand Thousand Thousand Thousand Thousand Thousond Thousand Thousand 1919. dollars. dollars. dollars. dollars. dollars. dollars. dollars. dollars. dollars. Dollars. July 1 187,667 31,538 156 129 1 065,958 149,570 916 388 7 588,474 2,746,128 4,842,346 45 00 Aug. 1 210,700 44,516 166,184 1,067,589 138,752 928,837 7,525,116 2,731,000 4,794,116 45.13 Sept 1 231,567 55,360 176,207 1,071,245 138,404 932,841 7,563,705 2,710,646 4,853,059 45.65 Oct. 1 251,191 59,776 191,415 1,068,166 148,743 919,423 7,662,897 2,703,922 4,958,975 46.61 Nov. 1 267,987 72,391 195,596 1,069,076 132,733 936,343 7,721, 561 2,687,651 5,033,910 47.28 Dec. 1 263,022 66,059 196,963 1,068,824 123,198 945,626 7,783,144 2,610;921 5,172,223 48.54 1929. Jan. 1 269,123 68,282 200,841 1,071,019 114,302 956,717 7,961,320 2,649,311 5,312,009 49.81 Feb 1 258 183 66,510 191,673 1,079,788 158,844 920,944 7,744,769 2,634,795 5,109,974 47.88 Mar. 1 237,835 46,797 191,038 1,069,323 143,643 925,680 7,806,312 2,528,451 5,277,861 49.41 Apr. 1 205,934 17,804 188,130 1,070,619 117,093 • 953,526 7,761,146 2,487,805 5,273,341 49.33 May 1 •188,331 13,337 174,994 1,070,073 115,511 954,562 7,755,954 2,465 082 5 290 872 49. 45 June 1 192,740 15,900 176,840 1,063,946 93,158 970,788 7,804,529 2,451,383 5,353,146 50.00 1 Includes gold certificates. 2 Includes silver certificates and Treasury notes of 1890. Paper rediscounted with or sold to other Federal Reserve Banks and outstanding at close of business on the last Friday in each month from June, 1919, to June, 1920. [In thousands of dollars.] Rediscountcd or sold by Federal Reserve Bank of— Date. Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . At t l a a . n- c C a h g i o - . Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. c F S i r s a a c n n o - . Total. 1919. June 27 5,062 27,456 57,967 55.000 9, G40 155,125 July 25 . . 48,579 34,900 50,000 133,479 Aue. 29 39,432 20,930 29,725 3,000 93,087 Sept 26 31,702 18,295 25,000 s. oon is nnn 101,897 Oct 31 45,864 23,448 5 500 74,812 Nov. 28 40,474 96,440 23,500 160,414 Dec. 26 69,899 58,201 27,615 13.000 168,715 1920. Jan. 30 4,600 75,649 32,790 5,000 118,039 Feb 27 15,173 55,308 38,925 109,406 Mar.26 2,985 34,096 35,555 15,000 11,829 99,465 Apr. 30 2,371 20,709 24,850 *38,"47l" 41,385 3,000 16,07*5 167,843 Mav 28 2,371 25,000 j 8,500 18,995 49,760 19,' 132 Id]865 13,000 150,623 June 25 5,394 24 904 7 Qfin 24 950 26,733 23,672 12,958 5,000 131,571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 731 Paper discounted for or purchased from other Federal Reserve Banks and held at close of business on the last Friday in each month from June, 1919, to June, 1920. [In thousands of dollars.] Discounted or purchased by Federal Reserve Bank of— Dato. Total. Boston. Y N o e r w k. d P el h p i h la i - a C la le n v d e . - m R e ic n h d - . la A n t- ta. c C a h g i o - . Lo S u t. is. M ap i o n l n is e . - K C an it s y a . s Dallas. F S r a a n ncisco. 1919. June 27 5 062 23,750 64,122 9,735 25,000 27,456 155,125 July 25 10,012 54,900 5,000 25,000 38,567 133,479 Aug 29 419 33,930 8,250 11,475 10,013 29,000 93,087 Sept. 26 60,195 10,000 14,725 16,977 101,897 Oct 31 10,042 48 980 5 014 10,776 74,812 Nov 28 . 23,269 5,080 67,871 32,564 10,005 10,078 11,547 160,414 Dec. 26 12,265 5,080 "5,*065" 60,090 29,022 9,805 32,123 15,265 168,715 19C0. Jan 30 3 579 27,521 15,000 51,918 1,663 14,950 3,408 118,039 Feb 27 3,250 15,601 16,187 33,410 4,000 10,050 23,500 3,408 109,406 Mar. 26 23,399 38,304 3,351 7,605 10,029 1,871 7,825 7,081 99,465 Ar>r 30 22,126 95,071 48,275 2,371 167,843 May 28 20,366 84,125 43,761 2,371 150,623 June 25 17,130 61,971 52,078 392 131,571 Currency receipts and shipments from July, 1919, to May, 1920. Boston. New York. Philadelphia. Month. Receipts. Shipments. Receipts. Shipments. Receipts. Shipments. 1919. July $47,230,000 $37,408,000 $156,222,645 $195,979,000 $38,394,924 $32,617,025 August 38,688,000 38,885,000 135,234,802 157,341,000 33,425,219 36,287,240 September 39,525,000 37,980,000 139,255,009 138,395,000 36,468,581 34,991,090 October 53,832,000 41,164,000 157,523,946 150,323,000 37,026,356 41,637,000 November 36,890,000 39,076,000 127,139,007 170,904,000 30,064,643 43,312,472 December 51,056,000 60,664,000 179,009,046 230,942,000 43,763,463 49,575,732 1920. January 54,611,616 38,495,925 196,054,852 118,442,455 47,238,481 36,689,992 February 31,522,844 50,323,450 120,604,043 182,254,000 29,132,634 60,276,829 March 47,497,000 50,773,000 155,126,322 179,913,000 39,996,106 48,045,055 April 52,936,116 44,812,000 158,581', 996 197,172,631 46,697,711 46,795,965 May 52,579,000 55,069,000 155,581,691 169,633,176 39,590,446 48,879,250 Total 506,367,576 494,650,375 1,680,333,359 1,891,299,262 421,798,564 476,107,650 Monthly average 46,033,416 44,968,216 152,757,578 171,936,297 38,345,324 43,282,514 Cleveland. Richmond. Atlanta. Month. Receipts. Shipments. Receipts. Shipments. Receipts. Shipments. 1919. ; July ! §36,798,066 $29,193,882 $13,672,641 $11,223,655 $20,410,755 $9,291,960 August 25,940,074 40,329,582 10,359,626 14,505,900 17,350,369 13,627,593 S~ ept•e mb*e r 28,415,754 40,159,578 8,526,287 22,760,610 13,440,796 23,765,016 October 35,668,486 34,733,156 11,181,903 34,882,479 16,936,221 32,814,774 November | 27,879,607 36)242,091 12,350,608 17,688,320 17,623,546 20,082,141 December \ 42,662,296 51,028,532 17,599,750 21,504,290 28,653,391 22,427,375 1920. January.. 44,350,780 34,702,471 21,048,881 9,649,335 36,057,231 16,183,007 February. 28,653,838 54,558,551 12,054,963 13,788,938 23,050,034 20,200,550 March..'.. 44,009,389 49,094,411 13,823,544 15,535,871 28,070,633 19,300,173 April 42,046,537 56,434,436 16,573,661 18,450,335 28,943,309 24,900,812 May 44,475,943 44,996,876 16,190,630 16,823,575 27,604,148 19,439,012 Total 400,900,770 471,473,566 153,382,494 196,813,308 258,140,433 222,032,413 Monthly average.. 36,445,525 42,861,233 13,943,863 17,892,119 23,467,312 20,184,765 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 FEDERAL RESERVE BULLETIN. JULY, 1920. Currency receipts and shipments from July, 1919, to May, 1920—Continued. Chicago. St. Louis. Minneapolis. Kansas City. Month. Receipts. Shipments. Receipts. Shipments. Receipts. Shipments. Receipts. Shipments. 1919. j A ul u y erust $ 4 6 5 4 , , 6 1 4 8 0 1 , , 3 2 6 8 1 3 £4 66 9 , , 8 3 5 2 2 8 , ,Y 39 7 9 6 $2 2 6 1 , , 4 0 4 6 1 6 , , T 53 O 9 $1 1 3 8 , , 7 5 7 2 4 7 , ,354 $ 4 6, , 5 3 8 0 8 6 , . 7 73 5 1 8 $ 3 2 , , 7 8 7 8 3 9 , , WO $ 1 1 0 3 , , 8 4 4 7 3 4 , , 9 0 0 4 9 5 $ 1 9 1 ,8 1 0 7 8 2 1 6 1 0 0 1 September ... 51,399,991 49,093,W 23,372.rq? 23,827,?74 3,361,i36 8,226,=S50 11,764,731 13,483 933 October 64 344,690 68,545,197 26,258,479 32,870,331 4,854,718 7,010, 46 14,123 099 10 729 309 November 56,150,431 62,872,D99 24,654,489 29,541,184 4,257,^45 5,949,170 10,270,138 12,935'188 December 76,702,077 90,922,156 32,741,115 28,531,308 4,116,)39 7,682,377 14,594,798 13,690,725 1920. January. 78,772,317 60,803,413 34,529,775 22,337,366 6,431,W9 3,315,*60 16,115,039 9,199,620 February 46,842,997 80,482,745 26,147,951 26,987,f>17 3,129,174 5,385,350 9,983 795 12 114 960 March 72,453,876 84,661,369 35,633,168 24,642,364 3,843,240 5,870,ffi?, 13,658,002 12,234 956 April 77,540,312 90,468,853 36,192,516 27,121,?69 3,966,195 5,125,740 16,166 705 11 162 790 May 78,195,069 85,764,628 33,903,928 27,358,350 4,074,703 5,313,550 13,251,540 11,412,850 Total 712,223,404 789,796,R3? 320,942,?81 275,519,79,9, 48,930,148 60,542,<m 144 245 801 127 945 042 Monthly average 64,747,582 71,799,712 29,176,571 25,047,247 4,448,195 5,503,903 13,113,255 11,631^367 Dallas. San Francisco. Total. Month. Receipts. Shipments. Receipts. Shipments. Receipts. Shipments. 1919. July . $5,952,929 $6,505,384 $22,918,132 $15,715,445 $452,285 507 $413 099 468 August ... 4,775,854 7,147, 391 15,067,142 21,266,165 362,698,626 430,351,834 September 4,933,440 14,096,340 16,298,689 23,325,043 376,762 806 430 104 431 October . 6,327,253 14,804,005 19,907,681 21,602 635 447 984 832 491 116 632 November 5,116,973 13,470,784 15,618,219 29,848,445 368,015,506 481,922' 094 December . 10,715,869 12,214,053 24,820,307 30,554,665 526,434,151 619,737,813 1920. January 11,205,980 7,00S,950 36,250,129 13,517 845 582,666 390 367 345 939 6,755,553 8,883,386 20 713 705 18 882 820 358 591 431 534 138'896 March 10,934,109 10,058,979 24,787,629 24,953 434 489,833' 018 525' 083' 864 Anril ...... 11,854,515 9,372,327 24,884,253 38,388,320 516,383,826 570,205' 478 May 12,125,527 8,617,870 25,310,468 30,530,567 502,883,093 523,839,504 Total 80,698,002 112,179,469 246,576,354 268,585,384 4,984,539,186 5,386,945,953 Monthlv average 8,245,273 10,198,134 22,416,032 24,416,853 453,139,926 489,722,360 Rates of earnings from investments of the Federal Reserve Banks from June, 1919, to May, 1920. Date. Bills bo B u il g ls ht se U S cu n ta r i i t t t e e i s d es. . m i T n o v e t n e a s t l t s - . Date. co B u d n i i l s t l - e s d. m i b n a o B r u o i k l p g l e s e h t n t . se U S cu n ta r i t i t e t e i s d es. m i T n e v o n e ta s ts l t- . 1919. Per cent. Per cent. Per cent. Per cent. 1920. Per cent. Per cent. Per cent. Per cent. June 4.20 4.19 2.33 4.01 January 4.71 4.79 2.18 4.46 July 4.15 4.27 2.24 3.98 February 5.20 5.06 2.18 4.88 August 4.13 4.22 2.21 3.93 March 5.49 5.47 2.10 5.12 September 4.17 4.27 2.17 3.91 April 5.58 5.70 2.10 5.23 October 4.15 4.22 2.18 3.95 May 5.66 5.77 2.22 5.36 November 4.40 4.33 2.22 4.16 December 4.55 4.54 2.19 4.29 Federal Reserve notes issued and redeemed by each Federal Reserve Agent, by months, from June, 1919, to May, 1920. June, 1919. July. August. Outstanding Federal Reserve Agent at— May 31,1919. Issued. Redeemed. Issued. Redeemed. Issued. Redeemed. Boston $177,827,360 $16,500,000 $12,343,870 $19,820,000 $11,235,770 $28,700,000 $14,732,285 New York 817,659,685 61,800,000 64,229,900 63,000,000 63,397,700 67,140,000 51,603,700 Philadelphia. 215,791,390 17,200,000 19,743,645 17,800,000 15,389,785 21,900,000 17,157,325 Cleveland 234,853,990 5,900,000 13,876,080 14,700,000 12,562,065 30,220,000 15,301,635 Richmond — 119,381,410 5,670,000 12,093,170 6,440,000 9,818,700 16,910,000 16,219,400 Atlanta 116,964,680 13,803,000 11,143,665 10,015,000 8,802,500 7,797,000 12,007,245 Chicago 452,099,080 25,720,000 25,153,205 24,520,000 21,385,550 33,360,000 26,710,210 St. Louis 116,818,130 6,240,000 6,747,585 12,810,000 8,066,045 12,800,000 8,663,425 Minneapolis.. 85,181,755 2,900,000 4,084,510 1,480,000 3,838,815 2,050,000 4,050,060 Kansas City.. 101,617,470 3,080,000 5,008,940 3,870,000 4,570,940 5,940,000 6,683,975 Dallas 47,788,270 3,493,000 2,556,160 2,715,000 2,631,495 3,815,000 2,765,810 San Francisco 215,735,825 10,080,000 9,564,630 19,460,000 17,065,675 17,360,000 12,676,660 Total... 701,719,045 172,383,000 183,545,360 195,630,000 178,766,040 247,992,000 188,571,730 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDEKAL RESERVE BULLETIN. 733 Federal Reserve notes issued and redeemed by each Federal Reserve Agent, by months, from June, 1919, to May, 1920—Con. September. October. November. December. Federal Reserve Agent at— Issued. Redeemed. Issued. Redeemed. Issued. Redeemed. Issued. Redeemed. Boston $27,400,000 $10,423,930 $15,900,000 $15,122,195 $22,800,000 $14,152,220 $34,420,000 $10,639,120 New York 63,340,000 50,113,900 44,480,000 66,692,700 60,920,000 36,452,800 121,140,000 27,273,030 Philadelphia. 19,400,000 14,884,230 22,300,000 14,889,320 12,500,000 10,997,135 24,640,000 10,574,285 Cleveland 23,160,000 11,578,795 13,120,000 13,700,225 19,960,000 11,731,370 30,900,000 10,262,050 Richmond 24,010,000 11,753,615 34,110,000 13,182,245 16,120,000 12,795,005 22,560,000 17,634,355 Atlanta 20,754,000 10,268,070 32,084,000 13,243,785 20,867,000 13,515,235 23,790,000 16,989,360 Chicago 39,240,000 22,160,650 37,600,000 25,923,785 30,440,000 21,858,230 55,560,000 19,887,220 St. Louis 20,000,000 10,356,930 22,900,000 7,481,860 18,530,000 7,287,985 13,200,000 9,975,345 Minneapolis.. 8,080,000 3,194,590 5,050,000 3,870,295 3,570,000 3,723,150 6,150,000 3,257,730 Kansas City.. 9,920,000 5,839,240 5,430,000 5,487,190 11,240,000 6,160,310 8,020,000 4,811,120 Dallas 9,385,000 2,735,575 9,525,000 1,989,540 11,065,000 2,670,815 8,700,000 2,489,810 San Francisco 19,800,000 9,734,875 21,260,000 9,703,450 28,150,000 10,127,255 28,400,000 11,348,845 Total... 284,489,000 163,044,400 263,759,000 191,283,59! 255,162,000 151,471,510 377,480,000 145,142,270 January, 1920. February. March. Federal Reserve Agent at— Issued. Redeemed. Issued. Redeemed. Issued. Redeemed. Boston $8,160,000 $16,913,435 $27,820,000 $8,791,910 $21,600,000 $10,040,255 New York 16,480,000 57,858,170 47,620,000 23,733,495 32,100,000 13,672,955 Philadelphia. 9,700,000 25,423,120 34,320,000 10,825,855 11,020,000 8,592,615 Cleveland 9,940,000 24,729,215 36,700,000 10,276,390 21,560,000 10,842,320 Richmond 2,479,000 19,399,850 9,910,000 10,435,925 8,070,000 11,851,335 Atlanta 8,045,000 21,804,705 15,330,000 9,932,930 15,090,000 16,312,010 Chicago 23,600,000 47,246,055 53,120,000 22,769,120 27,670,000 20,579,235 St. Louis 3,650,000 15,210,470 11,660,000 8,947,470 7,020,000 9,643,005 Minneapolis.. 1,360,000 6,317,395 3,200,000 3,297,800 3,400,000 3,581,335 Kansas City.. 3,730,000 8,028,435 7,160,000 5,699,215 4,610,000 5,113,390 Dallas 3,255,000 6,364,745 7,710,000 2,964,270 5,520,000 4.066,335 San Francisco 9,960,000 20,967,275 3,560,000 11,107,645 11,080,000 10', 593,585 Total... 100,359,000 270,262,870 258,110,000 128,782,025 168,740,000 124,888,375 April. May. Total. Federal Reserve Agent at— Outstanding May 31,1920. Issued. Redeemed. Issued. Redeemed. Issued. Redeemed. Boston $11,100,000 $12,593,645 $18,200,000 $10,784,350 $252,420,000 $147,772,985 $282,474,375 New York.... 25,280,000 21,977,265 34,160,000 15,125,475 637,460,000 492,131,090 962,988,595 Philadelphia.. 8,500,000 9,763,110 8,200,000 7,254,240 207,480,000 165,494,665 257,776,725 Cleveland 27,650,000 13,333,475 12,630,000 10,123,570 246,440,000 158,317,190 322,976,800 Richmond 14,500,000 14,473,335 6,860,000 13,283,995 167,639,000 162,940,930 124,079,480 Atlanta 16,350,000 14,227,095 10,770,000 14,467,400 194,698,000 162,714,000 148,948,680 Chicago 33,280,000 15,804,330 26,720,000 13,777,250 410,830,000 283,255,840 579,673,240 St. Louis 6,540,000 10,364,580 6,260,000 9,436,245 141,610,000 112,180,945 146,247,185 Minneapolis... 2,875,000 3,563,090 1,600,000 3,030,695 41,715,000 45,809,465 81,087,290 Kansas City... 3,100,000 5,981,650 2,860,000 4,550,685 68,960,000 67,935,090 102,642,380 Dallas 6,580,000 4,828, 515 7,690,000 5,510,850 79,450,000 41,573,920 85,664,350 San Francisco. 9,660,000 11,381,765 10,760,000 7,765,590 189,530,000 142,037,250 263,228,575 Total... 165,415,000 138,291,855 146,710,000 115,110,345 2,638,232,000 1,982,163,370 3,357,787,675 BANK TRANSACTIONS DURING MAY-JUNE. In the attached table are shown debits to week ending June 2 was due to the fact that it individual account for the five weeks ending included May 30, a legal holiday in many of the June 23 of the present year and for the corre- districts, and the larger total for the week sponding weeks of 1919, as reported to the ending June 16 reflected the payment by cor- Federal Reserve Banks by the country's more porations and individuals of the June 15 inimportant clearing houses. A recapitulation stallment of income and excess profits taxes, by Federal Reserve districts presents a com- and also the large financial operations effected parison of figures for 153 centers for which re- by the Government during that week in conports are available both for the 1920 and the nection with the issue and redemption of 1919 periods under review. Treasury certificates and the payment of in- Aggregate debits to individual account for terest on Liberty bonds and Victory notes. the 153 centers included in the recapitulation The statement below presents a comparison fluctuated between 8,422 millions for the week of debits in New York City and in 152 other ending June 2, and 9,727 millions for the week centers for each week of the period under reending June 16. The smaller total for the view, together with totals for corresponding Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 FEDERAL RESERVE BULLETIN. JULY, 1920. weeks in 1919, and percentages showing the corresponding 1919 figures, the percentages excess or deficiency of the 1920 figures as com- of excess varying from 12.1 per cent for the pared with corresponding 1919 figures. Aver- week ending June 2 to 24.8 per cent for the ages for the 25 weeks of each year are also week ending May 26. Variations in the pershown. centages from week to week are due to temfin millions of dollars.] porary influences, while the 25-week average excess of 26 per cent represents substantially Debits to individual account. the rise in the price level for the year. Debits in New York City, on the other hand, were Week ending- In New York. In 152 other centers. smaller this year than last for four weeks out of the five under review, owing largely to Excess Fxcass of 1920 of 1320 the reduced volume of transactions on the 1920 1919 1920 1919 over exchanges. While the average for the 25 1919. 1919. weeks for New York City is 14.3 per cent Per Per larger in 1920 than in 1919, this excess is M M a a y y 2 28 6 , , 1 1 9 9 2 1 0 9 \, r >bfi77U0 4,600 cent. 4, 489 3,597 ce 2 n 4 t. .8 considerably below the 26 per cent shown for J J u u n n e e 2 4, , 1 1 9 9 2 1 0 9 l\ f , ' 1Sl1 4,983 1.5 4,240 3,783 12.1 the other centers. It may be noted that in June 9, 1920 |J\4 4S7 5,104 -16.1 4,461 3,883 14.9 1919 debits in New York City alone were J J J J J u u u u u n n n n n e e e e e 2 2 1 1 1 5 3 8 6 1 , , , , , 1 1 1 1 1 9 9 9 9 9 2 1 2 1 1 0 9 0 9 9 J j- P 4 4 ' , , 4 6 9 9 0 3 5 4, , 6 4 4 5 4 3 - - 1 1 3 2 . . 9 1 5 4 , , 0 7 3 5 4 6 3 4 , , 9 4 0 6 1 7 1 2 2 1 . . 7 8 l C t a h i r e t g y e o r t c h f o e o n r r s 1 t e i 5 a t 2 u c t h c e d e w n e te e m r k s o ; r t e h i. a e n t . h , a c d n o e m b o b it n i s n e e - i h n d a N l d f e e w b o i t f s Y o t f h o rk e r -3.3 aggregate debits of all reporting centers. Dur- Average for 25 weeks of the year 4,8 4,206 14.3 4,621 3,668 26.0 ing the current year, however, New York totals were smaller than combined totals for the For the 152 cities outside of New York 1920 other centers for three weeks out of the five totals of debits are in each case larger than of the period* under review. Debits to individual account at clearing-house banks. [In thousands of dollars.] 1920 1919 Federal Reserve Week ending- Week endingdistrict. May 26. June 2. June 9. June 16. June 23. May 28. June 4. June 11. June 18. June 25. No. 1—Boston: Bangor 3,530 3,238 4,161 3,787 3,646 2,419 2,520 2,813 3,523 2,409 Boston 310,634 313,301 286,641 339,329 302,400 257,589 267,142 283,215 321,556 324,184 Fall River 11,231 9,331 9,232 13,027 10,458 7,768 8,672 7,871 9,593 9,707 Hartford | 22,547 23,880 23,859 25,137 22,921 17,232 29,413 19,743 21,401 23,781 Holyoke 4,490 4,173 4,360 4,155 4,254 2,839 2,836 2,684 3,516 3,192 Lowell 6,248 5,114 5,894 7,108 6,879 4,729 4,904 5,225 5,668 5,184 Manchester 4,879 4,812 5,393 5,364 5,404 New Bedford.... 9,211 8,083 8,632 10,757 9,54!3 6,148 6,035 5,781 8,036 6,469 Ne*v Haven 18,786 22,413 19,892 19,701 19,323 14,606 16,672 14,996 16,266 14,489 Portland 8,003 8,002 8,562 9,675 8,531 Providence 43,068 39,647 38,200 43,352 42,991 28,580 32,297 31,301 34,474 35,478 SDring'ield 17,041 12, 635 16,561 18,719 19,445 9,439 11,674 9,552 11,744 11,939 Waterbury 7,187 6,332 7,730 9,150 5,547 6,125 7,099 7,184 6,288 6,883 Worcester 18,740 16,440 17,504 21,204 23,969 14,231 18,541 13,336 16,673 16,697 No.2—New York: Albany 24,858 , 19,740 26,653 21,693 33,305 20,726 23,996 16,068 19,797 22,107 Binghamton 4,836 4,282 4,722 4,913 4,997 3,079 3,095 3,468 4,020 3,065 Buffalo 75,224 61,130 65,558 75,966 68,473 56,515 71,258 58,184 71,071 59,702 Ne* York 4,670,039 4,181,413 4,486,802 4,692,930 4,490,831 4,600,393 4,983,450 5,104,357 5,452,526 4,643,899 Passaic 5,652 5,669 5,031 7,049 5,022 3,280 3,744 3,719 3,271 3,430 Rochester 31,969 33,883 36,615 39,907 33,188 • 23,868 33,355 29,928 32,625 27,111 Syracuse 17,718 16,487 17,093 18,911 19,183 11,707 12,856 12,415 13,882 12,473 No. 3—Philadelphia: Altoona 3,400 2,580 2,823 3,556 3,466 3,061 2,527 2,859 3,155 3,104 Chester 5,375 5,139 5,320 6,371 5,585 4,454 3,935 4,076 4,481 4,318 Harrisburg 3,519 3,438 3,600 4,746 4,133 4,478 3,780 3,739 4,489 3,750 Johnstown 4,310 4,431 4,172 4,823 3,941 3,009 3,392 3,151 3,349 3,096 Lancaster 5,902 4,926 6,069 6,623 6,412 4,692 4,674 4,682 4,684 4,501 Philadelphia.. .. 302,329 332,532 347,442 399,673 350,376 302,349 290,056 305,640 378,823 306,970 Reading 4,972 3,501 5,247 6,286 5,602 3,042 2,796 3,615 4,454 3,760 Scranton 16,237 11,794 15,947 14,552 16,026 12,174 10,671 12,298 11,213 13,459 Trenton 12,695 11,318 12,762 13,000 13,587 8,872 8,597 9,702 11,156 9,724 Wilkes-Barre 8,945 7,702 8,451 9,434 8,217 6,406 6,152 6,141 7,800 6,870 Williamsport 3,978 3,713 4,095 4,662 4,677 3,784 2,792 3,410 3,491 3,288 Wilmington 8,256 9,931 7,138 7,340 10,896 7,901 9,743 9,658 13,271 10,911 York 4,327 4,301 4,864 4,601 5,130 3,168 3,233 3,341 3,511 3,011 No. 4—Cleveland: A C C C E D r l o i k a e n i l r e y v u c o t e i m n o n la n n b n a u d t s i 1 6 2 3 1 6 7 6 0 0 1 3 , , , , , , 6 8 1 7 2 1 8 5 5 1 2 4 7 2 5 7 3 9 - 1 2 5 3 1 4 6 6 3 1 0 8 , , , , , , 7 8 9 2 4 7 3 9 7 6 3 4 0 2 3 1 9 5 , 1 2 1 5 3 6 8 9 2 8 0 2 , , , , , , 2 1 0 8 8 1 2 1 1 6 1 7 7 1 8 7 2 3 2 3 1 0 3 7 8 5 2 7 1 3 , , , , , , 5 5 3 3 1 5 6 4 4 3 3 7 2 6 6 7 6 7 1 3 6 1 3 8 8 3 1 9 2 7 , , , , , , 9 5 9 8 2 0 8 8 8 9 8 7 9 9 5 7 1 0 1 4 2 1 1 2 5 7 5 2 8 6 , , , , , , 5 6 2 0 8 8 3 5 9 1 2 7 4 2 5 1 9 5 1 2 5 2 1 3 5 5 3 3 1 2 , , , , , , 7 0 4 3 5 0 9 8 8 2 6 4 7 3 2 2 7 7 1 5 2 2 1 3 5 7 1 0 1 7 , , , , , , 8 7 7 7 3 2 5 2 6 3 3 4 8 2 8 9 7 1 1 3 2 6 1 8 6 0 4 4 2 1 , , , , , , 7 1 8 1 1 2 9 7 0 1 8 7 6 4 8 6 9 9 1 2 2 5 1 5 6 8 1 2 3 8 , , , , , , 1 2 1 3 8 0 4 0 9 9 6 0 5 9 7 7 6 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

