Federal Reserve Bulletin, 1920-10

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

FEDERAL RESERVE BOARD. EX OPFICIO MEMBERS. W. P. G. HARDING, Governor. EDMUND PLATT, Vice Governor. DAVID F. HOUSTON, Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. JOHN SKELTON WILLIAMS, Comptroller of the Currency. D. C. WILLS. 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. J. F. HERSON, Chief, Division of Examination and Chief Fed- M. JACOBSON, Statistician. eral Reserve Examiner. J. E. CRANE, E. L. SMEAD, Acting Director, Division of Foreign Exchange. Chief, Division of Reports and Statistics. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Chairman. Governor. Deputy governor. Cashier. Boston Frederic H. Curtiss... Chas. A. Morss C. C. Bullen W. Willett. W. W. Paddock New York Pierre Jay Benj. Strong.1 J.H.Case2 L. H. Hendricks.3 L. F. Sailer J. D. Higgins.3 E. R. Kenzel Channing Rudd.3 G. L. Harrison A. W. Gilbart.3 Leslie R. Rounds.3 J. W. Jones.3 Philadelphia R. L. Austin George W. Norris Wm. H. Hutt, jr W. A. Dyer. Cleveland L. B.Williams4 E. R. Fancher M. J. Fleming H. G. Davis. Frank J. Zurlinden ... Richmond Caldwell Hardy George J. Seay C. A. Peple Geo. H. Keesee. T> TT Tirrvarlrlnc! A. S. Johnstone 5 JohnS. Walden5 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. St. Louis Wm. McC. Martin D. C. Biggs O.M.Attebery J. W. White. Minneapolis JohnH. Rich R. A. Young W. B.Geery O O Pnnlr 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 Clerk6 * 0. H. Stewart6 1 On leave of absence. 2 Acting governor. 3 Controller. 4 Acting chairman. & Assistant to governor. 6 Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: Kansas City: Buffalo branch Ray M. Gidney. Omaha branch L. H. Earhart. Cleveland: Denver branch C. A. Burkhardt. Cincinnati branch... L. W. Manning. Oklahoma City branch. C. E. Daniel. Pittsburgh branch... Geo. De Camp. Richmond: Dallas: Baltimore branch. .. Morton M. Prentis. El Paso branch W. C. Weiss. Atlanta: Houston branch E. F. Gossett. New Orleans branch. Marcus Walker. Jacksonville branch. Geo. R. De Saussure. San Francisco: Birmingham branch. A. E. Walker. Los Angeles branch... C. J. > hepherd. Nashville branch J. B. McNamara. Portland branch Frederick Greenwood. Chicago: Detroit branch R. B. Locke. Salt Lake City branch. R. B. Motherwell. St. Louis: Seattle branch C. A. McLean. Louisville branch... W. P. Kincheloe. Spokane branch W. L. Partner. Memphis branch J. J. Heflin. Little Rock branch. A. F. Bailey. 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. Additional copies may be had at a subscription price of $1.50 per annum. 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 be sold at 40 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. No complete sets of the BULLETIN for 1915, 1916, or 1917 are available. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. Review of the month 1011 Business, industry, and finance, September, 1920 1020 Terms of sale in the principal industries 1031 Interbank accommodation 1041 Development of principal commercial banks in England, Germany, and France*. 1044 Economic and financial conditions in Chile 1052 Official: * State banks and trust companies admitted to system 1063 Banks granted authority to accept up to 100 per cent of capital and surplus 1063 Charters issued to national banks 1064 Fiduciary powers granted to national banks 1063 Rulings of the Federal Reserve Board 1065 Miscellaneous: Foreign banking in Jamaica 1039 Banking reform in South Africa 1040 October crop report 1062 Commercial failures reported 1064 Statistical: Retail trade index 1066 Foreign trade index 1068 Wholesale prices abroad 1069 Wholesale prices in the United States 1081 Discount and interest rates prevailing in various centers 1085 Physical volume of trade 1086 Debits to individual account, August and September 1095 Discount and open-market operations of the Federal Reserve Banks 1098 Operations of the Federal Reserve clearing system 1105 Resources and liabilities of the Federal Reserve Banks 1106 Federal Reserve note account 1111 Condition of member banks in selected cities 1112 Imports and exports of gold and silver 1119 Estimated stock of money in the United States 1121 Foreign exchange rates 1122 Discount rates approved by the Federal Reserve Board 1121 Diagrams: Interbank accommodation 1042,1043 Wholesale prices in the United States 1082 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 6 OCTOBER, 1920. No. 10 excess of the amount sold to $300,000,000, REVIEW OF THE MONTH. and the amount of certificates held in other The principal event of importance in public Federal Reserve districts was increased so that finance during the month of it more nearly approximated the amount of Treasury September was the receipt of taxes to be received.'7 The effect of the Govthe third installment of the in- ernment operations of the month has been to come tax payments for 1920 which was paid produce a rather better condition of equilibon the 15th of the month. The returns as rium in the banking system and to place the compiled show total ordinary receipts of Treasury in a more satisfactory position. $911,307,072 for the month, of which $716,- In private finance the principal activity of 183,757 represent income and excess profits the country has during the Banking and p ^ ^ three months been tax payments. Public debt receipts for the as wo or crop moving. r . month totaled $1,210,000,878. Expenditures the providing ior the harvestduring the month amounted to $496,776,655 on ing, storing, and transporting to market of the ordinary account, while the public debt dis- country's great agricultural output. Contrary bursements for the month totaled $1,447,316,- to what was feared in the early spring, the 874. The surplus for the month is $414,530,417 outturn of the Nation's agriculture for the on ordinary account and $177,214,422 on both season which is now drawing to a close has in ordinary and public debt accounts. Two general been up to or above the level of 1919, issues of tax certificates were allotted as of except in winter wheat, rye, buckwheat, the 15th of the month, aggregate allotments peaches, hay, and beans. The following statebeing $448,596,000, as against $492,262,000 ment issued by the Department of Agriculture subscribed for and $400,000,000, or there- as of October 1 represents the Department's abouts, offered by the Government. The effect estimate of the crop situation as of that date: of the operations of the Government on banking conditions has been in no way unusual, but 1920 1914-1918 indications 5-year the redemption of a large volume of certificates Oct. 1. average. of indebtedness in the New York district and Corn bushels 3,216, 192,000 2,760,484,000 elsewhere operated to swell the balances of the Winter wheat do.. 532:,641,000 563,498,000 Spring wheat do.. 218,007,000 258,748,000 banks. This enabled the member banks to All wheat do.. 750;648,000 822,246,000 Oats do.. 1, 444.362,000 1,414,558,000 reduce, temporarily at least, their borrowings Barley do.. 191.386,000 214,819,000 Rye do.. 77'893,000 59,933,000 from the Federal Reserve Banks. Buckwheat do.. 15,532,000 15,305,000 Potatoes. do.. 414!986,000 382,113,000 A somewhat similar effect was had in the Sweet potatoes do.. 103'779,000 74.983,000 Flaxseed do.. ll!704,000 12,922,000 New York district during the earlier part of Rice do.. 52!298.000 33,360,000 Tobacco pounds 1,478^788,000 1,187,708,000 the week through the sale to the Federal Hay, tame tons 88;171,000 81,430,000 Hay, wild do.. 280,000 17,874,000 Reserve Banks of Boston and Cleveland of Allliay do.. 106,451,000 99,304,000 Cotton bales 12;123,000 12,424,000 $45,000,000 of tax certificates falling due on A A p p p p l l e e s s , , t c o o t m al m c e r r o c p ia l b b u a s r h r e e l l s s 22 34 7 ,; 9 2 7 8 8 7 , ,0 0 0 0 0 0 202,698,000 the 15th of the month. According to the re- P Pe e a a c rs h es bus d h o el .. s 44. 6 5 1 2 1 3 , , 0 0 0 0 0 0 4 1 7 2 , , 5 3 1 6 4 4 , , 0 0 0 0 0 0 port of the New York Federal Reserve Bank, B G e ra a i n n s , s o d r r g y h , u 6 m S s t , a t 7 e s S tates ,. d d o o . .. . ; 3 5 6 0 4 3 , , 0 0 0 0 0 0 13,213,000 o as f c a e r r e ti s f u ic l a t te o s f t t o h e b s e e r t e r d a e n e s m ac e t d io i n n s , t h " e t h se e c o a n m d o d u i n s t - B P Su e ro g a o n a m r u t b s c e o e r ts n d d to o o n . . s . . 1 3 3 9 9 , , 9 7 2 3 7 6 1 7 0 0 7 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 6,051,000 Sorghum (sirup) gallons 893,000 trict was reduced from a figure somewhat in Hops pounds 1011 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1012 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. In most branches of agriculture the crop- the marketing of this year's crops. It is moving season is now at or near its height and worthy of special notice as a feature of the in some cases past the "peak." That is to say, past month's development that there has the demand for credit for crop moving has been a very decided reduction of speculative reached or passed its maximum, and the proc- commitments of banks. This reduction has ess of financing the movement of crops is occurred in many parts of the country and has likely to be one which will call for less rather been noteworthy not only in connection with than for more accommodation from this time securities but also with commodities. As forward during the remainder of the calendar compared with the corresponding date a year year. The process of providing the necessary ago, the reduction in loans at the financial banking accommodation for the agricultural centers protected by stocks and bonds has been interests has, however, been one of unusual very great. seriousness at this season, because of the fact The nature of the crop-moving problem from that defective transportation conditions caused the credit or banking standby the railroad congestion of last spring and of Nature of prob- point is essentially that of prothe early summer have prevented crops from lem. viding the farmer or producer moving steadily to market and have tended to with the means to pay expenses lengthen the period of storage, whether in ware- incurred in the harvesting and marketing of houses or in railroad cars, that must in any his crop, while yet retaining ownership of it, if case elapse between the actual gathering of the desired, up to the time that it moves to market. crops and their marketing. This lengthening Without such aid the producer would have of period, coupled with the great yield and difficulty in settling obligations incurred in prothe prices that obtain for the majority of ducing the crop. Large quantities of products agricultural products, increases in a material instead of being gradually marketed might be degree the total amount of credit called for hastily disposed of for cash, with the result as compared with prewar times. Under the that undesirable depression of prices might head of factors offsetting the strain thus occur and serious hardship be visited upon inbrought to bear upon the credit resources of dividual producers. The problem would not the country is to be included the fact that a be serious if it were not that it is common to very much smaller amount of funds is to-day many sections of the country and has to be involved in speculative uses, while on the met simultaneously in them, with the result other hand the amount of Government obli- that a "peak" of credit demand occurs each gations retired from the banks has also been year at the time when the bulk of our agricula favoring circumstance. The reduction in tural output is moving to market. This situaprices which has occurred has also tended to tion is most noteworthy in agriculture, because diminish to some extent the severity of the agriculture is in a peculiar sense a seasonal instrain upon the banking institutions of the na- dustry. Seasonal influences upon production tion. A decline in foreign trade and a low- are less marked in the field of manufactures. ered activity of business in some branches There are, however, various branches of manuhas contributed to the same result. Finally, facturing which have a distinctly seasonal charthe effort of the banks to reduce the amount acter and in which it has not been possible to of goods carried in storage for speculative spread out the process of production so as to purposes has in no small measure released equalize it through the year. Examples of funds for the service of the agricultural com- such industries are the canning of vegetables munity as such. The amount thus released and fruits, fish, etc., and the manufacture of can not be accurately estimated, but is un- various classes of wearing apparel. Wherever questionably large. By making it available there is this variation in activity, seasonal or for current productive use the banks have cyclical variation in the demand for bank credit correspondingly furthered the interests of is observable. This makes it necessary in such the actual growers and shippers concerned in cases to make special provision for equalizing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1013 the supply and demand of loan funds over The war, moreover, was a time of rising prices, large districts. In fact, a similar process has of Government stabilization of values in some to be applied so far as practicable throughout fields, and of artificial credit conditions genthe whole world in order to adjust the supply erally. During the year 1919 the war influof banking accommodation to demand. Sea- ences in finance were still felt and it has not ; sonal variations do not synchronize in the va- been until the present season that the actual rious countries, hence the practicability of working of the Federal Reserve System could using what becomes available as a surplus in be at all fully studied. one country to meet the special requirement The point at which the present system of in others. The relation of banking to crop crop moving is essentially difmoving is one which is not peculiar to the Shifting credits, ferent from that which existed United States, but which is found in all coun- in former years is seen in its tries having an important agricultural indus- ability quickly to shift funds from the financial try, especially in those which are largely influ- centers to the crop-moving sections, to create enced by a one-crop system. It is less severe additional credit where it is necessary, and to in those whose area is large enough to permit provide currency without difficulty or delay. a succession of crops maturing at different sea- There has of course been no change in the funsons of the year, and thereby permitting the damental conditions which give rise to flucshifting of funds from one section to another as tuations of demand in the several banking disthe peak of demand is shifted from one region tricts into which the country is divided, except or crop to another. in one important respect which has complicated The seasonal influence of industry upon and magnified the crop-moving problem, to banking is least important in those countries wit, the slower movement of crops to market which are not primarily agricultural, while in because of impaired transport conditions and others which possess a well-balanced indus- because of the tendency to hold back crops in trial system there is local adjustment. In the hope of higher prices. As the seasons of banking it has long been sought to devise and planting, cultivating, harvesting, and marketdevelop methods which most quickly and ing succeed one another, demands for funds easily adapt the mechanism of credit supply gradually increase, and as they are followed to changes in seasonal demand. The need of by the seasons of sale, realization, and remitimproving the methods of supplying crop- tance of funds, such demands fall off and the moving accommodation offered an important fluid resources of the banks in these regions impetus to the adoption of the Federal Re- increase. Starting, perhaps, with the opening serve Act. of July, there was an annual growth of demand The present season is perhaps the first in in the various crop-producing sections. The which the new machinery provided by the "peak" of this demand journeyed slowly from act has had a decisive test. Its operation is, the northwest to the far south, after which a therefore, of unusual interest and worthy of reaction set in subsequent to the late cotton more than passing notice. Prior to our entry harvesting. The effect of this growth of deinto the war when there had been a great mand in the interior of the country, and espe- ; release of credit due to the new reserve re- cially in regions where banking institutions quirements, and a great influx of gold, the were not large and strong enough to provide Federal Reserve Banks were not called upon fully for seasonal requirements, was to bring to finance crop moving to any appreciable • about a tolerably severe annual strain upon the extent, by supplying either credit or currency, resources of the local banks. This strain, which while during the war and for some time after formerly resulted in applications on the part of the dominant position of the Government in these local banks to city institutions, and parthe grain trade and in the markets for other ticularly to those banks located in New York, agricultural staples made unnecessary resort ilbw falls upon the Federal Reserve Banks. to the custdmary methods of crop financing. The local Federal Reserve Bank, however, act- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1014 FEDERAL RESERVE BULLETIN. OCTOBEE, 1920. ing as it does as a reservoir of funds received the agricultural regions by the use of the facilifrom the several member banks of its district, ties afforded by the Federal Reserve Act and is able in large measure to offset seasonal fluc- developed under the Federal Reserve System tuations and changes of demand against one for quickly and quietly shifting available funds another. On the Pacific coast, for example, from one district to another. With the great stretching as it does for over 1,200 miles north absorption of the resources of the country and south, there is a wide variation in the date occasioned by the war, with the advance of at which the height of demand is reached- prices to a far higher level than at any time in Inasmuch as the member banks of the Pacific the past, and with the growth of production coast have all placed their surplus funds on during the post-war period, the process of deposit with the Federal Reserve Bank of San shifting bank resources through interreserve Francisco, the proceeds of crops realized in one bank rediscounting was necessarily called into section of the district are made immediately play and has become a regular and important available for the meeting of the requirements feature of the working of the Federal Reserve of others. The experience of the present crop- System. Its essential service is the relocation moving season has shown, however, that under of the liquid banking resources of the country present abnormal conditions as to markets and between the different sections, in accordance transportation this process can not successfully with variations in seasonal conditions and rebe conducted purely upon a district basis. quirements, just as the Federal Reserve Banks Few of the Federal Reserve districts which themselves bring about an equalization in their are primarily faced with the respective districts. The effect of such equal- Interdistrict • IT movement. crop-moving problem, are at ization is to supply funds where they are needed present so well balanced in the to meet seasonal demand. While, as already internal development of their business or indus- observed, there are some districts which possess try as to be self-sufficient or self-dependent in a balanced system of industry and hence can a financial sense, although there are some in take care of their own requirements by shifting which the degree of self-dependence is much funds from one part of the district to another, greater than it is in others, due to the fact that others are predominantly manufacturing or prethey are older and are possessors of larger dominantly agricultural as the case may be and capital resources, or to the fact that their indus- hence are obliged to assist one another. try is more varied and less identified with a The following table shows the amount fursingle dominant product. An illustration of nished and the amount received by each dissuch comparative stability in a section which trict in rediscounting with others during the is mainly agricultural in character is seen on first seven months of the year 1920: the Pacific coast, where there are many offsetting elements of demand and supply which tend Rediscounts and sales of paper between Federal Reserve Banks, first seven months of 1920. to give balance to the situation. This district is conspicuous among the great agricultural dis- [In thousands of dollars.] tricts in the ability it has thus far shown to Amount received. Amount furnished. handle its crop-moving problem with its own re- District. sources. Other districts comprising agricultur- Sold. Redis- Pur- Discounted. chased. counted. al sections less favorably circumstanced in the matter of crop succession have found it neces- No. 1—Boston 20.841 0 8,582 338,120 sary to supplement their home resources by No. 2—New York 68,008 215,000 11,042 456,578 No. 3—Philadelphia 0 371,600 10,014 0 borrowing from other districts during the crop- No. 4—Cleveland 50 0 39,658 530,197 No. 5—Richmond 0 380,000 0 0 moving season. There has in consequence No. 6—Atlanta 0 67,961 5,087 52,000 No. 7—Chicago 10,156 225,000 5,090 168; 500 been a considerable volume of rediscounting No. 8—St. Louis 6,000 164,028 0 13,000 No. 9—Minneapolis 0 128,500 0 40,029 between the Federal Reserve Banks during the No. 10—Kansas City 0 133,074 5,049 20,000 No. 11—Dallas 0 99,761 0 143,000 past few months, and the pressure of the1* sea- No. 12—San Francisco 10,258 0 30,791 23,500 sonal credit strain has been greatly abated in Total 115,313 1,784,924 115,313 1,7S4,924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1015 The shifting of funds occasioned by the needs the applicant bank. The effect is to transfer of the present crop-moving a corresponding amount of credit-granting or Work of the season and the process oi inter- credit-lending power from the granting instigold fund reserve bank rediscounting for tution to the applicant. The latter is then at the purpose of effecting the shifting of such liberty to use it as it may see fit in extending funds has been simplified and facilitated to a further accommodation to the member banks degree not paralleled under any foreign banking within its district. The transaction has, in system by reason of the smooth and expeditious short, really amounted to a temporary shifting operation of the gold settlement fund set up of banking funds from one district to another. under the Federal Reserve System. Originally In the following brief table are presented the established for the purpose of expediting the rediscounts between Federal Reserve Banks settlement of balances in gold between Federal which have occurred monthly during the present Reserve Banks arising out of exchange and year. clearing operations, the shifting of funds from Rediscounts and sales of discounted and purchased paper district to district in connection with redisbetween Federal Reserve Banks. count transactions between Federal Reserve [In thousands of dollars.] Banks has become one of the principal services Dis- Purof the fund under present conditions, and its Date. counted chased Total. bills. bills. efficacy has been strikingly exemplified during the heavy credit strain incident to the financing 1920. of our present crops. January 270,000 25,833 295,833 February 115,600 20,856 13D,456 When a Federal Reserve Bank, through the March..". 208,029 79 208,108 April 327,500 18,429 345,929 Federal Reserve Board, has been granted an May 270,302 0 270,302 J urie 272,852 5,014 277,866 extension of credit, and such extension has July 320,641 45,102 365,743 August 297,561 43,116 340,677 been allocated to some other Federal Reserve Bank, the extension is made effective through Closely related to the gold-settlement fund the transfer of title to gold in the gold settle- in promoting mobility of credit, ment fund at Washington. The gold settle- Collection ma- p i lly i operations involves ec a n ment fund, it may be recalled, consists of ing transfer between distant deposits of gold which have been made by the sections of the country, is the collection system Federal Reserve Banks and agents with the which has been put into effect by Federal Re- Treasury, which holds them in trust. The serve Banks and which results in giving member aggregate of the gold thus held at the present banks credit at Reserve Banks for items retime (October 1) amounts to $1,156,438,- ceived from depositors throughout the country. 271.95. The gold in this fund is seldom Remittance is now economically and promptly physically moved, though it frequently changes effected through Federal Reserve Banks by ownership, transfer of ownership being effected means of telegraphic transfers, while in each through the mechanism of the fund without the district an effective system of collecting checks need of moving. Ownership in the fund being has been made operative. Even with the goldrepresented by entries in the books of the settlement fund in effective operation, it might fund, an applicant Federal Reserve Bank be difficult for the Federal Reserve Banks to which has been granted credit extension re- carry on the crop-moving process, or any other ceives its accommodation, and the gold to banking operation that calls for continuous which it is entitled, through a credit entry in and at times emergency accommodation, withthe gold clearing books of the Federal Re- out the use of a thorough and inclusive system serve Board. Inasmuch as the gold settle- of collection. The following table shows the ment fund is a part of the gold reserve progressive advance in the number of items of each of the Federal Reserve Banks, this collected through the Federal Reserve Banks transfer amounts to shifting a given vol- of the several districts—a service which is now ume of reserve metal from a granting bank to rendered entirely free of charge. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1016 FEDEKAL RESERVE BULLETIN. OCTOBER,, 1920. Daily average number and amount of items handled by the mand at a date earlier than that which marked Federal Reserve collection system. the height of the lending season elsewhere. Federal Reserve Banks, in order to perform During 6-month period ending- Number. Amount. their functions as equalizers of funds and of June 15,1917 227,233 $118,630,693 rates throughout the country, necessarily took J D u e n c e . 1 1 5 5 , , 1 1 9 9 1 1 8 7. 2 37 7 3 1 , , 1 2 4 2 0 6 2 1 8 9 9 7 , , 3 3 1 5 6 2 , , 2 1 3 5 9 2 over this function of collection early in their J D u e n c e . 1 1 5 5 , , 1 1 9 9 1 1 8 9 . 6 8 4 9 4 1 , ,9 7 5 6 2 2 4 4 0 1 8 0 , , 3 8 6 8 3 3 , , 0 7 7 5 6 5 history. It became the more essential when J D u e n c e . 1 1 5 5 , , 1 1 9 9 2 1 0 9. 1 1 , , 0 3 9 9 0 7 , , 6 6 9 7 5 1 5 4 3 8 2 7 , , 1 8 6 3 4 6 , , 0 0 0 0 0 0 Congress, under the spur of prospective war necessity, adopted the amendment to the Fed- NOTE.—Items drawn on Treasurer of the United States are included. eral Reserve Act which provided for the trans- Items handled by more than one Federal Reserve Bank or branch have been counted only once, except in the figures for the first three months fer of the entire reserves of member banks to of the period ending June 15, 1917, when separate figures covering such items were not reported. the reserve institutions. To enable the mem- Without the facilities afforded by this service ber banks to maintain their full reserve balin making quickly available funds in process of ance without undue difficulty the development collection, the credit problems of recent months of a thorough and complete collection service would have been more intense. Monthly fig- was indispensable. ures of number and amount of items handled The demand for funds for crop moving durduring the more recent period show the follow- ing the current season, coupled ing development: Prices and pro" with unsettled market condiduction. tions incident to the process Number and amount of items handled by the Federal Reserveof general economic readjustment which is in collection system. progress, has been urgent and has added greatly to the difficulties of a credit situation which at During month ending— Number. Amount. the best must have been difficult. The effort to hold credit within moderate bounds and to 1920. May 15 37,170,112 $12,818,731,000 bring about a sounder state, generally ad- June 15 36.452,808 12,841,650,000 July 15 37,546,039 13,616,792,000 mitted throughout the world to be a funda- Aug. 15 37,045,507 12,301,405,000 Sept. 15 38,533,929 12,878,212,000 mental economic necessity at the present time, has been complicated by the undoubted obli- In our old banking system with practi- gation of the Federal Reserve System, to procal prohibition of branches, there was an vide for the extraordinary seasonal requireintimate relationship between collection and ments of many of the primary industries of the reserve holding function. Probably no city the country. One of the most noticeable feabank could long have held the deposits of cor- tures recently in evidence of the process of respondents or have succeeded in relieving them economic readjustment the world over has at times of special stress had it not performed been the shifting of prices in important lines for such correspondents the service of collect- of industry toward lower levels. Under ordiing items drawn on other banks. Such items nary conditions changes in the level of prices were deposited with city correspondents, which would be fairly indicative of the changes in the at once credited them to the accounts of the activity of business and industry. In times of depositing banks. There was thus maintained fundamental readjustment, however, declines of a regular flow of credits into the city banks, price levels do not of necessity indicate declinand these kept deposits at a point which en- ing activity of business and industry. Such apabled the banks to make advances of credit pears to be very generally the case throughout with success when interior institutions required those portions of the industrial and commercial them. The practice of attracting and holding world which have been experiencing during reliquid bank funds originating at many points cent months the most notable tendencies throughout the country made it possible to toward price readjustment. Indeed, the course furnish these funds to institutions at other of both prices and industry in recent months in points which had reached the peak of their de- all the leading industrial countries bears strik- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1017 ing evidence that a close association between crops, and at the same time to meet the heavy prices and the general volume of production is and exceptional credit demands incident to beginning to reestablish itself. the process of business and economic read- The production statistics which the Board jus tment is evidenced in the following table ; organized for its information in which is shown the number of institutions of produc in the several Federal Reserve districts redisyet attained a degree of com-counting during specified months at quarterly pleteness that makes it possible to speak con- periods during the past three years: clusively and statistically about the extent to Number of banks accommodated through the discount of paper which production in the United States has during specified months (at quarterly intervals), 1917-1920. recovered what may be regarded as its normal capacity. The Board's monthly index of 1917 1918 1919 1920 production, however, as thus far developed throws important light upon the trend in March 315 1,568 3,575 3,670 June 900 3,021 4,047 4,948 certain fundamental lines of industry which September 953 3,464 3,722 4,768 December 1,701 3,288 3,659 when taken with the figures already given for agriculture afford a fairly suggestive indication The average rediscount with Federal Reof the recent trend of many of the country's serve Banks also gives an indication of the wide primary and basic industries. extent of the accommodation given to the ordinary business of the country by the Federal Jan.-Apr., May-Aug., May-Aug., Reserve Banks. The following table shows 1920. 1920. 1919. the facts relating to rediscounts in Federal T fo o r t a 4 l Rela- T fo o r t a 4 l Rela- T fo o r t a 4 l Rela- Reserve Banks: months. tive. months. tive. months. tive. Average size and number of items, paper rediscounted iviih Receipts of live stock Federal Reserve Banks, January and July, 1920. at 15 western markets (in thousands Re o c f e h ip e t a s d ) of grain at 20,194 19,878 92.3 21,545 100 January. July. 17 interior centers b (i u n s he t l h s o ) usands of 291,823 76.1 •9,057 81.6 354,400 100 District. Average Num- Average Num- Sight receipts of cot- size of ber of size of ber of ton (in thousands items. items. items. items. of bales) 3,848 164.7 1,295 55.4 2,337 100 Shipments of lumber reported by 3 asso- No. 1—Boston | $17,990 2,723 $20,982 2,485 ciations (in millions No. 2—New York 58,284 8,131 327,769 4,352 of feet) 3,383 90.5 2,992 80.0 3,739 100 No. 3—Philadelphia 62,092 1,833 140,199 1,425 Bituminous coal pro- No. 4—Cleveland 24,897 1,606 20,160 2,594 duction (in thou- No. 5—Richmond I 9,664 2,040 4,979 7,971 sands of short tons). 173,547 108.3 177,375 110.7 160,182 100 No. 6—Atlanta 13,340 1,769 7,292 8,627 Anthracite coal pro- No. 7—Chicago 20,522 5,269 16,209 12,342 duction (in thou- No. 8—St. Louis 14,992 3,724 18,226 5,034 sands of short tons). 27,484 90.6 30,503 100. f 30,334 100 No. 9—Minneapolis j 9,202 1,955 5,983 6,282 Crude petroleum pro- No. 10—Kansas City \ 6,947 3,873 5,156 8,289 duction (in thou- No. 11—Dallas 4,605 1,350 3,646 9,435 sands of barrels) 139,854 108.1 151,918 117.4 129,385 100 No. 12—San Francisco 13,638 3,415 8,646 9,607 Pig iron production (in thousands of Entire system 26,047 37,688 29,232 ,79,463 long tons) 12,110 128.9 12,244 | 130.3 9,395 100 Steel ingot production (in thousands of long tons) 11,771 125.2 11,667 124.1 9,403 100 The average size of the member bank col- Cotton consumption (in thousands of lateral notes is much larger than the average bales) 2,252 114.3 2,105 106.9 1,970 100 Wool consumption size of customers' notes and bills rediscounted. (in thousands of pounds) 234,540 118.5 123,701 62.5 197,846 100 The much larger size of the paper rediscounted by the New York and Philadelphia Federal The extent to which the process of redis- Reserve Banks is due to the fact that these _ ,. ,. counting paper with the Federal two banks report as one item large numbers of Rediscounting. Y> i i. -L bills taken under repurchase agreements. A Reserve Banks has been re true average of bills rediscounted by the two sorted to by member banks in providing the banks would be found to be much smaller than country with the extraordinary amount of the average given in the table. credit accommodation required to move the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1018 FEDERAL RESERVE BULLETIN. OCTOBEK, 1920. This average size or unit varies greatly $4,000,000 to China, $3,653,000 to Peru, among the centra] banking systems of the$1,204,000 to Hongkong, and the remainder world, being probably least in France. In principally to Canada, Mexico, and British that country in 1913 there was a holding on India. Since the removal of the gold embargo the part of the Bank of France of 30 million on June 9, 1919, total gold exports have items, totaling 20 billion francs, and thus amounted to approximately $602,078,000. Of averaging about 700 francs, or about $140. this total, $146,555,000 was consigned to Transactions in the Federal Reserve System Argentina, $138,068,000 to Japan, $67,289,000 have naturally not been carried down to so to Hongkong, $59,396,000 to China, $40,803,000 small a figure, due to the fact that the Bank of to British India, $29,778,000 to Spain, and the France and its branches deal directly with the remainder principally to Mexico, Uruguay, the public. Dutch East Indies, the Straits Settlements, A cursory glance at the figures brings out the Canada, and Venezuela. _ _. . . fact that during the more re- During the same monthly period the net of pajTr? m S1Ze cent Perio4 an ^crease in the outward movement of silver was $1,765,000, number of items taken by most as compared with a net outward movement of of the Federal Reserve Banks is accompanied $468,000 for the month ending August 10. Net by a decline in the average size of the paper. exports of silver since August 1, 1914, were This may be due to the fact that of late a large $455,597,000, as may be seen from the following number of smaller banks have started direct exhibit: dealings with Federal Reserve Banks, tender- [In thousands of dollars.] ing for rediscount paper of much smaller size than the paper tendered by the larger banks. Steady improvement of the technique of redis- Excess of counting within recent years has increased the Imports. Exports. ex o p ve o r rts imports. smoothness with which the Federal Reserve System meets sudden increases in demand, Aug. 1 to Dec. 31, 1914....; 12,129 22,182 10,053 and makes the working of the process of ex-Jan. 1 to Dec. 31, 1915 34,484 53,599 19,115 tending loans to individual banks almost Jan. 1 to Dec. 31, 1916 32,263 70,595 38,332 Jan. 1 to Dec. 31, 1917 53,340 84,131 30,791 automatic. Jan. 1 to Dec. 31, 1918 71,376 252,846 181,470 Jan. 1 to Dec. 31, 1919 89,410 239,021 149,611 During the month ending September 10 the Jan. 1 to Sept. 10, 1920 68,734 94,959 26,225 ~ ., , .. net outward movement of gold Total 361,736 817,333 455,597 Gold and silver | was $9MlfiQ0j as compred movements. ment with ft net outward move of $2,208,000 for the month ending August 10, Mexico furnished $3,252,000, or over two- Net imports of gold since August 1, 1914, were thirds of the $4,723,000 of silver imported $697,207,000, as may be seen from the follow- during the monthly period ending September ing exhibit: 10, most of the remainder coming from Canada, Peru, and Chile. Of the silver exports, [In thousands of dollars.] amounting to $6,488,000, about two-thirds, Excess of or $4,336,000, was consigned to China, and the Imports. Exports. im o p v o er rts remainder principally to Hongkong, England, exports. Japan, Canada, and Mexico. Further loan expansion and more than com- Aug. 1 to Dec. 31, 1914 23,253 104,972 181,719 mensurate gains in deposits are J Ja a n n . . 1 1 t t o o D D e ec c . . 3 3 1 1 , , 1 1 9 91 1 6 5 6 4 8 5 5 1 , , 9 7 5 4 5 5 1 3 5 1 5 , , 4 7 2 9 6 3 5 4 2 2 9 0 , , 9 52 5 9 2 uation banking Sit" tfae main developments in the Jan. 1 to Dec. 31, 1917 553,713 372,171 181,542 banking field as indicated by Jan. 1 to Dec. 31, 1918 61,950 40,848 21,102 Jan. 1 to Dec. 31,1919 76,534 368,185 1291,651 the weekly condition statements of 818 member Jan. 1 to Sept. 10, 1920 165,734 248,282 i 82,548 banks in leading cities for the period between Total 2,018,884 1,321,677 697,207 August 20 and September 17. Only slight changes are shown in the holdings 1 Excess of exports over imports. of United States bonds and Victory notes, England furnished $8,384,000, or over while Treasury certificate holdings on Septhree-fifths, and Canada over $2,000,000, of tember 17 (following the issuance of the two the $13,394,000 of gold imported during the September 15 series of new certificates and the monthly period ending September 10, Salva- redemption of the outstanding balance of the dor, Colombia, Mexico, New Zealand, and France September 15, 1919, issue), 416 millions, were furnishing most of the remainder. Of the gold 28 millions less than four weeks before. exports, amounting to $22,735,000, over one- Loans secured by Government war obligahalf, or $12,040,000, was consigned to Japan, tions underwent but little change, while loans Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1019 supported by corporate securities show an in- September 24 the list of rediscounting banks crease of 33 millions. As against these rela- included besides the six southern and western tively moderate changes, other loans and banks enumerated last month, also the Chicago investments, including largely commercial bank; while the Philadelphia bank was able loans and discounts, show a continuous growth, during more recent weeks to extend an increastotaling about 168 millions, of which nearly 100 ing amount of accommodation to the other millions represents the increase for the member Federal Reserve Banks. All the four banks banks in New York City. Total loans and which apply progressive discount rates are investments of the reporting banks show an found among the rediscounting banks. These increase for the four weeks of about 1-75 mil- four banks show an increase of over 51 millions lions, the corresponding increase for the New in their member bank discounts, as against York City banks alone being 117 millions. an increase of about 40 millions in their aggre- Accommodation at the Federal Reserve Banks gate liabilities on paper rediscounted with for reporting member banks decreased during other Federal Reserve Banks. Holdings of the period from 2,086 to 1,972 millions, or from acceptances purchased by the Philadelphia, 12.4 to 11.6 per cent of the banks' total loans Cleveland, and San Francisco banks from the and investments. For the member banks in New York and Chicago banks show a decline New York City an even larger decline in this from 48.9 to 23.4 millions. ratio from 13.6 to 11.7 per cent is noted. Net deposits, largely because of the large For the four-week period between August 27 fluctuations in the "float" carried by the and September 24 the Federal Reserve Banks Reserve Banks immediately before and after report a reduction of 94.4 millions in loans September 15, show considerable fluctuations, secured by United States war securities, and on September 24 stood at 1,658.5 millions, including Treasury certificates, as against a or 59.4 millions below the August 27 total. further increase of 131.7 millions in other Federal Reserve note circulation, after a further discounts, the share of war loan paper in expansion of 91.6 millions during the first two the total discounts held showing a reduction weeks under review, declined by 15.2 millions, from about 50 to slightly over 45 per cent. Of while Federal Reserve bank note circulation the total decrease in the holdings of war paper shows a continuous increase during the period by far the larger portion, viz, 78.5 millions, by 13.4 millions. represents the decrease in paper secured by jjtie banks' gold reserves, in consequence of Treasury certificates, with the consequence further gains of gold received from abroad, that the share of this class of paper in the total increased by about 18 millions, while their of war paper held by the Federal Reserve total cash reserves, in consequence of further Banks shows a decline from 26.4 to about 22 silver deposits by the Government, show a per cent. Holdings 6f purchased bills, largely gain of 23.8 millions. The reserve ratio bank acceptances, show a further reduction by fluctuated between 42.5 per cent on September 14.3 millions. Since January 23, when the 3 and 43.8 on September 17, following the high total of 576 millions was reached, these large liquidation of borrowings by member holdings have shown a fairly steady decline, banks and the reduction thereby of the Reserve due apparently to a large extent to the increas- Banks' deposit liabilities. On September 24 ing absorption of prime bank acceptances by in consequence of the resumption of heavy country banks, savings institutions, and private borrowings by the member banks and the corporations. Fluctuations in the totals of large increase in the Reserve Banks' net Treasury certificates are due to purchases on deposits, the ratio declined to 43.6 per cent. September 9 of 45 millions of tax certificates On September 20 announcement was made from New York member banks and to the tem- « ' , of the appointment of Mr. porary holdings by the New York and Cleve- Personnel. ^ ^^ ^^ R Q m l gu land Reserve Banks of special certificates to man of the board of directors and Federal secure advances to the Government. Reserve Agent at the Federal Reserve Bank of Interbank discounting continued in large Cleveland, as a member of the Federal Reserve volume, the total of paper held under discount Board, in succession to Mr. Henry A. Moehlenfor other Federal Reserve * Banks showing a pah, whose term of office expired August 9,1920. further increase from 166.5 to 226.9 millions. On September 20 the Federal Advisory Coun- The larger amount was held by the Boston, cil held its usual early autumn Philadelphia, and Cleveland banks, the latter meeting in Washington Parbank's total discounts comprising 135.6 mil- ticular attention was devoted lions of bills discounted for other Federal to the general credit and currency situation Reserve Banks as against 86 millions of bills and to conditions in the crop-moving sections. ; held under discount for its own members. On All districts were represented at the meeting. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1020 FEDERAL. RESERVE BULLETIN. OCTOBER, 1920. BUSINESS, INDUSTRY, AND FINANCE, SEPTEMBER, 1920. Continuance of the process of readjustment wholly to the price situation. Markets for raw in business and industry, with progress toward materials have undergone no substantial change. a more stable condition, accompanied by price There is partial resumption of manufacturing revisions and by the resumption of work in activity and a hopeful outlook in retail trade. some branches of industry where hesitation A more optimistic feeling exists than was as to future outlook had led to suspension, present last month. have been the outstanding features of the In district No. 2 (New York) the Federal business and economic movement during the Reserve Bank ceased to be a lender to other month of September. After an apparent Federal Reserve Banks, became a large borslowing down in the price-reduction movement rower from them, and then very recently during midsummer, it has again reappeared, repaid those borrowings in full, thus reflecting and the past month has seen substantial cuts changes in money conditions in the district. in well-known automobile makes, textiles of Improved railroad operation has resulted in various classes, shoes and leather goods, and in much better marketing of goods. "A notable other wholesale prices. Reductions have oc- change appears to have taken place in the curred in a variety of staples, including wheat. efficiency of labor," twenty-one out of thirty- Changes in prices have tended to make busi- one of the largest corporations in the country ness men and bankers cautious about future reporting improvement, while none report any commitments. Accordingly, as has often been decrease. Stock-market conditions have parobserved in the past during periods of business tially recovered, corporate financing has fallen readjustment, business is now being done upon off, European exchanges have continued weak, a shorter-term credit basis than is normal, and price declines have gone further than a pending clarification of the current process of month ago. Some reductions in manufacturreadjustment. Excellent crop yields have ing activity are reported. resulted in sustaining buying power, while In district No. 3 (Philadelphia) "a material improved movement on the railways has given improvement in transportation * * * has assurance of steadier and earlier marketing taken place." Readjustment of textiles to than had been believed possible. Banking post-war conditions is still proceeding. The conditions in several districts have decidedly banking situation is sound. "The labor situaimproved, and from some it is reported that tion grows more reassuring as time goes on," business enterprises are working into a position while "retail trade has continued active, and it to finance themselves to a greater degree by is expected that a large volume of fall and reducing inventories and by exercising more winter business will be done." careful scrutiny over credits. The crop-mov- In district No. 4 (Cleveland) there has been ing process on the whole has gone ahead some improvement in banking conditions acsmoothly, and the peak of the demand for companied by "liquidation of frozen credits," funds has practically passed without serious an increase in demand for acceptances, marked inconvenience and with no prospect of an in- improvement in transportation and shipping crease of difficulty. On September 24 the conditions, but a falling off in new business in reserve ratio for the Federal Reserve System all quarters of the iron and steel market. as a whole stood at 43.6 per cent, as compared In district No. 5 (Richmond) "reports indiwith 43.2 per cent on August 27. Speculation, cate improving conditions in labor fields and both in commodities and in secuiities, has transportation, with evidence of a downward been at a relatively low level, and there has trend in many prices. Complaint of tight been a gratifying diversion of banking funds Xaoney is general, but on the whole efforts of to the service of productive industry in many banks to restrict loans to necessary work is lines. From various Federal Reserve districts commended." Slackness of new business and improving conditions and growth of optimism continued work in factories on accumulated are reported. There is indication that business back orders represents the situation in the texconditions are now definitely on the road to- tile field as well as in some others. ward stability of as great and confirmed a In district No. 6 (Atlanta) the crop-moving nature as the disturbed position of the world season is entered "with no cause for alarm." at large will permit. No anxiety is being felt for the financing of In district No. 1 (Boston) "New England the current crop. Caution is being exercised industries and trade are still feeling their way in many lines on account of price changes. cautiously, but with confidence, toward the Deterioration in the cotton condition indicates objective of stable business and financial con- the probability of a reduction in yield. A ditions." Uncertainty is apparently due almost serious situation has developed in the Alabama Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL, RESERVE BULLETIN. 1021 coal mines, but iron and steel production "is under present revisions in wholesale prices of reported as very satisfactory.'7 numerous commodities, is reported to be satis- In district No. 7 (Chicago) it is stated that factory and sound.77 Failures are fewer, labor " primary wealth, which has been vastly in- fully employed, and strikes or disturbances creased * * * by the magnificent crops of unimportant. 1920, is contributing much to the stabilization The Government crop report for September of economic conditions in the process of busi- 1 showed an increase in the estimated producness readjustment * * *." " There is still tion of corn and oats of 128,000,000 bushels sufficient in the existing situation to call for and 40,000,000 bushels, respectively, over the the continuation of conservatism." There is August 1 estimate, both figures being above the a general belief that serious transportation 5-year average, while there was a decrease of troubles are over, and while some signs of slow- 24,000,000 bushels in the estimated production ing down in a number of industries are noticed of spring wheat and the figure is below the there is improvement in the labor situation 5-year average. Harvesting is generally makand growth of optimism in manufacturing. ing good progress. In district No. 8 (St. Louis) "the predomi- In district No. 9 (Minneapolis) expected nating trend is in the direction of further re- grain and flax production, as estimated by adjustment, but the processes involved in the Federal Reserve agent, is 34,000,000 this change have been gradual and orderly bushels less than estimated about a month ago, enough to produce only minor disturbance in an increase of 19,000,000 bushels for corn business and finance." Price declines have being more than offset by decreases in all of taken place but they have been sporadic. the other cereals. The figure for wheat shows The public is still in need of goods and has a decrease of about 7,000,000 bushels in each strong purchasing power. Merchandise, how- of the four States of Minnesota, North and ever, is more abundant. "Agricultural results South Dakota, and Montana, in the last of in the district continue the basis for optimism." which a decrease in all of the grains is noted. Fuel conditions show improvement. The hay crop throughout the district has been In district No. 9 (Minneapolis) price declines large and satisfactory. In district No. 10 have been quite general. A falling off in (Kansas City) the September Government earlier crop estimates places the expected estimate increased the figure for corn by production (combined) of wheat, oats, barley, 66,000,000 bushels and the figure for oats by rye, corn, and flax at 822,000,000 bushels, 4,000,000 bushels. "Moderate to heavy rains, a decline of about 34,000,000 bushels from the accompanied by much cloudiness and low tempredictions of a month ago. This decline has peratures77 during August and the first half "not been large enough to undermine business of September resulted in a continuance of confidence.'7 Effort is still being made to the growth of vegetation from two to move grain more rapidly and the fuel situation four weeks later than usual, but retarded the is still a problem. thrashing of the 1920 wheat crop, more wheat In district No. 10 (Kansas City) there is being stacked than usual, and has delayed "good progress toward a return to normal the preparation of seed beds. In district conditions.77 Exceptionally large crops are No. 7 (Chicago), Iowa has "never had such a being harvested. Production has about caught corn crop,77 and in the district a considerable up with demand and there is less difficulty percentage has gone or will go into silage. in obtaining supplies of manufactured goods. In district No. 8 (St. Louis) the combined The demand for money and credit continues condition of all crops on September 1 was strong and sales of merchandise by whole- 106.03, as against 103.4 on August 1, and "fall salers to retailers and by retailers to consumers farm operations have been pushed on an have advanced somewhat. unusually large scale.77 On the Pacific coast In district No. 11 (Dallas) the credit situa- "favorable crop conditions continue to pretion shows but little change. There is "a vail.77 Harvesting of grain and picking of spirit of unyielding optimism77 and trade remaining fruits are in progress, reports of authorities are counting strongly upon a; good yield, both in quantity and quality, are heavy fall business. Cotton harvesting is in the majority, but the price outlook is unmaking good progress. Transportation has certain. Higher prices prevailed for tobacco shown improvement, but retail trade is still at the opening of the South Carolina markets quiet. in August, 1920, than during August, 1919, In district No. 12 (San Francisco) favorable but North Carolina opening prices were crop conditions are prevalent, harvesting is "keenly disappointing to the growers.77 It is making good progress, and business gener- stated that some manufacturers are still carryally "while indicating the hesitancy natural ing considerable stocks of leaf tobacco, while Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1022 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. farmers planted in expectation of continuance 15 western markets during August were 1,459,of last year's active demand. Excessive rain- 056 head, corresponding to an index number of fall during the early part of September has 145, an increase over the figure for July, which done more or less damage to the Kentucky was 1,188,019 head, corresponding to an index burley tobacco crop. number of 118, but less than the figure of In district No. 11 (Dallas) " excessive rains 1,541,133 head, corresponding to an index and the decline in the cotton market which number of 153, for August, 1919. Receipts of occurred in August created for a time wide- sheep at these markets show similar changes, spread pessimism among the cotton growers being 1,688,719 head during August, as comand not a little apprehension on the part of pared with 1,301,458 head during July and business and financial circles." Improvement, 2,220,229 head during August, 1919, the rehowever, is noted since the commencement of a spective index numbers being 124, 95, and 162. period of clear weather about September 10. Receipts of hogs, however, declined from Deterioration was noted up to that time in 2,115,639 head in July to 1,818,245 head in north and east Texas, but in south and west August, corresponding to index numbers of 96 Texas "a good yield seems to be assured." and 83, as compared with 1,595,759 head dur- Efforts are being made in the district to per- ing August, 1919, corresponding to an index fect an organization of growers, the majority number of 73. Cattle receipts at six leading apparently being in favor of a plan for gradu- markets in the Kansas City district were the ally marketing the crop throughout the year, largest this year, with the exception of Januand preventing general dumping of cotton in ary, although much lighter than anticipated, advance of active demand. Harvesting, while "the supply of calves was the heaviest ever delayed on account of wet weather, is now yarded in one month," the supply of hogs was making good progress, but there is some moderately heavy, while sheep receipts were scarcity of labor for picking. " Marked de- uneven, though the broadest demand of the terioration" in the condition of cotton was also year developed for feeders to ship to the counshown in the August 25 report for district No. try. The preponderance of grass cattle resulted 6 (Atlanta) in all States except Tennessee, in frequent breaks in prices, while there was where the decline was only one point. Weather weakness in prices of medium and common conditions in many sections have continued grade hogs. Live-stock markets in the Dallas unfavorable and the boll weevil is active. It district were again dull, demand being small, is stated to be "fairly certain" that the crop although August cattle receipts were 35 per in district No. 8 (St. Louis) has gone back- cent less than those for July, and "beef steers, ward since the August 25 report, but " pros- calves, and butcher cows showed a steady depects are still good," and "less apprehension preciation throughout the month of August." is felt just now relative to yield than to ulti- The recent declines in hide and wool prices, it mate prices and movement of what remains is stated, "may be plausibly cited as an imporof last year's crop." tant factor in the present prices of cattle, sheep, In the live-stock industry reports from all sec- and lambs." tions of district No. 10 (Kansas City) state that The movement of grain to market has been "live stock is in excellent condition, that ani- less than the extremely heavy movement last mals on farms and ranges are generally free from year. Crop marketings in district No. 10 disease, and that there is an overabundance (Kansas City), while "somewhat reduced from of feed for fall and winter and for months to the abnormally heavy marketings at this time come." In both that district and in district last year, were sufficient in August for trade No. 11 (Dallas) rainfall has been sufficient to requirements." While "the transportation put the ranges in excellent condition. It is service is still far from adequate, there is less stated from the latter district that " the present complaint of car shortage, delayed freight, and condition of live stock and ranges in all parts congestion at terminals," and "a freer moveof the district is exceptionally good, and pros- ment of all freignt is reported." Car shortage pects for an abundance of winter feed were and a determination on the part of growers to never more encouraging." A strong move- hold the wheat on the farms instead of selling ment of stockers and feeders to farms and at prevailing prices are said to have curtailed ranges is noted in the Kansas City district, receipts. Grain receipts at Minneapolis during although some nervousness is exhibited on the August showed an increase of 32 per cent over part of farmers over the future of prices, and July, due to increased barley and oats receipts, indecision as to the extent of feeding to be although corn and flaxseed receipts decreased. done. An increase in the movement of stock- The total figures were, however, only twoers and feeders from the South St. Paul market thirds of receipts a year ago, and the falling is reported. Receipts of cattle and calves for off is ascribed to wet weather delaying thresh- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1023 OCTOBER, 1920. FEDERAL RESERVE BULLETIN. ing in some districts, car shortage in a few in- stocks of dealers are low, and that a revival of stances, a desire to go ahead with plowing, activity can not be indefinitely delayed. In and a desire in some sections to hold grain for district No. 3 (Philadelphia) " the entire woolen possible higher prices. The Northwest, it is industry is showing signs of recovery," and a stated, has not received the number of empty 25 per cent reduction for spring lines is bringgrain cars which were promised. Receipts ing buyers into the market. Jobbers in an during the four weeks ending August 1 were effort to force business here and there have been 52.5 per cent and during the four weeks ending selling stocks at prices below recent quotations August 28, 61.2 per cent of the number pro- and some are now raising them again. Clothvided in the Interstate Commerce Commission ing manufacturers have, however, come into orders. the market only slowly. The worsted yarn Flour production in district No. 9 (Minne- market is taking on a firmer tone. There is apolis) during August was much less than both generally throughout the industry a rather beta month ago and a year ago, the decrease ter feeling and in some quarters machinery is between the two four-week periods in July and being started up in the nope that it may be August being 15 per cent. The flour situation kept running, even though full-time operation in district No. 10 (Kansas City) was quiet may not be possible for some weeks to come. during August, sales being scattered and On the Pacific coast trading in wool has mostly in small lots, as buyers anticipated recently shown more activity than at any lower prices. time since May when the decline in prices The textile situation during the month has began. Many operators believe that the low been of unusual importance in all of the pro- level has been reached and that trading will ducing districts. An outstanding event has be more active from now on. The estimated been a reduction of 33J per cent by the Amos- 1920 wool clip for district No. 12 (San Frankeag mills of Manchester, N. H., while the cisco) is 81,000,000 pounds, of which 24 per action of the American Woolen Co. in cutting cent has been sold, while the balance has been its prices from 15 to 25 per cent and resuming consigned to warehouses in Portland (Oregon), operations after a two months' shutdown Chicago, and Boston. establishes a new level of basic values in an In cotton goods it is reported from district important branch of the woolen industry. No. 1 (Boston) on the authority of local cotton Corresponding reductions in the prices charged brokers that " never in their experience has by important wholesalers and retailers in there been such an unsatisfactory situation in different parts of the country are tending to their line." The variations in prices for cotton transfer the benefits of price reductions from of different grades have produced an irregular manufactures and wholesalers to consumers. market and created a feeling of uncertainty. In this connection the reductions made by the While New England cotton mills have in many two largest mail order houses in the country cases been operating on full time, or nearly so, are symptomatic of general conditions. Some some are beginning to consider a curtailment lines of textile production are showing con- policy. This curtailment is expected to grow siderable depression on account of failure of further unless there is a turn for the better in the demand to revive. situation. For the month of August there was In district No. 1 (Boston) prices for raw a consumption of 168,000 bales in New England wool have dropped slightly during the past mills, while the stock held in the mills was remonth and there have been some sales, but ported as 610,000 bales. Prices are quoted not in large quantities, domestic wool mostly higher than a year ago in some lines, but this coming on a consignment basis. Private sales is not generally the case. In district No. 3 of British wool have occurred and the stock is (Philadelphia) the raw cotton market conreduced to about 7,000 bales, while the Govern- tinues weak with a like condition in cotton ment still has about 59,000,000 pounds left. yarns. There is practically no demand for cot- The woolen and worsted goods industries in ton yarns, with quotations at from 50 to 60 per the district are stated to be "probably looking cent below the peak prices of the year. "The to the future somewhat more hopefully," but knit goods industry * * * is making no in spite of gratifying sales which it is repre- commitments." No demand for cotton goods sented that the American Woolen Co. made as exists, and "production is at the lowest possia result of price readjustments, " business in ble point." Cancellations in the cotton goods woolens is slower, possibly because of changing industry continue. Collections are far from public preference for harder-faced goods, and satisfactory. In small wares there is a tendthe effect on the industry at large appears not ency to the reduction of prices. The level of to have produced as yet any general stimulus." values for men's shirts is moving downward. Nevertheless, there is still an impression that The outlook in the industry for the remainder Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1024 FEDERAL RESERVE BULLETIN. OCTOBEE, 1920. of the year is entirely dependent upon the de- material falling off of new business has been mand from consumers. Retailers are refrain- noted in all quarters of the iron and steel ing from buying. market." Consumers show greater caution. In district No. 5 (Richmond) it is believed There is small future buying. However, with that present prices for cotton are below cost the exception of the automobile industry, of production, but despite the trade lethargy "from wThich cancellations and suspensions of letters received are optimistic. fron and steel have been received quite freely, The boot and shoe situation is still passing the absorptive power of consumption appears through a transition stage. In New England to have been little altered." The decline in it continues to feel the result of heavy can- orders has been viewed by many producers cellation of orders, but nevertheless the domi- without especial concern, and they are welcomnant note is one of optimism, though buyers ing the opportunity to cover their unfilled are postponing the placing of orders as late as obligations. Railroad buying is developing possible. Factories are operating conserva- slowly. Prices are showing no general weaktively, expecting to run for a while on shorter ness. The ore movement is improving, interior time or lower quantity of production, and furnaces being much better supplied as cars under these conditions there has been an ample are much more numerous. In district No. 3 supply of labor for current operating require- (Philadelphia) the improvement in transportaments. The condition in most places has tion conditions has been of great assistance to tended to bring about abandonment of de- manufacturers in iron and steel, the accumumands for higher wages. The movement to- lated stocks are being reduced, and demand for ward lower price levels is proceeding gradually. iron and steel and their products is still re- In district No. 7 (Chicago) the leather trade is garded as strong, although there is a diminution feeling the effect of curtailment of automobile in new business. Reports indicate a marked demand, while the tanning and shoe business falling off in foreign business. Bad conditions "has been exceedingly dull during the past abroad and difficult foreign exchange quotamonth, with tanners operating about one-half tions hurt the prospects of exportation. There of capacity." In the shoe trade wholesalers has been a considerable decline in the output and retailers are proceeding cautiously, ubuy- of structural steel. In district No. 6 (Atlanta) i ng only for immediate needs." In district No. iron and steel production is satisfactory, car 5 (Richmond) shoes are moving freely but with supply is better, production of pig iron in more sanity shown in buying than in the past Alabama for the month of August was fully two or three years. In district No. 3 (Phila- equal to that of July, activity at by-product delphia) fa.ll and winter shoes are on a retail plants in Birmingham has kept production up, price basis about equal to 1919. Shoe sales- cast iron pipe shipments are proceeding rapidly, men report rather limited sales, buyers being and the market for scrap iron and steel is cautious. Manufacturers, however, see no strong, with prices high and the demand steady. prospect of an early decrease in price. Al- The unfilled orders of the United States Steel though leather has fallen off, other materials Corporation at the close of August were 10,and labor have tended to advance. Manu- 805,038 tons, corresponding to an index numfacturing conditions are satisfactory, but there ber of 205, as compared with 11,118,468 tons is little improvement in the tanning industry at the close of July, corresponding to an index and prices are irregular. There is fair business number of 211. Steel-ingot production shows in leather belting. Conditions in other parts an increase from 2,802,818 tons during July to of the country are not materially different. 3,000,432 tons during August, the respective In the iron and steel trade the month has index numbers being 116 and 124. Pig-iron been a period of change. Production of iron production shows a similar increase, being and steel in August was the largest of any 3,147,402 tons during August and 3,067,043 month in the present year, with the exception tons during July, the respective index numbers of March, and output has continued to rise being 136 and 132. steadily. According to district No. 4 (Cleve- In coal production there is a somewhat land) general reduction of accumulated stocks "spotty" situation. District No. 3 (Philaof iron and steel is reflected in the position of delphia) reports that the anthracite output has the Carnegie Steel Co. which has reduced its been decreased by the strike but is again about yard piles to about 200,000 tons and of finished approaching normal. The cumulative promaterial to about 150,000 tons, a reduction of duction of anthracite coal from January 1, approximately 30 per cent from the high point. 1920, to September 11 was 59,160,000 tons, as " Present steel stocks in the Mahoning Valley compared with 57,376,000 tons last year. In are estimated at 100,000 tons." Coincident, bituminous coal there was a reduction~of output however, with the increase in shipments "a about the middle of the month of September, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1025 OCTOBER, 1920. FEDERAL RESERVE BULLETIN. but a high daily average is being kept up. The petroleum situation in district No. 10 There has been marked improvement in car (Kansas City) has been characterized by high distribution. During the first 217 working production during August both in Kansas and days of this year the output was 369,000,000 Oklahoma. In the first eight months of 1920 tons, as compared with 318,000,000 tons in the these two States produced approximately same period last year. Bituminous coal prices 91,361,000 barrels of crude oil, as against have eased off from the exceedingly high levels 73,492,000 barrels for the corresponding months of recent times. In the Lake region it is re- of 1919, an increase of nearly 25 per cent. ported from district No. 4 (Cleveland) that Wyoming production is now approaching coal is moving better than a vear ago. In the 2,000,000 barrels per month. On the Pacific Birmingham coal and iron district the strikes coast the average production of petroleum in are having some effect in reducing the coal August was 4 per cent ahead of that of July, output, but the large iron and steel industries but the stored stocks continued to decline, inwhich own their mines, coal cars, etc., have not dicating heavy consumption. In district No. been affected. In district No. 10 (Kansas City) 11 (Dallas) oil wells showed an increased miners are at work in all of the fields of the production. The total output during August district and "no strikes are now threatening/' was 12,343,886 barrels, a gain of 6 per cent over so that operators and dealers are more confident July. Several important wells have been comof their ability to supply the demand for coal pleted. The price of cnide oil has not matein the fall and winter months. Taking the rially changed in the Kansas City district, country as a whole, the production of bitumi- while gasoline continues in strong demand, nous coal for August was 48,389,000 tons, as with the supply limited. compared with 45,523,000 tons during July and The labor situation for the month presented 42,883,000 tons during August, 1919, the re- considerable variation. In the manufacturing spective index numbers being 131, 123, and 116. regions employment has been less steady owing Metal mining during the period in question to short-time operations or suspensions in some still shows some stagnation. The output of quarters. In New England (district No. 1, gold in California and Nevada continues to fall Boston) it is reported -that relations between off on account of the low purchasing power of employers and operatives in the leading manuthe metal. Silver mines in Utah and Idaho facturing districts " would appear, on the surare working on a basis which will probably be face at least, to be more harmonious than for slightly ahead of 1919. Higher prices of silver some time.77 During the month agreements early in the year probably stimulated produc- have been reached in various branches of the tion somewhat as compared with present con- shoe industry. At Lynn and Haverhill an arditions. Copper from the Arizona region will rangement which contemplates an amicable probably be produced in larger volume than in method of settling difficulties until May 1 has 1919. Elsewhere there is no substantial change. been partially agreed to, although official ac- The lead output in Utah and Idaho has been ceptance is still lacking. Unemployment, howsmall, but some mines which were idle are now ever, exists in various quarters. Wage inresuming operations, so that-the yield for 1920 creases are still to be noted here and there, the may exceed that for 1919. District No. 10 most conspicuous one in the Boston district (Kansas City) reports that in the Colorado dis- being that accorded to street railway employees trict there has been very little change during in eastern Massachusetts outside of Boston. the month of August, but the recent advance In district No. 3 (Philadelphia) conditions are in freight rates has produced some discourage- improving and disputes are few. An increase ment, while increased costs of supplies may in efficiency is noted. There has been dissatfurther lower production. Zinc and lead, how- isfaction in the anthracite coal region because ever, have shown considerable improvement in of the decision of the Wage Scale Commission, August, both in the volume shipped and the but many of the miners are now returning to price paid, in the Missouri, Oklahoma, and work. In the Middle West it is reported "from Kansas fields. Shipments of zinc ores in- all parts of the district and all industries" that creased 20 per cent over the preceding month there is "increasing efficiency on the part of and lead 12 per cent, the average price of zinc labor." This is coupled with an increase in ore advancing $1 and lead $14 per ton. Stocks, supply. In district No. 8 (St. Louis) there are however, have increased about 2,000 tons dur- "further well-defined evidences of easier labor ing the month in spite of increased shipments. conditions." Unemployment, however, is A car shortage continues to be a serious prob- slight, wages are steady, although there are lem in the shipments of ore, while the new sporadic reductions. The principal unemployfreight rates will result in an increased cost of ment is in the factories. Strikes have de- $4 per ton for slab zinc. creased in number and several formerly in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1026 FEDERAL RESERVE BULI>ETIE". OCTOBEK, 1920. progress have terminated. Among the latter Atlanta reports show improvement in the shoe may be mentioned the furniture workers' strike trade as compared with July of this year, but in Evansville, Ind., which lasted about four in the former case a 15 per cent decrease from months. In district No. 6 (Atlanta) disorders the trade of a year ago. Although a 0.4 per occurred in the Alabama coal mines. Reports cent increase was reported for the month, the as to the number of men who are idle vary. Federal reserve agent at Atlanta states that The supply of farm labor shows improvement, grocery firms report that great caution is being although wages are high. On the Pacific coast exercised by both wholesale and retail stores labor is well employed and there is little con- and that the trend of prices is definitely downtroversy. In district No. 2 (New York), al- ward, although some items show increases. In though there were marked declines in employ- Dallas and Kansas City the slowing up of ment in several branches of the metal manu- buying demand in groceries is attributed by facturing industries, as well as in textiles and dealers to unsettled prices. clothing, the total average decrease was only The housing shortage continues to be acute 2 per cent as between July and August. The in the principal cities. In New York the bulk most serious labor difficulty in the district has of the new building is on contracts executed been the strike on the Brooklyn Rapid Transit last spring or late in the winter. However, lines, affecting several thousand employees. building at prevailing prices has reached or The average weekly earnings of factory em- passed its peak. There has been continued ployees show an increase. There has been a wrecking of houses to be supplanted by businotable advance in the number of immigrants ness buildings. For August, 1,010 contracts to the United States passing through the port were awarded in New York and northern New of New York. Those who entered in August Jersey, the valuation of which was $38,000,000, numbered 57,874, while emigrants numbered as against $36,000,000 in July. In Chicago 36,982. easing is noted in the building trades. Build- The situation in the retail trade is essen- ing enterprises all through the Chicago distially the same as last month. The volume of trict are still practically at a standstill. Net sales continues moderately large. Practically costs of building are now 15 to 20 per cent everywhere sales in terms of value are greater lower than they were a month ago. On the than those during the same month last year. Pacific coast there was a falling off in building Sales of essential commodities in terms of permits from $15,582,000 in July to $13,526,000 physical amounts are probably fully as great for August, but the number of permits issued and in some cases exceed those during the was larger. The failure to build more freely same period last year. The demand for is still assigned to the high costs of building luxuries and , semiluxuries continues far less which are estimated at from two to four times active than at the same time last year. The the prewar costs. attitude of the purchasing public continues to Financially the month has been comparabe characterized as conservative, being far tively quiet. There has been a contraction more exacting in its demands as to quality of loans in New York City and "for a time at and prices than was the case some months least * * * a noteworthy easing of credit." ago. This attitude on the-part of the public Considerable movements back and forth beand a general feeling of uncertainty as to tween the New York district and other parts prices is said to be causing merchants to con- of the country were effected as usual through tinue the attitude of caution in replenishing the gold settlement fund. The Federal Reserve their stocks, purchases in most cases being Bank has recently repaid its borrowings at other chiefly for strictly current needs. Federal Reserve Banks in full. In district Reports on wholesale trade made by agents No. 7 (Chicago) money is in strong demand, but in seven of the twelve Federal reserve dis- customers in some parts of the district are tricts show an improvement in the volume of reducing their loans. The marketing of grain trade in August as compared with July in all is tending to lower the call for funds in agrilines investigated except groceries, automobile cultural districts. In the South the credit supplies, and drugs. The activity of the hard- situation is widely discussed, but it is reported ware trade was especially emphasized, although by district No. 11 (Dallas) that there was "but it was reported from Atlanta that retailers in little change in the month of August, although this line, in contrast with the wholesalers, were there was another moderate increase in the buying cautiously. Reports from Dallas and volume of bank loans and some decline in Kansas City state that manufacturers are deposits." In district No. 6 (Atlanta) effort unable to supply in needed quantities com- to curtail expansion and to retrench has had modities made of steel. San Francisco and a good effect. On the Pacific coast there was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1027 a decline in clearings and there has been a SPECIAL REPORTS ON BUSINESS CONslight easing in the rates charged for secured DITIONS. loans, together with an increase in some parts of the district for loans on commercial paper. An increase of $15,623,000 of total bills on PRODUCTION REPORT OF THE KNIT GOODS hand, accompanied by a decrease of $2,080,000 MANUFACTURERS OF AMERICA. in total reserves "are the significant changes in the position of the Federal Reserve Bank Total production of winter and summer unof San Francisco during the past month." A derwear for the six months ending August 21, somewhat improved condition of the invest- 1920: ment market is reported from various parts of the country, Chicago stating that an encourag- Number of Actual ing sign is the "growth of thrift on the part Month. mills production Per cent of the public" as shown by an increase in reporting. (dozens). of normal. savings deposits and "the large number of small investors in prime securities." In New York March.. 720,329 81.7 April... 781,315 82.1 the demand for bills fell off during the past 30 May 678,287 82.2 June 560,034 80.3 days and the market has been quiet. The dis- July.... 583,190 73.4 tribution of commercial paper continues fairly August. 585,071 67.3 good, although almost entirely with country banks. Dealers report a more encouraging Order and production report for month ending Aug. 31, 1920. outlook in the Middle West. Stock market requirements have been much reduced. Call Number of mills reporting 33 Unfilled orders first of month (dozens) 986,722 money continues available at relatively mod- New orders received during month (dozens) 32,323 Total (A) (dozens) 1,019,045 erate rates. Time money has loaned at 8J to 8i per cent, but the amounts involved are Shipments during month (dozens) 438,856 Cancellations during month (dozens) 40,479 small. Collection conditions are somewhat Total (B) (dozens) 479,335 variable. On the Pacific coast reports received Balance orders on hand Sept. 1 (A—B) 539,710 from 85 firms show that 50 per cent have experienced no decline whatever. In other For the month (S3 mills). Per cases collections declined, the falling off begin- cent of ning in the months of May and June and were actual producexhibited partly in the declining number and Dozens. tion. volume of accounts which took advantage of Orders 32,323 8.7 Shipments 438,856 118.1 cash discounts, while there was an increase in Cancellations. 40,479 10.8 the number of accounts running past due. In Production 371,523 district No. 8 (St. Louis) conditions have not Normal production of these mills 546,172 materially altered. District No. 5 (Richmond) Twenty-eight representative mills who rereports a variable condition with 9 out of 18 ported for July and August furnished the data reporting firms complaining definitely of for the following table: slowness in payments. Conditions, however, are in general "not far below normal for this [In dozens.] season of the year.'7 Taking the country as a whole, conditions as illustrated in the extensive July. August. Loss. Gain. inquiry into collection conditions made by the Board a month ago, whose results were pub- Unfilled orders first of month 1,303,747 905,458 398,289 New orders 32,608 31,134 1,474 lished in the BULLETIN for September, show Shipments 444,899 410,041 34,858 no material change. Foreign exchange has Cancellations 23,488 36,697 13,209 Production 400,551 343,399 57,152 been somewhat irregular and it is reported by district No. 2 (New York) that declines in the FINISHED COTTON FABRICS. principal continental exchanges have been more pronounced than in sterling, francs, and lire, The National Association of Finishers of being "erratic" with a general downward Cotton Fabrics, at the request of the Federal tendency. This is due to seasonal offering of Reserve Board, have arranged for a monthly bills. Far Eastern exchanges have been apa- survey of conditions within the industry. thetic and speculative. Rates on Argentina The results of the initial inquiries are herewith have continued to recede. presented in tabular form. Mr. H. E. Danner, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1028 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. secretary of the association, makes the follow- haying specific detail at hand, but according to our best ing statement concerning the tabulation: estimate, it is probably well within the fact that the figures given for the various classes of work would cover The accompanying figures are compiled from statistics | approximately the following percentages of the entire furnished by 33 out of-59 member firms of this association, industry: White goods, 60 per cent; dyed goods, 50 per It is probably fair to state that in the absence of our cent; printed goods, 30 per cent. Production and shipments of finished cotton fabrics, by Federal Reserve districts. July, 1920. August, 1920. W go h o i d t s e . g D o y o e d d s. P g r o i o n d te s d . Total. W goo h d it s e . g D o y o e d d s. P g r o i o n d te s d . Total. Total finished yards billed during month: District 1 12.772 556 14 631 £98 14,197,170 42,858,049 12,688,403 12,648,706 13,715,598 40,432,552 2 1,455,041 984,338 693,120 7,' 563,597 1,832,736 778,701 464,553 7,091,893 3 3,862,952 4,896,657 8,759,609 4,350,945 5,425,519 9,776,464 5 5,041,100 172,250 5,213,410 4,758,048 145,878 4,903,926 6 . 133,437 808,353 941,790 11.4,495 571,434 685,929 8 2 135 223 2,005,667 Total 23,265,146 21,493,596 14,890,290 67,471,678 23,744,627 19,570,238 14,180,151 64,896,431 Total finishing charges billed during month: District 1 . .. $282,248 $569,205 $810,216 $1,911,720 $281,328 $482,195 $863,918 $1,904,683 2 .. 96,545 47,016 55,283 254,646 90,306 37,348 50,545 237,233 3 127,875 201,413 343,819 189,975 210,979 417,490 5 ... 107,350 2,389 109,739 98,295 3,238 101,533 6 4,131 33,314 37,445 3,096 22,866 25,962 8 35,112 33,235 I Total 618,149 853,337 865,499 2,692,481 663,000 756,626 914,463 2,720,136 Total average percentage of capacity operated: District 1 "" • 52 43 66 51 54 43 57 48 2 38 31 37 35 69 25 40 41 3 55 53 52 63 54 56 5 83 83 69 69 6 61 44 8 85 86 Average for all districts 55 43 62 51 59 42 54 50 Total gray vardage of finishing orders received: District 1 11,892,454 10,387,706 7,308,898 31,211,387 8,638,369 10,364,824 4,904,721 25,450,350 2 2,033,789 1,111,929 847,026 5,827,927 1,627,409 790,676 1,316,425 5,654,701 3 5 007 200 4 449 263 10,147,526 5,466,679 4,470,523 10,532,972 5 2,785,631 61,710 2,847,341 2,431,348 97,653 2,529,001 6. 100,441 854,065 954,506 23,113 497,606 520,719 8 2,232.257 2,615,080 Total 21,819,515 16,864,673 8,155,924 53,220,944 18,186,918 16,221,282 6,221,146 47,302,823 Number of cases of finished goods shipped to customers; case equal approximately 3,000 yards: District 1 5,770 3,352 2,265 21,551 4,736 3,448 2,797 22,205 2 929 3,359 1,078 3,551 3 220 4,147 215 4,414 5 1,678 2,928 1,429 2,579 6 8 515 427 Total 8,377 3,572 2,265 32,500 7,243 3,663 2,797 33,176 Number of cases of finished goods held in storage at end of month: District 1 . 4,241 3,949 2.237 23,557 4,267 4,269 2,910 26,586 2 380 3,310 427 3,667 3 312 4,817 331 5,348 5 691 1,891 513 1,913 8 291 443 Total 5,312 4,261 2,237 33,866 5,207 4,600 2,910 37,957 Total average work ahead at end of month, expressed in days: District 1 9.9 6.4 19.1 10.6 4.6 9.2 5.8 2 ... 22.6 7.8 16.3 11.1 15*3 3 15.9 7.8 3 20 13.9 16.1 17.5 9 12.4 5 25 25 21.1 21.1 6 15 14 8 17 21 Average for all districts 15 8.1 18.7 12.2 10.4 5.2 10.2 8.1 NOTE.—Many plants were unable to give details under the respective headings of white goods, dyed goods, and printed goods, and reported their totals only, therefore the column headed "Total" does not always represent the total of the subdivisions but is a correct total for the district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 11)20. FEDERAL RESERVE BULLETIN. 1029 CONDITION OF WHOLESALE TRADE. Percentage of increase (or decrease) in net sales in August, 1920, as compared with the preceding month. District. No. 3 -29.4 No. 4 No. 6 o.'-i' + 6.4 +13.3 + 8.6 No. 7 No. 10 -14.9 + 5.0 + 10.0 No. 11 -2.0 +13.0 + 6.0 No. 12 1.1 + 8.6 + 0.7 + 12.8 District. ft No.3.J No.4.. N0.6..1 No. 7..! No.lO.i+34.,1 -3.4 No. 11.! +2.0 -10.0 No.l2.|+ 8.1 15 + 8.2 + 17.6 18 bmuN +27.0 Percentage of increase (or decrease) in net sales in August, 1920, as compared with August, 1919. District. No 3 No. 4 No. 6 No. 71 No. 10. No. 11. No. 12. District. No 3 No 4 No 6 No 7 No. 10. No. 11. No. 12. .erutinruF +27.2 + 9.4 .seirecorG -3.0 +1.0 +2.6 +4.9 +3.4 -8.0 + 9.1 .smrif fo rebmuN 15 .smrif fo rebmuN 36 13 6 19 4 6 29 .sgurD + 11.1 + 170 + 37 .sdoog yrD + 10.0 +12.7 + 13.5 + 10.0 +25.0 + 18.4 .smrif fo rebmuN 6 2 4 7 .smrif fo rebmuN 6 8 13 2 5 15 .seilppus otuA c3 +21.5 + 18.2 +28.6 -12.0 +20.9 ..smrif fo rebmuN .yrenoitatS -3.0 .smrif fo rebmuN \ 6 8 4 3 23 .smrif fo rebmuN .seohS +21.2 -20.3 -15.4 .stnemelpmi mraF .smrif fo rebmuN 7 13 .smrif fo rebmuN sales during the month of August shows an appreciable falling off from the previous month, largely due to the fact that the demand for sugar has fallen off markedly, and dealers hesitate to order goods in quantities except to replenish depleted stocks. Sugar and coffee have declined severely in price, which has caused an attitude of conservatism to be established among the trade as they anticipate further price reductions in other goods, some firms reporting that this has resulted in some cancellations of contracts on goods for future delivery. "According to our reports, prices of food products show a decided inclination to lower levels, especially in those articles in which sugar plays an important part. Canned goods staples are also seeking lower price levels in view of the heavy yields of farm produce. Many of the canners, however, are not reaping the benefit of the lower market price of vegetables because they had already contracted for the major portion of their supplies with the growers months ago. Dried fruit prices are trending upward, while flour continues unsteady. "It is the consensus of opinion among the trade that the transportation situation has greatly improved, resulting in the freer movement of merchandise from near-by points, and there is no doubt that this situation will steadily improve after the crops have been moved, thereby releasing thousands of freight cars which can be diverted for use in other industries. " Collections are holding steady with a tendency to fall behind unless held strictly to selling terms. In fact, some firms are virtually selling on a cash basis." District No. 6 (Atlanta) also says that "reports from wholesale grocery firms show that great caution is being exercised by both wholesale and retail stores, and the trend of prices is definitely downward, although some items show increases during the month. Reports from wholesale hardware firms vary as to future prices. Tennessee firms report a slight tendency of prices to advance to cover the freight rate increase. In Florida there is some opinion that prices will come to lower levels, while other reports predict advances. While it is necessary for wholesale hardware firms to buy far ahead in order to obtain goods 2 -1.0 2 when needed, retailers are reported to be buy- +33 1 18 *~ ing often and very cautiously/7 i District No. 7 also reports clothing +118.0, 3 firms, and tailoring District No. 7 (Chicago) reports that de- + 79.0,2 firms. moralization in sugar prices has had a preju- District No. 3 (Philadelphia) states that dicial effect upon wholesale grocery sales. " business in the grocery line is very quiet and Cancellations of orders were reported to be has been for several weeks. The volume of heavy in all reporting lines. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1030 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. District No. 10 (Kansas City) reports that crease of 10 per cent in net sales for August, as "in the wholesale trade the lines which in compared with the previous month. August showed particular activity were furni- "The slowing up of the buying demand in ture and hardware, though dry goods and the grocery line is attributed by dealers to the millinery made gains over July and August of unsettled condition of prices. In view of the last year. Sales of drugs and groceries showed recent course of values in sugar and other declines from the previous month, but were staple foods the retailers seem disposed to postbetter than a year ago. No conspicuous pone stock replenishments pending a clearer changes were noted in other lines. view of the future. "All reports, except those on hardware, in- "Automobile supply houses report that retail dicate unfilled orders are not large because of dealers are well stocked and that factories are production catching up with demand. In curtailing production as a result of the lessened hardware wholesalers are finding difficulty in demand for tires and accessories. obtaining staple articles, and particularly "Hardware wholesalers explain that the steel, to meet the demand of customers. They drop in the volume of August orders as comare supplying what they can obtain and per- pared with a year ago is not a matter of demand mitting customers to seek elsewhere for the but of supply, it being extremely difficult to balance. obtain from manufacturers, in needed quan- 11 There is a deadlock between manufac- tities, such items as sheet goods, corrugated turers of textiles and wholesalers of dry goods steel, and nails. On the other hand, shelf goods as regards purchases for the future. As soon and heavy hardware are reported to be moving as a price basis is reached it is expected that at a satisfactory rate. wholesale dry goods merchants will place "In the wholesale dry goods trade the price orders freely. They report that they are not situation, though still hedged about by the offering spring goods to retailers for future uncertainties that have been interfering with orders as a revision of prices is looked for. the normal movement of fall merchandise, seems Strained condition of credit, they report, also to have yielded its place as the uppermost issue keeps them from placing future orders with in the mind of the retailer to the more imperamanufacturers. tive demand for prompt action, as the advancing " Activity in the wholesale furniture trade is season cuts short his time for making a decision. attributed to increased supplies, enabling re- "Wholesale distributors of farm implements tailers to buy according to their needs, although report that the recent rains in this district, by there is no disposition on the part of retailers delaying the fall planting and sowing season, to stock up heavily. Letters are now received had the effect of reducing their August sales to by wholesalers asking for business, whereas at some extent, though their actual turnover for this time last year when furniture stocks were that month, as well as the outlook in this line low and almost depleted, manufacturers were for the coming fall, may be described as oversold. The uncertainty of prices is said by generally satisfactory. wholesalers to explain the cause of dullness in "According to the reports submitted by five the grocery trade in August.7' of the leading firms in the wholesale drug trade, In district No. 11 (Dallas) "reports from August was a month of increased activity, parrepresentative wholesalers indicate that there ticularly with respect to the inquiry for drug was a more spirited activity in hardware, dry sundries and holiday goods. Prices are gengoods, farm implements, and drugs during the erally maintaining a steady level, slight reducmonth of August than prevailed in the preced- tions on some articles being about offset by ing month. Sales of dry goods, measured by advances in certain proprietary medicines. selling values, showed an average increase of "Special emphasis is laid in the reports from 13 per cent despite an average decline of 2 per all lines of wholesale trade upon the retailer's cent in August prices, as compared with those persistent attitude of caution in placing orders. of July. Both hardware and farm implements Added to the hesitation inspired by the disscored an improvement upon their sales record turbing possibilities of price readjustments is for the previous month, though August orders the feeling of apprehension concerning the in these lines were not up to the volume of effect of the recent deterioration of the cotton business booked in the corresponding month crop upon the public's purchasing power in the last year. In the wholesale grocery trade our coming fall and winter months. Notwithreports show that the volume of August trans- standing this situation, however, a hopeful actions was below both the July, 1920, record feeling generally pervades the wholesale trade." and that of August, 1919. This condition was In district No. 12 (San Francisco) 98 per also in evidence in the statistics of automobile cent of all firms report customers buying supply houses, which reported an average de- cautiously, and staples selling more readily Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1031 than fancy goods. Reports indicate an in- Percentage of increase or decrease in net sales for August, crease in favor of staples as compared with 1920, over August, 1919. fancy goods, but no extreme declines in sales of F t o h r e t y fa -f n i c v y e g p oo e d r s. cent report transportation H w a a r r d e - . go D o r d y s. G c ie e r s r o . - - Shoes. t e S io r t y a n . - - F t u u r r n e. i- Total.» difficulties materially interfering with deliveries, but that conditions are much improved Los Angeles 25 3 12.3 10.9 47.5 10.7 20.8 Sacramento. 7.6 37.6 28.7 over last month; 31 per cent report transpor- San Francisco 31.4 13.6 3.8 2 16.1 44.1 20.2 16.1 tation conditions as nearly normal or as causing S P a o l r t tl L a a n k d e City 20.3 9.3 2 5 2 . . 3 7 2 37. 6 2 10.5 3 3 2 . . 1 8 only slight interference with deliveries, and 24 Seattle 12.1 23.8 7.1 22.8 5.8 24.I 13.4 Spokane 39.7 66.5 18.7 73.7 32.5 31.5 per cent report no interference whatever. Re- Tacoma 2 2.3 14.6 12.4 17.9 ports indicate that the delays are mainly with District 20.9 '"is.* 4" 9.1 2 i5.4 33* i' 9.4 14.6 shipments from the East, and the average Drugs: San Francisco, 39.1 per cent; Portland, 36.6 per cent; district, period of delay appears to have been reduced 3.7 per cent. about 30 per cent over last month. Percentage of increase in net sales Jan. 1 to Aug. 31, 1920, Of the hardware firms 65 per cent report an over same period, 1919. upward tendency in prices, but characterized m as a te " r s i l a i l g h c t h " a n b ge y , a a n ll d ; 3 on 3 l y p e 2 r p c e e r n c t e n r t e p re o p r o t rt n o a H w a a r r d e - . g D oo r d y s. G c ie e r s r o . - - Shoes. t e S io r t y a n . - - F t u u r r n e. i- Total.1 slight tendency toward a decline. The advance is reported as most marked in metal wares, Los Angeles 54.5 32.9 35. S 51.2 64. 4 43.4 with cotton goods declining. Many indicate the Sacramento 42.6 21.1 25.1 San Francisco 47.2 44.8 29.3 13.2 50.6 66.3 35.2 advances partly due to the new railroad rates. Portland ... 35.4 28.8 24.3 2 13.4 55.4 26. 6 Dry goods,—Fifty-four per cent report prices Salt Lake City 31 7 33.3 Seattle 23.2 67.9 18.7 16.5 14.5 31.2 as stationary but weak, and 46 per cent report Spokane 44.6 65. 9 25. 6 44.0 44. 6 32.8 Tacoma 19.9 18.5 63. 8 26.4 declining prices, especially in silks and woolen District 43.2 "'46.'6* 26.5 '*'i6.*9* *45.'4" 50.5 27.6 goods. Reports indicate from 10 to 20 per cent additional decrease in silks this month. Drugs: San Francisco, 23.5 per cent; district, 29.2 per cent. Several firms report a slight increase in crockery Percentage of increase or decrease in net sales for August, and glassware. 1920, over July, 1920. Groceries.—Seventy-five per cent report dec p r e e r a s c i e n n g t p re ri p c o e r s t o p f r ic li e m s it s e t d at i c o h n a a r r a y c , te w r, i th w h e i x le c e 2 p 5 - H w a a r r d e - . goods. G c ie e r s r o . - - Shoes. t e S i r o t y a n . - - F t u u r r n e. i- Total.1 tions of sugar; 95 per cent report decreases in sugar, and several report decreases in rice, Los Angeles 0.2 4.9 2 0.1 12.1 25.7 3.9 shortenings, and salad oils. Sacramento 214.4 7.4 0.7 San Francisco 2 4.5 8.6 11.2 18.4 23.0 H7.3 7.5 Drugs.—Eighty-six per cent report prices P Sa o l r t t l L a a n k d e Citv 2.8 2 30. 32 21 1 6 2 .5 r) 3.0 2 24.6 2 2 8 7 . . 5 9 stationary, 3 per cent indicate an upward Seattle 18.5 23.1 1.4 48.0 36.3 14.6 14.8 trend, and 11 per cent report a slight down- S T p a o co k m an a e 23 2 4 . , 3 1 27.5 1 6 0 . . 0 1 47.5 ----- 1 7 1 . . 3 8 ward tendency. District 0.7 ""8'.6 1.1 '"12's '17*6* 8.1 4.4 Shoes.—Sixty-eight per cent report receding prices, although indicated by small drops, and Drugs: San Francisco, 5.9 per cent; Portland, 23.8 per cent; district, 8.2 per cent. 32 per cent report prices firm. 1 Includes reporting drug firms. 2 Decrease. Stationery.—Forty-five per cent report prices still advancing, 42 per cent report prices firm on all lines with exception of paper, which is still advancing, and 3 per cent report a few TERMS OF SALE. decreases. The following is the seventh of a series of Furniture.—Seventy-seven per cent report articles giving data as to current practice and prices holding the same. Several of these recent history of terms of sale in the principal firms, however, report an increase in metal industries. Acknowledgment is due the many goods. business houses, individuals, and trade asso- Collections. ciations who have courteously furnished the information. A final article will appear at an Good. Fair. Poor. early date describing the situation in the agricultural implement and drug and chemical in- Per cent. Per cent. Per cent. Per cent. Hardware.. 67 28 dustries. Dry goods. 61 31 Groceries.. 82 14 POTTERY AND CHINA. Drugs 51 37 Shoes 60 31 From 25 to 40 per cent of the output of do- Stationery. 49 32 Furniture.. 58 42 mestic manufacturers is sold to wholesalers, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1032 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. who may be jobbers exclusively in that prod- also by wholesalers to retailers. Aside from uct, hotel supply jobbers, or wholesalers of the fact that manufacturers had made a like other products, such as drugs, glass, etc. The change in their terms to wholesalers, the forces balance is sold to retailers, who may be spe- bringing about this change were similar to cialized china retailers, or else department or those existing in the other case. Competition furniture stores. A considerable proportion is became keener, and efforts were made to distributed through mail-order houses, one induce earlier purchasing and thus avoid exmanufacturer reporting that one-third of his treme congestion at the end of the fall season, total output is distributed in this manner. as it is impossible for the travelers upon whom Terms in the industry are generally net 30 the retailers depend to visit each of them at days. Certain manufacturers still give a cash the exact moment when he wants to buy his discount of 2 per cent 10 days or 15 days, but goods. Thus one Texas house, in ascribing the majority have either eliminated cash dis- the introduction of the season settlement in its counts in recent years, or, in a few cases, have territory to New York wholesalers, stated reduced them to 1 per cent. One manufac- that this was offered as an inducement to turer who has in general eliminated the cash retailers to purchase when their travelers, who discount still grants it in the case of poorer covered a wide territory, were on the ground. risks or in order to keep down the size of the In addition, there is the fact that the large account. In certain cases 30 days extra is Christmas business places the retailer in funds. given to customers west of the Mississippi In consequence, the former regular terms of River and south of Tennessee, to cover addi- 6 per cent 10 days, 5 per cent 30 days, net 4 tional time shipments are in transit. In cer- months, came to be in little use, and have tain cases semimonthly settlement dates, such been characterized as "an old formality which as the 10th and 25th, may be specified. has been in discard for years/' terms being Due to the shortness of terms, the use of either season settlement or 6 per cent 4 months. the trade acceptance is very limited. Manu- It is stated that while "the season settlement facturers have been in a position to select their proposition has been in practice for many customers, and thus collections are reported years/' it has "possibly been abused only very satisfactory. Thus one manufacturer within the past 10 to 12 years, during which states that 80 to 90 per cent of his accounts time it was pretty generally extended to all are discounted in 15 days, while the remainder whose credit was worth while." In New are practically all paid within 30 days, while England, however, wholesalers never adopted another reports that his outstandings average it very extensively, due, it has been suggested, 30 days. Two other manufacturers selling on to the fact that they cover a smaller territory net 30-day terms, however, state that accounts and enjoy better transportation facilities. are collected on the average in 45 days. Within the last few years, however, the situation with respect to terms changed. The JEWELRY. market began to assume more the appearance of a sellers7 market, and manufacturers Twenty-five or more years ago regular terms shortened terms and reduced discounts, in of jewelry manufacturers were 6 per cent 10 many cases to 2 per cent or 3 per cent 30 days, days, 5 per cent 30 days, net 4 months. Sub- net 4 months. In consequence, in certain cases sequently, however, competition became very there has been a similar change in wholesalers' keen. As competition grew, orders were solic- terms. In fact, wholesalers at various times, for ited earlier and earlier each year, until busi- example, in 1910, have discussed the question, ness for the fall season, which usually runs but no unified action has been taken, the weaker from July until January, was solicited as early wholesalers having raised strong objection. as April. This tendency was accentuated by Existing terms thus present a rather confused the fact that business during the first half of appearance, many still continuing the older the year is normally duller. As an inducement season settlement terms, while others have to wholesalers to place orders early and thus reduced discounts and shortened terms as to put the factories at work on them, a season indicated above. With the scarcity of merdating of January 1 was introduced, and ship- chandise in the last few years, certain wholements made during May, June, and early salers and retailers are reported to have July. This was followed by the institution of tended to pay more promptly in the hope of a July 1 settlement date on goods for the obtaining preference in short time deliveries spring season, which is stated by one author- and on short or desirable merchandise. A ity to have occurred as a result of the dull leading wholesaler, speaking of the retailer, times in the industry following 1906. In the makes the following statement: "Credit means meantime, the season terms had been applied a great deal in the jewelry business, as the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1033 biggest percentage of the medium-sized jewelers however, both importer and cutter have come throughout the country have emanated from nearer a cash basis, although the retailer is the workbench, and have built up their busi- still used to long time, but is neither demandirg ness on the credit that they have received. nor receiving the old extremely long terms. Of course, some of these individuals have Four to 6 months' terms are reported, and in taken advantage of this credit and misused some cases cash discounts, such as 3 per cent same, but the larger percentage have built up 10 days, are quoted with these terms. their stock and gradually are getting in a The present situation is concretely shown in sounder financial condition, and it will be but the following table, based on data obtained by a short time when they voluntarily will liqui- the committee, as to the actual time received date their debts in shorter time than in the by wholesalers on their purchases and granted past.77 by them on their sales: Data recently obtained by the committee on terms and discounts of the National Whole- Received. Granted. sale Jewelers' Association show that average outstandings of wholesalers on May 1, 1920, were equal to 83 days' sales.1 Of the total D W i a a t m ch o e n s ds 7 1 m m o o n n t t h h s 4 2 . . 9 3 m m o o n n t t h hs s. volume of sales, approximately 38 per cent Jewelry 1 month to season 3.5 months. settlement (very were made on 30 days' time, 11 per cent on mixed). Clocks ... 10-30 days 2.5 months. 60 days, 1H per cent on 90 days, 23 per cent Silverware 1 month 2.6 months on 4 months, 1H per cent on semiannual Miscellaneous.. do 2.1 months. terms, and 5 per cent on "running account," the average of which, 75 days, approximately With respect to the cash discount, about agrees with the figure given above. one half stated that they were" good-natured," While the above are the general terms which and granted 30 to 90 days extra, with full disprevail on jewelry certain items are sold on count, while the other half were strict. different terms, both by manufacturers and by Wholesalers favor somewhat shorter terms jobbers. The principal classification is into to retailers than those now employed, namely, standard and nonstandard merchandise, the about 4 months on the average on diamonds, latter of which " needs to be stocked, arranged, 2 months on watches, 2.8 months on jewelry, examined, and discussed as to price and qual- 1.9 months on clocks and silverware, and 2.1 ity."2 Terms on American watches are shorter, months on miscellaneous items. Preference is such as 30 or 60 days, and discounts in many expressed for a 6 per cent discount, both on cases smaller, although it is stated that manu- purchases and sales, and it is also favored by facturers generally price their watches on a retailers. It is stated that these terms would 6 per cent basis, and wholesalers do likewise. be practicable, in view of the fact that data Due to the relatively small number of manufac- obtained from retailers by the committee show turers of trade-marked watches, it is possible that 67 per cent of the latter's sales are for to take advantage more easily of the existence cash, 15 per cent on 30-90 days7 time, 8 per of a sellers' market. Terms on the item vary cent on 4 months' time, and 10 per cent on somewhat, 6 per cent 10 days or 30 days, net running account. Two-thirds of the retailers 4 months, being frequently given but without expressed themselves as being able to purchase further dating. Sterling silverware largely on shorter terms. Data obtained by the comcarries terms of 2 per cent 10 days, net 30 days. mittee as to terms on which retailers now Diamonds, the other important nonstandard purchase showed 64 per cent of purchases made item in addition to jewelry, have been sold on on 30 days' time, 6 per cent on 60 days, 7 per longer time. This is also partly due to the cent on 90 days, 4 per cent on 4 months, 12 larger amounts involved, in particular where per cent on semiannual terms, and 7 per cent sold in lots and not as single diamonds, and on running account. The average of these is by this means the retailer is enabled to carry 52 days, as contrasted with 75 days shown by a larger stock for show purposes. Moreover, wholesalers as their average terms to retailers, diamond importers have granted very long and the correct figure is stated to be probably terms, corresponding to the terms given by between the two. Average time received on European sellers. Cutters1 and jobbers' terms diamonds is shown as 4 months, on watches have frequently been 8 to 12 months. As a 45 days, on jewelry 56 days, on clocks 40 days, result of scarcity within the last few years, on silverware 43 days, and on miscellaneous items 32 days. 1 The figures given in the committee's report represent unweighted The trade acceptance is employed by some averages. 2 Report of Committee on Terms and Discounts, National Wholesale leading wholesalers in the industry. Only one- Jewelers' Association, Mr. Sydney Y. Ball, chairman, presented at the third of the retailers covered in the survey, June, 1920, convention. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1034 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. however, had used them, and of these one- tral instruments, rolls and records and " musithird did not like them. cal merchandise," and sheet music. The last is published in large part by exclusive whole- OPTICAL MERCHANDISE. salers, very few doing a retail business. Popular sheet music, church and school music is In the optical trade e. o. m. terms prevail on largely published by firms which specialize in nearly all accounts, both between manufacturer these. It has been estimated very roughly and wholesaler and wholesaler and retailer, and that about 90 per cent of the output of pianos the 10th is the date specified. is sold by manufacturers to dealers and 10 The cash discount of the manufacturer to the per cent direct to consumers. In the case of wholesaler is 2 per cent on the 10th of the brass band instruments, it has been estimated month following date of invoice, at which time that about 75 per cent of the product is sold the bill is due. The prevailing wholesaler's direct to the consumer and the remaining 25 terms are 6 per cent cash discount on the 10th per cent to the wholesaler. Small string of the month following date of bill, after which instruments, however, are mainly made abroad, time it becomes net, with some houses im- and are distributed entirely through dealers, mediately due and with others due on the 10th roughly one-half passing through the hands of of the month following. The matter of net wholesalers and the other one-half being sold terms in this connection is not very clearly direct to retailers. Talking machines are established nor lived up to. A leading author- largely sold to jobbers. ity estimated in 1919 that roughly two-thirds Substantial similarity, however, prevails as of accounts of retailers with wholesalers were to terms in the different branches. Standard discounted, terms prior to the war were 5 per cent 30 days The cash discount of 6 per cent is "a relic of net 4 months, but the retailer was usually the days when the optical business was closely granted extended terms, as much as 2 and 3 allied with the jewelry trade," although the years being given. Consignment was frequent two lines are now quite distinct and separate in case of slow movement of goods or relative and only in rare instances affiliated. It is the overproduction. As a result of the war and opinion x>f most wholesalers that the 6 per cent a strongly marked and constantly increasing discount for cash is an unreasonable premium demand for music, there has been a scarcity for prompt payment, and while a few have of instruments. Much closer observance of expressed the opinion that a high cash discount terms has resulted, interest is added on acstimulates prompt payment, the consensus of counts carrying additional time, and consignopinion is that a decrease in the discount ment, it is stated, has almost ceased. In should not seriously affect the proportion of addition, customary terms have been shortaccounts which are discounted. Many wholeened. Thus, while a few wholesalers still salers desire to reduce the discount to 2 per adhere to the former terms of 6 per cent 10 cent, making it the same as they receive from days, 5 per cent 30 days, net 90 days, the the manufacturers, but a few have opposed the general terms are now 2 per cent 10 days, net change, and this has deterred the majority. 30 days, and most manufacturers sell on this A number of wholesalers have been endeavorbasis. On stock orders to recognized dealers, ing to introduce the 2 per cent cash discount by however, wholesalers may grant net terms of applying this on some of their specialties, and 4 months. Talking machine manufacturers practically all machinery and instruments are have always employed the standard terms of now on a 2 per cent cash discount or net basis, 2 per cent 10 days, net 30 days, and certain while 6 per cent is still allowed on ophthalmic of them have changed within recent years lenses, frames, mountings, prescription work, from a monthly to a semimonthly discount etc. One wholesaler in the East, in an effort settlement. During the last few months some to further the adoption of a 2 per cent cash disdeviation from these terms is reported. On count, generally has established a 4 per cent retail sales of pianos provision is of course trade discount, leaving the bills subject to a 2 made for the deferred-payment plan, running, per cent cash discount, and states that colfor example, 30 months, and made under lections have not been adversely affected. conditional bill of sale, notes being taken. A On tjxe Pacific coast the discount generally leading authority states that "the industry allowed and in effect for some time is but 2 as a whole is upon a much higher and more per cent on all items. practical plane than before the war." In the sheet-music department, with the exception MUSIC AND MUSICAL INSTRUMENTS. of the "popular music" published, however, discount practices are probably least standard- The principal branches of the industry are ized. Almost all manufacturers now employ pianos, organs, phonographs, band and orches- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1035 the trade acceptance on accounts of those accounts are stated to receive additional time dealers who take terms of four months. Due, on a net basis and to settle by note or open it is said, to the small size of bills and the account. A large percentage of the tonnage shortness of terms, in other branches of the is sold on contract to publishers. industry little use of the acceptance is made. Wrapping paper is sold by manufacturers on terms of 2 per cent and 3 per cent 30 days, WOOD PULP AND PAPER. although in some cases such coarse papers carry only 2 per cent 10 days. Terms in the industry vary according to the About one-half the output of waxed paper is type of paper, but in general are on a 30-day sold to the baking industry, and the demand basis. It has been stated that "when condi- in the southern and Rocky Mountain sections tions have been in favor of the mills, discounts is relatively light compared with the remainder from 2 to 3 per cent have been in effect, and of the country. Prior to May, 1920, adopted when the market has been a jobbers' market terms of the manufacturers' association were the jobbers have in a great many instances 2 per cent 10 days, accounts west of Denver succeeded in eliminating discounts." Another receiving 2 per cent 20 days, but at that time authority states that " broadly speaking, cash the terms were abolished. Some manufacdiscounts are more liberal in the fine paper turers now sell on terms of 2 per cent 10 days, line." net 30 days, others on net 30 days. During Manufacturers of wood pulp in general sell the past decade the period was reduced sucon terms of net 30 days, but a few allow a cash cessively from 30 days to 15 days and to 10 discount, such as 1 per cent on receipt of days, with an allowance of 10 days extra to invoice, or permit anticipation at the rate of extreme western territories, the discount re- 6 per cent per annum. maining the same. Glassine and grease-proof Paper manufacturers.—Newsprint paper is papers as a rule are sold on terms of 2 per cent sold by manufacturers on terms of net 30 days, 10 days. Vegetable parchment is sold on terms or settlement is permitted by a specified date, of net 30 days. A considerable proportion is such as the 15th, for all shipments made during sold to industrial consumers, a leading manuthe preceding month. It is stated that a facturer reporting that 60 per cent of his output greater proportion of newsprint and specialties is sold to them as against 40 per cent to jobbers. are sold by manufacturers direct to consumers Manufacturers of towels and toilet paper in than in the case of other products. general sell on terms of 2 per cent 10 days, net Most manufacturers of writing paper sell their 30 days. Some manufacturers, however, grant product on terms of 3 per cent 30 days from the cash discount for payment within 15 days, date of invoice, while a few manufacturers allow some within 30 days, while others quote 3 per net terms of four months on note, with the cent 30 days and others give net terms of 60 option of 3 per cent 30 days. A leading whole- days, with a cash discount of 2 per cent 10 saler also reports purchasing this class of paper days. In certain cases longer terms, such as 30 on terms of 2 per cent 30 days. Little use of days additional, are granted to customers in the trade acceptance is reported. Manufac- distant sparsely settled territory, to which turers of writing paper sell practically their carload lot shipments are necessary in order entire output to wholesalers and converters, to obtain a low freight rate, and a slower turnwho make up the manufactured finished prod- over thus results. It is stated that practically uct into blank books, tablets, envelopes, etc. all this type of paper is sold to paper merchants The same terms (3 per cent 30 days) are also or converters. One authority estimates that employed by manufacturers of cover paper and 60 per cent of the product is sold to wholesale similar paper of the higher grades. Practically paper dealers, 25 per cent to wholesale grocers, the entire product is sold to paper merchants and 15 per cent to wholesale druggists and or\ converters. Some manufacturers of fine or miscellaneous wholesalers. It is stated by one printing paper sell on terms of 2 per cent 10 manufacturer that while collections are nordays, and many on terms of net 30 days. mally made on an average of from 20 to 45 Manufacturers' terms for book paper in gen- days, due to present traffic conditions, buyers in eral range from 2 per cent 10 days, net 30 days, many cases postpone payment until the receipt to 3 per cent 30 days. During recent years of the goods, although this in general does not certain mills have eliminated the cash discount apply to wholesale paper houses. Trade acand are now on a net basis. A distinction is ceptances, while by no means general, are used made by certain manufacturers between dis- by certain leading houses, interest in the counts given to paper merchants and to pub- majority of cases being added for additional lishers, the former receiving 3 per cent 30 days time beyond the regular net period. One and the latter 2 per cent 30 days. A few manufacturer, however, quotes 4 per cent for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1036 FEDERAL RESERVE BULLETIN. OCTOBEE, 1920. cash with order and 3 per cent for 60-day trade cent per annum on overdue accounts. Exacceptance with order, dated as of date of tremely limited use is made of the trade invoice. acceptance. Practically the entire output of Wholesale paper houses.