735 JULY, 1920. FEDERAL RESERVE BULLETIN. Debits to individual account at clearing-house banks—Continued. [In thousands of dollars.] 1920 1919 Federal Reserve Week ending— Week ending— district. May 26. June 2. June 9. June 16. June 23. May 28. June 4. June 11. June 18. June 25. No. 4—Cleveland- Continued: Greensburg 4,635 4,559 4,066 6,229 4,991 2,654 2,380 2,309 2,956 2.487 Lexington 4,607 4,537 5,254 4,847 4,309 4,384 3,910 4,484 4,592 4^060 Oil City 2,813 2,901 3,292 3,359 3,323 2,426 3,154 3,396 3,157 3,099 Pittsburgh 215,482 178,885 184,945 226,564 218,000 154,2C6 199,736 164,761 225,511 168,890 Springfield 3,393 2,845 4,045 3,700 3,800 3,389 2,568 3,511 4,237 2,672 Toledo 30,529 28,944 23 863 35,487 36,903 22,223 25,048 26,189 29,815 25,913 Wheeling 8,338 8,537 10^675 9,740 9,346 7,161 6,670 6,688 10,304 8,504 Youngstown 13,924 12,376 12,344 14,987 14,221 11,587 11,619 21,612 12,869 12,766 No. 5—Richmond: Baltimore 102,873 98,961 106,658 109,626 109,541 70,202 74,784 115,765 112,397 93,498 Charleston 9,975 10,100 9,419 10,250 9,410 8,233 7,176 7,850 8,421 8,694 Charlotte 9,584 8,155 7,640 10,304 9,691 5,300 5,700 5,000 6,000 5,500 Columbia 8,553 7,279 7,701 7,907 5,938 6,612 6,093 7,505 6,312 5,827 Huntington 5,648 5,220 5,941 5,326 5,595 Norfolk 20,663 15,278 21,107 20,950 20,639 18,715 20,537 21,274 23,063 18,959 Raleigh 3,500 3,851 4,572 4,000 4,130 3,572 4,383 3,332 3,527 2,999 No. R 6 i — ch A m tl o a n n d ta: 23,864 27,396 26,604 26,104 25,701 19,394 23,933 21,240 24,978 21,978 Atlanta 30,569 29,043 30,660 34,969 28,635 23,221 22,944 25,837 30,832 22,554 Augusta 9,936 8,794 8,727 8,989 8,506 8,179 6,608 8,043 8,340 6,420 Birmingham 17,836 17,479 16,341 18,276 17,332 12,115 12,963 13,306 12,467 11,404 Chattanooga 11,900 12,536 12,320 14,107 11,856 9,492 10,764 13,222 11,207 10,417 Jacksonville 14,175 13,935 13,580 14,980 15,567 10,086 8,935 11,276 11,644 11,565 Knoxville 6,484 7,000 7,331 7,576 7,335 4,847 4,925 6,041 6,749 5,090 Macon 8,283 8,589 6,563 7,047 6,453 6,745 9,124 7,094 6,744 6,627 Mobile 8,866 7,319 8,944 9,045 8,405 6,574 6,660 7,953 7,391 7,864 Montgomery 5,000 4,830 5,706 5,914 5,907 3,838 3,789 4,879 3,004 4,026 Nashville 27,803 23,530 27,065 27,716 25,429 20,741 15,295 20,872 21,060 19,537 New Orleans 81,816 ' 65,337 76,791 80,952 78,432 70,091 61,361 79,377 69,766 64,496 Pensacola 2,236 2,474 2,818 2,361 2,139 1,851 2,293 2,900 2,145 1,857 Savannah 16,368 17,063 15,589 15,956 15,665 16,312 15,987 17,388 15,095 15,249 Tampa 5,813 6,268 6,029 5,877 5,864 4,983 4,232 5,295 4,808 4,031 Vicksburg 1,496 1,371 1,972 1,656 1,521 1,883 2,035 1,962 1,496 1,655 No. 7—Chicago: Bay City.. *.. 3,529 3,569 3,186 3,107 3,665 2,585 3,458 2,386 2,586 2,736 Bloomington 2,738 2,757 3,064 3,163 2,771 2,058 2,715 2,841 2,713 2,275 • Cedar Rapids.... 7,639 6,322 11,900 11,797 8,839 5,836 9,758 10,532 9,913 9,144 Chicago 711,303 654,231 682,780 792,053 753,134 565,200 617,284 622,303 729,558 633,277 Davenport 8,253 6,941 9,424 7,871 8,778 6,549 7,766 6,692 6,274 6,407 Decatur 4,103 4; 103 4,372 4,628 4,458 2,903 3,349 4,297 3,560 3,030 Des Moines 19,1*1 17,965 24,363 21,888 22,401 16,898 15,451 17,641 17,707 15,682 Detroit 136,126 130,395 140,020 190,789 176,866 110,764 115,830 106,913 144,198 116,804 Dubuque 3,358 3,558 3,921 3,929 2,694 2,005 2,263 2,317 2,188 1,652 Flint 7,901 9,295 10,238 9,094 14,430 ,6,588 6,403 8,291 7,113 8,858 Fort Wayne 7,813 6,666 8,469 8,597 7,901 5,234 4,816 5,089 6,226 5,143 Grand Rapids.... 22,179 21,663 20,352 24,266 23,048 15,488 16,959 15,144 18,126 15,963 Indianapolis ' 37,241 35,363 37,934 42,999 43,071 28,726 26,124 31,913 34,285 28,963 Jackson 3,401 4,812 " 3,731 4,424 3,495 4,201 3,879 4,068 4,125 4,156 Kalamazoo 5,153 4,603 5,305 5,242 5,473 3,002 2,887 3,067 3,618 3,526 Lansing 6,865 6,808 7,208 7,053 7,520 4,864 4,034 4,914 5,190 5,024 Milwaukee 63,649 57,127 62,297 71,318 73,061 46,279 53,916 49,733 67,743 52,833 Peoria 10,685 10,426 32,901 11,127 12,533 10,092 10,565 11,133 10,923 11,053 Rockford 6,242 5,725 6,874 6,318 6,311 4,254 3,241 4,593 4,798 4,242 Sioux City 16,302 16,805 16,416 18,158 18,895 15,491 15,954 16,003 15,643 15,800 South Bend 6,327 4,137 5,133 6,120 5,230 3,101 2,293 3,684 6,605 4,809 Springfield 4,112 6,757 4,464 5,484 5,121 4,239 5,048 5,353 5,155 4,707 Waterloo 3,966 4,304 4,872 4,311 4,698 2,790 2,732 2,813 3,586 3,238 No. 8—St. Louis: Evansville 5,090 5,273 5,615 5,077 '4,885 4,582 4,908 4,092 4,468 5,111 Little Rock 7,973 8,510 9,075 9,431 8,400 6,798 6,650 6,082 6,310 5,291 Louisville 34,699 34,420 32,717 38,391 34,387 33,200 32,959 35,096 39,193 34,687 Memphis 29,651 27,977 30,202 35,607 28,867 25,039 24,900 32,880 34,282 27,544 St. Louis 146,244 151,692 141,747 159,989 151,141 124,196 131,520 128,582 176,876 133,861 No. 9—Minneapolis: Aberdeen 1,643 1,736 2,041 1,771 1,739 1,712 1,567 1,676 1,614 3,186 Billings 2,237 2,274 2,443 2,101 2,011 1,925 1,911 2,451 2,114 1,932 Duluth 22, 758 26,155 23,131 23,936 19,075 17,984 22,373 20,398 22,406 17,498 Fargo 3,533 3,403 3,877 3,368 3,511 5,919 3,021 5,646 5,862 2,314 Grand Forks 1,772 1,698 1,959 1,992 1,681 1,422 1,711 1,615 1,664 1,892 Great Falls 2,142 1,871 1,975 2,001 2,312 2,297 2,196 1,798 1,428 1,796 Helena 2,025 2,214 2,528 2,715 2,436 1,904 1,832 2,617 2,044 2,265 Minneapolis 90,065 73,699 90,394 87,275 82,121 66,878 66,753 72 410 69,313 66,216 St. Paul 33,882 30,349 35,843 32,508 39,049 35,682 35,454 37,720 45,625 40,478 Sioux Falls 6,488 6,093 8,042 6,820 6,635 Superior 2,077 2,039 2,365 1,956 2,060 1,216 1,334 1,150 1,320 1,397 Winona 1,108 1,029 1,250 1,243 1,267 939 1,082 1,070 1,537 1,168 No. 10—Kansas City: Atchison 558 418 585 548 Bartlesville 4,288 4,012 3,915 3,850 3,769 2,931 2,853 2,368 2,99S 2,378 Cheyenne 1,705 1,658 1,624 1,843 1,804 Colorado Springs 3,053 2,750 3,254 3,197 3,099 2,313 2,989 4,031 3,893 3,901 Denver 44,667 40,917 43,616 43,678 40,532 31,632 44,730 37,003 28,105 24,320 Joplin 3,846 3,357 4,430 4,382 3,057 2,645 3,051 3,107 3,393 2,703 Kansas City, 3,932 3,199 3,221 2,989 1 3,495 2,687 3,661 3,589 3,869 2,877 Kans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

736 FEDERAL RESERVE BULLETIN. JULY,1920- Debits to individual account at clearing-house banks—Continued. [In thousands of dollars.] 1920 1919 Week ending— Week ending— Federal Reserve . district. May 26. June 2. June 9. June 16. June 23. May 28. June 4. June 11. June 18. June 25. No. 10— Kan s a s City—Continued. Kansas City, Mo. 91,738 80,947 86,555 91,484 101,454 83, 727 83,991 83,507 95,059 87,475 Muskogee 5,536 5,386 5,625 5,938 5,423 3,360 3,374 2,990 4,161 3,726 Oklahoma City.. 23,818 19,763 26,371 26,576 23,394 12,112 12,858 12,394 12,818 13,615 Omaha . 56,012 49,935 60,503 63,233 62,839 62,487 55,293 61,159 51,849 54,551 Pueblo 3,819 3,365 3,975 4,939 4,602 4,119 3,992 4,874 4 055 3,785 St. Joseph. . . 20,388 17,322 20,083 21,071 19,452 19,235 17,843 19,163 19.994 16,545 Topeka 5,481 5,487 7,572 3,900 3,721 4,093 4,893 5,243 j 4 665 4,585 Tulsa 26,898 27,968 26,387 31,908 28,847 21,237 21,236 22,105 21,766 20,762 Wichita 11,068 12,569 13,992 14,235 13,005 10,068 9,044 9,930 10,902 11,003 No. 11—Dallas: Albuquerque 1,654 1,098 2,191 1,957 2,263 1,382 1,628 1,708 1,599 1,572 Austin 3,079 3,564 3,854 3,108 3,874 2,770 7,614 3,453 6.6Q0 4,233 Beaumont. . . 4,467 3,135 4,782 6,047 5,113 3,497 2,969 4,210 3,666 4,040 Dallas 37,704 38,678 38,107 42,639 40,857 30,980 28,255 33,764 42,829 33,188 El Paso 11,915 9,435 11,012 9,164 9,351 7,432 7,953 7,482 7,411 7,637 Fort Worth 24,868 23,986 24,128 26,772 26,111 18,884 18,468 22,827 20,868 21,825 Galveston 8,604 8,140 6,802 8,114 8,546 5,959 7,363 6,945 7,191 6,892 Houston 33,430 30,459 29,305 31,479 33,927 30,385 31,406 32,468 34,967 34,273 San Antonio.. . 8,409 7,589 10,314 8,746 7,406 Shreveport 11,755 8,637 10,715 9,936 8,755 5,677 5,632 6,431 6,293 6,104 Texarkana 2,040 1,419 1,917 3,0^0 1,967 1,734 1,347 1,891 2,438 1,344 Tucson. 1,814 846 2,159 1,952 2,102 1,685 1,803 1,719 1,660 1,361 Waco 3,650 3,880 4,485 3,800 4,055 3,305 3,676 3,515 3,235 2,818 No. 12—San Francisco: Berkeley 2,483 3,016 3,140 3,275 2,635 5,170 2,312 2,331 2,236 1,728 Boise 3,699 2,860 3,505 3,446 3,381 2,244 3,212 2,599 2,543 2,322 Fresno 12,485 10,292 10,606 11,130 9,704 4,960 6,019 6,228 6,576 6,029 Long Beach..... 4,015 4,699 5,340 5,271 4,658 2,603 2,839 3,272 3,234 2,513 Los Anreles 96,272 90,426 98,774 103,406 98,652 62,340 52,064 59,899 72,464 69,222 Oakland 20,477 29,771 30,620 31,827 30,573 13,131 11,231 13,393 12,36S 13,790 Ogden. 4,411 3,639 4,102 3,554 3,921 3,30S 3,243 4,367 3,529 2,838 Pasadena 5,520 4,745 5,411 5,908 4,999 2,722 3,195 3,289 4,385 4,306 Portland 41,029 37,035 45,378 50,664 40,665 35,840 34,446 40,128 43,291 35,717 Reno 2,467 ' 2,473 3,132 * 3,029 2,941 2,598 2,413 2,745 2,290 2,311 Sacramento 11,149 11,836 13,065 13,678 13,177 10,552 11,182 11,401 13,347 10,271 Salt Lake City.. 17,110 15,790 17,622 17,787 15,841 13,655 14,175 14,927 15,354 15,287 San Diego 9,129 6,380 8,381 8,669 7,899 4,664 4,616 5,473 5,462 4,88a San Francisco... 216,133 202,268 203,758 248,488 236,664 146,409 153,045 151,578 192,879 150,361 San Jose 5,034 4,679 4,909 5,523 4,647 3,299 3,128 3,638 3,611 3,119s Seattle .. 45,855 43,487 45,120 56,018 50,036 44,572 40,078 43,061 52,181 49,187 Spokane 12,462 12,044 13,608 13,849 13,249 9,310 9,718 10,194 10,255 9,558 Stockton.... 5,202 4,978 4,760 5,946 5,100 4,287 5,218 5,148 4,774 4,321 Tacoma 11,329 10,763 11,544 12,387 10,812 11,073 8,749 10,732 11,893 10,147 3,064 2,743 3,086 3,361 3,196 2,047 2,013 2,236 2,420 2,198 Recapitulation, by Federal Reserve districts. [In thousands of dollars.] 1920 1919 Federal Reserve o N f u c m en b te er rs Week ending- Week endingdistrict. included. May 26. June 2. June 9. June 16. June 23. May 28. June 4. June 11. June 18. June 25. Boston... 12 469,713 461,837 442,696 512.426 468,373 371,705 407,805 400,671 458,735 457,409 New York 7 4,830,296 4,322, 604 4,642,474 4, 861 j 369 4,651,999 4,719,568 5,131,754 5,228,139 5,597,192 4,771,787 Philadelphia 13 384,245 405,306 427,930 485,667 438,048 367,390 352,348 372,312 • 453,877 376,762 Cleveland 14 583,504 521,624 549,692 673,417 638,704 444,226 506,383 487,615 612,803 508,214 Richmond 7 179,012 171,020 183, 701 189,141 185,050 132,028 142,606 181,966 184.698 157,455 Atlanta 15 248,581 225,568 240, 436 255,421 239,046 200,958 187,915 225,445 212,748 192,792 Chicago... 23 1,098,066 1,024,332 1,089,224 1,263,736 1,214,393 869,147 936,725 941,720 1, 111, 833 959,322 St. Louis 5 223,657 227,872 219.356 248,495 227,680 193,815 200,937 206,732 261,129 206,494 Minneapolis 11 163,242 146,467 167; 809 160,866 157,262 137,878 139,234 148,549 154,927 140,142 Kansas City 14 304,544 276,978 309,499 321,380 316.689 262,646 269,808 271,463 267,521 252,226 Dallas.. 12 144,980 134,177 139,487 148,048 146^921 113,690 118,114 126,413 138,849 125,287 San Francisco 20 529,325 503,924 535,861 607,216 562,750 381,784 372,896 396,639 465,092 400,1.08 Total 153 9,159,165 8,421,509 8,948,165 9,727,182 9,246,915 8,197,835 8,766,525 8,987,664 9,919,407 8,517,998 NOTE.—Figures for the following centers, while shown in the body of the statement, are not included in the recapitulation, complete data for these centers not being available for each week under review: Manchester, N. H.; Portland, Me.; Atchison, Kans.; Cheyenne, Wyo.; San Antonio, Tex.; Sioox Falls, S. Dak.; Huntington, W. Va. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 737 DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS DURING MAY, 1920. Detailed tables showing the discount and While the discounts of the entire system open-market operations of each Federal Re- were less in May than in April, the totals for serve Bank during May, 1920, are shown on May were larger for the Boston, New York pages 739 and 740. Following is a summary, Atlanta, and San Francisco banks, but subfor the system as a whole, of the operations in stantially smaller for the Philadelphia and May and April of the current year with com- St. Louis banks. parative figures for 1919. Of the total bills discounted by the Federal Reserve Banks, the proportion secured by Summary of discount and open-market operations of Fed- Government war obligations was 73 per cent, eral Reserve Banks in May and April, 1920 and 1919. compared with 76 per cent the month before and 97 and 96 per cent, respectively, in May [In thousands of dollars.] and April, 1919. The proportion of this class of paper in the discounts of Federal Reserve May. April Banks thus continues to decline. Member banks' collateral notes, however, are largely 1920 1919 1920 1919 secured by Government obligations, while of the customers' paper rediscounted by the Total discounts and openmarket purchases 6,452,944 7,620,107 7,474,479 6,125,884 member banks with the Federal Reserve Disc S o e u c n u t r s e — d T b o y ta l Govern- 6,135,984 7,385,833 6,229,741 5,901,402 Banks only 9 per cent are thus secured, comment war obligations 4,508,435 7,169,366 4,771,073 5,693,811 pared with 13 per cent in April of this year and Otherwise secured and unsecured—Total... 1,627,549 216,467 1,458,668 207,591 33 per cent in May of the past year. Trade acceptances. 16,538 7,061 15,305 8,071 Bankers' accept- Discounts of trade acceptances totaled over ances 15,254 1,112 28,162 420 a million more in May than in April, and were All other (commercial n. e. s., more than twice as large in volume as a year a li g v r e ic s u to lt c u k r a p l a , p an er d ) 1,595,757 208,294 1,415,201 199,100 ago. Discounted bankers7 acceptances, on Average maturity (in the other hand, were nearly 13 millions less days) 14.74 9.13 15.08 11.07 Average rate (365-day than in April of this year. Discounts of cusbasis) per cent... 5.74 4.16 5.67 4.18 Open-market operations: tomers' paper secured otherwise than by Bills purchased— Government war obligations or unsecured, i. e., Total 274,237 147,650 247,594 140,639 Bankers' accept- largely ordinary commercial paper, were about an I c n e s t — he T d o o ta m l es- 268,063 144,595 238,951 136,872 183 millions in excess of the April total and tic trade 72,768 37,889 56,189 47,451 nearly 1,400 millions in excess of the May, In the foreign trade 195,295 106,706 182,762 89,421 1919, total, indicating that the substitution Trade acceptances—Total 3,739 1,896 6,890 3,361 of this class of paper for war paper continues In the domes- and is the most notable feature of the year's tic trade 1,015 , 275 388 247 In the foreign development. trade 2,724 1,621 6,502 3,114 Dollar exchange... 2,435 1,159 1,753 406 In May, as in the preceding two months, A A v v e e r r a a g g e e ma ra tu te r ity ( 3 in 6 5 d -d a a y y s. 44.22 45.80 51.59 41.96 about 88 per cent of the discounts consisted basis) per cent... 5.96 4.24 5.82 of 15-day paper, i. e., paper maturing within United States securities 4.24 purchased: 15 days after date of discount or rediscount V Bo ic n t d o s ry notes 86 1 1 with the Federal Reserve Banks. A year ago Certificates of indebt- this proportion was much higher—97 per cent edness 42,723 86,538 997,143 83,842 in April and 98 per cent in May. Six-month bills, composed of agricultural and live-stock During the month of May discount operations paper, totaled about 41 millions as compared of the Federal Reserve Banks were about 94 with about 30 millions in April, 1920, and only millions less than during April and about 1,250 16 millions in May, 1919. The average millions less than during May, 1919, when, maturity of the paper discounted in May was owing to the flotation of the Liberty loan, an slightly less than the month before, 14.74 days exceptionally large volume of discounts was as against 15.08 days, but much longer than reported. It should be noted that the totals the corresponding figures for May, 1919, when for discounts in the table are exclusive of bills the average maturity was only 9.13 days. discounted for other Federal Reserve Banks, A further increase in the average rate of which were 270 millions during May and 328 discount, from 5.67 per cent in April to 5.74 millions during April of this year, and 258 per cent in May is shown, the average rates for millions during May and 253 millions during April and May, 1919, having been 4.18 and April of the past year. 4.16 per cent, respectively. During May the 187639°—20 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

738 FEDERAL RESERVE BULLETIN. JULY, 1920. Kansas City and Dallas banks inaugurated systems of progressive rates for banks whose Number of mem- Number of member banks in dis- ber banks acborrowings exceeded the basic line. The trict. commodated. Federal Reserve Bank. amounts discounted by these Federal Reserve Banks at the super-rates are shown on page 742. May 31. Apr. 30. May. April. It will be noted that over 42 millions of the 133 millions of discounts of the Kansas City bank Boston 432 432 252 254 New York . 771 769 389 390 took super-rates, varying from J to 10i per cent Philadelphia 687 684 374 364 above normal rates, the bulk of the paper taking Cleveland. 859 857 307 291 Richmond 598 596 356 317 rates between 6 and 9J per cent. The average Atlanta.. 437 435 254 207 Chicago 1,389 1,385 735 709 rate for the Kansas City bank rose from 6.55 St. Louis 561 556 301 271 per cent in April to 6.81 per cent in May, while Minneapolis 961 952 441 345 Kansas City . .. 1,059 1,054 471 394 for the Dallas bank, whose total discounts at Dallas 79^ 779 404 317 San Francisco 781 772 361 316 super-rates were only 2.4 millions out of a total of about 111 millions, the average rate shows Total 9,329 9,271 4,645 4,175 but a slight advance from 5.66 to 5.73 per cent. Total bills purchased in open market in May The holdings of discounted and purchased were about 27 millions more than the month bills, by class of paper, at the end of May and before and about 127 millions more than a of April, 1920 and 1919, are shown in detail on year before. The increase for May over April page 741, and are summarized in the table was in bankers' acceptances, as purchases of below: trade acceptances totaled about 3 millions less during the most recent month. Bankers7 Summary of discounted and purchased paper held by the acceptances in the domestic trade increased Federal Reserve Banks at the end of May and April, 1920 and 1919.1 from about 56 millions in April to about 73 [In thousands of dollars.] millions in May, while in May, 1919, they totaled only about 38 millions; bankers' End of May— End of April— acceptances in the foreign trade increased from 183 millions in April to about 195 millions 1920 1919 1920 1919 in May, as compared with about 107 millions a year earlier. As against a decrease in pur- Discounted paper—Total.. 2,519,431 1,989,392 2,535,071 1,950,412 chases of foreign trade acceptances from 6.5 Secured by Government war obligamillions in April to 2.7 millions in May, pur- tions 1,447,962 1,802,893 1,465,320 1,760,672 chases of domestic trade acceptances increased Otherwise secured and unsecured—Total... 1,071,469 186,499 1,069,751 189,740 from $388,000 to $1,015,000. Agricultural paper. 63,537 28,619 44,389 34,088 Live-stock paper.. 77,154 30,372 61,993 32,793 The average maturity of all the paper pur- Trade acceptances. 21,979 7,321 23,937 8,561 Bankers' acceptchased by the Federal Reserve Banks during ances 41,841 1,122 48,251 981 May was 44.22 days, compared with 51.59 Commercial paper, n. e.s 866,958 119,065 891,181 113,317 days the month before and 45.8 days the year Purchased paper—Total... 420,192 185,556 407,247 180,319 Bankers' acceptbefore. The longest average maturity, 74.03 ances—Total 411,427 183,563 396,859 177,756 .days, is shown for the Philadelphia bank, Member banks 275,369 136,741 270,808 140,034 Nonmember trust while for the Boston and New York banks the companies 2,954 2,853 1,237 2,975 Nonmember State average was only 39.07 and 38.06 days, banks 56,187 18,729 45,055 12,321 respectively. The average rate charged on Private banks 47,448 14,628 48,549 14,196 Foreign bank acceptances purchased in May was 5.96 per branches and agencies 29,469 10,612 31,210 8,230 cent, marking an advance from the April Trade acceptancesaverage of 5.82 per cent; while in April and Total 8,765 1,993 10,388 2,563 Domestic 1,542 136 600 58 in May, 1919, the rates taken by purchased Foreign 7,223 1,857 9,788 2,505 acceptances averaged only 4.24 per cent. During the month under review 58 banks 1 For discounts the figures are for the last Friday of each month; for purchased paper, for the last day of each month. were added to the membership of the system, the total number of members increasing from Among the principal changes in holdings of 9,271 to 9,329, while the number of banks discounted paper between April and May of accommodated through discount of paper this year the following are to be noted: An increased from 4,175 in April to 4,645 in May. increase of about 19 millions in agricultural Total membership in the system at the end of paper and of about 15 millions in live-stock April and of May and number of banks ac- paper, more than offset by decreases of about commodated during each of the two months 25 millions in customers' papers secured by are shown, by Federal Reserve districts, in the Government obligations ana of about the same statement following: amount in customers' paper otherwise secured Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

739 JULY, 1920. FEDERAL RESERVE BULLETIN. or unsecured. Holdings of member banks' millions from the. end of May, 1919. The most collateral notes increased by about 7 millions, recent total is distributed by class of accepting while holdings of discounted trade acceptances institutions as follows: Member banks, 67 per declined by about 2 millions and of discounted cent; nonmember State banks and trust combankers' acceptances by over 6 millions. As panies, 15 per cent; private banks, 11 per cent; compared with the end of May, 1919, all classes and foreign bank branches and agencies, 7 per of paper, except member banks' collateral cent. Purchased trade acceptances on hand notes, show increases, the most notable being declined from about 10 to about 9 millions the increase from about 109 to about 864 between April 30 and May 31, but the mostmillions in customers' paper other than agri- recent total is about 7 millions in excess of the cultural and live-stock paper and paper se- amount shown for the end of May of last year. cured by Government war obligations. Mem- An increase from about $600,000 at the end of ber banks' collateral notes on hand declined April to about $1,542,000 at the end of May is by about 500 millions, while trade acceptance noted in the holdings of domestic trade acceptholdings rose from about 7 to about 22 mil- ances. A year earlier the corresponding total lions and bankers' acceptances from about 1 was$136,000. Holdingsof foreign trade acceptto about 42 millions. ances declined by about 3 millions during the Holdings of purchased bank acceptances in- month under review, but the total of 7.2 milcreased by about 15 millions from the end of lions on May 31 wTas about four times as large April to the end of May and by about 228 as the total shown for that date a year earlier. Total discount and open-market operations of each Federal Reserve Bank during the month of May, 1920. United States securities purchased. Total. Bills discounted Bills bought Federal Reserve Bank. for member in open banks. market. Bonds. V n i o c t t e o s r . y i C n e d r e ti b f t ic e a d t n e e s s o s f . May, 1920. May, 1919. Boston $421,129,673 $29,301,771 $893,500 $451,324,944 $462,447,748 New York . 3,181,043,819 159,108,907 35,775,500 3,375,928,226 4,203,152,964 Philadelphia 459,999,457 503,727 1,493,500 461,996,684 947,513,540 Cleveland . 239,219,395 27,011,370 266,230,765 256,556,647 Richmond 291,920,431 4,897,049 296,817,480 371,425,045 Atlanta . . . . 174,172,912 3,095,982 2 177,268,896 169,058,842 Chicago 505,977,336 32,154,175 3,346,500 541,478,011 436,906,387 St Louis 205,479,495 2,596,689 464,500 208,540,684 212,712,193 Minneapolis 87,603,276 2,306,619 11,000 89,920,895 86,639,295 Kansas City .. 133,478,129 947,629 $150 158,000 134,583,908 148,043,063 Dallas 111,179,549 266,635 111,446,184 130,702,524 San Francisco 324,78Q, 691 12,046,144 580,000 337,406,835 194,948,400 Total, May, 1920 6,135,984,174 274,236,697 150 42,722,502 6,452,943,523 Total, May, 1919 7,385,833,056 147,650,192 85,900 86,537,500 7,620,106,648 Total, 5 months ending May 31,1920 32,094,766,275 1,427,950,766 $223,050 5,050 3,482,924,504 37,005,869,645 Total, 5 months ending May 31,1919 29,736,116,649 780,852,456 1,327,725 85,900 1,413,847,000 i 31,932,230,730 i Includes $1,000 municipal warrants. Average amount of earning assets held by each Federal Reserve Bank during May, 1920, earnings from each class of earning assets, and annual rate of earnings on basis of May, 1920, returns. Average daily holdings of the several classes of earning assets. Federal Reserve Bank. Dis b c i o l u ls n . ted Pur b c il h l a s. sed se U S cu n ta r it i t t e e i d s es. Total. Boston $164,504,777 $33,173,734 $22,389,722 $220,068,233 New York 834,779,176 167,366,331 74,766,850 1,076,912,357 Philadelphia 212,324,751 2,571,884 32,216,703 247,113,338 Cleveland 172,013,875 60,581,645 24,203,134 256,798,654 Richmond 95,947,111 10,602,688 13,494,600 120,044,399 Atlanta 117,322,26:4 6,142,526 15,782,615 139,247,403 Chicago 419,419,341 54,448,268 44,121,487 517,989,096 St. Louis 113,035,006 2,800,848 18,425,819 134,261,673 Minneapolis 75,560,000 4,827,000 8,606,000 88,993,000 Kansas City 110,515,178 648,680 21,928,112 133,091,970 Dallas 74,024,144 1,603,969 12,266,000 88,794,113 San Francisco 147,205,302 71,752,050 13,587,805 232,545,157 Total May, 1920 2,537,550,923 416,519,623 301,788,817 3,255,859,393 Total May, 1919 1,973,926,081 189,767,777 228,080,340 2,391,774,198 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 FEDERAL RESERVE BULLETIN. JULY, 1920. Average amount of earning assets held by each Federal Reserve Bank during May, 1920, earnings from each class of earning assets, and annual rate of earnings on basis of May, 1920, returns—Continued. Earnings from— Calculated annual rate of earnings from— Federal Reserve Bank. Dis- Pur- United Dis- Pur- United counted chased States Total. counted chased States Total. bills. bills. securities. bills. bills. securities. Per cent. Per cent. Per cent. Per cent. Boston . . .. $779,069 $166,015 $38,325 $983,409 5.59 5.91 2.02 . 5.28 New York 3,887,060 822,323 168,279 4,877,662 5.50 5.80 2.66 5.35 Philadelphia .. 982,295 12,891 58,134 1,053,320 5.46 5.92 2.13 5.03 Cleveland 814,416 278,930 42,288 1,135,634 5.59 5.44 2.06 5.22 Richmond. 459,683 54,396 22,999 537,078 5.65' 6.06 2.01 5.28 Atlanta 563,945 31,226 26,920 622,091 5.68 6.00 2.01 5.28 Chicago 2,094,036 268,510 78,114 2,440,660 5.89 5.82 2.09 5.56 St. Louis 545,361 13,779 32,337 591,477 5.70 5.81 2.07 5.20 Minneapolis .. 376,767 21,047 14,737 412,551 5.89 5.15 2.02 5.47 Kansas City 580,639 3,159 39,861 623,659 6.20 5.75 2.15 5.53 Dallas . . .. 369,221 8,350 21,909 399,480 5.80 6.04 2.10 5.29 San Francisco 719,798 355,777 23,563 1,099,138 5.77 5.85 2.05 5.58 Total May, 1920 12,172,290 2,036,403 567,466 14,776,159 5.66 5.77 2.22 5.36 Total Mav, 1919 6,958,789 684,682 469,589 8,113,060 4.15 4.25 2.42 3.99 Bills discounted during the month of May, 1920, distributed by classes; also average rates and maturities of bills discounted by each Federal Reserve Bank. Member banks' collateral Customers notes. All other Federal Reserve Bank. p b o a m y b p l e e i G r g n a t s o e t v w i c o e u a n r r r n s e - . d G S o e v cu e r r e n d m b e y nt 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' c n (c u . l i o l e v t m u . e s r m a . s , e l t , o a r c c a g i k n r a i d l - Total. m A in a v t d e u r a r a y i g t s e y . A (3 b v 6 r a e a 5 s r t - i a e d s g ) a . e y war obliga- secured. paper). tions. Per cent. Boston $19,985,599 $352,983,225 $383,054 $1,756,654 $46,021,141 $421,129,673 12.27 5.60 New York 75,868,608 2,151,226,576 14,261,235 2 4,967,778 944,719,622 3,181,043,819 8.66 5.56 Philadelphia 25,339,172 368,247,652 518,032 17,936 65,876,665 459,999,457 13.54 5.43 Cleveland 7,567,160 191,831,430 $571,000 2,216,844 229,859 36,803,102 239,219,395 16.20 5.64 Richmond 5,139,451 262,035,200 981,200 682,256 23,082,335 291,920,442 12.40 5.58 Atlanta 4,211,716 122,441,860 535,000 1,211,744 545,204 45,227,388 174,172,912 27.85 5.72 Chicago 7,537,245 327,715,750 558,300 1,628,554 1,702,894 166,834,593 505.977,336 31.23 5.85 St. Louis 8,153,543 107,916,173 411,450 1,121,598 482,077 87,394,654 205,479,495 28.86 5.78 Minneapolis 1,321,327 44,502,354 895,500 400,628 40,483, 467 87,603, 276 40.95 5.89 Kansas City 3,425,481 87,977,198 75,000 825,104 30,000 41,145,346 133,478,129 39.32 6.81 Dallas 997,828 90,462,793 903,311 139,525 135,000 18,541,092 111,179,549 26.98 5.73 San Francisco 2,959,630 238,588,085 1,200,000 s 3,148,830 5,386,858 73,497,288 324,780,691 17.16 5.84 Total, May, 1920 162,506,760 4,345, 928,296 6,130, 761 16,537,404 15, 254,260 1,589,626,693 6,135,984,174 14.74 5.74 Total, May, 1919 106,177,836 7,063,188,715 17,737,787 7,061,335 1,111,646 190,555,737 7,385,833,056 9.13 4.16 i Includes $352,864 in the foreign trade. 2 Includes $83,792 of dollar exchange bills. 3 Includes $376,534 in the foreign trade. Bankers' and trade acceptances in the foreign and domestic trade and dollar exchange bills purchased during the month of May, 1920; also average rates and maturities of total bills purchased by each Federal Reserve Bank. Bankers' acceptances. Trade acceptances. Feder B al a n R k e . serve do In m t e h s e tic f I o n r e t i h g e n Total. do In m t e h s e tic f I o n r e t i h g e n Total. ex D b c o h il l a l l s n a . r g ' e p T u o r t c a h l a b s i e l d ls . m A in a v t d e u a r r a y i g t s y e . ( A 3 b v 6 a r 5 e a s r - t i e a d s) g a . y e trade. trade. trade. trade. Per cent. Boston $12,049,496 $17,152,275 $29,201,771 $100,000 $29,301,771 39.15 6.02 New York 33,759,527 121,568,943 155,328,470 $605,781 $1,001,929 $1,607,710 2,172,727 159,108,907 38.06 5.92 Philadelphia 155,305 348,422 503,727 503,727 74.03 6.01 Cleveland 5,720,462 21,152,555 26,873,017 121,553 5,000 126,553 11,800 27,011,370 58.83 6.00 Richmond 888,000 4,009,049 4,897,049 4,897,049 60.04 6.06 Atlanta 2,439,946 656,036 3,095,982 3 095 982 46.03 6.08 Chicago 12,090,798 19,913,377 32,004,175 150,000 32,154,175 58.91 6.04 St. Louis 1,364,415 1,232,274 2,596,689 2,596,689 42.18 6.03 Minneapolis 1,001,198 1,305,421 2,306,619 2,306,619 49.34 5.07 Kansas City 5S4,719 362,910 947,629 947,629 44.59 6.08 Dallas 86,635 180,000 266,635 266,635 60.11 6.25 San Francisco 2,027,818 7,413,729 10,041,547 287,244 i,7i7,353 2,004,597 12,046,144 57.03 6.00 Total, M q y , 1920 72,768,319 195,294,991 268,063,310 1,014,578 2,724,282 3,738,860 2,434,527 274,236,697 44.22 5.96 Total, May, 1919 37,889,464 106,705,776 144,595,240 275,169 1,621,293 1,896,462 1,158,490 147,650,192 45.80 4.24 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 741 Discounted bills, including member banks7 collateral notes, held by each Federal Reserve Bank on the last Friday in May, 1920, distributed by classes. [In thousands of dollars.] Member banks' col- 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 m p c G u a e o r p n e v e t d r e w r s b n e a y - - r 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' c ( A n i c a . l o l l m e o p . m t a s h p . e e ) e r . r r - Total. obligations. ment war secured. obligations. Boston 38,436 69,322 412 2,905 58,755 169,830 New York 514 144,077 425,394 4,142 18,678 212,133 804,938 Philadelphia.. 247 5 63,917 123,530 752 570 24,955 213,976 Cleveland 142 287 17,817 95,315 250 3,093 381 51,195 168,480 Richmond 2,562 84 9,670 50,167 514 1,267 35,192 99,456 Atlanta 3,151 1,239 7,122 48,403 110 1,450 3,154 51,693 116,322 Chicago 25,840 12,642 146,740 333 4,063 7,537 230,385 427,540 St. Louis 1,232 2,152 15,365 43,094 318 1,193 700 46,290 110,344 Minneapolis... 7,411 18,937 5,679 3,447 555 523 39,285 75,837 Kansas City... 6,386 32,010 6,016 26,£67 60 1,004 95 39,532 111,970 Dallas 6,813 9,429 1,748 34,967 439 433 100 19,723 73,652 San Francisco. 9,239 13,011 3,984 54,243 575 3,647 7,721 54,666 147,086 Total, May, 1920 63,537 77,154 326,473 1,121,489 3,154 21,979 41,841 863,804 2,519,431 Total, May, 1919.... 28,619 30,372 187,683 1,615,210 9,628 7,321 1,122 109,437 1,989,392 Percent, May, 1920. 2.5 3.1 12.9 44.5 0.1 0.9 1.7 34.3 100 Per cent, May, 1919. 1.4 1.5 9.4 81.2 .5 .4 .1 5.5 100 Acceptances purchased by each Federal Reserve Bank and held on May SI, 1920, distributed by classes of accepting institutions. [In thousands of dollars.] Bank acceptances. Trade acceptances. Federal Reserve Bank. M ba e n m k b s e . r m p N t c a e r o n m o u m i n s b e t - - s e . r m b S N e a t m n o a k n b te - s e . r P b r a i n v k a s te . b a F g r b o a e a a n r n n e n c c d i k h i g e e n s s . Total. Domestic. Foreign. Total. G to r t a a n l d . Boston 28,762 250 1,776' 3,623 335 34,746 34,746 New York 96,733 2,019 34,403 22,821 18,203 174,179 1,133 4,060 5,193 179,372 Philadelphia 1,890 75 105 2,070 2,070 32,484 75 9,969 9,292 6,i53 57,973 122 5 127 58,100 9,948 9,948 9,948 Atlanta 5,724 5,724 5,724 China, cro 53,454 485 121 1,296 26 55,382 55,382 St Louis 3,574 100 61 3,735 3,735 3,794 369 50 128 4,341 4,341 1,309 1,309 1,309 Dallas 1,374 1,374 1,374 San Francisco 36,323 50 9,449 10,200 • 4,624 60,646 287 3,158 3,445 64,091 Total: May 31,1920 275,369 2,954 56,187 47,448 29,469 411,427 1,542 7,223 8,765 420,192 Apr. 30 1920 270,808 1,237 45,055 48,549 31,210 396,859 600 9,788 10,388 407,247 Mar 31 1920 282,339 1,389 55,390 51,012 23,654 413,784 572 5,566 6,138 419,922 Feb. 28,1920 364,940 2,100 70,127 60,218 33,440 530,825 580 4,800 5,380 536,205 Jan. 31,1920 383,375 6,134 68,592 61,218 36,203 555,522 1,893 4,595 6,488 562,010 May 31 1919 136,741 2,853 18,729 14,628 10,612 183,563 136 1,857 1,993 185,556 May31, 1918 267,917 1,330 5,168 26,217 8,398 247,030 8,276 8,276 257,306 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

742 FEDERAL RESERVE BULLETIN. JULY, 1920. Bills discounted by each Federal Reserve Bank during the three months ending May 31, 1920, distributed by rates of discount; also average rates and maturities of all bills discounted by each Federal Reserve Bank. 4f per cent. 5 per cent. 5| per cent. 5£ per cent. 5f per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Boston $514,654,825 $464,110 $554, 679,781 $845,363 New York . . .. 5,220,898,368 2,832,351 2,383,291,601 6,006,620 Philadelphia 404,599,911 737,639 $4,370,000 $8,584 901,095,798 2,009,815 Cleveland 161,645,750 215,551 1,035,000 2,265 423,313,702 873,705 $59,944,912 $171,666 Richmond 162,330,000 203,583 823,500 1,088 672,101,096 887,648 Atlanta 113,574,705 239,611 2,729,500 6,206 250,329,236 662,092 Chicago $320,000 $1,111 465,406,073 958,022 8,738,105 67,968 411,357,660 1,097,898 S"t. Louis... 12,868,279 22,317 126,789,450 223,804 522,000 1,114 272,077,180 724,439 Minneapolis 36,284,600 70,524 33,096,154 67,813 183,200 407 43,407,158 144,617 Kansas City.. 78,100,500 150,189 188,845,175 486,446 Dallas 115,586,677 234,726 144,004,271 337,499 San Francisco 36,733,500 29,102 246,545,715 182,419 169,157,500 99,543 161,780,544 387,416 67,867,965 148,979 Total 86,206,379 123,054 7,643,228,128 6,509,818 187,558,805 187,175 6,406,283,202 14,463,558 127,812,877 320,645 Federal Reserve Bank. 6 per cent. 7 per cent. S ra u t p es e . r 3 - Total. m A a v t e u r r a i g ty e , Av r e a r te age Amount. Discount. Amount. Discount. Discount. Amount. Discount. in days. ( b 36 a 5 si - s d ) a . y Per cent. Boston $159,246,630 $1,313,278 $1,228,581,236 $2,622,751 13.83 5.64 New York 2,498,671,804 4,033,728 10,102,861,773 12,872,699 8.42 5.52 Philadelphia 261,947,396 510,711 $28,000 $59 1,572,041,105 3,266,808 13.92 5.45 Cleveland 128,366,753 768,429 759,000 1,780 775,065,117 2,033,396 16.98 5.64 Richmond 83,318,103 620,566 918,572,699 1,712,885 12.15 5.60 Atlanta .... 120,186,723 1,118,792 5,000 14 486,825,164 2,026,715 26.69 5.69 Chicago . 786,480,346 6,651,816 56,000 102 1,672,358,184 8,776,917 33.02 5.80 St. Louis 325,183,872 1,709,319 40,000 65 737,480,781 2,681,058 23.08 5.75 Minneap olis. 132,435,563 1,263,405 10,000 10 245,416,675 1,546,776 39.46 5.83 Kansas City 138,868,488 1,684,428 2 226, 775 405,814,163 2,547,838 35.87 6.39 Dallas 52,275,870 644,961 3 5, 378 311,866,818 1,222,564 25.26 5.67 San Francisco 197,086,727 1,485,903 879,171,951 2,333,362 16.84 5.75 Total... . ... 4,884,068,275 21,805,336 898,000 2,030 232,153 19,336,055,666 43,643,769 14.50 5.68 1 Total amounts of paper discounted and of discount chargeable at normal rates are included in totals shown in preceding columns. 2 Discount charged at super-rates ranging from \ to 10J per cent on loans in excess of basic discount lines, aggregating $42,164,648. 3 Discount charged at super-rates ranging from \ to 2\ per cent on loans in excess of basic discount lines, aggregating $2,370,941. Acceptances purchased by each Federal Reserve Bank during the three months ending May 31, 1920, distributed by rates of discount; also average rates and maturities of acceptances purchased by each Federal Reserve Bank. 5 per cent. 5% per cent. 5-h per cent. 5| per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Boston $43,449 $6 $70,057 $120 New York 143,150,331 309,431 74,258 472 Philadelphia Cleveland - . 9,278 84 Richmond Atlanta Chicago St Louis $1,546,053 $13,463 395,000 4,603 $16,080 $34 425,000 2,733 Minneapolis 7,021,670 56,667 225,000 1,881 Kansas City Dallas San Francisco 347,156 2,242 Total 8,567,723 70,130 143,588,780 314,040 16,080 34 1,150,749 7,532 5^ per cent. 5J per cent. 5-& Per cent. 5| per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Boston $4,288,603 $16,264 $45,324 $102 $13,237,267 $69,925 New York 47,249,906 146,306 36,921,259 278,419 Philadelphia 487,500 4,658 Cleveland . . 4,018,049 14,836 230,623 615 14,879,823 116,790 Richmond Atlanta Chicago '. 4,582,554 15,242 19,416,969 157,320 St. Louis $500,000 $4,985 1,058,487 13,213 323,723 2,601 Minneapolis Kansas City 431,347 4,908 Dallas. San Francisco ... 11,518,200 45,327 30,279,640 244,003 Total 500,000 4,985 73,i47,146 256,096 275,947 717 115,546,181 873,716 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 743 Acceptances purchased by each Federal Reserve Bank during the three months ending May 31, 1920, distributed by rates of discount; also average rates and maturities of acceptances purchased by each Federal Reserve Bank—Continued. 5H per cent. 5| per 3ent. 5| per cent. Federal Reserve Bank. Amount. Discount. Amount. . Discount. Amount. Discount. Amount. Discount. Boston . .. . $187,942 $1,436 $16,425,060 $145,870 $216,000 $2,744 $11,593,366 $114,742 New York 160,000 1,438 98,172,744 961,032 802,783 11,293 48,113,856 494,904 Philadelphia . 478,029 3,695 1,242.895 1G,177 Cleveland 27,189,217 320,091 30,000 334 18,254,993 182,786 Richmond 2,177,474 19,443 Atlanta Chicago 28,607,883 330,243 225,000 2,979 16,577,733 167,280 St. Lonis 310,000 3,553 2,802,426 37,513 100,000 1,388 1,182,522 11,403 Kansas City Dallas San Francisco 35,060,972 408,169 35,350 223 17,307,435 205,316 Total 657,942 6,427 210,913,805 2,226,056 1,409,133 18,961 114,332,800 1,192,608 5|f per cent. 6 per cent. 6£ per cent. 6-^ per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Boston $672,769 $9,432 110,545,527 $65,665 $17,122,441 $61,359 N ew York 32,406,134 365,136 7,477,396 97,899 Philadelphia 450,000 6,197 225,200 3,283 Cleveland 12,154,260 118,146 1,068,496 10,933 Richmond 14 982 612 153 375 Atlanta 11,206,710 105,368 Chicago 8,802,263 97,606 4,216,985 52,553 $200,000 $1,650 St. Louis 703,365 6,414 381,989 975 Minneapolis Kansas Citv . . .. 977,629 7,445 Dallas 2 279 520 22 200 San Francisco 80,000 1,095 5,898,116 f 2,192 716,057 6,972 Total 1,202,769 16,724 100,241,336 1,006,830 30,983,364 230,691 200,000 1.650 1 6i per cent. 6| per cent. 6J per cent. 6f per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Boston $6,335,582 $18,101 $2,618,639 $9,661 $603 062 $1 034 New York 2,384,490 30,401 200,000 2,975 235,234 3,574 Philadelphia Cleveland 647,093 1,692 14,110 39 $15,000 $42 Richmond Atlanta Chicago 2,927,000 44,974 1,610,000 23,346 1,089 829 14,604 St. Louis 1,571,135 3,779 655,000 1,740 402,810 760 500,000 1,406 Kansas City Dallas... 180 000 1 844 San Francisco- ... 143,875 1,577 Total 14,189,175 102,368 5,083,639 37,722 2,345,045 20,011 515,000 1,448 6| per cent. 7 per cent. Total. Average Average Federal Reserve Bank. maturity rate (365- Amount. Discount. Amount. Discount. Amount. Discount. in days. day basis). Per cent. Boston $84,005,088 $516,461 37.79 5.94 New York 417,348,391 2,703,280 40.58 5.83 Philadelphia 2,883,624 34,010 72.60 5.93 Cleveland. $124,000 $314 78,634,942 766,702 60.54 5.88 Richmond 17,160,086 172,818 60.72 6.05 Atlanta 11,206,710 105,368 56.41 6.08 Chicago • $200,000 $3,500 88,516,216 911,297 "63.40 5.93 St. Louis.. 12,873,590 110,563 54.88 5.71 Minneapolis ;; 7,246,670 58,548 58.04 5.08 Kansas City 1,408,976 12,353 54.50 5.87 Dallas i 2,459 520 24,044 58.48 6.10 San Francisco 101,446,801 977,116 60.31 5.83 Total 124,000 314 200,000 3,500 825,190,614 6,392,560 48.27 5.86 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

744 FEDERAL RESERVE BULLETIN. JULY, 1920, OPERATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM FROM MAY 16 TO JUNE 15, 1920. [Amounts in thousands of dollars.] Items drawn on banks in own district. Total. Items drawn on Located in Federal Located outside Treasurer of Reserve Bank Federal Reserve United States. Federal Reserve Bank or Branch. and branch Bank and branch Number. Amount. cities. cities. Number. Amount. Number. Amount. Number. Amount. 1920 1919 1920 1919 Boston 605,363 684,718 2,801,657 471,022 134,680 48,637 3,541,700 2,895,690 1,204,377 933,950 New York 944,817 2,251,435 3,676,900 1,360,319 677,699 142,735 5,299,416 4,777,421 3,754,489 3,954,742 Buffalo 145,411 104,053 330,119 58,799 11,438 1,025 486,968 238,084 163,877 91,833 Philadelphia ,351,153 900,040 1,823,540 268,036 144,939 53,353 3,319,632 2,496,135 1,221,429 917,617 Cleveland 302,637 256,123 1,005,746 190,751 50,620 9,170 1,359,003 859,110 456,044 338,693 Cincinnati 140,400 153,079 726,597 94,064 42,290 4,832 909,287 578,509 251,975 181,027 Pittsburgh 300,376 301,242 762,064 109,482 30,956 6,676 1,093,396 658,678 417,400 294,119 Richmond i 99,723 182,649 1,475,074 290,758 37,920 6,892 1,612,717 984,883 480,299 362,626 Baltimore 184,803 179,212 647,345 79,632 52,757 13,789 884,905 444,053 272,633 170,196 Atlanta 92,779 83,449 309,332 70,839 21,075 3,683 4 23,186 512,939 157,971 146,797 Birmingham 41,384 25,222 134,104 14,328 9,415 1,305 184,903 135,831 40,855 26,713 Jacksonville 31,877 22,503 118,815 17,250 8,490 1,278 159,182 123,397 41,031 27,387 Nashville 51,078 40,189 195,319 27,235 9,620 1,170 256,017 68,594 New Orleans 53,665 58,825 104,389 17,826 14,941 3,379 172,995 157,013 80,030 67,036 Chicago 689,918 767,153 3,111,486 429,111 223,154 24,415 4,024,558 2,495,867 1,220,679 979,806 Detroit 190,606 168,532 316,434 46,270 33,784 5,522 540,824 157,856 220,324 88,580 St. Louis 217,092 274,435 1,192,829 108,640 77,316 8,448 1,487,237 956,935 391,523 307,912 Little Rock 41,711 27,866 247,183 22,060 5,752 1,903 294,646 116,352 51,829 23,567 Louisville 77,332 68,337 332,760 27,073 18,041 4,150 428,133 193,044 99,560 76,280 M K Da a in l n l n M D O E s a e s a l e m e a s n P m p a C v a o h p e i s l a t h r o i y s is t 2 4 6 1 8 2 7 7 4 8 7 3 6 9 1 1 , , , , , , , 9 0 7 5 0 1 7 1 5 9 1 4 7 4 - 4 9 2 1 0 0 7 3 1 3 6 6 4 7 1 6 9 2 6 9 4 3 1 , , , , , , , 1 2 1 8 5 1 5 6 8 7 8 6 1 1 2 4 4 2 9 6 5 2 1 1 , , , 3 3 1 4 5 4 1 2 0 6 3 1 8 2 7 4 3 7 8 6 9 , , , , , , , 8 8 9 0 2 2 6 1 5 5 8 8 8 6 3 3 3 5 6 9 3 2 2 1 2 7 1 4 2 1 7 3 1 9 4 3 5 1 , , , , , , , 5 5 4 5 7 2 8 9 2 2 1 9 8 5 9 0 0 1 1 9 8 2 2 2 6 1 1 9 8 1 8 5 5 0 , , , , , , , 1 7 4 9 9 7 6 9 1 0 3 2 3 2 3 9 3 9 1 0 0 3 6 2 3 2 1 1 , , , , , , , 1 4 3 9 3 2 2 6 6 7 5 5 7 7 4 6 8 4 2 8 2 2 1 1 , , , 3 2 8 5 7 1 5 9 1 2 7 6 8 8 2 2 2 9 1 7 2 , , , , , , , 0 3 1 0 5 4 0 7 1 4 3 8 9 4 5 7 9 2 3 6 8 1, 7 2 3 5 1 3 1 7 9 5 9 1 8 4 2 6 0 5 4 8 8 , , , , , , , 5 9 4 1 2 1 0 8 2 3 3 5 9 9 3 4 5 8 2 8 7 2 6 3 1 5 9 5 2 8 2 8 1 2 4 1 7 9 9 0 3 , , , , , , , , 3 3 6 0 4 6 0 6 5 6 4 6 1 4 6 0 9 3 1 1 7 5 8 7 2 4 1 3 2 6 8 7 5 9 5 4 8 2 0 9 7 , , , , , , , 7 3 3 1 0 3 0 7 8 5 4 0 0 2 1 3 5 3 6 6 0 Houston 60,602 41,163 307,719 37,651 52,610 1,793 420,931 San Francisco 125,853 114,061 273,796 28,616 44,393 114,881 444,042 323,062 257,558 414,089 Los Angeles 92,137 75,058 368,014 36,891 19,176 10,614 479,327 122,563 Portland 50,231 37,879 122,706 10,414 18,910 7,166 191,847 126,037 55,459 48,032 Salt Lake City 37,729 30,726 402,599 35,654 10,948 2,144 451,276 358,225 68,524 57,454 Seattle 66,716 45,741 173,739 17,065 25,042 9,060 265,497 182,531 71,866 64,717 Spokane 27,079 18,781 148,459 12,872 ,8,945 947 184,483 144,416 32,600 22,467 Total: May 16 to June 15 7,010,705 7,679,173 27,476,667 4,652,646 1,965,436 509,831 36,452,808 23,581,695 12,841,650 10,732,624 Apr. 16 to May 15. 7,288,380 7,669,914 27,192,494 4,669,179 2,689,238 479,638 37,170,112 24,345,944 12,818,731 9,769,768 Mar. 16 to Apr. 15 7,982,646 8,512,045 28,224,783 5,055,423 2,192,547 882,565 38,399,976 24,867,530 14,450,033 10,607,387 Feb. 16 to Mar. 15 6,971,752 7,509,756 25,024,809 5,135,263 1,565,995 509,415 33,562,556 19,869,809 13,154,434 8,770,103 Jan. 16 to Feb. 14. 6,161,522 7,210,635 23,003,659 4,748,036 1,697,090 558,926 30,862,271 21,493,121 12,517,597 10,835,515 i Includes 5,352 items, amounting to $7,385,000, forwarded directly to banks in Baltimore. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL, RESERVE BULLETIN. 745 Operations of the Federal Reserve clearing system from May 16 to June 15, 1920—Continued. [Amounts in thousands of dollars. Nu n m m e o s b n s e th r . d o a f y s bus in i- Ite s o m e th r s v e e r fo F B r e w a d n a e r k r d a s e l d a R n e t d o - Ite b p m r a a r s n e c n h f t o r i b w n a a s n r a d k m e d e o " r d i t t s o o - Federal Reserve Bank or Branch. their branches. trict. f 1920 1919 Number. Amount. Number. Amount. Boston 25 25 102,717 85,185 New York 25 25 998,707 623,994 27,652 10,622 Buffalo . 25 26 143,461 36,172 31,955 24,838 Philadelphia 25 25 714,588 227,566 Cleveland 25 25 22,286 29,696 45,071 i3,49i Cincinnati j 25 25 14,374 12,987 9,783 5,596 Pittsburgh.. 25 25 59,964 45,665 30,668 8,543 Richmond . . 25 25 116,922 71,804 4,339 2,653 Baltimore... 25 23 152,323 122,283 9,827 9,796 Atlanta 25 25 21,113 19,614 55,161 12,693 Birmingham 25 25 16,725 12,358 25,324 45,028 Jacksonville 25 25 31,102 9,823 8,552 2,209 Nashville. 25 27,663 6,923 11,156 2,182 New Orleans . . 25 25 36,235 13,732 7,557 1,268 Chicago 25 25 266,019 43,781 12,905 6,885 Detroit. 25 25 8,304 9,186 6,791 3,716 St. Louis - 25 25 21,758 9,317 22,180 2,997 Little Rock. 25 24 7,632 2,254 23,619 4,545 .Louisville 25 25 9,809 3,111 1,143 818 Memphis. 24 24 2,043 835 4,033 2,320 Minneapolis 26 25 83,836 38,302 Kansas City. . 25 25 254,778 80,355 62,294 12,878 Denver . 25 25 69,019 18,844 44,826 18,452 Omaha. . . 25 25 37,253 9,273 20,205 7,971 Dallas 24 23 87,944 39,681 59,457 8,698 El Paso.... 24 23 21,649 10,784 13,921 3,152 Houston j ... 24 21,820 21,913 9 526 2 474 San Francisco... . 25 25 22,558 4,447 65,510 11,973 Los Angeles 25 30,005 6,636 16,740 4,820 Portland 24 24 2,177 2,067 22,296 3,987 Salt Lake City 25 25 4,582 17,433 7,241 8,732 Seattle.... . 25 25 14,298 6,150 31 198 5 621 Spokane 25 25 6,232 2,936 17,407 4,100 Total: May 16 to June 15... ' i 3,429,896 1 1,645,107 708 352 253 058 Apr 16 to May 15 2 3,258,336 2 1,483,960 717,301 234,308 Mar. 16 to Apr. 15 . 3 3,817,860 3 1,820,485 856,331 318,048 Feb 16 to Mar. 15 * 3,376,201 4 1,565,308 748,029 275,337 Jan. 16 to Feb. 14 5 3,039,528 51,476,733 715,958 277 877 May 16 to June 15 1919 6 2,244,375 6 1,336,051 452,458 290,533 Number of incorporat- Number of member Number of nonmem- ed banks other than banks in district ber banks on par list mutual savings June 15. June 15. banks not on par list Federal Reserve district. June 15. 1920 1919 1920 1919 1920 1919 Boston... 432 429 254 241 New York 771 734 322 318 Philadelphia 688 667 423 361 46 Cleveland 859 825 1,078 833 215 Richmond. 601 572 766 339 776 1 083 Atlanta . 437 424 437 329 1,169 1,247 Chicago 1,391 1,351 4,239 3,080 1,088 St. Louis.. 563 526 2 511 1 483 174 1 150 Minneapolis... 967 882 2 906 1 307 1 544 Kansas City 1 060 1 002 3 390 2*279 ^966 Dallas 804 744 1,250 "301 817 San Francisco 793 669 1,038 911 153 Total . 9,366 8,825 18,614 11,782 2,119 8,309 1 Includes 6,662items, amounting to $2,021,000 forwarded direct to member banks in other Federal Reserve districts. 2 Includes 5,926 items, amounting to $1,741,000 forwarded direct to member banks in other Federal Reserve districts. 3 Includes 6,475 items, amounting to $1,869,000 forwarded direct to member banks in other Federal Reserve districts. < Includes 5,695 items, amounting to $1,826,000 forwarded direct to member banks in other Federal Reserve districts. 6 Includes 5,215 items, amounting to $2,015,000 forwarded direct to member banks in other Federal Reserve districts. 8 Includes 4,264items, amounting to $3,747,000 forwarded direct to member banks in other Federal Reserve districts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERDISTBICT TIME SCHEDULE APPROVED BY THE FEDERAL RESERVE BOARD, SHOWING COLLECTION TIME FOR CASH ITEMS BETWEEN ALL FEDERAL RESERVE BANKS AND BRANCH BANKS. 3? From— Boston . . New York Buffalo Philadelphia . . . Cleveland Cincinnati Pittsburgh Richmond Baltimore Atlanta . . . New Orleans Birmingham Jacksonville Nashville....'