—These in general paper-box plants is sold to industrial consumers. follow manufacturers' terms on the several Adopted terms of the Folding Box Manufacclasses of paper. It is stated, however, that turers' National Association are 1 per cent 10 coarse or wrapping papers are sold almost days, net 30 days. Prior to 1917 practice with universally by paper merchants on terms of 2 respect to terms was extremely loose. Manuper cent 10 days, net 30 days, 10th e. o. m. facturers, it is stated, would often make practerms being granted on running accounts. tically a year's supply of goods, warehousing Among fine or printing papers, newsprint is them without adequate charge, and would ship sold quite generally on net 30 days. Some as required by the customer on terms of 2 per book papers are also sold on these terms, but cent 10 days, net 30 days. Not over 5 to 10 these kinds of paper in general carry terms of 2 per cent of the output is sold to dealers for per cent 30 days. In New England, New York resale, such items being suit and laundry City, Baltimore, and the South, 3 per cent 30 boxes, ice-cream pails, egg containers, etc. It days, however, generally prevails,1 and in the is estimated that probably 30 to 40 per cent South net terms are still 60 days. In conse- of purchasers discount during normal times, quence of a similar tendency on the part of while overdue accounts are probably collected manufacturers, there has been a decided on an average within 30 days from due date. tendency on the part of paper merchants to During the present year terms on corrugated shorten terms during the past decade and to and solid fiber boxes were changed to net 10 reduce the discounts. In case of fine papers, days, and collections are generally made within up to 18 months ago the discount was almost 15 days. Prior to four or five years ago terms universally 3 per cent, while 6 to 7 years ago were generally 2 per cent 10 days, net 30 days, net terms were 90 days, which has been and at that time the discount was changed to gradually shortened until to-day most goods 1 per cent. The trade acceptance is not used carry net terms of 30 days and but few longer to any great extent. Practically the entire than 60 days. Trade acceptances are not output is sold direct to industrial consumers. very largely employed by. paper merchants. Wall paper.—The manufacturers' association It is stated that during the last three years in this industry adopted the following terms of collections have been extremely satisfactory, sale on July 17, 1920: "Three months from and many houses report as high as 92 or 93 per date of invoice, provided settlement is made cent of their sales discounted by the purchaser. by trade acceptance within 10 days from the first of the month next following date of ship- Paper board, paper boxes, etc.—In the spring ment. For cash payment within the time of this year manufacturers of box board and specified in lieu of trade acceptance, 1 per cent paper board successfully changed their terms discount per month will be allowed from the to 1 per cent 10 days, net 30 days. Prior to date of such payment to the date trade acceptthat time terms were generally 2 per cent 15 ance would have matured. All invoices bedays, net 30 days. In the West practically come due on the 10th of the month next followthe total output is sold direct to the converter ing date of shipment if not settled previously or consumer. The converter manufactures the by trade acceptance or cash. Interest will be raw material, paper board, into various types charged on all overdue accounts. Delays in of paper boxes, and furnishes these to the user, transportation do not alter these terms of sale. who packs merchandise in them. The jobber With the foregoing understanding as to settleor middle man has practically no place in the ment, invoices rendered between September 15 business west of the Alleghenies. In the East, and February 1 will carry the latter date, exhowever, with about the same tonnage and cept in the case of invoices covering goods value, it has been estimated that he sells shipped on duplicate orders for fall and winter probably 20 per cent of the total, the balance requirements of goods of previous year's manubeing sold direct by the mills to the consumer facture, which class of shipments carry no or converter. Manufacturers sell binder's advance dating.'' In other words, by the 10th board on terms of 2 per cent 15 days, net 30 of the month following that in which shipment days. Cardboard also bears a 2 per cent cash was made, the purchaser must decide to settle discount. either by cash or by trade acceptance. If he Terms recommended in 1919 by the National settles by trade acceptance, he is allowed 90 Paper Box Association are 2 per cent 10 days, days from date of invoice. If the shipment net 30 days, with interest at the rate of 6 per was made between September 15 and February 1 the latter is taken as the invoice date, the net i But certain New York houses report terms of 2 per cent 30 days on all lines. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BUIXETHST. 1037 due date being May 1. For cash payment dis- BOOKS. count is allowed at the rate of 1 per cent per Books are distributed by publishers prinmonth. This makes the figure, in the case of cipally through jobbers and retailers, the latter shipments made between February 1 and Sephandling two-thirds or more of the business. tember 15, which carry no dating, either 3 per This varies, however, with the type of book. cent for payment when shipped, or 2 per cent Textbooks, including common-school and col- 10th e. o. m. In the case of shipments carrylege books, and law, medical, and scientific ing the dating, the discount will naturally be books are largely sold by the respective pubmuch greater if payment be made shortly lishers direct to the consumer. Miscellaneous after time of shipment. Thus the schedule of books, on the other hand, may show a much one manufacturer quotes 1\ per cent for paylarger percentage, such as 40, sold to the ment before September 25, with a decline wholesaler. of \ per cent every 15 days until 3 per cent is given for payments between January 25 and Omitting trade discounts, which differ February 10, and the bill is due net if paid be- widely, the prevailing terms of payment in tween April 25 and May 10. the industry are net 30 days, or monthly settlement, both to jobbers and to retailers. Cash Since April 12, 1919, the same terms were discounts, which vary from 1 per cent to 3 per in effect, with the exception that 30 days was cent 10 days, are now relatively rare. They are provided in place of the 10th e. o. m., and note stated to "have been found unsatisfactory in the settlement in lieu of trade acceptance was long run," and there has been a tendency to permitted. Prior to that time the dating was abolish them. "Anticipation discounts" of one- March 1 instead of February 1, while prior to half of 1 per cent per month are granted in some about three years ago the terms were four cases. Additional time, such as 30 days, is months instead of three. The object of the often granted on shipments to distant sections. February 1 dating is to induce dealers to accept Travelers' orders carry 60 days in the case of goods as manufactured, and before they are certain publishers, while stock orders are actually required. Manufacturers can thus degranted from 60 days to 4 months, and 6 liver as goods are ready, obviating the necessity months to some Pacific coast accounts. The of extensive warehouse space. Manufacture is time given varies according to the size of the commenced about September 1, and the manuorder, type of book, location of buyer, time of facturer has but one season, while the retailer shipment, etc. Holiday orders placed after has two—spring and fall. July 1 carry a season dating of January 1, The above are the terms on regular goods. although this has been changed by some houses Plain goods are not subject to the February 1 recently to December 15. It has been stated dating, while 30-inch goods, plain, are sold that texts almost never carry special dating. on a 30-day basis, as are also stock goods (car- The only changes which have been noted in ried over from the year previous and not terms have been the elimination of the cash manufactured again). Lincrusta-Walton padiscount and a slight increase in the trade disper, a heavier product, is sold on terms of count. Little use is made of the trade accept- 2 per cent 10 days, 1 per cent 30 days, net 60 ance. There is stated to be "a tradition that days. the book trade does not pay very promptly," While the regular terms provide for settlebut collections on the whole are reported good, ment of accounts by trade acceptance, this is in particular from the larger dealers. One not insisted on in all cases, and on the whole publisher, however, states that textbook colfew accounts have been settled by trade acceptlections are slow. ance. Certain manufacturers receive quite a Wholesalers' terms and collection experience number of notes covering early shipments, to are reported substantially similar to publishers7. mature during the dealer's period of active selling. One manufacturer states that in the STATIONERY. fall and early winter* when the discount is larger, the high-rated customers all take ad- The distribution of stationery supplies, which vantage of it, but later, at the time when the include writing paper, envelopes, ink, glue, discount is, say, 1 per cent, payments in paste, paper fasteners, etc., by the manufacanticipation decrease. One authority esti- turers, varies considerably according to the mates that about half the customers discount class of goods turned out. Many manufactheir bills in 30 or 60 days, but it is stated that turers sell direct to wholesalers and do not a customer's business in many cases is retained solicit retail business. As high as 98 per. cent by allowing him many extensions, and it fre- of the total output of manufacturers of envelquently happens that an account is not settled opes goes to the wholesale trade, w^hile, on the until a year after it has matured. other hand, practically the entire production of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1038 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. fountain pens goes to the retail trade. The a leading pen manufacturer discount. In New sales of other goods, such as ink and paste, are York the discount is usually taken on the 10th stated to be well divided between the whole- of the following month on paste, ink, and glue, sale trade and the retail trade. In some in- while on the Pacific coast it is usually taken stances the retailers get only special lines direct. twice a month, the custom dating back to the Manufacturers.—Prevailing terms among time when payment was made on "steamer manufacturers are 2 per cent 10 days, net 30 days" when ships arrived. days, or 2 per cent 10 days, net 60 days. En- Wholesalers.—The regular terms of wholevelopes, however, are sold by most manufac- sale stationers are 2 per cent 10 days (in some turers on terms of 3 per cent 10th e. o. m., but cases 30 days), net 60 days, and 2 per cent some manufacturers allow 2 per cent 10 days 10 days, net 30 days (specified by certain and a few net 30 days only. One leading wholesalers as subject to sight draft in 60 writing paper manufacturer offers 3 per cent 10 days). Season datings are frequenthT given days, 2 per cent 30 days, net 60 days, or 3 per of September 1 for school supplies and staple cent 10th e. o. m., net 60 days. Shipments of goods shipped from May on, and of November holiday goods made at his option any time after 1 or December 1 for holiday goods shipped July 1 carry October 1 dating. Certain tablet during September and October. In some manufacturers, however, grant wholesalers a cases, however, net January 1 or January 1 dating of July 1. Special datings of March 1 2 per cent 10 days is specified instead on are given by certain manufacturers on freeze- holiday goods. In rare instances 30 days able goods, such as ink, paste, and glue, while extra is granted. others grant 60 days to in some cases 4 months' The prevailing tendency since about 1915 extra dating, in general for orders in advance of has been to reduce the length of time, both as requirements. Fountain-pen manufacturers regards the regular terms and the season offer larger discounts or longer time for larger datings, largely as a result, it is stated, of original stock orders, the plan of a leading manufacturers' changes in terms. At that manufacturer granting terms, according to size time terms were generally 6 per cent 10 days, of order, ranging from 2 per cent 10 days or net 5 per cent 30 days, net 60 days, while subseone-half 30 days, one-half 60 days, to 4^ per quently a 3 per cent discount was prevalent. cent 10 days net one-sixth at expiration of The trade acceptance is used only to a very each 30 days for 6 months. small extent in the industry. Several authori- Changes in terms which have taken place ties estimate that approximately 50 per cent among the manufacturers of stationery sup- of accounts are discounted, while about 25 plies during the past decade have included per cent may run past due, taking up to 60 decrease in the discount and the elimination to 90 days additional. of season datings in many cases. Envelope manufacturers have refused long-time orders OFFICE APPLIANCES. during and since the war, and generally have Office appliances are sold through branch taken only orders calling for delivery imme- offices or representatives. The policy varies diately or within two or three months. Certain with the individual manufacturer, but in the manufacturers granted a 5 per cent discount majority of cases the same manufacturer does on orders of one-half million paper fasteners not employ both methods. or over, from April 1, 1919, to June 22, 1920, Terms of sale are of two general classes. when the discount was changed to 2 per cent The great majority of sales are made on terms 10 days. A leading pen manufacturer reports of net 30 days, in many cases with a cash a decrease in cash discount from 6 per cent to discount of 2 per cent 10 days. A discount 2 per cent within the last three years. of 1 per cent 10 days is also found, as are The trade acceptance has been employed to strictly net 30-day and in one case each net a very limited extent only in the industry. cash and net 10-day terms, while in one case One fountain-pen manufacturer reports em- 2 per cent 10 days e. of m. terms and in anployment of it to cover the additional time on o trier 2 per cent spot cash with order are original stock orders. Collections in general granted. Little difference is noted according are prompt. Manufacturers of envelopes re- to the type of product, although terms on port that 95 to 98 per cent pay during the adding machines are 2 per cent 10 days, net month following delivery, while, where dis- 30 days, and on tabulating and bookkeeping count is offered, about 80 per cent discount. machines net 30 days. On calculating ma- Eighty per cent of the buyers of ink, glue, chines net terms of either 10 days or 30 days and paste discount their bills, while 60 per prevail, and on typewriters and filing equipcent of the accounts of a leading writing paper ment terms of net cash or net 30 days. The manufacturer and 40 per cent in the case of only change in terms has been the elimination Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL. RESERVE BULLETIN. 1039 of quantity discounts in some cases, as well Foreign Banking in Jamaica. as the institution of partial payment or installment plans in certain cases. One manu- Herewith is printed text of the recently enfacturer reports a considerable demand for acted legislation approved June 26, 1920, with this system and is seriously considering the respect to the conditions under which aliens installation of such terms. The four manu- may carry on banking business in Jamaica. facturers of adding and calculating machines At present two Canadian banks are operatfrom whom data were obtained have partial- ing in Kingston, the Royal Bank of Canada payment plans. On the whole, however, the and the Bank of Nova Scotia, and one English amount of sales on such terms is small, the bank, the Colonial Bank. The Jamaica Govpercentage of total business shown by various ernment operates "The Government Savings manufacturers being 2 per cent, 5 per cent, Bank/' and the third Canadian bank, the 25 and 40 per cent. The several plans differ Canadian Bank of Commerce, is just being somewhat, in one instance a substantial cash established at the present time. Sayment being required and the remainder ue in equal installments running over 11 [A law to regulate the carrying on of banking business in the colony by aliens.] months, wnile in two other cases where details [26th June, 1920.'] were given 6 and 9 months were the upper Be it enacted by the governor and legislative council of time limits permitted. Another manufacturer Jamaica as follows: requires a 20 per cent initial cash payment, 1. This law may be cited as the Foreign Banks Law and the balance has been due in 12 monthly 1920. 2. In this law unless the context otherwise requires, installments, but recently the number was cut the expression "alien" includes— to 6. In one case it is stated that no interest (a) Any individual who is not a British subject; is charged, but other manufacturers make an (fi) Any firm, partnership, or unincorporated body of additional interest and carrying charge. persons of which any member is not a British subject; (c) Any body corporate not incorporated within His The trade acceptance is, on the whole, little Majesty's dominions; and used in the industry. The larger number of (d) Any body corporate incorporated within His Majmanufacturers do not employ it, although one esty's dominions but not under British control. manufacturer makes use of it in connection The expression "colony" means the Island of Jamaica and its dependencies. with 20 per cent of his installment sales or 3. For the purposes of this law a body corporate incor- 5 per cent of his total business, and states porated within His Majesty's dominions is not under that it has proven very satisfactory. While British control if— a considerable number of manufacturers report (a) Ten per centum or more of the number of its sharethat collections are prompt, or fairly prompt, holders are aliens; or (6) Ten per centum or more of the nominal amount -or in other cases a considerable number of acvalue of its capital is held by or in trust for or for the benecounts run past due. Two manufacturers who fit of aliens; or specify a net period of 30 days report that (c) Ten per centum or more of the voting power in the their receivables average 45 days, while another body corporate is held by or on behalf of or to the order of aliens; or has 25 per cent of accounts run past due. (d) Ten per centum or more of the amount for the time The manufacturer with net 10-day terms col- being secured by any debentures, debenture stock, or lects only 50 per cent of his accounts within bonds of the body corporate is held by or in trust for or that time, another 25 per cent within 30 days, for the benefit of aliens; or (e) Any manager, managing director, director, or any and the balance practically within 60 days, person in accordance with whose directions or instrucwhile the manufacturer with net cash terms tions the directors of the body corporate are accustomed generally collects within 30 days. The per- to act is an alien. centage of accounts taking the cash discount 4. No alien shall after the commencement of this law commence or carry on any banking business in the colony varies, instances of 25 per cent and 50 per unless he holds a license from the governor in privy councent being reported with a 1 per cent discount cil for the time being in force authorizing him to do so. and 40-50 per cent, 75 per cent, and 90 per 5. (1) Licenses under this law shall provide for such cent with a 2 per cent discount, though the payments (annual or otherwise) by the person holding the license and shall be in such form and for such period last-mentioned manufacturer reports a great and shall be subject to such rules, regulations, conditions, decrease during the last few months, with a and restrictions as the governor in privy council shall in tendency to take instead 30 days or more. each case in his absolute discretion think fit. One manufacturer reports that overdue ac- (2) The governor in privy council may, if he thinks fit, counts are largely for service items, requiring without assigning a reason, refuse an 'application for a license. a departmental check up before payment. 6. Every alien who shall commence or carry on a bank- Another finds that 12-15 per cent of install- ing business in the colony in contravention of the proments run past due, while on the sales made visions of this law, and every person holding a license on regular terms 25 per cent run beyond 30 under this law who fails to observe or perform any rule, regulation, condition, or restriction, contained in the days. license shall be guilty of an offense against this law. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1040 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. 7. Any person who for the purpose of obtaining a license at par which they may retain or dispose of. The capital under this law for himself or for any other person knowingly shall be subscribed in full within a period defined by the makes or gives any declaration, representation, statement, Treasury not exceeding 12 mouths. or evidence which is false in any particular shall be guilty The bank may establish branches cr appoint agents of an offense against this law. and correspondents in any part of the Union, and may 8. Nothing in this law or in any license issued under also appoint agents and correspondents and with the conthis law shall exempt any person carrying on banking sent of the Treasury may also establish branches and local business from the provisions of the bank notes law, 1904. committees in places outside the Union. (Law 20 of 1904.) The bank may act as bankers and financial agents of 9. If any question arises on a prosecution for an offense the Government including the railways and harbors against this law whether any person is an alien or not or administration, provincial administrations and Governwhether any body corporate is or is not under British con- ment institutions.* trol, the burden of proving that that person is not an alien The bank shall fix and publish from time to time the or that that body corporate is under British control shall rates at which it will discount the various classes of bills. lie on the person charged with the offense. The bank may engage in the following business: 10. Every person who is guilty of an offense against 1. It may make and issue notes. this law shall be liable on summary conviction before a 2. It may accept money on deposit on current account resident magistrate to imprisonment witb or without hard and collect money for public corporations and labor for a term not exceeding six months, or to a fine not private persons. exceeding two hundred pounds and in default of payment 3. (a) It may buy, sell or rediscount bills of exchange, of such fine to imprisonment with or without hard labor promissory notes, or other commercial papers bearfor a term not exceeding six months; or, to both these ing two or more good signatures with no longer modes of punishment- usance than is customary in the trade and in no case exceeding 90 days. (b) It may buy, sell, or rediscount to an amount not exceeding 20 per cent of the bank's total discounts, Banking Reform in South Africa. bills or promissory notes bearing two or more good signatures drawn or issued for agricultural pur- The following extract from the Monthly Re- poses or based on live stock and having a maturity view of the Standard Bank of South Africa not exceeding six months and not to exceed 20 per cent of the total advances made by the bank. (Ltd.), published at Cape Town, July 31, 1920, (c) It may buy, sell, or rediscount bills of exchange furnishes information with regard to the estab- and promissory notes with a maturity not exceedlishment of a reserve bank in that colony. ing 90 days, bearing the indorsement of a bank issued or drawn for the purpose of carrying or trading in Union Government securities. ESTABLISHMENT OF A CENTRAL RESERVE BANK. 4. It may make loans or advances on current account There shall be established at Pretoria a corporate body against the security of (a) stock, debentures or bills, to be called "The South African Reserve Bank." The having not more than 6 months to run of the Union bank shall be managed by a board of 11 directors, the Government or of a local authority in the Union. Governor General to appoint the first directors, of whom (6) Gold coin or bullion or the documents relating to three experienced in banking and finance shall be nomi- the shipment or storage thereof. nated by stock-holding banks, and three who at the time (c) Such notes, drafts, bills of exchange, and bankers' of their elections must be actively engaged in commerce, acceptances as are eligible for purchase by the agriculture, or some other industrial pursuit, shall be bank. elected by stockholders other than banks, and three Gov- 5. It may effect transfers by telegram or letter, buy and ernment representatives appointed by the Governor Gen- sell sight drafts, trade acceptances, bankers' acceptances, eral, and two to be styled the governor and the deputy and bills of exchange drawn in or on places abroad. governor shall also be appointed by the Governor General. 6. (a) It may buy and sell stock, debentures, bonds, and Except in the case of the governor and deputy governor, bills having not more than six months to run of the Union any person qualified as above may, with the consent of Government and of local authorities in the Union. the board, be appointed alternate to any director. All (6) It may invest a sum not exceeding its paid-up capital directors must be British subjects and reside in the Union. and reserve in securities having not more than two years The governor and deputy governor, who shall be per- to run of the Union Government or other governments. sons of tested banking experience and have no interest in 7. It may buy and sell securities for customers. any other bank, shall hold office for five years, and shall 8. It may buy, sell, or deal in precious metals and condevote their whole time to the business of the bank, and tract for loans of gold or bullion. shall be paid such salaries, allowances, and expenses as 9. It may accept the custody and management of the board may determine. moneys, securities, and other articles of value. No person shall be appointed a director or alternate 10. It may open accounts in foreign countries and act as director of the bank (unless he is a banking representative), agents or correspondents of any bank carrying on business or shall be appointed a member of a local committee, if he in or outside the Union. is a director, officer, or employee of another bank, or if he The bank may not— is a member of either House of Parliament or of a Pro- (a) Engage in trade or otherwise have a direct interest in vincial Council. any commercial, industrial, or other undertaking save as The original capital of the bank shall be £1,000,000 is specially provided in the last preceding section. stock, of which not more than 50 per cent shall be sub- (6) Purchase its own shares or the shares of any other scribed at par by the existing banks in proportion to their bank or grant loans upon the security of the same. paid-up capital and reserve funds, as at the commence- (c) Advance money on mortgage of fixed property or on ment of this act, whether such capital is subscribed in the notarial or other bond or cession thereof or become the Union or elsewhere. owner of fixed property except so far as is necessary for its The amount remaining after the allotment to the exist- own business premises. ing banks shall be offered to the pu \ at par. In the (d) Make unsecured loans or advances. event of the full amount offered to the public not being (e) Draw or accept bills payable otherwise than on fully subscribed, the Treasury shall take up the remainder demand. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1041 (/) Accept money on deposit for a fixed term or allow on the other hand, the accommodation received interest on credit balances on current account. from other Federal Reserve Banks is measured The bank shall have the sole right to issue notes in the by the contingent liability on paper redis- Union for a period of 25 years from the commencement of this act, but until the bank is in a position to issue its own count ed with such banks plus the amount of notes the existing banks may continue to issue notes (other acceptances sold with or without indorsement than bank notes issued under act of 1891 of the Cape of to other Federal Reserve Banks and held by Good Hope) against gold specie to an amount equal to not them. Figures in the table prefixed by a less than 40 per cent of such notes. The denomination of notes issued by the bank shall be plus (+) sign indicate the amount of accommoas the treasury may from time to time prescribe and shall dation extended, while those prefixed by a be redeemable in gold or gold certificates at the office of minus (—) sign indicate the amount of accomissue. modation received. In cases where a bank has The notes shall be secured to an amount of not less than rediscounted paper with other Federal Reserve 40 per cent in gold or gold specie in the bank's custody, and as to the remainder in commercial paper or trade bills, Banks and at the same time has bought and by a first charge on all the assets of the bank. acceptances, the difference between the two The bank shall hold in gold or specie a reserve of at amounts is shown, with a plus or a minus least 40 per cent of its deposits and bills payable in addisign, depending on whether it has extended tion to the gold reserves required against its note issue. Every bank transacting business in the Union shall be more or less accommodation than it has required to establish and maintain, in addition to its gold received. reserves, against notes issued by it reserve balances in the An examination of the first chart shows that bank equal to at least 13 per cent of its demand deposits and liabilities to the public in the Union other than notes the total volume of interbank accommodation, and 3 per cent of its time deposits and liabilities to the which was 108 millions at the end of April public in the Union, but for three years after the com- and 102 millions at the end of September, mencement of this act the reserve balances may be not 1919, increased to 163 millions at the end of less than 10 per cent. April and to 250 millions at the end of Septem- A monthly return is to be made by all banks of their holdings in the Union of gold, subsidiary coin, and gold ber of the present year. On the latest date certificates, and the reserve balances in the reserve bank, shown, more than one-half of the accommodatheir note circulation and demand and time liabilities to tion extended, 146 millions, was carried by the the public in the Union. Cleveland bank, whose total holdings of discounted paper on that date were 222 millions. INTERBANK ACCOMMODATION. This bank is thus shown to carry a larger volume of bills for other Federal Reserve Mutual accommodation among Federal Re- Banks, that is, indirectly for member banks in serve Banks, or inter-reserve bank discounting, other districts, than for its own member is the method by which Federal Reserve banks, whose total discounts and rediscounts Banks in the different parts of the country with their Federal Reserve Bank at the end of come to each other's assistance when the need September were 76 millions, or 70 millions less arises. A table and two charts are here pre- than that bank's net holdings of bills dissented showing the volume of interbank counted for and purchased from other Federal accommodation on certain dates. Using non- Reserve Banks. The other lending banks on technical terms, it may be stated that the the latest date are those of Boston, Philafigures show to what extent each Federal delphia, and San Francisco, while among the Reserve Bank was granting to or receiving borrowing banks are included the three southaccommodation from other Federal Reserve ern banks (Richmond, Atlanta, and Dallas), Banks at each date included in the table. the four middle western banks (Chicago, St. The first chart shows by bars for four selected Louis, Minneapolis, and Kansas City) and the dates the aggregate amount of interbank New York Reserve Bank. All tne twelve accommodation and the banks participating banks thus took part in interbank accommodaeither as grantors or recipients. The second tion at the end of September, three of the chart shows a curve for each Federal Reserve eastern banks and the San Francisco bank Bank, indicating its position in interbank helping to carry the eight other banks. accommodation on the last Friday of each The second chart indicates that, with the month between the end of April. 1919, and the exception of the Cleveland bank, all of the end of September, 1920. Federal Reserve Banks received assistance, In arriving at the figures in the table the from other banks at some period of the time weekly condition reports of the Federal Reserve covered by the chart. The San Francisco bank Banks were used. The total holdings of paper was a grantor of accommodation at the end of discounted for other Federal Reserve Banks each month included in the table, excepting and of acceptances bought from such banks April, 1920, when it was carried by the others measures the amount 01 accommodation ex- to the extent of 8 millions. The Boston bank tended by one Federal Reserve Bank to others; was below the line bv 70 millions last Decem- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

o to MILLIONS MILLIONS 250 INTERBANK ACCOMMODATION. 2S0 240 N. Y. -13 240 230 END-OF-MONTH FIGURES IN MILLIONS OF DOLLARS 230 RtCHM. 220 FOR SELECTED PATES IN 1919 AND 1920. BOST. -2S 220 +60 210 210 : JVetJfoldings of Sills discounted for 200 200 or Purchased from Other SBanlcs. 190 ATI. 190 MighfrSkitv.-JJinounts offiiUsS/lediscouritalwtiJiorSohlto, "46 180 180 andJfeld by OtfurSanKs: PHtLA. hrj 170 +36 170 H O 160 160 6=1 W BOST. PHILA. CHIC. ISO +22 -21 -30 ISO 140 140 130 RtCHM. 130 6=1 -25 I2O ST.L. 120 % 110 -37 110 d w 100 C + L 2 E 0 VE B N O X S T - . 1 -7 0 NY. C -3 H 8 IC 100 E 90 +93 MINN. 90 NX. CLEVE. -21 i—* 80 PHI LA. -3Z +146 80 -30 CHIC. PO +60 70 60 CHIC. PHILA ST.L. KANS.CY. 60 +SS -18 -41 -41 SO RICHM. SO -ZS 40 R1CHM. 40 Ml Mi.+10 -ZS MINN-1! 30 Minn twis.cr-K) KAJiS.cr. CLEVE. 30 20 +18 PALL. +IS ATL.-9 +48 KA - I 1 i 6 S.CT. P -3 A 7 LL. 20 10 SAHFRAN. -26 SAnFRAH. 'PALL. DALL.-3 10 O +IS +17 -18 SAHFMNr8 SANFRAH.+8 0 APRILZS,I9I9. SEPTEMBER26,1919. APRIL30J320. SEPTEMBER 24,1920. 108 MILLIONS. 102 MILLIONS. l63MILU0nS. 2S0MtLU0IiS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920, FEDERAL RESERVE BULLETIN. 1043 INTERBANK ACCOMMODATION NET AMOUNT OF ACCOMMODATION RECEIVED FROM OR EXTENDED TO OTHER FEDERAL RESERVE BANKS, APRIL 1919 TO SEPTEMBER 1920. END-OF-MONTH HOLDINGS,IN MILLIONS OF DOLLARS. JlboveSBase/znes: Jfccommodation. £x6end£cl. MILU0N3 MILUOHS Millions K MILLIONS SO <* 6V so / \ 80 60 // 60 60 / \ 60 40 / 40 40 / \ 40 30 1J 20 2O / 2O 0 BBS \ ISf 0 0 / \ 0 20 \ /I 2O 20 \ \/ 20 40 k 40 40 \ 40 60 60 60 \ / s/ 60 SO SO SO / SO BO6TON NEWYORK 40 40 MO MO 20 / 20 120 I 120 0 0 100 / 100 20 s a* •Si / 20 SO SO 40 40 60 60 J 60 60 40 40 SO SO 20 / s / 20 100 J00 0 0 PHILADELPHIA CLEVELAND o 0 0 s O 20 / \ s 20 20 k 20 4O \ - - 40 40 k 40 I s RICHMOND ATLANTA s 60 \ / ^*\ 60 20 2O 40 40 0 0 20 V 20 20 —20 0 0 40 40 2O V V—\ *20 60 60 \/ \ (CHICAGO SI LOUIS 2O 2O 0 Vs 0 0 \ \ 0 20 2O \ 20 20 40 40 MlNHEAPOLfS KANSAS CITY 2 0 0 * s s 2 0 O 4 2 0 O y s, 4 2 0 0 20 S y \ 20 0 k 0 s DALLAS SAN FRANCISCO %% 1919 I9Z0 1 YLUJ 1 ISIS \ YLUJ TCO 192O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1044 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. ber, but has been a grantor bank since March bank, whose member institutions had been of this year. The New York bank shows the heavily loaded up with war paper, gradually widest fluctuations: it rediscounted steadily reduced its liabilities on interbank rediscounts until April of this year, the extent of its ac- and has been above the line for the three most commodation by other banks reaching a max- recent months. The southern and middle imum of 96 millions at the end of November, western banks show the greatest need of ac- 1919; on the other hand, in April of this year commodation during the spring and early it was granting accommodation to the other summer months, when heavy demands on banks to the extent of 93 millions, while at the bank credit are made by agricultural interests. end of the two most recent months it appears On the other hand, in midwinter, when the again as a recipient of accommodation, though crops have been sold, these banks are able to oi relatively small amounts. The Philadelphia extend accommodation to others. Net amount of accommodation received from or extended to other Federal Reserve Banks. [End-of-month holdings in thousands of dollars. Plus sign indicates net accommodation extended; minus sign, net accommodation received.] Date. Boston. Y N o e r w k. Ph p i h la i d a. el- C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n i e s. - K C a i n ty sa . s Dallas. Fra S n a c n isco. Total. 1919. Apr. 25 - 7,159 - 9,662 -29,496 20,254 -25,000 +54,670 + 187 +18,071 -10,000 -26,468 +14,603 107,785 May 29 - 858 -25,571 -35,533 35,533 -45,000 +52,332 +10,000 +15,000 -32,332 +26,429 139,294 June 27 - 5,062 -22,394 -57,967 23,750 -55,000 +64,122 + 9,735 +25,000 - 9,640 +27,456 150,063 July 25 -48,579 -34,900 10,012 -50,000 +54,900 + 5,000 +25,000 +38,567 133,479 Aug. 29 -39,432 -20,930 419 -29,725 +33,930 + 8,250 +11,475 +10,013 - 3,000 +29,000 93,087 Sept. 26 -31,702 -18,295 -25,000 - 8,900 +60,195 +10,000 +14,725 -18,000 +16,977 101,897 Oct. 31 -45,864 -23,448 10,042 - 5,500 +48,980 + 5,014 +10,776 74,812 Nov. 28 -40,474 -96,440 -23,500 23,269 + 5,080 +67,871 +32,564 +10,005 +10,078 +11,547 160,414 Dec. 26 -69,899 -58,201 -27,615 12,265 + 5,080 + 5,065 +60,090 +29,022 - 3,195 +32,123 +15,265 158,910 1920. Jan. 30 - 1,021 -75,649 -32,790 + 27,521 5,000 +15,000 +51,918 + 1,663 +14,950 + 3,408 114,460 Feb. 27 -11,923 -55,308 -38,925 + 15,601 +16,187 +33,410 + 4,000 +10,050 +23,500 + 3,408 106,156 Mar. 26 +20,414 -34,096 -35,555 38,304 -15,000 + 3,351 + 7,605 -11,829 +10,029 + 1,871 + 7,825 + 7,081 96,480 Apr. 30 +22,126 +92,700 -20,709 + 48,275 -24,850 -38,471 -41,385 —11,111 -15,871 - 3,000 - 7,704 163,101 May 28 +20,366 +81,754 + 43,761 -25,000 - 8,500 -18,995 -49,760 -19,132 -13,865 -13,000 + 2,371 I 148,252 June 25 +17,130 +56,577 + 52,078 -24,904 - 7,960 -24,950 -26,733 -23,672 —12,958 - 5,000 + 392 126,177 July 30 +48,368 + 6,474 +10,014 + 64,756 -23,133 -21,607 -10,001 -30,607 -13,738 -22,902 -26,716 +19,092 148,704 Aug. 27 +66,911 -40,923 +11,812 +121,060 -25,000 -31,963 - 8,001 —32,434 —20,347 -22,247 -34,540 +15,672 215,455 Sept. 24 +60,655 -13,404 +35,812 +145,620 -24,620 -45,533 -29,800 -36,996 -21,349 -41,175 -37,419 + 8,209 250,296 DEVELOPMENT OF PRINCIPAL COMMERCIAL BANKS IN ENGLAND, GERMANY, AND FRANCE, 1914-1919. ENGLAND. TOTAL FOR THE FIVE GREAT BANKS.' [In thousands of pounds.] June 30, June 30, June 30, June 30, June 30, June 30, June 30, 1914. 1915. 1916. 1917. 1918. 1919. 1920. ASSETS. Cash in hand and with the Bank of England. 85,831 164,894 145,799 148,893 197,533 285,005 263,183 Money at call and at short notice. 69,971 i 62,387 fc54482 42,991 99,326 291,931 88,636 Investments: British Government securities 2 37,681 ^95,464 * 187,183 U82,268 & 196,120 6 251,257 7 284,452 Other investments 44,402 26,796 32,211 27,357 24,230 33,047 45,742 Bills of exchange 64,687 88,941 55,659 50,177 173,480 180,701 157,562 Advances 8 287,654 303,165 8 303,302 8 358,606 s 515,768 8 819,852 Advances on war loan 22,978 11,037 12,249 11,872 Acceptances and indorsements 29,170 23,424 34,356 28,536 30,435 54,342 74,795 Sundry assets 12,763 13,363 14,067 14,233 12,458 14,484 15,355 Total.. 632,159 778,254 827,059 876,039 1,101,608 1,638,784 1,761,449 LIABILITIES. Capital paid in 28,406 28,838 29,832 29,832 30,071 40,570 56,642 Reserve 19,275 19,575 20,175 19,975 23,000 38,458 44,806 Current, deposit, and other accounts. 554,082 705,531 740,184 795,456 1.018,102 1,505,414 1,585,206 Acceptances and indorsements 29,170 23,424 I 34,356 28,536 30,435 54,342 74,795 Sundry liabilities 1,226 1,066 2,512 2,240 Total. 632,159 778,434 827,059 876,039 1,101,608 1,638,784 1,761,449 I 1 These totals from 1914-1917, inclusive, include figures for Parr's bank, which was then amalgamated with London County and Westminster; and for Union of London and Smith's, which was then amalgamated with National Provincial; from 1914-1918, inclusive, figures for London Joint Stock Bank, which was then amalgamated with London City and Midland. 2 Includes all investments for Parr's. 3 Includes all investments for Barclay's, Parr's, London City and Midland. < Includes all investments for Union of London and Smith's. s Includes all investments for London City and Midland, and London Joint Stock. 8 Includes all investments for London County Westminster and Parr's, London Joint. City and Midland. 7 Includes all investments for London Joint City and Midland. s Includes bills of exchange for National Provincial and Union. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBEE, 1920. FEDERAL RESERVE BULLETIN. 1045 ENGLAND—Continued. BARCLAY AND COMPANY (LTD.)- [In thousands of pounds.] June 30, ! June 30, June 30, June 30, June 30, June 30, June 30, 1914. 1915. 1916. 1917. 1918. 1919. 1920., ASSETS. Cash in hand and with the Bank of England 9,029 16,107 17,192 20,417 28,091 46,940 52,175 Money at call and at short notice 6,780 6,979 5,055 5,868 6,549 56,218 32,420 Investments: British Government securities and hank stock 4,770 23,343 22,213 23,889 43,301 47,335 Other investments 8,329 15,955 4,512 4,097 4,355 11,639 16,129 Bills of exchange 8,636 13,874 10,952 9,290 28,390 41,152 31,507 Advances 27,763 26,880 37,401 47,422 43,915 94,497 153,868 Acceptances and indorsements 322 1,009 2,851 1,865 2,348 6,355 13,531 Sundry assets 1,774 1,836 2,417 2,489 2,669 3,945 4,162 Total 67,403 82,640 103,723 113,661 140,206 304,047 351,127 LIABILITIES. Capital paid in 3,600 3,600 4,594 4,594 4,594 8,747 15,355 Reserve 1,600 1,600 2,200 2,200 2,500 7,000 8,000 Current, deposit, and other accounts 61,881 76,431 94,078 105,002 130,764 281,945 314,241 Acceptances and indorsements 322 1,009 2,851 1,865 2,348 6,355 13,531 Total 67,403 82,640 103,723 113,661 140,206 304,047 351,127 LLOYD'S BANK (LTD.). |In thousands of pounds.] Cash in hand and with the Bank of England 18,191 I 32,673 27,383 28,231 41,241 87,208 54,558 Money fit call and at short notice 10,580 5,802 4,477 10,652 33, 407 10,016 Investments: War loan and other British Government securities.... 5,083 | 15,838 36,046 34,898 36,691 50,455 65,152 Other investments 7,866 f 7,723 6,832 4,814 2,428 8,935 9,536 Bills of exchange. 14.506 I 18,479 6,791 6,817 44,012 50,879 40,716 Advances [ 56,840 i 59,741 56,536 07,574 57,516 92,785 164,395 Acceptances and indorsements 3,890 ' 4,500 7,605 .5,566 6,216 15,708 * 16,280 Sundry assets ,* j 2,865 2,877 2,880 2,822 2,708 3,716 4,048 Total.. 119,821 | 147,633 150,172 155,229 201,464 343,093 364,707 LIABILITIES. Capital paid in 5,009 i 5,009 5,009 5,009 5,009 8,984 14,136 Reserve 3,600 I 3,600 3,000 3,600 4,000 9,072 9,977 Current, deposit, and other accounts. 107,322 ! 134,524 133,958 141,054 186,239 309,329 324,308 Acceptances and indorsements 3,S90 | 4,500 7,605 5,560 6,216 15,708 16,286 Total.. 119,821 | 147,633 150,172 155,229 201,464 343,093 364,707 LONDON COUNTY, WESTMINSTER, AND PARR'S BANK (LTD.). ]In thousands of pounds.] ASSETS. Cash in hand and with the Bank of England. 500 I 31,242 ! 25,902 23,937 42,931 i 33,770 50,333 Money at call and at short notice 608 1 12,403 | 8,072 j 4,588 29,526 I 80,717 20,268 Investments: B O r t i h t e is r h i n G v o e v st e m rn e m nt e s nt securities 3 5 6 0 5 9 1 3 2 , , 5 4 6 49 4 3 3 2 , , 5 1 1 6 0 0 ! 3 3 2 , , 1 4 9 8 3 6 4 6 4 , , 0 9 1 9 7 5 55,110 5 5 3 , , 7 0 0 0 4 0 Bills of exchange. 228 19,464 12,270 10,200 50,973 54,538 53,157 Ad va Qces 027 40,353 37,263 48,273 66,429 97,756 154,173 Acceptances and indorsements 385 3,9ol | 4,889 4,414 8,139 12,265 17,624 Sundry assets 671 1,754 I 1,802 1,894 3,212 3,065 3,281 Total. 105,353 125,190 126,034 128,985 252,222 337,221 357,540 LIABILITIES. Capital paid in 3,500 3,500 3,500 3,500 6,828 7,138 8,504 Reserve 4,000 4,000 4,000 4,000 6,829 7, 725 8, 750 Current, deposit, and other accounts. 91,197 113,540 113,308 116,848 230,426 310,093 322,602 Acceptances and indorsements 6,385 3,981 4,989 4,414 8,139 12,265 17,624 Sundry liabilities 271 189 237 223 Total. 105,353 125,190 126,034 128,985 252,222 337,221 357,540 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1046 FEDERAL RESERVE BULLETIN. OCTOBEB, 1920. ENGLAND—Continued. LONDON JOINT CITY AND MIDLAND BANK (LTD.). [In thousands of pounds.] June 30, June 30, June 30, June 30, June 30, June 30, June 30, 1914. 1915. 1916. 1917. 1918. 1919. 1920. ASSETS. Cash in hand and with the Bank of England. 15,128 36,357 38,888 36,478 53,709 81,619 69,876 Money at call and at short notice 12,511 9,530 8,570 8,579 28,958 76,068 16,054 Investments: British Government securities 3,247 33,438 33,400 Other investments 5,589 20,070 4,480 3,385 39,935 62,932 70,327 Bills of exchange 10,230 19,858 13,047 12,252 32,790 34,132 32,182 Advances 54,081 62,648 65,160 69,323 76,483 116,875 185,172 Advances on war loans 22,978 11,037 12,249 11,872 Acceptances and indorsements 7,353 7,975 7,560 7,517 8,330 16,068 21,671 Sundry assets 2,260 2,706 2,737 2,803 2,857 3,758 3,864 Total. 110,429 159,144 173,880 196,715 254,099 403,701 411,018 LIABILITIES. I Capital paid in 4,349 4,781 4,781 4,781 5,193 8,289 10,840 Reserve 3,700 4,000 4,000 4,000 4,346 8,289 10,840 Current, deposit, and other accounts. 95,027 142,388 157,539 180,417 236,230 371,055 367,667 Acceptances and indorsements 7,353 7,975 7,560 7,517 8,330 16,068 21,671 Total. 110,429 159,144 173,880 196,715 254,099 403,701 411,018 NATIONAL PROVINCIAL AND UNION BANK OF ENGLAND (LTD.). [In thousands of pounds.] I ASSETS. Cash in hand and with the Bank of England 10,742 13,227 13,182 14,153 21,459 35,468 36,241 M In o v n e e s y tm a e t n c t a s l : l and at short notice 5,466 j 4,443 I 5,098 7,612 21,483 45,521 9,878 British Government securities ',257 ! 10,404 | 19,738 19,004 34,255 39,459 48,638 Other investments »,024 8,645 8, l£0 8,123 11,430 12,473 14,373 Bills of exchange } u, Advances 737 53,465 50,117 51,658 96,726 113,855 162,244 Acceptances and indorsements 695 532 j 1,654 1,616 2,861 3,946 5,683 Total 76,921 90,716 i 97,979 102,166 188,214 250,722 277,057 LIABILITIES. i Capital paid in 3,000 3,000 3,000 3,000 5,477 7,412 7,807 Reserve 2,000 2,000 2,000 1,800 4,000 6,372 7,239 Current, deposit, and other accounts 71,226 85,184 91,325 95,750 175,876 232,992 256,328 Acceptances and indorsements 695 532 1,654 1,616 2,861 3,946 5,683 Total 76,921 90,716 i 97,979 102,166 188,214 250,722 277,057 LONDON JOINT STOCK BANK (LTD.). (Amalgamated with London City and Midland during September, 1918.) [In thousands of pounds.] June 30, June 30, June 30, June 30, June 30, 1914. 1915. 1916. 1917. 1918. ASSETS. Cash in hand and with the Bank of England.. 5,845 10,347 6,054 6,502 10,102 Money at call and at short notice 5,481 3,800 2,169 2,032 2,158 Investments: B O r th it e is r h i n G ve o s v t e m rn e m nt e s nt securities 3 2 , , 9 41 8 8 8 3 3 , , 6 5 1 6 9 6 1 2 0 , , 3 1 1 4 4 7 1 2 0 , ,0 0 5 5 5 2 } 16,355 Bills of exchange 5,931 10,916 12,593 11,618 17,315 Advances. 16,746 15,980 14,539 18,702 15,920 Acceptances and indorsements. 2,380 1,547 2,551 2,820 2,541 Sundry assets '. 1,046 1,040 1,041 1,046 1,012 Total. 43,835 50,815 51,408 54,827 j 65,403 Capital paid in. 2,970 2,970 2,970 2,970 2,970 Reserve. 1,125 1,125 1,125 1,125 1,325 Current, deposit, and other accounts. 37,360 45,173 44,762 47,912 58,567 Acceptances and indorsements 2,380 1,547 2,551 2,820 2,541 Total. 43,835 50,815 51,408 54,827 65,403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1047 OCTOBER, 1920. FEDERAL RESERVE BULLETIN. ENGLAND -Continued. UNION OF LONDON AND SMITH'S BANK (LTD.). PARIS BANK (LTD.). Amalgamated with National Provincial Bank as of Jan. 1, 1918. Amalgamated with London County and Westminster Bank, as of Jan. 1,1918. [In thousands of pounds.] [In thousands of pounds.] June June June June 30,1914. 30,1915.30,1916.30,1917 June June June June 30,1914.30, 1915. 30,1916.30,1917 ASSETS. j Cash in hand and with the Bank of Eng.and 6,485 11,008 7,843 8,945 Cash in hand and with the Bank of i M In o v n e e s y tm a e t n c t a s l : l and at short notice 6,912 8,151 8,071 5,292 M E on n e g y l a a n t d call and at short notice i | 8 7 , , 5 9 7 1 3 1 1 1 1 3 , , 2 9 7 3 9 3 1 9 1 , , 2 2 9 4 5 8 1 4 0 , , 5 2 4 3 3 0 Bills B O o r t i h f t e e is r x h c i n h G v a o n e v s g t e e m rn e m nt e s nt securities 6 5 1 , , , 1 0 7 5 3 9 6 3 7 3 5 6 , , 8 2 3 7 9 5 3 8 0 | 17,233 15,793 Inve B O s r t t m i h t e i e s r n h i t n s G v : o es v t e m rn e m nt e s n t securities j ! j\ / R R ' 0R 11,256 f [ l 5 2 , , 0 3 7 7 8 3 1 1 4 , , 6 4 6 1 3 9 A S A u c d n c v e d a p r n y t c a e n a s s c s e e s t s and indorsements 1 4 1 8 , , , 9 7 2 3 5 2 1 6 9 1 1 8 1 , , , 9 9 2 3 5 7 9 0 6 1 3 1 9 , , , 4 9 7 7 0 3 3 2 4 2 2 5 1 , , , 2 5 9 6 9 8 9 3 f B A A Su i d c l n c v ls e d a p o r n y t i c a e e n a s x s c c s e h e s t a s a n n g d e indorsements ; | | \ 2 O 3 7 7 1 , , , 3 O 2 1 Q 8 8 ^ 1 9 6 1 25 1 1 , , , 9 2 8 6 0 2 1 0 2 2 3 2 1 , , , 2 7 5 1 4 5 7 4 2 3 2 0 1 , , , 4 1 0 8 6 6 6 9 8 Total 51,299 56,845 58,256 59,878 Total. 57,098 65,451 | 65,607 64,578 LIABILITIES. LIABILITIES. Capital paid in 3,555 3,555 3,555 3,55i~ Capital paid in 2,423 2,423 2,423 2,423 Reserve 1,150 1,150 1,150 1,150 Reserve : 2,100 2,100 2,100 2,100 Current, deposit, and other accounts. 41,355 49,850 48,480 51,527 Current, deposit, and other accounts. 48,714 58,441 56,734 56,946 Acceptances and indorsements 4,756 1,939 3,402 2,26<J Acceptances and indorsements j 3,389 1,961 3,744 2,469 Sundry liabilities 483 351 1,669 1,377 Sundry liabilities | 472 526 606 640 Total 5511,,229999 56,845 58,256 59,878 Total 57, 65,451 65,607 64,578 FRANCE. CREDIT LYONNAIS. [In thousands of francs.] Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1913. 1914. 1915. 1916. 1917. 1918. 1919. Cash in vault and balances at the banks 174,407 721,361 589,453 689,196 ! 605,731 435,309 513,022 Bills discounted, and short-term national defense securities. 1,517,937 653,589 992,129 1,201,256 I 1,670,451 1,923,031 3,089,480 Advances on securities (including stock-exchange loans).. 352,224 321,777 241,479 228,237 ! 198,530 181,180 * 203,577 Debits in current account 735,669 508,614 383,472 396,984 I 4t3,072 662,466 1,098,769 Forward exchange operations 21,240 88,822 ! 53,802 104,037 113,302 Securities (including Rentes) 8,893 8,608 8,634 8,949 | 7,673 6,274 10,030 Real estate 35,000 35,000 35,000 35,000 35,000 35,000 35,000 Sundry assets 76,192 3,443 51,290 56,111 61,354 76,663 121,295 Total 2,900,322 2,252,392 2,322,697 2,704,555 | 3,095,613 3,423,960 5,184,475 LIABILITIES. Capital paid in j 250,000 250,000 250,000 250,000 250,000 250,000 250,000 Reserve 165,000 175,000 175,000 175,000 175,000 175,000 200,000 Deposits and deposit certificates payable at sight j 910,247 654,831 592,614 699,228 877,072 1,005,873 1,565,954 Credits in current account 1,280,372 1,082,606 1,048,558 1,232,899 1,496,811 1,618,649 2,661,533 Uncollected funds 98,815 ! 95,566 82,455 94,440 129,373 Forward exchange operations 21,240 I 88,822 53,802 104,037 113,302 Acceptance liabilities 142,448 15,360 j 18,651 | 19,974 21,470 10,879 j 21,457 Denosit certificates payable at a fixed date (Bons a I e'che'anee fixe) 38,084 28,686 15,534 ! 25,271 28,927 28,337 37,570 Profit and loss 4,497 18,918 i 22,652 24,992 26,713 ! 4,664 Sundry liabilities 114,171 41,412 83,367 | 95,143 85,084 110,032 200,622 Total 2,900,322 2,252,392 2,322,697 | 2,704,555 3,095,613 3,423,960 5,184,475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1048 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. FRANCE—Continued. COMPTOIR NATIONAL D'ESCOMPTE DE PARIS. [In thousands of francs.] Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1913. 1914. 1915. 1916. 1917. 1918. 1919. ASSETS. Cash in vault and balances at the banks 123,985 I 385,715 288,956 j 277,981 359,703 299,692 264,039 Bills discounted, and short-term national defense securities 1,004,361 355,126 636,308 ! 916,369 1,338,251 1/513,337 2,411,009 Stock-exchange loans 57,413 49,763 20,268 j 18,357 16,146 9,860 4,441 Due from banks and bankers 94,277 109,881 80,937. 90,853 89,271 92,895 162,841 Debits in current account 167,495 180,964 129,380 ! 126,960 160,475 201,752 495,921 Forward exchange operations 21,240 | 88,816 53,795 103,757 113,289 Securities (including Rentes) 7,510 6,375 5,591 3,604 3,471 3,030 Financial participations 5,072 8,833 7,808 6,199 3,914 5,400 Advances on securities 200,934 173,863 132,660 121,180 138,478 152,527 208,264 Customers' liabilities on acceptances 175,076 31,2b9 49,002 54,008 47,195 23,408 83,514 Agencies outside of Europe 17,575 7,094 3,782 3,756 7,729 2,912 3.924 Real estate 15,841 15,841 15,841 15,841 15,841 15,841 15,841 Sundry assets 42,813 22,461 50,481 57,982 62,159 78,240 82,554 Total., 1,912,352 1,347,185 1,444,084 1,785,502 2,298,846 2,501,706 3,854,067 LIABILITIES. Capital paid in... 200,000 200,000 200,000 | 200,000 200,000 200,000 200,000 Reserve 39,345 41,153 41,690 I 42,224 42,877 43,513 44,357 Denosits—checking and discount accounts 694,735 481,749 574,322 '; 747,074 991,949 ,141,799 1,681,576 Credits in current account 506,460 452,741 ! 550,944 852,966 802,889 1,572,243 Forward exchange operatirns 21,240 ! 88,816 53,795 103,757 113,289 Deposit certificates payable at a fixed date (Bons a 6che*ance fixe) 51,588 52,974 40,537 ! 31,718 23,087 18,104 17,476 Acceptanceliabilities 174,849 32,448 50,758 | 55,848 47,983 24,124 83,580 Sundry liabilities 83,800 32,401 62,796 68,878 86,189 107,470 141,546 Total. 1,912,352 1,347,185 1,444,084 1,785,502 2,298,846 2,501,706 3,854,067 SOCI&TE GEN&RALE POUR FAVORISER LE DEVELOPPEMENT DU COMMERCE ET DE L'INDUSTRIE EN FRANCE. [In thousands of francs.] ASSETS. Cash in vault and balances at the Bank of France 172,575 101,864 120,337 84,749 290,069 124,273 286,791 Bills discounted. and short-term national defense securities. 971,250 299,900 283,539 413,400 795,722 1,200,037 2,798,923 Coupons uncollected 42,300 16,440 19,139 11,591 19,438 39,739 35,351 Stock-exchange loans 119,436 56,540 30,654 19,454 19,376 16,330 8,811 Advances on securities 328,250 318,229 257,318 248,905 259,762 227,783 321,161 Debits in current account 560,741 608,020 521,872 486,573 566,7(;8 663,971 986,640 Securities (including Rentes) 46,797 53,664 77,348 71,6fc3 69,549 69,611 68,935 Financial participations 69,797 63,812 60,078 52,820 50,761 50,920 49,136 Real estate in Paris and in the departments 50,569 53,456 54,447 54,475 54,509 54,634 56,422 Total. 2,361,715 1,571,925 1,424,732 1,443,570 2,125,954 2,447,298 4,612,170 LIABILITIES. Capital paid in 250,000 250,000 250,000 250,000 250,000 250,000 250,000 Reserve 124,516 127,247 117,247 50,705 50,705 50,705 50,705 Deposits—checking accounts 466,115 218,561 169,074 213,401 323,306 431,629 919,315 Deposits payable at a fixed date 207,193 238,480 248,215 242,397 232,936 233,117 247,312 Acceptance liabilities 175,735 102,387 44,588 13,642 22,204 18,992 66,780 Credits in current account l,U8,430 623,713 573,039 658,116 1,226,617 1,436,850 3,054,340 Interest due and dividends unpaid 979 786 1,418 4,538 6,617 9,194 1,466 Carried forward from preceding fiscal year.. 376 494 10,750 771 1,070 1,487 Profit and loss less general expenses 18,371 10,257 10,401 10,771 12,798 15,741 20,765 Total.. 2,361,715 1,571,925 1,424,732 1,443,570 2,125,954 2,447,298 4,612,170 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1049 GERMANY. TOTALS FOR 8 "GROSSBANKEN." [In thousands of marks.] Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1913. 1914. 1915. 1916. 1917. ASSETS. Cash, coupons, foreign gold, and balance with banks of ! issue and clearing I 355,432 577,001 i 736,492 863,216 1,265,142 1,423,419 2,539,891 Bills, Including Treasury bills 1.766,304 1,819,023 i 2,493,013 3,961,138 7,152.124 11,280,794 23,097,608 Due from banks, i 308,090 336,995 j 409,747 634,742 1,345,851 1,072,592 3,573,630 Stock exchange loans and advances. 794,429 741,302 ! 893,652 1,334,198 1,828,084 1,985,910 1,605,092 Advances on merchandise 509,547 175,328 ! 209,781 262,016 214,954 115,535 851,048 Securities owned 402,170 436,832 i 442,796 441,346 578,303 790,587 586,761 Syndicate participations. 335,939 336,886 | 308,038 266,888 238,056 246,290 242,665 Participations in bannkkss aaind banking firms j 271,805 356,505 | 360,207 351,182 353,936 368,124 359,547 Debits'iu current account ! 2,,852,973 3,232,003 | 3,313,290 3,393,452 4,536,329 4,693,564 9,273,704 Sundry assets ! 146,922 181,312 j 187,378 191,876 210,505 223,313 233,007 Total ] 7,743,611 8,193,187 ! 9,354,394 11,700,054 17,723,284 22,200,128 42,362,953 Capital paid in 1,105,000 1,255,000 i 1,255,000 1,255,000 1,350,000 1,350,000 1,350,000 Surplus and reserve 360,457 456,632 i 457,132 460,800 540,350 546,750 553,250 Credits in current account.. 4,804,426 5,321,403 ! 6,856,045 9,395,747 15,210,270 19,696,092 39,140,427 Acceptances and checks 1,309,242 1,016,154 I 612,099 385,404 397,150 358,893 958,092 Sundry liabilities 164,486 143,998 | 174,118 203,103 225,514 248,393 361,184 Total 7,743,611 8,193,187 9,354,394 11,700,054 17,723,284 22,200,128 I 42,362,953 DEUTSCHE BANK. [In thousands of marks.] Cash, coupons, foreign gold, and balances with banks of issue and clearing 127,419 283,367 302,593 299,813 496,600 468,432 749,723 Bills, including treasury bills 639,402 674,610 1,018,640 1,661,160 3,053,232 4,616,848 9,733,546 Due from banks 61,735 73,712 105,563 198,368 509,630 282,707 1,189,483 Stock exchange loans and advances 233,227 254,399 329,746 522,809 600,017 624,102 273,540 Advances on merchandise 216,769 101,100 166,264 207,805 120,537 56,000 214,939 Securities owned 161,202 172,940 167,974 165,191 253,775 242,402 175,816 Syndicate participations 53,463 54,934 49,597 41,174 28,359 23,846 23,828 Participations in banks and banking firms 82,469 58,412 63,764 61,514 40,713 39,676 53,604 Debits in current account 638,460 971,949 910,659 •878,904 1,162; 933 1,006,707 2,120,218 Sundry assets 31,500 43,000 44,500 40,000 40,000 40,000 40,000 Total | 2,245,676 2,688,423 3,159,300 4,076,738 6,305,796 7,400,720 14,574,697 LIABILITIES. Capital paid in 200,000 250,000 250,000 250,000 275,000 275,000 275,000 Surplus and reserve 112,500 178,500 178,500 180,000 225,000 230,000 230,000 Credits in current account.. 1,580,046 2,042,101 2,541,606 3,503,385 5,669,309 6,740,197 13,822,022 Acceptances and checks 300,703 162,558 122,798 69,546 65,465 71,407 138,067 Sundry liabilities 52,427 55,264 66,396 73,807 71,022 84,116 109,608 Total.. 2,245,676 2,688,423 3,159,300 4,076,738 6,305,796 7,400,720 14,574,697 DISCONTO-GESELLSCHAFT IN BERLIN. [In thousands of marks.] Cash, coupons, foreign gold, and balances with banks of issue and clearing i 49,763 52,703 133,815 171,474 218,402 204,948 718,865 Bills, including treasury bills * | 257,540 361,632 628,964 831,393 1,618,213 1,975,117 4,236,009 Due from banks ! 71,164 89,785 91,110 113,145 231,396 407,049 874,556 Stock exchange loans and advances | 104,956 109,039 119,207 131,250 289,047 299,294 99,001 Advances on merchandise | 133,850 9,123 18,483 14,176 29,665 18,026 85,712 Securities owned j 30,120 39,037 44,019 60,102 77,394 96,390 85,670 Syndicate participations j 60,717 60,766 52,093 44,483 45,503 48,017 39,281 P D a e r b ti i c ts ip i a n t i c o u n r s r e in n t b a a c n c k o s u n an t d banking firms r —! j 3 1 9 1 1 4 , ,7 2 2 9 4 5 2 4 2 27 1 , , 8 6 4 7 9 1 2 4 1 7 8 7 , , 4 2 3 9 9 6 2 5 1 3 6 3 , , 6 4 8 5 5 2 2 6 1 6 4 5, , 2 1 6 6 6 8 2 8 2 8 1 6 , , 6 8 5 8 8 7 2, 2 4 1 2 4 5 , , 4 7 1 6 4 0 Sundry assets I 24,125 34,925 36,909 37,042 40,544 44,138 45,874 Total .! 1,238,254 1,406,530 1,820,335 2,153,202 3,429,598 4,201,524 8,825,142 LIABILITIES. Capital paid in 200,000 300,000 300,000 300,000 310,000 310,000 310,000 Surplus and reserve 81,300 118,975 118,975 120,000 134,000 134,000 140,000 Credits in current account.. 674,024 805,682 1,262,778 1,644,578 2,870,244 3,649,304 8,191,386 Acceptances and checks.... 250,941 152,680 100,829 44,839 68,409 54,386 127,768 Sundry liabilities 31,989 29,193 37,753 43,785 46,945 53,834 55,988 Total j 1,238,254 1,406,530 1,820,335 2,153,202 3,429,598 4,201,524 8,825,142 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1050 FEDERAL, RESERVE BULLETIN. OCTOBER, 1920. GERMANY-Continued. DRESDNER BANK. [In thousands of marks.] Dec. 31, Dec. 31, Dec 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1913. 1914. 1915. 1916. 1917. 1918. 1919. ASSETS. Cash, coupons, foreign gold, and balances with banks of issue and clearing 68,646 98,929 139,883 206,549 302,101 391,588 560,129 Bills, including treasury bills 375,895 330,001 353,086 707,986 1,200,124 2,371,831 4,390,866 Due from banks 61,381 62,355 65,887 i 86,629 230,081 104,414 778,789 Stock exchange loans and advances 119,069 95,503 149,532 i 176,493 211,785 320,176 538,678 Advances on merchandise 116,632 22.700 7,925 I 8,277 16,208 13,400 381,712 Securities owned 42,592 52,079 65,042 55,355 81,178 148,724 122,002 Syndicate participations 55,276 63,594 59,616 I 54,559 54,974 56,532 53,348 Participations in banks and banking firms 36,834 37,861 38,505 ! 36,834 63,792 67,388 53,718 Debits in current account 624,866 574,117 648,711 | 736,034 1,176,315 1,048,129 1,868,926 Sundry assets 36,935 48,289 48,669 58,114 70,251 73,819 75,865 Total I 1,538,126 1,386,028 1,576,856 2,126,830 j 3,406,809 4,596,001 8,824,033 LIABILITIES. Capital paid in 200,000 200,000 200,000 ! 200,000 260,000 260,000 260,000 Surplus and reserve 61,000 ! 61,000 61,000 61,000 80,000 80,000 80,000 Credits in current account.. 958,396 948,518 1,192,801 1,759,827 2,947,690 4,150,816 8,126.197 Acceptances and checks 287,315 146,028 92,314 68,925 75,524 63,700 297,869 Sundry liabilities 31,415 29,882 30,741 37,078 43,595 41,485 59,967 Total. 1,538,126 1,386,028 I 1,576,856 2,126,830 I 3,406,809 4,596,001 8,824,033 BANK FUR HANDEL UND INDUSTRIE (DARMSTADTER BANK). [In thousands of marks.] Cash, coupons, foreign gold, and balances with banks of < issue and clearing 48,385 63,492 92,179 i 103,520 ! 124,745 209,109 272,180 Bills, including treasury bills 185,023 174,382 191,944 ! 210,600 ! 379,755 847,933 2,140,294 Due from banks 52,196 53,154 81,343 I 132,563 ; 184,224 132,693 311,936 Stock exchange loans and advances 110,473 96,946 119,253 I 258,8C0 ! 360,822 372,087 297,108 Advances on merchandise 17,191 18,463 8,512 I 22,724 ! 41,560 21,235 119,285 Securities owned 54,446 59,688 57,177 I 50,557 | 56,416 83,486 70,119 Syndicate participations 44,552 40,629 40,508 I 37,762 I 32,688 32,378 31,697 Participations in banks and banking firms 8,026 9,435 9,523 I 8,516 9,136 10,285 8,571 Debits in current account 439,442 455,243 420,009 i 388,557! 489,435 532,778 1,081,054 Sundry assets 18,404 19,462 20,945 20,930 21,893 24,275 27,494 Total. 978,138 990,894 1,041,393 i 1,234,529 j 1,700,674 2,266,259 4,359,738 Capital paid in : 160,000 160,000 160,000 160,000 160,000 160,000 160,000 Surplus and reserve 32,000 32,000 32,000 32,000 32,000 32,000 32,000 Credits in current account.. 607,681 592,162 750,549 969,800 1,435,934 1,999,995 3,980,456 Acceptances and checks 166,352 198,895 89,353 60,702 51,755 47,894 115,934 Sundry liabilities 12,105 7,837 9,491 12,027 20,985 26,370 71,348 Total. 