. Chicago Detroit St. Louis Louisville Memphis Little Rock Minneapolis Helena Kansas City Omaha Denver Oklahoma City Dallas El Paso JTmistfvn San Francisco Spokane Portland Seattle Salt Lake City . . .. Los Angeles .notsoB X x x 2 2 2 2 2 3 3 3 3 3 2 2 3 2 3 3 3 5 3 3 4 4 4 5 5 5 6 .kroY weN x x x 2 x x x 9 3 2 9 2 2 2 9 9 3 3 2 4 3 3 4 4 4 5 ft 5 5 5 .olaffuB x 1 x 1 x 1 2 x 3 4 3 3 3 1 x 9 9 2 9 2 4 9 9 3 3 ft 4 5 5 5 .aihpledalihP 1 X 9| 9 1 9 3 9 9 2 2 2 9 9 2 2 4 3 3 ft 4 5 5 5 .dnalevelC 9, 9 x 9 x 2 2 2 3 2 1 x 2 9 2 2 2 4 9 9 3 4 ft 4 5 5 5 .itannicniC 9 x 9 1 2 9 9 9 2 9 1 1 x 1 1 2 9 2 4 9 9 3 4 ft 4 5 5 5 .hgrubsttiP 9 1 X X x 2 1 9 3 2 2 1 x 9 9 2 2 2 4 9 ? 3 4 ft 4 5 5 5 .dnomhciR ? 1 1 0 1 ? 9 2 2 9 ?l 9 3 3 b 3 3 4 3 3 ft ft ft 5 5 .eromitlaB ? 1 1 1 9 1 x ? 9 9 2 2 9 9 9 9 3 3 4 3 3 4 3 3 ft ft 5 5 .atnaltA 3 3 9 9 9 ? 1 1 1 2 9 ? 9 3 3 3 3 3 9 f> ft ft 5 5 .snaelrO weN 3 3 4 3 3 2 3 2 2 2 2 2 2 2 2 2 3 b 3 3 3 2 x 4 ft 5 5 4 .mahgnimriB 3 3 ? ? ? 9 1 ? 1 2 9 ? 1 3 5 3 3 2 ? ft ft ft 5 5 .ellivnoskcaJ 3 3 3 3 9 1 9 2 3 3 3 ? 3 3 6 3 3 4 3 3 6 6 6 6 6 .ellivhsaN 3 3 ? 1 9 1 ? 2 1 1 2 4 ? 3 3 ft ft ft 5 5 .ogacihC 9 ? 1 1 1 1 9 9 ?r ? 3 2 1 1 1 9 2 1 1 2 4 4 4 4 4 4 .tiorteD ? ? 1 1 1 1 2 ? 2 3 2 1 2 2 2 9 9 3 3 3 ft ft 5 5 5 .siuoL .tS To— 3 ? ? 9 1 9 9 ? ? 9 3 1 1 1 1 1 2 1 9 2 4 4 4 4 4 .ellivsiuoL ? ? ?i 9i 9 1 9 9 ? ? ? ? 1 1 1 1 2 3 3 • 4 ft ft 5 5 .sihpmeM 3 3 ? 9 ?, 9 9 ? 9 1 1 2 1 1 1 2 ? ? 3 2 ?r 4 ft 5 .kcoR elttiL * 3 3 3 2 ? 3 3 2 3 2 2 1 ?, X 2 ? ? 3 2 3 ft ft ft 5 .silopaenniM 3 ? 2 ? 3 3 3 3 3 3 2 2 9 ? ? 9 2 ^ 9 3 3 3 4 3 4 4 3 .aneleH ft 4 4 4 4 4 4 4 ft ft ft ft 4 3 4 4 4 4 4 2 3 3 4 4 ft 3 1 2 2 .ytiC sasnaK 3 9 3 9 ? 3 3 3 3 3 2 1 1 9 9 2 1 2 2 4 4 4 4 3 .ahamO 3 3 3 2 ? 3 3 3 3 3 3 2 1 ? 9 ?, 1 3 1 9 2 3 3 4 4 4 4 3 .revneD 4 4 3 3 3 3 3 4 4 3 3 3 4 3 2 3 3 3 3 2 2 ? 2 2 2 3 4 3 4 4 2 amoh al k 0 .ytiC .... .sallaD 4 4 3 3 3 3 3 3 3 3 9 3 3 2 3 3 ? 3 4 2 2 4 5 ft 5 4 4 .osaP lE 4 4 4 4 4 4 4 4 4 4 3 4 4 3 4 3 4 3 3 3 4 3 2 7 3 ft ft 5 4 3 .notsuoH 4 4 3 3 4 4 4 3 3 1 3 2 3 ? 9 9 3 5 3 3 1 2 4 6 4 4 .ocsicnarF naS ft ft ft 4 5 ,. 4 ft 4 ft 4 6 4 4 4 4 3 4 3 3 1 .enakopS 4 4 4 4 4 5 fi 5 ft 4 ft ft 3 1 4 4 3 5 b ft 3 1 1 4 .dnaltroP ft ft ft ft ft ft 5 ft 4 ft ft ft 3 2 4 4 4 5 5 9 1 1 3 .elttaeS ft 5 ft 5 ft 5 4 ft ft 3 4 4 4 5 6 3 1 1 3 4 .ytiC ekaL tlaS 4 4 4 4 4 4 4 4 4 4 4 4 4 4 3 4 4 4 3 2 3 3 4 4 4 9 9| 3 2 .selegnA soL 6> ft ft ft ft ft 5 ft ft 4 ft 5 4 ft 4 ft 4 4 4 4 4 4 4 4 3 4 1 4 3 4 ?, EXPLANATORY.—The above schedule shows the elapsed time before final credit is given to a member bank for cash items deposited with its Federal Reserve Bank drawn upon other Federal Reserve Bank and branch bank cities. For example, a member bank depositing a check in the Federal Reserve Bank of Cleveland (as shown in vertical column) drawn upon Omaha (as shown in the horizontal column) would be given credit upon the books of the Federal Reserve Bank of Cleveland at the expiration of two days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 747 CHANGES IN CONDITION OF THE FEDERAL RESERVE BANKS. Loan operations of the Federal Reserve the very substantial decrease of 15-clay paper, Banks between May 21 and Jurie 11, as meas- holdings of 30-day and 6-month paper show ured by the amounts of discounted bills held gains for the 5-week period of 55.8 and 28.1 at the close of each week, followed a slightly millions, respectively. upward course, the June 11 total of 2,522.9 Holdings of acceptances declined from 417.4 millions showing an increase of 22.6 millions to 399.2 millions, though the amounts held over the May 21 total. Changes in the Federal by the New York bank show some gain during Reserve Banks' loan account indicated by the the period. Over 93 per cent of the total June 18 statement reflect primarily the week's holdings are concentrated in the Federal large fiscal operations, including the redemp- Reserve Banks of Boston, New York, Clevetion of nearly 700 millions of Treasury certifi- land, Chicago, and San Francisco. Increases cates and the issuance of 419 millions of new in the totals of Treasury certificates shown for loan and tax certificates, the handling of even the last two Fridays of the period represent larger amounts of income and excess profits largely amounts of special certificates taken by tax payments and the payment of semiannual the banks to cover temporary advances to the interest on first Liberty bonds and on Victory Treasury pending receipt of funds from deposinotes. Redemption of Treasury certificates tary institutions. enabled the member banks to reduce their Discounted bills held by the several Federal indebtedness to the Reserve Banks to a con- Reserve Banks include amounts held under siderable extent, with the result that the discount for other Federal Reserve Banks. Reserve Bank holdings of paper secured by During the 5 weeks under review the amounts United States war obligations declined during of paper, largely short-term bills, thus held the week ending June 18 by 209.1 millions varied between 146.1 millions on May 21 and and their holdings of other discounted paper 96.1 millions on June 18, the Friday following by 17.7 millions. Borrowings on a large scale the large redemption operations of the Govwere, however, resumed immediately after- ernment, and on June 25 rose again to about wards, as the member banks' deposit accounts 125 millions, distributed among the Boston, came to be debited with the considerable New York, and Cleveland banks. No change amounts of checks and drafts issued ,in pay- is shown in the list of rediscounting banks, ment of taxes, and at the close of the following which on both dates included the Richmond, week Federal Reserve Bank holdings of dis- Atlanta, Chicago, St. Louis, Minneapolis, counted papier had gone up to 2,431.8 millions, Kansas City, and Dallas banks. Holdings of a total only 68.5 millions less than the total acceptances purchased from other Federal reported five weeks before. Reserve Banks show relatively small changes, Of the total discounts held on June 25, the June 25 total of 6.6 millions representing 1,278 millions, or 52.6 per cent, was paper holdings by the Boston, Cleveland, and San secured by Government war securities, as Francisco banks of bills purchased from the against 57.9 per cent five weeks earlier, this New York and St. Louis banks. The conreduction being due to the redemption by the tingent guarantor's liability of 16.2 millions on Government of Treasury certificates and to the bills purchased for account of foreign corresimultaneous paying off by the banks of loans spondents, formerly reported exclusively by secured by these certificates. Thus, while the New York bank, is now shared by all Federal Reserve Bank holdings of paper other Federal Reserve Banks following the secured by Liberty bonds show a reduction allotment to them of proportionate quotas of during the five weeks of 57.9 millions and' these bills. holdings of paper secured by Victory notes an During the period under review graduated increase of about 25 millions, the amount of discount rates were applied by the Federal paper secured by Treasury certificates in the Reserve Banks of Atlanta, St. Louis, and hands of the Federal Reserve Banks shows a Dallas in addition to the Kansas City bank. reduction during the period of 134.8 millions, The effect of this action is seen in a check of the share of paper secrured by certificates in further credit expansion rather than in any the total of war loan paper showing a decline decrease of the volume of discounts for member from 34.7 to 28.8 per cent. banks or of rediscounts with other Federal A similar change is seen in the amount of Reserve Banks. 15-day paper (largely member banks' notes Government deposits varied between a maxisecured by Treasury certificates), which shows mum of 56.4 millions on June 18 and a minia decline during the week ending June 18 by mum of 14.2 millions a week later. The much 247.4 millions, followed by a gain of about 90 wider variations in net deposits reflect in a millions during the following week. As against ]large measure the fluctuations in total dis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 FEDERAL RESERVE BULLETIN. JULY, 1920. counts. Changes shown for the last two largely on British Government account, show Fridays of the period are traceable to the a further gain of 29. 7 millions. handling by the banks of checks and drafts Fluctuations in the reserve percentages prior received by the Government in payment of to June 18 were within the narrow limits of taxes and credited before actual collection to 42.5 on June 4 to 43 per cent on June 11. On its deposit account on the books of the Federal the following Friday, in consequence of the Reserve Banks. Federal Reserve note cir- considerable loan reductions, the percentage culation shows a further expansion during the moved up to 44.5 per cent. A week later, in period of 31. 5 millions, while the circulation consequence of increased member bank borof Federal Reserve Bank notes likewise in- rowings, the reserve percentage shows a creased by 8. 2 millions. The banks' gold re- decline to 43.6 per cent, compared with 42.7 serves, in consequence of further gold imports, per cent, the ratio shown five weeks earlier. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, May 28 to June 25, 1920. RESOURCES. [In thousands of dollars.] B to o n s . - Y N o e r w k. P p d h h e i i l l a - a . - C la le n v d e . - m R o ic n h d - . la A n t t - a. c C a h g i o - . Lo S u t. is. M ap i o n l n is e . - K C a i n ty s . as Dallas. c F S i r s a a c n n o - . Total. Gold and gold certificates: May28 10,990 81,918 1,072 10,186 2,381 8,244 24,278 3,097 7,258 430 5,332 11,949 167,135 June4 11,143 79,215 1,090 10,065 2,399 8,311 24,337 2,830 7,204 442 5,284 12,199 164,519 June 11 11,271 82,219 1,079 10,106 2,416 8,390 24,339 2,606 7,253 457 5,225 12,832 168,193 June 18 11,367 77,728 1,107 10,222 2,426 8,298 24,256 2,682 7,204 441 5,150 11,997 162,878 June 25 11,453 83,530 1,082 10,252 2,440 7,915 24,276 3,583 7,223 472 5,287 13,607 171,120 Gold settlement fund, Federal Reserve Board: May28 31,300 125,826 29,869 56,836 13,269 8,163 68,134 8,954 7,938 26,985 8,224 38,954 424,452 June 4 38,887 103,300 33,923 69,399 13,807 8,615 70,536 11,534 8,377 27,865 6,890 38,094 431,227 Junell 32,548 106,861 25,480 66,379 18,456 6,578 72,888 13,885 7,754 24,854 8,414 47,808 431,905 June 18 37,663 110,284 28,860 65,809 18,323 7,203 50,829 12,091 6,909 24,176 7,333 31,353 400,833 June 25 61,648 71,628 44,326 51,444 15,167 6,741 56,546 12,813 6,271 27,195 7,732 41,117 402,628 Gold with foreign agencies: May28 8,142 40,932 8,922 9,145 5,465 4,015 13,272 5,242 3,011 5,353 2,900 5,131 111,530 June4 8,142 40,932 8,922 9,146 5,465 4,015 13,272 5,242 3,011 5,353 2,900 5,131 111,531 Junell 8,142 40,932 8,922 9,146 5,465 4,015 13,272 5,242 3,011 5,353 2,900 5,131 111,531 June 18 8,142 40,932 8,922 9,146 5,465 4,015 13,272 5,242 3,011 5,353 2,900 5,131 111,531 June 25 8,142 40,932 8 922 9,146 5,465 4,015 13,272 5,242 3,011 5,353 2,900 5,131 111,531 Gold with Federal Reserve agents: May28 118,453 285,599 87,384 146,898 50,934 169,826 44,583 32,834 34.190 26,403 77,976 1,112,040 June4 115,850 285,182 87,705 144,059 35,492 50,889 166,944 45,931 32,698 37,207 27,539 81,368 1,110,864 Junell 112,934 284,532 87,749 141,485 33,658 52,513 163,392 45,742 32,300 36,190 26,668 86,588 1,103,751 June 18 119,692 284,137 86,466 144,856 42,686 50,603 178,6SS 45,729 32,404 35,838 25,663 115,022 1,161,784 June 25 116,509 283,547 86,652 149,321 40,797 49,034 174,208 45,416 32,329 36,265 25,186 110,911 1,150,175 Gold redemption fund: May28 17,171 33,986 13,231 2,749 10,866 7,547 23,308 7,078 275 6,074 5,982 9,679 137,946 June 4 19,278 33,993 13,330 4,150 11,590 7,868 25,818 5,797 165 3,693 6,431 10,599 142,712 Junell 21,531 33,862 13,793 5,807 12,782 5,905 28,791 5,479 342 4,347 6,959 10,080 149,678 June 18 14,203 33,966 14,072 1,847 5,591 6,851 22,972 5,346 209 4,250 7,277 8,711 125,295 June 25 16,552 33,975 14,414 1,076 6,724 7,740 26,950 5,218 3,460 7,812 9,992 133,921 Total gold reserves: May28 186,056 568,261 140,478 225,814 68,941 78,903 298,818 68,954 51,316 73,032 48,841 143,689 1,953,103 June 4 193,300 542,622 144,970 236,819 68,753 79,698 300,907 71,334 51,455 74,560 49.044 147,391 1,960,853 June 11 186,426 548,406 137,023 232,923 72,777 77,401 302,682 72,954 50,660 71,201 50,166 162,439 1,965,058 June 18 191,067 547,047 139,427 231,880 74,491 76,970 290,017 71,090 49,737 70,058 48,323 172,214 1,962,321 June 25 214,304 513,612 155,396 221,239 70,593 75,445 295,252 72,272 48,842 72,745 48,917 180.758 1,969,375 Legal-tender notes, silver, etc.: May 28 9,535 105,877 191 1,733 39 1,333 9,982 7,170 259 1,351 1,363 560 139,393 June 4 8,472 105,366 417 1,683 193 1,369 10,032 7,064 195 1,417 1,335 544 138,087 June 11 7,908 105,195 563 1,847 117 1,380 9,615 7,195 165 1,451 1,561 536 137,533 J Ju u n n e e 2 1 5 8 8 8 , , 5 0 0 5 1 8 1 1 0 0 6 5 , , 4 79 9 4 1 2 2 5 7 5 5 1 1 , , 6 7 9 2 9 9 1 8 2 3 3 1 1 , , 6 4 8 1 2 1 9 9, , 2 7 1 2 7 0 7 7 , , 2 35 7 9 6 7 7 8 9 1 1, , 5 5 7 4 2 1 l 1, r5 9 6 9 1 5 6 65 6 0 0 1 1 3 3 8 9 , , 5 2 7 3 9 0 Total reserves: May28 195,591 674,138 140,669 227,547 68,980 80,236 308,800 76,124 51,575 74,383 50,204 144,249 2,092,496 June 4 201,772 647,988 145,387 238,502 68,946 81,067 310,939 78,398 51,650 75.977 50,379 147,935 2,098,940 Junell 194,334 653,601 137,586 234,770 72,894 78,781 312.297 80,149 50,825 72,652 51,727 162,975 2,102,591 June 18 199,568 652.841 ! 139,682233,579 74,574 78,381 299,737 78,366 49,815 71,599 49,884 172,874 2,100,900 June 25 222,362 620,103 1155,671 222,968 70,716 77,127 304,469 79,631 48,921 74,317 50,912 181,408 2,108,605 Bills discounted:1 Secured by Government war obligations- May 28 107,758 569,471 187,447 113,132 59,837 55,525 159,382 58,459 9,126 32,S83 36,715 58,227 1,447,962 June 4 100,331 561,146 186,209 104,376 59,268 55,351 158,780 61/895 13,409 31,646 42,801 58,203 1,433,415 June 11 108,244 561,621 186,537 114,060 53,431 57,488 164,375 58,320 13,456 33,191 34,541 55,667 1,440,931 June 18 94,776 457,795 170,471 100,038 50,029 51,557 147,445 55,250 3,848 32, 809 27,655 40,168 1,231,841 June 25 86,196 518,503 161,234 119,577 48,302 48,984 130,747 54,601 5,096 33,287 29,228 42,225 1,277,980 All other— May 28 62,072 235,467 26,529 55.348 39,619 60,797 268,158 51,885 66,711 79,087 36,937 88,859 1,071,469 June 4 , 68,035 279,189 28,749 55,419 41,560 58.196 279,154 49,368 62,940 75,091 35,409 97,733 1,130,843 Juno 11 62,074 261,264 29,675 48,292 43,690 60,863 261,835 46,800 62,137 74,473 38,797 92,119 1,082,019 June 18 65,092 230,791 29,673 50.554 45,467 59,819 266,991 49,424 61,099 77,691 40,249 87,446 1,064,296 June 25 , 60,020 263,059 29,187 53,833 50,765 65,074 296,208 52,078 76,851 44,247 95,463 1,153,814 Bills bought in open market: 2 May 28 34,746 179,372 2,070 58,110 9,948 5,880 55,392 3,232 4,341 1,309 1,394 62,806 418,600 June4 32,253 179,007 > 2,227 57,304 9,619 5,739 54,943 3,122 4,266 1,396 1,025 59,787 410,688 June 11 32,478 183,993 2,052 55,557 8,860 4,816 53,253 3,705 3,874 1,696 990 52,622 403,896 June 18 30,241 186,811 1,926 57,229 9,031 4,912 54,213 4,283 4,030 1,989 463 43,463 398,591 June 25 33,183 189,342 2,012 53,822 8,171 4,621 54,648 3,657 4,205 2,102 405 43,017 399,185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

749 JULY, 1920. FEDERAL RESERVE BULLETIN. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, May 28 to June 25, 1920—Contd. RESOURCES—Continued. [In thousands of dollars] B to o n s . - Y N o ew rk - . P p d h h e i i l l a - a . - C la le n v d e . - m R o ic n h d - . la A n t t - a. c C ag h o i- . Lo S u t. is. M ap i o n l n is e . - K C a i n ty s . as Dallas. F S r a a n n- Total. United States Government bonds: May 28 560 1,457 1,386 833 1,235 113 4,477 1,153 115 3,966 2,632 26,794 June 4 560 1,457 1,386 833 1,235 114 4,477 1,153 115 8,867 3,966 2,632 26,795 June 11 560 1,457 1,386 833 1,235 114 4,477 1,153 116 8,867 3,966 2,632 26,796 June 18 560 1,457 1,3S6 833 1,235 114 4,477 1,153 116 8,866 3,966 2,632 26,795 June 25 560 1,457 1,386 833 1,233 114 4,477 1,153 116 8,866 3,966 2,632 26,793 United States Victory notes: May 28 5 50 10 1 69 June4 5 50 10 1 June 11 5 50 10 1 June 18 5 50 10 1 June 25 5 50 10 1 United States certificates of indebtedness: May 28 21,549 77,912 30,921 23,356 12,260 15,666 39,632 17,219 8,488 12,992 8,300 11,236 279,531 June 4 21,750 72,876 30,829 23,356 12,200 15,666 39,635 17,150 8,488 12,980 8,300 11,526 274,816 June 11 21,765 76,726 31,943 23,814 12,260 15,666 39,628 17,169 8,487 12,974 8,300 11,376 280,108 June 18 21,762 133,030 31,907 23,392 12,260 15,666 39,625 17,308 8,486 13,205 9,300 21,150 347,091 June 25 21,932 117,248 36,091 24,025 12,260 15,666 39,631 17,316 8,486 13,079 8,495 11,205 325,434 Total earning assets: May 28..' 226,690 1,063,729 248,353 250,789 122,899 137,984 527,041 131,948 88,781 135,139 87,312 223,760 3,244,425 June 4 222,934 1,093,725 249,400 241,298 123,942 135,069 536,989 132,688 89,218 129,981 91,501 229,881 3,276,626 June 11 225,126 1,085,111 251,593 242,566 119,476 138,950 523,568 127,147 88,070 131,202 86,594 214,416 3,233,819 June 18 212,436 1,009,934 235,363 232,056 118,022 132,071 512,751 127,418 77,579 134,561 81,633 194,859 3,068,683 June 25 201,896 1,089,659 229,910 252,100 120,731 134,462 525,711 128,805 84,932 134,186 86,341 194,542 3,183,275 Bank premises: May 28 1,278 3,285 500 1,155 713 575 2,116 548 619 782 231 12,668 June 4 1,293 3,500 500 1,155 716 575 2,116 866 548 660 782 231 12,942 June 11 1,365 3,501 500 1,155 717 584 2,116 866 556 658 862 231 13,111 June 18 1,376 3,596 500 1,155 739 2,116 866 556 658 872 231 13,254 June 25 1,388 3,657 592 1,155 739 2,116 866 556 730 872 232 13,492 Uncollectcd items and other deductions from gross deposits: May28 57,656 171,630 59,686 75,153 54,304 28,876 99,185 44,385 22,311 58,275 44,066 31,663 747,190 June 4 , 64,885 167,015 64,892 75,240 61,369 23,995 112,373 47,409 23,804 68,451 45,466 34,717 789,616 June 11 67,407 146,749 64,374 75,113 56,714 31,797 108,069 47,912 25,689 63,349 47,839 37,891 772,903 June 18 78,655 193,549 78,966 100,592 70,151 34,013 142,085 49,852 28,930 73,940 53,058 46,186 949,977 June 25 , 64,484 155,757 63,343 79,111 58,183 28,865 100,726 42,455 21,074 57,529 38,761 40,198 750,486 5 per cent redemption fund against Federal Reserve Bank notes: May 28 1,191 3,077 1,300 731 451 521 1,581 523 344 916 562 665 11,862 June 4 1,273 2,890 1,300 731 451 519 1,455 523 460 916 562 665 11,745 June 11 1,072 3,073 1,300 731 •451 515 1,437 523 549 916 562 665 11,794 June 18 1,072 3,096 1,300 871 451 537 1,694 523 443 916 562 665 12,110 .June 25 1,072 3,116 1,300 871 451 523 1,557 523 568 916 586 665 12,148 All other resources: May 28 449 1,113 642 351 543 187 833 457 161 282 185 496 5,699 June 4 441 975 581 390 382 353 759 461 201 287 357 453 5,640 June 11 445 1,176 648 412 382 203 801 456 189 305 245 489 5,751 June 18 461 1,283 447 263 237 2,718 634 259 323 257 479 8,053 June 25 429 1,473 417 274 237 1,205 491 471 331 374 6,590 Total resources: May 28 482,855 1,916,972 451,150 555,726 247,890 248,379 939,556 254,303 163,720 |,614 183,111 401,064 6,114,340 June 4 492,598 1,916,093 462,060 557,316 255,806 241,578 964,631 260,345 165,881 276,272 189,047 413,882 6,195, 509 Junell 1448899! 774499 1,893,211 456,001 554,747 250,634 250,830 '948,288 257,053 165,878 269,082 187,829 416,667 6,139,969 June 18 ;493,568 1,864,299 456,503 568,700 [264,200 245,808 1961,101 257,659 157,582 281,997 i186,266 415,294 6,152,977 June 25 1491,631 1,873,765 451,506 556,622 j 251,094241,803 935,784 252,771 156,522 268,009 177,670 417,419 6,074,596 1 Includes bills discounted for other Federal Reserve Banks: May 28 20,366 84,125 40,193 144,684 June 4 1177,440022 78,544 36,875 132,821 June 11 27,117 59,740 40,186 127,043 June 18 20,533 37,730 ! 37,797 96,060 June 25 12,128 61,971 i 50,868 124,967 2 Includes bankers' acceptances bought from other Federal Reserve Banks: With their indorsement- May 28 3,568 3,568 June 4 ] 2, 2,988 Junell 2,408 2,408 June 18 1 1,900 1,900 June 25.. I 1,210 1,210 Without their indorsement- May 28 2,371 2,371 June 4 , 2,371 2,371 June 11 2,371 2,371 June 18 1,355 1,355 June25 5,002 392 5,394 LIABILITIES. Capital paid in: May 28 7,532 24,666 8>313 10,044 4,789 3,730 13,120 4,226 3,251 4,305 3,657 6,367 94,000 June 4 7,532 24,668 8,313 10,068 4,798 3,737 13,127 4,240 3,251 4,310 3,694 6,370 94,108 Junell 7532 24,667 8,313 10,073 4,812 3,773 13,217 4,247 3,253 4,314 3,706 6,377 94,284 June 18 7,532 24,669 8,317 10,127 4,806 3,778 13,281 4,249 3265 4,311 3,735 6,392 94,462 June 25 7532 24,669 8326 10,125 4,823 3779 13,290 4,247 3!269 •4,308 3,744 6,394 94,506 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 FEDERAL RESERVE BULLETIN. JULY, 1920. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, May 28 to June 25, 1920—Contd. LIABILITIES-Continued. [In thousands of dollars.] B to o n s . - Y N o e r w k. P p d h h e i i l l a - a . - C la le n v d e . - m R o ic n h d - . la A n t t - a. c C ag hi o - . Lo S u t. is. M ap i o n l n is e . - K C an it s y a . s Dallas. F c S i r s a a c n n o - . Total. Surplus fund: May28 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 June 4 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 June 11 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 June 18 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 June 25 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 Government deposits: May28 2,254 19,359 252 1,543 1,882 2,542 1,348 1,221 799 2,187 1,099 1,947 36,433 June 4 3,455 9,322 3,821 2,876 1,459 1,328 3,992 2,037 1,344 1,564 1,371 3,176 36,745 •June 11 1,114 980 1,534 1,702 1,610 2,160 3,381 1,844 443 2,193 2,268 2,601 21,830 June 18 9,426 602- 694 1,643 1-~3 ,7~2"4 4,451 12,193 1,332 276 7,637 555 3,823 56,356 June 25 1,103 244 1,488 274 1,768 1,029 4,025 945 419 623 1,029 1,242 14,189 Due to members—reserve ac- I count: May 28 19,811 760,577 .00,955 j 139,53555,586 52,148 259,943 61,746 50,647 83,041 55,588 113,339 1,852,916 June 4 .20.187 753,272 .03,593 141,792 59,868 53,076 1263,033 62,585 49,421 80,139 53,162 118,646 1,858,774 June 11 .18,962 763,525 .03,014 139,236 58,923 55,270 1260,725 64,238 49,942 81,240 55,146 119,989 1,870,240 June 18 15,603 715,451 01,236 137,880 57,170 49,912 1261,011 64,437 43,012 82,732 55,270 116,303 1,800,017 June 25 .17,948 745,307 03,508 136,379 56,764 53,229 252,674 65,885 44,660 82,677 51,140 121,745 1,831,916 Deferred availability items: May 28 46,497 107,551 53,545 59,325 44,293 24,876 66,695 38,784 15,536 54,612 26,655 22,874 561,243 June 4 49,977 114,945 57,602 62,170 47,623 15,901 80,187 42,910 18,155 62,928 32,935 24,063 609,396 June 11 51,807 105,516 53,258 55,338 44,001 26,122 72,000 40,121 18,661 55,431 30,195 27,016 579,466 June 18 49,648 124,534 59,736 76,704 45,794 26,079 76,438 41,336 17,465 60,382 30,339 25,268 633,723 June 25 52,810 101,296 51,017 58,430 44,735 22,255 67,284 36,866 15,639 54,823 25,621 25,845 556,621 Other deposits, including foreign Government credits: May 28 5,247 42,129 6,067 5,773 j 3,382 2,597 9,109 3,510 2,066 3,421 1,905 5,832 91,038 June 4 4,965 43,503 6,240 5,546 3,293 2,494 8,605 3,430 2,095 3,314 1,880 6,511 91,876 June 11 4,436 37,287 5,435 4,972 2,933 2,183 8,206 3,076 2,073 2,929 1,678 6,292 81,500 June 18 4,262 32,985 5,682 5,067 2,831 2,249 7,914 3,007 2,255 3,398 1,742 6,092 77,484 June 25 3,812 31,332 4,690 4,204 2,488 1,878 7,242 2,717 1,545 2,752 1,463 5,860 101,341 Total gross deposits: May 28 73,809 929,616 .60,819 206,176 105,143 82,163 337,095 .05,261 69,048 .43,261 85,247 143,992 2,541,630 June 4 .78,584 921,042 .71,256 212,384 112,243 73,799 355,817 .10,962 71,015 .47,945 89,348 152,396 2,596,791 June 11 176,319 907,308 .63,271 201,248 107,467 85,735 344,312 [09,279 71,119 141,793 89,287 155,898 2,553,036 June 18 178,939 873,572 .67,348221,294 119,519 82,691 357,556 10,112 63,008 154,149 87,906 151,486 2,567,580 June 25 175,673 878,179 .60,703 199,287 105,755 78,391 331,225 106,413 62,263 140,875 79,253 154,692 2,472,709 Federal Reserve notes in actual . circulation: May 28 273,944 854.827 249,091 310,964 120,752 145,080 535,230 129,084 79,183 97,572 82,008 229,286 3,107,021 June 4 278,353 861,807 249,225 306,057 121,247 L46,164 539,895 129,301 79,165 99,089 83,677 233,311 3,127,291 June 11 277,997 851,002 250,899 315,201 120,609 [43,070 533,954 127,665 78,873 97,913 82,584 232,438 3,112,205 June 18 279,083 854.828 247,287 307,026 121,852 140,574 531,901 127,549 78,486 98,364 82,454 235,406 3,104,810 June 25 280,617 859,232 248,785 315,789 122,109 140,592 531,449 126,289 77,728 97,622 82,351 234,155 3,116,718 Federal Reserve Bank notes in circulation—net liability: May 28 14,468 37,969 18,970 14,025 8,794 9,879 28,375 9,157 6,455 15,088 7,313 8,692 179,185 June4 14,810 37,440 19,121 14,063 8,980 10,257 29,338 9,138 6,574 15,443 7,343 8,745 181,252 June 11 14,428 37,812 19,235 13,318 9,096 10,543 29,884 9,059 6,661 15,432 7,191 8,723 181,382 June 18 14,395 37,791 18,990 15,126 9,257 10,950 30,775 8,823 6,762 15,327 7,034 8,674 183,904 June 25 14,019 37,724 19,143 16,096 9,489 11,024 31,328 8,765 7,057 15,218 7,059 8,682 185,604 All other liabilities: May 28 4,743 24,812 5,152 5,428 2,592 2,832 11,444 2,851 2,214 3,272 1,856 5,188 72,384 June 4 4,960 26,054 5,340 5,655 2,718 2,926 12,162 2,980 2,307 3,369 1,955 5,521 75,947 June 11 5,114 27,340 5,478 5,818 2,830 3,014 12,629 3,079 2,403 3,514 2,031 5,692 78,942 June 18 5,260 28,357 5,756 6,038 2,946 3,120 13,296 3,202 2,492 3,730 2,107 5,797 82,101 June 25 5,431 28,879 5,744 6,236 3,098 3,322 14,200 3,333 2,636 3,870 2,233 5,957 84,939 Total liabilities: May 28 482,855 1,916,972 451,150 555,726 247,890 248,379 939,556 254,303 163,720 269,614 183,111 401,064 6,114,340 June 4 492,598 1,916,093 462,060 557,316 255,806 241,578 964,631 260,345 165,881 276,272 189,047 413,882 6,195,509 June 11 489,749 1,893,211 456,001 554,747 J25O,634 250,830 948,288 257,053 165,878 269,082 187,829 416,667 6,139,969 June 18 493,568 1,864,299 456,503 568,700 1264,200 245,808 961,101 257,659 157,582 281,997 186,266 415,294 6,152,977 June 25 491,631 1,873,765 451,506 556,622 251,094 241,803 935,784 252,771 .156,522268,009 177,670 417,419 6,074,596 MEMORANDA. Contingent liability as indorser on: Discounted paper rediscounted with other Federal Reserve Banks— May 28 25,000 8,500 18,995 46,192 19,132 13,865 13,000 144,684 June 4 24,883 8,0.00 19,000 43,838 13,670 15,480 8,000 132,821 June 11 29,750 7,750 13,400 37,969 13,170 9,779 15,225 127,043 June 18 I 24,184 4,616 29,500 22,616 11,144 4,000 96,060 June 25 ! 