978,138 990,894 1,041,393 1,234,529 1,700,674 2,266,259 4,359,738 COMMERZ- UND DISCONTO-BANK. [In thousands of marks.] ASSETS. Cash, coupons, foreign gold, and balances with banks of issue and clearing 17,353 22,422 16,393 18,494 23,805 26,745 62,655 Bills, including treasury bills 75,697 57,024 86,567 269,022 453,902 742,266 1,288,713 Due from banks 40,125 31,640 36,374 51,765 81,208 63,606 151,038 Stock exchange loans and advances 86,113 66,105 108,382 126,492 185,071 160,400 180,790 Advances on merchandise 21,595 14,853 2,456 4,242 2,920 2,719 31,890 Securities owned 28,075 34,472 40,954 27,216 25,581 74,279 31,195 Syndicate participation 18,812 22,479 17,152 16,425 15,005 20,833 18,921 Participations in banks and banking firms 12,332 12,332 12,332 I 12,332 12,332 12,332 12,332 Debits in current account 197,847 214,360 222,161 j 221,115 296,132 366,717 594,300 Sundry assets 9,799 9,461 7,889 7,842 11,539 12,683 Total 507,748 485,148 551,453 I 754,992 1,103,798 1,481,436 2,384,517 LIABILITIES. Capital paid in 85,000 85,000 85,000 85,000 85,000 85,000 85,000 Surplus and reserve 14,000 14,500 15,000 15,050 15,600 17,000 17,500 Credits in current account 315.967 299,102 406,119 616,911 945,562 1,317,865 2,128,490 Acceptances and checks 83,465 77,836 36,330 27.627 45,141 50,608 135,271 Sundry liabilities 9,316 8,710 9,004 10,404 12,495 10,963 18,256 Total 507,748 485,148 551,453 754,992 1,103,798 1,481,436 2,384,517 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1051 GERMANY—Continued. BERLINER HANDELSGESELLSCHAFT. [In thousands of marks.] Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1913. 1914. 1915. 1916. 1917. 1918. 1920. ASSETS. Cash, coupons, foreign gold, and balances with banks of issue and clearing 20,217 11,066 10,145 15,085 14,156 ! 18,779 ! 15,068 Bills,including treasury bills 103,914 108,520 100,338 105,228 139,719 151,122 538,624 Due from banks Stock exchange loans and advances. 66,062 62,032 16,160 7,047 5,488 3,812 10,587 Advances on merchandise Securities owned 42,899 36,717 35,042 50,305 55,061 98,507 62,863 Syndicate participations 52,446 53,767 52,603 43,109 32,788 32,679 43,386 Participations in banks and banking firms 9,971 9,992 9,893 9,111 8,701 8,700 8,545 Debits in current account 243,446 238,282 277,507 318,177 377,843 447,320 495,852 Sundry assets 11,998 12,059 11,753 11,759 11,762 11,823 11,838 Total.. 550,953 532,435 513,531 ! 559,821 645,518 772,742 1,186,763 Capital paid in 110,000 110,000 110,000 110,000 110,000 110,000 110,000 Surplus and reserve. 34,500 34,500 34,500 34,500 34,500 34,500 34,500 Credits in current account. 296,822 262,951 282,118 348,773 43^,096 569,648 961,604 Acceotances and checks.".. 96,836 118,516 78,412 54,896 47,302 42,762 59,199 Sundry liabilities 12,795 6,468 8,501 11,652 14,620 15,832 21,460 Total.. 550,953 532,435 ! 513,531 559,821 645,518 772,742 1,186,763 NATIONALBANK FUR DEUTSCHLAND. [In thousands of marks.] ASSETS. Cash, coupons, foreign gold, and balances with banks of issue and cleiring 14,580 20,462 19,195 28,952 53,800 50,062 55,304 Bills, including treasury bills 88,060 65,022 71,011 98,858 158,252 237,128 262,156 Due from banks 14,860 14,899 13,650 12,720 15,563 17,898 175,671 Stock exchange loans and advances 49,700 40,841 44,533 68,129 120,004 152,231 176,801 Advances on merchandise 4,921 2,938 3,645 4,007 3,783 16,252 Securities owned 29,300 26,963 17,890 17,831 18,997 27,694 26,947 Syndicate participations 39,410 33,032 28,500 22,445 22,3? 0 21,745 20,341 Participations in banks and banking firms 4,980 4,933 4,882 3,321 3,321 6,312 6,427 Debits in current account 180,010 180,611 159,167 164,070 187,453 210,098 338,823 Sundry assets 5,100 5,100 7,069 7,067 7,064 7,270 7,619 Total. 426,000 i6,784 368,835 427,038 590,821 734,221 1,086,341 LIABILITIES. Capital paid in 90,000 90,000 90,000 90,000 90,000 90,000 90,000 Surplus and reserve 16,000 8,000 8,000 9,000 10,000 10,000 10,000 Credits in current account.. 240,720 210,206 211,961 282,982 453,490 606,124. 911,172 Acceptances and checks 69,580 85,884 50,566 36,506 27, 469 18,635 56,479 Sundry liabilities 9,700 2,694 8,308 8,550 9,462 18,690 Total. 426,000 396,784 j 358,835 427,038 I 590,821 734,221 1,086,341 MITTELDEUTSCHE CREDITBANK. [In thousands of marks.] Cash, coupons, foreign gold, and balances with banks of issue and clearing 9,039 24,560 22,289 19,329 31,533 53,756 105,967 Bills, including treasury bills 40,773 47,832 42,463 76,891 148,927 338,549 507,400 Due from banks 6,629 11,450 15,820 39,552 93,749 64,225 92,157 Stock exchange loans and advances 24,829 16,437 6,839 43,178 55,850 53,808 28,587 Advances on merchandise 3,510 4,168 3,203 1,147 57 372 1,258 Securities owned 13,53a 14,336 14,698 14,789 9,901 19,105 12,149 Syndicate participations 11,2^3 7,685 7,969 6,931 6,379 10,260 11,863 Participations in banks and banking firms 2,469 1,869 2,869 2,869 1,773 1,773 1,936 Debits in current account 137,607 169,592 197,690 153,143 180,952 194,928 348,771 Sundry assets 9,061 9,016 8,851 9,075 11,149 10,449 11,634 Total. 258,716 306,945 322,691 366,904 540,270 747,225 1,121,722 LIABILITIES. Capital paid in 60,000 60,000 60,000 60,000 60,000 60,000 60,000 Surplus and reserve 9,157 9,157 9,157 9,250 9,250 9,250 9,250 Credits in current account.. 130,770 160,681 208,113 269,491 448,945 662,143 1,019,100 Acceptances and checks 54,050 73,157 41,497 22,363 16,085 9,501 27,505 Sundry liibili ties 4,739 3,950 3,924 5,800 5,990 6,331 5,867 Total.. 258,716 306,945 322,691 366,904 540,270 747,225 1,121, 722 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1052 FEDERAL. RESERVE BULLETIN. OCTOBER, 1920. ECONOMIC AND FINANCIAL CONDITIONS tic revenue. Plans are now being made for the IN CHILE. encouragement of other industries, in fact a notable development along industrial lines has More than any other South American country taken place within the past few years, and the Chile is dependent for her place in the world system of taxation is being revised with a markets on one source of wealth—nitrate, view to deriving a-larger portion of revenue which is also the principal source of thefrom the property and income of the Chilean national revenue, and provides occupation for population. a large number of the population. The MONETARY SYSTEM. possession of this important mineral, which is Chile's monetary system has gone through used in times of peace principally for agriculnumerous vicissitudes since the establishment tural purposes and in times of war as an of the Republic. Space forbids a discussion essential part of explosives, has had a proof the history of the Chilean currency. It found effect on Chile's economic life. Chile is, must suffice to say that since 1898 the bulk generally speaking, prosperous, because she has of Chile's currency has consisted of inconnitrates "to sell to the world, and because she can vertible paper money. The Chilean peso has make the outside world in purchasing nitrates a gold content of 0.5991 gram of gold, 0.916§ pay most of Chile's national expenses and line, or 0.54918 gram of pure gold, and is relieve her of the necessity of taxing her own worth at par 36.5 cents, or 18 pence in British people. The ease with which export duties currency, in which it is generally quoted. on nitrate have supplied the Chilean Govern- The different kinds of currency in circulation ment with funds has encouraged it to underin Chile at the end of each year from 1912 to take many public works with less hesitation 1920 are shown in the table below: than is felt by other countries which must meet their expenditures largely by imposing domestic taxes. Chile1s fiduciary note circulation. 1912-1920. Having most of her eggs in this one [In 1,000 pesos.] basket, Chile suffered severely at the outbreak of the war when, as a result of transportation Fiscal notes. J difficulties and the operations of German Treas- a G nt u e a e r d - T n o o t t a e l c to ru i d s i e s r p s o s i e n t o h f e t P h a e c i p fi r c o d O uc c t e s a n o , f i t n w itr a a s te di m ffi i c n u e l s t . c A ie n n - t Fixed Co si n o v n er- Total. n u o r te y s. bank l c a i t r i c o u n - . series. It was not long, however, before the great war demand for nitrates to be used in the manufacture of munitions reacted favorably on D D e e c c . . 3 3 1 1 , , 1 1 9 9 1 12 3 . . 8 8 7 7 5 3 1 1 5 5 0 0 , , 0 0 0 0 0 0 3 1 3 8 , , 8 4 2 8 2 2 1 18 6 4 9 , , 6 3 9 5 6 7 1 ! 3 3 1 1 , , 5 3 4 4 5 3 1 1 7 8 0 6 , , 9 0 0 4 4 1 Chile's economic conditions, and the period Dec. 31,1914. 854 150,000 45,000 195,854! 28,136 990 224,980 Dec. 31,1915. 853 150,000 12,054 162,907 13,827 977 177,712 of the war has been a period of great pros- Dec. 31,1916. 853 150,000 18,145 168,998 8,982 929 178,910 Dec. 31,1917J 853 150,000 24,898 175,752 9,482 928 186,162 perity in the Chilean Republic. When the Dec. 31,1918. 853 150,000 70,588 221,441| 5,320 927 227,688 war came to a close the demand for nitrate Mar. 17,1920. 853 150,000 47,878, 198,741! 28,587 927 226,466 fell off because the belligerent governments no longer required vast quantities of the material A small amount of notes of ancient issues for munitions and were able at first to utilize are in circulation, but the principal item is 150 accumulated stocks to satisfy agricultural million pesos of inconvertible paper notes demands. Financial weakness of former bel- generally known as the fixed issue. In addiligerents and, to a smaller extent, competition tion to this, there is a conversion office, at of artificial nitrates also contributed to Chile's which certain authorized banks may obtain postwar difficulties. As a consequence, the paper money at the rate of 1 peso for 12 pence year 1919 was a bad year in Chile, with a deposited in gold, these notes being redeemnumber of the mines standing idle and the ster- able on demand in gold. A law of 1918 auling value of the peso rapidly falling. In 1920, thorizes another type of convertible notes at however, the world's agricultural demand for 18 pence per peso, but this being greatly in nitrate revived, and Chilean producers organ- excess of the exchange value of the peso no ized an association which tends to stabilize use has been made of this provision. There is production and prices. As a consequence, eco- also an issue of treasury notes, largely the nomic conditions in Chile at present are fast im- result of emergency legislation in 1914, when proving, and the sterling value of the peso shows the Government issued notes to assist the indusan upward tendency. Nevertheless, it must be tries, chiefly the nitrate industry, during the stated that Chile has learned from the war the crisis caused by the war. These notes are supunwisdom of depending so largely on one prod- ported by obligations of the industries assisted. uct for her exports and as a source of domes- The amount outstanding, which in 1914 was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDEKAL RESERVE BULLETIN. 1053 about 28 million, declined to about 5 million Since the cessation of hostilities a considerin 1918, but owing to the depression in 1919 it able portion of the gold has been returned to increased again, and in March, 1920, stood at Chile and at the present time the bulk of it about 29 million pesos. The Government is is in the treasury, and nearly all the remainder also liable on a small amount, less than 1 in England. It should be noted that at every million, of notes issued by banks at the time date shown in the table the conversion fund *vhen they had circulation privileges, since taken was sufficient to redeem the inconvertible over by the Government. It is generally con- notes at 12 pence per peso, which was considsidered that these notes have been lost or ered a fair figure in view of the prevailing rate destroyed and that this liability is a nominal of exchange, and to leave a balance to the one. In the aggregate, the note circulation of credit of the treasury. On October 31, 1919, Chile has shown comparatively little growth for instance, there were 112,610,000 pesos at during the war period; from 225 million in 1914 18 pence per peso in the conversion fund. This it declined to 178 million in 1915; then rose amount would redeem 168,916,000 pesos at 12 gradually to 251 in 1919, and declined again pence per peso, i. e., it would redeem the outto 226 million by March, 1920. standing 150 millions, and leave a balance of Currency other than the so-called fixed issue about 19 million pesos. The fact that reis largely taken care of automatically, either by demption was not effected is traceable to the treasury or by the conversion office. In an economic and political controversy which the case of the fixed issue, there has been a fund has been waged in Chile for more than a generaaccumulated in gold that is sufficient to effect tion. The agricultural and the mining interconversion. This fund was built up largely ests have been strongly opposed to conversion, under the operation of a law of 1909 by which because inconvertible money made for low exnot less than one-half million pesos per month change rates, and low exchange rates in turn were deposited in the treasury or in specified made it possible to sell agricultural products banks abroad out of receipts from the gold for gold abroad and to convert the gold into export duties. In 1914 this fund amounted to depreciated currency with which to meet 108 million pesos at 18 pence per peso; on domestic expenses. It is true, of course, that October 31, 1919, the latest date for which the domestic price level is affected by the rate figures are available, the fund was about 113 of exchange, but the relationship is not immemillion pesos. A table showing the distribu- diate, and there is always a lag in the rise of the tion of this fund is attached. It will be noted price level as against the decline in the exthat in 1914 the larger part of it—74 million— change value of a currency. For this reason there was in England, and 30 million was in Ger- have been powerful influences at wTork against many. The gold was transferred from Ger- conversion. In 1909 there was an agitation many to Chile through the sale by Germany for conversion, but the Parliament instead of part of her stock of nitrates to America; passed a bill establishing the foreign converthat is, the Germans paid off their gold debt sion fund, a measure which was vetoed by the to Chile by transferring nitrates to Americans, President and passed over his veto. Converand the Americans sold the nitrates to the sion has constantly been postponed, the latest Allies for gold, which was ultimately shipped postponement being for six months after July to Chile. of the current year. As a consequence of the instability of the Chile's gold conversion fund, 1910-1919. exchange rate and of the value of the paper currency, it is not uncommon in Chile to make [In 1,000 pesos gold at 18 d.] bank deposits in terms of pounds sterling and more recently of dollars and to issue checks In foreign banks. against these deposits, so that in addition to In the Year. treas- Total. the paper money with its fluctuating gold ury. l E a n n g d - . m G a e n r y - . U St n a i t t e e s d . Total. value, there is a not inconsiderable circulation of bank credit expressed in foreign currencies. 1910 9,123 85,360 94,483 94,483 At the present time it appears that the need 1 1 9 9 1 1 1 2 9 9, , 7 4 7 4 3 2 8 9 8 1 , , 5 9 7 1 7 5 1 9 0 8 1 , , 0 6 1 8 9 8 1 9 0 8 1 , , 0 6 1 8 9 8 of monetary and banking reform is fully ap- 1913 10,115 95,379 105,494 105,494 preciated by the Chilean •Government, and 1914 3,644 74,261 30,256 104,517 108,161 1915 3,644 80,263 27,128 107,391 111,034 plans are being made for the establishment of a 1916 3,644 58,766 22,226 **3*i25' 84,116 87,760 bank of issue and rediscount, described below, 1917 24,765 54,748 2,721 11,911 69,380 94,145 1918 64,146 47,054 62 10 47,126 111,272 which it is expected will solve the currency Oct. 31,1919 66,667 45,788 10 45,798 1 112,610 problem and provide for a safe and elastic medium of exchange. 1 Including 145 thousand pesos classed as miscellaneous. 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1054 FEDERAL RESERVE BULLETIN. OCTOBER, 1&20. FOREIGN TRADE AND FOREIGN EXCHANGE. Chile1s trade with foreign countries during the period 1913-1919. - A table is shown giving the amount of ex- [In 1,000 pesos of 18d.j ports from and imports to Chile from each important foreign country for the years 1913— 1918; aggregate figures for 1919 are also given. Country. 1913 1914 1915 i 1916 1917 1918 1919 It will be noted that Chile's exports exceeded her imports for each year in the table, except Germany: Imports 81,036 70,931 9,818| 1,230 185 1919, but that the excess was very much Exports 84,467 49,793 Argentina: smaller in 1914 than in any other year, and Imports 8,939 5,931 ,7ol O, o 21,047 30,978 very much larger during the years 1915 to 1918 Exports 4,276 6,347 11,102 14,018 23,336 26,345 United States: than in 1913. The principal country of export Imports 55,039 55,2021 51,064J 94,252 174,068 203,452 Exports 83,339 86,174J137,873 252,474 424,674 488,995 has been Great Britain, whose imports from France: Chile were 153 millions in 1913, dropped to 110 Imports 18,161 11,529! 4,659 9,465,1 14,155 13,801 Exports 24,269! 11,731! 9,753 38,660! 31,939 4,241 millions in 1914 and 112 millions in 1915, then Great Britain: Imports 98,929 61,191] 36,462 55,027 64,563j 81,446 rose to 133 millions in 1916,152 millions in 1917, Exports 152,541110,257!ll2,466 133,076 151,750:182,125 and 182 millions in 1918. These fluctuations Italy: Imports 8,702 5,415 4,748 4,7891 4,526J 3,567 are reflected to a considerable extent in the ex- Exports 1,786 2,112 1%™ 5,205) 13,148] 1,301 change rates on London. In July, 1914, the Peru I : mports 13,179 14,740 13,048J 361. peso was quoted at 9.6 pence in Valparaiso; Exports 2,689| 1,303 1,009! 3,624 4,275: 18,170]. Other countries: ! i in August it had dropped to 8.8 pence, and by Imports 45,533! 44,818 26,662! 50,862 December the quotation had declined to 7.1 Exports 42,943 31,958J 50,586 66,528 6 7 3 6 , , 1 4 6 9 7 7 - 10 6 2 0 , , 8 6 0 1 0 6 pence, the lowest figure in the table. From that Total trade: Imports. 329,518 269,757153,212222,521 355,077 436,074 401,324 time on the quotations gradually advanced Exports. 396,310 299,675 327,479 513,585,712,289 763,623J316,977 with fluctuations, and by June, 1918, they had reached 17.2 pence per peso, after which a decline set in again and in March, 1919, the Chile's exports of principal agricultural and mine products, peso was quoted at 9.3 pence. 1913-1920. After sterling was "unpegged" in New York the value of the peso in terms of sterling began Commodity. 1913 1914 1915 1916 to rise, as that of sterling declined. In 1920 the value of the peso was further improved as 1,051 996 1,203 1,119 22,461 23,123 30,524 25,774 the result of the resumption of nitrate exports. (1,000 pesos.. 30,894 31,892 45,410 86,640 An important item in these fluctuations is not t f m 1,0 e 0 t 0 ri c p e to so n s s . . . 3 4 1 1 4 , , 3 90 2 9 3 2 4 1 5 2 , , 2 3 2 8 7 0 2 5 3 3 2 , , 5 67 8 9 7 33 7 8 1 , , 5 9 2 0 9 4 only the actual production and export of tmetric tons. 2,738,3391,846,786 2,0-2"31,294 2,.980,273 Whpat (1,000 pesos 6,320 566 84 ' 1,157 nitrate but also its price. Taking New York wneat tmetric quintals. 523,727 41,480 4,908 105,830 quotations, it will be noted that in July, 1914, Barley. m 1,0 e 0 t 0 ri c p e q so u s intals. 93,0 8 5 31 1 61 4 8 , , 5 1 9 14 5 32 3 6, , 0 0 1 3 5 0 15 1 7 , , 7 4 2 9 4 4 nitrates were selling at between $2.10 and Beans.. m 1,0 e 0 t 0 ri c p e q so u s intals. 10 1 8 , ,396 78 1 , ,6 4 5 33 6 31, 8 2 7 4 4 4 13 3 6 , , 4 2 3 36 4 $2.12J, on the basis of a unit of ammonia. In 1,000 pesos 1,485 1,651 1,029 1,113 D dr e o c p e p m e b d e r to o f $ 1 t . h 8 e 5 , sa w m h e e re y e i a t r re th m e a in p e ri d c e u h n a ti d l W Fro a z ln en u ts. m e a t m . etr . ic . q {^ uintals. 3 9 4 5 8 , , , 2 4 4 8 4 3 0 5 2 1 3 3 9 5 0 , , , 2 2 6 9 7 2 0 6 7 1 1 5 7 9 8 , , , 1 9 2 9 4 9 7 7 2 20 2 1 9 8 2 , , , 0 0 1 6 0 6 3 3 0 Wnnl 11,000 pesos 9,393 10,022 13,011 18,768 February of the next year, when a rise began w °01 tmetric quintals. 128,904 122,667 142,045 139,813 which continued with some fluctuations until 1918, when it wa3 around $4.40. During 1919 1920 the price dropped again to as low as $2.90 in Commodity. 1917 1918 1919 January- June. December. But in 1920 the organization of the Nitrate Export Association has resulted in 1,273 619 a stabilization of the price, which has been 19,740 8,115 132,760 114,910 $3.85 per unit in April, May, June, and July of 94,987 92,534 this year. Nitrate 2, 4 7 7 / 2 6 , , 1 2 4 8 7 9 2,, 5 99 1 11 0 99 ,, ,, 8 1 5 1 5 77 6 77 1,018,734 1,679,785 The fluctuations of the exchanges on other f 1,000 pesos 2,666 11555,57711 tmetric quintals. 144,023 625,306 countries are closely related to those of the jl,000 pesos 482 931 British exchange. It should be noted, how- tmetric quintals. 42,959 52,909 j 1,000 pesos 2,666 6,706 ever, that the val#e of the dollar in terms of tmetric quintals. 259,868 171,056 1,000 pesos 1,379 1,569 pesos has advanced since April, 1919, when it Walnuts metric quintals. 18,632 25,392 was freed from its connection with European Frozen meat... m 1,0 e 0 t 0 ri c p e q so u s intals. 14 9 7 , , 1 4 8 1 2 3 11 9 0 , , 7 9 0 70 0 exchanges by the abandonment of the policy 1,000 pesos 26,249 32,766 of " pegging," while all the other allied cur- Wool. metric quintals. 134,972 113,567 rencies have declined since that time in terms of pesos. 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OCTOBER, 1920. FEDERAL RESERVE BUULETIK. 1055 Chile's average monthly exchange rates on foreign countries, In addition to the balance of merchandise 1914-1920. trade, an important element in Chile's trade balance with the world is the heavy interest London. Buenos payments on Chile's foreign loans and on the pe P r e p n e c s e o. p P e e r s o £ s . pe d Y s o N o o l e s l r w a k p r , . er pe f P s r a o an r s i c p s . , er t p i A e n A s e r o i g r s p e e e p n s s , e - o r for A ei n g o n t h c e a r p t it a a b l l e i n s v h e o s w te i d n g i n t h t e h a a t m c o o u u n n ts t ry o . f the paper. principal items of export is attached. The decided predominance of nitrates in the total 1914. exports is clearly brought out by the figures. January 8.996 26. 75 5.57 1.07 2.43 February 9.528 25.31 5.28 1.00 2.31 The next most important item of export is March 9.679 24.90 5.18 2.27 copper, the exports of w^hich amounted to 41 April 9.679 24.86 5.17 2.27 May 9.579 25.17 5.23 .99 2.28 thousand tons in 1913 and to 93 thousand tons June 9.708 24.81 5.16 .98 2.23 July 9.595 25.00 5.22 .99 2.26 in 1918. None of the other exports had a value August 8.781 26.94 5.62 1.08 2.43 sufficient to deserve mention, but various agri- September... 8.307 28.78 6.00 1.15 2.58 October 7.429 32.31 6.72 1.28 2.84 cultural products, including wheat, barley, November... 7.348 32.61 6.80 1.30 3.66 December... 7.102 33.83 7.04 1.35 3.00 beans, walnuts, frozen meat, and wool, figure 1915. in the exports, the latter item being the most J F a e n b u r a u r a y ry 7 7 . . 5 2 1 1 7 1 3 31 3 . . 8 3 7 2 6.94 1 1 . . 3 2 2 7 2 2 . . 8 9 5 8 important. March 7.814 30.73 6.38 1.22 2. 75 The wide fluctuations of exchange rates on April 8.296 29.02 6.05 1.16 2.60 May 8.072 29.62 6.17 1.18 2.65 foreign countries in Chile have a tendency to J J u u l n y e 8 7 . . 0 9 5 7 6 9 3 2 0 9 . . 0 7 7 8 6 6 . . 2 2 6 0 1 1 . . 2 1 0 8 2 2 . . 7 6 0 7 add an element of uncertainty to the business August 8.223 29.20 6.08- 1.16 2.61 of exporters to Chile, who must provide a mar- September... 9.033 26.57 5.53 1.06 2.3^ October 9.111 26.34 5.49 1.05 2.37 gin to their prices as a protection against these D N e o c v e e m m b b e e r r . . . . . . 9 8 . . 0 8 4 2 2 8 2 2 6 7 . . 5 2 5 0 5 5. . 6 5 6 3 1 1 . . 0 0 6 9 2 2 . . 3 4 9 4 fluctuations. This results in higher prices 1916. for imported merchandise and contributes to January 8.558 | 28.03 5.84 1.12 2.51 the growing determination on the part of F M e a b r r c u h ary 8 8 . . 5 51 7 7 9 I j 2 27 8 . . 9 2 6 5 5 5 . . 8 8 6 2 1 1 . . 1 1 2 3 2 2 . . 5 5 0 3 Chile7s business men to secure legislation A M p a r y il 8 8 . . 6 7 6 6 4 2 I ! 2 2 7 7 . . 6 3 9 8 5 5 . . 7 7 6 0 1 1 . . 1 1 1 0 2 2 . . 4 4 7 4 tending to stabilize the value of the peso. June 9.041 ! 26.54 5.53 1.05 2.38 July 9.299 I 25.80 5.37 1.02 2.32 August 9.421 I 25.60 5. 45 .92 2.31 BANKS. September 10.207 I 23.69 5.06 .84 2.15 October 10.551 ! 22.89 4.89 .82 2.11 November 10.829 | 22.35 4.76 .80 2.07 There is no public or' semipublic bank in December 11.645 ! 20. 73 4.42 .74 1.98 Chile, all of the banks being under private con- 1917. January 11.724 i 20.57 4.39 .97 2.11 trol. The most important of the domestic February 11.284 i 21.40 4.56 .77 2.04 banks is the Bank of Chile, the principal assets March 10.807 ! 22.37 4.77 .80 2.12 April 10.847 ! 22.25 4.75 .81 2.0") and liabilities of which are shown in the May 11.742 ! 20. 54 4.38 . 75 1.91 June 12.416 19. 45 4.14 .70 1.84 attached table for the end of each year from J A u u ly gust 1 1 3 2 . .6 2 7 7 2 9 1 1 9 8 . . 1 0 6 3 3 4 . . 8 0 6 4 . . 6 7 5 1 1 1 . .8 6 0 9 1914 to 1919. September 15.196 15.92 3.40 .58 1.47 A table showing the assets and liabilities of October 14. 498 16.61 3.55 .60 1.56 November 14. 515 16.60 3.53 .60 1.63 all the important banks in Chile at the end of December 14. 558 16.55 3.52 .60 1.69 1914 and at the end of 1919 is also presented. 1918. January 14 033 17.11 3.64 .62 1.69 A characteristic of the Chilean banks is the im- February 13.945 17.28 3.68 .63 1.64 portant place occupied by current or "giro" March 15.239 15.81 3.28 .58 1.49 April 15.664 15.38 3.27 .56 1.47 accounts. These accounts are handled accord- May 16.778 14.41 3.06 .53 1.40 June 17.221 13.99 2.97 .51 1.35 ing to the German plan of opening certain lines July 17.031 14.20 3.02 .54 1.35 of credit to customers and of allowing them to August 16.676 14.44 3.06 .54 1.37 September 16.550 14.55 3.08 .56 1.39 draw against those accounts or to make depos- October 13.917 16.79 3.69 .67 1.67 November 12. 016 20.12 4.27 .77 1.91 its, and striking a balance of debits or credits December 10.933 21.31 4.69 .86 2.13 at the end of each day. These accounts are not January 1919. 10.468 22.90 4.86 .88 2.20 generally liquidated except at the end of a six- February 9.792 24.71 5.20 .95 2.36 month period. This policy is considered unde- March 9.323 25. 73 5.53 .99 2.48 April 10.395 23.07 5.08 .85 2.22 sirable by some Chilean authorities as tending M Ju a n y e 1 10 0 . . 8 9 0 5 2 1 2 2 2 1 . .8 3 9 1 4 4 . . 8 8 0 5 to tie up in long-term credits large portions of July 10 280 23.41 5.27 .77 2.23 the liquid assets of the banks, and the Chilean August 9.692 24.68 5.75 .76 2.42 September 10. 801 22.18 5.27 .64 2.25 delegation at the Pan American Financial N O o ct v o e b m er ber 1 1 0 1 . . 9 4 6 2 6 5 2 2 0 1. . 9 6 5 0 5 5 . . 3 0 8 2 .61 o 2 .1 o 4 o Congress last December recommended that December 11.481 20.43 5.52 2.39 the practice be discouraged. A tendency to 1920. limit the use of current account credits has January 13.444 16.05 4.94 2.11 February 15. 087 15.75 4.83 2.06 been developing in recent years, and an in- March 14. 000 17.01 4.78 2.10 creasing proportion of bank credit is being April 12.610 19.02 4.90 2.13 May .11.833 20.27 5.33 2.39 used for ordinary commercial discounts. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1056 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. banks deal freely in foreign exchange, and, as from the large French banks, while the British has been mentioned above, carry accounts in banks act as agents of their nationals in Chile, terms of British pounds and of American particularly in connection with the nitrate dollars. mines owned by English interests. The United Chilean banks receive deposits from all States is represented in Chile by branches of classes of population and have a widespread net the National City Bank in Santiago and in of branches. It is customary in Chile to pay Valparaiso. There are two great mortgage fairly high rates of interest on deposits in order banks which afford long term credits to the to encourage them, the funds being used in agricultural interests. One of these instituconsiderable part in providing accommoda- tions has an important savings department tion to the large customers having current which receives deposits from large numbers of accounts. The establishment of a bank of the workers of Chile and invests its funds to a issue and rediscount, which is proposed, will considerable extent in municipal public utilities. no doubt produce a serious change in the banking situation. PUBLIC FINANCE. This bank is to be known as the Central Bank of Chile. Its capital is to come from the As has been mentioned before, the principal surplus in the conversion fund above the source of revenue of the Chilean Government amount necessary to redeem the outstanding is export duties on nitrate and import duties currency and is to be increased by the addition on other products. These two sources conof the bank's annual profits. The bank is to tributed in 1918 about 80 per cent of the total act as fiscal agent of the Government and is to revenue of the Government, amounting to handle the redemption of the notes issued by about 245 million pesos, about three-fourths of the banks against gold deposits and by the which is paid by overseas consumers of nitrates. treasury against industrial obligations. The The export duties were until recently required bank will issue new legal tender bills in ex- to be paid in gold, which has created a conchange for gold at the rate of 1 peso for 0.3611 siderable amount of dissatisfaction owing to grams of fine gold. This will make the new par the appreciation of gold in terms of paper value of the Chilean peso 24 cents. It will money. Recently the Government issued a have authority to discount bills for native decree by which the proportion of the duties banks, having a capital of not less than 1,000,000 payable in gold is gradually reduced to 30 per pesos, provided these bills arise out of commer- cent, to take effect in August, 1920. The war, cial operations or are collateraled by Govern- by temporarily cutting off the revenue from ment securities or other obligations approved the export of nitrate, has stimulated the deby the Government. Native banks for pur- velopment of local taxation, and the revenue poses of this law are banks at least 75 per cent from income and property taxes, which was of whose capital is controlled by Chileans or only 5 million pesos in 1913, was 11.3 million foreigners resident in Chile. The rate of inter- pesos in 1918, and constituted at the latter est charged by the Central Bank must not be date 4.6 per cent of the total revenue as less than 1J per cent under the rate charged by against 0.3 per cent in 1913. the offering bank to its customers. In order to Chile has a foreign debt held largely in be entitled to the privilege of rediscounting Great Britain and amounting on December 31, with the Central Bank, the commercial banks 1919, to about 30 million pounds sterling. will be required to keep 10 per cent of their The resources of the Government, however, deposits invested in obligations of the Chilean have always been sufficient to make interest Government. The bank may issue notes and amortization payments. Most of the against the discounts, but must maintain a gold money borrowed abroad has been used by the reserve of 40 per cent. The bank will also Chilean Government in the development of have authority to buy and sell foreign bills of its railroads, which are to a very large extent exchange and to issue notes for the purchases, government owned. The Government also to deposit funds in foreign countries, to receive owns most of the nitrate deposits, and the exdeposits from other banks, and to act as a ploiting companies pay royalties to the Governclearing house for such banks. ment through the medium of export duties. Of the foreign banks in Chile the British and The leasing of new nitrate fields to producing the German are the largest. It must be noted companies is one of the sources of revenue of however, that only about 16 per cent of the the Chilean Government. The Government banking capital in Chile represents the capital takes gjreat interest in the nitrate industry, and of foreign banks. The German banks have when in 1914 it was temporarily paralyzed, to a considerable extent financed industries the Government paid a subsidy of 3 pesos for in Chile through the use of money borrowed each quintal produced, and of 4 pesos for each Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1057 quintal delivered at the port. These pre- the way to organize its economic and business miums were paid in the treasury notes which life along sound modern principles of finance. have been mentioned in the chapter on the monetary system. They helped the industry- SOURCES. through the periods of depression immediately Chilean Government publications: following the outbreak and the termination Diario Oficial de la Republica de Chile, 1914-1920. of the war. Anuario Estadistico de la Republica de Chile, 1918, 1919. United States Government publications, published by— Chile has no autonomous provincial or state The Bureau of Foreign and Domestic Commerce- William H. Lough, Banking Opportunities in South America, governments, the central government being in 1915. full control of all except municipal affairs. The Daily Commerce Report for May 24, 1920, the Nitrate Industry of Chile. municipalities have comparatively small bud- The War Trade Board— E. D. Riser, A Study of the Nitrate Industry, July, 1919. gets, raised largely by property and income Also Special Consular Reports. taxes and through industrial and commercial Other publications: Memoranda Prepared by the Chilean Delegates to the Pan-American license fees. They also have in some instances Financial Congress held in Washington in December, 1919. Banco de Chile, History of the Bank Presented to the Stockholders contracted foreign obligations, the aggregate on January 1, 1919. of which, however, is not considerable. Banco de Chile, Annual Reports. John H. Williams, Latin American Foreign Exchange and Inter- Having a large mineral resource in the national Balances during the War, in Quarterly Journal of Economics, May, 1919. nitrate deposits of the north, good agricul- L. S. Rowe, The Early Effects of the European War Upon Finance, tural possibilities in the central states, and a Commerce, and Industry in Chile, Carnegie Endowment for International Peace, 1918. live-stock industry in the southern states, and Roberto Espinoza, La Reforma Bancaria y Monetaria de Chile, Santiago, 1913. having made a start in the industrial field, Agustin Ross, Chile, 1851-1910, Valparaiso, 1910. Chile is in a sound financial and economic con- The Americas, Monthly, published by the National City Bank of New York. dition, and the developments which are to Monthly Review of Business and Trade Conditions in South America, published by London and River Plate Bank. be expected along the line of further increases El Mercurio, Daily, Santiago. in local taxation, together with the reform of El Mercurio, Daily, Valparaiso. The Central Executive Council of the International High Comthe monetary system through the organization missionof a bank of issue, are signs that Chile is on Chile, Financial and Economic Conditions and Public Debt, October, 1919. (In manuscript.) Assets and liabilities of the Banco de Chile on Dec. 31, 1914-1919. [In 1,000 pesos.] 1914 1915 1916 1917 1918 1919 Cur- Cur- Cur- Cur- Cur- Currency. Gold. rency. Gold. rency. Gold. rency. Gold. rency. Gold. rency. Gold. ASSETS. Cash 40.232 5. 332 21,247 4,045 19,798 4,332 20,878 4,677 26,233 7,353 32,521 12,913 Due from banks and bankers... 19,.841 6,641 5,372 10,286 14,569 8,822 16,737 14,504 21,954 20,940 3,334 Short-term bills foreign 1 416 478 785 63 1,396 3,000 Securities owned 10,402 5,853 5,857 6,085 5,795 5,866 5,714 10,391 5,673 9,912 5,581 Real estate 12 358 10 866 11 008 11 650 12,021 12,049 1,200 Furniture and furnishings., 771 6 733 5 813 5 895 4 935 3 1,082 2 Loans and advances 163, 313 7,935 188,194 10,912 169,879 18,938 205,851 37,227 242,313 90,463 300,982 32,546 Treasurv certificates 23,000 23,000 16,650 16,580 Due from agencies 83 19 278 8 116 6 395 8 558 198' 7 068 " i 445 14 241 "17 369* 3,293 Interest and discounts 919 '694 792 1,035 1,501 1,648 126 Other assets 22,943 115 8,271 5,727 22,126 867 45,146 12,280 18,744 Total 270,862 34,082 250,615 33,064 255,946 44,622 307,191 66,734 383,935 144,211 411,287 77, 446 LIABILITIES. Deposits in current account: Demand and time 151,025 3,772 159,884 12,685 168,267 17,908 183,881 21,335 259,149 23,317 253,840 31,364 In London 28,518 ......... 7,082 5,831 7,129 43,386 10,360 Due to banks and bankers "*"i*6o2" 85 49 92i* 195 * "i, 824* 35 "**3,"280" 1,026 2,178 90 Savings deposits 2,266 2,217 2,338 1 754 1,048 1,857 Interest and discounts 120 12 84 96 187 Capital paid in 40,666 40,000 40.000 60,000 60,000 60,000 Surplus 22 000 22,000 22,000 5,000 34,000 5,000 34,000 5,000 34,000 5,000 Due to stockholders 1 211 1 611 2 006 2,499 2,898 3,111 Dividends 60 47 61 59 80 138 Profit and loss 3 179 3 647 3 668 4,470 6,008 5,478 Other liabilities 50,119 1,587 20,498 13,236 16,685 15,604 18,704 33,139 17,472 71,295 50,685 30,632 Total 270,862 34,082 250,615 33,064 255,946 44,622 307,191 66,734 383,935 144,211 411,287 77,446 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1058 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. Assets and liabilities of the banks in Chile on Nov. 30, 1914 and 1919: ASSETS, NOV. 30, 1914. [In 1,000 pesos.] Cash. fr C om he c o k t s h e a r n d b a d n u k e s. Securities. Lo p an u s b l t i o c . the Banks. Silver. m P o a n p e e y r . Gold. re C n u c r y - . Gold. re C n u c r y - . Gold. re C n u c r y - . Gold. Banco de Chile 1,646 36,378 4,936 20,916 1,714 10,448 176,270 9,733 Banco Espafiol de Chile 455 21,932 366 2,984 220 79,841 964 Banco Nacional 35 2,380 3 840 71 1,071 47,959 342 Banco de la Republica 1 1 1 261 6,744 Banco Anglo Sud Americano 95 12,061 • 656 3,127 901 1,530 675 35,315 13,061 Banco Aleman Transatlantic© 115 8,427 240 531 88 2,391 24,273 10,150 Banco de Chile y Alemania 120 6,076 800 2,969 77 21,698 1,695 Banco Santiago ,59 837 846 1,032 14,868 Banco de Talca 29 641 692 3 15 499 Banco A. Edwards y Cia 25 1,116 159 514 2 2 762 14,110 2 539 Banco Jermanico de la America del Sud.. 2 895 221 1,437 256 6,054 2,120 Banco de Concepcion 98 766 48 451 11,069 Banco de Curic6 21 246 12 6 487 Banco de Londres y Rio de la Plata.. 1 4,938 115 592 25 5,641 3,292 Banco Punta Arenas 3 621 30 209 780 3 632 2 540 Banco Nuble 39 289 79 118 4 730 Banco Pop ilar 2 315 248 830 4 981 Banco Uni6n Comercial 98 77 6 3 079 37 Banco de Tacna 5 71 13 5 5 185 1 938 790 Banco Mercantil de Tacna 8 215 25 10 5 1,951 14 1,647 862 Banco de Osorno y la Uni6n 5 164 12 2,422 Banco Comercial de Curico" 7 31 18 10 1 167 Banco de Mulchen.. 3 27 430 Banco Magallanes 4 140 62 27 1 287 Banco de Llanquihue 2 30 628 Banco de Constitucion 13 481 Banco Arauco 82 321 Banco Mercantil Bolivia. 1 452 3 569 107 2,779 99,242 7,567 36,229 3,145 21,685 3,080 493,140 48,285 Loans to the directors. Foreign credits. Real estate. Other accounts. Total assets. Banks. Cur- Cur- Cur- Cur- Currency. Gold. rency. Gold. rency. Gold. rency. Gold. rency. Gold. Banco de Chile .. . 881 8 12,268 4,743 22,474 263,558 38,857 Banco Espafiol de Chile 2 453 286 3,981 2,723 26 114,875 1,356 Banco Nacional 480 1,739 24 787 859 79 291 1 275 Banco de la Republica . * . . 32 5,650 5,169 156 17,858 210 Banco Anglo Sad Americano ' 82 2 061 8 7 641 4 402 61 912 19 703 Banco Aleman Transatlantic©.. . . 60 1,400 18,296 7,386 51, 702 21,655 Banco de Chile y Alemania 1,308 11 221 43 392 2 572 Banco Santiago . 143 1,737 666 20 188 Banco de Talca 285 372 224 17 745 Banco A. Edwards y Cia 3,860 10 1 1 22' 388 2 711 Banco Jermanico de la America del Sud 3,315 5,912 11,703 8,509 Banco de Concepcion 226 235 456 13,349 Banco de Curico 126 189 125 7 206 Banco de Londres y Rio de la Plata 12,276 6,071 23,448 9,503 Banco Punta Arenas 116 182 341 6 271 784 11 973 3 536 Banco Nuble 41 151 334 5 781 Banco Popular.... 60 1 552 553 8 541 Banco Unidn Comercial 15 126 3€5 3 706 37 Banco de Tacna 42 45 74 309 505 2 555 1 63? Banco Mercantil de Tacna 8 51 460 2 834 4 ?91 3 799 Banco de Osorno y la Union 283 35 42 2 9fi3 Banco Coraercial do Curico" .. . 170 105 34 1 542 Banco de Mulchen 40 32 19 551 Banco Magallanes 131 66 1 717 Banco de Llanquihue 45 47 9 761 Banco de Constitucion 436 930 Banco Arauco 26 17 42 488 Banco Mercantil Bolivia 366 69 1,388 180 9,324 245 376 32,137 1,533 100,889 51, 479 795,802. 115,535 s Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1059 Assets and liabilities of the banks in Chile on Nov. 30, 1914 and 1919—Continued. LIABILITIES NOV. 30, 1914. [In 1,000 pesos.] Deposits. Certificates of deposits Capital paid in. payable at sight. a C c u c r o r u e n n t t cu T rr i e m nc e y. a D n e d m ti a m nd e Currency. Gold. Currency. Gold. currency. gold. Banco de Chile 93 945 50 499 34 651 838 13 40,000 Banco Espaflol de Chile 38,199 30,618 887 575 1 30,000 Banco Nacional 15,575 8,464 1,222 135 3 16,000 Banco de la Republica. 82 717 209 14,000 Banco Anglo Sud Americano 18,934 14,405 12,617 102 157 6,960 Banco Aleman Transatlantic© 11,194 12,345 6,302 84 9,000 Banco de Chile y Alemania 6,552 7,287 1,010 6 024 Banco Santiago 3,858 6,781 52 6,000 Banco de Talca . . . . . .. 1 944 8 153 5,000 Banco A Edwards y Cia 5,773 5,967 1,965 10 000 Banco Jermanico de la America del Sud 1,235 1,166 1,353 10 95 3,268 Banco de Ooncepcion 2 321 6 540 3 000 Banco de Curico 1 189 1 248 3 000 Banco de Lonlres y Rio de la Plata 2,288 2', 477 6,441 2,000 Banco Punta Arenas 5,452 144 1,031 •"* 2 500 Banco Nuble 1,111 2,532 1*580 Banco Popular 2 703 1 699 27 1,000 Banco Uni6n Comercial 1,386 58 37 1,000 Banco de Tacna . . 1 168 698 1 000 500 Banco Mercantil Tacna 668 821 1,691 Banco de Osorno y la Uni6n 815 502 1 380 Banco Comercial de Curic<5 229 190 750 Banco de Mulchen 57 37 250 Banco Magal lanes. . .. . . 815 319 500 Banco de Llanquihue 43 254 359 Banco de Constituci6n.. 42 55 344 Banco Arauco 92 265 98 Banco Mercantil Bolivia 33 33 1 1,269 217,703 163,576 70,115 1,823 269 163,014 3,768 Surplus and reserves. Dividends. Other accounts. Total liabilities. Currency. Gold. Currency. Currency. Gold. Currency. Gold. Banco de Chile 23 811 63 54,402 4,193 263,558 38,857 Banco Espariol de Chile 12,284 412 73 3,126 56 114,875 1,356 Banco Nacional 6 462 18 32,637 50 79,291 1,275 Banco de la Republica . 14 3,045 1 17,858 210 Banco Anglo Sud Americano 21,511 6,929 61,912 19,703 Banco \. eman Transatlartica 1,858 1,545 17,221 13,808 51,702 21,655 Banco de Chile y Alemania 23,529 1,562 43,392 2,572 Banco Santiago 1 883 9 1,605 20,188 Banco de Talca 2 236 2 410 17,745 Banco A Edwards y Cia 53 595 746 22,388 2,711 Banco Jermanico de la America del Sud 9,292 3,793 11,703 8,509 Banco de Concepci6n 939 549 13,349 Banco de Curico . . . .. 1 005 10 754 7,206 Banco de Londres y Rio de la Plata 16,683 3,062 23,448 9,503 Banco Punta Arenas .. 452 3,425 2,505 11,973 3,536 Banco Nuble 208 14 336 5,781 Banco Popular 329 16 2,767 8,541 Banco UnicVri Comercial 290 7 965 3,706 37 Banco de Tacna 125 7 255 434 2,555 1,632 Banco Mercantil Tacna 384 2,802 1,724 4,291 3,799 Banco de Osorno v la Union 173 2 91 2 963 Banco Comercial de Curico 155 6 212 1,542 Banco de Mulchen 78 3 126 551 Banco Magallanes 56 6 21 1,717 Banco de Llanquihue 66 3 36 761 Banco de Constitucidn.. . .. 489 930 Banco Arauco 31 2 488 Banco Mercantil Bolivia 53 179 1,388 180 52,494 2,341 253 196,939 39,042 795,802 115,53? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1060 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. Assets and liabilities of the banks in Chile on Nov. 30, 1914 and 1919—Continued. ASSETS NOV. 30, 1919. [In 1,000 pesos.] Checks and due Securities and real Loans to the Cash. from other banks. estate. public. Silver. m P o a n p e e y r . Gold. Currency. Gold. Currency. Gold. Currency. Gold. Banco de Chile 1 556 41,680 7 961 7,750 9,923 39,396 6,794 297,222 36 284 Banco Fspafiol de Chile 269 28,557 292 18,716 380 14,334 211,596 13,536 Banco Nacional 25 3 571 38 2,836 78 9,343 74,856 278 Banco Anglo Sud-Americano 154 12,635 405 26,577 667 3,672 51 68,189 35,065 Banco Aleman Transatlantico. 69 3 259 1,984 2,171 238 250 2,763 25,454 6 978 Banco de Chile y Alemania 50 1,539 226 2,126 320 1,190 19,990 2,673 Banco de Santiago 59 848 268 4,790 96 5,456 267 35,014 1,175 Banco de Talca 13. 291 3,482 1,628 16,772 Banco A Fdwards y Cia 24 2,222 317 2,088 445 49,292 6,427 Banco Jermanico de la America del Sud.. 11 575 144 790 164 5,555 601 Banco de Concepci<5n... 40 475 158 826 12,843 Banco de Curic6 25 337 55 233 8,298 Banco de Londres y Rio de la Plata 1 12,509 175 2,792 632 45 5 15,191 9,774 Banco Popular 1 696 237 3.061 8,044 Banco de Tacna.. 21 371 14 4 646 463 4,154 1,136 Banco de Osorno y la Union 2 600 67 190 11,853 Banco Comercial de Curic6 11 43 83 125 1 579 Banco de Mulch en 2 51 46 482 Banco de Llanquihue. 1 2 50 50 972 Banco de Constitution 54 26 1,014 Banco Mercantil Bolivia 161 2 3 10 2 1,752 na Banco de Chile v Arjentina 4 1,160 49 754 77 1,541 131 13,273 4,839 Banco Italiano 4 304 1 600 16 1,757 5,574 59 Banco France's de Chile. i 12 527 1 2 653 55 3 QQ1 21 476 1 043 Banco de la Industria v del Comercio .. 4 46 543 '509 5 866 17 Banco Yugoslavo de Chile 11 888 37 44 9 183 19 5,290 1,140 National City Bank 235 593 100 14,501 2,116 16,142 1,778 Total 2,604 113,994 12,014 93,870 15,216 88,508 10,495 937,743 122,879 Lo d a ir n e s c t t o o r s th . e Foreign credits. Due d fr e o b m to r v s a . rious Other accounts. Total assets. Currency. Gold. Currency. Gold. Currency. Gold. Currency. Gold. Currency. Gold. Banco de Chile 2,600 74 14 005 15 579 404 283 76 541 Banco Espafiol de Chile 6,318 186 7,497 3,203 283,179 21J705 Banco Nacional.... 1 089 5 366 6 244 31 513 610 128 599 7 248 Banco Anglo Sud-Americano ... 2,116 36 110,007 71,888 223,350 108,112 Banco Aleman Transatlantico 15,360 61,711 46,563 73 674 Banco de Chile y Alemania 38 2,694 1,300 7,891 35,518 4,519 Banco de Santiago 328 2 333 3 023 49 518 4 139 Banco de Talca.T 567 334 23*087 Banco A. Edwards y Cia 2,391 2 56,019 7,189 Banco Jermanico de la America del Sud.. 2,922 8 249 9 853 9 158 Banco de Concepcidn 43 1 584 15 969 Banco de Curico" 164 184 9,296 Banco Londres y Rio de la Plata 14,146 9,399 44,684 19,985 Banco Popular 372 571 12,982 Banco de Tacna. . 29 11 134 1 230 2 378 525 7 603 3 513 Banco de Osorno y la Union 606 114 13'432 Banco Comercial de Curico ... 270 40 2 151 Banco de Mulchen 40 17 11 649 Banco de Llanquihue 73 11 7 1,166 Banco de Constitution 11 17 1 122 Banco Mercantil Bolivia 119 83 135 51 2,180 214 Banco de Chile v Arjentina 275 75 2 647 9 708 2 735 29 362 7 906 Banco Italiano 1,171 281 9 411 '357 Banco Frances de Chile i 472 4 305 29 131 5 404 Banco de la Industria v del Comercio 229 6 211 7 408 ' 23 Banro Yugoslavo de Chile... . 179 109 2 408 359 2 060 34 9 065 1 707 National City Bank 4,612 822 6,674 216 42,757 5,032 Total 15,611 201 2,378 170 15,885 19,868 227,743 175,583 1,498,337 356,426 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1061 ' Assets and liabilities of the banks in Chile on Nov. SO, 1914 and 1919—Continued. LIABILITIES, NOV. 30, 1919. [In 1,000 pesos.] Certificates of deposits payable at sight. Banco de Chile Banco Espanol de Chile Banco Nacional Banco Anglo Sud-Americano Banco Aleman Transatlantic^ Banco de Chile y Alemania Banco Santiago Banco de Talca Banco A. Edwards y Cia Banco Termanico de la America del Sud Banco de Concepcion Banco de Curico Banco de Londres y Rio de la Plata Banco Popular Banco de Tacna Banco de Osorno y la Union Banco Comercial de Curic6 Banco de Mulchen Banco de Llanquihue Banco de Constitucion Banco Mercantil Bolivia Banco de Chile y Arjentina Banco Italiano Banco Frances de Chile Banco de la Industria y del Comercio Banco Yugoslavo de Chile National City Bank Total Banco de Chile 60,000 37,111 5,000 9,041 223 404.283 76,541 Banco Espanol de Chile 40,000 16,694 2,057 9,570 6,851 283.179 21,705 Banco Nacional I 20,000 8,215 31,237 9 128,599 7.248 Banco Anglo Sud-Americano I 10,942 2,451 j 1,702 249 130,661 32,337 223,350 108,112 Banco Aleman Transatlantic i 9,000 1,295 2,208 9,530 24,396 46,563 73,674 Banco de Chile y Alemania ! 3,472 8,441 2,898 35,518 4.519 Banco Santiago j 10,000 3,249 76 990 49,518 4,139 Banco de Talca | 5,000 2.529 189 23,087 Banco A. Edwards y Cia | 10,000 2,527 4,273 573 56,019 ""7,"i89 Banco Jermanico de la America del Sud j 3,268 8,091 5,171 9,853 9,158 Banco de Concepcion i 4, 000 1,646 258 15,969 Banco de Curico 3,000 1,179 63 9.296 Banco de Londres y Rio de la Plata | 3; 000 27,257 7,984 44,684 19,985 B B a a n n c c o o d P e o p T u a l c a n r a 2 1 , , 0 0 0 0 0 0 3 3 0 3 5 5 98 5 6 3 i,io9 1 7 2 , , 6 9 0 8 3 2 "3,513 Banco de Osorno y la Union 4,430 1,163 504 13,432 Banco Comercial de Curico 969 283 133 2,151 Banco de Mulchen , 250 108 2 649 Banco de Llanquihue j 709 79 59 1,166 Banco de Constitucicn ' 400 138 6 1,122 Banco Mercantil Bolivia ! 1,520 253 160 2,180 214 Banco de Chile y Arjentina 6,000 1,219 12,104 439 29,362 7,906 Banco Italiano 6,633 264 63 343 9,411 357 Banco Prances de Chile 10,000 1,357 5,454 72 29,131 5,404 Bane o de la Industria y del Comercio \ 1,999 40 71 7,408 23 Banco Yugoslavo de Chile | 3,600 61 1,881 121 9,065 1,707 National City Bank 2,740 I 220 1,516 15,161 42,757 5,032 Total. 217,924 8,459 81,719 11,030 275,409 83,676 1,498,337 356,426 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1062 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. October Crop Report, by Federal Reserve most recent total being 751 million bushels. This amount is 190 millions below the 1919 Districts. estimate and 275 millions below the record Forecasts of crop production issued by the crop produced in 1915. At the same time it Bureau of Crop Estimates, United States De- should be noted that the expected crop this partment of Agriculture, as of October 1, year will still be 115 million bushels above the 1920, are shown by Federal Reserve districts 1916 and the 1917 crops and larger than any in the table below, together with forecasts made wheat crop produced in the United States as of September 1 and August 1 and estimates before 1913. No change in the winter wheat of production in 1919. For average figures for forecast occurred, as this crop had all been the years 1915-1919 see FEDERAL RESERVE harvested by August 1, the decline being due BULLETIN, July, 1920, p. 832. very largely to poorer expectations of spring A further improvement of 85 million bushels wheat production in the Minneapolis district, in the prospects of the corn crop brings the ex- where rust has continued to injure the crop, pected total up to 3,216 million bushels, the which also suffered from dry weather. largest crop in the history of the country, A reduction of 660,000 from the September 1 exceeding the previous record crop of 1912 by forecast of cotton brings the total down to about 92 million bushels. Forecasts of a larger 12,123,000 bales, which is still larger than any corn crop than was expected in September are crop since 1914, but about 4 million bales made for every Federal Reserve district, except below the bumper crop of that year. The crop those of Cleveland, Richmond, and Atlanta, the of oats is expected to be 1,444 million bushels, most substantial improvement being shown showing a further improvement since Septemfor the Chicago district. ber, while the October estimate of the hay The wheat forecast, on the other hand, is crop is the same as the September 1 forecast 19 millions below the September figure, the of 106 million tons. * Production of corn, wheat, cotton, oats, and hay, by Federal Reserve districts—Oct. 1, 1920, forecast of the Bureau of Crop Estimates. [In thousands of units of measurement.] Corn. Total wheat. Spring wheat. Federal Reserve district. Oct. 1 Sept. 1 Aug. 1 Esii- Oct. 1 Sept. 1 Aug. 1 Esti- Oct. 1 Sept. 1 Aug. 1 Estiforecast forecast forecast mate for forecast forecast forecast mate for forecast forecast forecast mate for for 1920. for 1920. for 1920. 1919. for 1920. for 1920. for 1920. 1919. for 1920. for 1920. for 1920. 1919. Bushel*. Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. Boston 8,166 7,692 7,081 10,276 440 468 463 480 440 468 463 480 New York 39,171 37,866 34,223 41,089 11,834 i 11,816 11,816 12,493 740 722 722 750 Philadelphia 62,563 61,769 57,153 66,444 23,808 23,808 23,838 25,922 298 298 328 316 Cleveland 211,282 212,077 198,8^3 212, 207 34,487 34,5^7 34,633 63,748 460 570 606 1,034 Richmond 199,349 202,334 190,672 188,9P4 37,613 37,613 37,613 37,0°4 Atlanta 259,043 259,295 253,202 240,315 6,614 6,614 6,614 10,326 Chicago 939,972 896,181 891,552 927,852 63, 037 63,990 65,345 112,202 13,566 14,519 15,874 I 19,140 St. Louis 468,004 464,938 438,887 380 722 54, 684 54,722 54,774 108,022 799 837 889 1,001 Minneapolis 260,010 234,226 245,420 24? 363 147,994 161,631 183,197 135,094 140,809 154,446 176,012 129,337 Kansas City 561,543 548,679 483,172 372,870 259,108 260, 723 261,226 300,904 17,644 19,259 19,762 16,463 Dallas 197,680 196,997 193,853 2?5,743 15,113 15,166 15,184 33,605 707 760 778 898 San Francisco 9; 389 9,295 9,214 8,485 95,916 98, 867 99,444 101,008 42,544 45,495 46,072 39,933 Total 3,216,192 3,131,349 3,003,322 2,917,450 750,648 770,015 1 794,147 940,988 218,007 237,374 261,506 209,352 Cotton. Oats. Hay, tame and wild. Fede d ra is l tr R ic e t s . erve f f o o O r r e c 1 c t 9 . a 2 s 1 0 t . f f o o e r r p e 1 c t 9 . a 2 s 1 0 t . for 1920. i01 1919- f f o o O r r c e 1 t c 9 . a 2 1 s 0 t . f f o o r r e 1 c 9 a 2 s 0 t . f f o A o r r u e 1 g c 9 a . 2 s 1 0 t . E fo s r t im 19 a 19 te . c O - a 1 s e c t p t . f t o . 1 r 1 f 1 o a 9 r n 2 e d 0 - . • f f o o A r r e u 1 c g 9 a 2 . s 0 1 t . E fo s r t im 19 a 19 te . Bales. Bales. Bales. Bales. Bushels. ButlieU. j Bushrls. \ Bushels. Tons. Tons. Tons. Boston 13,599 13752 13,433 12,123 4,300 4,339 4,912 Ne-v York 48,28? 46;118 44,619 31,856 6,019 6,058 7,073 Philadelphia.... 28,291 26,287 25,807 23,214 3,093 3,168 3,155 Cleveland 85,291 84,140 82,061 70,279 5,996 6,011 6,089 Richmond 2,086 2,230 2,190 2,372 28,005 27,522 27,530 26,307 4,558 4,540 4,916 A Ch tl i a ca n g ta o 2,665 2,833 2,990 2,816 5 2 5 7 9 , , 1 3 7 2 7 7 5 2 5 8 7 . , 5 0 6 7 6 1 5 2 30 8 , , 1 1 4 2 1 8 46 2 1 9 , ,0 0 0 8 8 2 1 4 6 , , 4 97 6 9 8 1 4 7 , , 4 18 0 5 4 1 4 8 , , 2 62 7 9 2 St. Louis 2,023 • 2,112 2,173 1,789 70,585 72,701 71,508 63,595 7,690 7,658 8,124 Minneapolis 287,150 291'933 289,219 208,857 17,905 18,831 17,245 Kansas City 1,018 1,126 I* 885 832 204,218 202' 799 198,783 182,677 20,530 20,257 19,907 Dallas 4,126 4,284 I 4,081 3,097 48,155 44!946 I 44,561 99,004 1,885 1,792 2,309 San Francisco.. 1 189 1 184 ! 1 187 1 117 44,281 46,004 I 46,274 40,219 13,028 12,933 12,035 Total 212,123 212,783 212,518 2 11,030 j 1,444,362 1,441,839 I 1,402,064 | 1,248,311 106,451 107,266 108,666 1 In addition, the following amounts were estimated grown in Lower California (Mexico): Oct. 1 and Sept. 1, 1920, forecast, 89,000 bales; Aug. 1, 1920, forecast, °3,000 bales; estimate for 1919, 52,000 bales. 2 Cotton grown oitside of cotton belt included as follows: Oct. 1, 1920, forecast, 16,000 bales; Sept. 1, 1920, forecast, 14,000 bales; Aug. 1, 1920, forecast, 12*000 bales; •estimate for 1919. 7*000 bales. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1063 OCTOBER, 1920. FEDERAL RESERVE BULLETIN. State Banks and Trust Companies Admitted. Acceptances to 100 Per Cent. The following list shows the State banks and trust Since the issuance of the September BULLETIN the companies which have been admitted to membership in following banks have been authorized b}^ the Federal the Federal Reserve System during the month of Sep- Reserve Board to accept drafts and bills of exchange up tember, 1920. to 100 per cent of their capital and surplus: One thousand four hundred and thirty-one State Baltimore Commercial Bank, Baltimore, Md. institutions are now members of the system, having a First National Bank, Chattanooga, Tenn. total capital of $503,438,000, total surplus of $498,636,880, The Merchants National Bank, Los Angeles, Calif. and total resources of $10,100,050,110. Surplus. res T o o u t r a c l es. Fiduciary Powers Granted to National Banks. The applications of the following banks for permission District No. 1. to act under section 11-k of the Federal Reserve Act have Sanford Trust Co., Sanford, Me $100,000 $25,000 $1,274,113 been approved by the Board during the month of Septem- Exchange Trust Co., Boston, Mass.. 1,000,000 1,000,000 18,221,402 ber, 1920: District No. 2. DISTRICT NO. 1. Guardian of estates, assignee, receiver, committee of estates of lunatics: Ri N dg . e J wood Trust Co., Ridgewood, 150,000 40,000 2,280,126 National Shawmut Bank, Boston, Mass. District No. 8. i DISTRICT NO. 2. Peoples Trust Co., Tamaqua, Pa 125,000 40,000 j 930,496 Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics: District No. 5. The First National Bank of Arlington, Arlington, N. J. The Citizens National Bank of Ridgewood, Ridgewood, N. J. Peoples State Bank(Inc), Galax, Va. 25,000 18,700 329,425 American National Bank of Jamestown, Jamestown, N. Y. First National Bank of Rondout, Kingston, N. Y. District No. 7. The Sandy Hill National Bank of Hudson Falls, Hudson Falls, N. Y. Guardian of estates, assignee, receiver, committee of estates of lunatics: Bennett Sayings Bank, Bennett, la. 50,000 10,000 I 502,652 Peoples National Bank of New Brunswick, New Brunswick, N. J. Mechanicsville Trust & Savings Bank, Mechanicsville, Iowa 50,000 50,000 684,211 DISTRICT No. 3. New Haven Savings Bank, New Haven, Mich 25,000 16,000 625,756 Guardian of estates, assignee, receiver, committee of estates of lunatics, The Jenkintown National Bank, Jenkintown, Pa. District No. 9. Trustee, executor, administrator, guardian of estates, assignee, receiver, committee of estates of lunatics: Stockmen's State Bank, Browning, The First National Bank of Shickshinny, Shickshinny, Pa. Mont 35,000 15,000 214,876 Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics: District No. 10. The First National Bank of Mount Joy, Mount Joy, Pa. Oakland StateBank, Oakland, Nebr. 25,000 10,000 410,640 DISTRICT NO. 4. District No. 11. Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics: First State Bank, Celina, Tex 50,000 40,000 471,496 The Diamond National Bank, Pittsburgh, Pa. Guaranty State Bank, Hedley, Tex.. 25,000 12,500 131,109 Trustee, executor, administrator, registrar of stocks and bonds, guardian First State Bank, Kaufman, Tex 100,000 80,000 655,865 of estates, assignee, receiver: Briscoe County State Bank, Silver- The National City Bank & Trust Co., Marion, Ohio. ton. Tex 2,500 48,213 Executor, administrator, registrar of stocks and bonds, guardian of Woodville State Bank, Woodville, estates, assignee, receiver, committee of estates of lunatics: Tex 213,402 First National Bank of Grove City, Grove City, Pa. District No. 12. DISTRICT NO. 5. Growers Bank, San Jose, Calif 360,000 Bank of Ephraim, Ephraim, Utah.. 744,533 Trustee, executor, administrator, registrar of stocks and bonds, guardian Farmers State Bank, Uniontown, of estates, assignee, receiver, committee of estates of lunatics: Wash , 361,112 The First National Bank of Chase City, Chase City, Va. DISTRICT No. 6. WITHDRAWALS. Trustee, executor, administrator, registrar of stocks and bonds, guardian The North Side State Savings Bank, Chicago, 111. of estates, assignee, receiver, committee of estates of lunatics: The State Bank of Trumansburg, Trumansburg, N. Y. The Opelousas National Bank, Opelousas, La. MERGER. DISTRICT NO. 7. The Bank of Buffalo has merged with the Marine Trust Co., of Buf- Trustee, executor, administrator, registrar of stocks and bonds, guardian falo, N. Y. of estates, assignee, receiver, committee of estates of lunatics: CHANGE OF NAME. The First and Hamilton National Bank of Fort Wayne, Ind. Wisconsin National Bank, Shawano, Wis. The Citizens Bank, Blackstone,Va., has changed its name to Citizens The First National Bank of ( anton, Canton, 111. Bank and Trust Co. The Commercial National Bank of Peoria, Peoria, 111. The Bankers' Loan & Trust Co., Sioux City, Iowa, has changed its name to the Union Trust and Savings Bank of Sioux City. DISTRICT NO. 8. The Guaranty Safe Deposit & Trust Co. of Butler, Pa., to Guaranty Trustee: Trust Co. of Butler. The First National Bank of Mena, Mena, Ark. CONVERSION. The Metropolitan Bank, Seattle, Wash., has been converted into a DISTRICT NO. 9. national bank. Trustee, executor, administrator, registrar of stocks and bonds, guardian VOLUNTARY LIQUIDATION. of estates, assignee, receiver, committee of estates of lunatics: The Minneapolis National Bank, Minneapolis, Minn. Farmers and Merchants Bank, Stockton, Calif. United States National Bank, Superior, Wis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1064 FEDEKAL RESERVE BUI^LETIN. OCTOBER, 1920. Commercial Failures Reported. New National Bank Charters. Reflecting a continued rise in the country's business The Comptroller of the Currency reports the following mortality, commercial failures reported to R. G. Dun & Co. increases and reductions in the number and capital of during three weeks of September number 418, against 312 national banks during the period from August 28 to in the corresponding period of 1919. The returns for September 24, 1920, inclusive: August, the latest month for which complete statistics Banks. are available, disclose 673 defaults for $28,372,895 of liabil- New charters issued to 18 ities, whereas in August of last year there were only 468 With capital of $2, 075, 000 insolvencies, involving an indebtedness of less than Increase of capital approved for 17 $6,000,000. Excepting 1919, however, the August failures With new capital of 1,190,000 are fewer in number than in that month of any year in Aggregate number of new charters and more than two decades, although the liabilities, owing to banks increasing capital 35 an unusual number of large reverses, are considerably With aggregate of new capital authorized 3, 265, 000 above the average for the month. When separated accord- Number of banks liquidating (other than ing to Federal Reserve districts, the August statement those consolidating with other national shows more defaults than in that month of 1919 in 10 of the banks under the act of June 3, 1864)... 0 12 districts, the exceptions being the sixth and tenth Capital of same banks 0 districts, while only in the latter district is the indebted- Number of banks reducing capital 0 ness less than that of August, 1919. In several districts, Reduction of capital 0 notably the second district, the liabilities are very much Total number of banks going into liquidaheavier than last year's. tion or reducing capital (other than those consolidating with other national banks Failures during August. under the act of June 3, 1864) 0 Aggregate capital reduction 0 Consolidation of national banks under the Number. Liabilities. act of Nov. 7, 1918 0 District. Capital 0 1920 1919 1920 1919 The foregoing statement shows the aggregate of increased capital for the period of the banks embraced in statement was 3, 265, 000 First 58 52 $780,210 $518,505 Against this there was a reduction of capi- Second. 179 68 15,009,838 1,615,398 Third 33 27 3,066,914 436,387 tal owing to liquidation (other than for Fourth 70 48 1,347,045 321,764 consolidation with other national banks Fifth... 40 20 691,785 141,410 under the act of June 3, 1864), and re- Sixth 42 52 2,605,429 . 705,852 Seventh . 86 63 3,177,188 1,079,013 ductions of capita] of 0 Eighth 31 20 288,672 118,392 Ninth . 18 6 } 85,515 | 50,210 Net increases 3, 265,000 Tenth.. 