24,904 7,960 24,950 25,523 23,672 12,958 5,000 124,967 Bankers' acceptances sold to other Federal Reserve Banks- May 28 3,568 3,568 June 4 2,988 2,988 June 11 2,408 2,408 June 18 1,900 1,900 June 25 1,210 1,210 Contingent liability on bills purchased for foreign correspondents: May 28 16,213 16,213 June 4 , 16,216 16,216 June 11 16,217 16,217 June 18 1,168 6,089 1,280 1,312 784 576 1,904 752 432 768 416 736 16,217 June 25 , 1,168 6,089 1,280 1,312 784 576 1,904 752 432 768 416 736 16,217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 751 Maturities of bills discounted and bought, also of Treasury certificates of indebtedness. [In thousands of dollars.] Within 15 16 to 30 31 to 60 61 to 90 Over 90 days. days. days. days. days. Total. Bills discounted: May 28 259,574 473,116 264,006 61 991 2 519 431 June 4 245,573 486,228 289,520 62,706 2,564,258 June 11 . 1,'440,'942 246,996 508,484 257,812 68 716 2 522 950 June 18 1,193,472 291,222 495,258 237,256 78,929 2,296,137 June 25 . . 1,283,470 335,105 " 469 460 259,993 83 766 2 431 794 Bills bought in open market: May 28 .... 117,630 72,806 182,153 46,011 418 600 June 4 112 306 91,779 163 403 43 200 410 688 June 11 .... 101,902 88,285 166,942 46,767 403,896 June 18 119,338 77,966 153 773 47 514 398 591 June 25 120,799 83,588 152,918 41,880 399 185 United States certificates of indebtedness: Mav 28 18,098 3,962 13,385 13,106 230,980 279,531 June 4 8,300 4,796 11,560 35,869 214,291 274,816 June 11 . 18,237 6,982 13,172 24,200 217 517 280 108 June 18 86 316 8,655 8 600 27 918 215 602 347 091 June 25 . 62,873 7,559 13,100 29,867 212,035 325,434 FEDERAL RESERVE NOTES. Federal Reserve note account of each Federal Reserve Bank at close of business on Fridays, May 28 to June 25, 1920. [In thousands of dollars.] Boston. Y N o e r w ic. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . la A n t t - a. c C a h g i- o. Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . Total. Federal Reserve notes: Received from Federal Reserve agent- May 28 281,140 963,366 257,911 323,186 124,700 149,413 579,961 146,447 81,115 102,736 86,048, 263,470 3,359,493 June 4 287,337 967,069 262,633 322,447 125,952 150,048 579,619 145,996 80,729 103,414 86,824 265,121 3,377,189 June 11 288.621 964,634 261,676 325,372 125,818 148,202 581,787 144,606 80,281 102,947 86,322 265,762 3,376,028 June 18 287,878 970,374 259,394 325,344 126,806 144,993 581,363 144,333 79,884 103,755 85,527 266,175 3,375,826 June 25 288,796 980,049 260,479 328,508 126,717 144,589 583,923 144,320 79,410 103,582 85,910 269,885 3,396,168 Held by Federal Reserve Bank- May 28 7,196 108,539 12,222 3,948 4,333 44,731 17,363 1,932 5,164 4,040 34,184 252,472 June 4 8,984 105,262 13,408 16,390 4,705 3,884 39,724 16,695 1,564 4,325 3,147 31,810 249,898 June 11 10,624 113,632 10,777 10,171 5,209 5,132 47,833 16,941 1,408 5,034 3,738 33,324 263,823 June 18 8,795 115,546 12,107 18,318 4,954 4,419 49,462 16,784 1,398 5,391 3,073 30,769 271,016 June 25 8,179 120,817 11,694 12,719 4""~ 3,997 52,474 18,031 1,682 5,960 3,559 35,730 279,450 In actual circulation— May 28 273,944 854,827 249,091 310,964 120,752 145,080 535,230 129,084 79,183 97,572 82,008 229,286 3,107,021 June 4 278,353 861,807 249,225 308,057 121,247 146,164 539,895 129,301 79,165 99,089 83,677 233,311 3,127,291 June 11 277,997 851,002 250,899 315,201 120,609 143,070 533,954 127,665 78,873 97,913 82,584 232,438 3,112,205 June 18 279,083 854,828 247,287 307,026 121,852 140,574 531,901 127,549 78,486 98,364 82,454 235,406 3,104,810 June 25 280,617 859,232 248,785 315,789 122,109 140,592 531,449 126,289 77,728 97,622 82,351 234,155 3,116,718 Gold deposited with or to credit of Federal Reserve agent- May 28 118,453 285, ,599 87,384 146,898 36,960 50,934 169,826 44,583 32,834 34,190 26,403 77,976 1,112,040 June 4 115,850 285,182 • 87,705144,059 35,492 50,889 166,944 45,931 32,698 37,207 27,539 81,368 1,110,864 June 11 112,934 284, 532 87,749 141,485 33,658 52, 513 163,392 45,742 32,300 36,190 26,668 86,588 1,103, 751 June 18 119,692 284,137 86,466 144,856 42,686 50,603 178,688 45,729 32,404 35,838 25,663 115,022 1,161,784 June 25 116,509 283,547 86,652 149,321 40,797 49,034 174,208 45,416 32,329 36,265 25,186 110,911 1,150,175 Paper delivered to Federal Reserve agent: May 28 204,576 981,794"184,213 223, 725105,945 122,202 482,837 113, 540 67,154 113,253 75,046 193,819 2, 865,104 June 4 200,619 1,016,753 188,756 214,030 108,458 119,286 492,863 114,349 67,597 108,070 79,235 198,659 2,908,673 June 11 202,796 1,004,831 190,575 215,114 102, 951123,167 479, 443108,794 64,883 109,360 74,328 186,694 2,862,936 June 18 190,109 873, 767182,167 205.248 101, 549116,278 468,619 108,948 60,851 112,388 68,367 152,911 2,641,202 June 25 179,399 175,059 225,563 104,064 118,673 481,513 110,311 68,367 112,218 73,880 170;489 2,788,397 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 FEDERAL RESERVE BULLETIN. JULY, 1920. Federal Reserve note account of each Federal Reserve agent at close of business on Fridays, May 28 to June 25, 1920. [In thousands of dollars.] Boston. Y N o e r w k. d P el h p i h la i - a C la le n v d e . - m R o ic n h d - . la A n t t - a. c C a h g i o -' . Lo S u t. is. M ap i o n l n is e . - K C a i n ty s . as Dallas. F c S i r s a a c n n o - . Total Federal Reserve notes: Received from Comptroller— May28 573,900 2,167,640 583,200 587,800 325,600 344,5001,027,520 323,720 166,580 221,560 163,780 446,740 6,932,540 June 4 576,500 2,174,240 583,200 591,000 326,600 345,540 1,033,760 328,320 166,580 222,520 164,780 449,400 6,962,440 June 11 588,900 2,175,200 595,580 593,600 328,360 348,5401,040,280 328,820 166,580 223,520 164,780 451,820 7,005,980 June 18 598,300 2,188,300 600,080 597,220 330,920 350,0001,040,280 331,460 166,580 225,480 165,660 455,300 7,049,580 June 25 598,300 2,199,600 600,080 600,940 332,280 350,980 1,056,480 332,860 166,580 226,180 167,660 459,620 7,091,560 Returned to Comptroller— May28 243,860 1,077,274 293,609 234,934 168,306 132,047 394,399 163,433 73,740 113,634 67,157 179,320 3,141,713 June 4 246,463 1,080,171 295,287 237,773 169,774 133,092 397,281 165,384 74,376 114,616 68,021 180,929 3,163,167 June 11 249,379 1,083,566 297,244 240,348 171,608 134,968 400,833 167,674 75,074 115,633 68,893 182,708 3,187,928 June 18 252,722 1,087,726 299,526 241,976 173,080 136,877 405,537 169,487 75,771 116,985 69,898 184,275 3,213,860 June 25 255,804 1,090,951 301,341 245,512 174,969 138,446 410,017 171,700 76,545 117,558 70,875 186,385 3,240,103 Chargeable to Federal Reserve agent— May28 330,040 1,090,366 289,591 352,866 157,294 212,453 633,121 160,287 92,840 107,926 96,623 267,420 3,790,827 June 4 330,037 1,094,069 287,913 353,227 156,826 212,448 636,479 162,936 92,204 107,904 96,759 268,471 3,799,273 June 11 339,521 1,091,634 298,336 353,252 156,752 213,572 639,447 161,146 91,506 107,887 95,887 269,112 3,818,052 June 18 345,578 1,100,574 300,554 355,244 157,840 213,123 634,743 161,973 90,809 108,495 95,762 271,025 3,835,720 June 25 342,496 1,108,649 298,739 355,428 157,311 212,534 646,463 161,160 90,035 108,622 96,785 273,235 3,851,457 In hands of Federal Reserve agent— May28 48,900 127,000 31,680 29,680 32,594 63,040 53,160 13,840 11,725 5,190 10,575 3,950 431,334 June 4 42,700 127,000 25,280 30,780 30,874 62,400 56,860 16,940 11,475 4,490 9,935 3,350 422,084 June 11 50,900 127,000 36,660 27,880 30,934 65,370 57,660 16,540 11,225 4,940 9,565 3,350 442,024 June 18 57,700 130,200 41,160 29,900 31,034 68,130 53,380 17,640 10,925 4,740 10,235 4,850 459,894 June 25 53,700 128,600 38,260 26,920 30,594 67,945 62,540 16,840 10,625 5,040 10,875 3,350 455,289 Issued to Federal Reserve Bank, less amount returned to Federal Reserve agent for redemption- May 28 281,140 963,366 257,911 323,186 124,700 149,413 579,961 146,447 81,115 102,736 86,048 263,470 3,359,493 June4 287,337 967,069 262,633 322,447 125,952 150,048 579,619 145,996 80,729 103,414 86,824 265,121 3,377,189 June 11 288,621 964,634 261,676 325,372 125,818 148,202 581,787 144,606 80,281 102,947 86,322 265,762 3,376,028 June 18 287,878 970,374 259,394 325,344 126,806 144,993 581,363 144,333 79,884 103,755 85,527 266,175 3,375,826 June 25 288,796 980,049 260,479 328,508 126,717 144,589 583,923 144,320 79,410 103,582 85,910 269,885 3,396,168 Collateral held as security for outstanding notes: Gold and gold certificates- May 28 900 195,734 32,025 2,500 3,810 13,052 10,331 258,352 June 4 900 195,734 32,025 2,500 4,010 13,052 10,331 258,552 June 11 900 195,734 32,025 2,500 4,010 13,052 10,331 258,552 June 18 900 196,608 32,025 2,500 3,810 13,053 10,331 2,000 261,227 June 25 900 196,608 32,025 2,500 3,810 13,052 10,331 259,226 Gold redemption fund— May 28 15,553 16,865 12,495 19,873 1,460 3,434 8,681 2,142 1,182 3,330 4,838 16,82: 106,675 June 4 17,950 16,448 15,816 17,034 2,992 2,389 8,799 2,191 1,046 2,347 5,974 15,712 108,698 June 11 15,034 15,798 18,860 14,460 4,158 3,013 9,247 3,901 1,648 3,330 5,103 14,345 108,897 June 18 16,792 14,529 16,577 17,831 2,686 3,103 9,543 2,088" 1,751 1,978 6,098 21,011 113,987 June 25 18,609 13,939 14,763 17,296 3,797 4,034 9,063 1,875 1,677 3,405 5,121 19,502 113,081 Gold settlement fund, Federal Reserve Board- May 28 102,000 73,000 74,889 95,000 35,500 45,000 161,145 38,631 18,600 30,860 11,234 61,154 747,013 June 4 97,000 73,000 71,889 95,000 32,500 46,000 158,145 39,730 18,600 34,860 11,234 65,656 743,614 June 11 97,000 73,000 68,889 95,000 29,500 47,000 154,145 37,831 17,600 32,8S0 11,234 72,24a 736,302 June 18 102,000 73,000 69,889 95,000 40,000 45,000 169,145 39,831 17,600 33,860 9,234 92,011 786,570 June 25 97,000 73,000 71,889 100,000 37,000 42,500 165,145 39,731 17,600 32,860 9,734 91,409 777,868 Eligible paper, minimum required i— May 28 162,687 677,767 170,527 176,288 87,740 98,479 410,135 101,864 48,281 68,546 59,645 185,494 2,247,453 June 4 171,487 681,887 174,928 178,388 90,460 99,159 412,675 100,065 48,031 66,207 59,285 183,753 2,266,325 June 11 175,687 680,102 173,927 183,887 92,160 95,689 418,395 98,864 47,981 66,757 59,654 179,174 2,272,277 June 18 168,186 686,237 172,928 180,488 84,120 94,390 402,675 98,604 47,480 67,917 59, 151,153 2,214,042 June 25 172,— 696,502 173,827 179,187 85,920 95,555 409,715 98,904 47,081 67,317 60,724 158,"' 2,245,993 * For actual amounts see " Paper delivered to Federal Reserve agent," on page 75L Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 753 CONDITION OF MEMBER BANKS IN LEADING CITIES. Treasury operations, including the issuance (including amounts rediscounted with the on May 17 of about 103 millions of 6-month Federal Reserve Banks) have decreased about loan certificates and the whole series of Gov- 263 millions. There is also shown for the same ernment transactions connected with the col- period a reduction of 293 millions in loans lection of the June 15 installment of income secured by corporate securities. As against and excess profits taxes, affected to a large these decreases, other loans and investments, extent the conditions of the 814 "reporting" including commercial loans and discounts member banks during the 5-week period proper, show an increase of 1,337 millions, the between May 14 and June 18. Treasury bor- net result being an increase since the beginning rowings and certificate flotations account of the year of 368 millions in the total loans and largely for the changes shown in the United investments of the reporting institutions. States security and Government deposit ac- From about 18 per cent at the beginning of counts, also in the loan accounts of the member the year, the ratio of combined holdings of banks with the Federal Reserve Banks, while United States war securities and loans supthe large June 15 tax payments resulted in ported by such securities to total loans and intemporary reduction of the banks' demand vestments of reporting banks has gone down to deposits and in increasing the customers' less than 14 per cent. In New York City, beloans and discounts carried by the reporting cause of the much smaller increase in unspecibanks. fied loans and investments, the total loans and During the period under review the report- investments since the beginning of the year ing banks, largely in New York City, increased show a reduction of 157 millions, while the their holdings of United States bonds by nearly ratio of war securities and loans based thereon 4 millions, while reducing their Victory note to total loans and investments declined from holdings by a slightly smaller amount. Treas- 21 to about 17 per cent. ury certificate holdings on May 21, following Since May 14 accommodation of reporting the issue of the May 17 series of 102 million, banks at the Federal Reserve Banks (as shown show an increase of 37 millions, but declined by the latter's books) has been reduced by gradually during the following 3 weeks. The about 294 millions, from 2,127 to 1,833 millions, combined effect of the redemption on June 15 about three-fourths of the decrease taking of nearly 700 millions of tax certificates and place during the last week under review. On the issue on the same date of over 419 of June 18 the Federal Reserve borrowings of new certificates bearing higher interest rates the reporting institutions were composed of is seen in a further drop of over 70 millions in 956 millions of paper secured by United States these holdings. This is a decrease of about 88 Government obligations, compared with 1,236 millions since May 14 and of 347 millions since millions five weeks earlier, and of 877 millions the beginning of the year. Developments in of ordinary commercial paper, as against 892 New York City were somewhat different, the millions of such paper shown at the earlier member banks there reporting increases in date. Most of the decrease is shown in the certificate holdings both after the May 17 and amount of the banks' own notes secured by June 15 issues, the higher interest rates (5f Treasury certificates. and 6 per cent) apparently inviting larger than The ratio of total accommodation at the ordinary investments by the New York banks Federal Reserve Banks to the total loans and in the newly issued securities. -Loans secured investments of the reporting banks decreased by Government war obligations, on the whole, from 12.5 to 10.8 per cent. For the New York followed a downward course during the 5 City banks this ratio shows a decline for the weeks under review, the June 18 total of 1,026 five weeks from 12 to 9.7 per cent. millions being 63 millions below the May 14 Following the issuance of the May 17 series total. For the New York banks a correspond- of certificates and the collection of the June 15 ing decrease from 512 to 470 millions may be tax installment, Government deposits show noted. Loans secured by stocks and corporate notable increases, though the maximum shown bonds held on June 18 are given as 3,113 for the five-week period, 268 millions, is conmillions, or about 9 millions above the total siderably below the average held by the shown five weeks earlier. For the New York Treasury with reporting banks in the begin- City banks an increase in this item from 1,154 ning of the year. Other demand deposits to 1,175 millions is shown. (net) show relatively small fluctuations, the Since the beginning of the year aggregate June 18 total of 11,513 millions being about 49 holdings of United States securities by the millions below the May 14 total. Time dereporting institutions have decreased 413 posits after slight declines during the first two millions, while their loans upon such securities weeks assumed an upward course, the June 18 187639°—20 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 FEDERAL. RESERVE BULLETIN. JULY, 1920. total, 2,684 millions, being about 29 millions ings from the Reserve Banks. Cash in vault, larger than the total reported five weeks earlier. largely Federal Reserve notes, varied between Reserve balances with the Federal Reserve 385 millions on June 4 and 363 millions on Banks until the latest week likewise moved May 28. On June 18 the total was about 366 within narrow limits. The reduction in this millions, or about 5 millions below the total item by about 60 millions indicated on June held five weeks before. 18 follows the considerable reduction of borrow- Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank cities and in Federal Reserve Branch cities as at close of business on Fridays, from May 21 to June 18, 1920. 1. ALL REPORTING MEMBER BANKS. [In thousands of dollars.] Boston. Y N o e r w k - . d P el h p i h la ia - . C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. Sa c n i s F c r o a . n- Total. Number of reporting banks: May 21 117 82 107 814 May 28 117 107 814 June 4 115 107 812 June 11 115 107 813 June 18 115 107 814 United States bonds to secure circulation: May 21 13,011 47,448 11,347 41,875 27,625 14,015 21,450 16,926 7,271 15,286 19,573 34,466 270,293 May 28 12,961 47,398 11,340 41,872 27,729 14,015 21,449 16,925 7,271 15,286 19,573 34,485 270,304 June 4 12,311 46,753 11,347 41,874 27,979 14,015 21,526 16,925 7,271 15,311 19,573 34,485 269,370 June 11 12,311 46,658 11,347 41,874 28,061 14,120 21,549 16,924 7,321 15,311 19,573 34)485 269,534 June 18 12,311 46,658 11,347 41,874 28,211 14,135 21,549 16,925 7,321 15,316 19,573 34,485 269,705 Other United States bonds, including Liberty bonds: May 21 13,795 246,674 29,762 60,200 34,037 28,334 65,731 12,860 9,784 23,448 18,080 61,499 604,204 May 28 14,103 249.186 28,929 59,646 33,609 28,418 62,404 12,487 9,754 23,957 18,268 61,223 601,984 June 4 " 14,029 249 733 29,633 60,002 34,227 28,312 61,711 12,445 9,815 23,882 19,161 61,659 604,609 June 11 13,971 251,274 28,926 61,630 34,158 28,509 6i,475 12,808 9,846 22,403 19,168 60,999 605,167 June 18 13,979 250,203 30,335 60,700 33,991 28,306 64,140 12,835 9,928 22,126 19,292 61,892 607,727 United States Victory notes: May 21 7,169 87,975 9,460 19,946 8,237 4,522 40,253 2,804 1,532 4,312 3,608 12,719 202,537 May 28 7,069 89,633 9,330 19,650 7,996 4,171 40,058 2,715 1,505 4,368 3,448 12,947 202,890 June 4 7,143 89,436 9,374 19,591 7,980 4,263 40,155 2,706 1,519 4,380 3,446 12,741 202,734 June 11 7,084 88,721 9,317 19,978 7,896 4,193 40,187 2,873 1,537 4,598 3,477 12,561 202,422 June 18 7,086 86,907 9,250 19,592 7,885 4,167 40,253 2,679 1,384 4,588 3,432 12,684 199,907 United States certificates of indebtedness: May 21 37,678 291,568 54,990 35,797 19,121 19,536 82,168 14,118 9,281 11,542 19,758 39,713 635,270 May 28 36,322 274,404 53,683 35,522 18,636 19,270 82,129 10,069 9,283 11,004 20,105 38,759 609,186 June 4 38,005 264,082 53,422 36,072 18,252 19,134 82,798 10,014 8,657 10,540 22,690 39,775 603,441 June 11 34,972 247,422 52,526 36,400 17,703 19,143 82,725 8,622 9,314 10,155 22,976 39,231 581,189 June 18 29,332 251,266 44,649 34,995 13,735 10,484 67,216 7,452 7,030 10,444 6,624 27,266 510,493 Total United States securities owned: May 21 71,653 673,665 105,559 157,818 89,020 66,407 209,602 46,708 27,868 54,588 61,019 148,397 1,712,304 May 28 70,455 660,621 103,282 156,690 87,970 65,874 206,040 42,196 27,813 54,615 61,394 147,414 1,684,364 June 4 71,488 650,004 103,776 157,539 88,438 65,724 206,190 42,090 27,262 54,113 64,870 148,660 1,680,154 June 11 68,338 634,075 102,116 159,882 87,818 65,965 205,936 41,227 28,018 52,467 65,194 147,276 1,658,312 June 18 62,708 635,034 95,581 157,161 83,822 57,092 193,158 39,891 25,663 52,474 48,921 136,327 1,587,832 Loans secured by Government war obligations, including rediscounts with Federal Reserve Bank: May 21 57,236 522,118 98,422 78,340 35,532 26,565 112,681 38,775 18,906 23,695 10,909 33,117 1,056,296 May28 55,674 525,703 99,743 80,532 35,885 26,725 111,516 38,647 18,211 24,409 11,317 33,228 1,061,590 June 4 57,815 510,816 95,455 80,160 35,217 27,581 109,905 39,102 18,005 24,969 11,729 33,330 1,044,084 June 11 54,006 512,828 94,776 79,097 34,648 28,302 108,349 38,177 18,170 26,849 12,043 33,016 1,040,261 June 18 53,924 499,436 96,693 78,584 33,751 28,296 106,539 38,907 18,392 27,009 11,930 32,764 1,026,225 Loans secured by stocks and bonds, other than United States securities: May21 194,075 1,332,509 199,354 344,350 109,588 62,950 453.896 130,944 31,919 79,264 36,894 147,771 3,123,514 May28 191,405 1,330,079 198,846 336,209 108,023 61,876 461,776 131,335 33,497 79,581 35,236 147,591 3,115,454 June 4 190,780 1,337,055 196,694 338,229 107,041 59,216 456.897 129,653 31,831 79,185 36,081 148,376 3,111,038 June 11 188,028 1,320,236 194,723 344,403 107,016 62,960 459,161 128,331 31,032 78,878 35,802 144,932 3,095,502 June 18 192,578 1,330,462 197,879 341,616 106,668 58,365 467,395 126,515 30,744 79,215 36,703 145,001 3,113,141 All other loans and investments, including rediscounts with Federal Reserve Bank: May 21 786,496 3,832,795 557,637 897,272 384,077 411,870 1,756,621 429,106 302,086 527,849 253,520 948,377 11,087,706 May 28 790,859 3,874,808 565,052 905,336 383,330 411,196 1,757,232 425,232 296,143 517,575 250,837 951,962 11,129,562 June 4 786,875 3,883,635 568,069 895,969 388,481 411,195 1,759,044 415,707 296,860 517,961 241,453 968,998 11,134,247 June 11 795,755 3,910,315 573,566 904,890 389,018 410,210 1,746,675 409,374 291,646 513,890 243,381 984,942 11,173,662 June 18 797,232 3,954,696 573,551 912,184 387,778 414,674 1,759,370 414,327 287,738 513,615 238,681 977,395 11,231,241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 755 Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank cities and in Federal Reserve Branch cities as at close qf business on Fridays, from May 21 to June 18', 1920—Con. 1. ALL REPORTING MEMBER BANKS—Continued. [In thousands of dollars.] Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. Sa c n i s F co ra . n- Total. Total loans and investments, including rediscounts with Federal Reserve Bank: May21 1,109,460 6,361,087 960,972 .,477,780 618,217 567,792 ,532,800 545,533 580,779 685,396 362,342 1,277,662 16,979,820 May 28 1,108,393 6,391,211 966,923 .,478,767 615,208 365,671 ,536,564 537,410 375,664 676,180 358,784 1,280,195 16,990,970 June 4 1,106,958 6,381,510 963,994 .,471,897 619,177 563,716 ,532,036 526,552 173,958 676,228 354,133 1,299,364 16,969,523 June 11 1,106,127 6,377,454 965,181 ,488,272 618,500 567,437 ,520,121 •17,109 168,866 672,084 356,420 1,310,166 16,967,737 June 18 1,106,442 6,419,788 963,704 ,489,545 612,019 558,427 ,526,462 119,640 162,537 672,313 336,235 1,291,487 16,958,599 Reserve balances with Federal Reserve Bank: May 21 99,897 670,434 67,404 98,251 37,240 33,743 191,543 40,435 21,550 45,925 25,287 79,052 1,410,761 May28 83,362 702,281 64,547 96,859 34,178 33,400 189,345 38,747 21,971 46,675 25,805 78,227 1,415,397 June 4 84,982 696,505 65,387 98,334 38,482 33,117 191,569 40,432 23,979 42,628 23,483 80,445 1,419,343 June 11 82,586 706,378 65,047 97,883 38,200 35,543 190,707 40,782 22,611 43,758 25,314 79,424 1,428,233 June 18 78,683 663,581 62,679 97,159 38,285 30,069 190,596 40,701 21,059 43,090 24,160 78,189 1,368,251 Cash in vault: May 21 25,465 124,207 16,179 33,045 18,108 13,382 65,329 10,635 8,910 14,840 10,824 27,408 368,332 May 28 24,415 121,003 15,775 31,438 18,436 13,798 65,003 10,347 9,048 14,767 10,860 27,859 362,749 June 4 25,948 127,578 18,203 35,446 19,141 14,445 69,975 10,511 9,122 15,463 11,969 27,093 384,894 June 11 25,356 123,655 17,481 34,366 18,251 13,656 69,123 9,912 8,551 16,179 10,960 26,051 373,541 . June 18 24,236 120,323 17,261 35,045 17,623 13,302 67,828 9,738 8,656 14,927 10,145 27,007 366,091 Net demand deposits on which reserve is computed: May21 824,447 5,283,951 676,929 874,823 350,225 280,439 1,408,394 119,670 214,274 426,894 232,545 610,942 11,503,533 May 28 816,881 5,360,664 673,682 873,743 342,064 280,902 1,417,058 111,391 221,522 424,738 230,948 605,500 11,559,093 June 4 823,148 5,306,276 669,937 889,214 348,383 287,194 1,404,705 107,947 223,450 419,752 232,098 622,917 11,535,021 June 11 835,635 5,297,186 674,876 898,291 346,644 278,283 1,428,010 120,347 227,901 427,052 234,015 627,465 11,595,705 June 18 812,790 5,286,562 662,395 895,416 341,865 271,410 1,434,444 120,350 215,756 420,258 229,079 622,479 11,512,804 Time deposits: May 21 138,012 408,107 32,822 364,395 104,786 .51,004 619,584 .23,794 63,468 97,231 48,318 491,821 2,643,342 May 28 138,163 408,318 32,798 363,999 104,923 .51,421 620,162 23,717 63,312 97,787 48,258 492,847 2,645,705 June 4 137,613 409,483 32,774 365,427 103,978 .51,783 622,936 24,138 63,658 98,936 49,192 508,059 2,667,977 June 11 137,956 409,322 32,769 364,467 104,047 .51,772 625,719 23,986 63,521 98,610 49,036 509,503 2,670,708 June 18 144,782 419,169 32 903 363,696 103,810 .51,544 621,492 .24,461 64,266 97,681 49,332 511,371 2,684,497 Government deposits: May 21 8,155 60,465 7,012 9,348 2,291 2,452 10,449 3,485 532 2,487 1,494 6,943 115,113 May28 5,011 35,348 4,875 7,668 1,646 1,532 8,880 2,621 251 2,153 897 4,717 75,599 June 4 3,402 23,264 3,514 5,676 1,182 764 7,072 1,924 160 1,652 700 3,272 52,582 June 11 3,402 23,262 3,514 5,732 1,104 647 6,772 1,904 160 1,652 600 3,272 52,021 June 18 20,015 129,632 18,165 22,760 3,508 4,101 36,624 7,514 907 3,123 12,595 267,613 Bills payable with Federal Reserve Bank: Secured by United States war obligations- May 21 39,383 333,325 90,424 52,809 47,476 41,220 121,379 32,589 12,967 29,190 31,905 38,326 870,993 May 28 41,615 334,894 87,678 48,609 49,574 39,877 121,962 31,229 12,796 28,394 31,105 38,778 866,511 June 4 38,314 346,512 87,381 43,576 48,553 39,287 122,106 28,806 11,647 27,821 32,807 38,298 865,108 June 11 36,727 356,267 87,350 51,658 48,578 38,243 120,792 25,695 11,094 22,574 29,373 36,032 864,383 June 18 30,098 278,004 72,128 41,124 41,346 30,592 88,282 22,740 9,604 23,929 13,208 21,443 672,498 All other- May 21 45 350 60 215 385 1,055 May28 223 70 350 60 200 535 1,438 June 4 36 673 348 250 60 385 1,752 June 11 573 429 350 60 485 1,897 June 18 100 254 450 85 285 1,174 Bills rediscounted with Federal Reserve Bank: Secured by United States war obligations- May 21 31,164 145,390 55,471 13,298 6,976 5,834 12,380 12,750 4,296 4,987 2,437 295,882 May 28 31,049 139,386 56,097 16,082 7,687 6,324 10,831 12,948 3,792 5,177 1,066 2,486 292,925 June 4 28,172 131,999 55,790 15,855 7,325 5,934 12,875 13,567 3,464 5,420 1,184 2,384 283,969 June 11 25,956 139,562 56,463 14,077 6,945 7,468 14,184 12,800 3,507 6,433 1,613 2,311 291,319 June 18 25,280 131,034 58,796 14,361 6,343 7,822 15,416 11,610 3,626 6,285 1,287 1,977 283,837 All other— May21 51,787 184,375 21,038 43,323 26,264 46,697 234,336 77,445 53,461 64,257 18,598 69,702 891,283 May 28 48,910 197,429 23,126 41,950 28,500 47,828 231,946 77,126 53,574 64,668 18,970 65,237 899,264 June 4 56,917 237,863 25,274 41,655 29,608 45,142 242,815 77,538 48,656 59,913 17,368 58,255 941,004 June 11 52,832 221,963 26,413 35,965 30,500 48,251 22.5,619 66,702 46,081 58,103 17,176 66,449 896,054 June 18 57,028 199,157 26,209 38,114 31,454 46,233 230,885 65,397 45,664 60,676 15,489 59,455 875,761 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 FEDERAL RESERVE BULLETIN. JULY, 1920. Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank cities and in Federal Reserve Branch cities as at close of business on Fridays, from May 21 to June 18, 1920—Con. 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. [In thousands of dollars !\ Boston. Y N o e r w k. d P el h p i h la ia - . C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. Sa C n i s F c r o a . n Total. Number of reporting banks: May21 279 May 28 279 June 4 278 June 11 279 June W, United States bonds to secure circulation: May 21 2,981 37,751 7,337 3,664 2,782 3,100 1,438 10,296 2,791 4,946 4,560 18,481 100,127 May28 2,931 37,701 7,337 3,664 2,782 3,100 1,438 10,295 2,791 4,946 4,560 18,500 100,045 June 4 2,281 37,056 7,337 3,664 .2,782 3,100 1,438 10,295 2,791 4,946 4,560 18,500 98,750 June 11 2,281 36,961 7,337 3,664 *2,782 3,100 1,438 10,294 2,791 4,946 4,560 18,500 98,654 June 18 2,281 36,961 7,337 3,664 2,782 3,100 1,438 10,295 2,791 4,946 4,560 18,500 98,655 Other United States bonds, including Liberty bonds: May21 4,929 213,511 22,569 7,289 4,824 1,868 28,610 4,645 1,848 7,963 3,110 36,760 337,926 May28 5,245 216,232 21,633 7,289 4,825 1,867 26,360 4,338 1,839 8,344 3,139 36,659 337,770 June 4 5,172 217,380 22,352 7,294 4,823 1,868 25,457 4,370 1,883 8,475 4,178 36,880 340,132 June 11 5,105 218,734 21,655 7,273 4,800 1,852 24,328 4,610 1,931 7,154 4,109 36,447 337,998 June 18 5,121 217,384 23,120 7,294 4,800 1,851 26,787 4,667 1,940 7,161 4,351 36,281 340,757 United States Victory notes: May 21 369 77,511 6,793 2,310 256 228 12,549 701 183 2,061 901 3,900 107,762 May 28 271 79,188 6,671 2,309 187 222 12,414 615 183 2,185 889 3,987 109,121 June 4 346 79,066 6,727 2,309 181 318 12,567 207 2,142 899 4,098 109,498 June 11 342 78,634 6,674 2,275 183 313 12,407 707 206 2,477 899 4,068 109,185 June 18 340 77,176 6,616 2,275 165 239 12,540 610 206 2,454 906 4,164 107,691 United States certificates of indebtedness: May 21 27,385 273,081 51,954 6,558 1,434 2,093 34,110 12,106 4,204 4,434 11,867 20,983 450,209 May28 26,377 256,043 50,650 6,804 1,361 2,111 33,822 8,030 4,319 3,876 12,104 20,216 425,713 June 4 27,990 246,174 50,391 6,730 1,331 2,014 33,113 7,941 3,713 3,400 14,677 19,644 417,118 June 11 25,275 229,475 49,475 6,286 1,331 2,032 33,079 6,496 3,859 3,008 14,705 19,793 394,814 June 18 19,272 233,005 42,019 6,324 1,466 1,226 25,465 5,636 2,775 5,203 1,886 13,029 357,306 Total United States securities owned: May 21 35,664 601,854 88,653 19,821 9,296 7,289 76,707 27,748 19,404 20,438 80,124 996,024 May 28 34,824 589,164 86,291 20,066 9,155 7,300 74,034 23,278 9,132 19,351 20,692 79,362 972,649 June 4 , 35,789 579,676 86,807 19,997 9,117 7.300 72,575 23,244 8,594 18,963 24,314 79,122 965,498 June 11 33,003 563,804 85,141 19,498 9,096 7,297 71,252 22,107 8,787 17,585 24,273 78,808 940,651 June 18 27,014 564,526 79,092 19,557 9,213 6,416 66,230 21,208 7,712 19,764 11,703 71,974 904,409 Loans secured by Government war obligations, including rediscounts with Federal Reserve Bank: May 21 47,369 492,392 93,362 21,908 9,281 4,267 78,088 25,801 8,946 9,354 4,585 15,179 810,532 May 28 45,849 494,941 95,108 21,936 9,466 4,291 77,089 25,384 8,623 9,387 4,863 15,064 812,001 June 4 48,057 481,274 90,798 21,850 9,199 4,359 75,442 26,013 8,656 9,417 5,159 16,269 796,493 June 11 45,077 483,410 90,020 21,748 9,344 4,517 74,766 25,130 8,666 11,357 5,185 16,128 795,348 June 18 , 44,995 470,236 92,001 2A, 918 9,329 4,544 72,911 25,860 9,075 11,585 5,266 15,730 783,450 Loans secured by stocks and bonds, other than United States securities: May 21 147,605 1,175,786 179,564 116,766 15,227 8,438 334,230 92,279 14,601 34,879 10,006 68,177 2,197,558 May 28 145,130 1,174,846 179,106 116,674 14,918 7,580 340,553 92,286 14,378 34,672 9,327 68,340 2,197,810 June 4 145,098 1,181,173 177,169 117,093 14,959 7,964 337,573 90,388 14,234 34,177 9,558 70,545 2,199,931 June 11 142,631 1,167,308 175,116 118,560 14,945 7,405 338,537 89,057 13,981 34,168 9,561 68,063 2,179,332 June 18 , 146,053 1,175,256 178,575 117,496 15,011 7,507 348,103 87,588 13,850 34,162 10,268 68,186 2,202,055 All other loans and investments, including rediscounts with Federal Reserve Bank: May 21 565,953 3,365,018 490,484 278,639 72,294 63,875 1,047,322 287,408 145,157 188,313 61,000 453,612 7,019,075 May 28 571,448 3,403,498 496,494 276,681 70,945 62,907 1,048,603 283,505 144,564 182,064 58,240 450,005 7,048,954 June 4 566,406 3,409,577 500,662 276,385 72,148 65,090 1,047,615 279,104 142,996 184,166 52,288 468,422 7,064,859 June 11 575,865 3,435,658 504,621 279,896 73,324 68,108 1,035,541 274,083 142,032 179,742 55,114 483,144 7,107,128 June 18 577,418 3,482,429 504,309 278,986 73,994 70,785 1,051,879 279,566 136,815 179,608 53,760 484,422 7,173,971 Total loans and investments, including rediscounts with Federal Reserve Bank: May 21 796,591 5,635,050 852,063 437,134 106,098 83,869 1,536,347 177,730 251,950 96,029 617,092 11,023,189 May 28 797,251 5,662,449 856,999 435,357 104,484 82,078 1,540,279 424,453 176,697 245,474 93,122 612,771 11,031,414 June4 795,350 5,651,700 855,436 435,325 105,423 84,713 1,533,205 418,749 174,480 246,723 91,319 634,358 11,026,781 June 11 796,576 5,650,180 854,898 439,702 106,709 87,327 1,520,096 410,377 173,466 242,852 94,133 646,143 11,022,459 June 18 795,480 5,692,607 853,977 437,957 107,547 89,252 1,539,123 414,222 167,452 245,119 • 80,997 640,312 11,064.045 Reserve balances with Federal Reserve Bank: May 21 84,471 60,231 25,570 5,924 5,726 136,113 30,430 9,394 14,068 6,557 34,616 1,039,934 May 28 66,424 657,189 57,143 27,330 5,337 6,512 132,423 28,692 10,071 12,544 6,941 34,599 1,045,205 June 4 68,669 649,228 58,266 26,245 7,209 5,446 135,009 30,534 11,765 11,958 5,608 36,747 1,046,684 June 11 65,362 661,989 57,958 27,089 5,965 7,074 134,168 30,605 10,104 12,975 6,078 35,360 1,054,727 June 18 , 61,234 617,682 55,856 26,059 5,637 5,965 131,679 30,755 12,666 5,001 34,598 996,425 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 757 Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank oities and in Federal Reserve Branch cities as at close of business on Fridays, from May 21 to June 18,1920—Con. X MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued, fin thousands of dollars.] Boston. Y N o e r w k. d P e h lp il h a i - a. C la l n ev d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t i . s. M ap i o n l n is e . - K C a i n ty s . as Dallas. Sa c n i s F c r o a . n- Total. Cash in vault: May 21 14,573 109,423 12,861 8,141 1,838 2,283 36,897 5,676 2,696 3,718 1,937 9,697 209,740 May 28 14,178 107,294 12,483 7,965 1,849 2,406 36,143 5,403 2,775 3,566 1,899 9,483 205,444 June 4 15,493 111,955 13,885 9,123 1,791 2,600 ,38,655 5,525 2,746 3,929 1,924 10,716 218,342 June 11 14,835 108,692 13,675 9,587 1,773 2,392 38,615 5,253 2,368 4,264 1,966 10,294 213,714 June 18 14,602 106,832 13,123 9,114 1,621 2,260 36,950 5,392 2,635 3,925 1,644 10,204 208,302 Net demand deposits on which reserve is computed: May21 635,988 4,753,783 587,301 210,885 53,941 45,303 966,213 224,837 91,668 L40,598 64,505 269,621 8,044,643 May 28 630,001 4,836,774 583,211 218,248 52,398 45,155 973,969 215,935 90,265 [38,128 62,513 268,182 8,114,779 June 4 635,551 4,772,021 580,017 222,220 53,023 46,879 961,590 213,706 93,323 [36,794 62,051 285,248 8,062,423 June 11 644,302 4,770,222 584,971 226,134 51,611 46,717 967,084 225,985 93,929 :38,480 65,471 287,535 8,102,441 June 18 624,537 4,760,834 572,861 218,594 52,139 43,941 978,282 $27,401 90,513 L39,578 64,535 289,083 8,062,298 Time deposits: May 21 43,722 301,136 23,150 170,749 20,871 22,128 276,888 73,988 23,262 11,836 4,397 219,664 1,191,791 May 28 43,836 300,016 23,123 171,006 21,166 22,179 277,558 74,024 23,133 12,291 4,372 220,274 1,192,978 June 4 43,095 299,814 23,127 172,765 21,226 22,325 278,860 74,326 23,066 12,375 4,778 234,305 1,210,062 June 11 43,214 298,716 23,149 172,153 21,240 22,448 280,840 74,265 23,002 12,347 4,967 236,085 1,212,426 June 18 49,887 306,259 23,284 171,532 21,217 22,320 280,494 74,300 23,162 12,059 4,804 237,295 1,226,613 Government deposits: May 21 5,597 58,684 6,824 1,207 317 181 5,583 3,024 63 1,109 1,039 5,647 89,275 May 28 3,086 34,212 4,719 764 319 99 4,742 2,264 52 704 3,603 55,430 June 4 1,974 22,480 3,394 491 225 78 3,876 1,653 40 570 2,366 37,790 June 11 1,974 22,478 3 394 491 145 68 3,629 1,646 40 643 496 2,366 37,370 June 18 14,362 126,069 16 837 4,964 469 345 18,045 6,861 650 7,556 2,695 10,068 208,921 Bills payable with Federal Reserve Bank: Secured by United States war obligations— May 21 36,830 295,840 86,023 13,476 8,233 2,272 54,179 22,698 4,285 17,639 15,585 20,505 577,565 May 28 37,186 296,553 82,545 12,146 7,711 2,552 54,094 22,262 4,066 15,702 15,885 20,039 570,741 June 4 34,398 310,928 83,045 9,831 6,993 2,597 51,109 20,398 2,898 15,530 16,060 19,761 573,548 June 11 32,091 319,325 82,805 11,478 8,073 2,507 51,078 16,643 3,158 12,237 14,878 19,027 573,300 June 18 27,612 241,827 68,260 10,368 6,927 1,607 36,899 15,487 2,229 14,673 103 9,350 435,342 Bills rediscounted with Federal Reserve Bank: Secured by United States war obligations- May 21 28,911 141,946 54,735 3,798 1,598 363 5,788 7,503 1,684 2,814 817 250,245 May 28 28,916 135 715 55,361 3,760 1,745 359 4,480 7,410 1,600 2,721 270 811 243,148 June 4 26,338 128,289 55,054 3,900 1,420 301 6,267 8,057 1,472 2,721 446 996 235,261 June 11 24,418 135,939 55,715 3,177 1,355 380 7,794 7,285 1,500 3,721 540 1,061 242,885 June 18 23,752 127,630 58,048 3,614 1,352 410 6,282 1,770 3,761 521 729 236,567 All other- May 21 50,151 168,758 20,619 29,577 5,509 3,927 174,957 55,014 40,811 32,482 5,731 41,878 629,413 May 28 47,220 177,322 23,042 26,763 5,665 4,061 165,912 54,568 42,346 32,866 6,170 36,367 622,302 June 4 55,049 219,657 25,077 26,300 7,113 3,672 176,651 57,137 37,420 30,944 3,791 28,720 671,531 June 11 49,366 206,009 25,740 22,770 7,814 7,061 163,348 46,570 36,781 28,832 4,567 37,222 636,080 June 18 54,881 180,738 25,619 26,801 8,144 7,331 168,011 45,767 32,454 27,527 3,018 29,706 609,997 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 FEDERAL RESERVE BULLETIN. JULY, 1020. Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank cities and in Federal Reserve Branch cities as at close of business on Fridays, from May 21 to June 18, 1920—Con. 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES. [In thousands of dollars.] di Y s N t o r e i r w c k t.1 d C is la l t e r n i v c d e t - .* di m R st i o r c n i h c d - ts d A is t t l r a i n c t t a .4 d C is h t i r c i a c g t. o 5 S d t i . s t L ri o c u t. i 6 s d K is C a tr n it i s y c a t s .7 d D is a tr ll i a c s ts F d r i a s S n tr a c i i n c s t c .9 o Total. Number of reporting banks: May21 10 40 19 24 12 18 19 12 44 198 May28 10 40 19 24 12 18 19 12 44 198 June 4 10 40 19 24 12 18 19 12 44 198 June 11 10 40 19 24 12 18 19 12 44 198 June 18 10 40 19 24 12 18 19 12 44 198 United States bonds ta secure circulation May21 1,599 24,896 5,608 6,915 ,,1.905 5,280 4,387 7,108 13,185 70,883 May 28 1,599 24,896 5,608 6,915 i;905 5,280 4,387 7,108 13,185 70,883 June 4 1,599 24,896 5,60S 6,915 1,905 5,280 4,387 7,108 13,185 70,883 . June 11 ],599 24,896 5,608 6,915 1,905 5,280 4,387 7,108 13,185 70,883 June 18 1,599 24,896 5,608 6,930 1,905 5,280 4,387 7,108 13,185 70,898 Other United States bonds, including Liberty bonds: May21 11,618 41,868 9,120 22,566 18,070 7,485 6,051 7,242 21,517 145,537 May28 11,463 41,452 9,138 22,747 17,461 7,427 6,023 7,241 21,344 144,296 June 4 10,845 41,442 9,228 22,504 17,570 7,396 5,914 7,274 21,575 143,748 June 11 11,140 42,881 9,219 22,669 17,645 7,564 5,650 7,272 21,298 145,338 June 18 11,427 41,657 9,150 22,571 17,605 7,545 5,680 7,266 21,285 144,186 United States Victory notes: May 21 2,299 14,348 2,943 3,255 18,565 1,993 657 1,237 8,070 53,367 May 28 2,619 13,978 2,887 2,913 18,557 1,985 634 1,233 8,211 53,017 June 4 2,562 14,039 2,887 2,907 18,555 1,952 642 1,229 7,895 52,668 June 11 2,476 14,620 2,883 2,845 18,549 2,052 639 1,229 7,745 53,038 June 18 2,112 14,222 2,873 2,896 18,550 1,956 642 1,206 7,779 52,236 United States certificates of indebtedness: May 21 12,018 22,535 6,505 14,690 35,151 1,837 4,333 4,396 16,118 117,583 May28 11,968 21,847 6,155 14,361 35,649 1,864 4,308 4,446 15,910 116,508 June 4 11,558 22,513 6.153 14,310 37,437 1,898 4,317 4,458 17,112 119,756 June 11 11,59? 23,539 5,975 14,378 37,553 1,951 4,279 4,826 16,291 120,389 June 18 12,474 20,922 3,201 8,156 31,530 1,661 3,419 2,821 12,227 96,411 Total United States securities owned: May 21 27,534 103,647 24,176 47,426 73,691 16,595 15,428 19,983 58,890 387,370 May28 27,649 102,173 23,788 46,936 73,572 16,556 15,352 20,028 58,650 384,704 June 4 26,564 102,890 23,876 46,636 75,467 16,526 15,260 20,069 59,767 387,055 June 11 26,812 105,936 23,685 46,807 75,652 16,847 14,955 20,435 58,519 389,648 June 18 27,612 101,697 20,832 40,553 69,590 16,442 14,128 18,401 54,476 363,731 Loans secured by Government war obligations, including rediscounts with Federal Reserve Bank: May 21 9,990 45,325 10,985 16,694 14,370 11,519 9,183 2,140 17,095 137,301 May 28 10,325 47,332 11,170 16,762 14,573 11,808 9,799 2,326 17,327 141,422 June 4 9,719 47,044 10,994 17,404 14,846 11,638 10,073 2,419 16,215 140,352 June 11 9,764 46,246 10,654 18,079 14,288 11,599 9,866 2,432 16,001 138,929 June 18 9,705 45,491 10,116 17,762 14,127 11,588 9,873 2,485 16,174 137,321 Loans secured by stocks and bonds, other than United States securities: May 21 52,964 166,337 33,016 41,301 60,628 35,725 21,712 15,317 73,359 500,359 May 28 52,360 158,943 33,095 41,067 60,926 36,109 21,749 15,450 73,004 492,703 June 4 52,323 161,421 32,651 38,415 59,781 36,324 21,791 15,447 71,622 489,775 June 11 52,196 166,300 32,434 43,224 60,916 36,328' 21,774 15,344 70,951 499,467 June 18 52,687 162,853 32,454 38,857 59,831 35,991 21,792 15,492 70,849 490,806 All other loans and investments, including rediscounts with Federal Reserve Bank: May 21 180,844 451,812 118,676 262,756 329,474 125,322 161,768 81,424 458,605 2,170,681 May 28 178,830 460,572 118,034 263,687 330,051 125,090 158,760 80,810 465,019 " 2,180,853 June 4 178,855 450,376 119,801 260,711 331,919 120,310 158,144 78,502 463,700 2,162,318 June 11 184,413 456,082 120,491 253,190 335,198 118,906 158,620 78,115 464,905 2,169,920 June 18 180,009 463,319 118,580 256,620 336,298 118,544 160,185 77,458 456,359 2,167,372 Total loans and investments, including rediscounts with Federal Reserve Bank: May 21 271,332 767,121 186,853 368,177 478,163 189,161 208,091 118,864 607,949 3,195,711 May 28 269,164 769,020 186,087 368,452 479,122 189,563 205,660 118,614 614,000 3,199,682 June 4 267,461 761,731 187,322 363,166 482,013 184,798 205,268 116,437 611,304 3,179.500 June 11 273,185 774,564 187,264 361,300 486,054 183,680 205,215 116,326 610,376 3,19?, 964 June 18 270,013 773,360 181,982 353,792 479,846 182,565 205,978 113,836 597,858 3,159,230 Reserve balances with Federal Reserve Bank: May 21 18,375 54,887 12,300 21,555 27,248 9,216 14,749 8,414 41,098 207,842 May 28 18,322 52,339 11,292 19,986 28,365 9,209 16,282 8,436 40,133 204,364 June 4 18,984 54,755 13,851 21,050 28,436 8,881 13,641 8,200 40,389 208,187- June 11 18,399 53,171 14,038 21,885 29,379 9,117 14,321 8,730 40,643 209,683 June 18 18,870 53,031 14,479 17,790 30,495 8,979 14,058 8,266 40,346 206,314 Cash in vault: May 21 3,574 15,137 5,859 7,289 13,021 4,067 5,606 2,801 16,087 73,441 May 28 3,473 14,018 6,501 7,034 13,186 4,176 5,410 2,797 16,418 73,013 June 4 3,875 15,929 5,814 7,927 14,818 4,147 5,604 3,653 14,626 76,393 June 11 3,495 14,165 5,724 7,319 14,014 3,867 5,855 2,953 13,922 71,314 June 18 3,397 15,427 5,589 7,503 15,082 3,473 5,322 2,687 15,240 73,720 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 159 Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve Bank cities and in Federal Reserve Branch cities as at close of business on Fridays from May 21 to June 18, 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.i d C i l s a l t e n r v i d e c - ts d m i R st i o r c n i h c d - ts d A is t t l r a i n ct t . a * d C i h st ic ri a c g t o s S d t i . s t L ri o c u t. i 6 s d K is C a t n i r t i s y c a t s .' d D is a tr l i l c a t s .' F d r i a s S n tr c a i n i c s t c .* o Total. Net demand deposits on which reserve is computed: May 21 185,329 493,035 111,738 180,649 199,905 85,083 128,329 68,641 309,651 1,762,360 May28 181,396 485,015 110,043 181,116 204,951 85,498 127,872 67,548 305,917 1,749,356 June 4 182,309 495,057 113^214 186,344 203,335 84,176 127,016 67,341 306,852 1,765,644 June 11 182,602 498,217 115,685 178,309 216,551 84,255 129,823 67,267 309,323 1,782,032 June 18 178,179 501,101 112,774 175,581 214,019 82,607 125,439 66,981 303,491 1,760,172 Time deposits: May 21 42,945 118,857 20,130 89,092 225,284 40,650 49,747 21,948 259,392 868,045 May28 44,125 118,553 20,191 89,168 225,003 40,511 49,769 21,987 259,833 869,140 June 4 44,555 118,011 18,947 89, 645 226,015 40,573 50,599 22,185 261,070 871,600 June 11 44,982 117,174 19,001 89,387 226,823 40,476 50,282 21,936 260,998 871,059 June 18 45,406 116,992 19,071 89,140 223,124 40,930 49,821 22,304 261,717 868,505 Government deposits: May 21 461 7,386 229 2,122 1,874 461 1,188 447 766 14,934 May28 171 6,382 153 1,333 1,573 357 1,134 192 585 11,880 June 4 4,825 109 598 1,200 271 895 130 483 8,591 June 11 4,905 109 508 1,200 258 895 104 483 8,542 June 18 1,652 14,865 400 3,027 11,800 653 572 381 1,990 35,340 Bills payable with Federal Reserve Bank: Secured by United States war obligations- May 21 21,687 34,199 16,536 31,945 40,369 9,301 6,373 15,888 185,122 May28 21,483 31,104 18,318 30,724 40,458 8,527 6,424 7,799 16,806 181,643 June 4, 20,016 28,725 18,297 30,134 42,967 7,968 5,821 9,041 16,230 179,199 June 11 21,224 35,070 17,355 29,307 42,084 8,702 4,114 6,689 14,626 179,171 June 18 22,964 26,419 13,743 24,471 26,954 6,818 4,540 6,724 10,788 143,421 All other— May21 45 385 490 May 28 70 535 665 June 4 100 348 385 893 June 11 429 485 974 June 18 "ioo 254 85 285 724 Bills rediscounted with Federal Reserve Bank: Secured by United States war obligations- May 21 1,619 3,386 4,911 2,509 4,799 1,114 211 1,514 28,709 May28 1,592 11,112 3,914 5,216 2,519 5,103 1,371 382 1,575 32,784 June 4 1,631 10,625 3,755 5,013 2,627 5,074 1,613 346 1,257 31,941 June 11 1,550 9,484 3,435 6,320 2,598 5,079 1,517 394 1,092 31,469 June 18 1,334 9,512 2,942 6,387 2,949 4,943 1,371 303 1,115 30,856 All other- May 21 8,047 8,258 11,983 37,129 8,826 21,235 19,579 6,442 23,649 145,148 May2§ 9,779 9,992 12,396 37,589 11,667 21,442 18,783 6,659 23,971 152,278 June 4 9,249 9,743 12,003 34,541 12,237 19,283 16,424 6,841 24,294 144,615 June 11 7,468 7,936 11,022 33,568 11,205 19,115 16,384 6,700 23,639 137,037 June 18 9,487 6,583 11,261 31,222 13,064 18,813 20,185 6,494 24,507 141,616 1 Buffalo. 6 Louisville, Memphis, and Little Rock. 2 Pittsburgh and Cincinnati. i Omaha and Denver. 3 Baltimore. s El Paso and Houston. «New Orleans, Birmingham, Jacksonville, and Nashville. 9 Spokane, Portland, Salt Lake City, Los Angeles, and Seattle. 6 Detroit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

760 FEDERAL RESERVE BULLETIN. JULY, 1920, IMPORTS AND EXPORTS OF GOLD AND SILVER. Gold imports into and exports from the United States, distributed by countries. Imports. Exports. M 1 e D 0 n 1 a u 9 d y d r 2 i i a 0 n 2 n y . g 0 g s , M 1 D e 1 1 n a u 9 d v d r 2 i i a 0 n n 3 y . g 1 g s , o D m f 1 u o 9 M r 2 n i 0 a t n h . y g , J 1 e D u 0 n 1 n u 9 d e d r 2 i i a 0 n 1 n y . g 0 g s , J J a u F 1 n n 9 r e . o 2 1 0 m 1 . t 0 o , J J a u F 1 n n 9 r . e o 1 1 9 m 1 . 0 to , M 1 e D 0 n 1 a u 9 d y d r 2 i i a 0 n 2 n y . g 0 g s , M 1 D e 1 n 1 a u 9 d y d r 2 i i a 0 n n 3 y . g 1 g s , o D m f 1 u o 9 M r 2 n i 0 n a t . h y g , J 1 D e u 0 n 1 u n 9 d e d r 2 i i a 0 n 1 n y . g 0 g s , J J a u F 1 n n 9 r e . o 2 1 0 m 1 . 0 to , J J a u F 1 n n 9 r . e o 1 9 1 m 1 . 0 to , Belgium $335,906 France $330,668 $330,805 357,855 < Germany $10,000 Greece 70,000 70,000 70,000 Iceland $912 912 Italy 40,000 201,339 Netherlands 1,161,428 Norwav 3,324 3,324 Portugal . . . 1,783 $11,771 25,364 Switzerland 4,937 4,937 1,100 1,100 United Kingdom- England $1,491 73,280 81,444 1,013 56,102,541 $10,853 13,235 Total Europe 1,491 473,948 487,356 17,721 58,101,355 10,853 2,012 226,586 British Honduras 20 Canada 102,720 29,631 340,111 196,765 19,238,93626,912,086 $97,826 $165,920 380,761 $55,553 2,543,082 $478,570 Costa Rica 161,569 4,202 194,301 3,429 285,701 325,581 Guatemala 5,519 5,519 Honduras 700 620 29,064 14,139 127,006 106,502 19,000 Nicaragua 122,658 58,039 220,556 62,862 595,731 720,537 Panama 7,344 2,466 9,810 39,970 1,771 Salvador 10,996 11,342 12,009 140,591 419,184 20,000 1,000 Mexico 124,853 103,092 569,357 100,529 2,027,125 2,069,184 415,610 619,9151,771,928 578,585 14,442,786 3,863,862 Newfound land. . 61 Cuba 877 4,500 3,100 50,000 50,000 75,000 British West Indies.... 58,559 1,062 74,049 77,749 18,838 7,940 Virgin Islands of U. S.. 10,000 Dominican Republic.. 16,000 Dutch West Indies.... 43,000 53,000 96,000 96,000 Total North America 621,403 263,108 1,545,467 395,252 22,638,84830,576,844 513,436 835,8352,202,689 634,138 17,125,868 4,351,372 Argentina 4,647 7,070 30,340 89,995,000 Bolivia 10 5,542 1,069 Brazil 150 4,585 30,000 30,000 280,000 Chile 27,552 i,6is 28,662 37,726 263,763 105,644 400,000 C B E o c ri l u t o i a m s d h b o i G r a . uiana 1 4 3 3 6 6 3 , , , 7 4 3 4 0 0 9 0 8 1 5 6 5 4 , , 3 0 8 0 0 5 3 2 3 3 8 6 0 8 , , , 7 3 5 4 1 8 9 8 2 1,176 5 3 5 5 5 8 5 2 , , , 1 8 1 9 9 0 2 9 9 5 2 7 0 7 5 4 4 , , , 9 3 6 6 0 1 7 5 7 7 13 0 0 0 , , 0 0 0 0 Q 0 3,878 5 , , 7 0 9 0 5 5 Dutch Guiana 15,272 19,795 Peru 21 27,912 90,026 20,309 377,819 526,921 • 777,706 Uruguay 12,850,000 Venezuela 141,134 28,321 203,421 226,591 73,069 334,000 4,455,220 Total South America 389,811 276,636 984,988 59,211 1,874,S40 1,576,864 30,000 30", 000 104,689,000 9,136,521 China . ... 1,260 1,260 100 000 16,28f>,750 200 British India 6,000 11,750 491, 750 4,741,763 50 Straits Settlements.. 6,683,454 Dutch East Indies... 118,977 118,977 2,387,779 1,290,7871,000,0001,000,0002,000,0001,000,000 ID,' 845,105 901,000 Hongkong . ... 23,615,82323,615,823 23,615,82310,000,000 15,550 149,4701,756,370 61,100 22,902,482 Japan 1,000,1201,500,120 500,000 8,762,187 Total Asia 23,734,80023,736,060 26,004,86211,290,7871,021,5502,161,3405,848,2401,561,100 70,221,741 901,250 New Zealand 250 147,451 147,701 494,099 Philippine Islands 62,925 62,925 283,295 256,527 British South Africa.. 8,150 British West Africa.. 28,038 Portuguese Africa 43,873 54,795 168,380 206,107 282,343 Total all countries 1,119,75324,950,73827,132,877 472,1841109,603,40644,002,3681,564,9862,997,1758,082,9412,195,2382192,291,23314,389,143 1 Includes: Ore and base bullion, $9,265,000; United States mint or assay office bars, $1,000; bullion refined, $58,563,000; United States coin, $1,836,000, foreign coin, $39,938,000. 2 Includes: Domestic exports—ore and base bullion, $7,000; United States mint or assay office bars, $13,521,000: bullion refined, 1941,000; coin, $177,499,000. Foreign exports—coin, $323,000. Excess of gold exports over imports since Jan. 1,1920, $82,688,000. P^xcess of gold imports over exports, since Aug. 1,1914, $697,067,000. Excess of gold exports over imports since June 10, 1919, $403,952,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 761 Silver imports into and exports from the United States, distributed by countries. Imports. Exports. M 1 D e 0 n 1 u a d 9 v d r 2 i i a n 0 n 2 y g . g 0 s , M 1 D e 1 n 1 a u 9 d v d r 2 i i a 0 n n 3 y . g 1 g s , o D m f 1 u o 9 M r n 2 i 0 t a n h . y g , J 1 D e u 0 n 1 u n d 9 d e r 2 i i a n 1 0 n y g . 0 g s , J J a u F 1 n n r 9 . e o 2 1 m 0 1 . 0 to , J J a u F 1 n n r 9 . e o 1 9 1 m 1 . 0 to , M 1 D e 0 n 1 a u 9 d y d r 2 i i a n 0 n 2 y g . g 0 s , M 1 D e 1 n 1 u a d 9 y d r 2 i i a n 0 n 3 y g . g 1 s , o D m f 1 u o 9 M r 2 n i 0 a n th . y g , J 1 e D u 0 n 1 u n 9 d d e r 2 i i a n 0 1 n y g . 0 g s , J J a u F 1 n n r 9 . e o 2 1 m 0 1 . 0 to , J J a u F 1 n n r 9 e . o 1 1 9 m 1 . t 0 o , Denmark $578,728 France . $1,169 $7,952 $8,000 $64,960 18,327 $17,920 $17,920 $17,920 5,333,475 Netherlands 30,151 30,151 . 30,520 Norway . 14 260 14,453 1,086,406 Portugal 396 2,690 7,978 Sweden 42,260 87,256 Switzerland 55,666 United Kingdom- England $223,474 213 229,452 743,446 18,434 577,535 $76,710 768,295 2,092,55110,046,382 Total Europe 223,474 31,533 282,211 10,690 861,357 26,761 595,455 76,710 786,215 2,152,73117,187,913 British Honduras 39,170 218,382 193,445 56,352 316,619 123,510 1,962,155 3,867,232 103,227 57,995 243,787 $42,423 5,205,010 1,141,847 Costa Rica 18,151 608 22,291 539 39,534 24,504 Guatemala . 25 20,005 1,500 1,500 2,000 2,400 Honduras 1,400 293,900 127,532 1,426,562 1,258,668 2,305 2,400 4,705 10,000 366,505 52,550 Nicaragua 96,540 23,399 120,429 52,823 452,490 440,012 Panama 35 35 2,162 30,449 76,349 85,000 25,000 110,000 541,000 119,250 Salvador 9,292 17,957 52,260 30,251 3,528,560 220,187 Mexico 1,107,715 1,806,065 4,608,6971,749,241 32,234,11625,886,626 127,475 116,032 291,007 86,2i5 2,028,747 686,275 Newfoundland 11 British West Indies.... 8 31 6,949 2,296 17,255 8,044 Cuba 272 40,194 52,189 38,277 149,782 919,749 Virgin Islands of U. S.. 25,000 Dominican Republic 84 800 25,000 40,000 69,000 197,000 30,000 Dutch West Indies . 200 200 1,200 Frsnch West Indies 20 Haiti . .. 4,000 Total North America 1,425,151 1,906,016 5,414,7342,086,083 39,866,20432,046,456 343,007 242,927 758,276 288,420 9,306,206 2,040,366 Argentina 182 1,568 10,509 1,701 Bolivia 8,026 14,034 12,119 675,448 105,968 Brazil 23 293 2,333 171 Chile 85,687 10,105 128,784 119,147 1,754,611 655,859 Colombia 16,875 51,420 107,288 4,354 172,933 79,251 2,000 Ecuador 3,887 4,689 16,886 29,430 7,907 British Guiana 33 1,946 Dutch Guiana 6,380 378 1,002 3,400 Pern 269,359 469,556 1,774,174 329,495 6,662,804 4,742,047 Venezuela 33 33 33 280 10,000 Total South America 375,990 543,829 2,042,790 465,115 9,312,441 5,591,345 378 15,036 7,517 China 11,974 3,035,7523,035,752 46,342,883 2,459,792 British India 223,211107,348,592 Dutch East In lies 218,048 218,048 1,882,749 540,327 French East Indies 266,931 4,058,373 Hongkong 1 650 1,039,9262,013,568 312,156 16,201,620 2,665,561 Japan 40 40 40 Russia in Asia 970 970 11,660 Turkey in Asia 38,511 38 511 38 511 Total Asia 38,511 218,048 256,559 1,934,884 540,327 4,075,718 5,317,261 312,156 66,827,097112,485,605 N©T>V Z 63,19,11(1 201 201 3 6641 PhiliDT)iiiG Islands 1 250 1 250 8,039 5,498 British South Africa... 6^097 6,097 6,097 76,822 British West Africa 5,480 Portuguese Africa 5,177 5,545 79,053 86,657 28,288 Total, all countries 2,075,650 2,705,172 8,082,8952,561,888 152,079,34338,315,497 938,4624,395,3556,862,130 600,576 2 78,306,610131,721,401 1 Includes: Ore and base bullion, $40,829,000; United States mint or assay office bars, $3,000; bullion refined, $4,241,000; United States coin, $256,000; foreign coin, $6,750,000. 2 Includes: Domestic exports—ore and base bullion, $5,000; United States mint or assay office bars, $3,411,000; bullion refined, $45,493,000; coin, $13,470,000. Foreign exports—ore and base bullion, $1,000; bullion refined, $12,516,000; coin, $3,410,000. Excess of silver exports over imports since Jan. 1,1920, $26,227,000. Excess of silver exports over imports since Aug. 1, 1914, $455,599,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 FEDERAL RESERVE BULLETIN. JULY, 1920. General stock of money in the United States, money held by the Treasury and by the Federal Reserve System, and all other money in the United States, June 1, 1920. General stock. G U a T H o n s r s e v i e t e l e e a d t r d s s n u i o m n S r f y t e t a t h n a h t e e t s e . s 1 F H ed B e e l a a d r n g a b k l e y n s R t a s e o n . s r e d f r o v r e F U e T H d r n e e e S i l r a t d y e a s s d l u o t r R e u S y m t e t s a s a i . e n d te r d e v s e c U T A F a r n p e m e i i d a t t e o s a e d u u r o a r n S y l u t t t R p a s a i e n t e d e - r d e s serve System. Gold coin (including bullion in Treasury)2 $2,663,730,358 $391,225,276 $1,287,833,008 $408,319,283 Gold certificates 310,704,940 265,647,851 Standard silver dollars 268,'798," 602*' """"7,'473,*ii9" 3 60,199,036 74,175,582 Silver certificates 20,460,577 104,829,460 Subsidiary silver 257,506,146 8,052,481 249,453,665 Treasury notes of 1890 1,660,828 United States notes 346,681,016 9,490,672 * 59,281,009 277,909,335 Federal Reserve notes 3,357,807,675 22,274,609 234,101,115 3,101,431,951 Federal Reserve Bank notes 192,739,700 1,998,693 13,901,271 176,839,736 National bank notes 717,264,887 22,284,476 2,102,269 692,878,142 Total: June 1,1920. 7,801,528,384 462,799,326 1,988,583,225 5,353,145,833 $50.00 May 1,1920.. 7,755,953,906 488,928,232 1,976,153,519 5,290,872,155 49.45 Apr. 1, 1920. 7,761,146,018 503,309,638 1,984,495,464 5,273,340,916 49.33 Mar. 1, 192Q. 7,806,311,880 546,960,744 1,981,490,058 5,277,861,078 49.41 Feb. 1, 1920. 7,744,769,263 625.142,749 2,009,651,988 5,109,974,526 47.88 Jan. 1,1920.. 7,961,320,139 604,888,833 2,044,422,303 5,312,009,003 49.81 July 1,1919.. 7,588,473,771 578,848,043 2,167,280,313 4,842,345,415 45.00 Jan. 1,1919.. 7,780,793,606 454,948,160 2,220,705,767 5,105,139,679 47.83 July 1,1918.. 6,742,225,784 356.124,750 2,018,361,825 4,367,739,209 41.31 Jan. 1,1918.. 6,256,198,271 277,043,358 1,723,570,291 4,255,584,622 40.53 July 1,1917.. 5,480,009,884 253,671,614 1,280,880,714 3,945,457,556 37.88 i Includes reserve funds held 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 Bank 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 July 1, 1920. Discounted bills matur- Discounted bills secured ing within 90 days (in- otherwise than by Govcluding member banks' ernment war obliga- 15-day collateral notes) tions, also unsecured, secured by— maturing within— Bankers' Trade acceptances acceptances Federal Reserve Bank. Treasury cer- Liberty 3 m w m at i o u th n r i i t n n h g s. m 9 w 0 a t i d u th a r i y i n n s g . 90 m c d l e u a m d y i s b n e g ( r in- d 9 a 1 y s to ( a 1 g 8 r 0 itificates of bonds and banks' cultural and indebted- Victory 15-day live-stock ness. notes. collateral paper). notes). Boston 5* 6 7 New York 6 7 Philadelphia. 6 Cleveland 5} Richmond 5J 6 6 6 Atlanta 5* 5J 6 Chicago 6 6 7 St. Louis 6 Minneapolis.. 5* 6i Kansas City.. 5 6 Dallas.. 5i San Francisco 5i 6 6 6 1 Discount rate corresponds to interest rate borne by certificates pledged as collateral, with minimum of 5 per cent. 2 5J per cent on paper secured by 5 J per cent certificates, and 5 per cent on paper secured by 4| and 5 per cent certificates. NOTE.—Rates shown for Atlanta, St. Louis, Kansas City, and Dallas are normal rates, applying to discounts not in excess of basic lines fixed for each member bank by the Federal Reserve Bank. Rates on discounts in excess of the basic line are subject to a £ per cent progressive increase for each 25 per cent by which the amount of accommodation extended exceeds the basic line. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

763 JULY, 1920, FEDERAL RESERVE BULLETIN. FOREIGN EXCHANGE RATES. Monthly ranges of exchange rates on leading foreign centers, quoted in New York during the three months ending June, 1920. April. May. June. Exchange at par. Low. High. Low. High. Low. High. London: Demand bills dollars lor £.. 4.8665 3.8075 4.0175 3.8075 3.9150 3.8950 3.9875 Cable transfers do— 4.8665 3.8150 4.0250 3.8150 3.9225 3. 9025 3.995 Paris: Demand bills dollars for 100 francs.. 19.30 5.8582 6.9348 5. 9808 7.950 '7.570 8.390 Cable transfers do 19.30 5.8651 6.9444 5.988 7.960 7.580 8.40 Berlin dollars for 100 marks.. 23.82 1.42 1.95 1.74 2.94 2.23 2.75 Milan: Demand bills dollars lor 100 lire., 19.30 3.7425 4.9140 4.58 6.04 5.40 6.21 Cable transfers do 19.30 3.7453 4.9382 4.5875 6.05 5.41 6.22 Prague dollars for 100 kronen *. 20.26 1.35 1.71 1.58 2.81 2.17 2.50 Vienna do 20.26 .42 .55 .46 .76 .67 .80 Jugo-Slavia do — 20.26 .63 • .80 .60 .75 .80 1.60 Warsaw. dollars for 100 marks 1.. 23.82 .50 .70 .46 .55 .52 .65 Brussels : dollars for 100 francs., 19.30 6.2617 7.3855 6.3775 8.17 7.93 8.74 Madrid dollars for 100 pesetas. 19.30 16.95 17.90 16.40 16.97 16.25 16.70 Helsingfors dollars for 100 markkal. 19.30 5.30 5.71 4.75 5.65 4.50 5.25 Athens dollars for 100 drachma. 19.30 10.95 11.3750 11.45 11.65 11.45 12.90 Sofia dollars for 100 lev 1.. 19.30 1.50 2.25 1.45 1.75 1.55 2.10 Bucharest doDars for 100 leil. 19.30 1.50 1.90 1.61 2.76 2.10 2.50 Belgrade dollars for 100 dinarl. 19.30 2.12 3.30 2.20 3.20 2.55 6.45 Amsterdam dollars for 100 florins. 40.20 36.25 37.50 36.25 36.70 35.45 36.625 Stockholm dollars for 100 kronor., 26.80 21.05 22.20 20.75 21.65 21.45 22.00 Copenhagen dollars for 100 kroner.. 26.80 16.92 18.80 16.27 17.05 16.33 17.15 Christiania do 26.80 19.10 20.40 17.92 19.20 16.27 17.95 Zurich dollars for 100 francs., 19.30 17.6366 18.1159 17.52 17.90 17.95 18.25 Canada dollars for 100 Canadian dollars2., 100-00 90.00 92.25 89.00 91.625 87.125 89.125 Mexico City dollars for 100 pesos J. 49.85 47.875 51.50 48.00 50.50 49.25 50.25 Bogota dollars for 100 Colombian dollars *. 97.33 105.00 107.00 104.50 106.50 106.50 109.50 Montevideo centavos to dollar1.. 96.69 102.20 99.30 102.50 98.50 108.00 100.50 Buenos Aires dollars for 100 gold pesos. 96.48 97.39 98.30 96.48 97.16 94.70 100.12 Rio de Janeiro dollars for 100 paper milreis3. 54.62 26.3750 27.25 26,00 26.375 23.625 26.00 Valparaiso dollars for 100 paper pesos4. 36.50 19.75 22.00 18.875 20.25 17.85 19.625 Yokohama dollars for 100 yen. 49.85 47.50 49.75 49.75 52.00 49.50 51.30 Hongkong dollars for 1Q0 Hongkong dollars. 92.00 97.50 80.00. 94.00 72.75 84.00 Shanghai dollars for 100 Shanghai taels. 125.00 148.00 113.50 130.00 98.00 116.00 Singapore dollars for 100 Singapore dollars. 56.78 46.00 49.00 46.00 46.50 46.50 47.50 Calcutta dollars for 100 rupees. 32.44 45.75 47.25 41.25 45.75 38.25 43.50 London average price of silver—rate of conversion £ = $4.8665 (dollars per fine ounce) 1.50994 1.31721 1.11934 New York average price of silver (dollars per fine ounce). 1.20576 1.03495 . 92789 1 Cable rates. 2 Check (demand). 3 Rate for a gold milreis. • Rate for a gold peso. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 FEDERAL RESERVE BULLETIN. JULY, 19^0. CONDITION OF MEMBER BANKS. Abstract of condition reports of State bank and trust company members in each Federal Reserve district on May 4, 1920. [In thousands of dollars.] D N is o t . r i 1 ct D N is o t . r i 2 ct D N is o t . r i 3 ctD N is o t . r i 4 ctD N is o t . r i 5 ctD N is o t . r i 6 ct D N is o t . r i 7 ct D N is o t . r i 8 c t D N is o t . r i 9 c t D N is o t . r i 1 c 0 t D N is o t . r i 1 c 1 t D N i o st . r 1 ic 2 t U T n o i t t a e l d (36 (131 (39 (105 (51 (70 (335 (81 (95 (56 (133 (174 States banks). banks). banks).banks).banks).banks). banks). banks), banks), banks), banks), banks). (1,306 banks). RESOURCES. Loans and discounts 431,9772,113,319 172,761 451,147 107,722 217,628 ,090,496 247,095 80,855 73,106 71,517 451,3705,508,993 C O u v s e t r o d m ra e f r ts s' liability on account 215 806 115 487 138 920 819 415 216 242 458 871 5,702 of letters of credit 5 1,723 Customers' liability on account 1,617 3 13 85 of acceptances 24,923 1,375 2,148 7,105 11,354 137 124 230,015 Liberty bond3 (exclusive of Lib- 131,845 9,814 38,942 2,248 erty bonds borrowed) 13,430 14,067 5,391 14,035 10,903 3,360 6,487 4,210 339,777 Other United States bonds (ex- 151,409 30,175 49,678 36,632 clusive of United States bonds borrowed) 119 263 1 142 20 121 9,564 22 80 41 26 3,056 13,455 United States Victory notes 6,666 36,607 3,879 8,943 1,464 2,370 30,331 2,151 514 1,399 * 643 8,696 103,663 United States certificates of indebtedness 18,917 115,324 16,351 12,785 972 8,425 42,724 7,806 1,775 1,313 3,322 19,512 249,226 War savings and thrift stamps, and Treasury savings certificates actually owned 106 25 138 31 69 388 43 52 94 108 120 1,217 Stock of Federal Reserve Bank.. 1,9 10,522 2,131 3,161 608 1,116 4,782 1,380 348 274 1,628 28,282 Other bonds, stocks, etc. (exclusive of securities borrowed) 96,150 486,426 99,148 173,286 13,051 26,503 234,335 41,876 7,897 10,415 835 103,0021,292,924 Banking house 9,698 54,895 7,644 17,235 2,887 7,947 19,693 6,748 1,524 749 1,271 12,005 142,296 Furniture and fixtures 758 1,198 547 1,330 258 720 2,927 1,063 450 342 638 2,614 12,845 Other real estate owned 850 6,448 2,304 6,763 530 2,767 1,800 1,194 451 110 406 3,236 26,859 Lawful reserve with Federal Reserve Bank 42,210 304,628 21,249 37,836 6,745 10,267 95,449 23,170 4,734 6,353 5,809 31,979 599,429 Gold coin and certificates 1,811 9,057 550 181 93 258 2,719 358 168 176 77 17,426 All other cash in vault 15,333 46,537 4,801 14,040 3,171 6,622 36,200 5,274 2,070 1,664 2,298 10',030 148,040 Items with Federal Reserve Bank in process of collection.. 13,954 54,341 5,288 6,066 2,189 7,458 17,335 10,410 498 2,712 4,404 125,337 Due from banks, bankers, and trust companies 26,183 120,217 14,184 32,568 14,640 39,531 81,74! 25,290 10,063 14,263 12,587 45,584 436,855 Exchanges for clearing house, also checks on other banks in same place 12,30^ 170,316 2,672 6,839 1,129 7,235 29,342 4, 641 2,166 8,471 246,512 Outside checks and other cash items 1,990 8,990 313 2,449 277 1,107 15,306 1,599 433 501 500 4,451 37,916 Approximate interest earned but not collected , 549 12,043 720 799 77 562 1,938 711 296 143 50 2,518 20,406 Other assets 4,398 102,551 2,15' 3,050 280 731 11,755 972 273 118 770 2,384 129,439 Total 724,452 9,465 372,287 819,237 163,821 372,4971,818,279 404,602 116,698 122,805 107,320 756,8749,718,337 LIABILITIES. Capital stock paid in 31,856 166,447 23,775 39,380 13,034 23,572 91,434 26,235 9,146 6,455 9,041 41,161 481,536 Surplus fund 35,9r 185,085 47,321 67,622 9,044 14,990 20,491 2,974 2,809 3,942 18,169 486,840 Undivided profits, less expenses 78,476 and taxes paid 12,595 62,466 9,025 15,801 3,217 3,864 6,021 1,404 1,274 10,610 151,142 Approximate interest and dis- 23,166 count collected but not earned. 1,744 7,880 108 872 339 876 1,131 142 143 1,546 17,746 Amount reserved for taxes 2,703 accrued 1,229 10,11 615 1,421 176 693 612 97 151 50 433 18,863 Amount reserved for interest 3,273 accrued 1,010 9,830 654 1,012 372 646 3,226 477 116 186 41 2,073 19,643 Due to Federal Reserve Bank... 865 143 35 537 234 103 427 81 2,508 Due to banks, bankers, and 78 trust companies 21,579 321,397 8,544 19,362 14,268 43,275 86,158 33,865 11,411 15,127 7,475 604,365 Certified and cashiers' or treas- 21,904 urers' checks outstanding 9,041 128,363 1,242 6,048 1,372 3,504 16,772 2,841 1,493 2,595 1,144 182,685 Demand deposits 445,982 , 340,055211,322 296,837 63,569 159,212 659,272 169,221 35,542 59,181 65,957 8,237100 4,713,460 U Ti n m it e e d d e S p t o a s te it s s deposits 12 4 1 , , 0 1 6 6 4 2 3 5 4 8 9 , , 1 5 8 2 9 8 38,624 33 2 7 , ,6 3 2 7 4 9 43,900 90,347 747,276 10 1 2 , , 1 5 4 41 3 47,52 4 4 0 26,066 12,428 207,3102,33 7 7 6 , , 6 5 3 2 5 1 Bills payable with Federal Re- 2,638 463 2,64" 3,448 150 440 420,615 serve Bank 114,271 17,027 16, 452 294,097 Bills payable other than with 25,395 7,370 18,000 59,352 5,918 3,034 920 Ca F s e h d , e le ra tt l e R rs e s o e f r v cr e e d B i a t, n a k nd trav- 38: 3,429 707 1,134 4,292 2,987 2,433 6,920 4,701 2,461 1,718 15,407 35,216 A O c t e h c le e e r p r s t l ' a i c a n h b c e e il c s i k ti s e s outstanding 26,4 5 2 8 * ( 1 3 35 7 8 , , , 8 5 9 4 1 1 ' 0 2 1,3 9 7 0 5 7 9 2 , , 8 2 1 1 6 0 3 0 8 25 7, 4 33 2 1 6 8 3 2 8 , , 0 6 1 8 4 3 3 8 2 1 5 1 , , 3 3 0 2 1 9 8 0 246 13 2 ' 8 12 1 4 4 2 , , 0 2 1 4 4 6 9 0 5 2 5 3 9 1 5 , , , 3 2 4 7 8 2 4 4 2 Total. 724,452 19, 465 372,287 819,237 163,821 372,4971,818,27S 404,602 116,698 122,805 107,320 7516,,8972-49,718,337 Liability for rediscounts with Federal Reserve Bank 33,881 s, 45: 11,090 4,03c 31,794 77,123 30,833 3,174 5,259 2,425 12,067 326,108 Liability for rediscounts with other banks I: 158 1,407 1,57 2,669 34? 271 2,782 10,765 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL RESERVE BULLETIN. 765 Abstract of condition reports of State bank and trust company members of the Federal Reserve system on May 4, 1920, arranged by classes. [In thousands of dollars.] Central reserve city banks. Other Total Total reserve Country United United ( N 3 e 2 w b a Y n o k r s k ).(1 C 3 h b i a c n ag k o s),(1 S 5 t. b L an ou k i s s ).(60 T b o a t n a k l s) b b a c ( a n 1 i n 7 t k y k 7 s s ). b b a (1 a n , n 0 k k 6 s s 9 ). b M S ( 1 a 1 t 9 a n , a 3 2 y k t 0 0 e s 4 . 6 s ) , D b S ( 1 e a 1 t 9 c n , a 1 1 . k t 8 9 e 3 s . 1 s 1 ) , RESOURCES. Loans and discounts 1,660,615 429,917 124,796 2,215,328 1,933,455 1,360,210 5,508,993 5,249,833 Overdrafts 670 220 94 984 2,542 2,176 5,702 5,362 Customers' liability on account of letters of credit 1,617 12 1,629 85 9 1,723 1,016 Customers' liability on account of acceptances 126,796 36,971 9,964 173,731 50,121 6,163 230,015 231,019 Liberty bonds (exclusive of liberty bonds borrowed).. 113,722 6,602 4,108 124,432 116,094 99,251 339,777 335,752 Other United States bonds (exclusive of U. S. bonds borrowed) 151 9,359 3,522 574 13,455 9,851 United States Victory notes 23,387 4,442 368 28,197 43,292 32,174 103,663 131,057 United States certificates of indebtedness 95,819 5,092 6,054 106,965 106,241 36,020 249,226 307,026 War savings and thrift stamps" and Treasury savings certificates actually owned 42 28 3 73 386 758 1,217 1,327 Stock of Federal Reserve Bank 8,231 2,303 820 11,354 10,614 6,314 28,282 25,850 Other banks, stocks, etc. (exclusive of securities borrowed-) 304,711 76,190 29,110 410,011 557,361 325,552 1,292,924 1,300,952 Banking house 40,543 2,799 2,554 45,896 59,100 37,300 142,296 132,434 Furniture and fixtures 136 104 642 882 5,140 6,823 12,845 11,164 Other real estate owned 4,130 91 186 4,407 16,758 5,694 26,859 25,748 Lawful reserve with Federal Reserve Bank 256,956 47,969 14,591 319,516 185,982 93,931 599,429 591,702 Gold coin and certificates 8,224 1,638 69 9,931 3,422 4,073 17,426 17,692 All other cash in vault 31,429 9,954 2,269 43,652 55,533 48,855 148,040 165,756 Items with Federal Reserve Bank in process of collection 38.179 9,657 5,493 53,329 56,683 15,325 125,337 122,640 E D x u c e h f a ro n m ge s b a f n o k r s c , l b e a ar n i k n e g r s h , o a u n s d e, t r a u ls s o t c c o h m ec p k a s n i o es n other 89,927 26,192 fc 6,706 122,825 181,316 132,714 436,855 676,704 banks in same place 162,013 15,439 2,706 180,158 53,023 13,331 246,512 446,317 Outside checks and other cash items 7,020 8,721 614 16,355 14,390 7,171 37,916 64,653 Approximate interest earned but not collected 9,686 977 463 11,126 5,907 3,373 20,406 24,257 Other assets 100,158 9,685 171 110,014 13,108 6,317 129,439 35,595 Total ' 3,084,162 704,211 211,781 4,000,154 3,474,075 2,244,108 9,718,337 9,913,707 LIABILITIES. Capital stock paid in 121,720 35.250 12,850 169,820 173,315 138,401 481,536 436,324 Surplus fund 154,109 42,000 14,555 210,664 195,553 80,623 486,840 454,877 Undivided profits, less expenses and taxes paid 47,202 9,295 3,454 59,951 52,241 38,950 151,142 115,300 Approximate interest and discount collected but not earned 6,321 1,949 742 9,012 6,204 2,530 17,746 15,803 Amount reserved for taxes accrued 8,964 2,305 325 11,594 5,177 2,092 18,863 15,681 Amount reserved for interest accrued 7,020 1,359 285 8,664 6,349 4,630 19,643 10,592 Due to Federal Reserve Bank 413 3 416 522 1,570 2,508 1,324 Due to banks, bankers, and trust companies 292,485 49,340 9,884 351,709 182,413 70,243 604,365 755,303 Certified and cashiers' or treasurers' checks outstanding 122,956 7,683 1,176 131,815 35,517 15,353 182,685 303,064 Demand deposits 1,868,515 309,729 93,231 2,271,475 1,430,089 1,005,896 4,713,460 4,834,830 Time deposits 143,094 191,842 54,527 389,463 1,156,058 792,114 2,337,635 2,165,786 United States deposits 55,694 775 697 57,166 13,783 5,572 76,521 201,710 Bills payable with Federal Reserve Bank 79,852 14,120 10,003 103,975 135,779 54,343 294,097 309,197 Bills payable other than with Federal Reserve Bank.. 300 300 11,756 23,160 35,216 14,311 Cash letters of credit and travelers' checks outstanding. 8,905 73 10 8,988 372 14 9,374 8,087 Acceptances 130,798 36,696 9,944 177,438 51,853 6,131 235,422 233,379 Other liabilities 36,227 1,382 95 37,704 11,094 2,486 51,284 38,139 Total. 3,084,162 704,211 211,781 4,000,154 3,474,075 2,244,108 9,718,337 9,913,707 Liability for rediscounts with Federal Reserve Bank.. 83,088 58,005 12,395 153,488 136,739 35,881 326,108 318,261 Liability for rediscounts with other banks 4,150 6,615 10,765 8,028 Ratio of reserve with Federal Reserve Bank to net deposit liability (per cent) 12.5 12. £ 13.7 12.1 6.9 10.5 10.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