11 17 ' 85,735 I 141,370 Eleventh 33 30 411 027 1 ; 249,603 Twelfth 72 65 823,537 554,489 Total 673 468 28,372,895 5,932,393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1065 RULINGS OF THE FEDERAL RESERVE BOARD. Trade acceptances as "actual security." prescribed by this provision where the acceptor A ruling of the Federal Reserve Board has is secured by the acceptance of the foreign been requested upon the following statement buyer after the release of the documents. of facts: An exporter in New York ships goods to a buyer in Buenos Aires and draws a time draft in the form of a trade acceptance on that Time certificate of deposit. buyer and attaches thereto shipping docu- Inquiry has been made- as to whether the ments covering the goods sold. The exporter following certificate of deposit is a time certakes this time draft, together with the ship- tificate of deposit within the meaning of the ping documents, to his bank and draws a 90- Board's Regulation D, series of 1917. day draft against that bank in an amount in The certificate reads as follows: excess of 10 per cent of the bank's capital and Payable to the order of on the return of surplus. The bank accepts the 90-day draft this certificate properly indorsed. This certificate draws drawn on it, and receives the time draft drawn interest at the rate of 3 per cent per annum for all full months if left 6 months, and at the rate of 3^ per cent on the foreign buyer, with the attached shipif left 12 months, interest to cease one year from date. ping documents, for collection and credit, the Subject to the rules and regulations of the savings departproceeds to be applied to the retirement of ment of this bank. the acceptance credit. The accepting bank The Federal Reserve Board is of the opinion then forwards the time draft and .the snipping that this certificate is not a time certificate of documents to its correspondent at Buenos Aires deposit within the meaning of its Regulation for presentation to and acceptance by the buyer, I), series of 1917, for the reason that it is not the documents to be delivered to the buyer payable "on a certain date specified on the upon acceptance. The buyer accepts the time certificate," or "after the lapse of a certain draft, which thereupon becomes a trade accept- specified time/' or "upon written notice given ance, and receives the shipping documents. a certain specified number of days, not less The question upon which the Board is than 30 days before the date of repayment/' requested to rule is whether the trade accept- as is required under the terms of that regulation. ance, after acceptance by the foreign buyer and The certificate does state that it is subject after the consequent release of the shipping to the rules and regulations of the savings documents, constitutes "actual security" within department of the bank, but the Board does the meaning of that part of section 13 of the not know the terms of those rules and regula- Federal Reserve Act which provides that no tions. Furthermore, the Board is of the member bank shall accept for any one person, opinion that this clause on the certificate etc., to an amount in excess of 10 per cent of can not be considered a compliance with the the bank's paid-up and unimpaired capital and Board's regulations, even though the rules surplus " unless the bank is secured either by and regulations of the savings department attached documents or by some other actual give to the bank the right to require 30 days' security growing out of the same transaction written notice prior to withdrawals from savas the acceptance." ings accounts. The Board construes its Regu- The Federal Reserve Board is of the opinion lation D to mean that the writing upon the that the trade acceptance drawn on and ac- certificate itself must expressly give to the cepted by the foreign buyer may be considered bank the right to require 30 days' written " actual security" within the meaning of that notice of withdrawal. It is doubtful whether part of section 13 referred to. a mere reference on a certificate of deposit to A somewhat similar question is presented in the rules and regulations of the savings deconnection-with the acceptance of foreign-bank- partment would make those rules and regulaing corporations organized under State law in tions part of the contract between the bank the stock of which national banks are permitted and the depositor. At any rate, a certificate to invest. The agreement which these corpo- containing such a reference, but otherwise rations enter into with the Federal Reserve purporting to be payable on demand, would Board limits the acceptances for account of any probably be assumed by a person not familiar one drawer which any such corporation may with the rules and regulations of the savings have outstanding at any time to an amount department to be payable at any time withnot in excess of 10 per cent of the accepting out notice. bank's capital and surplus, "unless the trans- In order to make the certificate a time certifiaction be fully secured or * * *." Upon cate of deposit within the meaning of Regulathis question the Board rules that the accept- tion D, a clause should be inserted to the effect ances of these foreign-banking corporations that "the bank shall have the right to require fire not subject to the 10 per cent limitation 30 days' written notice of withdrawal/' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1066 FEDERAL RESERVE BULUBTIN. OCTOBER, 1920. RETAIL TRADE. percentages being weighted according to volume of business done during the calendar yeai In the following tables is given a summary of 1919. For the month of August, the tables the results obtained during the past few months are based on reports from 24 stores in district in districts Nos. 1, 2, 3, 4, 5, 6, 7, 8, 9, 10,11, and No. 1, 15 in district No. 2, 28 in district No. 3, 12, on the regular retail trade index form from 13 in district No. 4, 23 in district No. 5, 11 in representative department stores. In dis- district No. 6, 7 in district No. 7, 8 in district tricts Nos. 1, 5, 11, and 12 the data were No. 8,12 in district No. 9,12 in district No. 10, 15 received in (and averages computed from) in district No. 11, and 30 in district No. 12. actual amounts (dollars). In districts Nos. 2, For the earlier months the number of stores 3, 4, 5, 6, 7, 9, and 10 the material was re-varied somewhat, due to the inclusion of ceived in the form of nercentages, the averages new stores from time to time in the reportfor the cities and districts computed from such ing list. Condition of retail trade in the twelve Federal Reserve districts. [Percentage of increase.] Comparison of net sales with those of corresponding period previous year. July 1, Jan. 1, 1920, to close of— J t u o ly e n 1 d , 1 of 9 — 20, 1919, District and city. c 1 b D e 9 e m 1 e r 9 - , - . u 1 J a 9 a 2 r n y 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 , . J 1 u 9 n 20 e, . J 1 u 9 l 2 v 0 , . g 1 A 9 u 2 u s 0 t - , . o c c 1 b f e 9 l t e o o m 1 D r s 9 , e - e . - r 1 u F 9 a e 2 r b 0 y - . , M 19 a 2 rc 0 h . , A 19 p 2 r 0 il . , M 19 a 2 y 0 , . J 1 u 9 n 20 e, . J 1 u 92 lv 0. , g 1 A 9 u 2 u s 0 t - , . District No. 1: Boston 42.3 33.2 15.4 38.9 16.8 19.4 27.8 16.3 11.6 36.3 24.9 30.7 26.1 24.7 25.3 16.3 24.1 Outside 41.9 43.5 36.1 29.4 26.0 25.5 28.5 27.2 9.1 38.5 41.6 36.4 33.1 30.5 30.0 27.2 18.1 District 42.1 34.8 18.3 37.5 18.5 20.7 28.0 19.9 10.9 37.2 32.5 31.6 27.5 25.8 26.2 19.9 15.1 District No. 2: N.Y. City and Brooklyn 49.2 54.6 29.9 66.6 15.0 41.1 26.4 22.4 10.9 49.7 39.8 59.3 35.0 35.3 32.7 22.4 13.0 Outside . 50.4 22 4 22.8 32.3 26.9 26.4 38.1 33.6 30.1 31.7 26.9 27.1 District 64.8 15.8 35.4 28.4 24.4 15 9 57.0 34.9 33.7 33.8 24.4 17.5 District No 3 22.2 17.6 37.5 12.4 50.7 34.3 23.8 22.6 20.3 26.2 20.5 30.9 31.0 23.8 24.9 District No 4 28.6 45.5 18.4 31.3 31.5 29.9 25.7 i 36.0 38.2 33.6 32.1 34.6 29.9 27.3 District No. 5 14.2 23.1 .9 11.0 21.4 15.7 20.9 5.3 12.1 8.8 9.3 11.4 15.7 21.1 District No 6 27.4 23.4 31.0 24.3 11.6 27.6 29.9 22.0 28.1 29.3 11.6 19.6 District No 7 48.2 51.7 65.2 33.3 49.7 59.6 41.2 33.2 i FtO. 7 57.4 43.5 49.6 58.7 41.2 29.6 District No. 8. . 20.8 18.0 District No. 9 17.0 4.3 ii.8 11.6 8.8 19.8 5.6 12.0 11.6 District No 10 "24*6' 19.6 10 9 14 1 9.9 "26*9*' 24.9 21.2 17.9 14.1 14.2 District No 11 12.9 25.9 25.6 25.9 25.2 District No. 12: Los Angeles... 77.3 83.8 51.6 58.4 43.6 38.2 39.0 35.1 48.9 77.3 68.3 61.2 56.1 52.2 49.8 35.1 42.4 San Francisco. 54.6 53.5 26.9 35.4 28.5 40.9 23.6 21.0 18-6 47.1 58.9 39.7 36.6 37.6 35.3 21.0 19.6 Oakland 29.8 41.4 27.4 31.0 14.9 17.1 15.2 16.9 153 31.9 34.8 32.3 27 9 25.6 23.3 16.9 14.7 Sacramento... 50.7 54.2 22.6 65.1 33.9 34.4 32.1 20.1 3.1 39.5 36.6 60.9 47.5 39.4 38.3 20.1 13.3 Seattle 28.6 23.9 22.4 19.2 4.3 6.3 11.1 .2 18.0 29.3 23.0 21.8 16.2 13.9 13.4 .2 M.4 Spokane 77.1 36.2 23.6 19.8 10.9 48.8 62.8 22.7 12.7 72.0 30.1 26.8 23.1 29.1 35.7 22.7 16.8 Salt Lake City 32.3 23.8 11.5 10.5 7.1 26.4 18.3 20.6 11.6 29.2 18.1 15.1 12.8 16.4 14.7 20.6 16.1 District 50.7 51.7 31.1 37.8 13.8 31. 2 I 27. 8 21.2 21.7 47.0 46.5 41.0 36.9 34.7 33.2 21.2 21.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1067 Conditions of retail trade in the twelve Federal Reserve districts—Continued. [Percentage of increase.] Stocks at end of month compared with— Same month previous year. Previous month. District and city. Dec, Jan., Feb., Mar., Apr., May, June, July, Aug. Dec, Jan., Feb., Mar., Apr., May, June, July, Aug. 1919. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1919. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. District No. 1: Boston 25.4 29.7 38.1 42.3 45.2 44 5 43.8 32.1 26.3 1 0.9 1 5.2 7.4 9.9 4.0 i3.4 1 5.6 1 7.0 4.9 Outside 24.9 28.4 37.5 44.9 43.2 43.8 36.3 30.4 26.4 13.8 13.7 9.7 11.9 2.8 1 5.1 .2 3.2 District 25.2 29.6 38.0 42.8 44.7 44.3 41.4 31.5 26.4 16.1 15.1 7.8 10.2 3.7 12.9 1 5.5 l4.7 4.3 District No. 2: New York City and Brooklyn - 36.4 44.0 49.6 69.6 53.8 47.9 45.5 46.2 30.7 110.4 11.9 8.4 27.9 16.6 15.4 14.3 7.3 Outside 60.6 51.6 51.7 38.4 30.9 26.3 9.3 1 1.4 1 1.7 17.7 4.6 5.6 District 68.6 53.6 49.1 43.2 39.5 29.3 25.8 1.4 ' 5.0 16.I i.5 6.8 District No. 3 9.9 16.4 24.3 25.7 30 4 26.7 28.4 31.0 i3.4 7.0 12.3 5.4 16.7 1 3.0 3.3 6.2 District No. 4 48.6 56 1 63.9 570 53.3 48.3 40.4 45.1 11.6 7.3 1 1.0 1 1.4 9.4 District No 5 57.0 51.5 59.5 67.1 57.2 44.6 29.6 10.5 14.1 i.l 2.3 1 9.2 2.5 2.3 District No. 6 41 1 29.9 50? 47.2 51 6 39 8 4.7 3.0 1.5 1 5.6 5.6 5 4 District No 7 42.7 51.8 64.9 39.9 49.7 77.1 70.1 64 1 14.7 55.9 10.1 0 2.1 0 14.7 14.6 District No 8 24 2 5.6 District No. 9 27.6 18. 7 30.7 12 6 17 7 4.7 .8 3.1 14.7 2.9 District No 10 38.9 43.3 40 7 39.6 43.6 39.1 7.8 3.1 16.1 18.8 8.9 9.8 DistrictNo.il .. 69 5 59 5 8.3 22.3 District No. 12: Los Angeles. 31.0 44.0 42.1 58.3 64.9 65 0 62.9 47.5 31.2 110.9 9.7 12.1 7.8 3.7 1.5 1.4 1.8 12.5 San Francisco 32.7 45.9 59.4 62.2 60.7 54 9 58.5 43.1 27.1 11.1 4.7 12.7 6.1 2.4 16.5 1.4 Oakland 9.2 10.6 27.7 35.2 34.4 29 7 33.9 27.7 22-5 19.7 18.4 18.6 6.5 1.5 1.6 12'. 6 12.9 2.3 Sacramento 37.1 61.8 29.4 34 1 11.4 3.7 1 1.5 1 9.8 Seattle 3L4 44.5 53.7 53.8 55.5 46 7 23.4 18.4 1 18.9 12.0 11.8 14.9 16.7 18.7 14.2 1.9 Spokane 13.2 25.4 35.0 63.3 39.0 59 6 57^3 45.8 45-5 115.6 9.4 10.9 27.9 14.O.2" 15.7 14.4 9.1 District 28.5 38.0 48.4 58.0 56.5 52 6 52.5 40.1 25.3 13.3 2.6 14.0 9.6 M.7 13.0 K8 .7 Percentage of average stocks at end of each month to average Percentage of outstanding orders at end of month to monthly sales for same period. total purchases during previous calendar year. District and city. Julyl, Jan. 1,1920, to end of— J t u o l y e n 1 d , 1 o 9 f 2 — 0, 1 e 9 n 1 d 9 o ,t f o Dec, Jan., Feb., Mar., Apr., May, June,July, Aug., D 19 e 1 c 9 , . J 1 a 9 n 20 ., . F 19 e 2 b 0 ., . M 19 a 2 r 0 ., . A 19 p 2 r 0 ., . M 19 a 2 y 0 , . J 1 u 9 n 20 e . , J 1 u 92 ly 0. , A 19 u 2 g 0 . . , 1919. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. District No. 1: Boston 360.7 320.8 382.2 509.5 389.8 .4 339.2 419.2 447.1 24.8 26.5 19.6 18.8 15.8 15.4 15.4 18.5 13.7 Outside 413.9 229.8 402.5 320.5 464.7 442.5 431.7 436.4 472.1 13.7 16.7 19.7 18.6 15.5 7.5 10.0 9.1 14.2 District 382.1 306.0 385.5 389.9 405.2 366.5 358.0 425.1 455.1 23.1 24.0 19.6 18.7 15.7 12.7 12.3 12.0 14.0 District No. 2: New York City and Brooklyn. 343.4 336.9 405.6 384.7 403.1 392.4 379.9 390.0 489.3 36.3 22.8 22.9 18.8 17.6 15.5 16.8 15.7 16.8 Outside 372 3 3928 415 7 349 5 485 8 506 3 20.3 21.8 13.9 17.7 18.9 14.3 District 383.4 402.0 39S.4 369.9 440.1 496.7 19.0 18.2 14.8 17.2 17.4 15.9 District No. 3 380.0 347 0 382.6 357.5 399.8 471.2 21.0 27.9 24.8 23.5 17.6 19.3 19.8 14.2 District No. 4 386.3 369.1 439.0 362.8 362.3 403.6 412.7 18.6 19.4 34.8 13.2 16.2 18.9 17.0 District No 5 456.8 423.8 4999, 491 5 407.0 505.9 560.7 20.4 16.9 12.1 9.9 9.7 16.1 14.8 District No. 6 20.9 20.1 20.6 17.0 17.4 15.6 District No 7 298 6 332. 30^ 8 328.3 432 7 427.9 18 1 29.7 31.4 31.2 31.9 19.5 19.3 23.2 District No 8 432.6 17.2 District No. 9 i89.4 31.8 109.0 107.9 9.6 19.5 20.0 13.7 9.1 District No 10 337*6 9791 98*14 353.7 384.1 334.0 'iTfi" 18.0 5.4 25.3 15.6 9.7 District No 11 425 5 18.6 12.7 District No. 12: Los Angeles 424.3 422.7 418.3 468.3 390.7 480.4 481.3 522.5 454.2 48.1 33.3 37.1 33.9 39.0 29.7 26.2 22.8 15.5 San Francisco.. 403.1 405.2 477.5 494.9 492.I .8 508.8 539.9 512 8 28.1 18.2 31.9 31.0 27.7 23.9 26.0 25.9 21.1 Oakland 600.2 490.6 581.6 610.7 585. .5 573.8 625.1 598 3 Sacramento 533 531 3 423 3 Seattle 378.0 427.1 665.0 542.6 597q 53°)7 524.6 470.2 532.7 32.2 18.4 22.6 17.6 17.2 14.2 16.3 16.3 12.2 Spokane 411.5 508.8 755.9 605.8 528.8 605.4 579.4 652.6 675. 5 34.5 37.2 40.6 34.7 31.1 25.1 29.9 Salt Lake City. . 8.2 18.7 District 422.6 429.0 534.7 515.3 456.0 508.0 516 0 536.5 489.6 32.3 28.0 31.7 27.2 21.6 23.2 23.1 22.3 14.2 1 Decrease. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1068 FEDERAL, RESERVE BULLETIN. OCTOBER, 1920. FOREIGN TRADE INDEX. There is presented below a series of indexes than for both last month and the same month designed to reflect movements in foreign trade last year. While raw materials showed a slight of the United States, with fluctuations due to increase, producers' and consumers' goods price changes eliminated. The commodities showed a large decrease. Total imports also chosen for these indexes are those for which showed a slight decrease. The increase in the prices are compiled by the Federal Reserve imports of raw materials and producers' goods Board in the preparation of its international which was shown for August as compared with price index. The list includes 25 of the most July was more than offset by the decrease in important imports, the value of which in 1913 imports of consumers' goods. formed 47.7 per cent of the total import values, and 29 of the most important exports, the value 1 Beginning with this issue of the BULLETIN there have been included the following items of import: Cocoa, crude; copper; glycerine, crude, of which in 1913 formed 56.3 per cent of the extract of Quebracho; manila, jute and jute-butts; paper; flaxseed; total export values. The list of the commodi- total leaf tobacco; total pulp wood; woo<! pulp. The import figures both for the total and index numbers have been revised to include these ties is given in the July BULLETIN.1 additional commodities. The month of August was marked by a considerable decrease in total exports, being less 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- j (10 commodi-goods (12 com-goods (3 com-imports (25 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 61,347 121.9 40,107 108.3 14,219 108.0 115,673 115.1 February... 71,074 83.0 12,266 105.8 30,790 101.2 114,130 89.4 55,332 110.0 41,060 110.9 14,335 108.9 110,727 110.1 March 61,681 72.0 11,836 102.1 28;, 698 94.3 102,215 80.1 55,555 110.4 45,753 123.6 13,378 101.6 114,686 114.1 April 71,446 83.0 14,128 121.8 28,708 94.3 114,282 89.5 52,271 103.9 42,346 114.4 10,896 82.7 105,513 104.9 May 68,856 80.4 11,661 100.6 29,923 98.3 110,440 86.5 50,089 99.5 38,409 103.7 7,718 58.6 96,216 95.7 June 46,963 54.8 11,612 100.1 28,242 92.8 86,817 68.0 40,822 81.1 38,606 104.3 8,382 63.7 87,810 87.3 July 51,325 59.9 11,109 95.8 27,686 91.0 90,120 70.6 40,298 80.1 35,990 97.2 9,698 73.6 85,986 85.4 August 74,869 87.4 11,547 99.5 29,370 96.5 115,786 90.7 42,470 84.4 37,385 101.0 11,078 8S4.1 90,933 90.4 September.. 103,614 120.9 10,622 91.6 32,190 105.8 146,426 114.7 52,659 104.6 41,184 111.2 15,883 120.6 109,726 109.2 October 137,772 160.9 12,608 108.7 34,612 113.8 184,992 144.9 44, 407 88.2 22,721 61.4 15,929 121.0 83,057 82.6 November.. 126,836 148.1 9,987 86.1 31,246 102.7 168,069 131.6 48,107 95.6 28,788 77.8 15,059 114.4 91,954 91.5 December.. 113,326 132.3 10,053 86.7 33,089 108.7 156,468 122.5 60,904 121.0 31,929, 86.2 21,446 162.9 114,279 113.7 Year..1,027,789 100.0 139,191 100.0 365,269 100.0 1,532,249 100.0 604,261 100.0 444,278 100.0 158,021 100.0 1,206,560 100.0 1919. January.... 84,066 98.2 18,444 159.0 56,748 186.4 15-9,258 124.7 44,552 88.5 53,071 143.3 14,434 108.1 112,057 111.4 February... 58,488 68.3 14,598 125.9 53,338 175.2 126,424 99.0 47,774 91.9 66,708 180.2 14,230 109.6 128,712 128.0 March 57,659 67.3 16,161 139.3 61,585 232.3 135,405 106.1 54,947 109.2 82,546 223.0 25,223 191.6 162,716 161.8 April 65,112 76.0 19,356 166.9 80,639 264.9 165,107 129.3 63,385 125.9 88,017 237.7 18,869 143.3 170,271 169.3 May 67,595 78.9 15,972 137.7 58,731 192.9 142,298 111.4 81,274 161.4 89,782 242.5 24,F61 188.8 195,917 194.9 June 98,335 114.8 28,618 246.7 96,088 315.7 223,041 174.7 86,256 171.4 61,886 167.2 18,512 140.6 166,654 165.7 July 71,917 84.0 17,150 147.9 52,553 172.7 141,620 110.9 86,443 171.7 77,44'8 209.2 29,492 224.0 . 193,383 192.3 A ugust 81,302 94.9 19,578 168.8 49,548 162.8 150,428 117.8 85,550 170.0 42,132 113.8 20,953 159.1 148,635 147.8 September.. 70,209 82.0 19,365 167. 0 43,108 141.6 132,682 103.9 123,456 245.3 70,033 189.2 25,240 191.7 218,729 217.5 October 70,240 82.0 16,844 145.2 45,983 151.1 133,067 104.2 99,127 196.9 74,730 201.9 20,386 154.8 194,243 193.2 November.. 99,589 116.3 15,740 135.7 46,473 152.7 161,802 126.7 98,690 196.1 79,198 213.9 21,254 161.4 199,142 198.1 December.. 89,585 104.6 13,208 113.9 43,563 143.1 146,356 114.6 79,965 158.9 71,886 194.2 21,521 163.4 173,372 172.4 Year.. 914,097 88.9 215,034 154.5 688,357 188.4 1,817,488 118.6 951,419 157.9 857,437 193.0 254,975 161.4 2,063,831 171.1 1920. January 93,141 108.7 15,647 134.9 35,406 116.3 144,194 112.9 103,796 206.2 90,655 244.9 24,064 182.7 218,515 217.3 February... 70,130 81.9 14,198 122.4 41,645 136.8 125,973 98.7 87,086 173.0 107,162 289.5 19,964 151.6 214,212 213.1 March 90,805 106.0 17,279 149.0 56,428 185.4 164,512 128.9 97,039 192.8 125,496 339.0 25,999 197.4 248,534 247.2 April 68,048 79.4 17,063 147.1 51,689 169.8 136,800 107.1 87, 588 174.0 97,187 262.5 29,076 220.8 213,851 212.7 May 63,650 74.3 17,546 151.3 62,457 205.2 143,653 112. 5 64,177 127.5 84,074 227.1 14,887 113.1 163,138 162.3 June , 55,200 64.5 14,663 126.4 46,113 151.5 115,976 91.1 75,225 149.5 95,699 258.5 21,463 163.0 192,387 191.3 July 66,924 78.1 19,138 165.0 43,325 142.4 129,387 101.3 60,942 121.0 93,893 253.6 24,562 186.5 179,397 178.4 August 67,225 78.5 15,708 135.4 28,594 94.0 111,527 87.3 61,321 121.8 95,159 257.0 22,624 171.8 179,104 178.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL, RESERVE BULLETIN. 1069 WHOLESALE PRICES ABROAD.1 Index numbers of wholesale prices (all commodities). [1913=100.] B R F U t q o S i e e a u o n t d s a r o n i e d e t t t s r e e r a v ) a ( s d - . 9 e l 0 ( B 3 S 2 U t u t S L i a 8 r o n t a t e a q i n i b a s t t u s o e e u t ) i o s r d c . o t s a f - m K ( U 4 i S o n 5 d t n g a i i c d t t t i i o e o e s m d m t s) - ; . S m G B t ( F 4 a o e u d r t 5 d a n i l e s i l n e c t e l t r i c o a i t e a q e i m t s n u ; e ) - e . c B o a I m t i t c i a e r m h l o s i y ) o i ( . . ; d 4 i 0 - H S t S i w a d v n n e e d i d n n e e s g l k n s . ; - T c J o B a o J m t p a k a i a p n e y m n s a k o ) o n . f o ( d ; o 5 f i r 6 - C m A C S ( e B 9 w o t u o n a 2 m u s d s e t t u r i i a c r m s t e s a l o i t a t e o i l a m h u c i s n n a s ) - - d ; . L C m D a t q i b a e e o u o n p n n o r a a t t s d a ( r ) o 2 a t - . f - 7 ; 2 m C S ( m D 7 t o a I a 5 e e d l n t c p n i i d c u s t a t i i o t t r e a o i t m t c s a ; - f s ) , - . 1913. 100 100 100 100 100 100 1914. 100 95 116 96 2 100 101 3 100 1915. 101 133 145 97 141 110 1916. 124 202 185 117 132 135 1917. 174 299 244 149 4 155 177 1918. 197 409 339 197 170 206 1919. August 218 226 368 321 251 182 223 204 September... 212 221 370 319 257 185 223 200 October 212 223 388 307 271 200 222 November... 219 230 436 308 280 199 227 December... 226 238 455 317 288 197 240 1920. January 242 248 288 504 319 301 203 248 218 February 242 249 306 556 342 313 206 254 209 March 248 253 307 619 354 321 209 258 198 April 263 265 313 679 354 300 217 261 200 May 264 272 305 659 361 272 225 263 210 June 258 269 300 615 366 248 233 258 206 July 250 262 299 613 363 239 234 256 209 August 234 250 298 632 365 235 244 209 1 The index numbers printed in this article are constructed by the various foreign statistical offices according to methods described in the BULLETIN for January, 1910. In all cases except that of the United States the original basis upon which the index numbers have been computed has been shifted to the 1913 base. The monthly and j7early index numbers are therefore only approximate. The latest figures are received by cable and are subject to correction. 2 July, 1914=100. 3 End of July, 1914=100. 4 Last six months of 1917. Prices in the United States and Canada de- left the issue £11.7 million beneath the maxiclined more rapidly in August than prices mum. abroad. In fact, Italian and French prices Bank note circulation varied within a range again show an increase, and British, Swedish, of a million and a half pounds throughout the and Australian prices are practically stationary. month, standing at £106 million in the last The Japanese price decline was much retarded week. Deposits, on the other hand, were as compared with earlier months of the year. reduced from £148 million in the first week to £116 million in the last. During September, ENGLAND. however, this item has increased again and stands at about the July level. Coin and bul- Although improvement was shown in the lion held by the bank and the treasury bank and currency notes accounts during the amounted to about £152 million throughout month of August, questions of financing, August and September. especially during the early part of the month, Holders of treasury bills allowed them to gave cause for concern. At the end of the mature in considerable quantities in the first first week currency notes outstanding amounted week in August, necessitating advances to the to £367 million, or the largest sum reached Government from the bank to meet these during 1920. Of this amount £6.6 million of payments. This meant that with the maturing notes had been called in (i. e., were no longer of bills, new bases of credit were established in circulation) but had not been canceled. As with the bank, making for further inflation the figure stood, it was just £1,000,000 under and putting an additional strain upon that the limit fixed for 1920 for the fiduciary issue. institution. Since the third week in August By August 25 it had been possible to reduce treasury bills have been in better demand, and the note issue to £356 million, of which £4 temporary advances consequently have been million were called in but not canceled. This lower. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1070 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. Deposit and note accounts. Government floating debt. Discount rates. Currency 1920. n B o a te n s k .1 c n o e o u r t t t e i s f s t i a c n a a t d n e - d s p D u o b e t p l h i o c e s r a i . t n s d , C bu o l i l n io a n n . d 2 Tr b e i a l s ls u . ry T a e d m va p n o c ra e r s y . T in ot g a l d f e l b oa t. t- b 3 a m nk o b n i t l h ls s . ' t 6 ra m de o b n i t l h l s s ' . ing. End of— 000's. 000's. 000's. 000's. 000Js. 000's. 000's. Per cent. Per cent. January.. £84,258 £329,554 £155,272 £128,434 £1,111,000 £208,000 £1,319,000 February 92,426 324,994 190,147 138,946 1,070,000 188,000 1,258,000 March.... 99,371 335,372 137,170 140,672 1,107,000 205,000 1,312,000 April 101,284 337,377 140,381 141,018 1,048,000 249,000 1,297,000 May 103,614 348,316 117,784 140,955 1,062,000 221,000 1,283,000 June 106,658 357,356 191,715 146,382 1,050,000 244,000 1,294,000 July 106,869 361,911 133,799 151,734 1,058,000 204,000 1,262,000 August... 106,294 356,012 115,955 151,529 1,067,000 183,000 1,250,000 * Less notes in currency notes account. 2 Held by the Bank of England and by the Treasury as note reserve. British exchanges declined very heavily in Commodity prices as a whole changed very the first week of August, adding to the general little during August. In fact, the entire deconcern regarding the financial situation. A cline between April and August has been decline during the American crop-moving sea- slight. According to the Statist index number, son is entirely normal, but this year it has been the decline from the peak of April is less than 5 accentuated by the political situation in eastern per cent and that for August only about 0.4 per Europe and the wariness of the American pub- cent. Prices are still three times the prewar lic regarding European investments. The ex- level. The decline which has occurred appears change on New York declined from $3.66|- to be due rather to a reduction in consumers' $3.70^ on the first Wednesday of the month demand than to inactivity resulting from a to $3.55J-$3.57i at the end of the month. curtailment of bank credit. Credit appears to During September even lower points were have been consistently withdrawn from specureached, sterling being quoted at $3.45 on Sep- lative uses, but Government financing has retember 10. London exchanges on Paris, Italy, quired the creation of new loans. Fluctuations and Berlin were increasingly unfavorable to in groups of similar commodities were in the them. Francs dropped from 48.7-49.3 to a same direction as during the preceding month pound on the first Wednesday of August to except in the case of textiles and sundries. 51.85 on the last, lire from 75 to 78J, and Vegetable foods and sugar, coffee, and tea marks from 158-163 to 184. Lire were ad- continued to decline, and meats advanced. versely affected by Italian labor conditions Textiles averaged the same as during the preand francs probably by the recent public state- ceding month, indicating that the spring slump ments of the financial condition of the French in prices in this group of goods had come to an Government. end at least temporarily. Minerals advanced, Statist index number of wholesale prices (1913= 100). Foreign exchange rates,1 London on— Date. f V t o a e o b g d l e e s - . f A o m ni o - a d l s. c S o t u f e f g a e a . e r , , s F t o uf o f d s - . e M ra i l n s - . t T il e e x s - . d S r u ie n s - . M ria a l t s e . - Y N o e r w k. Paris. Italy. Berlin. B A u i e re n s o . s S h t o o l c m k . - c C ut a t l a - . 1913 100 100 100 100 100 100 100 100 24. 8665 25.2250 25.2250 20.430 47.580 18 159 24 1914 110 100 107 105 90 97 105 98 1915 155 125 130 137 109 111 131 119 1916 193 152 161 169 140 152 163 153 1917 252 192 213 218 152 228 212 198 1918 248 210 238 229 167 265 243 225 1919-end of— August 255 208 320 242 206 273 283 255 4.3400 32.7475 38.2500 52.875 17.400 21 -h September 258 208 328 245 206 287 278 257 4.1629 35. 7287 40.8125 101. 937 55 500 17 050 22 October 260 226 322 253 222 305 284 270 4.1934 35.5900 41.6000 106.500 55.125 17.265 24-H N D o ec v e e m m b b e e r r . 2 2 6 7 6 0 2 2 2 2 6 8 3 33 3 6 2 2 26 5 0 8 2 2 2 3 6 4 3 3 2 3 5 4 2 2 9 9 2 6 2 2 8 8 0 6 4 3 . . 1 8 1 6 4 4 2 6 3 4 8 1 . . 2 4 4 5 5 6 0 6 4 47 9 . . 6 7 1 9 6 3 6 7 1 1 5 8 6 3 . . 3 3 7 3 5 3 5 6 6 1 . . 7 1 5 1 0 0 1 1 7 7 . . 6 7 7 8 6 4 2 2 4 7| A 1920: J&mi&rv .... 274 230 356 265 256 343 312 302 3.6904 42.9375 51.2375 239.375 63 390 17 804 081 297 237 415 286 267 362 329 318 3.4612 48.2125 60.3812 327. 750 69.660 18.208 March 345 237 393 300 263 360 318 312 3.6907 52.3375 70.4700 304.100 64.660 18.244 291 April 346 265 392 315 263 354 321 311 3.9181 63.2937 88.0000 239.500 60.125 17.935 May 351 244 473 318 273 308 311 298 3. 8462 56.7125 76.3120 183.870 60.220 18 208 26? June 359 244 496 325 269 308 282 285 3.9421 48.9200 66.9550 154.700 58.190 18.081 231 July 343 278 425 325 276 298 111 283 3.8256 47.0425 66.1875 150.813 56.700 17. 716 August 317 295 404 319 281 298 278 285 3.6294 50.3375 73.6875 171.250 57.310 17.120 22|| i Average of weekly quotations from London Times. 2 Par. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1071 the prices of all leading metals increasing and with reference to profits, they would be concoal selling at the same price for domestic siderably higher than at present. The definite use as during the preceding month. demands made were for an increase in wages During recent weeks, the threatened coal of 2s. a day and a decrease in the domestic strike caused uncertainty in practically all price of coal equal to the increase of last May, important commodity markets. Although the namely, 14s. 2d per ton. strike was temporarily avoided in September, Miners recognize that as conditions stand in no satisfactory solution has been found to the the industry at present, such demands can not problem presented by the coal industry nor to be met except from export and bunker coal the immediate demands of the miners. The profits. The Government, on the other hand, industry is at present under partial Govern- setting aside all questions of policy, can not ment control. Pit-head prices are fixed, wages afford to give up these profits, which form a very and profits guaranteed, the quantity for export considerable source of revenue. The Governcontrolled, and the profits made in the export ment has offered to submit the question of the trade are taken by the Government in place increase in wages to an impartial tribunal or to of excess-profits taxes. Domestic distribu- pay at a higher rate if production is increased. tion is free and the price to the householder A summary of output, costs of production, no longer subsidized as it was prior to and profits in the industry for the second May of this year. The domestic trade is quarter of the year has been issued by the therefore self-supporting and the export trade mines department of the board of trade, which, supplies the Government with something like with the earlier report regarding the first 5 million sterling a month in revenue. A bill quarter of the year, leaves no doubt as to has been presented to Parliament author- the trend of production and costs. The tonizing the creation of a ministry of mines nage raised in the second quarter is 3.9 million in the board of trade to supervise the tons less than that for the first quarter; administration of the coal industry and the the cost of wages has increased from £63 creation of area and district boards with equal million in the first quarter to £66.5 million in representation of operators and miners to con- the second and total costs from £81.8 million sider questions of wages and profits. None of to £88 million. Bunker coal shipped was these measures, however, appear to give satis- about the same in both quarters (3.3 million faction to operators or miners. tons), but coal exported was 2.3 million less The recent contention of the miners was to in the second than in the first quarter. the effect that although wages were increased Although frequent reports are made of in March, they were increased only in propor- men out of work, the unemployment index tion to the increase in the cost of living, not published by the Ministry of Labor shows a sufficiently to raise the standard of living; and comparatively small percentage of trade union that if prices, both domestic and foreign, were men unemployed. Unskilled workmen, doubtfreed from control and wages fixed as formerly less, are without employment in larger numbers. Value of foreign trade. Production (metric tons). Ship tonnage under Date. Steel ingots construc- Imports. Exports. Reexports. Coal. Pig iron. and tion (gross castings. tons). 000's. 000's. 000's. 000's. 000's. 000's. Monthly average 1913 £39,061 £43,771 £9,131 24,336 , 869 649 1 2,002,699 1920. January . 183,498 105,880 25,464 2 22,657 676 766 February 170,514 85,964 22,604 19,435 656 811 March 176 648 103 699 27,031 19,505 710 854 3,394,425 April 167,154 106,252 20,407 17,131 655 779 Mav 166 816 119 319 20 260 2 22,131 738 848 June 170 491 116 352 20,124 19,048 726 745 3,578,000 July 163,342 137,452 17,848 2 22,926 750 800 August 153,255 114,903 13,368 16.970 752 709 1 Average of four quarterly estimates. Figures following are estimates taken at the end of each quarter. 2 5 weeks in the month. Trade figures for August were not so favor- Balance of imports over exports and reexports. able as for July but comparing the balance of trade of the first four months of the year with January £52,154,000 May £27,237,000 February 61,946,000 June 34,015,000 that of the second four months, the improve- March 45,918,000 July 8,542,000 ment in England's position is apparent. April 40,495,000 August 24,984,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1072 FEDERAL BESERVE BULLETIN. OCTOBER,, 1920. Pig iron production for the month was like- the country. According to thp minister of wise encouraging, marking the peak for the finance, the bank found itself without enough year. Coal production, on the other hand, is notes to meet its current liabilities and at the averaging, on a weekly basis, even lower than same time to accommodate bankers who wish for the second quarter, which in turn was the loans they are carrying rediscounted. lower than for the first quarter. The tonnage M. Andre Liesse, the editor of 17Economiste produced in the first three months was 62 Francais, in commenting upon this action, millions and 58 millions for the second. Ex- remarks that since Bank of France loans on ports of coal continue regulated and of com- commercial paper never exceed 28 days, the paratively small dimensions. new notes would not be of great assistance to In view of the financial and industrial situa- bankers in carrying the loans in their portfolios. tion as outlined above, a decrease in the cost of M. Liesse, who does not feel that the increase is living was not to be expected. The computa- warranted, goes on to say that it is probable tion made by the Ministry of Labour and based that the greater part of these new billions upon cost of food, rent, clothing, fuel, etc., authorized for circulation will go into loans on rose three points during the month of August Government bonds. As the increase in circulaand six points during August. The Ministry tion is made on the eve of a new loan, M. Liesse of Food holds out no hope for immediate relief suggests that it will be of more assistance to from mounting food prices. subscribers to that loan, and indirectly to the Government, than to the commercial interests of the country. Percent i Average of trade The loan authorized by the recently passed percent- union finance law will be issued at par and pay 6 per i age m- members ! crease in unem- cent. It has no fixed limit, and it is to be cost of ployed 1 living,1 (mem- tax exempt. The subscription period extends ; base, bership from October 20 to November 30, 1920. i Julv, 1,669,257 1914. at end of This additional loan was necessitated by the August). conditions of the 1920 French budget. The expenses of the Government for the current 1920. January ! 125 2.£ year will, according to the budget adopted February 130 1.6 March .; 130 1.1 July 31, 1920, be as follows: April ... 132 .9 May .i 141 1.1 Francs. June i 150 1.2 Ordinary expenses 21, 761,108, 000 July i 152 1.4 Extraordinary expenses 5, 420, 303, 000 August ; 155 1.6 Expenses recoverable from Germany September ! 161 under the terms of the peace treaty 20, 751,128, 000 i Food, rent, clothing, fuel, light, etc. Total 47, 932, 539, 000 Figures applying to increase in cost of living are for the beginning of the month and those for trade union unemployment are for end of month. The most important of the ordinary expenses are as follows: FRANCE. Francs. There were only slight changes in the price Expenses of the public debt 11, 633,174, 000 level in France during August. As in the Maintenance of troops in France, Algeria, etc 1, 904, 513, 000 month previous, some commodities increased Expenses of the ministry of public inand some decreased in price, and, although no struction and fine arts 1, 067, 329,000 great changes occurred, the index number of Expenses of the ministry of public works. 3,280,248, 000 the Statistique Generale shows an increase of 17, 885, 264, 000 five points. Developments in the financial situation of These ordinary Government expenses are the Government, however, were of considerable to be met by receipts from taxation. It was interest. On the last night in July, as the expected when the new taxes were enacted Senate and the Chamber of Deputies finished in June that they would also provide enough their work before adjourning for the summer, a revenue to set aside one billion francs a year finance law was passed, authorizing a new as a sinking fund for paying off the Governloan and increasing the legal maximum for ment debt. Receipts from indirect taxation the note circulation of the Bank of France and Government monopolies have totaled from 40 billion to 43 billion francs. The 7,350 million francs in the first eight months of reason advanced for legalizing an increase in 1920. note circulation was the necessity for supplying The extraordinary expenses listed in the new the Bank of France with the means of meeting budget include funds for the payment of high the needs of the commercial interests of cost of living bonuses, for the liquidation of war Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1020. FEDERAL RESERVE BULLETIN. 1073 contracts, and the like. As it is not planned reached its lowest point during the war at 56 to continue such payments in 1921, they are francs 75 in March, 1918. Since that time stated in a separate item. These expenses are it has risen as high as 65 francs (February 8, to be met by the loans already placed this year. 1919), but it had fallen at the end of August, The most important items in the part of the 1920, to 56 francs 30. The situation of the budget which is listed as recoverable from Bank of France has not changed materially Germany are: since July. There has been a slight increase in both the gold and the silver reserves of the Sums placed at the disposal of the ministry of the liberated regions for industrial, bank, a decrease in deposits, and an increase in commercial, agricultural, and social Francs. note circulation. The decrease in tax receipts reconstruction 15, 288, 296, 000 during August is in part due to the repeal of Expenses of the ministry of finance in pay- the special tax on payments and the fact that ing military and naval pensions, and in the new tax on business turnover is not yet reconstructing its buildings in the devastated regions. 3, 081, fifil, 000 fully effective. The finance minister accounts Expenses of the ministry of pensions in for the decrease in the receipts from taxes on paying pensions to civilian war sufferers, registration of deeds by the large number of keeping up reconstruction schools for transfers which were made just before the new wounded soldiers, and for administrative expenditures necessary for the pay- registration rate went into effect. ment of pensions to soldiers and widows As is shown by the table on p. 1074 French of soldiers of the war 1, 935, 046, 000 exchange rates were in general less favorable in August than in July. The dollar rose from 20, 305, 003, 000 French financial situation. [In francs.] Bank of France. Situation of the Government. Advances to the (0 re 0 G s 0 e , o 0 r l v 0 d 0 es 's) ( r 0 e S 0 s 0 i e l , v r 0 v e 0 e r 0 s 's)( D 00 e 0 p , o 0 s 0 i 0 ts 's ) i m p G u o e o r f n p v t t o e h r s f e n o e - s r ; r 0 G e m 0 o v 0 e v e ,0 n n e 0 r u t 0 n 3 e ' - s) Public Priceof i war2 j (000,000's) _L 1913, average a. 3,343 629 5,665 320 35,000 86. 773 1920, end of— January... 4 3,602 255 3,172 37,583 25,300 885 5 206, 616 58.75 February.. 4 3,603 251 3,277 ! 37,889 25,800 794 57.60 March 4 3,606 247 4.039 37,569 26,300 859 58.45 April 4 3,608 244 3; 469 37,688 25,300 1,057 57.40 May 4 3,609 240 3,751 37,915 26,050 857 59.35 June 4 3,610 241 3,653 37,544 26,000 907 57.25 July 4 4 3 3 ,6 ,6 1 1 2 r 2 2 4 5 8 5 3 3 , , 4 2 1 6 6 7 i 3 3 7 7 , , 6 9 9 0 6 5 2 2 5 5 , , 5 8 5 0 0 0 1,1 8 0 8 9 2 « 233,729 5 5 8 6 . . 9 3 0 0 August a From the official Annuaire Statistique, vol. 35, p. 80. 1 Includes Treasury and individual deposits. 2 Under the laws of Aug. 5 and Dec. 26, 1914, July 10, 1915, and Feb. 16, 1917. 3 From indirect taxation and Government monopolies. 4 Not including about 1,978 million francs held abroad. 5 As of Dec. 31, 1919. 6 Foreign debt calculated at par. The above table gives a brief summary of the 13.08i francs the last of July to 14.19 francs the present financial situation of the French Gov- last of August, and the pound sterling from ernment and the Bank of France. . The typical 49.11 J francs to 50.91 § francs in the same French Government bond, the 3 per cent per- period. Exchange rates on Italy and on Gerpetual rente, which sold for over 90 francs at many, however, were more favorable to France the outbreak of the Balkan war in 1912, in August than in the month previous. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1074 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. Group index numbers—France. (Bulletin de la Statistique Ge'ne'rale > Paris exchange on l— (1913=100.) Date. Y N o e r w k. L do o n n . - Rome. S h t o o l c m k . - w A e n r t p - . Berlin. B A u i e re n s o . s Sugar, Raw Ani- Vege- coffee, Foods Min- Tex- Sun- matef m oo a d l . f t o a o b d le s. c a o n co d a. (20). erals. tiles. dries. r ( i 2 a 5 l ) s . F to ra t n h c e s F to ra t n h c e s F to ra t n h c e s F to ra t n h c e s F to ra t n h c e s F to ra t n h c e s F to ra t n h c e s dollar. pound. lire. crown. franc. mark. p p a e p so e . r Francs. Francs. Francs. Francs. Francs. Francs. Francs. 1913 . 100 100 100 100 100 100 100 100 2 5.18 25.22 1.00 1.39 1.00 1.25 2.20 1914 103 103 106 104 98 109 99 101 1915 126 126 151 131 164 132 145 145 1916 162 170 164 167 232 180 199 206 1917 215 243 201 225 271 303 302 291 1918 286 298 231 281 283 460 420 387 1919, end of- August 360 309 263 323 273 434 398 367 7.92 34.05 831 1 951 .96* September 387 308 264 334 279 476 402 381 8.35 35.50^ .86* 1.97| .99 October 402 337 268 353 295 554 403 405 8.83* 36.84^ 2.U 1.05* .291 N o v emb er 424 351 271 369 323 620 415 435 9.73* 39.36 .80 2.20 1.04i .20* December 432 380 278 375 357 649 419 454 11.27*. 42.30 .81 2.45 1.02* • 21f 1920: January 452 432 419 440 413 787 465 525 13.19 46.50^ .84| 2.62 97* .17* 5.78 February 484 474 436 474 444 828 503 561 14.32 48.43*. .77* 2.58 1.03f .14* March 500 516 439 498 460 884 548 600 14.33 55.02* .72 1.03| .19* 6.45 April 522 511 429 506 498 953 587 646 16.39 63.48 .73* 3.514 1.06* .28* May 480 480 424 472 459 841 601 614 13.13 51.35 2.85 1.05 .34* 5.65 June 482 400 392 434 428 734 517 540 11.92 47.49J .74* 2.C5 1.041 321 5.40 July 501 370 405 432 470 746 500 548 13.08| 49.11| .70* 2.79 1.061 .30| 5.02| August... . 515 359 399 432 475 737 524 558 14.19 50.91* .66* 2.902 1.06* .29* 5.32 1 Source: L'Economiste Francais. 2 Par According to cables received from the of Agriculture recently announced crop esti- American consul in Paris the commodities mates for the fall harvest, and at the same time which show the most important price decreases stated that the Government plans to buy only in August are wool, rubber, nitrate of soda, and 10 million quintals of wheat and other breadrice. Iron and steel prices remained prac- stuffs abroad during the next year, as against tically unchanged, while quotations for tin,40 millions purchased during the season just copper, lead, zinc, gasoline, kerosene, and passed. The ministry expects a decreased cheese show slight gains during the month. demand for bread because of the increased Silk prices were, according to reports from price. The following table shows the yield of Lyon, slightly firmer, although the market French cereal crops in 1914, 1918, and 1919, was not really active because of the slight with the estimated yield for 1920. demand for silk products throughout the world. French cereal crops. Coal receipts in July did not quite reach'the high level of June, but August receipts are at [In thousands of quintals.] a slightly higher rate, and they show marked improvement over the receipts for March, Esti- 1914 1918 1919 mated April, and May. for 1920. Coal available in France. E W y h e eat 7 1 6 1 , , 9 14 3 7 6 6 7 1 , , 3 4 5 3 0 6 4 7 9 , , 2 6 9 5 9 4 6 8 2 , , 4 7 0 0 0 0 Barley 9,758 5,982 5,000 7,700 [Production plus imports.] Oats 46,207 25,620 24,936 42,200 Tons. Meslin 1,354 960 1,000 1913, monthly average 4, 541, 750 Total. 145,402 101,348 87,857 122,000 1920: January 3, 991, 486 February 3,954,301 French foreign trade figures for September March 3, 781, 544 show a much more favorable situation than at April 3,603,602 any other time this year, the excess of imports May 3,352,177 June 4, 392, 217 over exports amounting to only 401 million July 4,238,132 francs as against an excess of 1,786 million August , 4, 295, 515 francs in March. Exports from France for The condition of the 1920 grain crops in the first eight months of 1919 totaled 5,743 France continues to be good. The Minister million francs, and for the same period in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1075 1920, 14,406 million francs, an increase of 150 goods imported for the first eight months of per cent, although both figures are computed 1920 totaled 24,516 million francs, a figure on the basis of 1919 value units. Imports only 13 per cent larger than imports for the show a much smaller increase. The value of same period last year. Foreign trade ofFrance.} [In thousands of francs.] Imports. Exports. Food. ma R te a r w ials. f a a M r c ti t a u c n l r u e e s d - . Total. Food. ma R te a r w ials. a f M a rt c i a t c u n l r u e e s - d . P p a o rc s e t. ls Total. 1913 average2. 151,465 412,144 138, 169 701,778 69,908 154,841 301,420 47,182 573,351 1919 average 3. 719,122 ! 1,101,811 660, 610 2,481,543 80,805 161,401 440,314 43,577 726,097 1920 January... 538,365 I 985,410 478, 408 2,002,183 84,561 187,626 ! 415,007 | 35,204 722,398 February. 653,630 1,336,987 651,299 2,641,916 150,060 247,480 | 767,423 58,866 1,323,829 March 871,857 ! 1,478,987 772; 007 3,122,851 114,223 349,521 I 834,031 i 39,884 1,337,659 April 665,799 i 1,398,592 813, 216 2,887,607 125,678 353,344 844,901 I 52,987 1,376,910 May 547,825 1,193,960 644, 911 i 2,386,696 103,355 348,361 I 726,654 I 31,658 1,210,028 J J u u n ly e 5 * 558,951 ; 1,302,867 726! 856 I 2,588,674 216,849 421,735 i 1,100,931 ! 69,862 1,809,377 August6... 723,749 1,171,091 05,613 ; 2,800,453 210,888 440,482 1,631,883 j 116,255 2,399,508 1 Not including gold, silver, or the reexport trade. 2 Calculated in 1913 value units. 3 Calculated in 1918 value units. 4 January-Tune, 1920, figures are calculated in 1918 value units. French foreign trade figures are originally recorded in quantity units only, and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at the rates of the year previous, and only at the end of the year is the trade evaluated at the prices prevailing during that year. Because of the disturbed price conditions inFrance this year, however, it was not until July that the 1919 price units were decided upon and applied. 5 Monthly French foreign trade figures are published only in cumulative form, and as the value rates used were changed in July it is impossib'e to give separate figures for that month. 6 Calculated in 1919 value units. GERMANY. Prices of raw cotton, cotton yarn, and cotton cloth, raw and thrown silk, hides and skins, The drop in prices which occurred in Ger- and certain vegetables have also increased in many during March and April continued until the last month. The following table, also from July, and in the case of some commodities as the Frankfurter Zeitung, gives prices illustralate as August. Then as exchange became less tive of this movement. favorable to Germany, prices for many commodities began an upward movement. The Cotton Frankfurter Zeitung of September 4 publishes Cotton cloth, Sole yarn, 92 cm. Calfskins. leather, Peas.i the following table of metal prices. The 36's. 19/18- cow. prices are in marks, but the quantity units are 36/42. not given. 1920. Pounds. Kilos. Kilos. January 9 39 German metal prices, 1920. February... 18 March 18 \ 145 9 April 17 135 5 Feb. 17. June 22. July 23. Aug. 8. May 4 June io* 7.6-12.05 62*. 2.75 July 10" 10.25 62* 3 Aluminum. 6,300 2,400 2,200 2.800 August 10* 11.95 67| 3.38 Antimony 2,400 850 '725 900 Sept. 4 10| 67* 3.80 Lead 1,750 425 475 620 C N o ic p k p e e l r ( . r ef - ined) 3 8 , , 5 2 5 0 0 0 1 3 , , 1 8 2 0 5 0 3 1 , ,2 6 0 0 0 0 * 1 4 , , 5 0 0 0 0 0 1 Price Aug. 15, 1919, 31 marks. Zinc ... 1,450 525 640 75C Tin.... ... . . .. 14,600 4,200 4,450 5,150 The reason given for this increase in prices Quicksilver 280 70 90 82 is that the recent decrease in the value of the mark in terms of foreign currencies has tended Iron and steel prices do not seem to have to bring foreign orders into Germany and has followed the course of other metal prices, also revived domestic trade to a certain extent, however. The London Economist gives the as it has removed the idea that prices will go August quotations of the Eisenwirtschaftsbund much lower at present. for bars, ingots, blooms, etc., as below those The recent course of German exchange is for June and July. illustrated in the table following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1076 FEDERAL RESERVE BULLETIN. OCTOBKR, 1920. Berlin exchange on 1— Holland. Brussels. Christiania. Stockholm.! Italy. London. New York. Paris. Sw la i n tz d e . r- Marks to the. Florin. Franc. Crown. Crown. Lire. £ Sterling. Dollar. Franc. Franc. Par 1.70 j 0.80 1.25 1.125 0.80 20.40 4.20 0.80 0.80 1920,-end of— January... 36.46^ j 2 6.99 17.48 2 18. 98 2 5.99.^ 2 324. 75 2 7.19i 17. 48 February. 35.96 i 7.16| 16. 73| 18.13 5. 24A 331.15 ; 97.90 6.908 15.68-£ March 26.47 ! 5.09^ 13.76 15.40 3. 446 278.70 71. 90 4.72 12. 58i April 21.17! 3.646 11.18f 12.38! 2 493 223.25 ! 58. 65 3.446 10.38-f May 11.98| I 2.872 6.044 7.1925 1.948 134.85 34. 95 2. 897 6.244 June 13.586 ! 3.3065 6. 2685 8.4915 2.3125 151.85 38. 45 3.137 6.968 July 14.136 | 3.4215 6.6335 8.8410 2. 2475 156. 30 41.45 3.2065 7.073 August.... 15.734 j 3.636 7.043 9.99 2.2975 177.30! 49.90 4.465 8. 2415 1 Last Wednesday in month quotations. 2 Frankfort exchange. A recent statement of the German finance ' ReichsbanJc. minister gives Germany's total debt as 242,700 ffn millions of marks.] million marks. Not including the deficit resulting from the operation of the railroad, Reserves. postal, and telegraph systems, which totals 16 billion marks, government expenses for this Note Reichs- circula- Deposits. year will total 27,770 million marks, of which und Dar- tion. Id. lehns- 2,922 million must be met by new taxes. The kassen- German cabinet has voted to reduce waste in scheine. Government expenditure and to use every means June 9, 1919 ,302 8, 268 28, 218 9,151 to prevent further depreciation of the currency. May 15, 1920 ,092 15,546 48,948 16,451 May 31. 1920 ,092 15,907 50,017 17,024 Outside of an unimportant issue of Govern- June 15. 1920 ,092 16,188 50'. 809 15,313 ment notes (Reichskassenscheine) the only June30,1920.... . . ,092 17,252 53,975 23,4,14 July 15, 1920 .. . ,092 17,210 53,847 14,851 national paper currency issued in Germany July 31, 1920 ,092 17,874 55,769 17,282 August 15, 1920 ,092 17,964 56,462 15,573 before the war was the Reichsbank note, August 31, 1920 ,092 18,686 58,401 15,772 redeemable in gold. The bank was required to i cover these notes with coin, bullion, and government notes, to the extent of one-third of their JAPAN. face value and with commercial paper for the The Bank of Japan index number for wholeother two-thirds. Whenever the uncovered sale prices shows a further slight decline for issue exceeded 550 million marks, interest at the the month of August, the number standing at rate of 5 per cent had to be paid to the State, 235 as compared wath 239 in July. As shown except at the end of each quarter, when the limit in the following brief table the price decline was raised to* 750 million marks. The private was severe from April to June but has been banks of Baden, Bavaria, Saxony, and Wiirt- much mitigated since July. temberg also issued notes, but their circulation was small. Wholesale price index in Tokyo (Bank of Japan). Early in the war period the following changes were made in this system: [1913=100.] Index (1) The Government increased the issue of number. Government notes (Reichskassenscheine) up to January, 1920 301 February 313 360 millions and made them legal tender. March..". 321 (2) Loan banks (Darlehnskassen) were es- April 300 tablished with the right of note issue. May 272 (3) Darlehnskassenscheine were placed on June 248 July 239 a par with gold as legal reserve for Reichs- & August 235 bank notes. (4) Government and Reichsbank notes were By classifying the 56 commodities in the declared inconvertible. index number into those whose prices ad- The following table shows the condition of vanced in a given month as compared with the the Reichsbank up to the end of August, 1920: preceding month, declined, or remained un- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UOTOBEB, 1920. FEDERAL RESERVE BULLETIN. 1077 changed, further light is thrown on the present The specie reserve of the bank amounted to price situation, which seems to be one of 224,000,000 yen at the end of 1913. At that rather uncertain trend. time the note issue was 426,000,000 yen, making an excess note issue of 82,000,000 yen, and a reserve ratio of 52.6 per cent. Between March. April. May. June. July. the end of 1914 and September, 1920, the specie holding of the bank increased at an Number of com- extraordinary rate, the holdings at the earlier modities whose prices- date amounting to 218,000,000 yen and to Increased 30 5 4 3 12 Decreased 14 36 43 45 34 1,043,000,000 yen at the later date. In conse- Remained the quence of the enormous increase in specie same 12 15 9 8 10 holdings during the war, the bank was able to increase its note issue something over 400 per The only quotations for raw silk and cotton cent between December, 1914, and December, yarn available here are for future delivery. 1919, at the same time increasing the reserve The trend in the case of silk has been upward ratio from 56.6 per cent to 61.2 per cent. for September, downward in the case of December, 1919, marks the peak of inflation, cotton yarn. the note issue standing at 1,555,000,000 yen, of which 483,000,000 yen was excess issue. Between December and April of this year the Raw silk, Cotton Date of cable. Yokohama, yarn, bank lost specie, but on September 16 its 100 kin. f O u s t a u k re a , . holdings were over 90,000,000 yen greater than in December. Meanwhile the note issue de- Aug. 16 1,260 324.00 lined from 1,555,000,000 yen last December S S e e p p t t . . 8 2 1 1 , , 1 1 3 8 0 0 2 3 8 1 8 5 . . 5 0 0 0 to 1,043,000,000 yen in September of this year. Sept. 16 1,180 284.90 With a specie reserve of 1,043,000,000 yen Sept. 24 1,550 264.00 Oct. 2 1,500 242.50 also, this means that the ratio of reserves to notes is 100 per cent and remaining power of note issue is 120,000,000 yen, or the amount As in the month of July, foreign trade for of notes which may be issued on securities or August showed a favorable balance to Japan, commercial paper according to law. her total exports (174,000,000 yen) being larger than her total imports (123,000,000 yen) Note issue of the Bank of Japan. by 51,000,000 yen. The excess of semimanu- [000's omitted.] factured goods exported was 27,000,000 yen and that of wholly manufactured goods i Note circu- 62,000,000 yen; the excess in imports of food, Date. lat d io a n y ( o l f ast Sp se e r c v ie e . r 1 e- Excess r S e p se e r c v ie e drinks, and tobacco, and raw materials comes period). issue. ratio. to 38,000,000 yen. The two tables below present in considerable Yen. Yen. ! Yen. Per cent. detail the Japanese note issue and banking 1 1 9 91 1 4 3 4 3 2 8 6 5 , , 3 5 8 8 9 9 i 2 2 2 1 4 8 , , 3 2 6 3 6 7 I i 8 47 2 , , 3 0 5 2 2 3 5 56 2 . . 6 6 situation during the war and since. The first 1 19 9 1 1 6 5 4 6 3 01 0 , , 2 1 2 3 4 8 2 4 4 1 8 0 , , 4 51 1 9 8 '' 6 7 1 0 , , 7 7 2 0 0 5 5 6 7 8 . . 7 3 table sets forth the note issue of the Bank of 1917: June 605,918 486,520 : 2 602 80.3 Japan at the end of 1913, 1914, 1915, and 1916, December 831,372 649,618 : 61,754 78.2 semiannually in 1917 and 1918, and monthly 1918: June 809,468 645,398 ! 44,070 79.7 since June, 1919. December 1,144,739 712,925 | 311,814 62.3 1919: Under the Japanese system, the convertible June 080,315 705,373 254,942 65.3 notes of the Bank of Japan are issued under July 034,760 728,761 ! 185,999 70.4 August 096,524 754,117 '; 222,407 68.8 three categories: September , 172,750 792,642 | 260,108 67.6 October ,201,068 810,042 ! 271,026 67.4 (1) Notes covered by specie reserves. These November. ,243,700 880,879 | 242, 821 70.8 notes msij be issued to any amount if there is December ,555,101 951,976 I 483,125 . 61.2 1920: an actual demand for them. January ,375,169 943,628 321,541 68.6 February ,360,457 937,411 303,046 68.9 (2) Notes issued on securities and commer- March ,368,056 920,747 327,309 67.3 cial paper. These are subject to the legal April ,366,577 917,415 329,162 67.1 May ,327,856 929,811 278,045 70.0 limit of 120,000,000 yen. (If the legal limit June ,349,000 980,000 249 72.7 is not reached, the margin between the note J A u u ly g u ( s 1 t 4 ( 3 1 ) 7 3) , , 1 0 6 8 9 9 , , 0 0 0 0 0 0 1,0 9 2 8 9 4 , , 0 0 0 00 0 2 6 6 5 0 , , 0 0 0 0 0 0 8 9 4 4 . . 2 5 issue and the limit is known as the remaining September (16 3) ,043,000 1,043,000 2120,000 100.0 power of note issue.) 1 Of these specie reserves it has been generally understood in recent (3) Emergency currency issued beyond the years that a certain portion is kept abroad. legal limit under payment of excess issue tax. 2 Remaining power. 3 Date of cable. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1078 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. The second table is compiled from the state- deposits to total loans. From December, 1915, ments of the Tokyo Associated Banks, an or- to December, 1919, deposits were uniformly ganization consisting of 83 member banks, 45 higher than loans. Beginning in January, howof whom have head offices in Tokyo. Among ever, with a loss of reserves, the reverse ratio these member banks are the Japan Industrial was established, loans exceeding deposits at Bank and the Yokohama Specie Bank and the end of each month during 1920 except in various other special banks, as well as a large April. Increasing caution in granting bankproportion of commercial banks. ing accommodation and the withdrawal of de- The total deposit item in the table includes posit funds accounts for the relative decline in not only demand deposits (a summation of deposits, while extension of loans because of current accounts and special current accounts), the critical need of customers accounts for the but also time deposits, deposits at call, and increase in this item. In spite of the fact that those not classified. In May, 1920, demand deposits have recently been granted less freely, deposits composed 33 per cent of the total, in May, 1920, they were 11 per cent greater time 42 per cent, and unclassified amounted to than in the same month of 1919. Loans have 25 per cent, the last item being accounted for been increased at an even more rapid rate, the to a large extent by the special banks. corresponding figure being 26 per cent. "Total loansn consists of five different kinds The ratio of cash on hand to demand deposits of paper bearing the following ratios to the was considerably higher in May, 1920, than at total in May, 1920: Loans on commercial paper the end of 1915. The reserve ratio for total 39 per cent; discount of commercial paper 36 deposits, however, was somewhat lower, standper cent; overdrafts 10 per cent; loans on cer- ing at 9.9 per cent, as compared with a high tificates 9 per cent, and call loans 6 per cent. of 13.75 per cent at the end of May, 1919, and One of the interesting facts brought out by a low of 6.1 per cent at the end of January and the table is the recent shift in the ratio of total April of the same year. Tokyo associated banks (bankers' club). [From Tokyo Bankers Magazine.] [Unit, 1 million yen.] ' Reserve Reserve Last day of the period. Paid-up | Total Total Demand Securi- Cash on j ratio for ratio for capital. ! deposits. loans. ; deposits. ties. hand, i demand total deposits. deposits. Per cent. Per cent. 1914 151 ! 448 j 492 141 i 60 13.4 1915 151 •; ofil i 532 i 259 182 i 64 I 24.7 11.4 1916 155 i 821 725 382 223 I 85 22.3 10.4 1917 171 ; 1,335 j 1,041 536 250 ! 125 I 23.3 9.4 1918 200 ! 1,836 ! 1,493 621 391 ! 168 ! 27.0 9.2 1919. January 201 1,804 1,591 469 398 110 | 23.5 6.1 February 201 1,803 1,649 459 401 139 I 30.3 7.7 March 202 1,798 1,632 463 391 149 ! 32.2 8.3 April 206 1,795 1J233 468 392 109 j 23.3 6.1 May 207 1,775 1,662 483 410 244 I 50-5 13.8 June 207 1,867 1,764 589 393 209 '. 35.5 11.2 July 208 1,878 1,731 588 385 164 I 27.9 8.7 August 210 1,885 1,841 546 401 144 ! 26.4 7.6 September 213 1,894 1,860 608 405 178 ! 29.3 9.4 October 272 1,861 1,842 595 401 167 28-1 9.0 November 288 1,954 1,861 684 401 209 j 30.6 10.7 December 310 1,941 1,802 658 403 222 33.7 11.5 i 1920. January 309 1,929 1,929 671 389 193 10.0 February 314 1,932 2,022 661 389 180 ! 27.2 9.3 March..'. 329 1,957 1,982 772 401 202 26.2 10.3 April 329 1,983 1,982 689 409 189 27.4 9.5 May 345 1,974 2.089 648 424 196 30.3 9.9 1 Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1#79 Group index numbers—Australian Commonivealth—Bureau of Census and Statistics. [July, 1914=100.] Date. Met c a o l a s l a . nd T le e a x t t h il e e r s , , cu A l g tu ri r - al Dairy Gro a c n er d ies Meat. Chemicals. etc. products. ts. tobacco. July, 1914.. 100 100 100 100 100 1915 117 93 202 127 110 1916 154 131 113 124 127 1917 213 207 110 116 131 1918 220 232 135 121 138 1919. August 182 229 190 135 150 September.. 182 225 200 138 149 October 186 243 236 141 152 November.. 184 254 238 142 151 December.. 186 259 224 142 156 1920. January.. 189 273 227 143 156 268 February. 192 283 226 149 161 272 March 205 281 226 162 160 280 April 205 277 234 169 192 280 May 214 265 252 177 197 297 Jurie 214 260 261 187 195 297 July 211 252 244 188 193 283 Group index numbers—Canadian Department of Labor.1 [1913=100.] Date. f O o t o h d e s r . Textiles, l H ea e i t t d c h e . e s r , , Metals. m Im e p n l t e s - . m B lu a u t m i e l r b d i e i a n r l g . s, F li u g e h l t i a n n g d . c D h a r e n u m d g i s cals. 1913 100 100 100 100 100 100 100 100 100 100 100 1914 107 100 99 104 102 105 96 101 100 94 106 1915 104 105 93 121 114 110 . 128 106 97 92 160 1916 121 119 130 136 148 143 ! 167 128 100 113 222 1917 161 149 233 180 201 168 217 174 118 163 236 1918 197 168 214 213 273 169 229 213 147 250 1919, August 216 189 210 224 277 260 171 228 170 199 196 September.. 201 193 195 227 283 256 171 231 183 200 | 197 October 180 204 178 228 290 252 165 225 188 201 198 November.. 176 221 240 230 298 252 171 232 194 201 ! 181 December.. 182 230 240 232 306 231 181 232 224 209 | 189 1920. January 195 228 265 245 316 237 191 235 232 212 190 February... 195 216 290 251 321 245 199 ! 231 243 215 189 March 198 295 254 322 222 210 ! 237 268 215 j 194 April 196 316 264 366 239 214 237 268 245 I 201 May 189 ' 358 275 323 215 213 I 237 295 , 257 203 June 183 i 338 274 314 186 207 ! 238 295 ! 279 | 200 July 194 | 295 283 305 183 209 242 282 295 | 218 August 142 300 173 209 243 285 298 218 1 Unimportant groups omitted. Group index numbers—Calcutta, India, Department of Statistics. [End of July, 1914= 100.] Date. B m ri i u a n a i l g t l s e d . - - a M t r u t f i a a r c c n e l - d u es - . Metals. s H k a i i n d n d e s s . C m t o a u f t r a n t c e u s o - - . n co R t a to w n . j j I m t J u f a u a r n c e te - u s. - O t t i e l t e h x s e - . r Oils. j R u a te w . se O ed il s. Tea. Sugar Pulses. I Cereals.f O o t o h d e s r . End of July, 1914. 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 August, 1918 317 83 ; 240 328 240 89 96 95 179 i 119 September, 1918.. 314 75 217 331 217 105 116 93 196 1 J34 August, 1919 224 193 179 225 179 143 235 106 271 i 179 September, 1919.. 214 156 ! 215 199 215 131 109 292 1 177 1920. January 118 225 226 253 356 214 181 153 159 125 200 377 207 167 204 February 118 217 215 233 364 185 164 158 155 123 190 363 191 158 199 March 127 218 222 211 351 179 150 159 135 118 166 321 160 151 192 April 114 201 219 209 357 158 170 161 116 119 163 377 159 156 185 May 128 215 248 160 365 135 142 164 123 120 169 511 150 157 183 June 131 233 <m 116 364 144 147 164 119 83 171 482 149 156 180 July 139 235 249 100 364 132 151 168 119 169 503 159 151 188 August 142 235 257 99 360 139 163 168 115 167 477 160 154 185 i Includes pulses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