766 FEDERAL RESERVE BULLETIN. JULY, 1920. Classification of loans and discounts of State bank and trust company members of the Federal Reserve System, as shown by their condition reports for May 4, 1920. [In thousands of dollars.] D b N a i ( o s n 3 . t 6 k r s i 1 c ), t D b N a i ( n 1 s o 3 . t k 1 r s i 2 c ). t D b N a i ( s o n 3 . t 9 k ri s 3 c ) t . D b N a i (1 s o n 0 . t k 5 ri s 4 c ). t D b N a is ( o n 5 . t 1 k ri s 5 c ) t . D b N a is ( o n 7 t , 0 k ri s 6 c ) t . D b N a i ( n 3 s o 3 . t k 5 r s i 7 c ). t D b N a i ( o s n 8 . t 1 k r i s 8 c ) t , D b N a i o ( s n 9 . t k r 5 i s 9 c ) t , D b N a i o s n (5 t . k r 6 1 i s 0 c ) t , D b N a i ( n s o 1 t k . r 3 s i 1 3 c 1 ) t , b D N a i ( n s 1 o t k 7 . r s i 4 1 c ) 2 . t b U S ( T a 1 n t n o , a 3 i k t t t 0 a e e s 6 l s d ). On demand: Not secured by collateral... # 26,835 56,511 5,571 21,807 2,756 8,219 32,875 10,708 4,247 3,602 3,926 17,896 194,953 Secured by Government war obligations 2,214 38,115 5,249 7,097 888 1,347 10,812 2*419 214 145 908 991 70,399 Secured by other collateral.. 70,610 593,132 82,436 94,984 14,462 50,368 153,574 39,019 3,779 7,440 7,092 21,,55871,138,483 On time: Not secured by collateral 227,030 908,454 41,177 134,433 51,956 98,563 500,918 111,021 35,692 30,406. 20,212 157,419 2,317,281 Secured by Government war obligations 29,363 201,592 23,478 21,047 5,624 8,548 34,517 8,857 1,236 1,971 948 8,658 345,838 Secured by other collateral.. 62,040 363,367 23,172 72,453 28,665 70,358 203,562 77,199 22,599. 26,815 34,892 66,2411,051,3d3 Secured by real estate mortgages or other real estate liens or deeds 43,601 54,647 7,036 109,713 12,106 210,575 30,888 16,421 8,844 4,309 180,949 686,785 Acceptances of other banks discounted 4,185 75,990 500 1,- 176 2,197 23,359 3,977 196 3 151 11,423 123,746 Acceptances of this bank purchased or discounted 2,674 15,085 658 1,149 297 1,891 1,116 513 1,271 24,654 Loans and discounts not classified 46 24 12,861 1,775 14,706 Total loans and discounts 468,552 2,306,893 189,277 464,272 112,566 253,6211,184,169 284,601 84,383 79,226 74,213 466,435 5,968,208 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1920. FEDERAL, RESERVE BULLETIN. 767 Abstract of condition reports of all member banks in each Federal Reserve district on May 4, 1920 (including 7,985 national banks and 1,306 State banks and trust companies). [In thousands of dollars.] District District DistrictDistrict District District DistrictDistrict District District DistrictDistrict Total No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 United "b ( a 4 n 3 k 1 s). ba ( n 76 k 9 s). ba (6 n 8 k 7 s).ba ( n 85 k 7 s). ba (5 n 9 k 4 s). ba ( n 43 k 6 s). b ( a 1 n ,3 k 8 s 8 ). (557 ba (9 n 6 k 0 s), b ( a 1 n ,0 k 5 s 7 ). ba (7 n 8 k 1 s) ba ( n 77 k 4 s). b ( a 9 n ,2 k 9 s 1 ). RESOURCES. Loans and discounts 1,270,347 5,236,058 1,017,055 1,509,605837,221 678,966 2,769,423 740,197 733,936 958,710 666,1401,376,506 17,794,164 Overdrafts 569 1,682 319 1,296 1,235 1,799 .3,135 1,400 1,581 3,188 2~, 4'8"6" "3, —390 22,080 Customers' liability on account of letters of credit 74 6,097 19 32 201 27 123 10 188 7,482 Customers' liability on account of acceptances 90,329 317,257 25,069 30,181 17,734 13,998 83,736 19,497 10,258 2,825 6,707 37,814 655,405 United States Government securities owned i 173,213 844,148 272,122 298,051 174,842 142,439 422,767 124,719 96,807 138,671 140,349 253,028 3,081,156 S O t t o h c e k r o b f o F nd ed s, e r s a t l o c R k e s s , e a r n ve d s B e a c n ur k i . - .. 7,289 24,506 8,201 9,944 4,768 3,697 12,750 4,158 3,243 4,223 3,626 6,030 92,435 ti2 246,1271,009,741 392,425 448,510 94,710 64,640 421,497 110,227 67,867 82,151 21,644 216,412 3,175,951 Banking house 33,4411 101,608 33,361 59,160 28,328 21,082 58,206 19,030 18,463. 21,280 20,588 39,375 453,922 Furniture and fixtures 2,551 4,963 3,864 4,917 3,307 3,488 8,049 3,097 3,70? 4,544 4,549 8,777 55,808 Other real estate owned 2,735 10,365 5,476 13,246 3,170 5,271 6,456 3,863 4,125 2,811 3,774 9,527 70,819 Lawful reserve with Federal Reserve Bank 120,039 726,596 105,637 142,329 64,400 59,629 264,709 71,609 50,734 83,293 57,861 118,802 1,865,638 Cash in vault 52,563 154,665 45,020 65,850 34,362 24,593 106,662 21,395 20,639 29,397 23,357 42,394 620,897 Items with Federal Reserve Bank in process of collection.... 47,507 151,038 56,982 53,195 32,789 20,634 67,788 41,567 8,892 46,550 30,626 22,495 580,063 Due from banks, bankers, and trust companies 101,312 219,072 89,411 154,259•102,801 116,577 325,384 89,258 106,865 226,415 122,447 220,372 1,874,173 Exchanges for clearing house, also checks on other banks in same place 35,302 546,629 39,621 28,045 16,843 15,814 80,149 14,715 12,707 26,635 8,253 42,714 867,427 Outside checks and other cash items 5,701 23,401 3,584 5,290 3,853 5,272 23,052 2,960 6,886 6,745 6,756 9,496 102,996 Due from United States Treasurer 2,711 5,742 3,138 4— 2,964 2,000 4,731 2,060 1,805 2,481 2,480 3,273 38,187 Approximate interest earned but not collected 3,110 22,748 5,000 1,496 1,583 8,434 2,346 5,490 3,387 1,977 7,401 66,070 Other assets 15,564 246,464 9,452 4,681 846 1,116 22,695 1,223 1,296 394 922 19,246 Total.. 2,210,484 9,652,7802,113,863 2,838,3801,425,7011,182,799 4,690,3061,273,3481,155,296 1,643,823 1,124,5522,437,240 31,748,572 LIABILITIES. Capital stock paid in 133,617 382,907 108,913 165,201 95,213 75,568 256,699 90,546 71,627 93,414 78,131 143,719 ,695,555 Surplus fund 119,758 435,263 167,943 169,752 66,572 50,205 183,672| 51,083 37,760 49,963 44,774 70,170 ., 446,915 Undivided profits, less expenses and taxes paid 50,725 192,918 43,006 64,159 24,599 17,318 67, 21,323 18,672 24,628 22,327 41,097 588,697 Approximate interest and discount collected but not earned. 8,347 27,939 5,367 5, 5,221 3,798 11,983 4,830 2,926 4,711 3,977 Amount reserved for taxes accrued 4,487 31,985 2,908 3,578 1,434 1,454 8,423 1,529 1,531 1,960 1,428 62,560 Amount reserved for interest accrued 1,715 14,363 2,280 3,416 2,205 1,530 5,828 1,101 1,493 1,295 423 3,755 39,404 Due to Federal Reserve Bank 2,576 5,151 1,032 1,"" 4,944 1,431 67 46 43 2,205 272 21,547 Due to banks, bankers, and trust companies 142,5801,291,877171,130 229,692 135,447 119,526 543,089 157,743 131,283 281,917 114,911 205,164 3,524,359 Certified and cashiers' or treas- De u m re a r n s' d c d h e ec p k o s s i o ts utstanding 1,2 1 0 7 7 , , 8 9 1 8 5 44, 3 9 1 4 8 4 , , 6 7 9 6 4 9 9 1 1 7 0 3 9 , , ,5 u 0 y 1 9 ^ 4 s 2 1,2 X 1 3 O 8 5 M , , 5 O 5 U 8 0 1 7 7 57 9 3 , , 6 9 9 15 5 52 7 8 , , 4 33 1 55 5 551,9 3 2 8 2 , ,9 7 7 4 9 6 56 6 0 , , 1 298 41 1 8 5 , ,6 0 0 8 1 3 7 2 9 3 0, , 4 0 4 4 9 6 '63 1 2 3 , , 4 6 3 9 5 2 , 3 03 5 8 , , 2 8 3 4 4 714, 5 8 1 3 8 3 , ,2 5 1 1 5 7 Time deposits 314,209 861,105 366,208 719,234 324,227 248,2511,267,391 233,774 373,348 243,853 92,688 703,244 "747,532 United States depposits 16,649 99,821 9,583 8,795 6,420 11,097 4,618 10,624 190,168 BBiillllss ppaayyaabbllee wwiitthh FFeederal Re- 3,996 5,712 Bi ss ll ee lls rrvv ee p a B y aa a n b k le other than with 39,649 503,688 144,208 61,868 72,915 55,423 166,174 49,018 20,239 38,347 44,451 50,741 ,246,721 Ca F s e h d l e e r t a te l r R s e o s f e r c v r e e d B it a n a k nd travel- 3,691 6,742 3,337 7,560 15,440 7,; 16,551 12,233 13,796 22,345 14,250 133,497 Ac e c rs e ' p c ta h n e c c e k s s outstanding 93,2 2 8 1 9 4 3 3 2 2 8 , , 6 6 0 9 1 2 26,54 7 6 2 30,3 3 5 0 2 5 17,8 4 3 6 2 14, 2 3 1 8 9 1 83 1 , ,5 8 1 5 7 0 19,5 6 1 4 7 35 2, 2 8 8 2 2 5 6,920 39, 6 3 6 4 6 5 6 3 7 6 3 , , 1 8 0 5 9 2 National bank notes outstanding. 48,073 85,554 54,877 89,512 56,045 39,262 82,276 41,497 10,303 49,307 45,465 64,780 687,931 United States bonds borrowed... 3,996 35,464 11,741 19,217 8,117 3,173 13,006 10,196 31,283 8,168 4,231 3,015 123,143 Other bonds and securities bor- 2,819 rowed 178 2,462 10 522 35 223 279 137 8 850 471 944 6,119 Other liabilities 50,785 2,096 3,392 3,935 959 6,923 6,423 447 708| 1,653 5,692 83,945 Total . 2,210,484 9,652,780 2,113,863 2,838,3801,425,7011,182,799 4,690,3061,273,3481,155,2961,643,823'1,124,552 2,437,240 31,748,572 Liabilitv for rediscounts, including those with Federal Reserve Bank 3 115,567 386,769 111,684 76,576 59,158 65,990 306,928 114,663 75,974 99,923i 37,717 100,098 1,551,047 1 Includes United States Government securities borrowed by national banks. 2 Includes other bonds and securities borrowed by national banks. 3 Includes acceptances of other banks and foreign bills of exchange sold with indorsement or other guaranty by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 FEDERAL RESERVE BULLETIN. JULY, 1920. Abstract of condition reports of all member banks of the Federal Reserve System on May 4, 1920, arranged by classes (including 7,985 national banks and 1,306 State banks and trust companies). [In thousands of dollars.] Y b o a N n rk e k w s (6 ). 4 Ce ( n 2 C t 2 r h a b l i a c r a n e g k s o e s) r . ve (2 S c 0 t i . b ty L a o n b u k a i s n s ) k . s T . b o a ta n l k ( s 1 ) 0 . 6 b r b O e a c ( a s n 5 t i n e h k 4 t r y k e 8 s v s r ) e . C b b ( a o 8 a n u , n 6 k n 3 k s t 7 s r ) y . b U M S ( a T 1 9 n t n 9 a o , a i 2 2 y k t t t 0 9 a e e s 4 . 1 l s d ) , , D b U S T a 1 e t n 9 n c o a 1 . i k t t \ t > a e e s 3 l s ) d 1 , , RESOURCES. Loans and discounts 4,068,962 1,010,984 295,250 5,375,196 5,550,862 6,868,106 17,794,164 17,032,747 Overdrafts 1,218 455 149 1,822 6,534 13,724 22,080 22,403 Customers' liability on account of letters of credit 6,095 229 13 6,337 840 305 7,482 8,706 Customers' liability on account of acceptances 307,670 72,530 15,734 395,934 235,637 23,834 655,405 624,571 United States Government securities ownedl 603,232 78,790 36,508 718,530 895,071 1,467,555 3,081,156 3,506,426 Stock of Federal Reserve Bank 18,361 4,920 1,834 25,115 28,946 38,374 92,435 87,434 Other bonds, stocks, 'and securities 2 569,396 110,365 49,979 729,740 971,485 1,474,726 3,175,951 3,224,007 Banking house 69,260 11,799 6,775 87,834 160,227 205,861 453,922 432,780 Furniture and fixtures 844 121 1,028 1,993 12,236 41,579 55,808 50,405 Other real estate owned ^ 5,163 204 1,892 7,259 28,909 34,651 70,819 69,177 Lawful reserve with Federal Reserve Bank 614,677 129,953 38,337 782,967 556,214 526,457 1,865,638 1,903,814 Cash in vault 104,3B8 36,671 5,367 146,406 176,473 298,018 620,897 691,173 Items with Federal Reserve Bank in process of collection 112,535 38,703 26,464 177,702 344,250 58,111 580,063 579,235 Due from banks, bankers, and trust companies 117,940 115,240 28,337 261,517 724,075 888,581 1,874,173 2,518,709 Exchanges for clearing house, also checks on other banks In same place 529,976 48,875 8,644 587,495 217,529 62,403 867,427 1,509,006 Outside checks and other cash items 18,305 10,260 862 29,427 42,450 31,119 102,996 147,276 Due from United States Treasurer 3,164 232' 547 3,943 10,049 24,195 38,187 41,489 Approximate interest earned but not collected , 17,732 1,311 612 19,655 16,048 30,367 66,070 69,354 Other assets 243,350 19,062 358 262,770 51,473 9,656 323,899 97,544 Total 7,412,248 1,690,704 518,690 9,621,642 10,029,308 12,097,622 31,748,572 32,616,256 LIABILITIES. Capital stock paid in 265,640 83,600 37,550 386,790 523,247 785,518 1,695,555 1,593,833 Surplus fund 347,025 80,900 23,655 451,580 473,837 521,498 1,446,915 1,375,727 Undivided profits, less expenses and taxes paid 145,626 21,772 8,385 175,783 161,541 251,373 588,697 491,872 Approximate interest and discount collected but not earned 22,575 6,890 2,456 31,921 29,145 27,720 88,786 76,576 Amount reserved for taxes accrued 30,072 5,885 648 36,605 18,045 7,910 62,560 55,80S Amount reserved for interest accrued 9,269 1,409 479 11,157 11,787 16,460 39,404 24,843 Due to Federal Reserve Bank 350 413 3 766 6,500 14,281 21,547 14,189 Due to banks, bankers, and trust companies 1,207,407 344,092 83,815 1,635,314 1,459,527 429,518 3,524,359 4,091,400 Certified and cashiers' or treasurers' checks outstanding 305,140 19,327 3,252 327,719 108,835 81,963 518,517 906,515 Demand deposits 3,790,639 773,206 217,661 4,781,506 4,434,591 5,617,118 14,833,215 15,156,169 Time deposits 292,726 208,810 80,934 582,470 1,762,298 3,402,764 5,747,532 5,304,793 United States deposits , 91,805 2,372 2,968 97,145 54,540 38,483 190,168 648,555 Bills payable with Federal Reserve Bank 433,784 61,263 23,209 518,256 451,501 276,964 1,246,721 1,190,331 Bills payable other than with Federal Reserve Bank... 798 798 46,447 86,252 133,497 71,488 Cash letters of credit and travelers' checks outstanding 32,573 851 29 33,453 2,163 493 36,109 17,173 Acceptances 319,095 72,668 15,769 407,532 242,226 24,694 673,852 641,018 National bank-notes outstanding 38,027 346 10,451 48,824 170,656 468,451 687,931 685,237 United States bonds borrowed 31,295 5,005 7,128 43,428 47,546 32,169 123,143 182,665 Other bonds and securities borrowed , 1,059 1,059 1,941 3,119 6,119 5,578 Other liabilities 47,343 49,536 22,935 11,474 83,945 82,486 Total 7,412,248 1,690,704 518,690 9,621,642 10,029,308 12,097,622 31,748,572 32,616,256 Liability for rediscounts, including those with Fed- • Reserve Bank3 344,892 196,385 67,507 8,784 722,819 219,444 1,551,047 1,299,788 Ratio of reserve with Federal Reserve Bank to net deposit liability 13.2 13.1 14.5 13.2 10.3 7.3 10.1 10.3 1 Includes United States Government securities borrowed by national banks. 2 Includes other bonds and securities borrowed by national banks. ^Includes acceptances of other banks and foreign bills ot exchange sold with indorsement or other guaranty by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Page. Acceptance liabilities of member banks, June 30, Discount rates: 1919-May4, 1920 686 In effect July 1 762 Acceptances: Prevailing in various centers 713 Banks granted authority to accept up to 100 Earning assets held by Federal Reserve Banks: per cent of capital and surplus 697 During May 739 Growth in, during year 666 During year ending June 723 Purchased by Federal Reserve Banks— Earnings and expenses of Federal Reserve Banks, During May 740, 741 January, 1919-June, 1920 726 During three months ending May 742 Earnings from investments of Federal Reserve Allotments of Treasury loan and tax certificates, Banks, rates on, June, 1919-May, 1920 732 July, 1919-June, 1920... 729 Failures, commercial, reported 697 Banking situation, discussion of 671 Federal Reserve bank notes, stock of, in United Books received by Federal Reserve Board library States 730, 762 during the month 701 Federal Reserve Banks: Building activity, reports on, by Federal Reserve Discount and open-market operations of 737-743 agents 682 Resources and liabilities of 747-751 Business and financial conditions during June... 673-686 Federal Reserve Bulletin printed in two editions. . 672 Causes of cancellations of orders 679 Federal Reserve notes: Reduction in building activity and lower prices Issued and redeemed by Federal Reserve Banks for lumber 682 June, 1919-May, 1920 732 Wholesale trade activity 684 Note account of Federal Reserve Banks 751 Certificates of indebtedness: Note circulation of Federal Reserve Banks Allotments of, July, 1919-June, 1920 729 during year ending June 724 Issued during June 661 Stock of, in United States 730, 762 Maturities of, purchased by Federal Reserve Fiduciary powers: Banks 751 Administration of trust department of a na- Charters issued to national banks during June 697 tional bank 699 Clearing and collection: Exercise of, by national banks located in Collection of notes and acceptances, ruling on.. 699 Wisconsin 700 Growth of the system during year ending J une.. 724 Granted to national banks during June 698 Interdistrict time schedule approved by Board. 746 Financing of the Treasury during June 661 Number of banks on par list 745 Foreign exchange rates 670, 763 Operations of system, May-June, 1920 744 Foreign loans placed in the United States 687-692 Clearing-house bank debits, May-June 733-736 Foreign trade index 694 Commercial failures reported 697 Gold: Commercial paper drawn for purpose of financing Imports and exports of 671 various kinds of construction, eligibility of 699 Stock of, in the United States 730, 762 Condition reports: Gold settlement fund transactions during year end- Federal Reserve Banks 747-751 ing June 724 Member banks 728, 753, 764 Imports and exports: Crop report for June 696 Gold 671, 760 Currency: Silver 671, 761 Receipts and shipments, July, 1919-May, 1920. 732 Index numbers: Stock of, in the United States 730, 762 Foreign trade 694 Debits to individual account, May-June 733-736 International price index 712 Deposits of Federal Reserve Banks during year Retail trade in the United States 706 ending June, 1920 724 Wholesale prices abroad 708 Discount and open-market operations of Federal Wholesale prices in the United States 702 Reserve Banks 737-743 Industrial loans, foreign, placed in the United States 691 Acceptances purchased during May 740, 741 Interest rates prevailing in various centers 713 Acceptances purchased during three months Law department: ending May 31 742 Amendment to Mississippi banking laws 701 Bills discounted during May 740 Exercise of fiduciary powers by national banks Bills discounted during three months ending located in Wisconsin 700 May 31 742 Legislation affecting foreign banks in Spain 692 Bills held on last Friday in May 741 Loans, foreign, placed in the United States 687-692 Collateral notes held on last Friday in May 741 Loans, investments, and deposit liabilities of mem- Dollar exchange bills purchased during May .. 740 ber banks, 1914-1920 726-728 Earning assets held during May , 739 Maturities: Earning assets held during year ending June .. 723 Acceptances purchased during three months Member banks, number of, accommodated 738 ending May 31 742 Paper discounted for or purchased from other Bills discounted during May 740 Federal Reserve Banks, June, 1919-June, Bills discounted during three months ending 1920 730 May 31 742 Paper rediscounted with or sold to other Fed- Bills purchased during May 740 eral Reserve Banks, June, 1919-June, 1920.. 730 Certificates of indebtedness purchased 751 187639°—20 8 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX. Page. Page. Member banks: Retail trade index 706 Acceptance liabilities of, June 30, 1919-May 4, Rulings of the Federal Reserve Board: 1920 686 Collection of notes and acceptances 699 Abstract of reports of condition.: 728, 764-768 Administration of trust department of a national Condition reports, May, 1920 -.-.--.-•- 753~759 bank 699 Loans, investments, and deposit liabilities of, Commercial paper, eligibility of, drawn for 1914-1920 726-728 purpose of financing various kinds of con- Number discounting during May 738 struction 699 Number in each district 738 Silver: State banks and trust companies admitted to Imports and exports of 671, 761 system during June 697 Stock of, in United States 730, 762 Mississippi banking laws, amendment to 701 Spain, recent tax legislation affecting foreign banks Money: in 692 Per capita circulation in the United States.. 730, 762 State banks and trust companies: Stock of, in the United States 730, 762 Acceptance liabilities of 686 Municipal loans, foreign, placed in the United States 688 Admitted to system 697 National bank notes, stock of, in United States... 730, 762 Loans, investments, and deposit liabilities of, National banks: 1914-1920 727 Acceptance liabilities of, June 30, 1919-May 4, 1920 686 Statistical review of condition of Federal Reserve Administration of trust department of 699 system 662-670, 723-733 Charters issued to, during June 697 Advances in resources 662 Fiduciary powers granted to 698 Change in reserve ratio 663 Loans, investments, and deposit liabilities of, Federal Reserve notes and deposits 664 19141920 726 Discount of war paper 665 7 Par collections. (See Clearing and collection.) Credit control 665 Physical volume of trade 714-723 Acceptance development 666 Prices: Prices and credit 666 International price index 712 Movement of reserves 667 Wholesale, abroad 708 Development of production 668 Wholesale, in the United States 702 Credit and investment 669 Public utility loans, foreign, placed in the United Foreign exchange 670 States 692 Tax certificates, allotments of. July, 1919-June, Railroad loans, foreign, placed in the United States. 690 1920 729 Rates: Time schedule, interdistrict 746 Acceptances purchased during three months Trade: ending May 31 742 Foreign, index of 694 Bills discounted during May 740 Physical volume of 714-723 Bills discounted during three months ending Retail, index of 706 May 31 742 Wholesale, reports on, by Federal Reserve Bills purchased during May 740 agents 684 Discount, in effect July 1 762 Treasury financing during June 661 Earning assets held by Federal Reserve Banks.. 739 Wheat crop forecasts 696 Earning from investments of Federal Reserve Wholesale prices: Banks, June, 1919-May, 1920 732 Abroad 708 Foreign exchange 670, 674 In the United States 702 Reserve position of Federal Reserve Banks 663, 672 International price index 712 Reserves, deposits, and note circulation of Federal Reserve Banks during year ending June 724 Wholesale trade activity, reports on, by Federal Resources and liabilities: Reserve agents 684 Federal Reserve Banks 747-751 Wisconsin, exercise of fiduciary powers by national Member banks 728, 753, 764 banks located in 700 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