law FEDERAL. RESERVE BULLETIN. OCTOBER, 1920. Group index numbers—Sweden, Svensh Han'delstidning. [1913=100.] Raw mate- Date. Ve f g o e o t d a . ble An fo i o m d a . l ag r r i i a c l u s l f t o u r r e. Coal, Metals. m Bu at i e ld r ii ii n a n l g . P p a u p lp e . r H le id a e th s e a r n . d Textiles. Oils. 1913-14 100 100 100 100 100 100 ; 100 I 100 100 100 1914 1 136 101 114 123 109 104 118 103 I 111 1915 151 140 161 177 166 118 ' 116 158 116 ! 120 1 1 1 9 9 9 1 1 1 6 8 7 , 2 1 1 2 8 5 1 1 2 2 1 4 0 1 8 5 9 2 3 1 1 0 8 9 4 0 8 ] ; 2 5 8 5 5 6 1 6 6 2 3 4 7 9 0 2 8 5 2 2 1 1 7 6 5 5 5 ! ! ; 3 2 2 0 6 3 0 7 3 2 2 1 2 0 9 9 6 5 2 16 4 6 7 | 1 2 4 1 9 2 1919. August 260 396 334 795 214 j 280 292 247 September.. 255 386 323 893 213 i 282 289 235 October 230 360 323 213 281 292 223 308 170 November.. 230 361 317 840 225 I 316 228 328 204 December.. 241 362 319 840 237 ! 343 258 350 204 1920. I January 248 328 317 248 i 295 ; 388 258 353 204 February 273 305 319 936 259 ! 371 I 476 269 380 226 March 270 304 318 960 291 367 ' 682 268 380 275 -April 265 284 320 1,008 283 ! 367 i 767 263 368 275 May 269 283 320 1,069 324 i 367 ! 788 252 374 275 June 250 273 311 1,252 318 381 778 212 368 303 July 252 277 312 1,252 293 388 •: 767 202 336 303 August 271 307 310 1,117 286 756 191 328 322 1 Average for six months ending Dec. 31, 1914. Group index numbers—Italy. Prof. Bachi. [1913=100.] C m e a e r n a e d t a s l , s I s O f t o u t o h f d f e s - r . ! | i Textiles. M m i a e n n t e a d r l a s l . s g O o t o h d e s r . m C a e e n r a e d t a s l . s j I j s O f t o u t o h f d f e s - r . Textiles. ; \ j M m a i e n n t d a er ls a , l s j g O o t o h d e s r . 1913........ 100 | 100 i 100 100 10C 1920. 1914 102 j 84 S 96 100 96 January 363 396 777 671 j 418 1915 132 I 93 113 207 133 February.... 365 399 840 857 i 443 1916 156 i 135 184 3-80 197 March 381 418 962 996 I 489 1917 215 j 171 j 326 596 266 April 395 494 i 1,06.4 1,076 535 1918 315 229 ! 475 750 391 May- 441 499 i 840 1,088 I 525 June 445 511 | 742 917 ! 534 1919. July. 434 508 ! 759 903 I 542 August 332 j 351 | 423 424 341 August. - 445 510 i 794 957 540 September.. 319 357 ! 429 442 342 October 326 i 366 i 499 459 341 November.. 328 371 633 568 351 December.. 338 I 373 j 658 584 405 Group index numbers—United States, Bureau of Labor Statistics. [1913=100.] Lumber Date. pr F od ar u m cts. F e o t o c d . , C c l l o o t t h h s i n a g n . d j J F li u g e h l t a in n g d . Met m a e l t s a l and buL a iil n idld d iinngg a C n h d e m dr i u ca g l s s . fur H n o i u s s h e ing la M n i e s o ce u l s - . products. maatterial. goods. 1913. 100 100 100 100 100 100 100 j 100 1914. 103 102 98 96 88 98 101 I 98 1915. 106 105 99 92 94 94 109 ! 99 99 1916. 119 124 123 114 142 100 157 | 115 117 1917. 189 178 181 175 208 124 198 145 153 1918. 219 191 240 163 181 152 221 195 192 1919. August 243 228 303 175 161 209 172 ! 259 225 September . 226 212 j 306 181 160 229 173 262 217 October 230 211 I 313 181 161 231 264 220 November . 240 *219 325 179 | 164 236 299 220 December.. 244 234 335 181 169 253 303 220 1920. January... 246 253 350 184 177 268 189 j 324 227 February. 237 244 356 187 | 189 300 197 329 227 March 239 246 355 192 192 325 ! 205 ! 329 230 April 246 270 353 213 195 341 | 212 ! 331 238 May....... 244 287 347 235 193 341 i 215 ! 339 246 June 243 279 335 246 190 ; 337 218 ' 362 247 July 236 268 317 252 I 191 333 217 ! 362 243 August 222 235 300 267 i 193 328 216 i 363 240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDEKAL RESERVE BULLETIN. 1081 WHOLESALE PRICES IN THE UNITED the leading factors making for price reductions STATES. in these groups of goods. At the same time that reductions were made The Board's index number of wholesale in these important lines other industries were prices declined 16 points for the month of advancing their prices or making no conces- August, and now stands at 234 per cent of sions. This was strikingly the case in the coal 1913 prices. The greatest decline occurred in industry, where anthracite prices were inconsumers' goods (in the classification accord- creased and bituminous averaged the same as ing to stage of manufacture), and in the group in the previous month. Pig iron, basic, at the of goods imported as contrasted with those furnace, advanced from $45.75 in July to $48.10 produced here or exported. a ton in August, and steel products averaged Separate commodity price movements of about the same in the two months. Connellsmost striking significance were first, the con- ville coke rose from $14,375 a ton in July to tinued decline in domestic cotton, Upland $15.55 in August. Petroleum advanced in the middling averaging in August $0.3456 a pound California field, also fuel oil in Tulsa. Gasoline in New York as compared with $0,395 in July. and kerosene were sold at the same price as Cotton yarn and cotton cloth continued to de- earlier in the year, but were in strong demand. cline also, the average price of three leading Paper and cement were both higher than in July. grades of yarn dropping from $1.0733 in July Ordinarily by combining commodity prices to $0.8933 in August, and the average of three into the three groups, raw materials, producers' grades of cloth from $0.1978 a yard in July to and consumers' goods, significant facts are $0.1658 in August. brought to light regarding the relative impor- Three or four factors are of prime impor- tance of business and industrial demand as tance in connection with the cotton price situ- compared with consumers' demand; and the ation—(1) export demand has seriously dimin- fluctuations of the first two groups function as ished, (2) the crop is known to be of inferior a barometer to forecast the prices of the third quality but larger than last year, and (3) the group. At the present time the price situation season is very late. In addition, restricted is so entirely dominated by abnormal factors consumers' demand (which is an important that these indexes have lost some of their imfactor in the wool and leather price situa- portance. Very large crops, although causing tion) is playing a part in the cotton situation a decline in prices of agricultural products, have as well. increased the activity in the equipment indus- The American Woolen Co. 's spring opening for tries, and indirectly through the railroads for 1921 early in September established values dis- the iron and coal trades. As a result prices in tinctly lower than those for the winter 1920; the latter fields are very high, both raw matestyle No. 3192, which sold at $4.50 in May and rials and finished goods. was nominal throughout the summer, opened The decline in the prices of imported goods at $3,675. Yarn prices averaged somewhat since May has been almost as spectacular as lower in August than during July, and Ohio the rise in the same group of goods during the fine unwashed delaine averaged $0,625 as com- winter. Extreme fluctuations in this group of pared with $0.68 a pound in July. Buenos goods may be accounted for in part by the fact Aires 46's brought the same price in August as that the index consists of a smaller number of July, and Australian 64's fell from $1,775 a commodities than that of exports or domestic pound (scoured basis) in July to $1.70 a pound goods. But it is undoubtedly true that the in August. Silk prices continued to decline, actual price declines have been more extreme also prices for hides and leather, but the latter than in exports. This fact is significant, in not to the same extent as in the month pre- view of the foreign exchange situation, and can vious. only be explained by the inactivity existing in Important food products to decline were the various industries concerned. sugar, potatoes, coffee, and all cereals except The price of one commodity only—worsted corn. Slight declines were made in live stock yarn, 1/50's, domestic, fine—is omitted from and meats as a whole, with a very material the index number for August. June and July reduction in sheep and mutton prices, which prices for Fulton Mills serge suiting, which was were influenced by the inactivity in the wool not quoted during the summer, were interpomarket. Excellent prospects as to the size lated on the basis of September prices. This and quality of live stock and cereal crops, com- caused slight changes in the index numbers for bined with diminished export demand, are the groups affected for June and July. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1082 [FEDERAL RESERVE BULLETIN. OCTOBER, 1920. Index numbers of wholesale prices in United States—Federal Reserve Board. [Average prices 1913=100.] Date. G o d o u d c s e d p . ro- Imported. Exported. Consumed. Raw ri a m ls. ate- Pro go d o u d c s e . rs' Co g n o s o u d m s e . rs' All. 1913. January 100 105 100 100 99 105 99 100 February ... 100 104 100 101 99 105 99 100 March 100 103 99 101 100 105 99 101 April 101 101 99 101 101 103 99 101 May ... 100 100 99 100 100 102 99 100 June 100 99 100 100 100 101 101 100 July.. . 100 99 99 100 98 101 102 100 August 100 101 99 101 101 100 101 101 September 101 100 102 101 102 98 101 101 October. . 101 98 103 100 102 96 101 100 November 99 98 102 98 100 95 101 99 December . . 98 93 99 97 98 91 99 97 1919. January . . 197 168 200 195 195 193 196 195 February 191 168 192 190 190 191 188 189 March . . 193 163 194 191 196 185 188 191 April 198 165 194 196 201 181 197 196 May 204 172 211 201 209 184 202 202 June... 204 180 214 202 208 192 202 203 July 214 176 224 211 217 200 211 211 August. . 221 174 219 218 217 206 224 218 September 215 170 212 212 211 203 216 211 October 215 174 226 211 213 207 214 212 November 222 179 242 217 220 213 219 219 December • . 231 203 245 225 229 223 225 226 1920. January 244 212 255 240 245 236 240 242 February .. 244 216 252 242 242 247 240 242 March 250 218 256 247 246 263 241 248 April 265 242 264 263 263 274 257 263 May 266 246 262 264 263 274 261 264 June 260 226 256 257 258 265 255 258 July ' . 253 208 248 249 249 251 250 250 August 238 182 229 234 237 235 229 234 MPEXMJMBERSOfWHOLESALE PRICES INDEXMMBERSOFmOLESALE PRICES MTHE UNITED STATES- I9I9.I920 ffiTHE UNITEDSTATES-/9I9,13£& SbawMaterials. JJIl Commodities. 3-oducers'Goods. Goods intftorteds. •••• Cbnsvuners'Ooocbs. •• • Goods exjwrfed. AVERA6EPRICE^VEL OF 19 13 = IOO. AVERA6E PRICE LEVEL OF 1913 =100. 300 300 300 300 280 280 280 280 260 260 260 260 240 240 240 240 220 220 220 220 200 200 200 200 180 180 180 180 160 160 160 160 140 140 140 140 120 120 120 120 100 100 IOO !OO _11 1919 1920 1920 1919 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1083 Index numbers of wholesale 'prices in the United States for principal classes of commodities. [Bureau of Labor Statistics.] [Average price for 1913-100.] Raw materials. All commodities Producers7 Consumers' (Bureau of 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 r t a s l . m To at t e a r l ia ra ls w . goods. goods. t L i n s a t u i b c m o s r b i e n S r d ) t . e a- x July, 1914 102 100 97 91 93 103 100 August, 1914... 109 110 97 91 102 100 106 103 August, 1915... 110 104 92 97 101 99 100 101 August, 1916... 130 123 95 115 118 141 124 124 August, 1917... 234 181 128 181 185 209 175 186 August, 1918... 246 216 143 182 202 198 208 203 August, 1919... 251 235 193 180 218 212 241 226 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 June, 1920 301 186 363 245 261 262 279 268 July, 1920 287 184 359 250 258 251 272 263 August, 1920... 259 183 351 257 251 237 250 250 In order to give a more concrete illustration of actual 1920, to August, 1920, compared with like figures for price movements, there are also presented in the following August of previous years. The actual average monthly table monthly actual and relative figures for certain com- prices shown in the table have been abstracted from the modities of a basic character, covering the period January, records of the United States Bureau of Labor Statistics. Average monthly wholesale prices of commodities. [Average price for 1913=100.] C C or h n i c N ag o o . . 3, Co N tt e o w n , O m r i l d ea d n li s n . 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 r h e C d e h a i w t c , i a n N g t o o e . . r , 2, g C o a o C t d t h l t e i o c , a c s g t h e o o e . i ' r c s e , , s H t h e i e d e a r e s v s , , y ' C p n a h a c i t c k i a v e g e r o s, . Year and month. p A b r v i u c e s e r h a e p g l e . e r p R t r i e i v c l e a e - . p A p r v o ic 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 h r a e p g l e . e r p R t r i e i v c l e a e - . p A b r v u ic e s e h r a e p g l e . e r p R t r i e i v c l e a e - . p A p r o v ic u 1 e e 0 n r 0 a d p g s e e . r p R t r i e i v c l e a e - . p A p r v o ic e u e r n a p d g e . e r p R t r i e i v c l e a e - . July 1914 $0.7044 114 $0.1331 105 $0.8971 103 $0.8210 83 $9.2188 108 $0.1938 105 Alienist 1914 .8035 131 1.0682 122 .9563 97 9.5200 112 2050 111 A ueust 1915 .7828 127 .0895 70 1.3730 157 1.0963 111 9.2300 108 .2738 14°) August 1916 .8505 138 .1417 112 1.4854 170 1.4706 149 9.8500 116 .2625 143 Ausrust 1917 1.9181 312 .2513 198 2.7875 319 2.2563 229 13.1750 155 .3200 174 August 1918 . 1.6225 264 .3038 239 2.2231 255 2.2325 226 17.8250 210 .3000 163 Alienist 1919 1.9213 312 .3125 2,46 2.5250 289 2.2394 227 17.6375 207 .5200 283 Jdiiiu3irv« 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 14.9688 176 .4025 219 Mar oh 1920 1.5515 252 .4060 320 2. 7550 315 2.5000 253 14.4000 169 .3640 198 ADril 1920 1.6913 275 .4144 326 3.0063 344 2.7725 281 13.9063 163 .3613 196 Mav 1Q20 1.9825 322 .4038 318 3.0750 352 2.9750 302 12.6000 148 .3538 192 June 1920 1.8390 299 .4030 317 2.9000 332 2.8950 294 15.0313 177 . 3410 185 Tiily 1920 1.5388 250 .3950 311 2.8313 324 2.8050 284 15.3813 181 .2944 160 August, 1920 1.5310 249 .3380 266 2.5500 292 2. 4735 251 15.3500 180 .2850 155 Hogs, light, Wool, Ohio, i-| Hemlock, New Yellow pine, Coal, anthracite, Coal, bituminous, Chicago. grades, scoured. York. N f e l w oo r Y in o g r , k. stov t e id , e N w ew at e Y r. ork, r C un in c o i f n m na i t n i. e, Year and month. p P A p r o v ic u 1 e e 0 n r 0 a d p g s e e . r p R t r i e i v c l e a e - . p A p ri o v c e u e r n a p d g e . e r p R t r i e i v c la e e - . p A M r v ic e e f r e a p e g t e e . r p R t r i e i v c la e e - . p A M r v ic e e f r e a p e g t e e . r p R t r i e i v c l e a e - . l p A o r n v ic g e e r t a p o g e n e r . p R t r i e i v c l e a e - . p A r s i v t c h o e e o n r a r p . g t e e r p R t r i e i v c la e e - . July 1914 - $8.7563 104 $0.4444 94 $24.5000 101 $42.0000 94 $4.9726 98 $2.2000 100 Alienist 1914 9.1500 108 .4583 97 24.2500 100 42.0000 94 5.0805 100 2.2000 100 An trust 1915 7.2650 86 .5714 121 20.5000 85 38.5000 86 5.0796 100 2.2000 100 Aueust 1916 . 10.4063 123 .6857 146 23.7500 98 38.0000 85 5.5570 110 2.2000 100 August 1917 17.3688 205 1.3429 285 29.5000 122 57.0000 128 5.9797 118 4.4000 200 Anm-icf 1Q1S 19.7750 234 1.4365 305 63. 0000 141 6.5992 130 4.1000 186 Aiimiot 1Q1Q 21.6125 256 1.2364 263 78.0000 175 8.3145 164 4.0000 182 15.1250 179 1.2364 263 53.0000 219 112.0000 251 8.4291 167 4.1000 186 February 1920 14.9813 177 1.2364 263 57.0000 235 139.0000 312 8.4118 166 4.1000 186 March 1920 15.5000 183 1.2364 263 57.0000 235 139.0000 312 8.4109 166 4.1000 186 Anril 1920 15.7125 186 1.2000 255 57.0000 235 160.0000 359 8.4368 167 5.5000 250 Mav 1920 14.7550 175 1.1636 247 57.0000 235 160.0000 359 8.9964 178 6.0000 273 June 1920 15.3500 182 1.0000 212 57.0000 235 160.0000 359 9.3672 185 6.0000 273 Tnlv 1Q20 15. 8875 188 .9091 193 57.0000 235 160.0000 359 9.4580 187 6.0000 273 August,1920 15. 7350 186 .8727 185 57.0000 235 157. 0000 352 9. 6087 190 6.0000 273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1084 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. Average monthly wholesale prices of commodities—Continued. C t o a a s l , , N Po o c rf a o h l o k n . - Coke, v i C ll o e n . nells- C e o N l p e e p c w e tr r o , Y ly i o n t r i g c k o , . t, d N L e e s e w i a lv d , e Y r p i o z . r i e g k d , . , Pe P t e ro n a l n t e s u w y m e lv l , l a s c n . r i u a d , e, Pig iron, basic. Year and month. Average Rela- Average \ Rela- Average Rela- | Average Rela- Average Rela- Average Relaprice per tive price per ] tive price per tive I 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 II. 8750 77 $0.1340 85 $0.0390 II.7500 71 $13.0000 88 August, 1914 3.0000 100 1.8000 74 . 1250 79 .0390 1.6500 67 13.0000 88 August, 1915.... 2.8500 95 1.6750 69 .1825 116 . 0500 114 1.3500 55 14.0600 96 August, 1916 3.2500 108 2.6250 108 .2600 165 .0610 139 2.5000 102 18.0000 122 August, 1917.... 3.9080 130 10.0000 410 .2900 184 1.0880 247 3.1000 127 51.2000 348 August, 1918 4.6320 154 6.0000 246 .2600 165 . 0805 183 4.0000 163 32.0000 21» August, 1919.... 4.2188 173 .2281 145 . 0579 132 4.0000 163 25.7500 175 January, 1920... 4.6320 154 6.0000 246 .1931 123 .0872 198 5.0625 207 37. 7500 255 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 June, 1920 6.4800 216 14.3000 586 .1900 121 .0848 193 6.1000 249 44.0000 299 July, 1920 6.4800 216 14.3750 589 .1900 121 .0860 195 6.1000 249 45.7500 311 August, 1920 6.4800 216 15.5500 637 .1900 121 .0898 204 6.1000 249 48.1000 327 Cotton yarns, Steel billets, Steel plates, Steel rails, Worsted yarns northern cones, Leather, sole, Bessemer, tank, Pitts- open hearth, 2-32's cross- 10/1. hemlock No. 1. Pittsburgh. burgh. Pittsburgh. bred. Year and month. Average Rela- Average Rela- Average Rela- Average | Rela- Average Rela- Average Relaprice per tive I price per tive price per tive price per tive price per tive price per tive pound. price, pound. price. long ton. price. pound, i 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 August, 1914.... .2000 90 ! .2950 105 20.2500 79 .0113 76 | 30.0000 100 .6500 84 August, 1915.... .1675 76 j .3100 110 23.1300 90 .0125 84 0000 j 100 .8500 119 A A u u g g u u s st t , , 1 1 9 9 1 1 6 7.... . . 4 25 4 7 0 5 0 1 19 1 9 6 I . . 3 5 7 0 0 0 0 0 1 1 3 7 1 7 4 8 4 6 . . 2 0 0 0 0 0 0 0 3 1 3 7 3 1 . . 0 0 3 9 4 0 5 0 6 23 0 3 8 0 oo 0 o 0 o 0 I 1 13 1 3 7 1 1 . . 1 6 0 5 0 0 0 0 2 1 1 4 2 2 A A u u g g u u s s t t , , 1 1 9 9 1 1 8 9 . . . . . . . . . .6 6 1 4 3 0 0 0 2 2 8 7 9 7 ! ! . .5 4 7 9 0 0 0 0 2 1 0 7 2 4 4 38 7 . . 5 5 0 0 0 0 0 0 1 1 8 4 4 9 . . 0 0 3 2 2 6 5 5 2 1 2 7 0 9 0 oo 0 o 0 o 0 I I 1 15 9 7 0 2 1 . . 1 6 5 2 0 4 0 2 2 2 0 7 9 7 January, 1920... .7271 329 ! .5600 199 48.0000 186 . 0274 185 7500 169 2.2500 290 February, 1920.. .7465 337 ; .5700 202 55.2500 214 . 0350 236 5000 182 2.2500 290 March, 1920 .7549 341 j .5700 202 60.0000 233 . 0365 247 5000 182 2.2000 283 April, 1920 .7784 352 ! .5700 202 60.0000 233 .0375 253 5000 182 2.2000 283 May, 1920 .7672 347 | .5700 202 60.0000 233 .0375 253 5000 182 2.0000 258 June, 1920 .7299 330 . .5700 202 60.0000 233 . 0355 240 5000 182 2.0000 258 July, 1920 .7009 317 j .5700 202 62.5000 242 . 0338 228 5000 182 1.7500 225 August, 1920.... .6310 285 I . 5500 195 61.0000 237 . 0325 220 5000 182 1.7500 225 Flour, wheat, Beef, carcass, standard patents Illuminating oil, Sugar, granuste g e o r o s d , C n h a i t c iv ag e o. Coffee, Rio, No. 7. (1918 w , s a t r a ) n , dard Ham C s h , ic s a m go o . ked, 1 N 50 e ° w f ir Y e o t r e k s . t, Ne l w a te Y d, ork. Minneapolis. Year and month. Average Rela- Average Rela- Average Rela- Average | Rela- Average j Rela- Average Relaprice per tive price per tive price per tive price per tive price per j tive price per | tive pound. price. pound. price. barrel. price, pound. : price. gallon, j price. pound. I price. July, 1914 $0.1350 104 79 $4.5938 100 ). 1769 106; $0.1200 97 $0.0420 August, 1914... .1419 110 .0750 67 5125 120 .1903 115 : .1200 97 .0649 152 August, 1915... .1325 102 .0738 66 3100 i 138 .1495 90 i .1200 97 .0549 129 August, 1916... .1375 106 .0950 85 6050 166 .1900 114 > .1200 97 .0700 164 August, 1917... .1713 132 . 0913 82 0688 285 .2413 145 I . 1200 97 .0818 192 August, 1918... .2420 187 .0853 77 2100 223 .3225 194 .1750 142 .0735 ! 172 August, 1919... .2350 181 .2150 193 0063 | 262 .3838 231 .2180 177 .0882 ! 207 January, 1920.. .2320 179 .1628 146 4138 j 315 .2944 177 . .2240 182 .1537 i 360 February, 1920. .2125 164 .1478 133 5375 I 295 .3056 ! 184 .2400 195 .1495 | 350 March, 1920.... .2050 158 .1500 135 1650 I 287 .3155 ! 190 .2500 203 .1372 321 April, 1920 .2090 161 . 1514 136 2813 | 312 .3313 199 .2600 211 . 1919 449 May, 1920 .1950 151 . 1559 140 0313 | 328 .3556 | 214 .2600 211 .2247 526 June, 1920 .2225 172 .1498 135 1600 I 309 .3650 j 220 .2600 211 .2120 ! 497 July, 1920 .2550 197 .1306 | 117 6688 ! 298 .3769 | 227 . 2600 211 .1910 447 August, 1920... .2550 197 .0936 84 2350 • 267 .3725 ! 224 .2600 211 .1490 349 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

o .DISCOUNT AND INTEREST RATES. % In the following table are presented actual discount and interest rates During the month under review, changes in rates are found only in a prevailing during the 30-day period ending September 15, 1920, in the relatively small number of centers, and increases and decreases are ap- CO various cities in which the several Federal Reserve Banks and their proximately equal in number. These changes in rates are scattered, and © to branches are located. A complete description of the several types of paper on the whole are not pronounced, either for any particular centers or types for which quotations are given will be found in the September, 1918, and of paper. In the majority of centers rates remain unchanged. Present October, 1918, FEDERAL RESERVE BULLETINS. Quotations for new types rates continue higher in almost all centers than rates during the same period of paper will be added from time to time as deemed of interest. of 1919. Discount and interest rates prevailing in various centers during 30-day period ending Sept. 15, 1920. Prime commercial paper Ordinal Bankers' acceptances, Collateialloans—stock exchange loans t 60 to 90 days. orother current. Secured by customers District. City. 3 d 0 a t y o C s 9 . u 0 stome m r 4 s o '. n to tt 6 is. 30 d a t O y o s p 9 . e 0 n ma m rk 4 o e n to t t . h 6 s. Int lo e a rb n a s. nk Indorsed. ind U or n s - ed. Demanc1. 3 months. m 3 o n to t h 6 s. C lo a a t n tl s e . w r a e r c e e e t h i c p o . t u s s , e c s b o e e o f L e r c n t d i u i i b d n f n r e l s e d e c r d a s e a t y s b l i 1b i t e d y - s H. L. C. H L. C. H. i. C. H L. C. H. L. C. H. C. C. H L. H L C. H. L. P. I. L. C. H. L. C. H L, C. N N o o. 2 1... . B N o ew st o Y n ork x 8 8 6 6 7 7 8 8 6 6 1- 7 8 8 7- 8 8 8 m " 7 7 ! 8 s 7 6 ft 61 6 6 7 | 6 6 -|' Qh .8o 6 8 8 7 6 7\ 6 7* 8 7 6 7 1 6 61 6 6 6 6 1 Buffalo 7 6 7 6 7 5 7 7 6 • 1> 7 6 / 6 6 No.3 Philadelphia 6 6 6 6 6 6 84 8 8 Si 8 8 6 6 6 6| 61 6 5* 6 10 6 6 6 6 6 54 6 N No o 4 5 C C P R i i l i t e n c t v c h s e i m b n l u a n o n r a n g d t d h i 6 7 7 6 6 6 6 6-6 f 6 i 4 6 7 7 6 6 6 6 6 4 S 74 i 8 8 64 81 6 8 64- 8 7 6 6 2 6 6 6 6 6 646 6 6 6 4 | 6 6 6 1 4 * 6 6 6 1 f | c 6 6 1 4 6 6 8 6 6 6 " 7 6 6 6 6 7 74 6 6 6 7 16 6 6 6 74 6 6 6 6 6 7 - 6 74 6 6 6 4 6 6 7 f 6 6 i 4 5 6 6 6 6 6 Baltimore 6 ~ Q 6 6 6 6 6 6 fi 6 6 6 6 6 6 6 6 fi 6 r. No 6... Atlanta . s 6 7 8 6 7 8 6 7 7 6i 7 7 64 7 8 6 7 8 6 7 8 6 8 6 7 8 6 7 B Ja i c r k m s i o n n g v h i a ll m e 8 8 6 6 7 7 8 6 6 7 s1 8 8 7 f 8 71 8 g 8 6 6 6- f 7 i 8 7 6 6 6 8 7 6 6 6 7 8 8 6 7 7 8 8 6 7 7 8 8 6 7 8 8 6 6 7 7 g 8 6 6 7 7 New Orleans 6 74-Si 846 7A-S1 71 6i 7 8 7 7* 8 7 7i-8 8 6* 74-8 8 61 7*--8 8 61 71--8 8 7 74-8 8 6* 7-8 Nashville g 7* ~ 8 /1 8 6 8 6 7 s 6 7 g No Chicago 6 7 64 7 ,- 7 7 7 7 7 7 7 7 7 7 64 7 fi* 7 64 q 7 7 7 7 7 7 6 Detroit . 7 7 7 6 s 1- 8 Q 8 8 7 61 7 6- 6i 6a 64 61 61 7 64 7 7 6 7 ft" 7 6 7 No 8 S L t o u L is o v u i i l s le 7 7 1 6 6 4 6 7 7 7 46 6 -j- 6 n 8 8 8 8 8 8 6 7 62 6 6 6 4 4 6 6 4 i 61 6 7 6 6 4 6 ' 6 7* 6 6 6 7* 6 6 6 ?! 6 7 6 7 6 6 6 6 7 Memphis ^ Little Rock S 7 s 7 7 fi 7 8 7 8 8 7 8 8 7 i 8 7 8 8 7 No. 9 . Minneapolis. 71 8 71 71 s 71 73 8 8 8 7+ 7 7 gi 6 6i 6i 6A 6i 8 74 8 8 8 8 8 8 8 7* 7 7 No. 10.... Kansas Citv 8 6 7 8 6* 7 8 8 8 8 8 6 8 6 7 8 6 8 6 7 8 7 8 6 7 8 6 7 D O e m n a v h e a r « g 7 8 7 0 7 8 s <? 8 s s s 7 8 8 g2 6 7 7 8 7 8 8 7 8 8 8 6 7 7* 8 8 6 7 8 8 8 6 7 q s 8 q s s 6 7 No Dallas « 6 s 64 7 s 7 8 7 7 6 63 8 64 ' 8 6 71 8 6 7! S 6* 71 8 6 74 8 6 ?* El Paso 10 6 g 10 8 ff 7 8 s 8 8 6 8 10 7" t 10 7 8 10 7 10 8 8 10 6 No. 12.... H Sa o n u s F t r o a n ncisco 8 7 6 6 4 6 7 4 7 7 6 6 4 6 7 4 8 8 8 8 8 8 f 6 6 6 6 4 646 7 6 7 1 64 61 61 746 6 8 7 6 6 8 7 6 6 7 7 8 7 74 8 64 74 8 7 62 7 P S S e p o a o r t t k t l l a a e n n e d. 8 8 8 6| 7 8 8 8 6 6 4 4 7 84 6 8 S 84 i 6 8 4 8 7 8 6 6 6 4 4 6 7 4 6 8 4 6 5 1 i 6 7 6 7 4 6 6 4 1 6 7 1 8 8 6 7 7 > 8 8 8 6 7 7 8 8 7 8 8 8 6 7 7 8 7 8 8 8 8 6 7 8 7 Salt Lake City.. 8 7 8 8 8 8 01 8 S 7 8 8 7 J q 7 8 q 8 8 8 7 8 Los Angeles. 7 6 7 7 6 7 81 7 8 Si 8 8 8 5 6 8 61 7 8 7 7 8 6 7 8 6 7 8 7 8 6 7 1 Rates for demand paper secured by prime bankers' acceptances, high 6, low 6, customary 6. : \To report. O OO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1086 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. PHYSICAL VOLUME OF TRADE. iron and steel industries for August of this year with August of last year, it should be remembered that at In continuation of tables in the July FEDERAL RESERVE that date last year these industries had not yet recovered BULLETIN there are presented in the following tables cer- from the post-armistice depression. tain data relative to the physical volume of trade. The Receipts of lumber at Chicago showed a further decline January, 1919, issue contains a description of the methods during the month but were still substantially larger than employed in the compilation of the data and the construc- for August, 1919. The production of Douglas fir and tion of the accompanying index numbers. Additional eastern white pine both showed a substantial increase as material will be presented from time to time as reliable compared with July and in the case of the latter as comfigures are obtained. pared with August, 1919, although the production of the Cotton consumption during the month of August was former was materially less than for August, 1919. Shipabout 8 per cent less than for July, and somewhat less than ments of southern pine, Douglas fir, and eastern white for August, 1919. In the wool industry some indications pine all showed an increase over July, although all, were to be noted of an increase in activity. There was with the exception of eastern white pine, are considersome increase in the amount of wool consumed during the ably below the figures for August, 1919. California shipmonth. However, there was no marked tendency for the ments of citrus fruits showed a further seasonal decrease, percentage of idle wool machinery to decrease on the but such shipments were in excess of those for August, 1st of August or the 1st of September, as compared with 1919. Receipts of sugar during August at North Atlantic the 1st of July. In each case, however, the percentage of ports showed a considerable decline from July, but were idle wool machinery is much greater than for the corre- substantially in excess of figures for August, 1919. sponding date last year. Imports of raw silk increased Stocks of raw sugar at these ports at the end of August, slightly during the month of August as compared with were more than 20 per cent greater than at the end of July, but were far below such imports for August, 1919. July, while meltings declined by about 12 per cent. The production of bituminous coal during August Receipts of live stock at the 15 western markets were exceeded that during July by about 6 per cent, and that about 8 per cent greater than for July, although less for August, 1919, by about 12 per cent, while the pro-than such receipts for August, 1919, by almost as great a duction of crude petroleum during August was slightly margin. These figures continue to reflect the generally in excess of that for July and considerably greater than lighter movement which has been in progress during the that for August, 1919. The production of anthracite coal present year. Receipts of grain and flour at the 17 interior during August was less than that for July, or for August, centers during August showed a further increase as com- 1919. Pig-iron production showed a moderate increase pared with July but a considerable decrease as compared over July and a considerable increase over August, 1919. with August, 1919. Steel-ingot production likewise showed an increase over With the exception of April, 1920, railroad net ton mile- July, and over August, 1919. The unfilled orders of the age during the present year has been considerably in excess United States Steel Corporation at the close of the of that of the corresponding months of 1919. The tonmonth, however, showed a slight decrease as compared nage of vessels cleared during August showed a considerwith the end of July and a large increase as compared with able increase over July and a large increase over August, August, 1919. In comparing these figures relative to the 1919. Live-stock movements. [Bureau of Markets.] Receipts. Shipments. C c m a a l a t v t r l e k e s e , a t 6 n s 0 d . m H a o r g k s e , t 6 s 0 . S m h a e r e k p e , t 6 s. 0 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 a d l, s a . ll C c m a a l a t v t r l e k e s e , a t 5 n s 4 . d m H a o r g k s e , 5 ts 4 . S m h a e r e k p e , t 5 s 4 . H m m o u a rs l r e e k s s e , a t 4 s n 4 . d T k o i t n a d L s a . ll Head. Head. Head. Head. Head. ! Head. Head. Head. Head. Head. August, 1919 2 020,170 2,104,801 3,212,187 85,992 7,423,150 , 895,369 691,078 2,020,014 78,343 3,684,804 1920. January 1868,723 5,275,412 1,560,051 138,541 ! 8,842,727 I 752,605 1,665,274 669,458 138,145 3,225,482 February 1468,370 3,423,992 1,387,111 108,056 | 6,387,529 I 591,691 1,287,169 572,634 110,827 2,562,321 March 1 803,073 3,963,245 1,255,490 82,584 j 7,104,392 i 570,323 1,399,485 483,550 87,896 2,541,254 April 1542.150 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 June 1870,121 3,741,202 1,592,450 33,205 7,236,978 | 789,982 1,295,973 768,172 34,545 2,888,672 July 1657,743 2,837,685 2,000,758 37,231 6,533,417; 721,328 1,095,470 1,015,612 38,715 2,871,125 August 1952,086 2,516,240 2,561,661 73,423 7,103, 410 869,849 953,088 1,459,150 69,971 3,352,058 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1087 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. August, 1919. 1,541,133 1,595,759 2,220,229 162 56,926 124 5,414,047 117 1920. January 1,400,031 139 3,912,449 178 1,035,591 76 90,662 197 6,438,733 139 February 1,068,092 114 2,440,154 119 948,116 74 76,048 168 4,532,410 105 March./. 1,203,499 119 2,910,909 132 900,299 66 57,880 126 5,072,587 110 April 1,040,903 103 2,150,281 98 928,191 68 31,235 68 4,150,610 90 May 1,209,656 120 3,128,249 142 796,160 58 25,469 55 5,159,534 112 Juiie 1,290,265 128 2,746,390 125 1,006,528 74 21,316 46 5,064,499 110 July 1,188,019 118 2,115,639 96 1,301,458 95 26,697 58 4,631,813 100 August 1,459,565 145 1,818,245 83 1,688,719 124 55,371 120 5,021,900 109 SHIPMENTS. August, 1919 650,252 160 455,705 94 1,352,252 269 49,716 121 2,507,925 175 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 31,348 76 1,531,783 107 May 515,062 127 822,907 170 316,002 63 24,617 60 1,678,588 117 June 528,273 130 797,946 165 399,613 79 22,623 55 1,748,455 122 July 508,199 125 737,923 152 644,557 128 28,168 69 1,918,847. 134 August 640,295 157 627,670 130 899,342 179 52,163 127 2,219,470 155 Exports of certain 'meat products. [Department of Commerce.] [Monthly average, 1911-1913=100.] Beef, canned. Beef, fresh. an B d e e o f, t h p e i r c k c l u e r d e , d. Bacon. Ha d m er s s a , n c d u r s e h d o . ul- Lard. Pickled pork. Pounds. t R iv e e la . - Pounds'. t R iv e e la . - Pounds. t R iv e e la . - Pounds. t R iv el e a . - Pounds. t R iv el e a . - Pounds. t R iv e e la . - Pounds. t R iv e e la . - August, 1919. 2,894,361 8,075,366 651 2,494,113 93 84,150,778 502 40,147,727 48,968,628 Ill 2,117,796 48 1920. January 1,081,643 163 22,872,223 1,844 1,670,500 63 77,501,002 463 905,923 93 823,902 4,251,187 96 February 735,132 119 13,010,793 1,124 1,631,457 65 75,891,195 217,706 174 644,906 3,710,308 90 March 847,397 128 6,036,166 487 2,290,835 86 75,002,410 088,859 429; 785 158 3,160,456 71 April 1,606,737 243 17,687,306 1,426 2,241,460 84 24,356,349 640,236 758,401 93 2,784,535 63 May 5,976,493 902 4,304,038 347 3,056,449 114 50,412,388 301 896,764 120 544,483 126 3,816,157 86 June 6,787,622 1,024 12,526,669 1,010 2,563,702 96 60,730,935 363 277,089 143 069,517 102 3,962,649 90 July 5,217,838 788 5,506,812 444 1,973,004 74 31,562,761 188 385,089 56 061,422 107 2,926,247 66 August 1,231,070 186 343,352 28 2,152,982 81 23,333,156 139 360,469 63 020,802 71 2,257,511 51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1088 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. Receipts of grain and flour at 17 interior centers. [Chicago, Cleveland, Detroit. Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis Omaha, Peoria, St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane, Toledo, and Wichita.] [Compiled from reports of trade organizations at these cities.] [Monthly average, 1911-1913=100.] Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Total grain and flour.i Bushels. t R iv e e la . - Bushels. t R iv e e la . - Bushels. t R iv e e la . - Bushels. t R iv el e a . - Bushels. t R iv e e la . - Bushels. t R iv e e la . - Barrels. t R iv e e la . - Bushels. t R iv e e la . - August, 1919.80,714,559 299 8,503,282 38 29,774,582 147 3,824,263 345 6,638,871 93 129,455,557 166 2,283,145 117 131,738,702 152 1920. January 25,074,624 93 24 139,094 108 20,925,941 104 4,378,610 396 3i., 298,544 46 77,816,813 100 2,298,692 117 88,160,927 102 February 18,115,324 72! 26'051,855 124 20,575,654 109 3,263,686 316 2!!, 470,622 37 70,477,141 97 2,059,421 113 79,744,536 99 March 18,007,798 67124!306,196 10819,149,624 95 3,548,739 3212;}, 928,440 4167,940,797 8711,617,544 83|75,219,745 87 April 15,260,236 57111'326,509 2.952,593 64 2,914,553 263 21,,245,881 3144,699,772 57l 888,423 45 48,697,676 56 May 20,510,063 76112,107,950 6,724,389 83 3,758,507 340 2I,, 690,076 38 55,790,985 721,913,075 98;64,399,823 74 June 21,020,640 78 27,251,166 12114,260,053 713,177,770 287 21.,721,367 38 68,430,996 88 2,113,979 108 80,057,876 92 July 29,714,399 110 20,824,268 93188,,'734,180 93 3,096,026 280 2!], 659,921 37175,028,794 96 2,052,110 105 84,263,289 97 August2 43,039,021 160, 93840,320 444 3300,728,748 152|3,191,103 288 31,007,508 42 89,806,700 1151,314,539 67 95,722,126 110 1 Flour reduced to its equivalent in wheat on basis of U bushels to barrel. 2 Flour receipts for Duluth not included; July receipts, 750,135 barrels. 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 Wichitashipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.] ' ' Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Total grain and flour.i Bushels. R tiv el e a . - Bushels. t R iv el e a . - Bushels. t R iv el e a . - Bushels. Rela-Bushels. t R iv el e a . - Bushels. R ti e v l e a . - Barrels. R ti e v l e a . - Bushels. t R iv el e a . - August, 1919.36,986,491 240 5,137,184 3617,924,243 1181,436,552 203 5,028,829 129 66,513,299 135 3,805,658 112 83,638,760 129 1920. January 17,514,087 11412,326,051 87 15,822,099 104 31,685,914 521 2,007,718 5151,355,869 104 4,140,314 122 69,987,282 108 A M Fe p a b r r i r c l u h ary 1 1 1 1 1 4 , , , 0 0 1 2 5 1 7 8 4 , , , 3 6 2 3 4 1 6 3 5 9 7 7 2 8 1 1 1 1 1 5 , , , 1 3 9 6 7 7 5 1 7 , , , 8 8 6 9 1 4 4 1 0 7 9 " 3 " 1 8 91 1 U4 3 8 , , , 2 0 6 4 7 9 3 3 1 , , , 9 0 4 5 8 4 7 9 0 9 9 5 2 4 7 3 8 2! 1 1 ; 1 , , , 0 8 1 6 1 1 2 1 3 , , , 5 5 5 3 0 0 0 0 5 1,2 3 4 4 3 2 5 3 0 1 1 , ,3 6 5 5 0 7 1 6 4 , , , 5 8 3 0 8 4 9 7 0 4 3 4 2 6 0 4 3 4 1 5 2 , , , 0 5 5 7 8 8 4 4 4 , , , 6 7 9 0 8 0 4 9 3 7 9 8 2 3 2 1 3 2 , , , 7 1 9 0 5 6 2 6 0 , , , 1 9 1 3 6 7 2 2 5 1 8 5 0 7 0 0 |4 5 5 3 4 6 , , , 2 3 7 4 9 9 4 5 1 , , , 4 3 1 9 9 1 7 2 8 9 6 8 4 7 4 May 20,720,121 134 5,939,145 42 2JO0!, 444,288 135 6». 977,479 986 1,488,387 38 55,569,420 112 2,877,122 85 68,516,469 106 June 20,242,046 13110,088,237 7112,805,056 84 5,428,886 76' 905,225 49 50,469,450 102 3,071,470 91(67,362,535 104 July 19,002,099 123 9,100,527 64 11,345,429 751:, 476,238 632 2,092,672 54 46,016,965 93 3,767,678 11162,971,516 97 August2 24,934,816 162 6,260,144 44 12,814,067 84 2!,880,003 407 2,231,851 57,49,120,881 99 2,743,230 8161,465,416 95 1 Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel. 2 Flour shipments for Duluth not included; July shipments, 959,455 barrels. Receipts of grain and flour at 9 seaboard centers. [Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts of flour not available for Seattle and Tacoma.] [Compiled from reports of trade organizations at these cities.] [Monthly average, 1911-1913=100.] Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. Total grain and flour.i Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Bushels.R ti e v l e a . - Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Barrels. R ti e v l e a . - Bushels. R tiv e e la ." August,1919.26,902,757 214 815,132 23 5,676,984 119 61,710 43 4,993,395 30138,449,978 1691,385,762 133 44,685,907 163 1920. January 5,711,009 45 1,491,759 42 2,663,274 56 2,643,611 1,8611,297,839 7813,807,492 611,561,' 150 20,835,111 76 February 4,898,690! 42 1,244,393 38 2,331,246 53 3,212,668 2,423(1,315,291 8513,002,288 611,102,606 113 17,964,015 70 March 6,486,745; 51 1,203,649 34 3,646,727 77 4,119,986! 2,900|l,300,871 "7381166,,7'57,978 74| 1,752,860 16Sj24,645,848 90 April 5,441,434^ 43 1,317,555 37 1,546,590 33 3,440,350 2,421 685,054 41L12,430,983 55 843,916 8116,228,605 59 May 10,621,723 84 767,332 22 2,382,271 505,117,806 3,602 556,764 3411199!,'445,896 86!l,301,211 125 25,301,346 92 June 13,374,721 106 1,878,334 53 3,194,897 676,506,053 4,5791,191,767 72 26,145,772 1151,486,365 142 32,834,415 120 July 18,710,633! 149 3,305,542 93 3,499,101 74 5,'048,'019 3,553 2, 126 32,661,378 1441,660,849 159 40,135,198 146 August 28,098,022 223 1,576,842 44 2,671,365 56 3,407,799 2,398 2,289; 791 138 38,043,819 1681,390,077 133 44,299,166 162 1 Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1089 Stocks of grain at 8 seaboard centers at close of month. [Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco.] [Compiled from reports of trade organizations at these cities.] [Bushels.] Wheat. Corn. Oats. Rye. Barley. Total grain. August, 1919 17,396,269 155,491 2,216,989 578,250 5,414,183 25,761,182 1920. January 485,491 711,501 2,398,639 2,397,156 2,587,543 16,580,330 February 634,682 948,239 1,571,209 2,671,743 2,340,787 14,166,660 March 280,682 851,287 1,351,457 2,389,321 1,891,862 12,764,609 April 704,155 967,475 389,958 1,944,350 2,034,983 13,040,921 May 781,927 437,521 819,790 1,889,965 1,071,920 15,001,123 June ." 492,819 459,568 901,756 2,035,334 1,193,082 13,082,559 July 923,745 744,167 1,323,940 1,275,554 3,187,611 18,455,017 Atlgust 915,892 1,097,945 1,532,272 777,445 4,052,189 21,375,743 NOTE.—Figures for San Francisco include also stocks at Port Costa and Stockton. Cotton. [New Orleans Cotton Exchange.] [Crop years 1911-1913=100.] Sight receipts. Port receipts. Overl m an e d n t m . ove- American spinners St i o n c t k er s i o a r t p to o w rt n s s a n a d t close of month. Rela- Rela- Rela- Rela- Rela- Bales. tive. Bales. tive. Bales. tive. Bales. tive. Bales. tive. 1919-20. August 327,001 238, 26 49,630 47 302,238 67 1,412,048 120 September 632,902 50 260, 28 26,138 25 300,001 66 1,501,805 127 October 1,835,273 146 1,029, 112 110,202 105 621,784 137 2,340,881 199 November 2,445,698 195 1,178! 128 245,237 233 1,155,324 254 2,616,383 222 December 2,218,773 177 1,069; 116 242,940 231 1,214,337 267 2,765,040 235 January 1,583,473 126 982. 107 205,233 195 793,453 175 2,470,496 210 February 1,050,964 90 725: 85 138,084 141 374,093 88 2,510,482 213 March 796,632 64 621 68 108,573 103 270,269 59 2,276,737 193 April 552,943 44 499: 54 48,565 46 276,805 61 2,148,038 182 May 360,607 29 32 57,661 55 214,678 47 1,913,407 162 Season total 12,432,856 7,299,667 66 1,674,828 133 6,365,990 117 1,461,000 124 1920-1921. August 305,418 24 159,586 25,322 24 251,841 55 1,365,397 116 California shipments of citrus and deciduous fruits. [Compiled by California Fruit News from reports of local organizations.] [1911-1913-100.] Total Oranges. Lemons. Total citrus fruits. deciduous fruits. Carloads. Relative. Carloads. Relative. Carloads. Relative. Carloads. August, 1919 1,785 73 436 108 2,221 78 6,601 1920. Tanu a,i'v 2 457 100 630 156 3,087 108 123 February 2 683 118 852 225 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 June . ... 3,294 135 1,576 389 4,870 171 1,263 Julv. . 2,822 115 664 164 3,486 122 3,179 Aup"uct 1,707 70 751 185 2,458 86 7,233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1090 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. Sugar. [Data for ports of New York, Boston, Philadelphia.] [Weekly Statistical Sugar Trade Journal.] [Tons of 2,240 pounds. Monthly average 1911-1913=100.] Receipts. Meltings. c R lo a s w e o s f to m ck o s n a th t . Receipts. Meltings. c R lo a s w e o st f o m ck o s n a th t . Tons. R ti e v l e a . - Tons. R ti e v l e a . - Tons. R ti e v la e - . Tons. R ti e v l e a , - Tons. R ti e v l e a . - Tons. R ti e v l e a . - August, 1919.. 246,419 134 229,000 125 75,394 44 1920. April 310,580 169 307,000 167 91,765 53 1920. May 254,616 138 286,000 156 60,381 35 January 208,554 113 181,000 99 37,986 22 June 301,318 164 319,000 174 42,699 25 February . 316,667 184 269,000 157 85,653 50 July 386,328 210 325,000 177 104,027 60 March 335,532 182 333,000 182 88,185 51 August 308,313 168 287,000 156 125,340 73 Naval stores. [Data for Savannah, Jacksonville., and Pensacola.] [In barrels.] [Compiled from reports of trade organizations at these cities.] Spirits of turpentine. Rosin. Spirits cf turpentine. 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. August, 1919 21,013 24,756 73,402 203,812 1920. April 7,644 3,996 27,029 98,517 1920. May 23,473 6,174 68,163 78,113 January 8,300 24,910 47,874 165,927 June 33,522 19,654 94,904 108,656 February 3,762 17,900 29,303 140,559 July 39,158 30,906 117,088 135,979 March 1,876 4,819 14,660 103,443 August 33,997 27,963 111,497 144,109 Lumber. [From reports of manufacturers' associations.] [M feet.] Southern pine. Western pine. Douglas fir. Eastern white pine. North Carolina pirn b N m e u i r l m l o s f - . I Pr t o io d n u . c- m S e h n ip ts - . b N m e u i r l m l o s f - . Pr t o io d n u . c- m S e h n ip ts - . b N m e u i r l m l o s f - . Pr t o io d n u . c- m S e h n ip ts - . b m N e u i r l m l o s f . - Pr t o io d n u . c- m S e h n ip ts - . b m N e i u r l m l o s f - . Pr t o io d n u . c- m S e h n ip ts - . T August, 1919 204 417,036 423,002 48 152,748 140,236 416,422 397,290 20,247 26,839 36 27,177 30,159 1920. J F a e n b u ru ar a y ry 2 2 0 0 3 2 3 3 8 8 3 6. , 4 2 8 3 1 9 3 4 6 0 9 4 . , 0 7 4 0 7 6 6 85 9 . ;8 5 9 8 5 3 1 14 4 7 4 . , 1 1 8 8 0 0 1 1 2 2 8 4 3 3 3 2 2 7 , , 5 5 1 6 1 8 2 3 9 4 5 4 , , 9 5 3 6 4 8 3 32 8 , , 5 0 5 0 1 7 5 6 9 3, , 6 6 1 8 4 7 2 1 4 5 , , 6 53 7 4 8 2 15 6 , ;2 2 8 0 3 2 March 205 436,944 424,775 130,425 156,211 123 342,948 329,012 43,771 61,620 29,633 29,896 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 June 204 385,293 287,487 197,461 125,770 127 343,801 271,815 25,771 41,557 14,259 10,481 July 207 385,842 331,273 177,262 103;500 127 242,612 225,666 37,459 49,668 20,756 15,217 August 204 383,540 337,677 171,143 123,344 123 366,433 322,908 46,149 55,991 19,511 14,130 Receipts and shipments of lumber at Chicago. [Chicago Board of Trade.] [Monthly average.. 1911-1913=100.] Receipts. Shipments. Receipts. Shipments. M feet. Relative M feet. Relative. M feet. Relative. M feet. Relative. August, 1919 170,385 80 87,953 115 1920. April . 124,725 59 51,495 67 1920. May 187,931 89 89,259 116 January 208,145 98 71,233 93 June # 234,562 111 90,503 118 February 235,423 119 81,561 114 July 222,619 105 82,896 108 March 284,146 134 122,401 160 Aucust 202,316 95 81,817 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1091 Coal and coke. [U. S. Geological Survey.] [Monthly average, 1911-1913= 100.] Bi m d t u u a c m t t e i i d o n n o . u m s on c t o h a l l y , e p s ro ti - - An m d t u h a c t r t e a i d o c i n t . e m o c n o th al l , y e p s ro t - i- Be m e o hi n v t e h ly c o p k r e o , d e u s c t t i i m on a . ted Short tons. Relative. Short tons. Relative. Short tons. Relative. August, 1919 42,883,000 116 7,922,000 107 1,693,000 65 1920. January 48,689,000 131 7,365,000 100 1,982,000 76 February . 40,127,000 116 6.335,000 92 1, 731,000 71 March .* 46 792 000 126 1 240 000 98 2 025 000 77 April.. 37,P39,000 102 6,543,000 88 1,602.167 61 May. 39,753,000 107 7,745,000 105 1,689,500 65 June . . . 43,710,000 118 7,641,000 103 1, 710,333 65 July 45,523,000 123 7,785,000 105 1,693.000 65 August.. 48,389,000 131 7,332,000 99 1, 776', 000 68 Crude petroleum. [U. S. Geological Survey.] [Barrels of 42 gallons each.] Produced. Produced. Stocks at end Stocks at end of month of month (barrels). (barrels). Barrels. Relative. Barrels. Relative August, 1919 33,862,000 136,467,000 1920. April 36,201,000 124,991,000 1920. May 36,931,000 193 124,689,000 January 33,980,000 177 127,164,000 June 37,295,000 195 126,763,000 February 33,212,000 186 126,339,000 July 38,5^8,000 201 128,168,000 March 36,461,000 190 125,597,000 August 39,144,000 204 128,999,000 Total output of oil refineries in United States. [Bureau of Mines.] Crude oil run Gasoline Kerosene Gas and fuel Lubricating (barrels). (gallons). (gallons). (gallons). (gallons). July,1919. 31,202,522 342, 491, 757 205,727,289 638,185,469 67,037, 414 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 May 34,578,282 381,079,291 180,877,089 707,198,355 89, 252,410 June 34,90B,078 415,158,911 173,581,000 689,878,061 94,964,221 July.... 37,024,052 423,419,770 172,213,511 751,193,898 92,369,504 STOCKS AT CLOSE OF MONTH. July 31, 1919 15,304,915 514,919,358 279,855,061 817,809,519 173,884,303 1920. Jan.31 13,200,727 515,934,364 327,548,646 652,080,901 141,690,177 Feb. 59 13,500; 599 562,996,489 330,120,942 590,322,125 132, 759, 244 Mar. 31 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 May 31 15,331,375 671,795 419,077,605 618,939,135 135,882,485 June 30 16,172, 280 504:055,601 421,343,353 641,968,363 133,212,551 Julv31 17,086,253 413!279,319 410) 853,047 655,152, 293 131, 866, 455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1092 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. Iron and steel. [Great Lakes iron-ore movements, Marine Review; pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute.] [Monthly average, 1911-1913=100; iron ore, monthly average, May-November, 1911-1913^100.] Iro f L r n o a - k m o e r e s. th sh e i pm up e p n e ts r Pig-iron production. Steel-ing ti o o t n . produc- Un a S f t t i e l c l e e lo l d s e o C o r f d o e r m p rs o o r n a U t t h i . o . S n . Gross tons.Relative. Gross tons.Relative. Gross tons. Relative.Gross tons. Relative. August, 1919.. 4, 423,133 73 2,743,388 118 2, 746,081 114 6,109,103 116 1920. January.., 3,015,181 130 2,968,102 123 285,441 176 February.. 2,978,879 138 2,835,124 127 502,081 180 March 3,375,907 146 3,299,049 137 892,075 188 April 230,854 2,739,797 118 2,638,305 109 359,747 197 May 6,976,085 115 2,985,682 129 2,883,164 119 940,466 208 June 9,233., 566 152 3,043,540 131 2,980,690 123 978,817 208- July 9,638,606 159 3,067,043 132 2,802,818 116 118,468 211 August 9,270,763 153 3,147,402 136 3,000,432 124 10, 805, 038 205 Imports of pig tin. [Department of Commerce.] (.Monthly average, 1911-1913=100.] Pounds. Relative. Pounds. Relative. August, 1919 . . 9,872,459 109 1920. April ... 10 345 130 114 1920. May 9,102,341 100 January 8,772,953 97 June 11,232,325 124 February 13,925,843 164 July 17 584 167 193 March 11,980,019 132 August 11,195,937 123 Raw stocks of hides and skins. [Bureau of Markets; July, 1920, on, Bureau of the Census.] [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 June 30, 1919 4,696,332 2,285,015 558,033 16,991,195 2,521,016 1,697,754 8,118,702 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 5,849,375 21724,058 924,042 14,131,330 791,150 2,253,785 9,004,621 June 30 6,212,946 3,107,393 915,499 14,562,713 60,999 2,070,471 10,993,228 NOTE.—Figures for Jurje 30 are provisional, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1093 Textiles. [Silk, Department of Commerce; cotton and idle wool machinery, Bureau of the Census; woo] consumption, Bureau of Markets.] [Cotton, monthly average crop, years 1912-1914=100; silk, monthly average, 1911-1913=100.] Percentage of idle woolen machinery on first of month to total reported. Cotton consump- Imports of raw silk. tion. Cotton spindles Wool con- Looms. Spinning spindles. active sumption during (pounds). month. Wider Under S ca et r s d o s. f Combs. Bales. Relative. i t n h c a h n r 5 e 0 ed - 50 re -i e n d ch Woolen. Worsted. Pounds. Relative. space. space. August, 1919.... 497;319 Ill 34,205,180 48,938,476 22.1 24.9 9.4 6.5 8.9 10.9 3,802,500 186 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 May 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 555,521 124 34,503,754 40,679,920 26.8 22.4 21.1 15.9 23.1 14.2 3,221,177 157 Julv 525,405 117 34,666,842 32,372,064 42.5 32.3 38.0 35.0 42.0 32.7 2,581,920 126 August 483,193 107 34,471,515 32,849,956 49.5 29.9 39.6 33.4 45.5 37.6 2,690,690 132 September 51.8 34.8 39.6 37.3 44.6 38.0 Production of wood pulp and paper. [Federal Trade Commission.] [Net tons.] W pu o l o p d . N pr e i w nt s . - Book. b P o a a p r e d r . W 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. 1920. August, 1919 260,987 113,413 I 82,737 189,782 64,861 33,122 April 350,194 128,269 95,251 199,395 75,347 33,493 May 363,815 129,230 92,856 213,475 70,511 31,575 1920. I June 337,115 130,380 94,957 215,131 72,987 34,121 July 312,334 129,853 95,526 218,771 73,487 34,078 January 302,541 129,663 96,419 211,934 70,109 32,886 August 305,965 128,818 94,424 215,633 75,226 33,122 February 3 2 2 6 7 6 , , 1 19 4 1 3 1 1 2 1 7 4 , ,2 8 3 4 5 7 8 95 5 , , 8 5 5 3 1 2 2 1 0 7 7 6 , , 8 8 6 5 3 5 6 6 8 1 , , 4 5 0 7 3 4 3 2 3 9 , , 6 2 7 0 1 2 March Sale of revenue stamps for manufactures of tobacco in the United States (excluding Porto Rico and Philippine Islands). [Commissioner of Internal Revenue.] Cigars. Cigarettes. Cigars. Cigarettes. Manu- Manufactured factured Large. Small. Small. tobacco. Large. Small. Small. tobacco. Number. Number. Number. Pounds. 1920. Number. Number. Number. Pounds. July, 1919 569,908,339 47,500,287 3,585,030,983 33,838,667 March 753,239,958 55,052,100 4,373,778,917 38,422,481 April 663,577,579 56,548,853 3,756,989,397 34,327,970 1920. May 676,227,828 59,943,280 3,953,345,380 34,875,839 January 663,634,243 58,837,900 4,528,760,833 33,608,313 June 708,112,284 52,735,587 4,088,834,583 34,231,058 February 593,832,200 43,358,500 3,536,117,847 31,531,460 July 678,751,956 51,766,100 3,053,336,563 30,988,646 Output of locomotives and cars. [Locomotives, United States Railroad Administration; February on, reports from individual producers; cars, Railway Car Manufacturer's Association.] Locomotives. Output of cars. Locomotives. Output of cars. s D hi o t p m i p c e e s d - . F p o c le o re t m e ig - d n . Do t m ic es- Foreign. Total. s D hi o t p m i p c e e s d - . F p o c le o re t m e ig d - n . Do ti m c. es- Foreign. Total. 1919. Numbn-. Number. Number. Number. Number. 1920. Number. Number. Number. Number. Number. August 160 173 18,509 5,015 23,524 March 45 59 3,053 2,040 5,093 April.. 36 96 2,313 1,934 4,247 1920. May 83 112 2,792 1,402 4,194 June 99 72 2,780 731 3,511 Tanuary 48 22 4,650 1,914 6,564 July 122 54 2,731 434 3,165 February 43 85 3,960 1,066 5,026 August 114 125 3,409 1,210 4,619 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1094 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. Vessels built in United States, including those for foreign nations, and officially numbered by the Bureau of Navigation. [Monthly average, 1911-1913=100.] Gross Gross Number. tonnage. Relative. Number. tonnage. Relative. August, 1919 238 455,338 1,884 1920. April 164 251,442 1,040 1920. May 184 185,145 776 January , 115 253,680 1,050 June 198 267,076 1,105 February , 140 267,231 1,185 July 173 217,239 899 March 170 279,709 1,157 August 178 259,210 1,073 Tonnage of vessels cleared in the foreign trade. [Department of Commerce.] [Monthly average, 1911-1913=100.] Net tonnage. Per Net tonnage. Per cent- cent- Rela- age Rela- Rela- age Relative. Ameri- tive. tive. Ameri- tive. American. Foreign. Total. can to American. Foreign. Total. can to total. total. 1920. August, 1919.... 2,957,249 2,797,818 5,755,067 148 51.4 203 April 2,504,038 1,960,634 4,464,672 115 56.1 222 May 2,729,790 2,436,247 5,166,037 133 52.8 209 1920. June 3,199,274 3,141,913 6,341,187 163 50.5 200 January 1,933,385 1,949,798 3,883,183 100 49.8 197 July 3,302,538 3,616,052 6,918, 590 178 47.7 189 February 1,702,407 1,628,212 3,330,619 92 51.1 202 August 3,616,267 3,929,602 7,545,869 194 47.9 190 March 1,836, 716 2,040,538 3,877,254 100 47.4 187 Net ton-miles, revenue and nonrevenue, [United States Railroad Administration; March, 1920, on, Interstate Commerce Commission,] July, 1919 34,914,294,000 37,990,993,000 1920. 28,490,595,000 January 34,769,722,000 37,884,967,000 February 32,758,789,000 38,179,565,000 40,435,508,000 Commerce of canals at JSault Sle. Marie. [Monthly average, May-November, 1911-1913=100.] EASTBOUND. Grain other than wheat. Wheat. Flour. Iron ore. Total. Bushels. R ti e v l e a . - Bushels. R ti e v l e a . - Barrels. R ti e v l e a . - Short tons. R ti e v l e a . - Short tons. R ti e v l e a . - August, 1919 5,284, 741 1,487,218 935,700 4,727,994 80 5,080,651 1920. April 6,008,000 4,274,611 162,630 454,726 May 11,904,942 134 13,497,995 658,910 6,683,820 113 7,483,836 107 June 3,076,986 35 5,976,125 1,082,521 93 8,707,350 146 9,153,884 131 July 3,133,419 35 7,838,470 1,171,250 101 9,235,086 156 9,749,701 139 August 2,315,909 26 7,512,510 1,038,221 89 8,784,821 148 9,278,071 132 WESTBOUND. Hard coal. Soft coal. Total. Total freight. Rela- Rela- Rela- Rela- Short tons. tive. Short tons. tive. Short tons. tive. Short tons. tive. August, 1919. 185,387 60 1,189,558 62 1,529,310 61 6,609,961 70 1920. April 10,000 50,831 82,483 537,209 May 202,000 65 531,375 28 937,374 38 8,421,210 June 271,020 87 966,382 50 1,493,935 60 10,647,819 112 July 300,150 97 1,394,162 67 1,827,978 73 11,577,679 122 August 341,690 110 2,533,614 132 3,147,219 127 12,425,290 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920, FEDERAL RESERVE BULLETIN. 1095 BANK TRANSACTIONS DURING AUGUST-SEPTEMBER. In the attached table are shown debits to tion of stock exchange trading on a larger individual account for the four weeks ending scale. September 22 of the present year and for the In 1919 Labor Day came during the week corresponding weeks of 1919, as reported to ending September 3 and the total of debits for the Federal Reserve Banks by the country's that week is consequently low. On the other more important clearing houses. A summary hand, the week of September 17, 1919, shows by Federal Reserve districts presents a com- a large total, owing to the inclusion of Sepparison of figures for 154 centers for which tember 15 and the two following days during reports are available both for the 1920 and which a large volume of income-tax checks was the 1919 periods under review. cleared. It appears, therefore, that the gen- Aggregate debits to individual account for eral trend of changes was similar in 1919 and the 154 centers included in the summary show 1920, though considerable difference by weeks an upward tendency throughout the period may be noted. under review, the decreased total for the For the 38 weeks of the year 1920 the average week ending September 8 being due to the weekly total of debits to individual account fact that that week included Labor Day, a for 148 clearing house associations was 9,143 legal holiday in all the districts. During the millions, while for the corresponding period in first week of the period the debits aggregated 1919 the average was 8,219 millions. For New 8,444 millions, and during the most recent York City the 38-week average this year was week 9,372 millions, the largest total shown 4,569 millions, or about 3.8 per cent larger than for any week since June 16. The larger volume last year, while for 147 other cities this year's of check transactions during the last two weeks weekly average of 4,575 millions was 19.7 per of the period is due in part to the payment of cent larger than the corresponding average for the September 15 installment of income and the preceding year. excess-profits taxes, and in part to the resump- Debits to individual account at clearing-house banks. SUMMARY BY FEDERAL RESERVE DISTRICTS. [In thousands of dollars.] 1920 1919 Number Week ending- Week ending- Federal Reserve district. of centers included. Sept. 1. Sept. 8. I Sept. 15. Sept. 22, Sept. 3. Sept. 10. Sept. 17. Sept. 24. Boston 399,291 344,866 452,340 466,299 316,716 404,272 468,230 405,658 New York 4,290,456 3,387,538 :, 290,125 4,568,196 3,545,614 4,341,916 5,546,352 5,121,401 Philadelphia. 440,721 355,420 422,867 439,189 338,167 379,921 464,947 413,607 Cleveland 558,229 471,805 633,802 629,846 442,241 527,078 614,036 539,339 Richmond 162,175 156,275 174,738 181,875 144,731 163,244 192,967 173,363 Atlanta 228,932 212.358 237,232 243,405 174,654 210,518 215,410 214,260 Chicago , 1,055,854 965.020 ,245,927 1,291,462 852,115 1,014,200 1,238,024 1,032,057 St. Louis 209, 706 199J109 237,622 233,604 178,855 214,278 255,619 209,522 Minneapolis.. 155,162 144,265 194,180 214,970 148,106 205,025 197,314 187,463 Kansas City... 303,539 283,725 331,905 340,734 263,237 313,591 327,382 261', 336 Dallas 156,673 149,403 165,396 179,802 113,790 136,204 146,559 150,846 San Francisco 482,763 491,086 592,401 583,699 397,382 456,458 582,572 489,660 Total... 8,443,501 7,160,870 8,978,535 9,373,081 6,915,60S 8,366,705 10,249,412 9,198,512 NOTE.—Figures for the following centers, while shown in the body of the statement, are not included in the summary, complete data for these centers not being available for each woek under review: Manchester, N. H., Portland, Me., Atchison, Kans., Cheyenne, Wyo., Sioux Falls, S. Dak., Huntington, W. Va., Moline, Til., Washington, D. C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1096 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. Debits to individual account at clearing-house banks DATA FOR EACH REPORTING CENTER. [In thousands of dollars.] 1920 1919 Week ending- Week ending- Federal Reserve district. Sept. 1. Sept. 8. Sept. 15. Sept. 22 Sept. 3. Sept. 10. Sept. 17. Sept. 24 No. 1—Boston: Bangor 3.938 2,988 3,901 4,193 2,546 3,074 3,005 2,743 Boston 2631473 226,407 291,387 304,491 213,439 268,759 308,597 268,291 Fall River 5,835 5,269 8,100 8,490 5,434 6,805 8,890 9,309 Hartford 19,643 20,339 28,909 24,889 16,053 21,065 25,727 20,277 Holyoke 3,851 3,662 3,752 4,105 2,954 3,160 4,093 3,274 Lowell 5,044 4,392 5,744 5,988 4,999 4,827 4,735 5,417 Manchester 4,704 4,286 4,979 4,720 New Bedford 6,906 5,768 9,113 8,246 5,288 7,509 8.081 7,143 New Haven 19,318 17,408 19,204 19,981 13, 998 16,611 18; 897 15,696 Portland 9,277 8,708 9,974 8,610 Providence 32,232 27,516 36,945 39,499 23,243 34,564 40,957 30, 460 Springfield 14,072 12,962 16,629 17,766 11,275 15,775 16,596 17,115 Water bury 7,135 6,797 9,201 8,574 5,298 7,986 9.844 7,799 Worcester 17,844 11,358 19,455 20,077 12; 189 14,137 18; 808 18,134 No. 2—New York: Albany 23,113 19,154 21,710 22,007 14,033 18,285 22,355 18,900 Binghamton 4,030 3,625 4; 558 4,704 2.904 3,530 4,065 3,486 Buffalo 68,326 57,063 70.035 73,908 5O',767 60,906 72,814 57,906 New York 4,141,422 3,260,507 4,135'322 4,407,495 3,434. 335 4,213,968 5,394,074 4,993,078 Passaic 5,297 4,645 5,911 6,468 3,205 4.576 4,920 4,482 Rochester 30,768 29,006 34,316 33,784 26,966 27,157 32,246 27,514 Syracuse 17,500 13,538 18,273 19,830 13,404 13,494 15,878 16,035 No. 3—-Philadelphia: Altoona 3,151 2,820 3,800 3,100 2. 544 3,489 3,322 3,161 Chester 5,122 4,310 6,372 6,053 3', 074 3,707 4,782 5,150 Harrisburg 2,248 1,796 2.644 2,137 3,500 4,199 4,600 3,735 Johnstown 5,146 3,828 5,206 4,733 2,484 3,517 3,522 3,325 Lancaster 4,660 4,945 5,890 6,367 4,079 4,960 5,181 5,036 Philadelphia 371,568 289,142 337,552 354,138 281,376 I 308,762 376,013 334,078 Reading 3,180 3,700 5,088 4,651 2,943 4,477 3,819 3,922 Scranton 11,960 13,173 15,206 14,603 9,188 13,541 12,112 13,339 Trenton 11,569 10,237 14,134 16,528 8,191 10,032 13,704 10,599 Wilkes-Barre 8,215 7,638 9,929 9,095 6,851 8,032 8,634 6,911 Williamsport 3,765 3,740 5,078 5,067 2,282 2.825 3,643 3,970 Wilmington 6,241 6,542 7,286 8,206 8,707 9;il2 21,931 16,682 York 3,896 3,549 4,682 4,511 2,948 3,268 3,684 3,699 No. 4—Cleveland: Akron 20,700 21,119 22,349 23,430 21,235 25,369 23,667 25,822 Cincinnati 57,973 52,495 74,759 69,963 49,877 60,160 73,032 63,376 Cleveland 171,101 145,598 189,513 190,249 145,904 161,165 188,435 159,972 Columbus 27,573 23,969 32,671 34,033 24,492 29,008 31,320 27,494 Dayton 12,841 11,257 11,451 11,362 11,946 12,245 11,958 11,124 Erie 7,485 7,062 8,829 9,719 5,122 6,946 7,676 6,184 Greensburg 7,387 4,641 " 7,256 6,472 3,587 5,360 4,672 4,485 Lexington 4,122 4,120 4,723 4,837 4,374 4,722 5,609 5,028 Oil City 2,750 3,363 4,303 3,215 2,010 2.729 2,565 2,682 Pittsburgh 185,920 150,221 212,087 218,176 127,953 162,244 198,264 176,262 Springfield 3,665 3,111 3,754 3,259 3,799 3,453 4,097 3,062 Toledo 30,981 24,448 33,905 30,830 23,056 29,894 36,850 31,200 Wheeling 10,677 7,107 9,988 9,958 5,714 7,349 8,602 9,242 Youngstown 15,054 13,294 18,214 14,343 13,172 16,434 17,289 13,406 No. 5—Richmond: Baltimore 98,314 97,399 106,107 112,731 90,764 98,913 120,002 102,337 * Charleston 5,875 4,900 5,525 6,350 4,538 5,380 7,144 7,170 Charlotte 6,878 6,010 8,466 8,132 3,400 3,200 5,400 4,600 Columbia 4,717 ; 4,514 5,327 6,200 5,711 6,189 6,462 6,935 Huntington 5,747 4,726 6,189 6,328 Norfolk 17,995 17,049 19,211 18,103 14,572 17,424 19,050 17,871 Raleigh 3,400 3,973 4,600 4,100 3,062 4,191 3,721 3,710 Richmond 24,996 22,430 25,502 26,259 22,684 27,947 31,188 30,740 Washington 29,774 29,159 36,303 35,387 No. 6—Atlanta: Atlanta 26,452 23,439 29,466 32,199 24,099 30,073 34,943 33,354 Augusta 6,153 6,579 7,750 8,975 6,912 8,992 8,886 10,294 Birmingham 16,707 15,095 17,856 18,427 11,799 13,434 15,294 14,017 Chattanooga 10,219 10,551 12,323 11,844 9,302 11,699 13,697 11,332 Jacksonville 12,665 12,425 12,841 14,236 9,608 10,780 10,582 11,112 Knoxville 7,310 6,689 7,509 8,690 5,378 6,160 6,938 5,999 Macon 5,009 5,043 6,222 5,953 7,920 7,094 7,569 7,836 Mobile 8,186 14,216 8,377 8,212 6,758 7', 077 6,743 6,752 Montgomery 4,949 3,903 4,801 4,603 3,462 4,109 3,635 4,461 Nashville 22,927 22,537 26,894 27,679 15,548 20,135 20,779 21,159 New Orleans 83,887 70,885 77,655 74,227 53,320 67,781 61,885 64,726 Pensacola 2,487 2,448 2,617 2,688 1,908 2,139 2,282 1,881 Savannah 15,015 11,736 14,612 18,126 13,396 15,013 16,.194 15,433 Tampa 5,675 5,200 6,568 5,949 4,030 4,708 4,578 4,598 Vicksburg 1,291 1,612 1,741 1,597 1,214 1,324 1,405 1,306 No. 7—Chicago: Bay City 2,953 3,155 3,526 4,448 2,431 3,058 3,551 2,755 Bloomington 3,019 2,663 3,383 2,916 2,797 2,425 3,400 2,959 Cedar Rapids... 10,112 11,088 11,679 11,370 9,243 9,152 8,242 9,673 Chicago 685,164 596,988 807,552 798,136 548,187 650,892 791,744 652,077 Davenport 7,281 8,019 8,540 9,431 6,300 8,085 7,642 7,486 Decatur 4,259 4,083 4,748 4,672 3,764 4,165 4,648 3,702 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1097 Debits to individual account at clearing-house banks—Continued. 1920 1919 Week ending- Week ending- Federal Reserve district. Sept. 1. Sept. 8. Sept. 15. Sept. 22. Sept. 3. Sept. 10. Sept. 17. Sept. 24. No. 7—Chicago—Continued. Des Moines 18,865 16,307 20,384 20,979 17,088 25,571 22,718 20,242 Detroit 104,058 146,831 150,347 209,023 107,131 126,057 190,426 140,058 Dubuque 3,127 3,238 3,971 4,234 2,236 2,458 2,623 2,586 Flint 10,481 8,989 10,278 10,925 7,932 8,005 9,376 10,119 Fort Wayne 6,999 6,442 8,990 8,659 4,521 5,703 5,092 5,460 Grand Rapids 20,466 2.1,080 23,223 22,326 16,256 21.276 20,227 19,435 Indianapolis 59,451 32,752 41,437 41,725 26,907 34^ 239 39,442 32,918 Jackson 5,236 4,121 5,366 6,914 3,784 4,977 4,644 • 4,813 Kalamazoo 5,478 5,016 6,470 5,870 3,214 3,859 4,438 3,866 Lansing 6,042 6,102 5,954 6,846 ' 5,835 4,833 5,728 5,415 Milwaukee 60,274 47,080 80,145 77,205 51,190 56,770 70,367 68,566 Moline 2,828 2,961 2,537 4,564 Peoria 9,922 9,729 11,040 10,455 8,674 10,294 10,854 9,215 Rockford 5,962 5,605 6,660 6,433 4,183 5,306 6,182 4,797 Sioux City 14,223 13,345 18,089 16,122 10,800 13,698 13,536 13,367 South Bend 5,131 5,120 4,993 4,900 2,828 4,019 3,974 4,115 Springfield 3,781 3,497 4,494 4,045 4,040 5,270 5,354 4,961 Waterloo 3,570 3,770 4,658 2,774 4,088 3,816 3,472 No. 8—St. Louis: Evansville 4,760 4,799 •5,410 5,342 4,256 5,613 4,601 4,281 Little Rock 7,720 11,345 9,605 9,645 10,019 10,273 9,387 8,719 Louisville 27,197 23,554 30,468 30,731 25,968 32,288 36,396 34,371 Memphis 30,286 30.171 33,240 29,789 23,746 23,958 29,629 24,598 St. Louis 139,743 129,240 158,899 158,097 114, 866 142,146 175,606 137,553 No. 9—Minneapolis: Aberdeen 1,849 2,352 2,171 2,183 1,780 2,283 2,100 1,944 Billings 2,031 1,941 2,301 2,295 1,969 2,390 1,946 2,265 Duluth 20,482 21.325 37,249 37,409 17,263 20,493 24,889 20,815 Fargo 3,499 3,498 4,068 4,319 7,729 9,144 j 9,393 9,337 Grand Forks 1,508 1,503 2,136 1,912 1,514 1,818 I 2,288 1,991 Great Falls 2,341 2,508 2,299 3,143 1,797 2,184 2,419 2,699 Helena 2,305 2,246 2,702 2,975 3,752 2,136 2,679 2,875 Minneapolis 83,885 78,234 104,232 114,038 78,255 107,903 104,520 102,807 St. Paul 34,447 28,611 33,504 43,142 31,395 53,252 43,271 39,563 Sioux Falls 4,993 4,883 5,955 6,598 Superior 1,841 958 2,102 2,015 1,753 2,261 2,227 1,889 Winona 974 1,089 1,416 1,539 1,161 1,582 1,278 No. 10—Kansas City: Atchison 378 416 632 482 Bartlesville 3,404 2,803 3,671 3,115 2,775 2,756 3,159 2,166 Cheyenne 2,001 1,822 2,149 1,987 Colorado Springs 3,204 3,208 4,250 3,597 2,958 3,400 3,451 3,050 Denver 43,676 44,272 47,326 51,647 26,732 33,398 33,867 29,308 Joplin 2,940 3,489 4,359 3,943 2,624 3,342 3,563 2,966 Kansas City, Kans 3,634 3,154 4,386 4,196 3,342 2,983 2,999 3,143 Kansas City, Mo 89,495 85,060 106,317 102,949 91,021 104,843 110,692 92,610 Muskogee 3,965 4,067 4,857 5,766 3,470 4,092 5,978 4,634 Oklahoma City... 29,269 21,610 33,421 28,136 15,046 20,367 19,621 18,527 Omaha 53, 598 54,474 63,903 64,596 59,559 73,786 77,723 48,738 Pueblo 3,405 4,241 3,913 3,794 2,714 4,121 3,057 2,924 St. Joseph 15,935 15,931 19,981 18,625 15,486 17,565 19,408 14,201 Topeka 3,827 3,660 5,183 3,813 5,672 5,472 6,483 4,855 Tulsa 31,244 22,636 13,346 30,119 18,014 22,163 24,545 22,680 Wichita 15,943 15,120 16,992 16,438 13,824 15,303 12,836 11,534 No. 11—Dallas: Albuquerque 1,402 1,615 1,767 2,086 1,405 1,713 1,474 1,531 Austin 3,057 2,621 4,448 4,924 3,562 3,441 2,859 2,720 Beaumont 4,522 4,404 4,208 5,451 2,570 4,994 3,901 4,440 Dallas 36,714 36,982 40,707 48,326 28,201 34,383 40,017 47,285 El Paso 8,304 8,449 8,801 8,849 7,739 6,319 6,400 Fort Worth 26,002 26,981 26,548 27,422 18,281 19,175 23,453 21,919 Galveston 9,738 10,782 14,132 13,567 8,742 10,435 10,787 8,804 Houston 46,566 35,831 38,815 42,954 28,497 33,487 36,557 31,154 San Antonio 7,644 7,990 10,240 9,540 5,815 8,839 7,610 7,421 Shreveport 5,708 6,529 7,210 7,351 4,436 5,790 6,295 11,688 Texarkana 1,882 1,511 2,225 1,833 1,198 1,474 2,372 1,863 Tucson 1,526 1,463 1,469 1,612 1,905 1,144 1,164 1,021 Waco 3,608 4,245 4,826 5,887 2,870 3,590 5,751 4,600 No. 12—San Francisco: Berkeley 2,079 3,247 3,296 3,257 2,035 2,371 2,752 2,333 Boise 2,813 2,741 3,077 3,463 2,524 4,406 3,200 2,948 Fresno 8,392 10.326 15,783 12,841 5,840 8,025 11,318 9,641 Long Beach 4,271 4,384 6,434 5,713 3,262 2,993 4,267 3,542 Los Angeles 88,782 84,515 101,524 108,188 63,031 73,039 90,259 79,787 Oakland 20,943 21,617 20,979 22,373 12,518 12,066 14,483 15,648 Ogden 4,033 4,164 5,000 4,836 3,158 4,111 4,484 3,745 Pasadena 3,865 4,548 5,584 5,075 2,666 3,417 4,440 2,688 Portland 41,726 37,355 48,300 53,764 42,954 42,005 59,608 45,662 Reno 2,908 2,463 3,523 3,027 1,972 2,446 3,408 2,965 Sacramento 14,801 14,142 19,922 17,160 12,500 11,290 16,019 14,726 Salt Lake City 15,823 15.172 19,288 18,732 11,391 17,174 16,550 18,375 3an Diego 7,075 8,561 8,876 7,623 4,004 4,784 6,141 4,487 3an Francisco 189,743 209,652 237,254 236,783 151,157 173,932 240,128 188,051 San Jose 5,564 5,316 7,049 6,827 4,851 4,846 6,043 6,103 Seattle 42,214 34,511 49,953 38,730 44,917 57,300 60,637 55,248 Spokane 11,499 12,030 14,080 14,280 11,023 13,709 15,561 14,648 Stockton 4,916 4,359 6,551 6,041 4,885 3,182 5,486 4,318 Tacoma 8,718 9,187 12,414 11,869 9,748 11,471 14,714 11,471 Yakima 2,598 2,796 3,514 3,117 2,946 3,891 3,074 3,274 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1098 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. DISCOUNT AND" OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS DURING AUGUST, 1920. Discount and open-market operations of the shown for the Boston and New York banks, Federal Reserve banks during August, 1920. whose combined increase in volume of discounts are shown in summary form for the system, as was 1,177 millions. a whole, in the table below. Detailed figures Discounts of paper secured by Government by Federal Reserve Banks are given on pages obligations and otherwise secured both show 1100 and 1101. large increases in August over July, the former being larger by about 400 millions and the latter Summary of discount and open-market operations of Federal by about 867 millions. The proportion of Reserve Banks in August and July, 1920 and 1919. war paper to total discounts, however, shows a further reduction from 67 to 62 per cent, [In thousands of dollars.] compared with 96 per cent in August, 1919. The largest increase, amounting to 868 mil- 1920 1919 lions, is shown in the aggregate of discounts of commercial, agricultural, and live-stock paper, August. July. August. July. which in August, 1920, totaled 3,030 millions compared with 2,162 millions during the pre- Total discounts and open-market purchases 8,366,565 7,518,9076,808,7477,692,825 ceding month, and only 256 millions in August, Disc S o e u c n u t r s e , d t o b t y al Government war .7,982,524 6,714,924 6; 433,' 6621\ 183; 435 1919. Only a slight increase is shown for obligations 4,932,902k 532,466 6,171,309 6,824,988 discounted trade acceptances, while discounted Otherwise secured and unsecured, total 3,049,622 2,182,458 262,353 358,447 bankers' acceptances declined in volume from Trade acceptances 13,985 13,453 6,427 8,505 Bankers' acceptances ... 5,491 7,""" 182 360 7 millions in July to 5 millions in August. In All other (commercial n. August, 1919, the total of this class of paper e. s., agricultural, and live-stock paper) 3,030,146 2,161,936 255,,774444 349,582 was a negligible amount. Average maturity (in days) 12.38 13 63 9.33 9.41 Average rate (365-day basis), per i About 90 per cent of the discounts in August, Op c e e n n - t. m .. a , r . k , e - t , ,„ o perations: ,, 6.19! 6.21 4.12 4.14 as in July, consisted of 15-day paper, i. e., Bills purchased, total 259,708; 219,464 194,211 276,485 paper maturing within 15 days after date of Bankers' acceptances, total 242,012 207,272 192,405 273,975 discount by Federal Reserve Banks. In Au- I I n n t t h h e e d f o o m re e ig s n ti c t r tr a a d d e e . . . 1 5 9 1 0 , , 0 9 2 8 7 5 1 4 5 8 8 , , 7 4 7 9 3 9 1 3 5 6 5 , , 6 7 5 5 4 1 2 6 1 0 3 , , 3 5 8 9 0 5 gust, 1919, this percentage was still higher— Trade acceptances, total.. 12,270 10,168 1 425 1,669 98 per cent. Six-month bills, composed of In the domestic trade. 214 267 729 In the foreign trade... 12,270 9,954 1,158 940 agricultural and live-stock paper, continued Average D m o a ll t a u r r i e t x y c h (i a n n g d e ays) 3 5 6 ,4 .7 2 8 6 4 2 7 , . 0 8 2 2 4 50 3 .7 8 3 1 51. 8 2 4 1 1 to decrease in volume with the progress of Average rate (365-day basis), per the agricultural season; from 52 millions in cent 6.04! 6.06 4.25 4.25 United States securities pur- June, they fell to 40 millions in July, and to chased: 19 millions in August, comparable with only Bonds 13 60 Certificates of indebtedness... 124,320 584,519 180,874 232,845 4 millions in August of the past year. The average maturity of the bills discounted in During thq month of August the total of dis- August figures out at 12.38 days, as compared count operations of the Federal Reserve Banks with 13.63 days in July of this year, and 9.33 was about 7,983 millions. This total is larger days in August, 1919.. than the July, 1920, figure by about 1,268 The average rate of discount in August was millions and larger than the August, 1919, 6.19 per cent, marking a slight decline from the ; amount by 1,549 millions. Only once since 6.21 per cent average computed for August, the organization of the Federal Reserve Sys- and comparable with«4.12 per cent for August tem, namely, in October, 1919, has the volume of the past year. The bulk of discounts during of discount operations been larger than during the month under review took the 5J, 6, and 7 the month under review. The figures in the per cent rates. table, it should be noted, are exclusive of bills Total bills purchased in open market in discounted for other Federal Reserve Banks, August were about 40 millions in excess of the which totaled 298 millions during August and July total and 65 millions in excess of the 321 millions during July of this ^ear, and 196August, 1919, amount. Of the total of 260 millions during August and 296 millions during millions of bills purchased during the month July of last 3 ear. under review, 242 millions represented bankers' While discount operations were larger in acceptances, 12 millions trade acceptances, August than in July for each of the Federal and about 6 millions dollar exchange bills. Reserve Banks, except those of Kansas City Purchases of all these classes of bills were and San Francisco, the largest increases are larger than for the preceding month and also Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1099 OCTOBER, 1920. FEDERAL RESERVE BULLETIN. larger than for August, 1919. Of the bankers' Summary of discounted and purchased paper held by the acceptances purchased about 191 millions, or Federal Reserve Banks at the end of August and of July, 1920 and 1919.} 79 per cent, were bills drawn in the foreign [In thousands of dollars.] trade. The nature of the transaction is shown for 161 of the 242 millions of acceptances pur- 1920, end of— 1919, end of— chased, and of these 87 millions represent bills drawn to finance imports, and 74 millions August. July. August. July. bills drawn to finance exports. The average maturity of all paper purchased Discounted paper, total 2,667,127 2!,491,6301.,815,1341,867,602 by the Federal Reserve Banks in August was Secured by Government war obligations 1,314,8301,241 0171L,609,2961.,616,210 36.78 days, compared with 47.82 days for Otherwise secured and unsecured ,total 1,352,2971,250,613 205,838 251,392 July of this year, and 50.73 days for August, Agricultural paper 117,050 106,611 30,363 28,639 1919. The average rate charged on accept- Live-stock paper 99,228 95,909 27,538 34,965 Trade acceptances 19,476 19,498 9,001 9,600 ances was 6.04 per cent, as against 6.06 per Bankers' acceptances 9,013 9,830 439 473 Commercial paper, n. e. s..1,107.530 1,018,765 138,497 177,715 cent the month before, and 4.25 per cent in Purchased paper, total 307', 104 346,408 367,163 373,240 August of the past year. Bankers' acceptances, total.. 299,960 339,646 365,373 371,991 Member banks' 202,868 234,368 264,827 269,568 During the month under review 29 banks Non member trust companies 2,631 1,975 3,111 8,935 were added to the membership of the system, Nonmember State banks 41,499 45,137 32,665 31,928 the total number of member banks increasing Private banks 31,225 36,087 43,815 42,593 Foreign banks, branches, from 9,458 on the last day of July to 9,487 on and agencies 21,737 22,079 20,955 18,967 Trade acceptances, total 7,144 6,762 1,790 1,249 the last day of August, while the number of Domestic 1,334 1,638 561 576 member banks accommodated through dis- Foreign 5,810 5,124 1,229 673 count of paper further decreased from 4,858 in i For discounted paper the figures are for the last Friday of each July to 4,780 in August. The number of mem- month; for purchased paper for the last day of each month. bers in each district at the end of August and Among the principal changes between July of July and the number accommodated during and August in holdings of discounted paper each month is shown in the following statethe following are to be noted: An increase of ment. about 74 millions in paper secured by Government war obligations and of about 102 millions Member banks Member blanks in paper not so secured. Holdings of agriculin district. accommodated. tural paper were larger by about 10 millions Federal Reserve district. at the end of August than at the end of July, Aug. 31. July 31. August July. while the most recent amount of 117 millions was comparable with 30 millions shown for the Boston 432 432 201 231 end of August, 1919. Holdings of livestock New York 775 775 323 347 Philadelphia 693 690 365 357 paper show an increase of 3 millions as com- C R l i e c v h e m la o n n d d. 6 8 0 6 9 6 6 8 0 6 5 2 2 3 8 7 2 1 3 2 9 9 0 8 pared with the end of July, 1920, and of 72 Atlanta... . . .. 445 443 294 288 millions as compared with the end of August, Chicago 1,400 1,397 742 751 St. Louis 568 567 285 287 1919. Holdings of discounted bankers' accept- M Ka in n n s e a a s p C o i l t i y s 1,0 9 7 8 3 5 1,0 9 7 7 0 9 4 4 8 8 8 8 5 5 0 0 2 8 ances and trade acceptances were somewhat Dallas 833 828 527 519 smaller at the end of August than a month San Francisco 808 810 414 380 earlier, but much larger than a year ago, while Total 9,487 9,458 4,780 4,858 holdings of commercial paper proper increased from 1,019 millions at the end of July to 1,108 Federal Reserve Bank holdings of discounted millions at the end of August, compared with and purchased bills, by classes of paper, at the only 138 millions at end of August of the past end of August and July, 1920 and 1919, are year. shown in detail on page 1102 and are sum- Holdings of purchased acceptances at the marized in the following table: end of August were about 307 millions, marking Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1100 FEDERAL KESERVE BTJLLETIK. OCTOBER, 1920. a reduction of 39 millions from the total of 346 10.4 per cent by private banks, and 7.3 per cent millions shown at the end of July. Bankers' ac- by foreign banks, branches, and agencies. ceptances declined by about 40 millions from Holdings of trade acceptances increased from the end of July to the end of August, and were 6.8 millions at the end of July to 7.1 millions at 65 millions less at the latter date than a year the end of August, the latest total being comearlier. Of the bankers' acceptances held at posed of 1.3 millions of acceptances drawn in the end of the month, 67.6 per cent were the domestic trade and 5.8 millions drawn in accepted by member banks, 14.7 per cent by the foreign trade. nonmember State banks and trust companies. Total discount and open-market operations of each Federal Reserve Bank during August, 1920. United States securities purchased. Total. Bills dis- Federal Reserve Bank. m c e o m u b n e te r d b a fo n r ks.in B o i p ll e s n b m ou a g r h k t et. Bonds and Certificates of Victory notes. indebtedness. August, 1920. August, 1919. Boston $416,777,225 $24,851,970 $26,621,500 $468,250,695 $288,044,078 New York 5,091,646,804 132,506,461 56,404,500 5,280,557,765 3,693,076,844 Philadelphia 520,882,184 8,057,736 29,694,000 558,633,920 925,992,018 Cleveland 197,568,429 24,936,676 1,875,000 224,380,105 294,517,467 Richmond 265,386,300 4,706,421 1,000,000 271,092,721 389,592,648 Atlanta 208,283,410 1,198,097 209,481,507 185,931,984 Chicago 510,945,517 34,656,863 $12,500 2,369,000 547,983,880 462,339,271 St. Louis 205,721,345 985,000 787,500 207,493,845 159,890,092 Minneapolis 81,183,262 525,328 40,000 81,748,590 48,525,463 Kansas City 145,550,169 3,514,610 1,242,500 150,307,279 110,264,600 Dallas 110,782,861 805,000 50,000 111,637,861 95,939,511 San Francisco 227,796,538 22,964,116 4,236,500 254,997,154 154,633,135' Total, August, 1920 7,982,524,044 259,708,278 12,500 124,320,500 8,366,565,322 Total, August. 1919 6,433,662,286 194,210,625 200 180,874,000 6,808,747,111 Total, 8 months ending Aug. 31, 1920 53,128,856,083 2,192,875,340 240,600 5,367,209,000 60,689,181,023 Total, 8 months ending Aug. 31, 1919 49,682,125,538 1,543.463,357 1,751,675 1,978,374,500 i"53,"205,"7i6,"676 1 Includes $1,000 of municipal warrants. Average daily amount of earning assets held by each Federal Reserve Bank during August, 1920, earnings from each class of earning assets and annual rate of earnings on basis of August, 1920, returns. Average daily holdings of— Federal Reserve Bank. Discounted Purchased United States bills. bills. securities. Total. Boston $173,312,368 $21,682,209 $23,344,295 $218,338,872 New York 887,809.400 116,083,306 71,682,768 1,075,575,474 Philadelphia 175,458', 735 12,891,524 35,328,010 223,678,269 Cleveland 177,957,186 59,877,601 24,276,827 262,111,614 Richmond 103,775,409 6,976,745 13,525,558 124,277,712 Atlanta 117,058,707 3,065,269 15,781,462 135,905,438 Chicago 436,806,440 43,028,924 44,196,100 524,031,464 St. Louis 112,397,837 2,451,794 18,463,819 133,313,450 Minneapolis 81,019,000 1,747,000 8,599,000 91,365,000 Kansas City 107,118,985 3,926,817 21,713,548 132,759,350 Dallas 73,305,848 728,629 12,268,129 86,302,606 San Francisco 159,093,541 53,001,218 14,108,047 226,202,806 Total, August, 1920 2,605,113,456 325,461,036 303,287,563 3,233,862,055 Total, August, 1919, 1,801,887,304 371,090,978 269,648,389 2,442,626,671 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE 1101 Average daily amount of earning assets held by each Federal Reserve Bank during August, 1920, earnings from each class of earning assets and annual rate of earnings on basis of August, 1920, returns—Continued. Earnings from— Annual rates of earnings on— Federal Reserve Bank. Dis b c i o ll u s n . ted Pur b c i h ll a s s . ed se U S cu n ta r i t i t e t e i s d es. Total. Dis b c i o ll u s n . ted Pur b c i h ll a s s . ed se U S cu n ta r i t t i e e ti s d es. Total. Per cent. Per cent. Per cent. Percent. Boston $913,828 $111,854 $40,422 $1,066, 6.23 6.09 2.04 5.76 New York 4,697,735 607,155 156,086 5,460, 6.25 i 6.18 2.58 5.99 Philadelphia 827,989 65,003 68,347 961, 5.57 ! 5.95 2.28 5.07 Cleveland 891,219 303,577 42,569 1, 237, 5.90 5.97 2.06 5.56 Richmond 526,783 35,823 23,028 585, 5.99 6.06 2.01 5.56 Atlanta 604,383 15,837 26,915 647, 6.10 6.10 2.01 5.62 Chicago 2,422,720 220,010 78,481 2,721, 6.55 6.04 2.10 6.13 St. Louis 573,589 12,775 33,401 619, 6.03 6.15 2.13 5.49 Minneapolis 463,459 8,962 14,669 487, 6.75 6.06 2.01 6.29 Kansas City 540,788 20,011 39,010 599, 5.96 6.02 2.12 5.33 Dallas 389,299 3,788 22,261 415, 6.27 6.03 2.14 5.68 San Francisco 804,410 26,064 1,099, 5.97 5.99 2.18 5.74 Total, August, 1920 13,656,202 1,673,461 571,253 15,900,916 6.19 6.07 2.22 5.81 Total, August, 1919 6,321,525 1,329,145 506,093 8,156,763 4.13 4.22 2.21 3.93 Bills discounted during August, 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. G w se o a c v p r u e a r o r p e n b e d m l r i g b e a y n - t G S o e v cu e r r e n d m b en y t Otherwise c T e r p a t d an e c a e c s - . B a a a c n n c c e k e p e s t r . - s' c ( n c u l . o i l v e m tu e . m r s s a . t e l o a r c a g c n k i r a i d - l Total. m A in a v t d e u r a r a y i g t s y e . A (3 b v 6 r a a 5 e s - r t i d a e s a g ). y e tions. 'war obliga- secured. paper). tions. Per cent. Boston.. . . $12,077,862 $331,385,370 $100,000 $193,260 $10,108 $73,010,625 $416,777,225 11.73 6.47 New York 100,433,993 2,840,082,275 168,000 i 4,214,405 2l,831,005 2,144,917,126 5,091,646,804 7.37 6.25 Philadelphia 16,814,038 298,472,402 316,330 205,279,414 520,882,184 10.00 5.57 Cleveland 6,302,545 157,240,192 350,000 2,200,056 452,265 31,023,371 197,568,429 16.42 5.81 Richmond 2,317,073 229,512,376 1,977,600 658,504 30,920,747 265,386,300 14.37 5.96 Atlanta 6,042,579 142,808.720 551,000 744,987 332,262 57,803,862 208,283,410 25.17 6.04 Chicago.. 16,144,889 293,437,328 853,955 1,988,337 615,000 197,906,008 510,945,517 34.76 6.65 St. Louis 5,973,258 107,050,761 125,000 652,369 733,856 91,186,101 205,721,345 27.25 5.84 Minneapolis 1,156,812 32.657,090 2,019,297 288,691 45,061,372 81,183,262 40.42 6.80 Kansas City 4,907,649 102', 129,330 529,000 622,959 14,392 37,346,839 145,550,169 28.76 6.45 Dallas . . I', 687,470 81,046,018 615.600 435,972 26,997,801 110,782,861 28.59 5.76 San Francisco 3,069,746 140,152,075 938;300 1,669,373 1,501,411 80,465,633 227,796,538 21.41 5.96 Total, Aug., 1920. 176,927,914 4,755,973,937 8,227,752 13,985,243 5,490,299 3,021,918,899 7,982,524,044 12.38 6.19 Total, Aug., 1919. 131,220,185 6,039,562,285 20,301,959 6,427,411 181,944 235,968,502 6,433,662,286 9.33 4.12 1 Includes $417,500 in the foreign trade. 2 Contains $110,000 in dollar exchange bills. Bankers' and trade acceptances in the foreign and domestic trade and dollar exchange bills purchased during August, 1920; also average rates and maturities of total bills purchased by each Federal Reserve Bank. Federal Reserve Bank. Domest B ic a . nke F rs o ' r a e c ig c n ep . tances T . otal. Domesti T c. rade F a o c r c e e ig p n ta . nces. Total. ex D b c o i h l l a l l s n a . r ge p T u o r t c a h l a b s i e l d ls . i a n t A g u d e v r a i e m t y r y - a s - . ( a 3 b A g 6 a e 5 v s - i e r d s a r ) a - t . y e Per. ct. Boston $7,268,118 $17,483,852 $24,751,970 $100,000 $24,851,970 34.54 6.13 New York 20,784,353 95,355,217 116,139,570 $12,121,755 $12,121,755 4,245,136 132,506,461 26.15 6.01 Philadelphia. 1,229,781 6,477,955 7,707,736 350,000 8,057,736 42.82 5.87 Cleveland 5,865,494 18,691,182 24,556,676 380,000 24,936,676 48.81 6.00 Richmond 418,271 4,288,150 4,706,421 4,706,421 51.25 6.08 Atlanta 941,597 256,500 1,198,097 1,198,097 44.95 6.08 Chicago 10,071,716 24,334,122 34,405,838 251,025 34,656,863 56.19 6.09 St. Louis 175,000 810,000 985,000 985,000 39.15 6.18 Minneapolis . . . 13,828 461,500 475,328 50,000 525,328 78.80 6.11 Kansas Citv 3,514,610 3,514,610 3,514,610 49.29 6.08 Dallas . 305,000 500,000 805,000 • 805,000 55.36 6.25 San Francisco 3,953,882 18,812,110 22,765,992 148,124 148,124 50,000 22,964,116 49.09 6.01 Total, August, 1920. 51,027,040 190,985,198 242,012,23S 12,269,879 12,269,879 5,426,161 259,708,278 36.78 6.04 Total, August, 1919. 36,653,358 155,751,303 192,404,661 $267,279 1,157,435 1,424,714 3S1,25O 194,210,625 50.73 4.25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1102 FEDERAL BESEBVE BULLETIN. OCTOBER, 1920. Discounted bills, including member banks' collateral notes, held by each Federal Reserve Bank on the last Friday in August, 1920, distributed by classes. [In thousands of dollars.] Member banks' col- Customers' lateral notes. paper se- Federal Reserve Bank. A p t g a u r p r ic e a u r l . l- p L s a t i o p v c e e k r - . m c G u o e o r b n e v l t i d e g w r a b n - a y - r S m e G c e o u n v r t e e w d rn a b - r y O w t i h s e e r a a T c n r c c a e e d p s e t . - B a a a c n n c c e k e p e s t r . - s' c ( A n c ia o . l l l m e p o . m a t s h p . e e ) e r . r r - Total. tions. obliga- secured. tions. Boston 1 2,239 23,257 93,523 163 25 66,338 185,546 New York 224 143, 861 410,131 74 3,626 2,483 359,644 920,043 Philadelphia... 265 48,406 88,950 332 202 36,261 174,416 Cleveland 578 187 13,759 66,247 142 2,354 207 113,240 196,714 Richmond 9,143 130 5,939 30,776 1,221 1,383 52,170 100,762 Atlanta 15,044 3,007 10,510 53,809 206 1,253 593 34,470 118,892 Chicago 21,908 21,858 140,770 347 4,479 1,428 247,974 438, 764 St. Louis 4,155 1,583 11,464 24,305 63 858 1,449 68,353 112,230 Minneapolis 15,079 40,736 4,413 2,314 1,035 413 14,219 78,209 Kansas City... 8,646 25,373 7,451 39,727 222 826 34 27,425 109,704 Dallas 18,662 10,840 2,528 18.036 372 768 153 22,289 73,648 San Francisco., 23,345 15,133 3,996 48,800 137 3,021 2,439 61,328 158,199 Total, 1920. 117,050 99,228 297,442 1,017,388 3,819 19,476 9,013 1,103,711 2,667,127 Total, 1919. 30,363 27,538 209,072 1,400,224 9,319 9,001 439 129,178 1,815,134 Acceptances purchased by each Federal Reserve Bank and held on Aug. 31,1920, distributed by classes of accepting institutions. [In thousands of dollars.] Bankers' acceptances. Trade acceptances. Federal Reserve Bank. M ba e n m k b s e . r m p t N c a e r o n m u o m i s n e b t - - s e . r m b S N e a t m n o a k n t b e s - e . r P b r a i n v k a s t . e a b F g a b o e n a a r n n k n e c d e i k i g r e s n s s , , . Total. Domestic. Foreign. Total. G to r t a a n l d . Boston 18,779 98 1,231 1,655 573 22,336 22,336 New York 52,764 1,877 15,973 10,575 7,689 88,878 1,310 5,350 6,660 95,538 Philadelphia . 13,903 200 2,549 2,204 1,208 20,064 20,064 Cleveland 33,080 423 10,625 8,613 6,681 59,422 59,422 Richmond 7 062 7 062 7,062 Atlanta 1,671 1,671 1,671 Chicago 37,961 14 1,688 1,020 428 41,111 41,111 St. Louis 1 970 1 970 1,970 Minneapolis 985 50 1,035 1,035 Kansas City. . 3,985 3,985 3,985 Dallas 458 458 458 San Francisco 30,250 19 9,433 7,158 5.108 51,968 24 460 484 52,452 Total: Aug. 31, 1920 202,868 2,631 41,499 31,225 21,737 299,960 1,334 5,810 7,144 307,104 July 31, 1920 234,368 1,975 45,137 36,087 22,079 339,646 1,638 5,124 6,762 346,408 June 30, 1920 255,564 1,876 54,598 38,647 21,856 372,541 1,939 10,071 12,010 384,551 Mav 30, 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. 29, 1920 364,940 2,100 70,127 60,218 I 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 Aug. 31, 1919 264,827 3, 111 32,665 43,815 20,955 365,373 561 1,229 1,790 367,163 Aug. 31, 1918 188,366 1,717 8,264 19,167 8,450 225,964 2,201 6,605 8,806 234,770 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1103 OCTOBER, 1920. FEDERAL RESERVE BULLETIN. Bills discounted by each Federal Reserve Bank during the three months ending Aug. 31,1920, distributed by rates of discount; also average rates and maturities of bills discounted by each bank. 4f per cent. 5 per cent- 5£ per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Boston $25,963,307 $29,763 New York Philadelphia 229,302,050 390,272 $6,570,500 $13,995 Cleveland 49,425,500 51,039 526,500 1,154 Richmond Atlanta 62,216,000 115,816 2,716,500 5,878 Chicago 941,000 2,275 St. Louis 68 592,300 115,409 1,685,500 2,190 Minneapolis 150,000 329 Kansas City 42,311,200 77,959 704,000 1,530 Dallas. 59,850,845 113,166 791,000 1,673 San Francisco $318,000 $150 20,398,000 30,514 Total . ... 318,000 150 537,811,202 893,753 34,333,000 59,209 5h per cent. 5f per cent. 6 per cent. 6| per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount. Boston $478,611,155 $399,878 $457,857,392 $834,712 New York 5,264, 809,044 2,503,130 2,784,647,144 6,379,416 Philadelphia 764,303,755 1,649,503 $8.246,000 $13,607 498,475,772 688,100 Cleveland 147,423,843 187,073 311,531,993 806,320 10^,935,439 771,284 Richmond 124,809,600 170,951 725,500 1,724 678,630,692 1,874,734 Atlanta 300,270,183 701,932 1,338,000 3,196 184,680,627 1,488,096 Chicago 330,185,795 742,357 28,227,000 69,965 610,763,620 1,876,826 St. Louis.. 258,645,669 632,086 247,535,319 1,817,250 Minneapolis 46,712,400 99,681 68,423,757 200,941 $995,009 $7,120 Kansas City. 255,625,115 614,387 11,785,000 27,951 125,685,830 1,475,355 Dallas 188,475,495 458,204 426,500 1,005 88,063,346 1,047,393 San Francisco 144,355,620 191,365 67,408,575 73,166 472,712,659 2,341,345 Total 8,304,227,674 8,350,547 429,688,568 996,934 6,327,411,597 20,795,452 995,009 7,120 7 per cent. Super-rates. Total. Average Average Federal Reserve Bank Discount maturity rates collected in days. (365-day Amount. Discount. during Amount. Discount. basis). period. Per cent. Boston ..... $157,514,077 $1,234,917 $1,119,945,931 $2,499,270 12.85 6.34 New York . 4,511,783,132 6,344,172 12,561,239,320 15,226,718 7.04 6.28 Philadelphia .. .... 1,506,898,077 2,755,477 12.07 5/53 Cleveland ... 618,843,275 1,816,870 18.47 5.80 Richmond.. 804,165,792 2,047,409 15.61 5.95 Atlanta .. . $59,230 551,221,310 2,374,148 26.52 5.93 Chicago.- - 598,056,452 7,3*66,6"6i 1,568,173,867 9,992,024 34. 99 6.65 St Louis 66,326" 576,458,788 2,633,261 28.77 5.80 Minneapolis 131,951,097 1,638,258 248,232,263 1,946,329 42.17 6.79 Kansas City .. 294,723 436,111,145 2,491,905 31. 66 6.59 Dallas 10,506 337,607,186 1,631,947 30. 38 5.81 San Francisco .... . 705,192,854 2,636,540 23.03 5.94 Total 5,399,304,758 16,517,948 430,785 21,034,089,808 48,051,898 13.40 6.22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1104 BULLETIN". OCTOBER, 1920. Acceptances purchased by each Federal Reserve Bank, during the three months ending Aug. 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. 5J per cent. 5| per cent. 5| per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount.Amount. Discount. Amount. Discount. Boston $4,561,527 $13,244 New York. , $18,715,361 $40,086 167,737,693 466,860 Philadelphia 6,524,736 43,422 Cleveland.. . 7,637,701 30,088 Richmond Atlanta... Chicago 10,916,103 42,491 St. Louis $10,000 $64 25,000 112 Minneapolis $75,000 $257 Kansas City Dallas San Francisco $100,000 $930 9,356,240 41,867 Total 75,000 257 100,000 930 18,715,361 40,086 10,000 64 206,759,000 638,084 5| per cent. 6 per cent. 6J per cent. 6J per cent. 6-nr Per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount Amount. Discount. Amount. Discount. Boston . $20,683,042 $126,219 $13,236,859 $99,717 $11,953,467 $92,417 $2,811,349 $21,732 New York 89,295,179 791,503 62,566,879 692,814 16,074,394 186,356 8,679,936 116,620 Philadelphia 2,172,347 18,283 1,010,268 6,697 Cleveland 36,637,344 327,794 26,399,992 272,226 2,514,122 24,822 944,290 7,465 Richmond 11,291,884 104,893 Atlanta... . 5,607,305 57,247 Chicago.. 54,245,425 520,301 10,288,318 123,143 2,595,957 26,260 5,072,620 57,026 $80,000 $1,213 St. Louis 261,712 2,112 2,602,443 32,613 291,336 714 Minneapolis 4,625,370 52,607 Kansas City 7,335,671 69,119 Dallas 1,047,500 9,585 500,000 5,208 San Francisco 32,324,375 287,007 19,452,340 216,196 2,202,040 25,208 1,318,551 12,134 Total 235,619,424 2,073,219 165,464,829 1,736,857 35,339,980 355,063 19,618,082 220,899 80,000 1,213 6| per cent. 6\ per cent. 6| per cent. 6| per cent. 6| per cent. Federal Reserve Bank. Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount.Amount. Discount. Boston.. $15,088,263 $41,993 $3,016,546 $8,758 $15,435 $39 $1,>,000 $42 New York 1,445,270 20,468 136,703 2,030 2.>,617 394 Philadelphia Cleveland 797,529 2,291 774,521 1,995 $15,000 $43 Richmond Atlanta Chicago 8,674,899 131,291 5,049,000 81.139 702,000 11,503 60,022 537 St. Louis .... 455,770 1,211 495,000 1,178 900,000 2,484 1,200,000 3,375 24,200 361 Kansas City Dallas.. San Francisco 113,649 1,769 Total 26,575,380 199,023 9,495,970 95,461 1,617,435 14,026 1,240,617 3,811 75,022 580 7 per cent. 7£ per cent. Total. Average Average Federal Reserve Bank. maturity rate (365in days. day basis) Amount. Discount.Amount. Discount. Amount. Discount. per cent. Boston. $71,381,488 $404,161 33.75 6.12 New York.. $44,045,303 $113,411 $93,171 $1,223 408,815,506 2,431,765 35.93 6.04 Philadelphia 9,707,351 68,402 43.69 5.89 Cleveland 75,720.499 666,724 53.40 6.02 Richmond 11,291.884 104,893 55.74 6.08 Atlanta 5,607,305 57,247 61.26 6.08 Chicago... 97,684,344 994,904 60.80 6.11 St. Louis 6,241,261 43,863 41.45 6.19 M i n n e a p o l i s . . . . .. ... 4,724,570 53,225 67.62 6.08 Kansas City 7,335,671 69,119 58.53 6.08 Dallas 1,547,500 14,793 56.56 6.17 San Francisco 64,867,195 585, 111 54.77 6.01 Total 44,045,303 113,411 93,171 1,223 764,924,574 5,494,207 43.29 6.06 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE B1JLLETIK. 1105 OPERATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM FROM AUGUST 16 TO SEPTEMBER 15, 1920. [Amounts in thousands of dollars.] Items drawn on "banks in own district. Items drawn on Items forwarded to Items forwarded Federa o l r R b e r s a e n r c v h e . Bank Fed L B e o r a c a n a l k t R e a d e n s i d e n rve F L e o d c B e a r a t a e n l d k R o a e n u s t d e s r id v e e U T n r i e te a d s u S re ta r t o e f s. Total. Re t s h o e e t r h i v r e e r b B r F a e a n d n c e k h r s e a s a l . nd t o s o r a p t m o a e r b e d r n a i t n s t c b r h a ic n i t n k . "branch cities. branch cities. Number.Amount. Number.Amount. Number. Amount. Boston 624,687 625,616 2,682,55l! 443,981 112,930 23,022 3,420,168 1,092,619 127,407 80, 377j New York 987,964 2,109,080 3,753,4501,260,623 938,550 234,469 5,679.964 3,604,172 905,644 595,778 23,241 8,829 Buffalo 149,339 113,474 345,703 62,091 8,296 4,227 503,338 179,792 144,212 37,257 33,177 27,948 Philadelphia ,428,432 869,761 1,801,909 281,616 130,757 72,096 3,361,098 1,223,473 735,328 234,397 Cleveland 330,651 280,977 1,101,466 202,003 43,069 5,498 1,475,186 488,478 28,913 31,523 48,199 18,079 Cincinnati 146,745 161,086 752,625 100,088 36,974 4,309 936,344 265,483 14,916 18,247 9,507 5,883 Pittsburgh 314;969 337,364 769,004 101,023 25,403 6,852 1,109,376 445,239 61,375 53,358 28,796 8,868 Richmond 100,360 165,534 1,468,302 289,847 35,391 5,599 1,604,053! 460,980 123,434 72,609 9,932 12,140 Baltimore 189,524 195,653 656,049 88,638 49,551 15,100 895,124 299,391 143,475 122,846 9,125 8,660 Atlanta 110,206 74,204 295,77' 61,852 20,786 6,323 426,769 142,379 21,512 21,662 57,339 10,419 Birmingham 41,137 22,177 145,407 13,437 10,567 1,026 197,111 36,640 16,845 12,384 25,007 41,361 Jacksonville 27,192 19,932 116,794 13,501 8,805 1,701 152,791! 35,134 24,179 8,844 6,423 2,357 Nashville 39,983 37,675 191,816 25,537 9,518 2,317 241,3171 65,529 28,838 6,220 11,758' 2,491 New Orleans 56,157 65,358 100,897 17,599 16,138 3,037 173,1921 85,994 54,165 14,145 6,750 1,297 Chicago 775,271 779,016 3,304,612 445,925 138,625 33,804 4,218,508!1,258,745 285,869 45,164 11,637 5,452 St. v L D ou et i r s oit 2 1 3 8 8 6 , , 0 6 2 9 4 7 1 - 2 20 8 1 2 , ,8 5 0 1 2 9 1, 3 33 7 8 0 , , 2 3 5 5 2 8 1 5 1 4 3 , , 3 0 3 7 7 8 3 6 1 4 , , 5 5 9 6 1 4 4 7 , , 1 8 4 1 6 2 1,6 5 4 8 0 8 , , 8 6 6 1 7 9 2 40 6 3 0 , , 6 0 9 0 2 2 i ] 25 9 , , r 24 • 2 • 9 9 , , 1 6 9 5 9 0 23 6 , , 6 6 9 9 2 2 2 2, , 4 2 1 5 4 9 Little Rock 40,338! 26,235 271,259 20,383! 5,556 1,136 317,153 47, 754! 8,299 1,992 31,270 4,498 Louisville 74,4701 67,889 346,827 28,730: 18,798 5,991 440,095 102,610 9,418 2,919 2,588 535 Memphis 69,158! 32,413 135,097 10,549! 7,564 1,353 211,819 44,315 2,530 1,400 5,687 1,627 Minneapolis 265,356! 162,907 1,599,967 127,249; 17,359 3,352 1,882,682 293,508 107,026 42,571 Kansas City 274,294 368,420 2,087,852 169,398 48,987 6,529 2,411,133 544,347 268,308 78,786 37,273 Denver 69,938 66,362 335,652 28,217J 15,516 2,536 421,106 97,115 134,068 20,496 20,956 Oklahoma City 43,905 75,482 907,430 106, 870i 951,335 182,352 29,305 6,475 19,242 Omaha 90,808 74,539 531,322 50,937| 14,179 1,1 636,309 127,163 37,721 8,790 9,627 Dallas 86,953 64,412 1,441,223 260,171 24,397 3, 8831,552,573 328,466 79,486 37,745 10,213 El Paso 30,460 12,420 124,147 12,746 11,73" 4,484 166,344 29,650 19,488 9,021 2,556 Houston 58,026 55,227 362,422 50,942 13,413 1,354 433, 861 107,523 17,865 2,410 3,389 San Francisco 130,125 124, 891 340,353 33, 550 50,559 74,658 521,037 233,099 24,919 4,476 10,479 Los Angeles 112,519 94,602 667,534 59,153; 19,814 7,245 799,867 161,000 57,594 8,968 5,083 Portland 52,416 43, 859 178,490 13,458 17,030 6,003 247,936 63,320 2,496 2,800 5,018 Salt Lake City 67,312 26,475 349,472 34,785| 13,144 2,658 429,928 63,918 10,660 15,147 10,100 Seattle 63,693 43,947 206,715 18,585 24,248 8,948 294,656 71,480 16,910 6,521 6,980 Spokane 26,581 19,083 156,678 12,588 9,011 1,179 192,270 32,850 7,425 3,390 5,844 Total: Aug. 16 to Sept. Ju 1 ly 5 ,1 1 9 6 20 to Aug. 7,303,690 7,7( ), 237,412J4,613,4871.1,992,827 564,334 38;533,92912,878,212i3,584,78U 1,627,567 853,084 311,877 15,1920 7,093,981 27,951,862;4,510,462 1,999,664 383,068 37,045,507 12,301,405 ,376,932|21,579,215 757,694 272,339 Aug. 16 to Sept. 15,1919 5,014,779 6, 17,730,1793,920,3011,927,- 804 1,290,535 24,667722,,76211439,31132,426,843 31,449,209 546,860 298,610 Number of incorpo- Number of member Number of nonmem- rated banks other banks in district ber banks on par list than mutual savings Sept. 15. Sept. 15. banks not on par list Federal Reserve district. Sept. 15. 1920 1919 1920 1919 1920 1919 Boston 434 430 257 242 New York 777 744 327 319 Philadelphia 694 670 433 409 Cleveland 866 837 1,076 1,014 75 Richmond . . .. 610 573 766 418 784 1 026 Atlanta 445 431 421 349 1,202 1,217 Chicago 1,401 1,363 4,240 3,184 1,012 St. Louis 567 527 2, 512 1,731 174 922 Minneapolis 985 899 2,913 1,485 1,384 Kansas City 1,076 1,017 3,395 2,502 755 Dallas 838 748 1,254 392 822 San Francisco 813 681 1,026 917 149 Total 9,506 8,920 18,620 12,962 2,160 7,362 1 Includes 7,210 items, amounting to $2,115,000, forwarded direct to member banks in other Federal Reserve districts. 2 Includes 6,553 items, amounting to $1,965,000, forwarded direct to member banks in other Federal Reserve districts. 3 Includes 4,260 items, amounting to $2,736,000, forwarded direct to member banks in other Federal Reserve districts. NOTE.—Number of business days in period was 26 in all Federal Reserve Bank and branch cities except Baltimore, Dallas, El Paso, and Houston where the number was 25, and in San Francisco and Los Angeles, where the number was 24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1106 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. CHANGES IN CONDITION OF FEDERAL RESERVE BANKS. Discount operations of the Federal Reserve of about 166 millions, of which 96.5 millions Banks between August 27 and September 24, represents the decrease in bills secured by as measured by the amounts of discounted bills Government obligations and 69.5 millions the held on successive Fridays, on the whole show decrease in other discounted bills. Borrowa further moderate-upward course, the Septem- ings from the Federal Reserve Banks were, ber 24 total of discounted bills, 2,704.4 millions, however, resumed on a large scale during the being 37.3 millions in excess of the August 27 following week, as the member banks' deposit total. A decline of 69.7 millions in discount accounts came to be debited with the large holdings shown in the September 10 condition amounts of checks and drafts issued in paystatement is largely offset by an increase' of ment of taxes, and on September 24 Federal 52.8 millions in the holdings of Treasury cer- Reserve Bank holdings of discounted paper tificates, of which the larger portion was ac- had increased by 195.2 millions, of which by quired during the week from New York member far the larger portion, viz, 177.4 millions, banks and held until maturity on September 15 represents an increase in the amount of ordinary by the Boston and Cleveland Reserve Banks. commercial paper, as distinct from bills secured Changes in the Federal Reserve Banks' loan by Government war obligations. accounts indicated in the September 17 state- Holdings of bills of the latter type totaled ment reflect the week's large fiscal operations, 1,220.4 millions on September 24, as against including the redemption on September 15 of 1,314.8 millions four weeks earlier. In the the bulk of the principal and the semiannual meantime the holdings of other discounted interest coupons of about 640 millions of tax bills had increased from 1,352.3 to 1,484 milcertificates and the issuance on the same date lions, so that the share of bills secured directly of 448.6 millions of two series of new tax cer- or indirectly by Government obligations in the tificates, the payment of semiannual interest total discounts shows a decline for the four on third Liberty loan bonds, and the handling w^eeks from about 50 to slightly over 45 per of the third quarterly installment of income cent. Of the total decrease of 94.4 millions in and excess profits taxes. the holdings of war paper by far the larger por- A summary of the weekly changes in the tion, viz, 78.5 millions, represents the decrease principal asset and liability items of the in paper secured by Treasury certificates, paper Federal Reserve Banks follows: secured by Liberty bonds and Victory notes showing a decrease of 15.9 millions only. In Principal asset and liability items of the 12 Federal Resen econsequence of these changes, the share of Banks combined on Fridays, Aug. 21 to Sept. 24,1920. paper secured by certificates in the total holdings of war paper shows a decline from 26.4 to [In millions of dollars.] about 22 per cent. For the first 3 weeks under review there is Aug. Sept. Sept. Sept. Sept 27. 3. 10. 17. noted a reduction by 232.2 millions in 15-day paper, as against a reduction of only 157.9 mil- Eeserves: lions in total discounts held. During the sub- Total 2,128 2,118 2,131 2,133 2,152 Gold 1,972 1,962 1,976 1,973 1,990 sequent week short-term borrowing was, how- Bills discounted: ever, resumed in large volume, and on Septem- Total 2,667 2,745 2,675 2,509 2,704 Secured by Government war ber 24 the holdings of 15-day paper had inobligations 1,315 1,333 1,299 1,202 1,220 All other 1,352 1,412 1,376 1,307 1,484 creased to 1,483.1 millions, marking a gain of Bills bought in open market 322 314 317 322 308 133.5 millions for the week, though an absolute Certificates of indebtedness 274 280 332 393 271 Total earning assets 3,290 3,365 3,351 3,251 3,310 decline of nearly 100 millions since Augut 27, M Go e v m e b rn er m s' e r n e t se d r e v p e o s d i e ts posits 1,8 4 19 4 1,8 6 30 5 1,8 3 29 1 1, 1 8 3 22 5 1,8 4 0 0 1 and a relative decline from about 60 to 55 per Net deposits 1,718 1,735 1,679 1,578 1,658 cent of the total discounts held. Holdings of Federal Reserve notes in circulation 3,204 3,243 3,295 3,290 3,280 30-day paper show an increase of 104.2 millions, Federal Reserve Bank notes in circulation 201 205 209 212 214 largely during the last week under review. Reserve percentage 43.2 42.5 42.8 43.8 43.6 Moderate increases are shown in the holdings of 60 and 90 day paper, while those of 6-month Redemption of Treasury certificates enabled agricultural and live-stock paper show a conthe member banks to liquidate considerable tinuous reduction, reflecting to some extent amounts of paper held under discount with the further seasonal liquidation of bank loans the Federal Reserve Banks and, accordingly, in the agricultural districts. the latter's holdings on September 17 of dis- Further reduction from 321.9 to 307.6 milcounted bills show a reduction for the week lions is shown in the Federal Reserve Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1107 OCTOBER, 1920. FEDERAL, RESERVE BUKLETIN. holdings of acceptances purchased in the open the Philadelphia, Cleveland, and San Franmarket. Since January 23, when holdings of cisco banks. There also continue to be shown this class of paper reached the high total of aggregate guarantors' liabilities of the Reserve about 576 millions, there has been a fairly Banks of 16.2 millions on bills purchased for steady decline, due in most part to the in- account of foreign correspondents. creasing absorption of prime bank acceptances Government deposits fluctuated between by country banks, savings banks, and indus- 31 millions on September 10 and 135.2 millions trial corporations. Treasury certificate hold- on the following Friday. Reserve deposits ings fluctuated in volume between a high of moved within the narrow limits of 1,829.8 393.5 millions on September 17 and a low ofmillions on September 3 and 1,800.7 millions 270.6 millions on the following Friday, the on September 24, while other deposits, comlarger figure including 127 millions of special posed largely of foreign Government credits certificates held by the New York and Cleve- and nonmembers' clearing accounts, show an land Federal Reserve Banks to secure advances almost continuous decline from 43.2 to 34.9 to the Government. Collection of tax checks millions. Net deposits, from a high level of during the following week enabled the Govern- 1,735.1 millions on September 3, declined to ment to redeem all of these certificates. 1,578.3 millions on September 17. On the Interbank discounting continued in large following Friday, in consequence of the large volume, the total of paper held under discount reduction in the "float," an increase to for other Federal Reserve Banks showing an 1,658.5 millions is shown. Federal Reserve increase from 166.5 to 226.9 millions. The note circulation shows a further expansion larger amount was held by the Boston, Phila- during the earlier two weeks of 91.6 millions. delphia, and Cleveland banks, the latter bank Since then a total reduction of 15.2 millions for showing a total of 135.6 millions discounted the system and a much larger reduction for the for other Federal Reserve Banks, compared three eastern seaboard districts are shown. with about 86 millions of paper held under dis- There is also shown a continuous expansion by count for its own members. The list of redis- 13.4 millions in Federal Reserve Bank note counting banks on September 24 includes circulation between August 27 and Septembesides the six banks shown at the close of ber 24. August also the Chicago bank, while the Phila- As a consequence of further net gold imdelphia bank has been able more recently to ports, the banks' gold reserves show a gain extend an increasing amount of accommoda- of about 18 millions, while their total cash tion to the other Federal Reserve Banks. reserves, in consequence of further silver Among the banks accommodated are found the deposits by the Government, show a gain of four banks which apply progressive discount 23.8 millions. The reserve ratio, which had rates. These four banks show a total increase shown a decline from 43.2 per cent on August of over 51 millions in their member bank dis- 27 to 42.5 per cent on September 3, rose to counts, as against an increase of about 40 43.8 on September 17, following the large millions in aggregate liabilities on paper redis- liquidation of borrowings by member banks counted with other Federal Reserve Banks. and the reduction thereby of the Reserve Holdings of acceptances purchased from other Banks' deposit liabilities. On September 24, Federal Reserve Banks declined from 48.9 to in consequence of the resumption of member 23.4 millions. The latter amount is composed of bank borrowings and the large increase in the bank acceptances sold by the New York and Reserve Banks' deposit liabilities, a decline of Chicago banks without their indorsement to the reserve ratio to 43.6 per cent is noted. Resources and liabilities of each Federal Reserve Bank at dose of business on Fridays, Sept. S to Sept. 24, 1920. RESOURCES. [In thousands of dollars.] B to os n - . Y N o e r w k - . P p d h h e i l i l - a a . - C la le n v d e . - m R o ic n h d - . la A n t t - a. 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. c F S i r s a a c n n o - . Total. Gold and gold certificates: Sept. 3 12,229 77,022 1,313 10,638 2,435 3,273 24,338 3,631 7,237 576 4,891 12,487 165,070 Sept. 10 12,282 63,613 1,326 10,670 2,445 8,352 24,416 3,514 7,198 592 4,976 11, 606 150,990 Sept. 17 7,415 81,830 1,343 10,338 2,449 7,437 24,442 3,445 7,199 605 5,120 12,906 164,529 Sept. 24 7,569 99,398 1,351 10,413 2,391 7,452 24,462 3,278 7,219 618 5,114 14,561 183,826 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1108 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Sept. 3 to Sept. 24, 1920—Continued. RESOURCES—Continued. [In thousands of dollars.] C la le n v d e . - m R o ic n h d - . la A n t t - a. c C a h g i- o. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. c F S i r s a a c n n o - . Tota Gold settlement fund—Federal Reserve Board: I Sept.3 31, 975 50,102 42,374 57,123 30,628 6,106 95.687 8,655 342 24,798 7,084 47,633 410,507 Sept. 10 28,718 75,565 46,953 52,410 22,318 3,066 103',805 9 266 s!504 21,928 6,531 49,704 428,768 Sept. 17 25,291 25,537 30,287 66, 862 18,076 8,081 61, 949 8,560 7,182 28,185 5,013 46,285 331,308 Sept. 24 14,324 100,042 33,948 57,035 17,700 6,381 44,513 7,671 8,077 21,908 2,746 26,958 341,303 Gold with foreign gencies: Sept. 3 8 136 40,905 8,916 9,139 5,461 4,013 13,263 5,238 3,009 5,350 2,898 5,127 111,455 Sept. 10 8,136 40,905 8.916 9,139 5,461 4,013 13,263 238 3,009 5,350 2,898 5,127 111,455 Sept. 17 8 136 40,905 8,916 9,139 5,461 4,013 13,263 5,238 3,009 5,350 2,898 5,127 111,455 Sept. 24 8 136 40,905 8,916 9,139 5,461 4,013 13,263 5,238 3,009 5,350 2,898 5,127 111,455 Gold with Federal Reserve agents: Sept. 3 116,592 275,070 114,818 149,448 40,951 48,237 163,221 45,666 30,817 37,869 26,272 83,258 1,132,219 Sept. 10 114.964 269,181 118,141 151,692 48,794 53,914 160, 844 47,099 30,867 39,004 27,460 85,279 1,147,239 Sept. 17 158,662 268,712 131', 791151,782 47,383 53,186 193,752 47,892 30.253 39,006 26,697 88,826 1,237,942 Sept. 24 156,823 267, 490 124,322 141,583 45,972 52,624 190, 791 47 307 27;671 39,817 30,584 86,635 1,211,619 Gold redemption fund: Sept.3 15,588 35,803 12,829 689 9,615 9,545 32,779 5,778 285 4,809 5,360 9,979 143,059 Sept. 10 15, 954 35. 899 12,921 1,316 6,138 5,146 34,738 5 301 215 4,335 5,730 10,081 137,774 Sept. 17 16,380 35,857 13,172 502 6,706 5,751 21, 321 5,678 574 4,992 6,154 10,806 127,893 Sept. 24 17,406 35,985 8,774 11,852 7,211 6,567 23,731 5 944 3,131 4,714 4,379 11,938 141,632 Total gold reserves: Sept. 3 184,520 478,902 180,250 227,037 89, 090 76,174 329, 288 68 968 49, 690 73,402 46,505 58,484 1,962,310 Sept. 10 180,054 485,163 188;257 225,227 85,156 74,491 337,066 70 418 49,793 71,209 47,595 161,797 1,976,226 Sept. 17 215,884 452,841 185, 509238,623 80,075 78,468 314 727 70 813 48 217 78,138 45,882 163,950 1,973, 127 Sept. 24 204, 258 543,820 177,311 230,022 78,735 77,037 296 760 69 438 49 107 72,407 45,721 145,219 1,989,835 Legal-tender notes, silver, etc.: Sept.3 6,136 124,841 326 1,901 109 1,510 8,064 7 933 83 1,501 2,427 816 155,647 Sept. 10 5,750 125,126 284 1,831 33 1,417 8,086 7 783 80 1,484 2,445 702 155,021 Sept. 17 5,732 128,978 360 1,892 96 1,351 8 609 7 836 49 1,872 2 618 625 160,01S Sept. 24 5,945 128,314 715 2,275 403 1,528 8 836 7 891 157 1,955 3,065 675 161,759 Total reserves: S uStM e e p pt t .t , .u3 1 . 0 . ., 1 I 9 l8 0 5 ,6 ,8 5 0 6 4 6 61 0 0 3 , , 2 7 8 4 9 3 i 1 1 8 8 8 0 , , 5 5 4 7 1 6 2 2 2 2 7 8 , ,9 0 3 5 8 8 8 8 5 9 , , 1 19 8 9 9 7 7 5 7 , ,6 9 8 0 4 8 3 3 4 3 5 7 3 1 5 5 2 2 7 7 8 6 9 2 0 0 1 1 4 4 9 9 8 7 7 7 3 3 7 7 2 4 , , 6 9 9 0 3 3 4 50 8, 0 9 4 3 0 2 1 1 6 5 2 9 , , 4 3 9 0 9 0 2 2 , ,1 1 3 1 1 7 , ,9 2 5 4 7 7 Sept. 17 1221,616 581,819 185,869 240,515 80,171 79,819 323, 336 78', 649 48 266 80,010 48 500 164,575 2.133,145 "S ept'. 2"4' .. 210,203 672,134 178,026 232,297 79,138 78,565 305 596 77 329 49 264 74,362 48,786 145,894 Bills discounted: * "U Secured by Government war obligations- Sept. 3 114,073 582,978 136,677 76,983 45,443 64,469 159 622 31 182 8,575 41,715 17 811 53,364 ],332,892 Sept. 10 98,032 547,148 139, 458 96,162 42,354 62,569 157 840 33 753 11456 41,038 17 856 51,457 ]L,299,123 Sept. 17 91,044 492 507 127,248 77,395 43,057 60,964 149 099 44 469 12634 37,240 17 980 48,956 ,202,593 Sept. 24 114,003 492,210 131,597 72,579 37,607 63,679 153 401 39 771 6679 35,009 21, 210 52,678 423 All other- Sept. 3 • 96,284 344,868 42,584 129,430 62,968 55,319 289 233 83 162 74 920 68,505 55 567 109,195 L,412,035 Sept, 10. 89,679 347,525 37,493 120, 368 63,316 57,352 273 661 80 808 73 662 68,056 56,569 107,587 ,376,076 Sept. 17 62,583 267,203 39,258 121,529 67, 898 60,893 301 451 76 578 71 908 77,037 54 626 105,646 ,306,610 Sept. 24 69; 328 354,849 55,718 149,088 73,555 59,270 320 507 76 712 77 572 74,776 55,188 117,478 L,484,041 Bills bought in open market: 2 Sept. 3 25,383 94,476 18,889 57,110 7,111 1,676 44 097 1970 1038 3,510 508 57,733 313,501 Sept. 10 25,502 102,655 18,644 43,712 7,512 1,637 48 638 1630 1038 3,701 698 61,615 316,982 Sept. 17 31,066 103,702 14,521 40,541 7,588 1,497 52 013 \,720 1 238 3,874 515 63,330 321,605 Sept.24 30,780 94,783 12,122 50,298 7,158 1,423 38 658 1 595 1 388 3,521 763 65,135 307,624 United States Government bonds: Sept. 3 555 1,462 1,386 833 1,233 113 4 490 1 153 116 8,867 3 966 2,632 26.806 Sept. 10 • 556 1,462 1,386 833 1,233 113 4 490 1,153 116 8,867 3 966 2,632 26 807 Sept. 17 555 1,462 1,386 833 1,233 113 4 490 1,153 116 8,866 3 966 2,632 26 805 Sept. 24 555 1,462 1,386 833 1,233 114 4 490 1 153 116 8,867 3 966 2,633 26 808 United States Victory notes: Sept. 3 5 50 10 3 1 69 Sept. 10 5 50 10 3 1 69 Sept. 17 5 50 10 3 1 69 Sept. 24 5 50 10 3 1 fiQ United States certificates of indebtedness: Sept.3 21,469 75,767 33,198 23,322 12,260 15,665 39 643 i 17,525 8,481 12,826 8 300 11,177 279,633 Sept. 10 53,171 76,594 33,340 43,322 12,260 15,665 39 643 | IV,536 8,481 12,826 8", 300 11,288 332 426 Sept. 17 21,600 171,486 32,136 42,299 12,260 15,666 39 865 17,325 8,486 12,868 8,300 11,188 393 479 Sept.24 21,799 67,395 32,209 23,338 12,262 15,666 39 682 17; 421 8,481 12,826 8 300 11,244 270 623 Total earning assets: Sept.3 257,769 1,099,601 232,734 287,688 129,015 137,245 537,085 134,992 93,130 135,424 86,152 234,101 3,364 936 Sept. 10 ,266,945 1,075,434 230,321 304,407 126,675 137,339 524,272 134,880 94,753 134,489 87', 389 234,579 3,351 483 Sept. 17 206,853 1,036,410 214,549 282,607 132,036 139,136 546,918 141,245 94,382 139,886 85,387 231,752 3,251 161 Sept. 24 236,470 1,010,749 233,032 296,146 131,815 140,155 556,738 136; 652 94,236 135,000 89,427 249,168 3,309', 588 Bank premises: Sept.3 1,731 3,943 638 1,156 1,135 615 2 146 866 586 791 1,082 232 14,921 Sept. 10 1,789 3,946 638 1,168 1,191 615 2,137 866 586 836 1,082 232 15,086 Sept. 17 1,827 3,946 638 1,172 1,191 615 2,137 866 586 836 1 217 232 15,263 Sept. 24 1,858 3,962 650 1,172 1,206 620 2,137 866 601 836 1,230 232 15,370 Uncollected items and other deductions from gross deposits: Sept.3 53,854 168,039 66,341 73,916 51,404 25,872 98,788 I 44,672 21,327 66,329 44,710 38,455 753,707 Sept.10 60,026 179,388 71,288 78,898 59,398 30,606 110;247! 52', 583 25', 957 74,234 56', 435 38,000 837,060 Sept. 17 89, 506 269,516 92,351 107,627 75,258 36,941 156,127 1 56,077 26,818 75,964 56,765 54,458 1,097', 408 Sept.24 57,757 170,464 70, 704 86,405 59.212 30,135 107 191 47! 654 23,905 66,319 54,236 44,976 818,958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1109 Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Sept. 3 to Sept. ?A, 1920—Continued. RESOURCES—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 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. c F S i r s a a c n n o - . Total. 5% redemption fund against Federal Reserve Banknotes: Sept 3 1 072 2 122 1,300 1,139 451 537 1,798 621 488 916 586 665 11,695 Sept. 10 . .. 1,072 2,281 1,300 1,139 451 541 1,781 624 432 916 586 665 11,788 Sept 17 1 072 2 346 1,300 1,140 451 515 1,825 623 585 916 586 665 12,024 Sept. 24 .. . 1,072 2,418 1,300 1,139 451 499 1,652 623 504 915 586 665 11,824 All other resources: Sept. 3 301 698 512 200 157 123 599 364 83 245 202 391 3,875 Sept. 10 1,085 1,036 559 656 933 238 529 360 99 250 366 458 6,569 Sept 17 388 849 577 251 254 179 728 414 98 281 252 389 4,660 Sept. 24 369 1,010 551 297 404 180 675 398 115 306 309 327 4,941 Total resources: Sept. 3 505,383 1,878,146 482,101 593,037 271,361 242,076 977,768 258,416 165,387 278,608 181,664 433,144 6,267,091 Sept 10 516 721 1,872 374 492,647 613,326 273,837 245,247 984,118 267,514 171,700 283,418 195,898 436,433 6 353,233 Sept. 17 521,262 1,894,886 495,284 633,312 289,361 257,2051,031,071 277,874 170,735 297,893 192,707 452,071 6,513,661 Sept. 24 507,729 1,860,737 484,263 617,456 272,226 250,154 973,989 263,522 168,625 277,738 194,574 441,262 6,312,275 Includes bills discounted for other Federal Reserve Banks: Sept 3 97,014 114,993 212,007 Sept. 10 72,812 3,999 116,388 193,199 Sept. 17 45,308 15,767 111, 972 173,047 Sept. 24 60,655 30,617 135,620 226,892 Includes bankers' acceptances bought from other Federal Reserve Banks without their indorsement: Sept 3 10,050 13,122 11,364 34,536 Sept 10 10,050 2,615 10,014 22,679 Sept. 17 5,795 8,584 14,379 Sept 24 5,195 10,000 8,209 23,404 LIABILITIES. I Capital paid in: Sept. 3 7,580 25.352 8,400 10,249 5,131 ! 3,911 13,687 | 4,299 3,329 4,420 3,947 6,828 97,133 Sept. 10 7,584 25.353 I 8,402 10,249 5,147 i 3,917 13,704 4,299 3,329 I 4,426 3,951 6,830 97,191 Sept. 17 7,644 25,353 ! 8,408 10,249 5,211 [ 3,922 13,713 4,303 3,329 4,429 3,955 6,850 97,366 Sept. 24 7,644 25,357 | 8,417 10,253 5,213 I 3,926 13,717 4,304 3,331 4,430 3,956 6,853 97,401 Surplus fund: Sept. 3 12,351 51,308 13,069 13,712 8,067 7,050 23,917 5,884 5,178 8,395 4,152 11,662 164,745 Sept. 10 12,351 51,308 13,069 13,712 8,067 7,050 23,917 5,884 5,178 8,395 4,152 11,662 164,745 Sept. 17 12,351 51,308 13,069 13,712 8,067 7,050 23,917 5,884 5,178 8,395 4,152 11,662 164,745 • Sept. 24 12,351 51,308 13,069 13,712 8,067 7,050 23,917 5,884 5,178 8,395 4,152 11,662 164,745 Government deposits: Sept. 3 1,902 27,006 3,711 3,078 4,441 1,238 10,876 2,417 2,590 3,359 2,249 2,520 65,387 Sept.10 1,396 9,494 4,435 789 1,665 | 2,012 2,512 2,567 1,194 2,535 1,465 I 911 30,975 Sept. 17 580 94 3,589 971 17,973 14,634 52,019 10,424 4,929 16,940 1,442 11,583 135,178 Sept. 24 3,538 10,795 I 3,063 1,615 3,077 ! 4,089 8,498 2,518 575 2,054 3,334 3,337 46,493 Due to members--reserve ac- | count: Sept. 3 116,881 719,621 1112,435 146 561 62,318 ! 49,158261,191 62,530 46,510 83,516 51,605 117,506 1,829,832 Sept. 10 119,887 719,672 110,791 148,248 60,318 | 46,198257,473 65,039 48,996 80,497 54,829 116,976 1,828,924 Sept. 17 120,600 732,127 106,623 148,799 57,952 | 45,359258,068 63,733 43,178 81,049 50,269 114,086 1,821,843 Sept. 24 119,014 712,049 108,641 146,098 57,097 49,109 253,571 63,490 45,129 78,445 50,134 117,900 1,800,677 Deferred availability items: Sept. 3 41.722 101,260 47,694 61,654 42,240 22,465 67,823 38,109 19,371 54,385 28,567 29,185 554,475 Sept. 10 46;435 110,180 53,608 62,742 47,011 24,232 78,974 43,951 22,564 61,721 37,026 29,341 617,785 Sept.17 , 51,409 129,808 61,175 87,047 47,279 24,385 76,464 45,234 22,724 60,835 34,677 35,228 676,265 Sept. 24 44,892 111,266 52,064 66,540 44,368 23,218 67,512 39,897 21,801 57,464 33,912 32,408 595,342 Other deposits, including foreign Government credits: Sept. 3 1,890 19,171 2,917 1,949 1,111 847 3,540 1,674 771 1,316 3,247 39,123 Sept. 10 , 1,889 19,312 2,615 1,896 1,110 836 3,456 1,325 1,039 1,156 703 3,456 38,793 Sept. 17 2,327 19,502 2,328 2,652 943 706 4,980 1,170 942 1,107 804 4,948 42,409 Sept. 24 1,314 17,216 1,880 2,224 779 622 3,519 737 570 4,231 34,910 Total gross deposits: Sept. 3...'. 162,395 867,058 166,757 213,242 10,110 73,708 143,430 104,730 69,242 42,576 83,111 152,458 2,488,817 Sept. 10 169,607 858,658 171,449 213,675 .10,104 73,278 142,415 112,882 73,793 45,909 94,023 150,684 2,516,477 Sept. 17 174,916 881,531 173,715 239,469 24,147 85,084 391,531 120,561 71,773 59,931 87,192 165,845 2,675,695 Sept. 24 168,758 851,326 165,648 216,477 .05,321 77,038 333,100 106,890 "",242 38,796 87,950 157,876 2,477,422 Federal Reserve notes in circulation: Sept. 3 303,206 865,548 270,631 331,336 .35,126 142,961 551,714 131,114 77,918 105,151 81,527 247,038 3,243,270 Sept. 10 307,079 864,439 276,054 350,558 .37,603 146,346 558,335 132,163 79,522 106,508 84,567 252,011 3,295,185 Sept. 17 305,693 861,597 276,039 344,203 .38,860 146,441 554,820 134,578 80,439 106,711 87,950 252,350 3,289,681 Sept. 24 298,249 855,701 272,347 350,647 .40,145 147,003 555,188 133,283 81,668 107,621 88,782 249,362 3,279,996 Federal Reserve Bank notes in circulation: Sept. 3 16,642 36,268 20,206 20,619 11,118 12,447 35,582 10,188 7,900 15,753 7,202 11,498 205,423 Sept. 10 16,656 39,001 20,475 21,059 11,028 12,514 35,843 9,962 7,982 15,779 7,415 11,359 209,073 Sept. 17 16,950 40,611 20,705 21,347 11,067 12,432 36,211 10,165 8,023 15,781 7,660 11,267 212,219 Sept. 24...'.-*•*-'•"*-->• 16,714 40;9S6 21,073 21,659 11,298 12,720 36,349 10,689 8,079 15,708 7,830 11,075 214,18Q Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1110 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Sept. 3 to Sept. 24, 1920—Continued. 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 a h g i o - . Lo S u t. is. M ap i o n l n i e s - . K C a i n ty s . as Dallas. F c S i r s a a c n n o - . Total. All other liabilities: Sept.3 3,209 32,612 3,038 3,879 1,809 1,999 9,438 2,201 1,820 2,313 1,725 3,660 67,703 Sept. 10 3,444 33,615 3,198 4,073 1,888 2,142 9,904 2,324 1,896 2,401 1,790 3,887 70,562 Sept. 17 3,708 34,486 3,348 4,332 2,009 2,276 10,879 2,383 1,993 2,646 1,798 4,097 73,955 Sept. 24 4,013 36,059 3,709 4,708 2,182 2,417 11,718 2,472 2,127 2,788 1,904 4,434 78,531 Total liabilities: Sept. 3 505,383 ,878,146 482,101 593,037 271,361 242,076 977,768 258,416 .65,387 278,608 181,664 433,144 6,267,091 Sept. 10 516,721 ,872,374 492,647 613,326 273,837 245,247 ! 984,118267,514 .71,700 283,418 195,898 436,433 6,353,233 Sept. 17 521,262 ,894,886 495,284 633,312 289,361 257,205 111,,003311,,0077]1 227777,874 .70,735 297,893 192,707 452,071 6,513,661 Sept. 24 507,729 ,860,737 484,263 617,456 272,226 250,154 973,989 263,522 .68,625 277,738 194,574 441,262 6,312,275 MEMORANDA. Contingent liability as indorser on discounted paper rediscounted with other Federal I Reserve Banks: Sept.3 47,500 20,000 30,824 33,640 20,123 21,018 38,902 212,007 Sept. 10 34,600 20,000 31,711 26,172 18,777 22,842 39,097 193,199 Sept. 17 10,975 20,000 34,748 27,978 15,432 26,729 37,185 173,047 Sept. 24 24,620 45,533 19,800 36,996 21,349 41,175 37,419 226,892 Bankers' acceptances sold to other Federal Reserve Banks without indorsement: Sept.3 26,925 7,611 34,536 Sept. 10 20,064 2,615 22,679 S S e e p p t t . . 2 1 4 7 1 1 4 3 , , 3 4 7 0 9 4 i6,"666" 2 1 3 4 , , 4 3 0 7 4 9 Contingent liability on bills purchased for foreign correspondents: Sept.3 1,168 6,070 1,280 1,312 576 1,904 752 432 768 416 '• 736 16,198 Sept. 10 1,168 6,076 1,280 1,312 784 576 1,904 752 432 768 416 | 736 16,204 Sept. 17 1,168 6,074 1,280 1,312 784 576 1,904 752 432 768 416 | 736 16,202 Sept. 24 1,168 6,074 1,280 1,312 784 576 1,904 752 432 768 416 I 736 16,202 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: Sept. 3... ,666,391 243,771 504,969 294, 35,466 2,744,927 Sept. 10 ,608,558 268,947 512,529 253, 32,164 2,675,199 Sept. 17- ,349,550 265,315 579,209 28,141 2,509,203 Sept. 24 ,483,052 352,199 506,078 336,732 26,403 2,704,464 Bills bought: Sept.3 99,481 77,394 109,404 27, 313,501 Sept. 10 112,627 67,941 107,939 28, 316,982 Sept. 17 109,503 62,189 123,260 26, 321,605 Sept. 24 95,041 77,418 106,047 29, 307,624 United States certificates of indebtedness: Sept.3 32,568 20,695 27,929 12, 185,940 279,633 Sept. 10 84,560 17,195 25,029 16, 188,942 332,426 Sept. 17 147,405 13,052 23,108 22, 187,532 393,479 Sept. 24.. 26,310 7,107 22,371 25, 188,839 270,623 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1020. FEDERAL, RESERVE BUIAETIN. 1111 FEDERAL RESERVE NOTES. Federal Reserve agents' accounts at close of business on Fridays, Sept. 3 to 24, 1920. [In thousands of dollars.] Boston. Y N o ew rk. 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- ta. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. I I | c F S i r s a a c n n o - . Total. RESOURCES. Federal Reserve notes on hand: Sept. 3 45,760 141,000 31,940 27,785 23,698 69,710 65,280 19,000 6,525 5,630 12,920[ 6,1 455,328 Sept. 10 42,000 143,000 32,740 24,725 24,599 67,950 56,280 15,920 8,025 5,430 12,5601 5,! 438,609 Sept.17 40,800 143,000 33,780 26,205 25,799 69,110 60,800 19,520 6,205 5,430 10,160 5,380 446,189 Sept. 24 56,100 143,000 35,880 28,605 27,599 71,420 59,360 18,320 7,940 6,470 17,940] 5,380 478,014 Federal Reserve notes outstanding: Sept.3 312,379 971,102 280,625 349,456 140,566 147,946 604,796 147,870 78,873 110,536 85,112 272,642 3,501,897 Sept .10 317,951 964,867 284,148 362,675 143,809 151,633 613,779 150,183 80,423 110,871 87,660 281,042 3,549,041 Sept.17 321,049 969,939 289,799 366,144 1.45,198150, 745 618,527 150,376 81,629 112,273 91,816 284,130 3,581,625 Sept. 24 314,210 975,636 287,329 365,045j 145,847 150,914 619,886 151,631 82,912 113,244 92,764 287,079 3,586,497 Collateral security for Federal Reserve notes outstanding: Gold and gold certificates- Sept. 3 900 209,607 32,025 2,500 3,810 13,052 12,331 274,225 Sept. 10 900 209,607 32,025 2,500 3,810 13,052 12,331 274,225 Sept.17 5,900 209,608 32,025 2,500 3,810 13,052 12,331 279,226 Sept. 24 5,900 209,608 32,025 2,500 3,810 13,052 12,331 279,226 Gold redemption fund- Sept. 3 19,692 15,463 18,429 17,423 1,451 4,737 10,077 2,825 1,565 3,509 5,207 12,419 112,797 Sept. 10..... 18,064 14,574 16,752 19,667 3,294 5,414 8,700 3,058 1,615 2,644 6,395 17,092 117,269 Sept.17 21,762 14,104 15,402 19,757 1,883 4,186 8,608 3,451 1,001 3,646 5,632 16,168 115,600 Sept. 24 • 19,923 12,882 17,933 19,558 3,472 2,624 8,646 3,366 1,419 2,457| 6,519 14,744 113,543 Gold settlement fund—Fed- i eral Reserve Board- Sept. 3 • 96,000 50,000 96,389 100,000 39,500 41,000 153,144 39,031 16,200 34,360! 8,734 70,839 745,197 Sept. 10 96,000 45,000 101,389 100,000 45,500 46,000 152,144 40,231 16,200 36,360 8,734 68,187 755,745 Sept.17 131,000 45,000 116,389 100,000 45,500 46,500 185.144 40,631 16,200 35,360 8,734 72,658 843,116 Sept. 24 131,000 45,000 106,389 90,000 42,500 47,500 182.145 40,131 13,200 37,360 11,734 71,891 818,850 Eligible paper- Amount required— Sept.3 • 195,787 696,032 165,807 200,002 99,61i 99,709 441,575 102,204 48,056 •72,667 58,840 189,384 2!,, 369,678 Sept. 10 202,987 695,686 166,007 210,983 95,01; 97,719 452,935 103,084 49,556 71,867 60,200 195,763 21!,401,802 Sept.17 162,387 701.2271 158,008 214,362 97,811 97,559 424,775 102,484 51,376 73,267 65,119 195,304 2}!, 343,683 Sept. 24 157,387 708,146 163,007 223,462 99,87J 98,290 429,095 104,324 55,241 73,427 62,180 200,444 2};, 374,878 Excess amount held— Sept. 3 39,953 290,703 5,039 60,877 12,79' 21,743 51,377 13,979 23,073 39,511 15,046 18,62' 592,725 Sept. 10 10,226 271,844 9,269 38,153 16,396 23,831 26,955 13,072 19,844 39,868 14,923 13,289 497,670 Sept.17 17,306 131,715 8,092 17,627 14,717 25,790 77,210 20,227 16,802 42,276 8,002 9,214 388,978 Sept.24 56,724 207,891 19,206 45,727 17,255 26,079 83,364 13,637 13,762 36,614 14,981 22,774 558,014 Total resources: Sept.3 710,4712,1,373,907598,229 787,562 317, 387,3451,326,249 328,719 187,344 266,213 198,190 569,9918,051,847 Sept. 10 688,1282,344,578 610,305 788,228 328,613 395,0471,310,793 329,358 188,715 267,040 202,803 580,753 8,034,361 Sept.17 700,2042,214,593 621,470 776,120 330,912 396,39011,375,064 340,499 186,265 272,252 201,794 582,854 7,998,417 Sept. 24 741,2442,302,163 629,744 804,422 336,548 399,3271,382,496 335,219 187,526 269,572 218,449 602,312 8,209,022 LIABILITIES. Federal Reserve notes received from Comptroller—gross: Sept.3 638,860 2258,260 635,240 650,120 356,580; 371,000il,116,080 359,620 169,580 245,620 178,8201 4887,60 7,.468,540 Sept.10 642,300 2;263,660 641,240 662,040 361,880! 374,000! 1,118,440 360,620 173,080 246,620 181,820 499,440 7';,525,140 Sept.17 645,500 2,270, 740 649,280 668,900 365,880! 375,500J1,129,800 366,020 173,080 249,020 184,340! 503, ',582,040 Sept. 24 655,800 2,278,640 651,380 672,400 369,740j 379,5401,132,680 368,160 176,680 252,220 194,180 509,1207,640,540 Less amounts returned for destruction: Sept.3 280,7211,146,158 322,675 272,885 192,316! 153,344! 446,004 192,750 84,182 129,454 80,788! 210,038 3:,, 511,315 S Se e p p t t . . 1 1 0 7 2 2 8 8 2 3 , , 3 6 4 5 9 1 1 1 , , 1 1 5 5 5 7 , , 7 8 9 0 3 1 3 3 2 2 5 4 , , 7 3 0 5 1 2 2 2 7 7 6 4 , , 5 6 5 4 1 0 1 19 9 4 3 , , 8 4 8 7 3 2 ) ; 1 1 5 5 5 4 , , 6 4 4 1 5 7 ) ! 4 4 4 5 8 0 , , 3 4 8 7 1 3 1 19 9 6 4 , , 1 5 2 1 4 7 8 8 5 4 , , 2 6 4 3 6 2 1 1 3 3 1 0 , , 3 3 1 1 7 9 8 8 1 2 , , 6 3 0 6 0 4 | 2 21 1 4 3 , r0 4 1 7 8 03 3 , , 5 5 5 3 4 7 , , 2 4 2 9 6 0 Sept. 24 285,49011,160,004 328,171 278,750 196,294 157,206 453,434 198,209 85,828 132,506 83,4761 216,6613,576,029 Net amount of Federal Reserve notes received from Comptroller of the Currency: Sept.3 358,1391,112,102 312,565 377,235 164,264 217,656 670,076 166,870 85,398 116,166 98,032! 2787,22 3,,995577,225 Sept. 10 359,95111,107,867 316,888 387,400 168,408 219,5831 670,059 166,103 88,448 116,301 100,220! 286,4223,987,650 Sept.17 361,84911,112,939 323,579 392,349 170,997 219,855 679,327 169,896 87,834 117,703 101,976 289,5104,027,814 Sept. 24 370,310;!, 118,636 323,209 393,650 173,446 222,334 679,246 169,951 90,852 119,714 110,704 2924,"5"9 4',064,511 Collateral received from Federal Reserve Bank: Gold- Sept. 3 116,592 275,070 114,818 149,448 40,951 48,237 163,221' 45,666 30,817 37,869 26,272 831,,258 1,132,219 Sept.10 114,964 269,181 118,141 151,692 48,794 53,914 160,844 47,099 3on0 ,8oc6-/7 o3n9 C,0\C0\A4 27,460 85,1,2791,147,239 Sept.17 158,662 268,712 131,791 151,782 47,383 53,186 193,752 47,892 30,253 39,006 26,697 88,826 1,237,942 Sept. 24 156,823 267,490 124,322 141,583 45,972 52,624 190,791 47,307 27,671 39,817 30,584 86,6351,211,619 Eligible paper- Sept. 3 235,740 986,735 170,846 260,879 112,412 121,452 492,952 116,183 71,129 112,178 73,886 208, 1,962,403 Sept. 10 213,213 967,530 175,276 249,136 111,411 121,550 479,890 116,156 69,400 111,735 75,123 209,0522,899,472 Sept.17 179,693 832,942 166,100 231,989 112,532 123,349 501,985 122,711 68,178 115,543 73,121 204,518 "21,,732,661 Sept. 24 214, 111 916,037 182,213 269,189 117,130 124,369 512,459 117,961 69,003 110,041 77,161 223,1",218 2;!, 932,892 Total liabilities: Sept.3 710,471 2i,, 373,907 598,229 787,562 317,627 387,',3451,326,249 328,719 187,344 266,213 198,190 569,9918,,051,847 Sept.10 688,1282,344,578 610,305 788,228 328,613 395,047 1,310,793 329,358 188,715 267,040 202,803 580,7538,034,361 Sept.17 700,2~0"'4 12,.214,593 621,470 776,120 330,912 396,i,3901,375,064 340,499 186,265 272,252 201,794 582,885544 77,,998,417 Sept. 24 741,244 2!,! 302,163 629,744 804,422 336,548 399,32 1,382,496 335,219 187,526 269,572 218,449 602,3128,209.022 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1112 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. CONDITION OF MEMBER BANKS IN LEADING CITIES. Continued growth of commercial loans and tion of tax certificates due on September 15 and discounts and more than commensurate in- the deposit by the Treasury with the reporting creases in deposits are the salient features of institutions of a large portion of the Septemdevelopments in the banking field during the ber 15 tax collections. As the tax checks four weeks between August 20 and September pass through clearance and are debited to the 17, as indicated by the weekly condition drawers, individual deposits with the member statements of 818 member banks in leading banks are likely to show considerable reduccities. Notwithstanding the considerable in- tions, while withdrawals of funds by the Governcrease of loans and investments of reporting ment are bound to cause increased borrowings banks, their borrowings from the Federal Re- from the Federal Reserve Banks. serve Banks shows a substantial redaction for A summary of the weekly changes in the the period. This result is due primarily to principal assets and liabilities of the reporting Government operations, including the redemp- banks follows: Resources and liabilities of member banks in leading cities on Jan. 2,1920, and on Fridays from Aug. 20 to Sept. 11 [In millions of dollars.] Jan. 2. Aug. 20. Aug. 27. Sept. 3. Sept. 10. Sept. 17. Number of banks 798 i 818 820 819 818 818 United States bonds 906 ' 876 875 873 879 879 United States Victory notes... 238 ! 189 196 193 189 191 United States certificates of indebtedness. 857 ; 444 430 422 350 416 Total United States securities owned ... 2 001 1 509 1 501 1 488 1 418 1,486 Loans secured by Government war obligations, including rediscounts with Federal Reserve Banks 1 289 i 959 966 958 959 956 Loans secured by corporate stocks and bonds. . 3 406 3 006 3 036 3 044 3 047 3,039 All other loans and investments, including rediscounts with Federal Reserve Banks '. 9,892 ; 11,409 11,427 11,438 11,499 11,577 Total loans and investments, including rediscounts with Federal Reserve Banks f 16,588 | 16,883 16,931 16,928 16,923 17,058 Reserve balance with Federal Reserve Banks 1,442 1,363 1,372 1,395 1,389 Cash in vault 431 352 358 350 375 '370 Net demand deposits.... 11,609 i 11,256 11,262 11,252 11,371 11,392 Time deposits 2,334 1 2,724 2 745 2,768 2,771 2 781 Government deposits 629 j 145 124 62 30 331 Bills discounted and rediscounted with Federal Reserve Banks- Total 1,871 2,086 2,128 2,202 2,142 1,972 Secured by Go vernmen t war obligations . 1,210 1 1,024 1,041 1,049 1,026 937 Allother..... 661 j 1,062 1,087 1,153 1,116 1,035 i As against relatively slight changes in the Holdings of paper secured by United States holdings of United States bonds and Victory war obligations likewise underwent but little notes considerable fluctuations are noted in change during the period, the September 17 the holdings of Treasury certificates, due to total of 956 millions being but 3 millions below sales early in September by New York member the August 20 total. Loans supported by corbanks of 45 millions of tax certificates to the porate securities show a 30-million increase for Federal Reserve Bank, and also to the re- the week ending August 27; since then the demption by the Government of the bulk of movement has been slightly upward, the Septhe 640 millions of these certificates before tember 17 total, 3,039 millions, indicating an and on maturity on September 15. On the increase of about 33 millions over the August 20 other hand, the reporting banks apparently total. Since the opening of the year these subscribed heavily to the two new series of loans show a reduction of 367 millions, of which tax certificates issued on September 15, with over 300 millions represents the reduction rethe result that their September 17 holdings ported by the New York City banks. As are about 66 millions larger than the week against these relatively moderate changes other before, though 28 millions below the August 20 loans and investments, including largely comtotal and less than one-half of the amount held mercial loans and discounts proper, show a by these banks in the beginning of the year. continuous growth from ll409 to 11577 mil- ; ; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1113 lions, the latter total representing a 17 per cent the four weeks, the most recent figure being increase since the first week of the current year. 2,781 millions, as compared with 2,724 millions For the New York City members an increase of on August 20 and 2,334 millions at the beginnearly 100 millions in this item for the four ning of the year. For the New York banks weeks under review and a growth since the increases for the four weeks from 68 to 200 beginning of the year at a rate similar to that millions in Government deposits, from 4,528 to for all reporting banks is noted. The net result 4,629 millions in other demand deposits, and of these changes in the leading earning assets from 306 to 340 millions in time deposits are of the reporting banks is an increase by about shown. 175 millions in total loans and investments Total accommodation of reporting member for the four weeks under review, and an in- banks at Federal Reserve Banks, as shown on crease of 470 millions since the beginning of the the books of the latter, increased from 2,086 year. For the member banks in New York millions on August 20 to 2,202 millions on Sep- City an increase in total loans and investments tember 3, but declined to 2,142 millions the for the four weeks of about 117 millions is following week and to 1,972 millions on Sepnoted, while since the beginning of the year tember 17, following the increase in Governtheir total loans and investments show a de- ment deposits due to tax receipts. The ratio of cline of 111 millions. The ratio of combined total accommodation at the Federal Reserve holdings of United States war securities and Banks to total loans and investments of reportloans supported by such securities to total loans ing banks, which affords a rough index of the and investments shows a further decline from extent to which the loan burden of the member 13 to 12.7 per cent for all reporting banks and institutions is shifted to the Reserve Banks, from 16.7 to 16.2 per cent for the member shows a marked decline from 12.4 to 11.6 per banks in New York City. cent. For the New York City banks a decrease Withdrawals of funds by the Government in this ratio from 13.6 to 11.7 per cent is shown, from reporting institutions reduced Govern- corresponding to a decrease of 95 millions in ment deposits from 145 millions on August 20 their borrowings from the local Federal Reserve to 30 millions on September 10, but as the Bank and an increase of 117 millions in their result of tax payments due on September 15 total loans and investments. this item rose to 331 millions on the following Reserve balances increased from 1,363 mil- Friday. Other demand deposits (net) changed lions at the beginning of the period to 1,395 but little for the first two weeks of the period millions on September 3, but declined to 1,390 under review but show considerable growth for on September 17. Cash in vault stood at 370 the two most recent weeks, and on September 17 millions at the most recent date, marking an stood at 11,392 millions, 136 millions above the increase of* 18 millions for the period under total for August 20, but 217 millions below the review. For the New York City banks inamount at the beginning of the year. Time creases of 25 millions in reserve balances and deposits show a continuous growth for each of of 7 millions in cash are shown. Principal resource and liability items of member banks in. leading cities, including member banks located in Federal Reserve Bank cities and in Federal Reserve Branch cities, as at close of business on Fridays from Aug. 27 to Sept. 17, 1920. 1. ALL REPORTING MEMBER BANKS. [In thousands of dollars.] San Boston. Y N o e r w k. Ph p i h la i d a. el- C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F ci r s a c n o - . Total. Number of reporting banks: Aug. 27 115 59 92 82 47 106 35 35 83 51 68 820 Sept. 3 113 59 92 82 47 106 35 35 83 51 69 81 i Sept. 10 113 59 92 82 47 106 35 35 83 51 68 818 Sept. 17 113 59 92 82 47 106 35 35 83 51 68 818 United States bonds to secure circulation: Aug. 27 12,311 46,765 11,347 42,235 28,512 14,285 21,550 16,924 7,371 15,421 19,573 32,635 268,929 Sept. 3 12,311 46,395 11,347 42,335 28,709 14,285 21,550 16,924 7,371 15,471 19,573 32,635 268,906 Sept. 10 12,354 46,525 11,347 42,235 29,329 14,285 21,549 16,923 7,371 15,471 19,573 32,635 269,597 Sept. 17 12,960 46,460 11,347 42,235 29,232 14,285 21,544 16,923 7,371 15,471 19,573 32,635 270,036 Other United States bonds,including Liberty bonds: Aug.27 15,584 252,300 28,977 59,632 33,735 28,512 54,382 13,295 9,775 25,366 21,225 63,818 606,601 Sept. 3 15,389 253,966 28,932 59,639 33,210 28,312 51,531 13,270 9,811 24.496 21,224 64,305 604,085 Sept. 10 15,981 254,059 29,185 60,448 32,798 28,767 53,045 13,299 9,876 25,182 22,085 64,682 609,407 Sept. 17 ,.. 16,670 253,517 29,255 61,002 32,919 28,260 54,448 13 367 9?694 24 904 21,223 63,808 609,067 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1114 FEDERAL RESERVE BULLETIN. OCTOBEE, 1920. Principal resource and liability items of member banks in leading cities, including member banks located in Federal Reserve Bank cities and in Federal Reserve Branch cities, as at close of business on Fridays from Aug. 27 to Sept. 17, 1920—Con. 1. ALL REPORTING MEMBER BANKS-Continued. [In thousands of dollars.] Boston. Y N o e r w k. Ph p i h la i d a. el- 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. 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. United States Victory notes: Aug.27 6,166 81,357 9,027 19,741 7,686 4,321 43,724 2,708 1,034 4,848 3,145 12,424 196,181 Sept. 3 6,157 80,773 9,033 19,724 7,597 4,319 41,706 2,683 1,036 4,937 3,116 11,717 192,798 Sept. 10 6,202 81,390 8,980 18,709 7,184 4,317 38,409 2,686 1,036 5,208 3,100 11,916 189,137 Sept. 17 5,754 82,073 8,942 19,501 7,207 4,405 38,461 2,768 1,029 5,257 3,077 12,552 191,026 United States eertificates of indebtedness: Aug.27 23,954 218,686 23,405 24,909 12,206 11,163 63,893 5,313 2,833 9,178 6,030 28,201 429,771 Sept. 3 22,211 215,641 22,654 25,478 11,856 11,017 63,919 5,318 2,951 8,451 5,619 26,935 422,050 Sept. 10 18,319 147,887 21,644 25,237 12,059 11,111 65,020 5,615 3,054 8,415 5,604 26,419 350,384 Sept. 17 23,746 220,301 20,834 20,686 9,650 9,232 62,246 4,743 2,574 10,547 5,226 26,075 415,860 Total United States securities owned: Aug.27 58,015 599,108 72,756 146,517 82,139 58,281 183,549 38,240 21,013 54,813 49,973 137,078 1,501,482 Sept.3 56,068 596,775 71,966 147,176 81,372 57,933 178,706 38,195 21,169 53,355 49,532 135,592 1,487,839 Sept. 10 52,856 529,861 71,156 146,629 81,370 58,480 178,023 38,523 21,337 54,276 50,362 135,652 1,418,525 Sept. 27 59,130 602,351 70,378 143,424 79,008 56,182 176,699 | 37,801 20,668 56,179 49,099 135,070 1,485,989 Loans secured by Government war obligations, including rediscounts with Federal Reserve Bank: Aug.27 47,856 468,028 86,638 75,158 39,019 29,872 101,838 32,613 i 16,693 26,261 9,877 32,380 966,233 Sept.3 47,565 467,800 85,656 68,077 39,878 30,672 99,447 j 31,875 ! 16,52526,657 10,407 32,965 957,524 Sept. 10 46,048 471,824 85,571 74,963 31,963 31,821 98,420 | 31,790 \ 16,27926,569 10,721 33,035 959,004 Sept. 17 51,942 462,547 83,448 78,029 32,109 32,048 96,276 ! 31,920 ! 15,39827,367 11,139 33,737 955,960 Loans secured by stocks and bonds, other than United States securities: Aug.27.." 181,137 1,274,025 207,811 329,431 1107,237 60,792 451,103 125,709 i 30,266 79,976 39,503149,428 3,036,418 Sept.3 182,851 1,266,038 201,582 323,537 1107,637 60,881 471,960 [125,579 ! 32,52780,288 42,104149,136 3,044,120 Sept. 10 185,670 1,262,263 205,311 320,403 106,583 61,316 472,321 1126,393 j 32,808 81,157 42,057151,125 3,047,407 Sept.17 183,138 1,268,218 214,570 323,471 108.625 62,413 447,496 1126,190 I 33,115 81,237 41,362149,512 3,039,347 All other loans and investments, including rediscounts with Federal Reserve Bank: Aug.27 798,907 4,064,702 594,033 956,633 389,133 ;416,322 jl, 764,692 i414,834 287,824512,469 258,787 968,878 111,427,214 Sept.3 793,232 4,058,572 599,151 961,883 394,018 417,434 11,767,100 412,011 289,293 510,405 258,297 977,468 11,438,864 Sept.10 800,989 4,093 719 595,178 961,321 4Af\0A 4,8r\n2n3 4Ai1'J 7,1i 4An2 11 ,7rr6eo2 ,4At1^ 7 A4 i 1n 7,i1 o8n 7 l|o2rn9 1,3nt0\A4 514,806 258,708 981,366 111,498,960 Sept. 17 805,169 4,136,929 590,303 966,935 1402,533 420,518 1,802,648 1408,211 j285,472 '19,731 258,494 979,486 111,576,429 Total loans and invest- I ments, including rediscounts with Federal Reserve Bank: Aug.27 1,085,915 6,405,863 961,238 1,507,739 617,528 J565,267 2,501,182 {611,396 355,796 673,519 358,140 1287,764;16,931,347 Sept.3 1,079,716 19,185 958,355 1,500,673 622,905 566,920 1O2 ,K51IT7 ,021103 £6!f0\T7 ,L626G0f\ O;C35fi 9,C511 A4 670,705 360,340 1295,161116,928,347 Sept. 10 1,085,563 J 357,667 957,216 1,503,316 624,739 568,759 2,511,181 613,893 1361,728 676,808 361,848 1301,178J16,923,896 Sept.17 1,099,379 6,470,045 958,695 1,511,859 622,275 571,161 2,523,119 604,122 1354,653 684,514 360,094 1297,80517,057,721 Reserve balances with Federal Reserve Bank: Aug.27 81,394 655,153 66,581 99,814 36,834 31,537 192,606 I 42,319 ! 17,05843,286 25,631 79,862 1,372,075 Sept.3 80,561 662,884 71,938 103,529 38,608 31,453 j 191,344 39,760 I 20,661 47,598 25,097 81,524H 1,394,957 Sept. 10 80,931 661,683 72,315 104,220 38,379 30,034 187,213 41,527 23,828 46,046 24,246 79,056 j 1,389,478 Sept.17. 82,695 671,433 67,394 103,265 36,154 28,393 189,075 40,192 19,287 46,424 24,634 81,150 1,390,096 Cash in vault: Aug.27 23,910 114,136 17,803 31,551 16,881 13,505 68,709 8,924 9,371 14,894 10,724 27,464 357.872 Sept.3 23,540 I 113,954 16,782 33,006 16,146 12,990 62,533 9,573 8,665 13,683 11,593 27,040 349,505 Sept. 10 25,785 121,219 18,249 31,896 17,219 14,216 69,544 I 9,580 9,325 15,237 11,964 30,860 375,094 Sept.17 25,398 118,667 19,012 34,529 16,453 13,880 65,916 8,850 14,081 11,533 31,783 369,711 Net demand deposits on which reserve is computed: Aug.27 807,473 5,016,107 690,847 939,331 342,195 260,890 1,403,078 321,455 205,988 417,301 224,602 632,417 11,261,684 Sept. 3 809,218 4,984,221 685,190 941,009 347,652 263,497 1,406,334 315,351 209,630 426,849 222,242 641,141 11,252,334 Sept. 10 820,312 5,027,538 696,909 938,051 354,272 269,249 1,423; 836325,285 211,344 425,300 224,443 654,051 11,370,590 Sept.17 821,770 5,140,329 694,606 934,687 344,083 263.671 1,405,820 313,955 192,369 1412,116 226,348 642,494 11,392,248 Time deposits: Aug.27 143,992 452,118 37,164 372,350 107,614 150,421 626,366 124,260 63,963 97,238 55,194 514,551 2,745,231 Sept.3 144,306 464,667 38,768 375,373 107,818 150,542 627,741 124,916 64,144 98,661 55,130 515,716 2,767,782 Sept. 10 144,634 465,155 38,952 375,510 107,391 150,849 630,279 125,566 63,980 97,441 54,751 516,700 2,771,208 Sept. 17 144,141 474,429 39,012 377,450 106,366 149.672 630,840 126,325 63,617 96,429 55,181 517,200 2,780,662 Government deposits: Aug.27 11,734 59,417 7,948 11,100 2,427 2,743 12,701 3,116 4,133 1,364 6,546 123,878 Sept.3 6,279 28,062 3,947 5,600 1,577 2,008 6,837 1,575 365 1,986 776 2,743 61,755 Sept. 10 3,073 13,471 1,880 2,804 949 803 3,315 759 175 954 375 1,496 30,054 Sept. 17 19,804 205,516 21,685 25,553 4,001 2,334 22,017 7,573 2,971 6,016 2,115 11,791 331,376 Bills payable with Federal Reserve Bank: Secured by United States war obligations— Aug.27 31,281 379,367 55,334 27,341 35,253 34,166 101,821 22,509 5,902 28,527 17,999 29,315 768,815 Sept.3 25,863 409,363 57,550 21,984 36,086 33,249 98,169 22,721 5,581 26,813 19,526 29,679 786,584 Sept. 10 27,171 372,673 56,043 32,496 35,049 33,605 96,350 21,716 6,336 27,285 19,701 28,023 756,448 Sept.17 26,539 I 321,655 46,059 18,795 35,049 33,038 91,326 19,384 4,944 27,684 18,722 26,304 669,499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1115 OCTOBER, 1920. RESERVE BULLETIN. Principal resource and liability items of member banks in leading cities, including member banks located in Federal Reserve Bank cities and in Federal Reserve Branch cities, as at close of business on Fridays from Aug. 27 to Sept. 17, 1920—Con. 1. ALL REPORTING MEMBER BANKS—Continued. [In thousands of dollars.] San Boston, Y N o e r w k. Ph p i h la i d a. el- C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F ci r s a c n o - . Total, Bills payable with Federal Reserve Bank- Continued. All other— 27,684 Aug. 27 142 1,045 450 185 408 £,240 Sept. 3 91 450 310 85 946 Sept. 10 36 825 450 150 500 85 2,056 Sept. 17 36 1,152 2,300 360 25 85 4,023 Billsrediscounted with Federal Reserve Bank: Secured by United States war obligations— Aug. 27 18,061 1^2,097 46,526 12,166 3,396 8,415 19,757 9,237 2,105 6,637 1,381 2,462 272,240 Sept. 3 17,524 142,454 43,759 4,340 4,733 8,715 18,671 8,858 2,114 6,534 1,738 2,793 262,233 Sept. 10 16,866 142,891 44,332 11,204 3,894 9,646 18,650 8,403 2,122 6,370 2,079 2,777 269,204 Sept. 17 18,054 140,4^9 42,587 14,080 3,745 10,007 16,489 8,547 1,255 7,260 2,486 2,940 267,929 All other— Aug. 27 47,922 355,109 33,499 39,949 37,130 61,896 235,880 75,754 50,473 59,396 24,183 63,913 1,085,104 Sept. 3 48,450 382,339 39,140 46,699 36,348 62,348 249,036 75,508 56,874 60,281 26,259 68,898 1,152,180 Sept. 10 48,732 372,540 34 269 39,494 36,589 61,291 233,106 75,289 57,624 60,982 26,434 68,194 1,114,544 Sept. 17 42,382 269,915 26,908 37,937 40,217 65,549 257,681 73,129 56,294 69,127 25,265 66,300 1,030,709 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. Number of reporting banks: Aug. 27 72 I 12 J 8 49 20 8 15 282 Sept. 3 i 12 i 8 49 20 8 16 282 Sept. 10 12 | 8 49 20 8 15 281 Sept. 17 12 8 49 20 8 15 281 United States bonds to secure circulation: Aug. 27 2,281 37,068 7,337 3,664 2,780 3,100 1,439 10,294 2,791 4,996 4,560 16,650 96,960 Sept. 3 2,281 36,698 7,337 3,664 2,777 3,100 1,439 10,294 2,791 5,046 .4,560 16,650 96,637 Sept. 10 2,281 36,828 7,337 3,664 2,774 3,100 1,438 10,293 2,791 5,046 4,560 16,650 96,762 Sept. 17 2,782 36,763 7,337 3,664 2,777 3,100 1,438 10,293 2,791 5,046 4,560 16,650 97,201 Other United States bonds,including Liberty bonds: Aug. 27 5,166 218,976 21,705 7,780 4,688 1,545 19,366 4,978 ! 1,738 9,558 6,104 38,147 339,751 Sept. 3 5,049 221,083 21,731 7,780 4,690 1,545 16,289 5,010 1,786 8,760 6,105 38,845 338,673 Sept. 10 5,368. 221,801 21,978 7,751 4,689 1,546 16,263 4,995 1,888 9,027 6,138 39,100 340,544 Sept. 17 5,353 220,495 22,096 7,751 4,686 1,436 17,691 5,184 i 1,729 9,018 6,135 38,343 339,917 United States Victory notes: Aug. 27 323 72,031 j 6,489 2,247 159 195 10,819 527 i 206 2,732 822 4,566 101,116 Sept. 3 314 71,314 ] 6,445 2,248 159 195 10,877 525 j 206 2,836 790 4,051 99,960 Sept. 10 360 71,965 j 6,399 2,248 159 195 10,709 546 ! 3,024 777 4,212 100,^02 Sept. 17 357 72,695 6,407 2,244 159 197 10,830 537 | 3,032 780 4,707 102,151 United States certificates of indebtedness: Aug. 27 12,345 198,467 21,191 4,550 1,003 1,221 21,249 3,926 658 3,597 2,247 14,374 284,828 Sept. 3 10,919 195,857 20,489 4,377 1,002 1,221 20,593 3,980 I 963 2,888 1,835 13,775 277,899 Sept. 10 9,615 128,277 19,482 4,077 649 1,271 21,358 4,183 ! 1,037 2,773 1,802 13,205 207,729 Sept. 17 12,387 202,780 19,172 2,079 728 587 18,645 3,151 ! 684 4,728 2,113 14,158 281,212 Total United States securities owned: Aug. 27 20,115 526,542 56,722 18,241 8,630 6,061 52,873 19,725 5,393 20,883 13,733 73,737 822,655 Sept. 3 18,563 524,952 56,002 18,069 8,628 6,061 49,198 19,809 5,746 19,530 13,290 73,321 813,169 Sept. 10 17,624 458,871 55,196 17,740 8,271 6,112 49,768 20,017 5,924 19,870 13,277 73,167 745,837 Sept. 17 20,879 532,733 55,012 15,738 8,350 5,320 48,604 19,165 5,410 21,824 13,588 73,858 820,481 Loans secured by Government war obligations, including rediscounts with Fed-, eral Reserve Bank: Aug. 27 39,523 438,285 82,666 20,379 i 16,583 5,904 68,333 19,866 9,457 11,340 2,433 15,563 730,332 Sept.3 39,280 438,038 81,677 20,391 i 16,477 6,055 66,376 19,329 9,312 11,309 2,394 15,445 726,083 Sept. 10 37,738 441,650 81,549 19,965 i 9,028 6,532 65,296 19^273 9,142 11,396 2,795 15,468 719,832 Sept.17 43,541 433,026 79,462 19,397 I 8,624 6,660 65,197 19,396 9,005 11,629 2,861 16,113 714,911 Loans secured by stocks and bonds other than United States securities: Aug. 27 136,056 1,118,608 189,344 115,462 15,403 6,755 333,844 87,601 12,901 34,493 9,772 71,898 2,132,137 Sept. 3 138,993 1,111,460 183,029 110,976 15,543 6,893 354,508 86,428 15,123 34,690 12,625 71,974 2,142,242 Sept. 10 140,207 1,111,128 186,713 109,930 15,404 6,897 354,770 87,197 15,694 34,877 12,618 72,601 2,148,036 Sept. 17 138,045 1,114,385 196,042 113,260 15,683 6,788 332,558 15,674 34,680 12,570 71,311 2,137,939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1116 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. Principal resource and liability items of member banks in leading cities, including member banks located in Federal Reserve Bank cities and in Federal Reserve Branch cities, as at close of business on Fridays from Aug. 27 to Sept. 17, 1920—Con. 2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [In thousands of dollars.] Boston. Y N o e r w k. Ph p i h la ia d . el- 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. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. c F S i r s a a c n n o - . Total. All other loans and investments, including rediscounts with Federal Reserve Bank: Aug. 27 577,678 3,590,396 524,467 308,659 69,089 73,873 1,053,042 282,833 140,929 179,048 64,593 466,139 7,330,740 Sept. 3 567,953 3,583,254 529,084 307,977 69,024 ! 73,990 1,046,210 281,990 142,200 178,812 63,064 473,851 7,317,409 Sept, 10 579,457 3,616,778 524,825 309,250 77,681 | 74,341 1,042,998 282,720 142,£05 182,219 62,795 477,340 7,372,909 Sept. 17 583,559 3,658,105 521,225 311,793 79,416 ! 75,171 1,074,529 285,107 141,235 184,513 63,185 473,848 7,451,686 Total loans and investments, including rediscounts with Federal Reserve Bank: Aug. 27 773,372 5,673,831 853,199 462,741 109,705 ! 92,593 1,508,092 410,025 168,680 245,764 90,531 627,337 11,015,870 Sept. 3 764,789 5,657,704 849,792 457,413 109,672 i 92,999 1,516,292 407,556 172,381 244,341 91,373 634,591 10,998,903 Sept. 10 775,026 5,628,427 848,283 456,885 110,384 ! 93,882 1,512,832 409,207 173,265 248,362 91,485 638,576 10,986,614 Sept. 17 786,024 5,738,249 851,741 460,188 112,073 ~ 1,520,888 410,611 171,324 1252,646 92,204 635,130 11,125,017 Reserve balances with Federal Reserve Bank: Aug. 27 64,862 616,977 59,170 28,621 5,788 5,952 137,184 31,628 6,385 12,330 7,040 37,137 1,013,074 Sept. 3 64,082 618,559 64,238 29,872 6,134 4,634 135,913 29,564 9,825 16,672 6,522 38,664 1,024,679 Sept. 10 63,811 618,737 65,513 27,779 6,721 6,590 130.999 31,713 12,332 14,203 6,541 35,564 1,020,503 Sept. 17 65,339 625,876 58,530 27,821 5,542 5,738 134;143 30,208 9,586 15,686 6,389 37,380 1,022,238 Cash in vault: Aug. 27 13,986 100,653 14,034 8,682 1,684 2,190 39,374 4,602 2,841 3,659 1,506 10,297 203,508 Sept. 3 14,423 100,519 13,101 9,057 1,621 2,192 33,567 5,002 2,643 3,647 1,926 10,082 197,780 Sept. 10 15,530 107,524 14,789 8,471 1,774 2,554 39,940 5,056 3,156 3,999 1,855 10,684 215,332 Sept. 17 14,888 105,000 15,173 9,249 1,596 2,413 37,077 4,925 2,532 3,769 2,044 10,828 209,494 Net demand deposits on which reserve is computed: Aug. 27 622,561 4,521,495 602,550 235,686 54,079 41,649 956,278 224,222 90,652 144,629 63,299 308,750 7,865,850 Sept. 3 622,180 4,491,455 594,870 235,507 56,608 42,528 965,599 218,932 95,169 150,857 63,454 313,457 7,850,616 Sept. 10 630, 8554,523,580 607,508 235,167 58,094 44,942 971,483 228,853 93,591 145,046 63,523 317,390 7,920,032 Sept.17 634,372 4,629,231 604,313 234,167 54,449 43,890 948,224 221,066 89,195 142,104 63,688 305,651 7,970,350 Time deposits: Aug. 27 45,879 321,554 27,035 178,556 21,419 20,974 283,528 74,396 23,148 11,602 5,291 237,771 1,251,153 Sept. 3 46,263 331,395 28,528 181,906 21,408 21,085 285,170 74,561 23,018 11,577 5,342 238,498 1,268,751 Sept.10 46,326 331,351 28,653 181,865 21,231 21,181 287,523 74,877 23,020 11,467 5,377 239,249 1,272,120 Sept. 17 45,711 340,408 28,674 183,698 21,105 21,012 286,812 75,065 22,976 11,504 5,408 240,122 1,282,495 Government deposits: Aug. 27 6,017 56,395 7,719 2,338 262 19 6,192 2,689 40 3,707 1,271 5,062 91,711 Sept. 3 3,071 26,601 3,812 1,323 236 6 3,111 1,336 1,802 734 2,301 44,333 Sept.10 1,526 12,769 1,818 626 59 2 1,504 643 865 351 1,105 21,268 Sept.17 13,706 199,942 21,096 5,807 413 175 10,384 6,225 861 5,265 1,929 10,435 276,238 Bills payable with Federal Reserve Bank: Secured by United States war obligations— Aug. 27. 28,534 340,023 51,335 4,975 6,059 1,857 31,317 14,454 438 14,291 4,370 14,311 511,964 Sept. 3 22,516 370,185 54,200 3,699 6,798 1,757 27,214 14,683 890 12,826 5,168 15,239 535,175 Sept.10 23,936 334,774 52,305 3,494 4,787 1,857 28,192 13,508 1,137 13, 582 5,168 14,677 497,417 Sept. 17 23,071 289,453 42,680 1,575 7,231 1,295 26,313 11,086 516 15,042 4,903 13,645 436,810 All other— Aug. 27 J Sept.3 Sept.10 500 500 Sept. 17 2,300 2,300 Bills rediscounted with . Federal Reserve j Bank: Secured by United States war obligations— Aug. 27 17,483 137,960 46,038 3,934 10 1,345 10,951 4,958 1,518 3,777 231 1,536 229,741 Sept. 3 16,916 138,529 43,271 3,530 1,349 10,589 4,688 1,411 3,539 141 1,436 225,399 Sept.10 16,266 138,739 43,844 2,888 1,793 10,665 4,473 1,380 3,563 551 1,442 225,604 Sept. 17 17,368 136,438 42,224 2,387 1,780 9,889 4,540 1,255 4,120 561 1,579 222,141 All other— Aug. 27 47,099 336,076 31,604 30,494 9,932 13,012 174,032 60,779 33,738 27,255 7,475 32,260 803,756 Sept. 3 45,190 356,961 37,296 29,716 8,802 12,512 177,854 61,016 38,091 28,161 8,067 37,603 841,269 Sept.10 47,967 353,065 32,687 28,635 10,149 13,147 169,304 57,470 39,893 28,946 7,873 37,616 826,752 Sept. 17 41,907 246,186 25,536 28,693 11,198 13,394 193,798 64,732 38,062 31,473 7,853 36,514 739,346 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1117 Principal resource and liability items of member banks in leading cities, including member banks located in Federal Reserve Bank cities and in Federal Reserve Branch cities, as at close of business on Fridays from Aug. 27 to Sept. 17, 1920—Con. 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES. [In thousands of dollars.] di Y N st o e r r w ic k t.1 d C i l s a le t n r v i d c e t - .2 di m R st i o r c i n c h d t - .* d A is t t l r a i n c t t. a * d C i h st i r c i a c g t. o 5 S d t i . s t L ri o c u t i . s 8 d K is a C t n i r t i s c v a t s .? Total. Number of reporting banks: Aug. 27 11 19 24 12 18 28 13 44 209 Sept. 3 10 19 24 12 18 28 13 44 208 Sept. 10 10 19 24 12 18 28 13 44 208 Sept. 17 10 19 24 12 18 28 13 208 United States bonds to secure circulation: 44 ! Aug. 27 1,599 25,156 I 5,608 6,930 1,905 5,280 5,398 7,108 13,1S^ 72,169 Sept. 3 1,599 25,156 I 5,608 6,930 1,905 5,280 5,398 7,108 13,180 72,169 Sept. 10 1,599 25,156 i 5,708 6,930 1,905 5,280 5,398 7,108 13,185 72,269 Sept. 17 1,599 25,156 ! 5,608 6,930 1,905 5,280 5,398 7,108 i 13,185 72,169 Other United States bonds, including Liberty bonds: Aug.' 27 11,557 40,566 9,315 22,574 17,525 7,798 9,186 7,293 22,139 147,953 Sept. 3 11,270 40,563 9, Oil 22,495 17,540 7,751 9,119 7,293 21,934 146,976 Sept. 10 10,498 41,446 9,179 22,830 19,076 7,790 9,478 7,275 22,096 149,668 Sept. 17 11,254 41,754 9,368 22, 453 19,165 7,661 9,333 7,265 21,959 150, 212 United States Victory notes: Aug. 27 : 1,875 14,450 2,838 2,895 23, 749 2,074 986 1,183 ! 7,404 57,454 Sept. 3 2,014 14,431 2,837 2,878 21, 443 2,053 994 1,181 j 7,212 55,043 Sept. 10 1,941 13,402 2,848 2,890 18, 422 2,035 1,022 1,180 7,250 50,990 Sept. 17 1,951 14, 203 2,858 2,982 18, 422 2,125 1,066 1,180 7,349 52,136 United States certificates of indebtedness: Aug. 27 12, 762 16,207 i 1,080 8,945 33,125 1,257 3,873 1,726 12,117 91,092 Sept. 3 12,564 17,043 801 8,793 32,864 1,208 3,863 1,726 11,445 90,307 Sept. 10 12,504 17,006 801 8,837 32,466 1,302 3,874 1,776 11,497 90,063 Sept. 17 9,715 14,064 1,221 7,672 32,801 1,462 3,856 1,479 10,197 82,467 Total United States securities owned: Aug. 27 27,793 96,379 18,841 41,344 76,304 16,409 19,443 17,310 54,845 368,668 Sept. 3 27,447 97,193 18, 257 41,096 73,752 16,292 19,374 17,308 53,776 364,495 Sept. 10 26,542 97,010 18,536 41, 487 71,869 16,407 19,772 17,339 54,028 362,990 Sept. 17. _ 24,519 95,177 19,055 40,037 72,293 16,528 19,653 17,032 I 52,690 356,984 Loans secured by Government war obligations, including rediscounts with Federal Reserve Bank: Aug. 27 11,284 43,449 8,667 18,701 17,455 11,142 9,901 3,068 15,643 139,310 Sept. 3 11,214 36,276 8,797 19,130 17,025 11,073 10302 3,086 16,358 133,261 Sept. 10 11,184 43,504 9,081 19,328 16,739 10,934 10,181 2,981 16,380 140,312 Sept. 17 11,174 46,794 9,533 19,521 14,991 11080 10,501 2,923 16,509 143,026 Loans secured by stocks and bonds, other than United States securities: Aug. 27 54,610 153,337 32,928 40,647 59,912 35,262 26914 16,439 69,028 489,077 Sept. 3 54,454 153,337 33,566 40,623 59,985 36294 26897 16,459 68,665 490,280 Sept. 10 52,206 151,224 33,343 40,951 59,955 36346 26865 16,435 69,875 487,200 Sept. 17 52,669 150,070 j ,33,499 41,817 58,627 36390 27909 16,360 69,651 486,992 All other loans and investments, including rediscounts with Federal Reserve Bank: Aug. 27 183,209 475,648 122,950 256,947 341,689 115,690 198741 80,453 468,002 2,243,329 Sept. 3 j 183,772 485,060 123,588 257,506 349,163 114101 197895 82,855 469,151 2,263,091 Sept. 10 | 185,918 483,002 125,493 257,476 346,262 118645 198688 82,666 469,881 2,268,031 Sept. 17 1 187,407 483,400 122,215 259,947 352,454 107,246 198389 82,494 472,736 2,266,288 Total loans and investments, including rediscounts with Federal Reserve Bank: Aug. 27 1 276,896 768,813 183,386 357,639 495,360 178503 254999 117,270 607,518 3,240,384 Sept. 3 ! 276,887 771,866 184,208 358,355 499,925 177760 254468 119,708 607,950 3,251,127 Sept. 10 | 275,850 774,740 186,453 359,242 494,825 182332 255;506 119,421 610,164 3,258,533 Sept. 17 I 275,769 775,441 184,302 | 361,322 498,365 171244 256452 118,809 611,586 3,253,290 Reserve balances with Federal Reserve I Bank: Aug. 27 15,072 52,991 I 13,808 19,603 29,612 9538 17120 8,141 39,185 205,070 Sept. 3 17,963 55,868 I 13,654 20,518 29,096 8943 17228 8,329 39,609 211,208 Sept. 10 15,883 57,993 13,452 17,164 28,712 8841 18925 7,854 40,489 209,313 Sept. 17 16,730 56,353 I 12,333 16,444 26,980 9098 16898 8,654 39,962 203,452 Cash in vault: I Aug. 27 3,294 13,848 5,385 7,411 14,515 3436 6759 3,120 15,523 73,291 Sept. 3 | 2,751 13,953 5,170 6,928 13,902 3655 5i926 3,332 15,256 70,873 Sept. 10 2,744 13,263 5,462 7,215 13,559 3790 6439 3,201 18,103 73,776 Sept. 17 2,609 14,693 5,259 7,569 13,406 3773 5949 3,361 18,964 75,583 Net demand deposits on which reserve is computed: Aug. 27 , 166, 737 520,176 117,804 168,722 211,102 86116 150801 66,888 293,126 1,781,472 Sept. 3 165,649 529,310 114,746 168,576 203,205 84860 155180 65,231 295,932 1,782,689 Sept. 10 170,277 523,840 116,731 171,018 207,516 85191 156877 66,241 304,131 1,801,822 Sept. 17 167,181 517,150 112,371 168,426 213,690 81689 149202 67,337 303,572 1,780,618 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1118 FEDERAL HESEUVE BULLETIN". OCTOB&R, 1920. Principal resource and liability items of member banks in leading cities, including member banks located in Federal Reserve Bank cities and in Federal Reserve Branch cities, as at close of business on Fridays from Aug. 27 to Sept. 17, 1920—Con. 3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES—Continued. [In thousands of dollars.] di Y N st o r e i r w c k t.1 d C is la l t e r n i v d c e t - .1 di m R st o i r c i n h c d t - .1 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 * S d t i . s t L r o ic u t i s s d K is C a t n r it i s y c a t s .' d D ist a r l i l c a t s .8 S d a i n c st i s r F c ic r o t a . n 9 Total. Time deposits: Aug. 27 61,478 116,758 20,637 90,146 223,748 40,713 57,652 22,276 262,539 895,947 Sept. 3 64,608 117,209 20,586 90,043 224,471 41,177 58,867 22,287 262,845 902,093 Sept. 10 64,742 117,506 20,621 90,235 224,754 41,540 57.941 22,280 263,059 902,678 Sept. 17 64,525 117,220 20,525 90,336 225,528 42,029 57,358 22,557 262,701 902,779 Government deposits: Aug. 27 1,267 8,209 2,600 4,205 427 198 92 946 18,338 Sept. 3 587 4,015 310 1,930 2,460 239 56 42 123 9,762 Sept. 10 281 2,056 102 771 1,260 116 27 24 238 4,875 Sept. 17 3,073 18,072 1,932 1,809 7,080 1,323 60 148 1,153 34,650 Bills payable with Federal Reserve Bank: Secured by United States war obligations— Aug. 27 21,388 19,311 10,344 26,926 44,748 7,479 10,315 7,056 13,557 161,124 Sept.3 21,257 15, 729 10,608 26,109 43,943 7,462 10,142 7,389 12,992 155,631 Sept. 10 20,171 26,728 10,070 26,646 40,292 7,632 10,048 7,213 11,943 160,743 Sept. 17 15,832 15,449 10,223 26,471 40,421 7,798 9,234 7,074 11,181 143,683 All other— Aug. 27 10 185 408 ! 603 Sept.3..: 10 185 85 I 280 Sept. 10 10 25 85 120 Sept. 17 65 25 85 175 Bills rediscounted with Federal Reserve Bank: Secured by United States war obligations— Aug. 27 2,624 7,592 1,609 6,133 5,935 3,965 1,730 674 848 ! 31,110 Sept.3 2,428 109 1,958 6,246 5,315 3,996 1,751 668 1,286 i 23,757 Sept. 10 2,487 7,601 1,966 6,253 5,259 3,676 1,658 685 1,261 I 30,846 Sept. 17 2,438 11,101 1,906 6,638 3,985 3,884 1,976 562 1,308 33,798 All other— Aug. 27 6,114 3,698 13,577 39,870 8,331 14,098 21,098 8,615 26,655 142,056 Sept.3 9,901 10,655 13,116 40,996 16,637 13,643 20,999 9,922 27,269 163,138 Sept. 10 5,427 4,400 12,863 39,303 10,095 17,067 21,253 10,335 26,733 147,476 Sept. 17 10,620 3,944 13,967 42,194 9,466 7,738 25,522 8,832 25,901 148,184 1 Buffalo. 6 Louisville, Memphis, and Little Rock. 2 Pittsburgh and Cincinnati. ' Oklahoma City, 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. & Detroit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1119 IMPORTS AND EXPORTS OF GOLD AND SILVER. Gold imports into and exports from the United States, distributed by countries. Imports. Exports. A 1 D e 0 1 n u u 9 d g d r 2 . i i a 0 n n 2 y . g g 0 s , A 1 D e 1 1 n u u 9 d g d r 2 i i . a 0 n n 3 y . g g 1 s , A D m 1 u u 9 o g o r 2 n u f i 0 n t s . h g t, S 1 D e e 0 1 n u p 9 d d r t 2 i . i a 0 n n 1 y . g g 0 s , J S a e F 1 n p 9 r . t 3 o . 1 0 m 1 . 0 to , J S a e F 1 n p 9 r . o t 1 . 1 9 m 1 . 0 to , A 1 D e 0 1 n u u 9 d g d r 2 . i i a 0 n n 2 . y g g 0 s , A 1 D e 1 u 1 n u 9 g d d r 2 . i i a 0 n n 3 y . g g 1 s , A m D 1 u u 9 o g o r 2 n f u i 0 n t s . h g t, S 1 D e e 0 1 n u p 9 d d r 2 t i . i 0 a n n 1 y . g g 0 s , J S a F e 1 n p r 9 . t o 2 . m 1 0 1 . 0 to , S Ja e F 1 n p r 9 . t o 1 . 1 m 9 1 . 0 to Belgium . $335 906 $31,900 Denmark... . $109,804 109,804 2,666 France $323,635$1,000,140 1,744,219 3,277,126 Germany. ... $10,000 Greece 8,700 128 700 Iceland. 912 Italy 40,107 241,263 127,283 Netherlands 535 535 1,161,963 15,000 Norway 3,324 Portugal 25,364 Spain 17,313 17,313 26,920,66*0 Sweden $249 249 249 ... 661 Switzerland 4 937 i fti 504 $1,504 2,604 United Kingdom: England 1,585,1012,204,81010,454,1004,593,736 85,167,570$1,045,708 13,235 2,076,987 Scotland.. . 45 45 Total Europe-1,585,3502,528,98011,455,0694,729,553 88,739,501$1,045,708 1,504 1,504 268,014 32,451,623 British Honduras 20 10,000 Canada 85,7971,593,892 1,716,929 353,805 30,767,35733,001,445 169,297 $285,640 520,806 $170,680 3,859,442 3,925,988 Costa Rica 2,000 44,475 45,520 475.680 481,766 Guatemala 141872 6,000 Honduras 7,063 37,632 181,695 213,535 19,000 21,300 Nicaragua 6,570 29,794 101,164 8,950 844,630 1,011,774 10,000 Panama 70,340 73,002 1,600 156,265 2 441 390,000 Salvador 5,788 188,000 205,405 371,873 725,765 570,922 20,000 2,000 Mexico... 251,848 123,525 500,659 130,636 3,181,290 3,418,984 130,100 155,309 508,963 208,392 16,442,548 6,633,807 Newfoundland 61 Cuba 8,800 14,480 3,596 20,000 20,000 80,000 375,000 British West Indies. 10,000 13,170 23,170 110,419 18,838 7,940 Virgin Islands of United States 525 10; 000 Dominican Republic 39,000 10,000 Dutch West Indies. 23,000 23,000 3,151 174,081 Total North America 360,0032,050,784 2,725,436 924,335 36,646,55438,729,887 299,397 460,949 1,049,769 459,072 20,764,990 11,011,035 Argentina 39 39 507 77,238 68,144 89,995,000 32,960,000 Bolivia 46 6,878 1,069 2,500,000 Brazil 24,585 26,200 280,000 325,000 Chile 60 5,601 8,906 1,788 337,317 156 440 400,000 100,000 Colombia 95,314 216,704 682,183 216,554 3,130,887 536,841 700,000 4,703,620 Ecuador.. . 42,300 442,932 379,911 26,000 156,000 British Guiana 12,172 12,472 9,342 93,754 79,694 5,005 Dutch Guiana .. 2,387 15,272 6,300 19,795 Peru 24,715 19,960 59,829 223 626,613 575,321 3,403,373 3,403,373 250,003 3,653,376 2,893,369 Uruguay 12,850,000 7,405,000 Venezuela 21,524 48,571 17,902 354,265 165,985 184,000 11,100,220 Total South America 120,128 276,261 812,046 288,616 5,096,856 2,004,877 3,403,373 3,429,373 250,003 108,224,676 62,012,009 China 1,260 4,000,0001 4.000.000 20,286,750 19,159,598 Chosen (Korea) 1,714 British India 415,653 1,165,653 6,503,741 6,233,874 Straits Settlements. 6,683.454 250,000 Dutch East Indies.. 83,928 2,672,994 2,524,455 20,000 12,065', 105 3,197,000 French East Indies. "190,666 190,000 2,290,000 Hongkong 30,191,91010,000,000 14,200 930,745 1,272,165 259,275 27,202,797 21,527,600 Japan 1,250,000 5,579,02713,846,3105,211,283 43,953,495 52,071,374 Russia in Asia 23,000 Total Asia.. 83,928 32,868,16412,526,1691,454,20010,925,42520,494,1285,470,558 118,985,342102,462,446 New Zealand 26,109 268,607 294,716 60,548 1,456,540 Philippine Islands.. 21,701 68,826 90,527 647,746 385^74 2,500 British South Africa 8,150 British West Africa. 11,408 ii,408 39,446 Portuguese Africa.. 280,358 422,413 Total, all countries...2,113,2915,193,45815,377,7946,086,9801165,733,71955,122,9781,766,50914,789,74724,986,1826,179,6332 248,282,468207,939,613 1 Includes: Ore and base bullion, $12,853,000; U. S. Mint or Assay Office bars, $3,846,000; other bullion, refined, $88,195,000; U. S. coin, $13,853,000; foreign coin, $46,987,000. 2 Includes: Domestic exports—ore and base bullion, $10,000; U. S. Mint or Assay Office bars, $23,601,000; other bullion, refined, $1,027,000; coin, $222719,000. Foreign exports—bullion, refined, $498,000; coin, $427,000. Excess of gold exports over imports since Jan. 1,1920, $82,548,000. Excess of gold imports over exports since Aug. 1,1914, $697,207,000. Excels of gold exports over imports since June 10,1919, $403,812^000, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1120 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. Silver imports into and exports from the United States, distributed by countries. Imports. Exports. A 1 D e 0 1 n u u 9 d g d r 2 i i . a 0 n n 2 y . g g 0 s , A 1 D e 1 1 n u u 9 d g d r 2 i . i a n 0 n 3 y g . g 1 s , A D m 1 u u 9 o o g r 2 n f u i 0 n t s . h g t, S 1 D e 0 e n 1 u p 9 d d r t 2 i i a 0 n n .1 y . g g 0 s , J S a e F 1 n p r 9 . t o 2 . 1 m 0 1 . t 0 o , J S a e F 1 n p r 9 . t o 1 . 1 m 9 1 . 0 to , A 1 D e 0 n 1 u u 9 d g d r 2 . i i a 0 n n 2 y . g 0 g s , A 1 D e 1 u 1 n u 9 g d d r 2 . i i a 0 n n 3 y . g g 1 s , A D m 1 u u 9 o o g r 2 n f u i 0 n t s . h g t, S 1 D e e 0 1 n u p 9 d d r t 2 i i . a 0 n n 1 y . g g 0 s , J S a e F 1 n p r 9 . t o 2 . 1 m 0 1 . t 0 o , J S F a e 1 n r p 9 o . t 1 m . 1 9 1 . t 0 o , Denmark $587,897 Finland 17,438 France $2,459 $5,804 $83,295 $17,176 $32,920 6,588,197 Italy 24,026 Netherlands 30,820 365,297 Norway 14,453 1,152,645 Portugal . 7,978 1,950 Spain $67,848 67,848 228 Sweden $6,915 6 915 6,915 54,960 101,131 Switzerland 172,203 United Kingdom- England 1,350 13,144 801,061 37,824 $313,673 $240,167 $553,840 4,520,242 13,845,402 Total Europe. 6,915 2,459 14,069 80,992 1,036,396 55,000 313,673 240,167 553,840 4,608,122 22,832,388 British Honduras... 63,367 255,637 • Canada 27,659 168,291 281,043 277,827 2,874,480 5,312,446 47,234 38,619 116,651 $84,596 6,204,047 3,542,565 Costa Rica 3,430 3,588 55,306! 146.788 Guatemala 21,734 4,500 4,400 Honduras 63,010 92,272 1,747,511 1,837,421 5,000 5,000 376,505 119,450 Nicaragua 17,653 35,949 65,183 28,989 573,315 604,214 3,000 Panama 6,666 6,928 91,679 135,671 89,273 542,000 204,250 Salvador 10,108 59,905 37,251 3,685,083 294,097 Mexico .. 1,046,9561,249,495 3,025,980 955,878 41,541,39441,948,459 54,200 45,700 181,341 13,806 2,711,622 959,052 Newfoundland 11 British West Indies. 35 33 68 7,017 3,845 400 18,080 10,328 Cuba . 62,550 58,875 4,000 109,193 114,010 22,069 1,075,215 161 Virgin Islands of United States 1,105 25,000 Dominican Republic 36,000 120,800 34,500 30,000 261,500 105,000 Dutch West Indies. 250 250 1,450 French West Indies. 20 Haiti 9,000 Total North America 1,092,3031,533,802 3,535,0591,431,212 50,889,69850,552,171 110,434 193,512 445,902 150,471 11,230,469 4,945,206 Argentina 106 106 1,910 25,396 41,203 646 646 12,138 1,484 Bolivia 13,500 27,412 59,661 995,664 10,8,487 Brazil 293 2,155 2,333 852 Chile 36,610 41,162 88,050 2,273,616 1,185,933 Colombia 10,614 3,648 137,165 558 591,932 141,721 2,000 Ecuador 1,600 5,240 52,266 13,670 British Guiana 42 42 42 33 2,493 Dutch Guiana 6,390 1,402 5,063 Peru 154,329 128,051! 661.492 33,265 9,078^961 5,474,476 Venezuela 4 4 72 577 10,000 Total South America 165,049 181,855 868,983 188,684 13,024,632 6,968,255 646 646 25,873 11,892 China 1,289,974 1,943,345 1,943,3452,392,909 54,251,673 26,400,566 British India 3,328 223,211109,180,718 Dutch East Indies.. 37,124 2,327,337 971,229 French East Indies. 4,058,373 Hongkong 1,650 388,777 388,777 310,332 19,397,995 4,037,981 Japan 441,176 1,154,899 1,154,939 573,686 Russia in Asia 970 52,759 Turkey in Asia 38,511 Total Asia 37,124 3,657,472 974,557 2,773,298 3,487,0212,703,241 79,087,161140,245,710 New Zealand 44 166 210 11,617 Philippine Islands.. 379 1,418 1,797 14,680 8,146 British South Africa 6,097 76,822 British West Africa. 2,000 2 000 7,480 Portuguese Africa.. 93,321 42,998 j ' Total, all countries... 1,264,6901,719,700 4,420,1181,738,012 1 68,73^,91358,677,949 426,753 3,206,977 4,489,4092,853,712 294,959,105168,035,196 i Includes: Ore and base bullion, $54,017,000; U. S. Mint or Assay Office bars, $3,000; other bullion, refined, $5,462,000; U.S. coin, $1,690,000; foreign com, $7,562,000. > > > > # includes: Domestic exports—ore and base bullion, $737,000; U. S. Mint or Assay Office bars, $3,644,000; other bullion, refined, $54,522,000; coin, $14,112,000. Foreign exports—ore and base bullion, $1,000; other bullion, refined, $18,120,000; coin, $3,823,000. Excess of silver exports over imports since Jan, 1,1920, $26,225,000, Excess of silver exports oveerr iimmppoorrttss ssiinnec*e Aug. 1, 1914, $455,597,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1920. FEDERAL RESERVE BULLETIN. 1121 General stock of money in the United States, money held by the Treasury and the Federal Reserve System, and all other money in the United States, Sept. 1, 1920. U H n e it l e d d i n S t t a h t e es Held by or for U H n e i l t d e d o u S t t s a id te e s c A ap m it o a u o n u t ts p i e d r e General stock. G a T o s r s v e e e a t r s s n u o m r f y e t n h a t s e .1 Fed B e a a r n g al k e s n R t a s e . n se d rve F T ed r e e S r a y a s l s u t r e R y m e s a . e n r d ve T U F r n e e i d a te s e d u ra ry l S t R a a n e te - d s serve System. Gold coin (including bullion in Treasury)2. $2,688,744,140 $417,771,523 $1,262,232,929 $423,261,550 Gold certificates 336,808,190 248,669,948 Standard silver dollars 269,798,602 "* 8," 408," 068 3 64,671,182 72,145,417 Silver certificates 34,798,734 88,123,096 Subsidiary silver 259,772," 025' 6,138,595 253,633,430 Treasury notes of 1890 1,652,105 United States notes 346,681,016 7,019,239 4 57,093,741 282,568,036 Federal Reserve notes 3,485,265,485 25,177,030 258.096,210 3,201,992,245 Federal Reserve Bank notes '220,823,500 2,060,4.83 15'272,427 203,490,590 National bank notes 725,996,052 19,309,339 2,541,525 704,145,188 Total: Sept. 1, 1920 7,997, 485,884,277 2,031,514,938 5,479,681,605 $51.06 Aug. 1, 1920 7,927,844,377 483,824,265 2,059,010,192 5,385,009,920 50.22 July 1,1920 7,887,181,586 485,057,472 2,021,271,614 5,3S0,852,500 50.19 June 1, 1920 7, 804,528,384 462,799,326 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 M Fe a b r . . 1 1 . , 1 19 9 2 2 0 0. . 7 7I , ,.8 7O0K4J6V4),. 3 " 1 " 1 1 , , 8 26 8 3 0 5 6 4 2 6 5 , , 9 1 6 42 0 , , 7 7 4 4 9 4 2 1 , , 0 9 0 81 9 , , 4 6 9 5 0 1 , , 0 9 5 8 8 8 5 5 , , 2 1 7 0 7 9 , ,9 8 7 6 4 1 , , 5 0 2 7 6 8 4 4 9 7 . . 4 8 1 8 Jan. 1J1920.. 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.. 7,780,793,606 454,948,100 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 l 2r 1.714 3,945;457,556 37.88 1 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 Sept. 30, 1920. Paper maturing within 90 days. Bankers' i Agricultural Secured by- acceptances | and live-stock Federal Reserve Bank. maturing j paper maturing Trade within 3 within 91 to Treasury Liberty bonds acceptances. All other. months. \ 180 days. certificates of and Victory indebtedness. notes. Boston 6 7 New York... 6 7 6 Philadelphia. 5* 6 51 Cleveland 5| 5* Richmond 6 6 6 Atlanta 5£ 6 51 Chicago 6 7 6 St. Louis 51 6 51 Minneapolis.. 6 6^ 6 Kansas City.. 6 6 54 Dallas 54 6 5? San Francisco 6" 6 6 1 Discount rate corresponds to interest rate borne by certificates pledged as collateral, with minimum of 5 per cent in the case of Philadelphia, Atlanta, Kansas City, and Dallas, and h\ per cent in the case of Cleveland, Richmond, Chicago, and San Francisco. 2 b\ per cent on paper secured by b\ per cent certificates and 5 per cent on paper secured by 4| and 5 per cent certificates. NOTES.—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 amoimt of accommodation extended exceeds the basic line. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1122 FEDERAL RESERVE BULLETIN. OCTOBER, 1920. FOREIGN EXCHANGE RATES. Monthly ranges of exchange rates on leading foreign centers, quoted in Neiv York during the three months ending September, 1920. July. August. September. Exchange at par. Low. High. Low. High. Low. High. London: Demand bills Dollars for £ 4.8665 3. 7100 3.95125 3.545 3.7075 3.45 3. 5625 Cable transfers do 4.8665 3. 7175 3. 95875 3. 5525 3. 7150 3.4575 3.57 Paris: Demand bills Dollars for 100 francs 19.30 7.51 8.54 6.84 7.61 6.46 7.01 Cable transfers do 19.30 7.52 8.55 6.85 7.62 6.47 7 02 Berlin. Dollars for 100 marks 23.82 2.23 2.65 1.92 2.29 1.48 2.03 Milan: Demand bills Dollars for 100 lire . 19.30 5.31 6.15 4.55 5.29 4.15 4.69 Cable transfers do 19.30 5.32 6.16 4.56 5.30 4.16 4.70 Prague. . Dollars for 100 kronen* 20.26 2.01 2.38 1.60 2.02 1.17 1.90 Vienna do 20.26 .60 .72 .43 .61 .40 .47 Jugo-Slavia do. . 20.26 .45 1.80 .96 1.35 .80 95 Warsaw.. Dollars for 100 marks1 23.82 .54 .68 .40 .54 .39 .50 Brussels Dollars for 100 francs 19.30 7.97 9.03 7.31 8.08 6.89 7 41 Madrid Dollars for 100 pesetas 19.30 15.32 16.52 14.85 15.27 14.51 14 95 Helsincfors Dollars for 100 markka 1 19.30 3.75 4.50 3.10 3.70 2.50 3.65 Athens. • . Dollars for 100 drachma 19.30 12.15 12.80 10.875 12.10 10.25 11 00 Sofia Dollars for 100 lev l 19.30 1.58 2.53 1.70 2.30 1.35 1.70 Bucharest Dollars for 100 lei * 19.30 2.40 3.20 2.00 2.54 1.93 2 37 Belgrade Dollars for 100 dinar1 19.30 5.35 6.90 3.85 5.40 3.00 3.80 Amsterdam ... Dollars for 100 florins 40.20 34.05 36.30 31.55 33.875 30. 625 31 90 Stockholm Dollars for 100 kronor 26.80 21.00 22.10 20.05 21.00 19.70 20.40 Copenhagen Dollars for 100 kroner 26.80 15.70 16.73 14.00 15.70 13.55 14.55 Christiania do 26.80 15. 78 17. 80 14.00 15.75 13.20 14 65 Zurich Dollars for 100 francs 19.30 17.00 18.14 16.38 16.95 15.97 16 45 Canada . Dollars for 100 Canadian dollars2 100. 00 87. 625 89.25 87. 875 89.25 89. 875 90.875 Mexico City Dollars for 100 pesos* 49.85 49.125 49. 625 48.125 50.00 48.75 50. 0625 Bogota Dollars for 100 Colombian dollars1... 97.33 83.30 109. 00 83.68 87.33 82.98 87.33 Montevideo Centavos to dollar * 96.69 107. 50 86.95 88.49 84.00 85 47 81 96 Buenos Aires Dollars for 100 gold pesos 96.48 88.295 94.886 84.50 89.25 82.125 86.647 Rio de Janeiro Dollars for 100 paper milreis 3 54.62 21.40 23.875 17.875 21.75 17. 625 19. 625 Valparaiso Dollars for 100 paper pesos 4 36. 50 17.30 20.875 17.50 20.125 15.75 19 125 Yokohama . . .. Dollars for 100 yen 49.85 51.25 51.375 51.125 51 50 51 125 51 50 Hongkong Dollars for 100 Hongkong dollars 72.00 78.50 78.00 81.50 75.00 78.75 Shanghai . Dollars for 100 Shanghai taels. 100.00 109.50 105.50 114.00 105.00 107.50 Singapore Dollars for 100 Singapore dollars 56.78 47.00 47.50 43.50 47.25 42.00 43.75 Calcutta Dollars for 100 rupees 32.44 37.25 38.50 34.25 37.25 32.825 34.75 London, average price of silver Rate of conversion, £—$4.8665. . . . 1.17947 1.30376 1.3C302 per fine ounce. New York, average price of silver Dollars .92935 .96948 U>10 per fine ounce. 1 Cable rates. 2 Check (demand). 3 Rate for a gold milreis. 4 Rate for a gold peso. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Acceptances: Page. Page. Banks granted authority to accept up to 100 per Financing of the Treasury during September 1011 cent of capital and surplus 1063 Foreign-exchange rates: Purchased during August 1101 Chile ' 1055 Purchased during three months ending August. 1104 Quoted in New York, three months ending Trade acceptances as actual security 1065 September 1122 Banking situation, discussion of 1018 Foreign trade: Business and financial conditions, September. 1020-1031 Chile 1054 Production of knit goods 1027 Index of 1068 Production and shipment of finished cotton France, condition of principal commercial banks in. 1047 fabrics 1027 Germany, condition of principal commercial banks Condition of wholesale trade 1029 in 1049 Certificate of deposit, time, under Regulation D. .. 1065 Gold imports and exports 1017,1119 Charters issued to national banks 1064 Gold-settlement fund operations during crop-moving Charts: period 1015 Inter-reserve bank discounting 1042,1043 Imports and exports: Wholesale prices in the United States 1082 Gold 1018,1120 Chile, economical and financial conditions in.. 1052-1061 Silver 1018,1121 Clearing and collection: Index numbers: Operation of system during September 1105 Foreign trade 1068 Operation of system during crop-moving period. 1013 Physical volume of trade 1086 Number of banks on par list 1105 Retail trade 1066 Clearing-house bank debits, September 1095-1097 Wholesale prices abroad 1069-1080 Commercial failures reported 1064 Wholesale prices in the United States 1081-1084 Condition statements: Interest rates prevailing in various centers 1085 Chilean banks 1057-1061 Inter-reserve bank discounting, charts showing. 1042,1043 English commercial banks 1044 Jamaica, law regulating foreign banking in 1039 Federal Reserve Banks 1106-1110 French commercial banks 1047 Maturities: German commercial banks 1049 Acceptances purchased 1101 Member banks in leading cities*. 1112-1118 Bills discounted and bought. 1101,1110 Credit, discussion of " 1013,1015 Certificates of indebtedness purchased 1110 Crop-moving, credit for, discussion of 1012-1016 Member banks: Crop report for October 1062 Condition statements 1112-1118 Currency, stock of, in the United States 1121 Number discounting during August 1099 Debits to individual account, September 1095-1097 • Number discounting, 1917-1920 1016 Discount and open-market operations of Federal Number in each district 1099 Reserve Banks 1098-1104 Resources and' liabilities of 1112-1118 Acceptances purchased— State banks admitted during September 1063 During August 1101,1102 Money, stock of, in the United States 1121 During three months ending August 1104 National banks: Agricultural paper held during August 1102 Charters issued to 1064 Average size and number of items, paper redis- Fiduciary powers granted to 1063 counted, January and July, 1920 1017 Physical volume of trade 1086 Bills discounted— During August 1101 Prices: During three months ending August 1103 Discussion of 1016 Charts showing interreserve bank discount- Wholesale, abroad 1069-1080 Wholesale, in the United States 1081-1084 ing. ... 1042,1043 Collateral notes held on last Friday in August.. 1102 Rates: Dollar exchange bills purchased during August. 1101 Acceptances purchased— Earning assets held during August 1100 During August 1101 Live-stock paper held during August 1102 During three months ending August 1104 Number of banks discounting during August... 1099 Bills discounted— Number of banks discounting, 1917-1920 1017 During August 1101 Discount rates: During three months ending August 1103 In effect September 30 1121 Discount— Prevailing in various centers 1085 In effect September 30 1121 Earning assets held by Federal Reserve Banks 1100 In various centers 1085 England, condition of principal commercial banks in 1044 Earning assets held by Federal Reserve Banks. 1101 Failures, commercial, reported " 1064 Foreign exchange— Federal Advisory Council, meeting of 1019 Chile 1055 Federal Reserve Banks: Quoted in New York, three months ending Discount and open-market operations of. 1098-1104 September 1122 Resources and liabilities of 1106-1110 Interest and discount in various centers 1085 Federal Reserve note account of Federal Reserve Rediscounts and sales of paper between Federal agents 1111 Reserve Banks 1017,1041 Fiduciary powers granted to national banks 1063 Charts showing 1042,1043 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX. Resources and liabilities: page. Terms of sale in the principal industries—Contd. Federal Reserve Banks 1106-1110 Optical merchandise 1034 Member banks in leading cities 1112-1118 Paper 1035 Retail trade, index of 1066 Pottery and china 1031 Review of the month 1011 Stationery 1037 Rulings of the Federal Reserve Board: Wood pulp and paper 1035 Trade acceptances as actual security 1065 Trade: Time certificates of deposit under Regulation D. 1065 Foreign, index of 1068 Silver, imports and exports of 1017,1120 Physical volume of 1086 South Africa, establishment of a central reserve Retail, index of. 1066 bank in 1040 Wholesale, reports on 1029 State banks admitted to system 1063 Treasury financing during September 1011 Time certificates of deposit under Regulation D... 1065 Wholesale prices: Terms of sale in the principal industries 1031-1039 Abroad 1069-1080 Books 1037 In the United States 1081-1084 Jewelry 1032 Wholesale trade, reports on : 1029 Music and musical instruments 1034 Wills, D. C, appointed member of Federal Reserve Office appliances 1038 Board 1019 O 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